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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Robert G. Dederick, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Charles A. Waite, Associate Director for
National Analysis and Projections
Feliks Tamm, Editor

This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication are—
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and sources
at the back of this report.
This publication is prepared under the general guidance of a technical committee consisting
of the following persons:
Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
John H. Auten, U.S. Department of the Treasury
Norman Frumkin, Office of Management and Budget
Charles A. Waite, Bureau of Economic Analysis, U.S. Department of Commerce

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.

Annual subscription price: $55.00 domestic,
$68.75 foreign. Single copy price: $5.50 domestic, $6.90 foreign. Foreign airmail rates are
available on request. Address correspondence

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

BCI»

iii

METHOD OF PRESENTATION
Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How To Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes

1
1
1
1
4
5
5
6

JULY 1983
Data Through km
Volume 23, Number 7

PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS
Al
A2
A3
A4

Chart

Table

10
12
14
15

60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

74
77
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Bl
B2
B3
B4
B5
B6
B7

Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

DIFFUSION INDEXES
AND RATES OF CHANGE
Cl
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

The Secretary of Commerce has determined
that the publication of this periodical is necessary in the transaction of the public business
required by law of this Department. Use of funds




for printing this periodical has been approved
by the Director of the Office of Management
and Budget through April 1, 1985.

BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES

Al
A2
A3
A4
A5
A6
A7
A8

NATIONAL INCOME
AND PRODUCT
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income

Chart
40
41
42
43
44
45
46
47

Table
80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
Bl
B2

Price Movements
Wages and Productivity

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

PART III. APPENDIXES
A. MCD and Related Measures of Variability (January 1981 issue)
QCD and Related Measures of Variability (January 1981 issue)
B. Current Adjustment Factors
C. Historical Data for Selected Series

97
98

D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide')

E. Business Cycle Expansions and Contractions
F. Specific Peak and Trough Dates for Selected Indicators (June 1983 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

103
104
110
114

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C. 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to Incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept,

composition

comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
Changes in this issue are as follows:

result in revisions of

1. The Business Cycle Dating Committee of the National
Bureau of Economic Research, Inc., has identified November
1982 as the trough of the recession that began in July 1981.
The 1981-82 recession has been added to the BCD charts (pages
10-59) and to the business cycle chronology (appendix E).
The cyclical comparisons in appendix G have been changed to
show business cycle expansions.
2. The series based wholly or in part on national income and product accounts (NIPA) data have been revised by the
Bureau of Economic Analysis for the period 1980 to date to reflect the incorporation of new source data.
The series revised are as follows: series 16, 18, 20, 22,
27, 30, 34-36, 49-53, 55, 59, 62, 64, 68, 70, 79-81, 86-89,
95, 107, 108, and 223 in section I-B; all series in section
II-A; series 310 and 311 in section II-B; and series 500-502,
510-512, 564, and 565 in section II-D. (See items 3 and 4,
below, concerning additional revisions in series 20, 36, and
70.)
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, National Income and Wealth Division.
(Continued on page iv.)
The August issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on September 6.




in

data, additions or
deletions of series,
changes in placement of
series in relation to
other series* changes
in composition of
indexes, etc.

3. The series on manufacturing and trade inventories in constant dollars have been revised to
incorporate recent revisions in the current-dollar data. (See item 2 of "New Features and Changes
for This Issue" in the June 1983 BCD.) These revisions are in addition to those noted in item 2,
above. In this issue, revised data are shown for the period 1980 to date for series 36 (change in
inventories on hand and on order in constant dollars) and series 70 (manufacturing and trade inventories in constant dollars).
Also, manufacturing and trade sales in constant dollars (series 57) has been revised for the
period January 1983 to date to reflect the revision of retail sales in constant dollars. Revised
data for the period prior to 1983 will be shown in a subsequent issue. The ratio of constant-dollar
inventories to sales, manufacturing and trade (series 77), has been revised for the period January
1983 to date.
Further information concerning these revisions may be obtained from the U.S. Department of
Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
4. Series 20 (contracts and orders for plant and equipment in constant dollars) and series 69
(machinery and equipment sales and business construction expenditures) have been revised for the
period 1980 to date to reflect the computation of new seasonal adjustment factors for data on the
value of new construction-put-in-place.
In addition to the above revision, series 20 and series 27 (manufacturers1 new orders, capital
goods industries, nondefense, in constant dollars) reflect the use 1 of revised deflators from the
NIPA (item 2, above) and recent revisions in data on manufacturers new orders for the period 1977
to date. (See "New Features and Changes for This Issue" in the May 1983 BCD.)
Further information concerning these revisions may be obtained from the U.S. Department of
Commerce, Bureau of the Census, Construction Statistics Division; and Bureau of Economic Analysis,
Statistical Indicators Division.
5. The series on employee-hours in nonagricultural establishments (series 48) has been revised
by the source agency for the period 1979 to date to reflect the application of new seasonal adjustment factors.
Further information concerning this revision may be obtained from the U.S. Department of Labor,
Bureau of Labor Statistics, Office of Productivity and Technology, Division of Productivity Research.
6. Capacity utilization estimates compiled by the Federal Reserve Board (series 82 and 84) have
been revised for the period 1967 to date. These revisions incorporate new data on industrial capacity and its utilization and reflect the decline in recent years (1979-82) in capacity growth for both
manufacturing and producers of industrial materials.
Further information concerning these revisions may be obtained from the Board of Governors of
the Federal Reserve System, Division of Research and Statistics, Business Conditions Section.
7. The series on Japanese industrial production (series 728) has been revised for the period
1978 to date to reflect the source agency's adoption of new base year weights.
Further information concerning this revision may be obtained from the Organization for Economic
Cooperation and Development, Economic and Financial Statistics Section (Paris).
8. Appendix C contains historical data for series 1, 21, 40, 41, 72, 101, 109, 111, 112, 570,
580, 961, and 963.
9. Appendix G contains cyclical comparisons for series 30, 43, 47, 50, 910, and 920.




IV

METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1956, but those for the composite
indexes and their components (part I, section A)
begin with 1948, and a few charts use a two-panel
format which covers only the period since 1971.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1977

Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.

Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday




adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.

MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.

Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980. and
1981-82.

Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity-that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.

Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD)
The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the

1

Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
^v

Economic
NyProcess

Cyclical
Timing

\
N.

LEADING fL)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)

EMPLOYMENT

II.

PRODUCTION

IV.
III.
CONSUMPTION. FIXED
TRADE,
CAPITAL
ORDERS, AND
INVESTMENT
DELIVERIES
(18 series)
(13 series)

AND

AND

UNEMPLOYMENT
(18 series)

INCOME
(10 series)

Marginal
employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)

Capacity
utilization
(2 series)

New and
unfitted orders
and deliveries
(6 series)
Consumption
(2 series)

Formation of
business
enterprises
(2 series)
Business
investment
commitments
(5 series)
Residential
construction
(3 series)

Comprehensive
employment
(1 series)

Comprehensive
output and
real income
<4 series)
industrial
production
(4 series)

Consumption
and trade
(4 series)

V.

INVENTORIES

VI.
VII.
PRICES, COSTS, MONEY
AND CREDIT
AND PROFITS
(26 series)
(17 series)

Backlog of
investment
commitments
(1 series)
Business
investment
expenditures
(5 series)

Duration of
unemployment
(2 series)

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

AND

INVENTORY
INVESTMENT
(9 series)
inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)

Money ftows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
interest rates
(1 series)
Velocity of
money
(2 series)
interest rates
(2 series)

Unit labor costs
and tabor share
(4 series)

1 nterest rates
(4 series)
Outstanding
debt
(3 series)

Commodity
prices
(1 series)
Profit share
(1 series)

Inventories on
hand and on
order
(4 series)

Business
investment
commitments
(1 series)

(8 series)

Stock prices
(1 series)
Commodity
prices
(1 series)
Profits and
profit
margins
(7 series)
Cash fiows
(2 series)

interest rates
(1 series)

B. Timing at Business Cycle Troughs
\ . Economic
\Process
Cyclical^
Timing
N.

LEADING (L)
INDICATORS
(47 series)

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

III.
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

VI.
PRICES, COSTS,
AND PROFITS
(17 series)

VII.
MONEY
AND CREDIT
(26 series)

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

New and unfitted
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)

Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 series)

Inventory
investment
(4 series)

Stock prices
(1 series)
Commodity
prices
(2 series)
Profits and
profit margins
(6 series)
Cash flows
(2 series)

Money flows
(2 series)
Real money
supply
(2 series)
Credit ftows
(4 series)
Credit
difficulties
(2 series)

Comprehensive
output and
real income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
{2 series)

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

Profits
(2 series)

Money ftow
(I series)
Velocity of
money
(1 series)

Unfitted orders
(1 series)

Business
investment
commitments
(2 series)
Business
investment
expenditures
(6 series)

Untt tabor costs
and labor share
(4 series}

Velocity of
money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding aeDt
(3 series)

Marginal
employment
adjustments
ROUGHLY
(2 series)
COINCIDENT(C) Comprehensive
INDICATORS
employment
(23 series)
(4 series)

LAGGING (Lg)
INDICATORS
(40 series)

TIMING
UNCLASSIFIED
(U)
(1 series)




Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)

Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through 4-1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1977

Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are five indexes based on leading indicators which
have been grouped by economic process. Taken
together, these additional indexes include all 12
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident




indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. U L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.

Section B. Cyclical Indicators by Economic Process
This section covers 111 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1977

Handbook of Cyclical Indicators.

Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

Gross private domestic investment (A3) is fixed Section C. Labor Force, Employment, and
capital goods purchased by private business and Unemployment
nonprofit institutions and the value of the change
This section contains measures of the civilian
This part is divided into six sections which cover in the physical volume of inventories held by labor force and its major components: Total
private business. The former include all private
a wide range of quarterly and monthly time series
numbers of employed and unemployed persons.
measuring various aspects of economic activity. purchases of dwellings, whether purchased for The number of unemployed is subdivided into
tenant or owner occupancy. Net purchases of used
Some of these series are very comprehensive,
selected categories defined by sex, age, and class
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services of worker. Also included are data on participation
have to do with particular sectors or markets, and
(A4) is the compensation of government employees rates for a few principal segments of the labor
still others relate to U.S. international transactions
force.
or to selected foreign countries. The represented and purchases from business and from abroad. It
variables include incomes, outputs, and excludes transfer payments, interest paid by Section D. Government Activities
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
Receipts, expenditures, and their balance (surlabor resources; government receipts, investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of plus or deficit) are shown quarterly on two levels:
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of (1) Federal Government and (2) State and local
land and financial assets.
government. Also shown is a selection of series
key foreign countries.
Net exports of goods and services (A5) is exports from the discontinued Defense
Indicators.
less imports of goods and services. Exports are part These series measure defense activities which
Section A. National Income and Product
of the national production; imports are not, but are influence short-term changes in the national
The national income and product accounts, included in the components of GNP and are economy. Included are series relating to
compiled by BEA, summarize both receipts and therefore deducted. More detail on U.S. obligations, contracts, orders, production,
final expenditures for the personal, business, international transactions is provided in section E. shipments, inventories, outlays, and employment.
foreign, and government sectors of the economy.
National income (A6) is the incomes that These series are grouped according to the time at
Section Al shows the gross national product, originate in the production of goods and services which the activities they measure occur in the
final sales, and personal and disposable personal attributable to labor and property supplied by defense order-production-delivery process. Series
income. The four major components of the gross residents of the United States. Thus, it measures measuring activities which usually precede pronational p r o d u c t - p e r s o n a l consumption the factor costs of the goods and services pro- duction, such as contract awards and new orders,
expenditures, gross private domestic investment, duced. It consists of the compensation of are classified as "advance measures of defense
government purchases of goods and services, and employees, proprietors' income, rental income of activity." Series measuring activities which tend to
net exports of goods and services-are presented in persons, corporate profits, and net interest.
coincide with production, such as employment, and
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income activities which usually follow production, such as
section A are presented in current as well as and expenditures during an accounting period. shipments, are classified as "intermediate and final
constant dollars. There are also a few per capita Total gross saving includes personal saving, measures of defense activity."
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and Section E. U.S. International Transactions
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
This group includes monthly series on exports
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market major expenditure components of GNP (excluding military aid) and general imports, plus a
value of final goods and services produced by the (consumption, investment, etc.) are expressed as few selected components of these aggregates. Also
labor and property supplied by residents of the percentages of GNP, and the major income shown are the balances between receipts and
United States, before deduction of allowances for components of national income (compensation of expenditures for goods and services, merchandise,
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as and investment income.
most comprehensive measure of aggregate percentages of national income.
Section F. International Comparisons
economic output. Final sales is GNP less change in
business inventories.
This section is designed to facilitate a quick
Personal income is the income received by
review of basic economic conditions in six of the
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
nations with which we have important trade
businesses, nonprofit institutions, private trust
The important data on price movements include relationships. The U.S. business cycle shading has
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary the monthly consumer and producer price indexes been omitted from these charts. Data on industrial
disbursements, other labor income, proprietors' and their major components. Based largely on production, consumer prices, and stock prices for
income, rental income of persons, dividends, these series are the quarterly price indexes from Canada, the United Kingdom, France, West Gerpersonal interest income, and transfer payments, the national income and product accounts, notably many, Japan, and Italy are compared with the corthe GNP implicit price deflator (with weights responding U.S. series. Also included is an inless personal contributions for social insurance.
Disposable personal income is the personal reflecting the changing proportions of different dustrial production index for the European
income available for spending or saving. It consists expenditure categories in GNP) and the fixed- countries in the Organization for Economic
of personal income less personal taxes and nontax weighted price index for the gross business prod- Cooperation and Development (OECD). The inuct. Data on both levels and percent changes are dustrial production series provide cyclically senpayments to government.
sitive output measures for large parts of the
Personal consumption expenditures (A2) is presented for the period since 1971.
The group of series on wages and productivity economies covered. Changes in consumer price ingoods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and dexes (plotted for the period since 1971) provide
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings important measures of the rates of inflation in the
and financial services received in kind by in- and other benefits) in current and constant dollars, major industrialized countries. Stock prices (also
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and shown beginning in 1971) tend to be significant as
leading indicators.
rates of change for most of these measures.
cluded.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES




HOW TO READ CHARTS
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.

Basic Data

Arabic number indicates latest
month for which data are
plotted. ("9" = September)

Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)

Dotted line indicates anticipated data.

Broken line indicates actual
monthly data for series where
a moving average is plotted.

Roman number indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)

Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).

Diffusion Indexes

Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.

Various scales are used to
highlight the patterns of the
individual series. "Scale A "
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.

Broken line with plotting
points indicates quarterly
data over 1-quarter spans.

Roman number indicates
latest quarter for which data
are used in computing the indexes.

Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.

Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change
Arabic number indicates latest
month used in computing
the changes.

Solid line indicates percent
changes over 3- or 6-month
spans.
Broken line indicates percent
changes over 1-month spans.

Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.

Solid line with plotting points
indicates percent changes over
3- or 4-quarter spans.

Roman number indicates
latest quarter used in computing the changes.

•fiffifil

HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, o r -




2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data2
Unit
of
measure

1

Series title and timing classification

Percent change

Annual average
1981

1982

Apr.
to
May.
1983

May
to
June
1983

4th Q
1982

1st Q
1983

2dQ
1983

Apr.
1983

154.2
137.6

152.4
135.7
113.3
119.8

154.3
138.0
110.9
124.4

155.9
139.1
N
A
N
A

1.2
1.7
-2.1

N
A
107.5
101.8
N
A
129.8

N
A
109.3
102.3
N
A
129.5

N
A
110.0
101.6
N
A
N
A

N
A
1.7
0.5
N
A
-0.2

0.6
-0.7
N
A
N
A

May
1983

June
1983

4th Q
to
1st Q
1983

1st Q
to
2dQ
1983

I. CYCLICAL INDICATORS
A. Composite Indexes
910.
920.
930.
940.

Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index

Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments
915. Inventory investment and purchasing
916. Profitability
917. Money and financial flows

L,L,L... 1967 = 100....
do
C,C,C...
do
Lg.Lg.Lg--••
do
L,L,I
L,L,L...
L,L,L...
L,L,L...
L,L,L...
L,L,L...

...do...
...do...
...do..
...do..

140.9
146.0
122.4
119.3

136.8
136.3
123.0
110.8

139.6
132.6
118.5
111.9

147.7
134.2
115.1
116.6

93.0
107.7
100.9
97.9
122.7

N
A
104.3
97.2
93.9
122.8

N
A
105.6
97.1
96.1
122.5

N
A
106.7
99.4
N
A
129.0

39.8
2.8
446

38.9
2.3
578

39.0
2.3
599

39.5
2.5
488

40.0
2.8
443

40.1
2.9
470

39.9
2.7
453

40.1
2.9
406

-0.5
-0.2
3.6

0.5
0.2
10.4

1.3
0.2
18.5

1.3
0.3
9.2

1
21
5

0.429
119

0.243
86

0.198
79

0.216
83

0.230
87

0.213
81

0.231
87

0.246
92

0.018
7.4

0.015
5.7

0.018
5.1

0.014
4.8

60
46

170.02
97,030
91,156
25,497

165.84
96,125
89,596
23,907

163.85
95,705
88,796
23,160

164.58
95,697
88,815
23,088

166.80
96,514
89,426
23,340

166.12
96,088
89,101
23,159

166.97
96,190
89,416
23,347

167.31
97,264
89,760
23,514

0.5
0.1
0.4
0.8

0.2
1.1
0.4
0.7

0.4
0.
0.
-0.3

1.3
0.9
0.7
1.1

48
42
41
40

58.28

57.06

56.57

56.40

56.73

56.51

56.52

57.16

0.01

0.64

-0.17

0.33

8,273 10,678 11,839 11,439 11,222 11,328 11,192 11,146
10.0
10.1
10.2
10.1
10.7
10.4
7.6
9.7
3.8
4.1
4.4
4.1
5.1
4.5
3.4
4.6
22.0
20.5
19.0
20.4
17.5
19.2
13.7
15.6
4.1
4.0
3.9
4.1
4.1
4.2
2.1
3.2

1.2
0.1
0.3
-7.4
-0.2

0.4
0.1
0.3
-7.8
0.

3.4
0.3
0.6
-9.7
-0.1

1.9
0.3
0.4
-6.8
0.2

37
43
45
91
44

1513.8 1485.4 1480.7 1490.1 1521.4
1254.2 1256.1 1259.5 1265.2 1275.7 1267.9 1278.5 1280.6
1080.5 1073.8 1068.6 1075.5 1086.3 1078.1 1088.7 1092.1

0.8
1.0

0.2
0.3

0.6
0.5
0.6

2.1
0.8
1.0

50
52
51

NA
NA

NA

108.9
101.9
NA
NA

3.8

1.0

0.8
NA
NA

NA

5.8
1.2
-2.9
4.2
N
A
1.0
2.4
N
A
5.3

4.4
2.5
NA
NA

910
920
930
940

NA
2.1
2.5
NA
NA

913
914
915
916
917

B. Cyclical Indicators by Economic Process
B l . Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average workweek, prod, workers, mfg
21. Avg. weekly overtime, prod, workers, mfg.3
*5. Avg. weekly initial claims (inverted4)

.. L.L.I—.. Hours
do
.. L.C.L-.. L.C.L.... Thousands-

Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3.. .. L,Lg,U.... Ratio
46. Help-wanted advertising
. L,Lg,U.... 1967 = 100...
Comprehensive Employment:
48. Employee-hours in nonagri. establishments
42. Persons engaged in nonagri. activities
*41. Employees on nonagri. payrolls
40. Employees in mining, mfg., construction
90. Ratio, civilian employment to total population
of working age3
Comprehensive Unemployment:
37. Total unemployed (inverted4)
43. Unemployment rate, total (inverted4)3
45. Avg. weekly insured unemployment rate (inv.4)3
•91. Avg. duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv.4)3

... U,C,C... A.r., bil. hrs
... U.C.C.... Thousands
do
... C,C,C...
do
... L.C.U....
.. U,Lg,U.... Percent
... L,Lg,U.... Thousands... L,Lg,U.... Percent
do
... L,Lg,U...
.. Lg,Lg,Lg.... Weeks
• Lg,Lg,Lg.... Percent

B2. Production and Income
Comprehensive Output and Income:
50. GNPin 1972 dollars
52. Personal income in 1972 dollars
*51. Pers. income less transfer pay., 1972 dollars
53. Wages and salaries in mining, mfg., and
construction, 1972 dollars

C.C.C.
C,C,C.
C,C,C...

..do...
..do-

C,C,C...

229.8

216.2

208.5

212.5

216.2

214.8

215.9

218.0

0.5

1.0

1.9

1.7

Industrial Production:
*47. Industrial production, total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars

C,C,C... 1967 = 100
...do
C,C,C...
...do
C,L,L...
C,C,C... A.r., bit. dot

151.0
140.5
164.8
692 6

138.6
124.7
156.2
661 6

135.3
119.8
155.7
652 1

138.5
124.2
159.0
656 9

144.3
131.2
164.7
679 2

142.7
129.1
163.3

144.3
131.2
164.9

145.9
133.2
165.9

1.1
1.6
1.0

1.1
1.5
0.6

2.4
3.7
2.1
0. 7

4.2
5.6
3.6
3.4

47
73
74
49

Capacity Utilization:
83. Capacity utilization rate, mfg., BEA3
82. Capacity utilization rate, mfg., FRB3
84. Capacity utilization rate, materials, FRB3

L.C.U....
L,C,U.

Percent
do...

76
79.4
80. 7

70
71.1
70. 0

68
69.0
67.1

70
70.7
70.1

2
1.7
3. 0

N
A
3.0
3. 3

83
82
84

do...

N
A
73.7
73.4

B 3 . C o n s u m p t i o n , T r a d e , O r d e r s , a n d Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol
25. Change in unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance3 (§)
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores, 1972 dollars
55. Personal consumption expenditures, automobiles...
58. Index of consumer sentiment ©

83.68
75.03 7 2.66 79.92 85.88 83.41 84.77 89.47
. L.L.L.. Bil. dol..
34.04 36.32
35.45. 35.86
37.61 32.48 31.15
37.64
. L.L.L..
28.13 31.63
33.15
32.16
34.04
33.28 29.45
33.26
.. L.L.L..
..do...
-0.33
1.55
2.88
2.86
1.81
-0.15
-1.80
3.98
...do
.... L.L.L.
313.34 291.76 291.76 296.41 305.06 299.27 301.08 305.06
. L,Lg,U.. Bil. dol., EOP ,
41
44
52
52
52
45
37
52
... L.L.L.. Percent
. C,C,C.
.. C,C,C.
.. C,L,C.
. C.L.U..
.. U.L.U.
.. L,C,C.
.. L,L,L.

355.99
159.08
147.9
87,298
Mil. dol
45,268
....do
69.3
A.r., bil.dol
70.7
I Q 1966=100
dol
do
1967 = 100

344.11
152.13
142.6
89,640
44,680
73.9
68.0

338.01
149.74
141.8
91,952
45,439
79.7
72.5

N 349.80
A
344.94
N 156.14
A
154.42
143.8 149.5 147.6
92,245 97,664 95,449
45,553 47,804 46,812
92.5
80.7
91.5
75.3
89.1

N
A
364.43
N
A
161.48
149.5 151.3
98,423 99,120
48,082 48,517
93.3

92.2

1.6
1.2
5.8
-1.05
0.6
0

5.5
5.0
-2.3
2.17
1.3
0

10.0
9.3
12.4
1.88
1.6
3

7.5
6.7
4.8
1.33
2.9
8

6
7
8
25
96
32

4.2
3.4
1.3
3.1
2.7

N
A
N
A
1.2
0.7
0.9

2.1
3.1
1.4
0.3
0.3
1.3
3.9

N
A
N
A
4.0
5.9
4.9
14.6
21.5

56
57
75
54
59
55
58

1.6
N
A

12
13

4.7

-1.2

B 4 . Fixed Capital I n v e s t m e n t
Formation of Business Enterprises:
*12. Net business formation
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders, plant and equipment...
*20. Contracts and orders, plant and equipment,
1972 dollars
24. New orders, capital goods Indus., nondefense
27. New orders, capital goods industries,
nondefense, 1972 dollars




. L,L,L. 1967 = 100....
. L,L,L. Number
. L.L.L.. Bil. dol
L.L.L..
L,L,L..
L,L,L.

....do
do

118.6
113.2
112.9
48,435 47,153 50,504

112.4
N
A

114.2
N
A

111.3
N
A

115.0
N
A

116.3
N
A

3.3
N
A

1.1
N
A

-0.4
N
A

27.99

24.79

23.82

23.79

27.32

26.49

28.74

26.73

8.5

-7.0

-0.1

14.8

14.11
24.01

12.40
20.64

12.08
19.93

12.08
19.91

14.03
22.74

13.87
22.59

14.39
22.30

13.82
23.33

3.7
-1.3

-4.0
4.6

0.
-0.1

16.1
14.2

12.38

10.62

10.41

10.43

12.08

12.20

11.67

12.38

-4.3

6.1

0.2

15.8

20
24

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Unit
of
measure

1

Series title and timing classification

Percent change

Annual average
1981

1982

4th Q
1982

1st Q
1983

2dQ
1983

Apr.
1983

May
1983

June
1983

Apr.
to
May.
1983

May
to
June
1983

4th Q
to
1st Q
1983

1st Q
to
2dQ
1983

I. CYCLICAL I N D I C A T O R S — C o n .
B4. Fixed C a p i t a l I n v e s t m e n t — C o n .
Business Investment Commitments—Con.:
9. Construction contracts, commercial and
industrial buildings, floor space
11. Newly approved capital appropriations, mfg
97. Backlog of capital appropriations, mfg.5
Business Investment Expenditures:
61. Business expend., new plant and equipment
69. Machinery and equipment sales and business
construction expenditures
76. Industrial production, business equipment
86. Nonresid. fixed investment, total, 1972 dollars
Residential Construction Commitments and Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dollars
B5.

L,C,U...
U,Lg,U...
C,Lg,Lg...

l.sq. ft
Bil. dol
Bil. dol., EOP .

C,Lg,Lg... A.r., bil. dol....

do
1967=100....
A.r., bil. dol....

C,Lg,Lg...
C,Lg,U...
C,Lg,C...

L,L,L... A.r., thousands.
L,L,L... 1967=100
L,L,L... A.r., bil. dol

77.72
26.42
92. 74

57.38
21.16
70. 39

51.63
21.04
70. 39

59.10
20.96
69. 67

12.7

6.9

14.5
-0.4
-1. 0

N 312.41 306.91
A
148.5 147.0 148.6
161.8

N
A
149.8

-1.8
1.1

NA

0.8

-0.7
-2.0
-0.4

2.9
1.2

69
76
86

1,747
142.2

19.5
6.4

-2.9
7.6

34.3
18.5
12 .1

-0.6
12.3
12.5

28
29
89

7. 3

10.9

54.32

61.20

NA
NA

321 49 316 43 302 77 293 03 302 23
348.65 325.76 309.65 307.34
181.1 157.9 147.2 144.3
174.4 166.1 160. 5 159. 9

9
11
97

65.40

60.31

1,087
80.0
44. 7

1,061
80.7
37. 8

1,261
99.8
40.6

1,694
118.3
45. 5

1,684
132.8
51.2

8. 5

-9.4

-22. 7

-15.4

NA
NA
NA

3 1

-4. 5

1.77 -14.23 -15.74 -14.87
33.3 -14.2 -36.2 -34.9
0.03 -2.12 -1.83
0.83

2.0
NA
NA

1,506
124.1

1,799
132.1

NA

Inventories and Inventory Investment

Inventory Investment:
30. Change in business inventories, 1972 dollars3
*36. Change in inventories on hand and on order,
1972 dollars (smoothed6)3
31. Change in mfg. and trade inventories3
38. Change in materials on hand and on order3
Inventories on Hand and on Order:
71. Mfg. and trade inventories5
70. Mfg. and trade inventories, 1972 dollars5
65. Mfrs.' inventories of finished goods5
*77. Ratio, constant-dollar inventories to sales, mfg.
and trade3
78. Stocks of materials and supplies on hand and on
order, mfg.5
B6.

L,L,L...

do

L,L,L...
L,L,L...
L,L,L...

....do
Bil. dol

Lg,Lg,Lg.... Bil. dol., EOP .
Lg,Lg,Lg....
do
Lg,Lg,Lg....
do

526.15 511.94 511.94 503.22
269.42 261.21 261.21 257.57
89.55 85.07 85.07 82.41

-5.70
18.9
0.13

-1.50
20.3
1.34

NA
NA
NA

4.20
1.4
1.21

NA
NA
NA

0.87
1.3
2.66

NA
NA
NA

36
31
38

NA 504.80 506.49
NA 257.40 257.83
NA
82.04 82.12

NA
NA
NA

0.3
0.2
0.1

NA
NA
NA

-1.7
-1.4
-3.1

NA
NA
NA

71
70
65

1.60

NA

-0.05

NA

-0.08

NA

77

NA 198.70 200.04

NA

0.7

NA

1.3

NA

78

2.07
251.5
1.36

3.20
250.5

0.94

2.73
-0.7
-0.66

-0.4
-0.42

2.90
4.2
1.38

-1.21
4.6
0.52

1941-43=10.., 128.04 119.71 136.71 147.65 162.73 157.71 164.10 166.39

4.1

1.4

8.0

10.2

1.68

Lg,Lg,Lg.... Ratio
L,Lg,Lg.... Bil. dol., EOP .

1.74

1.76

1.68

221.56 196.07 196.07 198.57

NA

1.65

Prices, C o s t s , a n d P r o f i t s

Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrials (§)
*99. Change in sensitive materials prices (smoothed6)3

L,L,L... Percent
U,L,L... 1967=100...
L,L,L... Percent

Stock Prices:
*19. Stock prices, 500 common stocks ©

L,L,L...

Profits and Profit Margins:
16. Corporate profits after taxes
18. Corporate profits after taxes, 1972 dollars
79. Corp. profits after taxes with IVA and CCAdj
80
do
1972 dollars
15. Profits (after taxes) per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

L,L,L... A.r., bil. dol...
L,L,L...
...do
L,C,L...
...do
L,C,L...
do
L,L,L... Cents
L,L,L... 1977=100...

144.1
72.7
109.5
55.5
4.8
98.0

115.1
55.6
105.6
51.1
3.4
96.7

113.5
54.2
107.9
51.6
2.8
96. 7

108.2
51.7
120.3
57.5
3.3
97.5

NA
NA
NA
NA
NA
NA

-4.7
-4.6
11.5
11.4
0.5
0. 8

NA
NA
NA
NA
NA
NA

16
18
79
80
15
26

Cash Flows:
34. Net cash flow, corporate
35. Net cash flow, corporate, 1972 dollars

L,L,L... A.r., bil. dol...
do
L,L,L...

271.3
133. 3

267.3
125. 2

275.5
127.9

278.9
130. 3

NA
NA

1.2
1. 9

NA
NA

34
35

Lg,Lg,Lg.... 1977=100...

143.1

153.1

154. 9

155.8

NA

0 6

NA

63

Lg,Lg,Lg

Dollars

1. 302

1.397

1.419

1.428

NA

0. 6

NA

68

Lg.Lg.Lg....!
Lg,Lg,Lg....

1967 = 100...
Percent

209.0
100.2

228.0
101.0

230.1
99.0

230.8
97.4

221.5
94.2

74.6

76.1

76.4

76.1

NA

0.52
0.81
0.95
197.9
789.8

0.69
0.73
0.86
198.5
813.9

1.07
0.73
0.75
202.0
829.3

1.34
0.95 -0.22
0.87
2.20
1.85
0.72
0.23
0.89
1.03
N
A
N
A
N
A
N
A
N
A
209.3 213.5 210.7 214.1 215.6
872.3 885.2 880.3 884.6 890.7

6.870
1.418

6.711
1.373

6.566
1.354

6.468
1.301

Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost per unit of real gross domestic
product, nonfin. corporations
62. Labor cost per unit of output, manufacturing
a) Actual data
*b) Actual data as percent of trend
64. Compensation of employees as percent of
national income3
B7.

do

-0.38
242.5
-0.67

-0.15
231.1
-0.46

2.75
240.7
0.92

1.54

251.7
1.44

-0.66
253.2
2.02

228.3
95.1

227.4
94.2

226.7
93.3

-0.4
-0.9

1.13

-0.3
-0.9

0.3
-1.6
-0. 3

-1.4
-3.2

23
99

62
62

NA

Money and Credit

Money:
85. Change in money supply (Ml) 3
102. Change in money supply (M2)3
104. Change in total liquid assets (smoothed6)3
' 105. Money supply ( M l ) , 1972 dollars
•106. Money supply (M2), 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply (Ml) 3
108. Ratio, personal income to money supply (M2) 3 .
Credit
33.
112.
113.
•111.
110.

Lg,Lg,Lg....i

-0.93
283.4
-0.58

Flows:
Change in mortgage debt3
Change in business loans3
Change in consumer installment credit3
Change in credit outstanding3
Total private borrowing

Credit Difficulties:
14. Liabilities of business failures (inv.4) (§)
39. Delinquency rate, installment loans (inv.4)35




L,L,L....
do..
L,C,U....
do..
L,L,L...
...do..
L.L.L....I Bil. dol
L,L,L...
do..

... C,C,C... Ratio
..C,Lg,C...

.. L,L,L.
. L.L.L..

j

A.r., bil. dol...
do
do

. L,L,L... A.r., percent..
.. L,L,L... A.r., bil. dol...

L,L,L....| Mil. dol
L,L,L....| Percent, EOP .

6.480
1.296

1.297

1.298

1.293

2.42 -1.33
0.80 -0.14
N
A
N
A
1.6
0.7
0.5
0.7

0.27 -0.39
1.12 -1.13
N
A
N
A
3.6
2.0
5.2
1.5

-0.098 0.012
0.001 -0.005 -0.053 -0.005

85
102
104
105
106

107
108

39.91 -7.01 -34.90
1.56
36.30 16.79 -41.84 12.50
18.14 13.04 16.55 24.17
7.1
1.4
-5.9
1.9
319.58 279.48 282.36 310.37

NA -0.47 -44.76
NA -32.62 -48.18
NA 27.25 32.35
NA
-0.6
-5.1
NA

NA -44.29
NA -15.56
NA
5.10
NA
-4.5

NA
NA
NA
NA

36.46
54.34
7.62
7.8
9 9

NA
NA
NA
NA
NA

33
112
113
111
110

579.60
2.37

NA
NA

NA
NA

NA
NA

N
A
-0.04

NA
NA

14
39

N
A
2.18

N
A
2.18

N
A
2.22

NA
NA

NA
NA

NA
NA

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2

Unit
of
measure

1

Series title and timing classification

Percent change
Apr.

Annual average
1981

1982

4th Q
1982

1st Q
1983

2dQ
1983

May

4th Q

May.
1983

June
1983

1st Q
1983

1st Q

Apr.
1983

May
1983

-453 -1,073
1,716
902

-64
-91

620
814

22
59

517
568

93
94

-0.17
-0.06
-0.34
0.02
0.06
-0.09

0.35
0.63
0.66
0.43
0.41
0.55

-0.64
0.15
-0.23
0.10
-0.47
-0.14
-1.06
-1.08

0.15
0.34
-0.42
-0.09
-0.20
-0.11
0.10
-0.38

119
114
116
115
117
118
67
109

June
1983

to
2dQ
1983

I. CYCLICAL I N D I C A T O R S — C o n .
B7. M o n e y a n d C r e d i t — C o n .
Bank Reserves:
93. Free reserves (inverted4)3 ®
94. Borrowing from the Federal Reserve3 (g)
Interest Rates:
119. Federal funds rate 3 ®
114. Treasury bill rate 3 ®
116. Corporate bond yields 3 ®
115. Treasury bond yields 3 ®
117. Municipal bond yields 3 ®
118. Mortgage yields, residential3 ®
67. Bank rates on short-term business loans3 ®
*109. Average prime rate charged by banks3 ®
Outstanding Debt:
66. Consumer installment credit5
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding,
1972 dollars
*95. Ratio, consumer install, credit to pers. income3

L,U,U.... Mil. dol
do
L,Lg,U....
L,Lg,Lg.... Percent
do...
C,Lg,Lg....
do..
Lg,Lg,Lg....
do...
C.Lg.Lg....
do...
U.Lg.U-do...
Lg.Lg.Lg....
do...
Lg,Lg,Lg-•••
...do...
Lg,Lg,Lg....
Lg,Lg,Lg.... Bil. dol., EOP .
Lg,Lg,Lg.... Bil. dol
do
Lg,Lg,Lg-Lg,Lg,Lg.... Percent

-1,051
1,359

-692
1,052

-142
577

-164
636

-681
1,204

-517
993

16.38
14.08
15.48
12.87
11.33
16.31
19. 56
18.87

12.26
10.72
14.68
12.23
11.66
15.30
14. 69
14.86

9.29
7.93
12.22
10.34
9.90
12.87
11.26
11.96

8.65
8.08
11.99
10.44
9.43
12.73
10. 20
10.88

8.80
8.42
11.57
10.35
9.23
12.62
10. 30
10.50

8.80
8.25
11.58
10.19
9.05
12.50

8.63
8.19
11.24
10.21
9.11
12.41

8.98
8.82
11.90
10.64
9.52
12.96

10.50

10.50

10.50

326.27 339.32 339.32 345.36
227.06 266.42 268.83 266.15

NA 347.63 350.32
NA 263.88 259.87

NA
NA

0.8
-1.5

NA
NA

1.8
-1.0

NA
NA

66
72

92.14 106.02 106.64 105.52
12.92 12.81 12.92
13.16

NA 104.47 102.59
NA 12.92 12.88

NA
NA

-1.8
-0.04

NA
NA

-1.1
0.11

NA
NA

101
95

0.

0.

II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
B l . Price M o v e m e n t s
310.
320.
320c.
322.
330.
335.
331.
332.
333.
334.

Implicit price deflator, GNP
Consumer price index (CPI), all items ®
Change in CPI, all items, S/A3
CPI, food
Producer price index (PPI), all commodities ®
PPI, industrial commodities ©
PPI, crude materials
PPI, intermediate materials
PPI, capital equipment
PPI, finished consumer goods

1972=100....
1967=100....
Percent
1967 = 100....
do
...do
..do...
..do...
..do...
...do..,

195.1
272.4
0.7
274.6
293.4
304.1
329.0
306.0
264.3
271.3

206.9
289.1
0.3
285.7
299.3
312.3
319.5
310.4
279.6
280.9

210.0
293.4
0.
288.1
300.3
314.8
316.1
311.5
283.2
285.9

212 .8
293.2
0.
288.9
300.4
313.7
317.3
309.4
285.2
282.8

215.2
296.9
0.4
291.6
301.7
313.9
323.8
309.3
286.6
283.1

295.5
0.6
291.3
300.8
312.6
323.9
307.6
285.9
282.0

297.1
0.5
292.2
301.7
313.8
323.9
308.9
286.6
282.9

298.1
0.2
291.3
302.5
315.4
323.5
311.4
287.3
284.4

0.5
-0.1
0.3
0.3
0.4
0.
0.4
0.2
0.3

0.3
-0.3
-0.3
0.3
0.5
-0.1
0.8
0.2
0.5

1.3
-0.1
0.
0.3
0.
-0.3
0.4
-0.7
0.7
-1.1

1.1
1.3
0.4
0.9
0.4
0.1
2.0
0.
0.5
0.1

310
320
320
322
330
335
331
332
333
334

1977 = 100...

138.9

148.3

151.2

153.2

154.5

154.0

154.6

154.8

0.4

0.1

1.3

0.8

340

...do

92.6
143. 3
95. 5
100. 7
99.9

93.3
153. 6
96. 5
101.0
99.9

93.5
157. 0
97.0
102. 0
100.4

95.0
159. 3
98. 5
102.6
101.6

94.7
NA
NA
NA
NA

94.8

94.7

94.7

-0.1

0.

1.6
1. 5
1. 5
0.6
1 2

-0.3
NA
NA
NA
NA

341
345
346
370
358

108.67 110.20 110.97 110.53 111.16 110.79 110.75 111.93
100.40 99.53 99.14 99.09 99.93 99.46 99.56 100.79
8,273 10,678 11,839 11,439 11,222 11,328 11,192 11,146
5,089 5,829 5,642 5,532 5, 702 5,605 5,288
3,615
3,961 3,926 3,777 3,729 3,744 3,859
2,895 3,613
1,999
1,977
2,049 1,871
1,913 1,897
1,843
1,763
6,795 9,006 10,118 9,811 9,478 9,702 9,438 9,294

0.
0.1
-1.2
-1.7
0.4
-2.8
-2.7

1.1
1.2
-0.4
-5.7
3.1
8.5
-1.5

-0.4
-0.1
-3.4
-3.2
-0.9
-8.7
-3.0

0.6
0.8
-1.9
-1.9
-3.8
2.2
-3.4

441
442
37
444
445
446
447

0.
-0.1
-0.4

0.3
0.4
3.2

-0.7
0.
-1.1

0.3
0.
0.4

451
452
453

24.9
1.7
-1. 7
7. 5
2.4
0.8

NA
NA
1.1
NA
NA
1.0

500
501
502
510
511
512

B2. Wages a n d P r o d u c t i v i t y
340. Average hourly earnings, production workers,
private nonfarm economy
341. Real average hourly earnings, production
workers, private nonfarm economy
345. Average hourly compensation, nonfarm business
346. Real average hourly compensation, nonfarm business
370. Output per hour, private business sector
358. Output per hour, nonfarm business sector

....do
do
....do

C. L a b o r F o r c e , E m p l o y m e n t , a n d
Unemployment
441.
442.
37.
444.
445.
446.
447.
Labor
451.
452.
453.

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age
Number unemployed, full-time workers
Force Participation Rates:
Males, 20 years and over3
Females, 20 years and over3
Both sexes, 16-19 years of age3
Dl.

500.
501.
502.
510.
511.
512.

Millions
....do

Thousands...
....do

....do
....do
....do
Percent
....do..

78.7
52.7
54.1

78.8
52.9
54.1

78.1
52.9
53.0

78.4
52.9
53.4

-62.2 -147.1 -208.2 -183.3
627.0 617.4 612.6 623.3
689.2 764.4 820. 9 806. 6
31.3
32. 9
35. 3
40.4
418.1 439.1 450.7 461.7
382.7 407.8 417.8 421.3

NA
NA
815.2
NA
NA
425.7

79.0
52.1
55.4

78.3
52.8
52.6

78.3
52.7
52.2

78.6
53.1
55.4

D. G o v e r n m e n t A c t i v i t i e s
Receipts a n d E x p e n d i t u r e s

Federal Government surplus or deficit3
Federal Government receipts
Federal Government expenditures
State and local government surplus or deficit3
State and local government receipts
State and local government expenditures

A.r., bil. dol..
dodo..
do

do
do

D2. Defense I n d i c a t o r s
517.
525.
548.
557.
570.
564.

Defense Department obligations incurred
Defense Department prime contract awards
New orders, defense products
Output of defense and space equipment
Employment in defense products industries
National defense purchases

Mil. dol
....do....

do
1967 = 100...
Thousands
A.r., bil. dol...

15,945 18,908 19,824 20,429
8,065 10,718 10,977 12,434
4,917 6,246 7,497 7,152
102.7 109.3 113.8 116.5
1,392
1,371
1,362
1,356
154. 0 179.4 190.8 194.4

NA 19,332 19,554
NA 10,132 10,111
6,788 7,079 4,782
119.0 118.2 118.7
N
A 1,358
1,361
201.9

NA
NA
8,502
120.0
NA

1.1
-0.2
-32.4
0.4
0.2

NA
NA
77.8
1.1
NA

3.1
13.3
-4.6
2.4
-0.4

NA
NA
-5.1
2.1
N
A
3.9

517
525
548
557
570
564

19,456 17,694 16,290 16,824
3,608 3,053 2,700 2,975
4,456 4,007 3,745 3,501
21,751 20,329 19,684 19,520
6,319 4,964 4,961 3,429
2,190
2,442 2,254 2,675

NA 16,074 15,566
NA 2,891 2,715
NA 3, 513 3,433
NA 19,771 21,514
NA 3,252 5,284
NA 2,746 3,001

NA
NA
NA
NA
NA
NA

-3.2
-6.1
-2.3
8.8
62.5
9.3

NA
NA
NA
NA
NA
NA

3.3
10.2
-6.5
-0.8
-30.9
18.7

N
A
NA
NA
NA
NA
NA

602
604
606
612
614
616

E. U.S. I n t e r n a t i o n a l T r a n s a c t i o n s
E l . Merchandise Trade
602.
604.
606.
612.
614.
616.

Exports, excluding military aid shipments, total
Exports of domestic agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts




Mil. <
..do...
...do..,
...do...

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data 2

Percent change

Unit

Series title

Annual averag

of
measure
1980

1981

1982

1st Q
1982

3d Q

4th Q

1st Q

1982

2d Q
1982

1982

1983

2d Q
1983

3dQ
to
4th Q
1982

4th Q
to
1st Q
1983

1st Q
to
2dQ
1983

£

I

II OTHER I M P O R T A N T E C O N O M I C
MEASURES—Con.
E2. Goods and Services M o v e m e n t s Except
Transfers Under Military Grants
Balance on goods 3nd services3
Fxoorts of Mods and services
Imports of goods and services
Merchandise trade balance3
Merchandise exports
Merchandise imports
Income on US investments abroad
Income on foreign investments in the U S

667
668
669
622
618
620
651
652

Bil. dol

d
o
do.
. ..do
do
do
do

do

1.87
85.52
83.65
-6.39
56.06
62.44
18.11
10.72

2.88
93.66
90.78
-7.02
59.25
66.27
21.56
13.19

-0.80
87.08
87.88
-9.10
52.80
61.90
21.04
14.21

89.76
87.14
-6.10
55.64
61.74
20.76
13.82

2631.7
1475.0
6,478
1479.4
1828.9
1021.6
4,487

2954.1
1513.8
6, 584
1505.3
2047.6
1054.7
4,587

3073.0
1485.4
6,399
1494.8
2176.5
1060.2
4,567

3021.4
1485.8
6,424
1495.9
2127.9
1055.1
4,562

2.62

3.24 -4.85 -4.19
90.79 86.93 80.84
87.55 91.79 85.03
-5.85 -13.08 -11.35
55.00 52.24 48.34
60.85 65.32 59.70
22.32 21.57 19.50
14.78 14.75 13.49

-1.48
81.17
82.65
-8.74
49.56
58.30
17.81
12.58

NA
NA
NA
NA
NA
NA
NA
NA

3090.7
1485.7
6,393
1487.0
2191.5
1059.3
4,558

3171.5
1490.1
6,382
1505.5
2255.9
1073.8
4,599

3273.7

2.71
0.4
-2.8
2.61
2.5
-2.3
-8.7
-6.7

NA
NA
NA
NA
NA
NA
NA
NA

622
618
620
651
652

2.0
0.6

3.2
2.1

200
50

1.1

0.4
0.1

1.9
1.4

1.7
0.6
0.4

1.3
0.7
0.5

2.1
0.7
0.5

217
213
224
225
227

1.9
0.9
3.6
3.6
0.8
0.4
2.3
0.5

1.3
0.7
2.5
1.8
0.5
0.8
1.5
0.3

3.8
2.4
7.6
7.3
2.9
1.5
3.5
1.7

230
231
232
233
236
238
237
239

11.7
9.7
4.2
3.7
28.8
10.9

240
241
242
243
245
30

0.9

260
261
262
263
266
267

0.66
-7.0
-7.4
1.73
-7.5

-8.6
-9.6
-8.5

667

668
669

A. N a t i o n a l I n c o m e a n d P r o d u c t
A l . G N P and Personal Income
200.
50
217
213
224
225
227.

GNP, current dollars
GNP 1972 dollars
Per capita GNP 1972 dollars
Final sales 1972 dollars
Disposable personal income current dollars
Disposable personal income 1972 dollars
Per capita disposable personal income, 1972 dollars

230.
231.
232.
233.
236.
238.
237.
239.

Total, current dollars
Total, 1972 dollars
Durable goods, current dollars
Durable goods, 1972 dollars
Nondurable goods, current dollars
Nondurable goods, 1972 dollars
Services, current dollars
Services, 1972 dollars

240.
241
242.
243.
245.
30.

Total, current dollars
Total, 1972 dollars
Total fixed investment, current dollars
Total fixed investment, 1972 dollars
Change in business inventories, current dollars3
Change in business inventories, 1972 dollars3

A2.

A3.

do
do
A.r., dollars

do
do
do
do
do
do
do

3109.6
1480.7
6,355
1503.4
2227.8
1066.1
4, 576

1521.4
6,502
1525.9
2302.8
1081.6
4,623

0.6
-0.3
-0.6

1668.1 1857.2 1991.9 1938.9 1972.8 2008.8 2046.9 2073.0 2151.3
931.8 956.8 970.2 961.4 968.8 971.0 979.6 986.7 1010.5
214.7 236.1 244.5 239.4 242.9 243.4 252.1 258.5 278.1
137.5 141.2 139.8 138.5 139.5 138.2 143.2 145.8 156.4
668.8 733.9 761.0 749.7 754.7 766.6 773.0 777 .1 799.8
355.6 362.5 364.2 362.6 363.5 364.7 366.0 368.9 374.3
784.5 887.1 986.4 949.7 975.2 998.9 1021.8 1037.4 1073.4
438.8 453.1 466.2 460.4 465.7 468.2 470.4 472.0 479.8

do
do
do
do
do
do

401.9
208.5
411.7
212.9
-9.8
-9.8

474.9
227.6
456.5
219.1
18.5
18.5

414.5
194.5
439.1
203.9
-24.5
-24.5

422.9
199.7
448.6
209.9
-25.7
-10.2

432.5
201.4
443.7
204.9
-11.2
-3.4

425.3
198.4
430.2
199.8
-4.9
-1.3

377.4
178.4
433.8
201.1
-56.4
-22.7

404.1
190.0
443.5
205.4
-39.4
-15.4

451.5
208.5
462.1
213.0
-10.6
-4.5

-11.3
-10.1
0.8
0.7
-51.5
-21.4

7.1
6.5
2.2
2.1
17.0
7.3

537.8
284.3
197.0
106.4
340.8
177.9

595.7
286.5
229.2
110.4
366.5
176.1

649.2
291.8
258.7
116.6
390.5
175.2

629.8
289.4
249.7
114.5
380.0
174.9

631.6
285.8
244.1
110.3
387.5
175.4

655.7
292.2
261.7
116.9
394.0
175.3

679.7
299.7
279.2
124.4
400.5
175.2

677.4
292.9
273.5
118.4
404.0
174.5

683.3
292.2
274.8
118.2
408.6
174.0

3.7
2.6
6.7
6.4

1.6
-0.1

-0.3
-2.3
-2.0
-4.8
0.9
-0.4

23.9
50.3
338.8
159.1
314.8
108.8

26.3
43.0
368.8
159.7
342.5
116.7

17.4
28.9
347.6
147.3
330.2
118.4

29.9
35.2
358.4
151.8
328.5
116.6

33.3
33.4
364.5
154.5
331.2
121.1

0.9
24.0
346.0
146.4
345.0
122.4

5.6
23.0
321.6
136.5
316.1
113.5

17.0
20.5
326.9
137.3
309.9
116.8

-12.5
10.2
321.7
134.2
334.3
124.0

4.7
-1.0
-7.1
-6.8
-8.4
-7.3

11.4
-2.5
1.6
0.6
-2.0
2.9

-29.5
-10.3
-1.6
-2.3
7.9
6.2

NA
2116.6 2373.0 2450.4 2419.7 2448.9 2458.9 2474.0 2528.5
1599.6 1769.2 1865.7 1834.2 1859.9 1879.5 1889.0 1923.7 1969.9
117.4 120.2 109.0 111.2 104.9 103.6 116.2 120.6 130.1
54.8
49.9
47.4
50.9
54.1
31.5
41.4
49.0
52.3
NA
175.4 192.3 164.8 162.0 166.8 168.5 161.9 181.8
192.6 249.9 261.1 265.0 268.3 2 56.4 254.7 248.3 244.4

0.6
0.5
12.2
2.8
-3.9
-0.7

2.2
1.8
3.8
3.4
12.3
-2.5

NA
2.4
7.9
1.3
NA
-1.6

220
280
282
284
286
288

-11.7
1.0
-1.8
-48.3
-0.2

13.4
3.4

NA
NA

290
295
292
298
293

Government Purchases
of G o o d s a n d Services

d
o
d
o
.. .do
do
do

d
o

-0.2
0.5

-0.2
1.1
-0.3

Foreign T r a d e

Net exports of goods and services current dollars3
Net exports of goods and services 1972 dollars3
Exports of goods and services current dollars
Exports of goods and services 1972 dollars
Imports of goods and services, current dollars
Imports of goods and services, 1972 dollars

do

d
o
....do.. . .
do
do
do

250
255
252
256

253
257

National I n c o m e a n d Its C o m p o n e n t s

220.
280.
282.
284.
286.
288.

National income
Compensation of employees
Proprietors' income with IVA and CCAdj
Rental income of persons with CCAdj
Corporate profits with IVA and CCAdj
Net interest

290
295
292
298

Gross saving (private and government)
Business saving
Personal saving
Government surplus or deficit3

A7.

do
do
do
do
do
do

Saving
do
do

do
d
o

293. Personal saving rate 3

Percent

405.9
325.2
110.2
-30.7
6.0

483.8 405.8
374.4 396.2
135.3 125.4
-26.9 -115.8
5.8
6.6

NOTE: Series are seasonally adjusted except for those, indicated by < § ) , that appear to contain no seasonal
movement. Series indicated by an asterisk ( * )

are included in the major composite indexes. Dollar values are in

current dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources of
Series" at the back of this issue. NA, not available, a, anticipated. EOP, end of period. A.r., annual rate. S/A,
seasonally adjusted

(used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption

adjustment.
1

3070.2
1489.3
6,425
1492.7
2159.0
1060.2
4, 574

Gross Private D o m e s t i c I n v e s t m e n t

A5.

A6.

Ar., bil. dol

A r, bil dol

Total current dollars
Total 1972 dollars
Federal Government current dollars
Federal Government 1972 dollars
State and local governments current dollars
State and local governments 1972 dollars

250
255
252
256
253.
257.

. . do. . . .
Ar. dollars

Personal Consumption Expenditures

A4.

260
261
262
263
266
267

A.r., bil.dol

The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all

turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.




434.4
383.3
130.8
-79.7
6.1
2

439.5 397.9 351.3 398.5
393.6 401.9 405.8 419.7
127.1 123.0 120.8 121.7
-81.2 -127.0 -175.3 -142.9
5.9
5.6
5.4
5.4

NA
NA

89.4
NA
3.9

0.7

32.4
0.

-26.5
NA
-1.5

For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual

figures published by the source agencies are used if available.
3

Differences rather than percent changes are shown for this series.

'Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
5

End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the

period.
6

This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of

the span.

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
July May
P T

Aug. Apr.
P T

Apr. Feb
P T

Jan. July July Nov.
P T P T

dex of 6 lagging indicators
eries 62, 7 7 , 9 1 , 9 5 , 1 0 1 ,

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 821983
NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

10



JULY 1983

BCIfr

CYCLICAL INDICATORS
|A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued
Nov. Oct
P T

Jan. July July Nov.
P T P T

13. Marginal employment

914 Capital investment commitments (series 12,20,29)

and purchasing (series 8,32,

916. Profitability (series 19, W, 80

financial tews (series 104,106, 111)

Ratio, coincident index to lagging

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983
NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

ItCII

JULY 1983




11

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
Jan. July July Nov.
P T P T

Contracts anc orders for plant and equipment,

1948 49

50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 11 ?3 74 75 76 77 78 79 80 81 82 1983

Current data for these series are shown on pages 6 1 , 64, 65, and 66.

12



JULY 1983

BCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
July May
P

T

Aug. Apr.
P T

Jan. July July

Apr. Feb.
P

P T

T

P

Nov.
T

ivate housing units (index: 1967
LLl

credit outstanding—business

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983
'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 6 7 , 6 8 , 6 9 , 7 1 , and 72.

IICII

JULY 1983




13

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
Nov. Oct.
P T

1948 49

July May
P T

50

51 52

53 54

Aug. Apr.
P T

55

56 57

58

Dec. Nov.
P T

Apr. Feb
P T

59

60

6 1 62

63

64

65

66

67

68 69

70

71

Nov.
P

72

73 74

Mar.
T

75

Jan. July July
PT
P

76

77

78

79 80

81

Nov.
T

821983

Current data for these series are shown on pages 62, 63, and 65.

14



JULY 1983

ItCII

CYCLICAL INDICATORS
A

I
I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
July May
P T

Nov. Oct.
P T

Aug. Apr.
P T

Apr. Feb
PT

Dec. Nov.
P T

Jan. July July Nov.
P T P T

109,lAverage prime rate charged by

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 821983
Current data for these series are shown on pages 62, 68, 70, and 73.

BCII

JULY 1983




1
5

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
Aug. Apr.
P

Apr. Feb.

T

P

Dec.

Nov

P

T

T

|
1

Average workweek, i

Jan. July
P

T

July

Nov.

P

T

i workers.

'^ ,'>'v* *V'* ; ^

21. Average weekly overtime hours, I

(hem)

4-

5. Average we»Hy initial claim, State i

3J

-iiverted scale)

200 T

300-

400-

1-1
23-

lOOwnplpyees)
24'"—•(',-••'

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 6 1 .

1
6



JULY 1983

BCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued

48. Employee-hours in
(ami* rate, bit.

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on pages 6 1 and 62.

JULY 1983




17

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Aug. Apr.
P T

Apr. Feb.
P T

Dec.
P

Jan. July
P T

Nov.
T

July
P

Nov.
T

civilian employment to

37. Number unemployed, total ( n * l i - m v e r t e d

43. Unemployment rate, total

45.

Average weekly insured unemployment

91. Average duration of unemployment

44. Unemployment rate, persons

1956 57

58

59

60

61

62

63

64 65

66 67 68

-inverted scale)

69

70

71

72

73

74 75

76

77

78 79 80

81

82 1983

Current data for

18



JULY 1983

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
Aug. Apr.

P

Dec. Nov.

Apr. Feb,

T

P

P

T

T

50. GNP m 1972 tfefers, Q (ann.

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 63.

BCII JULY 1983



1
9

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income—Continued
Aug. Apr.
P
T

1956 57

58

Apr. Feb
P
T

59

60

Dec. Nov.
P
T

61

62

63

64

65

66

67

68

69

70

Jan. July
P T

71

72

73

74

75

76

77

78

79

80

July
P

Nov.
T

81

82 1983

Current data for these series are shown on pages 63 and 64.

20



JULY 1983

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
Apr. Feb.
P T

Aug. Apr.
P T

Jan. July
P T

Dec. Nov.
P
T

July Nov.
P
T
lOO-i
9080706050-

40-

30-

454035-

25 «J

25. Change in unfilled orders,
(bil. do!.; MCD moving
+4+ 2-

-2-

-4.

380340300260220-

Sro* Manufacturers urtiwes orders*

180-

140-

100-

60-

100755025-

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 64.

JULY 1983




21

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Aug. Apr.

P

Apr. Feb.

T

P

Dec. Nov.

P

T

T

56, Manufacturing and trade sales

of retail starts in 1972 ddte* <M. « . )

X

KOI

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 65.

2
2



JULY 1983

ItCII

CYCLICAL I N D I C A T O R S
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
Aug. Apr.
P T

Apr, Feb.
P T

Dec. Nov.
P
T

Nov. Mar.
P
T
160
140120 •
100'
65554535-

25
35
302520'

—

3025-

§'•

20-

15-

?"
*
mmmm

10-

5-

100-1
90
8070
60504030-J
1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

'This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.

JULY 1983



23

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Aug. Apr.
P
T

Jan. July
P T

Dec. Nov.
P
T

Apr. Feb
P T

July
P

Nov.
T

97. Backlog of capital
(HIM)

and equipment
truction expenditu

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on pages 66 and 67.

24



JULY 1983

ItCI*

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Aug. Apr.
P T

Apr. Feb.
P T

Jan. July
P T

Dec. Nov.

P

T

July Nov.
P
T

fixed investment in 1072 dollars, Q (ann.

89. Residential fixed
(ann. rate, bil. dol

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 67.

ItCII

JULY 1983




25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.
P
T

Jan. July
P T

July
P

Nov.
T

30. Change in business inventories,

36. Net change in inventories on hand and
< m rate,fail,dol.; moving avg.-~4-

ilv - Change in boot value, mamifactaring and
!ol;MC&
(ann. rate, bii. dot; MCD moving avg.

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68.

26



JULY 1983

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Jan. July
P T

July
P

Nov.
T

600-1
550500
450400
350
300250-

and trade inventories, 1972 dollars (bil. dol
200'

150-1
100-1
90807060-

$5, Book value of
of finished goods

mm

50-

mmm

40-

30-

mmm

E

77. Ratio, constant-dollar
dJ(fc)

20-

1.91.81.71.6-

•HMIMii

1.5260
240220
200180160140
120-

78. Stocks of materials arid supplies on
manufacturing (bl. M )

10080-

60-

40 •

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 68.

BCII

JULY 1983




2
7

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Aug. Apr.
P

T

Apr. Feb.
P

Jan. July

T
i

P

T

July
P

Nov.
T

.

NHe CommodfiE ! l l

98. Change in producer prices
(percent; MCPmoviig avg.~6-

sensitive

^li

1 i

iiiim
99. Chanie bi $entitt¥« i M *

HSHHi.

#4%!M

aPii^S^iliifMPI^^iWf1^!!!!!

23. Spot market prices, raw Mashfrt? ( * i m t 6 7 - i » )

V
180'
140-

t
100'
8060

KII^^^KIilffl
100-

IS. Corporate profits after taxes, 1972 s

60^\^^^r^

"AH

16. Corporate profits after taxes, H i n t dollars, Q
(mriHpML*l.y.
20-

1956 57

58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75

76

78

79 80 81 82 1983

"This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
'Beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.

28



JULY 1983

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Aug. Apr.
P T

Apr. Feb.
P T

Dec.
P

Jan. July
P T

Nov.
T

July
P

Nov.
T

ill

79* Corporate profits after taxes
current dollars, Q (ann.

35. Net cash flow, corporate, in
(ann. rate, bil. dol.)

34. Net cash flow
(ann. rate,

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on pages 69 and 70.

ItCII

JULY 1983




29

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov
P
T

Jan. July
P T

July Nov.
P
T

fit labor cost per unit of output,

64. Coti^emation i f eniployees as a percent of

1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983
Current data for these series are shown on page 70.

30



JULY 1983

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Aug. Apr.

P

Apr. Feb.

T

Dec.

Nov.

P

T

P T

in total Squid assets (percent; moving

Money supply-Ml-in 1972 doitan ( M . do).)

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

l

This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 7 1 .

BCII

JULY 1983




31

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr. Feb
P
T

Aug. Apr.
P T

Jan. July
P T

July
P

Nov.
T

112. Change m business loans (ann. rate, bil.
MCD rnoving avg.-6.tefm)

11 H* f ^itwi ifnil 'ff^Jttl 3f

110.- Total private bcfiwrf, Q (

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on pages 71 and 72.

32



JULY 1983

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Aug. Apr.
P T

Apr. Feb.
P T

Dec.
P

Nov.
T

Nov.
P

Jan. July
P T

Mar.
T

July
P

Nov.
T

111

39. Delinquency rate, 30 days and over
cale)

94. Member bank
the Federal Reserve (

f'v

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 72.

BCD

JULY 1983




33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
Aug. Apr.
P T

1956 57

58

Apr. Feb
P T

59

60

Dec.
P

61

62

63

64

65

66

67

68

69

Jan. July
P T

Nov.
T

70

71

72

73

74

75

76

77

78

79

80

July
P

Nov.
T

81

82 1983

Current data for these series are shown on pages 72 and 73.

3
4



JULY 1983

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Aug. Apr.
P T

Apr. Feb.
P T

Dec.
P

Nov.
T

Jan. July
P T

July
P

Nov.
T

67. Bank rates on short-term business

72. Commercial and
dollars (bi. del.)

95. Ratio, consumer

Current data for these series are shown on page 73.

ItCII

JULY 1983




3
5

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
Aug. Apr.
P
T

Apr. Feb.
P T

Jan. July
P T

July Nov.
P
T

|-mo. span—, 1

950. Twelve leading indicator c

50-

to

(6-mo. span*

. S|Nft~-4

I1

|> f ,^:"?

50-

'*-' V *- -'

'-'I

'

;

^*''

''• #**r^ti*laffffiflffir

50-

20 Industrie:

, span—, 1-mo. span-

50-

I 3MWu

4w*w& <

, span—, 1-mo. span-

50-

5 industries (6

50-

i

• / 'J5.
-

Y*§::7^A

v%:<-^:ff/^figl ' ; : ^
oJ

1956

57

58 59 60 61 62

63

64 65

66 67 68

69 70

71 72

73

74 75

76

77

78 79 80

81 82 1983

Current data for these series are shown on page 74.

36



JULY 1983

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued

IOO-I

50-

0-

90705030-

100-

50-

0-

100-

50-

0-

100-

50-

0-

90705030-

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.

BCII

JULY 1983




37

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Jan. July
P T

Jan. July
P T

July
P

July
P

I Percent i
expenditures for new |
- 2 2 industries
I expenditures

r

50"
;

^ - ( b ) Later anticipatlon|

1

tual expenditures

/ I !%!%

t*rn1

I

»\

-•-iiHr-irl

If

1

(e)
97

Ofders, maiwfacteing (4-(j

J
J

f
972.

ofrts, manufacturing andtrj

}

!

2m%, fiiaiWraClUfSlg

ii

ij

andtrd

-r mo--- ™ lift—H

d
1971 72

73 74

75

76 77

78

79

80

81 82 1983

1971 72 73

74 75

76

77 78 79

81

82 1983

'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about
1,400 business executives.
Current data for these series are shown on page 76.

38



JULY 1983

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series were published.

ItCII

JULY 1983




39

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
Aug. Apr.
P

1956

57

Apr. Feb.

T

58

P

59

60

Jan. July

July

Nov.

P T

P

T

T

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on pages 63 and 80.

4
0



JULY 1983

BCD

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
Aug. Apr.
P T

1956 57

58

Dec. Nov.
P
T

Apr. Feb.
P T

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

82 1983

Current data for these series are shown on pages 80 and 8 1 .

JULY 1983




41

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Aug. Apr.
P T

1956 57

58

Apr. Feb.
P T

59

60

Dec.
P

61

62

63

64

65

66

67

68

69

Jan. July
P T

Nov.
T

70

71

72

73

74

75

76

77

78

79

80

July
P

Nov.
T

81

82 1983

Current data for these series are shown on page 8 1 .

42



JULY 1983

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Aug. Apr.
P T

Apr. Feb.
P T

Dec.
P

Nov.
T

Nov. Mar.
P
T

Jan. July
P T

July
P

800700600500400-

300-

200-

100-

Annual rate, billion dolla«[197i
350300250200-

150-

100-

1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983
Current data for these series are shown on page 8 1 .

ItCII

JULY 1983




43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade
Aug. Apr.
P T

Apr. Feb.
P T

Dec.
P

Nov.
T

Jan. July
P T

,—

July
P

Nov.
T

i

440 T

•I -111
,,...

lir.

. ,, .
„

&Wf „•

—yi-i
r
1S
252. Exports of |

|fff]

[services, Q-

|—

1'

i
\

250.

II

80-

; of goods

ami!

256. Exports of |
100-

8060-

255,

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 82.

44



JULY 1983

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Aug. Apr.
P T

Jan. July
P T

Dec. Nov.
P
T

Apr. Feb.
P T

July
P

Nov.
T

st* profits with inventory valuation and

income with inventory valuation and
consumption adjustments, Q

20-

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 82.

BCII

JULY 1983




4
5

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Aug. Apr.
P
T

1956

57

58

59

60

61

Jan. July
P T

Dec. Nov.
P
T

Apr. Feb.
P T

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

July
P

Nov.
T

81

8 2 1983

Current data for these series are shown on pages 82 and 83.

46



JULY 1983

IICII

OTHER IMPORTANT ECONOMIC MEASURES
A

|

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Jan. July
P T

July
P

Nov.
T

70-

65-

6020 T

purchases of goods and $trvfca$, 9
10248.

Nonresidential fixed

fixed investment, Q
0247* Change in business inventories, Q
-5-"

64,

Compensation
75-

70-

65 J
with inventory valuation
tion adjustments, Q

10-

289.

Net interest,

5-

income of persons with capital consumption
01
1956

57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 1983

Current data for these series are shown on page 83.

ItCII

JULY 1983




47

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements
Nov.
P

Mar.
T

Jan. July
P T

1

ilifiii

Index:!

•iliiB

Nov.
P

T

1;

Mar.
T

Jan. July
P T

July
P

Nov.
T

•HI

in
• •1

i•
1
i1
•

leflator, GNP, Q

viiililill liilili

July
P

=5

310c. Implicit
GNP(1-Q

"

Producer pric

180160

140

200-

iiiiils

I price index,

••,iiiiii#0

^

.llipwl

* ;

Index: 1

1if

ffl

180-

J
ml

+10-

340'
320
300'
280'
260'

380-1
360340320300280260240-

1331,

I equpni
X
334, Finished consumeri

1971 72 73 74 75 76 77 78 79 80 81 82 1983

1971 72 73 74 75 76 77 78 79 80 81 82 1983

Current data for these series are shown on pages 84, 85, and 86.




JULY 1983

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Aug. Apr.
P T

Apr. Feb.
P T

Jan. July
P T

July
P

Nov.
T

320c. M t l $ M l | H p W ! span)

C h a r t B 2 . Wages a n d P r o d u c t i v i t y

341.

J40.

Real average
workers, private

Average hourly earnings of production
private nonfarrn economy (current dollars)1

346.

Real average hourly
noiifarm business

compensation, all
sector, Q (current

1956 57

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
Current data for these series are shown on pages 84, 87, and 88.

JULY 1983




49

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
Aug. Apr.
P T

Apr. Feb.
P T

Jan. July
P T

Nov. Mar.
P
T

July
P

iinavera
+5-

ri-J,"

340c.

•

-

•

•

•

•

.

•

•

•

-j

Real esrtiii?I

a

1

ibusines

Current-dollar.

•

;1

+ 5-

i
cortract.
tivity]

358.

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2One-month percent changes have been multiplied by a constant (12) to make them
comparable with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.

5
0



JULY 1983

OTHER IMPORTANT ECONOMIC MEASURES
C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
Aug. Apr.
P T

Apr. Feb
P T

Dec. Nov.
P
T

participation rates (percent)—

44$, Females 20 years
and over

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 89.

ItCII

JULY 1983




51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
Aug. Apr.
P
T

1956 57

58

in. July
P T

Apr. Feb.
P
T

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

July
P

Nov.
T

81

82 1983

Current data for these series are shown on page 90.

52



JULY 1983

Bill

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
Jan. July
P T

July
P

Nov.
T
3026221814-

10-

20-i
1816141210-

6-

4-

15013011090-

70-

50-

1110987654-

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 90.

JULY 1983




53

OTHER IMPORTANT ECONOMIC MEASURES
I£) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued
Aug. Apr.
P T

1956 57

58

Apr. Feb.
P T

59

60

61

Jan. July July Nov.
P T
P
T

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 9 1 .

5
4



JULY 1983

RCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Aug. Apr.

P

Dec. Nov.
P T

Apr. Feb.

T

P

T

1.81.61.41.21.0-

3.53.02.52.0-

1.5-

1.0-

0.5 J
220-i
200180160140120100-

564. Federal Government
defense, Q (

8060-

40 J

10-I
9876541956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 9 1 .

ItCII

JULY 1983




5
5

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
Apr. Feb.
P T

Aug. Apr.
P T

Jan. July
P T

Dec. Nov.
P
T

July
P

Nov.
T

12-

602. Exports, excluding i

mmm
606. Exports of nonelectrical r

General imports (b«. dol.; MCD moving a v g . § | | e m )

I petroleum |

9HHN1K
616. Imports of automobiles;

\m

0.6-

1 Nilll

0.4-

0.2 J

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 92.

56



JULY 1983

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
Aug. Apr.
P T

Apr. Feb.
P T

Jan. July
P T

622.

58

59

60

61

62

Nov.
T

81

82 1983

Merchandise trade balance, Q

651.

1956 57

July
P

63

Income on U.S. investments

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

NOTE: Annual totals are shown for the period prior to 1960.
Current data for these series are shown on page 93.

BCII

JULY 1983




5
7

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
Aug. Apr.
P T

Apr. Feb.
P T

Dec.
P

Nov.
T

Nov.
P

Jan. July
P T

Mar.
T

July
P

Nov.
T

I Index: 1967 = 100
280-1
260240220200180160140120-

Industrial production—
721 Japan-^
721.

OECD European countries

100-

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74 75

76

77

78

79

80

81

82 1983

Current data for these series are shown on page 94.

5
8



JULY 1983

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Chart F3. Stock Prices

Chart F2. Consumer Prices
Nov.
P

Jan. July
P T

Mar.
T

[Percent change at annual rate)

July
P

Nov.
P

Nov.
T

Jan. July
P T

Mar.
T

July
P

Nov.
T

1 Index: 1 9 6 7 = 1 0 0

[6-month spans]

Stock prices-

Consumer prices—

19.

-20-1

200"
180160140-

United States

320c. United S t a t e s ^

120100-

XT-

+10-

80 J
600-

748.

r

Japan

U.

400300-

7

200-

745.
ii

500-

i

i

i

ii ii in.

West Germany

180-

160-J

in.

140^

i-20-i

dfS

735c* West Germany

fr—

120 \
100 J

1971 72

73

74

75

76

77

78

79

80

81

82 1983

1971 72

73

74

75

76

77

78

79

80

81

82 1983

Current data for these series are shown on pages 95 and 96.

BCII

JULY 1983




59

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS

Q
910. Index of
12 leading indicators (series
1, 5, 8, 12, 19,
20, 29, 32, 36,
99, 106, 111)

930. Index of
6 lagging indicators (series
62, 77, 91,
95, 101, 109)

(1967 = 100)

Year
and
month

920. Index of
4 roughly
coincident indicators (series
41, 47, 51, 57)

(1967 = 100)

(1967 = 100)

940. Ratio,
coincident
index to
lagging index

(1967 = 100)

COMPOSITE INDEXES

Leading indicator subgroups

913. Marginal
employment
adjustments
(series 1, 2, 3,
5)

914. Capital
investment
commitments
(series 12, 20,
29)

(1967 = 100)

(1967 = 100)

915. Inventory
916. Profitinvestment
ability (series
and purchasing
19, 26, 80)
(series 8, 32, 36,
99)

(1967 = 100)

917. Money
and financial
flows (series
104, 106, 111)

(1967 = 100)

(1967-100)

C)

1981
January
February
March

142.1
140.4
141.7

146.8
147.2
147.2

121.7
120.7
119.0

120.6
122.0
123.7

94.2
94.1
94.1

110.7
109.3
109.8

100.5
100.5
100.7

98.2
98.8
99.0

122.2
122.1
122.2

April
May .
June

144.6
144.5
143.2

147.1
146.9
147.5

119.0
122.2
122.4

123.6
120.2
120.5

94.9
94.2
94.5

110.5
109.3
107,3

101.8
102.5
102.6

98.7
98.1
98.4

123.5
123.2
123.1

July
August
September

142.9
142.4
139.3

147.6
147.3
146.5

122.5
123.3
124.7

120.5
119.5
117.5

95.0
93.6
91.4

107.1
107.0
106,3

102.6
102.1
101.2

98.2
98.5
96.9

123.3
123.8
122.9

October
November
December

136.9
' 137.0
136.2

144.5
143.0
140.9

125.0
124.5
124.4

115.6
114.9
113.3

90.5
90.3
89.3

104.3
105.4
105.1

99.8
98.7
97.8

96.9
97.1
96.2

121.7
122.2
122.2

135.1
135.7
134.7

138.4
139.9
139.2

126.1
125.3
125.1

109.8
111.7
111.3

(NA)

104.2
104.2
104.0

96.7
96.5
96.6

94.5
93.2
92.6

123.3
122.1
122.2

136.0
136.2
135.5

138.0
138.8
137.3

125.9
125.1
124.8

109.6
111.0
110.0

104.9

104.2
102.9

96.4
97.1
97.6

93.1
93.0
92.4

123.0
122.4
122.2

July
August
September

rl36.2
rl36.2
rl37.6

136.4
rl35.1
134.5

rl24.3
rl22.4
rl21.4

rlO9.7
rll0.4
rll0.8

103.9
rl03.0
rlO3.5

97.8
r98.1
r98.3

r92.8
r94.3

r92.6

122.5
124.5
124.2

October
November
December

rl38.6
rl39.4
rl40.9

rl32.7
rl32.6
rl32.6

120.5
rll8.3
rll6.7

rllO.l
112.1
113.6

rlO4.6
rlO5.3
rlO6.9

r98.0
r97.0
r96.4

r95.4
r96.0
r97.0

122.7
122.5
122.4

r145.1
rl47.6
150.5

rl34.3
rl33.6
rl34.7

rll5.7
rll5.5
rll4.2

rll6.1
rll5.7
r118.0

rlO6.2
106.9
rl07.0

r97.7
r99.3
101.3

r98.3
[H>r99.4
(NA)

rl27.2
rl29.7
E>rl30.2

rl52.4
154.3
B) 155.9

rl35.7
138.0
[H>M39.1

rll3.3

rll9.8
H>rl24.4

rlO7.5
rlO9.3
H> pHO.O

rlO1.8
(H>rlO2.3
plOl.6

1982
2

January
February
March
April
May
June

1983
January
February
March
April
May
June

3

110.9
(NA)

rl29.8
rl29.5
(NA)

July . . . . ,
August
September
October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Current high values are indicated by [R); for series that move counter to movements
in general business activity, current low values are indicated by|H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 1 1 .
x

See "New
Includes
Excludes
^Excludes
2

3

Features and Changes for This Issue" on page iii of the February 1982 issue.
a substitute value for series 1. See "New Features and Changes for This Issue" on page iii of the March 1982 issue.
series 36 and 111, for which data are not available.
series 57, for which data are not available.

60



JULY 1983

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process
Timing Class

L, L, L

L, L, L

L.C.L

1. Average
workweek of
production
workers,
manufacturing

21. Average
weekly overtime
hours, production workers,
manufacturing
(Hours)

2. Accession
rate, manufacturing

(Per 100 employees)

L.C.L

L, L, L

5. Average
weekly initial
claims, State
unemployment
insurancel

3. Layoff rate,
manufacturing

(Thous.)

C2)

1981

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

(Hours)

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

(Per 100 employees)

L, Lg, U

4. Quit rate,
manufacturing

(Per 100 employees)

L, Lg, U

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

46. Index of
help-wanted
advertising
in newspapers

48. Employeehours in nonagricultural
establishments

(Ratio)

(1967 = 100)

(Ann. rate,
bil. hours)

C2)

C2)

U, C, C

Revised 3

January
February
March

40.3
39.8
39.9

3.0
2.9
2.9

3.5
3.5
3.4

424
410
413

1.4
1.3
1.3

1.4
1.4
1.3

0.474
0.478
0.467

128
129
125

171.56
170.07
170.79

April
May .
June .

40.0
40.2
40.0

2.9
3.0
2.9

3.4
3.1
3.4

395
401
405

1.1
1.3
1.3

1.3
1.3
1.4

0.447
0.432
0.448

118
118
121

169.70
170.70
170.94

July
August
September

39.9
39.9
39.5

2.9
2.9
2.7

3.4
3.2
2.9

395
421
483

1.0
1.4
1.7

1.5
1.3
1.3

0.466
0.440
0.403

123
119
112

171.19
171.09
167.31

October
November
December

39.6
39.4
39.2

2.6
2.5
2.4

2.9
3,1
2.7

517
539
551

2.2
2.3
2.2

1.2
1.1
1.1

0.378
0.366
0.346

110
111
109

169.68
168.66
168.58

January . .
February . . .
March . . .

37.5
39.5
39.0

2.3
2.5
2.3

(NA)

563
514
566

(NA)

(NA)

0.338
0.317
0.289

106
103
96

164.25
168.40
167.74

April . . . .
May .
June

39.0
39.1
39.1

2.4
2.3
2.3

566
585
551

0.255
0.249
0.242

88
87
85

167.21
167.61
166.58

July
August
September

39.1
39.0
38.8

2.3
2.3
2.3

533
605
653

0.228
0.212
0.192

83
78
73

166.05
165.46
165.30

October . .
November
December

38.9
39.0
39.0

2.3
2.3
2.3

651
616
531

0.195
0.195
0.205

76
78
83

164.29
163.24
164.01

39.7
39.2
39.5

2.4
2.4
2.6

507
478
479

0.216
0.215
0.217

83
83
83

165.78
163.53
164.44

40.1
r39.9

2.9
2.7

470
453

81
r87

166.12
166.97

E>P40.1

B>p2.9

H>406

E)p92

H>P167.31

1982

1983
-January
February
March . . .
April
May
June

0.213
rO.231

DP0.246

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue" (item 2) on page iii of the February 1982 issue.
3
See "New Features and Changes for This Issue," page iii.

JULY 1983



61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

EMPLOYMENT AND UNEMPLOYMENT-Continued

Comprehensive Employment—Continued

Timing Class

U, Lg, U

U, C, C

C C, C

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagncultural payrolls,
establishment
survey

40. Employees
in goodsproducing industries (mining, mfg., construction)

90. Ratio,
civilian employment to total
population of
working age

(Thous.)

Year
and
month

L, C, U

Comprehensive Unemployment

(Thous.)

(Thous.)

(Percent)

L, Lg, U

L, Lg, U

L, Lg, U

37. Number of
persons unemployed, labor
force survey

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate,
State programs *

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

1981
January
February
March .

96,544
96,803
97,148

90,920
90,990
91,030

25,600
25,516
25,579

58.38
58.43
58.58

8,048
8,032
7,967

7.5
7.4
7.3

3.5
3.4
3.4

14.3
14.0
13.9

2.2
2.2
2.1

April
May . .
June

97,487
97,597
97,033

91,128
91,131
91,322

25,530
25,503
25,654

58.80
58.72
58.31

7,860
8,133
8,047

7.2
7.5
7.4

3.3
3.3
3.2

13.7
13.5
14.1

2.0
2.0
2.1

97,428
97,313
96,746

91,484
91,424
91,411

25,720
25,653
25,586

58.44
58.36
57.94

7,854
8,053
8,271

7.2
7.4
7.6

3.2
3.2
3.3

14.0
14.3
13.6

2.0
2.0
2.1

96,981
96,840
96,458

91,295
91,041
90,730

25,445
25,242
24,992

58.02
57.88
57.51

8,673
9,025
9,389

8.0
8.3
8.6

3.5
3.8
4.1

13.5
13.2
12.9

2.1
2.2
2.2

96,309
96,328
96,230

90,396
90,417
90,207

24,711
24,670
24,483

57.46
57.41
57.29

9,346
9,669
9,881

8.6
8.8
9.0

4.1
4.1
4.3

13.4
14.0
13.9

2.2
2.5
2.7

90,024
90,016
89,775

24,307
24,226
24,001

57.17
57.40
57.17

10,256
10,384
10,465

9.3
9.4
9.5

4.5

4.5

14.3
14.9

June

96,128
96,548
96,310

4.5

16.3

2.8
3.0
3.2

July
August
September

96,143
96,254
96,180

89,450
89,264
89,235

23,843
23,672
23,530

57.06
57.06
56.92

10,828
10,931
11,315

9.8
9.9
10.2

4.5
4.7
5.0

15.6
16.1
16.6

3.2
3.3
3.5

October
November
December

95,763
95,670
95,682

88,938
88,785
88,665

23,287
23,131
23,061

56.65
56.57
56.50

11,576
11,906
12,036

10.5
10.7
10.8

5.2
5.2
5.0

17.1
17.3
18.0

3.8
4.1
4.3

January
February
March

95,691
95,670
95,729

r88,885
r88,746
88,814

23,186
23,049
23,030

56.46
56.38
56.36

11,446
11,490
11,381

10.4
10.4
10.3

4.5
4.5
4.4

19.4
19.0
19.1

4.2
4.2
4.2

April
May
June

96,088
96,190

r89,101
r89,416

r23,159
23,347

Dp23,514

11,328
11,192

10.2
10.1
(H)10.0

4.4
4.1

19.0
20.4
22.0

1)3.9

Dp89,760

56.51
56.52
(H>57.16

July
.
August
September

. .

October
November
December
1982
January .
February . . . .
March

.

April

May

1983

D97,264

1)11,146

H>p3.8

July
August
September .
October
November
December
See note on page 60.

Graphs of these series are shown on paces 14, 15, 17, and 18.
Data exclude Puerto Rico, which is included in figures published by the source agency.

x

62



JULY 1983

4.1
4.1

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

PRODUCTION AND INCOME
Industrial Production

Comprehensive Output and Income

Timing Class

C, C, C

50. Gross national product
in 1972 dollars

C, C, C

C, C, C

C, C, C

1981

223. Current
dollars

52. Constant
(1972) dollars

(Ann. rate,
bit. dol.)

Year
and
month

51. Personal
income, less
transfer payments, in 1972
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

53. Wages and
salaries in
mining, mfg.,
and construction in 1972
dollars
(Ann. rate,
bil. dol.)

Revised1

Revised1

Revised1

Revised1

C, C, C

C, C, C

73. Index of
industrial
production,
durable manufactures

C L, L

Revised1

Personal income

47. Index of
industrial
production,
total

(1967=100)

(1967 = 100)

74. Index of
industrial
production,
nondurable
manufactures
(1967 = 100)

C,C, C

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil. dol.)
Revised1

January
February
March

I,5l6'.l

2,316.9
2,336.5
2,361.4

1,233.0
1,236.2
1,240.9

1,061.3
1,065.0
1,069.1

234.0
230.8
231.5

151.4
151.8
152.1

141.0
140.8
142.1

165.6
166.2
165.3

69i!2

April
May
June

1,512.5

2,375.1
2,390.6
2,416.9

1,241.6
1,242.5
1,251.6

1,070.8
1,072.5
1,081.1

231.6
231.3
232.2

151.9
152.7
152.9

142.5
143.5
143.2

165.9
166.4
165.8

692^3

July
August
September

1,525.8

2,463.7
2,494.6
2,514.3

1,266.0
1,274.7
1,274.4

1,088.7
1,098.3
1,098.4

231.7
231.0
228.3

153.9
153.6
151.6

143.6
143.4
140.9

167.1
167.3
165.9

703! 2

October
November
December

l,506\9

2,513.4
2,518.7
2,517.6

1,268.1
1,263.8
1,257.5

1,092.6
1,087.6
1,081.1

227.6
225.3
222.5

149.1
146.3
143.4

137.8
134.4
131.3

162.8
160.3
157.4

683!}

January
February
March

1,485\8

2,518.1
2,530.2
2,535.8

1,249.1
1,255.7
1,256.0

1,074.6
1,080.0
1,078.7

223.0
223.8
222.7

140.7
142.9
141.7

127.1
129.3
128.2

155.1
157.8
157.3

668! i

April
May
June

1,489.'3

2,549.0
2,568.0
2,572.5

1,258.1
1,263.8
1,254.3

1,079.3
1,084.3
1,076.0

221.6
220.2
217.4

140.2
139.2
138.7

126.7
126.1
125.5

156.1
155.0
155.3

664.'6

July
August
September

1,485*.7

2,589.8
2,586.7
2,597.4

1,256.0
1,250.8
1,251.2

1,072.2
1,067.5
1,066.6

215.5
213.3
211.9

138.8
138.4
137.3

125.9
124.9
123.5

155.7
156.9
156.7

66K6

October
November
December

1,48CL7

2,617.8
2,633.1
2,645.0

1,253.7
1,259.9
1,264.9

1,065.6
1,068.0
1,072.2

208.9
207.9
208.6

135.7
134.9
135.2

120.3
119.3
119.9

156.2
155.3
155.6

652 !i

l,49o!i

2,652.6
2,650.5
2,670.1

1,264.3
1,262.1
1,269.1

1,075.9
1,072.6
1,078.0

212.3
212.3
213.0

137.4
138.1
r140.0

122.5
123.9
rl26.3

rl60.7

157.4
159.0

656!9

E>pl,52i'.4

2,690.5
2,720.6
|H>p2,734.1

1,267.9
1,278.5
H> PL280.6

1,078.1
1,088.7
E>pl,092.1

214.8
215.9

142.7
144.3
H>pl45.9

129.1
rl31.2

rl63.3
rl64.9
H)pl65.9

|H>p679!2

1982

1983
January
February
March
April
May
June

D 218.0

H>Pl33.2

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.
See "New Features and Changes for This Issue,'

1

JULY 1983



page i i i .

6
3

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

{ H

Minor Economic
Process

Capacity Utilization

Timing Class

Year
and
month

L, C, U

83. Rate of
capacity
utilization,
manufacturing
(BEA)

(Percent)

82. Rate of
capacity
utilization,
manufacturing
(FRB)

(Percent)
Revised1

1981

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Orders and Deliveries

L, C, U

84. Rate of
capacity
utilization,
materials

(Percent)

L.L.L

L,L,L

Value of manufacturers' new
orders, durable goods industries
6. Current
dollars
(Bil. dol.)

7. Constant
(1972) dollars
(Bil. dol.)

L,L, L

8. New orders
for consumer
goods and
materials in
1972 dollars
(Bil. dol.)

L, Lg, U

U L, L

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

32. Vendor
performance,
companies receiving slower
deliveries <§)

(Bil. dol.)

(Bil. dol.)

L, L, L

(Percent
reporting)

Revised1

80'.6

82'.7

83.17
83.54
83.77

38.52
38.54
38.41

33.31
34.50
34.15

1.13
0.93
-0.30

316.32
317.25
316.95

46
50
52

80.8

81*9

87.38
88.31
88.20

39.72
39.92
39.61

34.92
35.29
35.16

1.92
2.37
0.86

318.87
321.23
322.09

56
52
48

80*. 3

82*.6

86.94
85.84
83.38

38.83
38.15
36.94

34.45
33.44
32.48

0.84
-0.32
-0.67

322.93
322.61
321.94

46
48
43

75.9

76.2

78.47
79.03
76.11

34.65
34.66
33.34

31.00
30.22
30.50

-3.33
-1.84
-3.43

318.61
316.77
313.34

38
32
30

72*9

January
February
March
April
May
June

Q

PRODUCTION AND INCOME—Continued

73.6

76.70
77.36
78.18

33.54
33.82
34.12

29.18
29.45
30.55

0.23
-1.17
-0.55

313.57
312.40
311.85

32
36
35

71*6

70*. 7

76.74
76.35
76.16

33.44
33.15
32.93

29.30
30.77
30.29

-1.07
-3.33
-3.04

310.78
307.45
304.41

31
30
38

71*6

69*.4

75.56
72.96
72.35

32.63
31.49
31.14

30.29
29.60
29.62

-3.29
-4.28
-4.07

301.12
296.83
292.76

37
40
40

69.0

67* i

70.74
71.07
76.18

30.42
30.45
32.57

27.91
28.22
28.25

-1.74
-1.94
2.68

291.02
289.08
291.76

44
40
38

70.7

70.1 i

82.36
77.45
79.95

35.28
r32.93
33.91

31.54
r31.52
31.84

B>4.61
-0.32
0.36

296.37
296.05
296.41

41
42
50

35.45
r35.86

2.86

®p73l4

83.41
r84.77
H> p89.47

32.16

H>p73.*7

H>T34.04

rl.81

52
52

E>p37.64

p33.26

p3.98

299.27
301.08
[H>p305.06

78

*78

.

July
August
September
October
November
December

*76

*72

1982
January
February
March

72

April
May
June

ii

July
August
September

*69

October .
November
December

*68

1983
January
February
March
April
May
June

p7O

(NA)

H>52

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
x

See "New Features and Changes for This Issue," page i i i .

6
4



JULY 1983

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Q [

Minor Economic
Process

CCC

CCC

Manufacturing and trade sales
56. Current
dollars
(Mil. dol.)

57. Constant
(1972) dollars
(Mil. dol.)

CL,C

75. Index of industrial production, consumer
goods

C L, U

59. Constant
(1972) dollars

ICC

L.L.L

55. Personal
consumption
expenditures,
automobiles

(Mil. dol.)

(Mil. dol.)

(Ann. rate,
bil. dol.)

Revised1

(1967=100)

C)

1981

U, L, U

Sales of retail stores
54. Current
dollars

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Timing Class

Year
and
month

• •
l i l

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

58. Index of
consumer,
sentiment ©

(1st Q
1966=100)

L, L, L

12. Index of
net business
formation

L, L, L

13. Number of
new business
incorporations

Revised1

(1967 = 100)

(Number)

January
February
March

355,151
355,316
356,688

160,549
160,469
160,614

146.9
147.8
148.3

85,355
86,058
86,978

45,547
45,678
45,802

73.2

71.4
66.9
66.5

121.6
120.7
120.8

46,039
48,588
47,972

April
May
June

358,809
359,239
360,912

161,180
160,775
161,968

148.9
150.7
150.3

86,746
86,939
87,948

45,488
45,328
45,735

66.4

72.4
76,
73,

121.9
119.1
117.3

49,413
48,997
49,172

July
August
September

360,189
360,384
357,454

160,810
159,755
159,193

150.7
149.6
147.8

87,759
88,775
88,562

45,377
45,737
45,300

73.7

74.1
77.2
73.1

118,
118,
117.6

49,038
48,631
48,450

October
November
December

352,092
349,712
345,958

155,344
155,069
153,281

146.5
144.0
142.0

87,231
87,358
87,409

44,506
44,412
44,303

64.0

70.3
62.5
64.3

114.8
117.4
115.2

47,947
49,413
47,556

January
February
March

340,746
345,687
347,061

150,131
153,317
153,878

139.6
141.8
141.5

86,542
88,049
87,701

43,576
44,492
44,293

70.4

71.0
66.5
62.0

113.2
115.6
113.5

43,330
47,234
46,899

April
May
June

344,934
353,110
349,742

152,207
155,982
153,903

142.1
143.6
144.8

88,468
90,813
88,603

44,636
45,635
44,103

71.4

65.5
67,
65,

115.2
114.7
112.1

46,876
46,995
45,936

July
August
September

347,676
343,426
342,882

153,618
151,683
151,612

145.8
144.1
143.4

89,469
89,069
89,897

44,401
44,181
44,526

74.0

65,
65,
69.3

112.4
112.6
110.4

44,525
46,981
45,552

October
November
December

336,905
338,722
338,391

148,436
150,225
150,560

142.2
141.3
142.0

90,905
92,492
92,459

44,847
45,720
45,749

79.7

73.4
72.1
71.9

111.5
112.9
114.4

45,530
48,474
0)57,507

345,337
341,490
348,009

rl54,562
rl53,316
rl55,3S8

143.6
143.4
rl44.3

92,308
91,164
93,263

45,562
45,108
45,988

80.7

70.4
74.6
80.8

111.4
rll3.3
rll2.6

49,999
48,296

r349,802
[H>p364,429

rl56,140
B>pl61,478

rl47.6
rl49.5

89.1
.3
92.2

rill.3
rll5.0
H>PH6.3

1982

1983
January
February
March
April
May
June

(NA)

(NA)

r95,449
r98,423

46,812
48,082
B>p48,517

.
5

(NA)

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
x

See "New Features and Changes for This Issue," page iii.

JULY 1983



65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process
Timing Class

Business Investment Commitments

L, L, L

L, L, L

L, L, L

10. Current
dollars

(Bil. dol.)

20. Constant
(1972) dollars

24. Current
dollars
(Bil. dol.)

(Bil. dol.)
Revised

1981

L, L, L

L, C, U

Value of manufacturers' new orders,
capital goods industries, nondefense

Contracts and orders for plant
and equipment
Year
and
month

FIXED CAPITAL INVESTMENT-Continued

3

(Millions)

(Bil. dol.)
Revised

9. Construction contracts for commercial and industrial buildingsl
Square feet of
floor space

27. Constant
(1972) dollars

U, Lg, U

Square meters of
floor space2
(Millions)

C, Lg, Lg

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations

97. Backlog of
capital appropriations, 1,000
manufacturing
corporations

(Bil. dol.)

(Bil. dol.)

3

January
February
March

28.66
26.59
27 76

14.60
13.63
13.98

25.02
22.70
23.99

13.00
11.92
12.33

83.72
83.86
83.79

7.78
7.79
7.78

27'.70

April
May
June

30.56

28.61
28.96

15.14
14.28
14.47

26.00
24.56
24.62

13.16
12.52
12.58

79.64
84.75
81.01

7.40
7.87
7.53

28'.06

July
August
September

28.12
28.14
27.98

13.72
14.24
14.26

24.16
24.74
24.36

12.00
12.77
12.70

73.46
78.67
68.12

6.82
7.31
6.33

26.94

October
November
December

27.09
27.82
25.58

13.60
14.48
12.87

22.66
24.30
21.05

11.68
12.96
10.92

74.26
70.77
70.65

6.90
6.57
6.56

22.99

26.77
29.36
25.94

13.22
14.44
13.14

21.86
22.41
21.71

11.14
11.45
11.30

58.18
63.29
61.15

5.40
5.88
5.68

25.*77

26.23
23.99
r23.41

14.05
11.81
11.36

22.81
20.31
19.93

12.59
10.23
9.86

58.93
53.71
64.87

5.47
4.99
6.03

19^33

July
August
September

22.94
22.88
24.49

11.12
11.26
12.22

19.93
18.74
20.22

9.84
9.47
10.36

57.80
59.78
55.95

5.37
5.55
5.20

18'.48

October
November
December

23.46
23.63
24.37

11.95
11.52
12.77

20.13
19.98
19.68

10.53
9.94
10.75

54.65
50.69
49.55

5.08
4.71
4.60

21.04

23.35
24.21
23.80

11.79
11.76
12.70

20.51
19.18
20.03

10.58
9.62
11.09

D66.89
57.77
52.65

B>6.21
5.37
4.89

26.49
|H)r28.74
p26.73

13.87
H>14.39
pl3.82

22.59
r22.30

12,20
11.67
(H>Pl2.38

54.32
61.20
65.40

5.05
5.69
6.08

...
93.44

96." 18

97! 34

92! 74

1982
January
February
March
April
May
June

9l!li

82! 82

74.29

70.39

1983
January
February
March
April
May
June

H>p23.33

p2o!%
P69.67
(NA)

(NA)

July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
l
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Converted to metric units by the Bureau of Economic Analysis.
3
See "New Features and Changes for This Issue," page iii.

66



JULY 1983

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

H

Minor Economic
Process

INVESTMENT-Continued
Residential Construction
Commitments and Investment

Business Investment Expenditures

Timing Class

C, Lg, Lg

C, Lg, Lg

C, Lg, U

61. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

76. Index of
industrial production, business
equipment

(Ann. rate,
bil. dol.)

Year
and
month

F E CAPITAL
. D
X

(Ann. rate,
bil. dol.)

Lg, Lg, Lg

C, Lg, C

1
Nonresidential fixed investment ir 1972 dollars
87. Structures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

88. Producers'
durable equipment
(Ann. rate,
bil. dol.)

Revised1

(1967 = 100)

Revised1

1981

C, Lg, C

Revised1

L, L, L

28. New
private housing
units started,
total

L, L, L

29. Index of
new private
housing units
authorized by
local building
permits

Revised1

86. Total

(Ann. rate,
thous.)

(1967 =

100)

L, L, L

89. Residential
fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)
Revised1

January
February
March

312^24

333.32
331.22
343.78

177.7
177.5
179.3

17019

56I1

126!8

1,588
1,279
1,305

96.8
95.6

April
May
June

316173

346.11
345.55
353.96

181.0
182.0
183.6

173.4

5i.*6

12H7

1,332
1,150
1,047

96.1
94.7
78.8

47l3

July .
. . .
August . . . .
September

328.'25

350.15
359.04
360.03

184.8
184.4
182.7

17716

53.5

12315

1,035
949
900

75.5
71.8
68.4

43." i

October
November
December

327.*83

349.75
357.85
353.04

180.5
179.0
179.0

176\3

54!6

12il<3

866
839
906

59.0
60.4
64.3

39.*4

January
February
March

327172

334.30
344.06
343.89

172.2
171.6
169.0

173 '.6

5^3

11913

877
911
920

64.6
66.2
71.3

36\3

April
May . .
June . . .

323.22

328.44
334.75
332.35

164.9
159.9
156.7

167.'1

5416

lnii

911
1,028

71.1
76.8
74.6

37.8

July . . .
August
September

315.79

326.06
316.23
320.13

154.9
153.9
150.5

163.3

53.0

110.3

1,185
1,046
1,134

86.0
75.0
83.1

36.5

October
November
December

302177

308.63
310.31
310.02

147.1
146.4
148.1

16CL5

52l2

108 .'3

1,142
1,361
1,280

93.2
99.1
107 1

40*.6

293l03

307.70
300.14
314.18

146.6
142.7
rl43.7

15919

50l3

109! 6

1,694
1,784
1,605

116.9
119.5
118 5

45*.5

April
May
June . . .

312.41
306.91
(NA)

rl47.0
rl48.6
[H> P149.8

r1,506

a302!23

p48.*5

E>pll3.*3

E>rl,799

124.1
132.1
[H>142.2

E>p5ll2

July
August
September

a306.*83

98.6
48^8

1982

910

1983
January
February
March

pieils

nl

747

October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
^ee "New Features and Changes for This Issue," page iii.

ItCII JULY 1983



67

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

B

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

Inventory Investment

Inventories on Hand and on Order

L, L, L

L, L, L

L, L, L

L, L, L

30. Change in
business inventories in 1972
dollars

36. Change in inventories on
hand and on order, 1972 dollars

31. Change
in book value
of mfg. and
trade inventories, total

38. Change
in stocks of
materials and
supplies on
hand and on
order, mfg.

(Ann. rate,
bil. dol.)
1981

INVENTORIES ANC INVENTORY INVESTMENT

Revised

2

Monthly
data

Smoothed
data1

(Ann. rate,
bil. dol.)
Revised

2

(Ann. rate,
bil. dol.)
Revised

(Ann. rate,
bil. dol.)

(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars

(Bil. dol.)

2

70. Constant
(1972) dollars

(Bil. dol.)
Revised

Lg, Lg, Lg

Lg, Lg, Lg

65. Manufacturers' inventories of
finished
goods, book
value

77. Ratio,
constantdollar inventories to
sales, mfg.
and trade

78. Stocks of
materials and
supplies on
hand and on
order, mfg.

(Bil. dol.)

(Ratio)

(Bil. dol.)

L, Lg, Lg

2

2

C)

January
February
March

3*.6

-12.56
17.52
-8.77

-5.23
-3.72
-0.75

38.6
61.4
20.7

1.36
0.32
-0.38

496.10
501.21
502.94

263.85
265.04
264.56

79.89
81.01
82.63

1.63
1.64
1.64

222.56
222.88
222.50

April
May
June

8*. 9

-5.57
25.49
1.01

-0.10
2.39
5.35

23.1
44.3
37.6

1.26
1.66
1.27

504.87
508.56
511.70

264.42
266.30
266.20

82.96
84.65
85.30

1.63
1.65
1.64

223.77
225.42
226.70

July
August
September

16*. i

4.67
4.52
11.65

8.68
6.90
5.17

27.6
53.8
46.9

1.05
-1.10
0.75

514.00
518.48
522.39

266.72
267.72
269.30

85.50
87.08
88.30

1.66
1.67
1.69

227.75
226.65
227.40

October
November
December

6*.6

-9.35
2.18
-20.83

4.61
1.88
-3.92

21.3
35.9
-12.1

-3.01
-1.78
-1.05

524.17
527.16
526.15

269.65
270.78
269.42

89.34
90.00
89.55

1.74
1.75
1.76

224.39
222.61
221.56

-10.2

-26.62
-23.18
-10.81

-12.21
-19.32
-21.87

-30.1
-28.3
-10.2

-1.87
-2.82
-1.88

523.65
521.29
520.44

267.83
266.93
266.28

89.14
89.78
89.90

1.78
1.74
1.73

219.69
216.87
214.99

April .
May
June

-3.4

-4.87
-24.35
-7.56

-16.58
-13.15
-12.80

35.2
-51.0
23.1

-2.08
-2.03
-3.18

523.37
519.12
521.04

267.04
265.27
265.88

89.19
88.32
87.56

1.75
1.70
1.72

212.91
210.88
207.70

July
August
September

-1*3

0.37
-16.70
-1.50

-11.39
-9.24
-6.95

1.3
1.3
-3.1

-1.57
-2.12
-2.45

521.14
521.26
521.00

266.21
265.79
266.01

88.22
88.30
87.79

1.73
1.75
1.75

206.13
204.01
201.56

October
November
December

-22*7

-20.08
-38.14
-11.29

-9.35
-16.33
-21.54

-14.4
-70.9
-23.4

-1.94
-1.85
-1.69

519.80
513.89
511.94

264.90
262.12
261.21

87.61
86.40
85.07

1.79
1.75
1,73

199.62
197.77
196.07

-15*4

-16.13
6.86
-16.75

-22.51
-14.35
-7.76

-52.7
-23.3
-28.6

0.79
1.00
0.71

507.55
505.61
503.22

259.22
259.42
257.57

83.78
83.29
82.41

rl.68
1.69
rl.66

196.86
197.87
198.57

1.70

-5.70

rl8.9
G>p20.3

0.13

r504.80
P506.49
(NA)

257.40
p257.83
(NA)

82.04
82.12
(NA)

rl.65
pi. 60
(NA)

198.70
E> 200.04
(NA)

1982
January
February
March

1983
January
February
March
April
May
June

-4.5

|H)pl4.26
(NA)

(NA)

July
August
September
October
November
December .
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
See "New Features and Changes for This Issue," page iii.




JULY 1983

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ J

Minor Economic
Process

and
month

Stock
Prices

Sensitive Commodity Prices

Timing Class

L, L, L

98. Change in
producer prices
for 28 sensitive
materials

U, L, L

23. Index of
spot market
prices, raw
industrials l

PRICES, COSTS, AND PROFITS

L, L, L

L, L, L

99. Change in sensitive materials
prices
Smoothed
data 2

Monthly
data

19. Index of
stock prices,
500 common
stocks <§)

Profits and Profit Margins
L, L, L

L, L, L

Corporate profits after taxes
16. Current
dollars

18. Constant
(1972) dollars

(1967 = 100)

(Percent)

(Percent)

(1941-43 = 10)

1981

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised4

(Percent)

Revised4

L, C, L

L, C, L

Corporate profits after taxes
with IVA and CCAdj 3
79. Current
dollars
(Ann. rate,
bil. dol.)
Revised4

80. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
Revised4

L, L, L

22. Ratio,
profits (after
taxes) to total
corporate
domestic
income
(Percent)
Revised4

-1.81
-2.50
0.64

291.6
284.2
289.8

-1.60
-2.08
0.92

0.16
-0.80
-1.15

132.97
128.40
133.19

152.2

79.1

103.1

53.8

9.0

0.94
0.10
0.30

293.0
288.
282.

0.83
-0.37
-0.45

-0.52
0.17
0.23

134.43
131.73
132.28

138.6

70.2

104.6

53.5

8.1

July . . . . . . .
August
September . . .

-1.19
-1.34
-2.37

286.6
289.5
283.0

-0.25
-0.41
-1.91

-0.18
-0.36
-0.61

129.13
129.63
118.27

144.0

72.0

113.8

57.2

8.1

October
November . . .
December . . .

-1.08
-2.18
-0.72

277.2
270.5
264.2

119.80
122.92
123.79

141.7

69.4

116.5

57.4

7.7

-1.05

-1.00
-1.40
-1.50

January
February
March

0.87
-1.40
-0.22

263.4
261.0
254.5

0.35
-0.97
-0.89

-1.11
-0.71
-0.53

117.28
114.50
110.84

112.9

55.3

101.7

49.9

6.2

April
May
June

-0.76
0.11
0.29

247.4
245.
232,

-1.21
-0.18
-1.45

-0.76
-0.89
-0.85

116.31
116.35
109.70

117.4

56.8

105.3

51.1

6.4

July
August
September . . .

-0.33
-2.46
-0.26

237.0
236.2
239.0

0.41
-1.38
0.19

-0.68
-0.61
-0.53

109.38
109.65
122.43

116.5

56.0

107.6

51.9

6.4

October
November . . .
December . . .

-0.23
-0.57
0.34

235.5
230.4
227.4

-0.51
-0.93
-0.24

-0.41
-0.49
-0.49

132.66
138.10
139.37

113.5

54.2

107.9

51.6

6.0

2.80
>r3.28
r2.18

232.1
241.3
248.8

2.08
H>2.87
2.07

-0.13
0.94
1.96

144.27
146.80
151.88

108.2

51.7

B)120.3

H>57.5

5.8

-0.66
2.07
3.20

H>253.2
251.5
250.5

0.13
0.88
1.57

E>2.02
1.36
0.94

157.71
164.10
H)166.39

(NA)

(NA)

(NA)

(NA)

(NA)

January
February
March
April
May
June

1982

1983
January
February
March
April
May . . . . . . .
June
July
August
September . . .

5

254.5

6

167.74

October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
beginning with June 1981, this series is based on copyrighted data used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. 2See footnote 1 on page 68. 3IVA, inventory valuation adjustment; CCAdj, capital consumption
adjustment.
*See "New Features and Changes for This Issue," page iii. sAverage for July 1 through 21. 6Average for July 6, 13, and 20.

BCII

JULY 1983




69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

R 9

U, L, L

Year
and
month

81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income *
(Percent)

1981

Cash Flows

Profits and Profit Margins-Continued

Timing Class . . . . . .

PRICES, COSTS, AND PROFITS—Continued

L, L, L

I L, L

Unit Labor Costs and Labor Share

L, L, L

Lg, Lg, Lg

15. Profits (after 26. Ratio, price
Net cash flow, corporate
taxes) per dollar to unit labor
cost, nonfarm
of sales, all
business sector 34. Current
manufacturing
35. Constant
dollars
corporations
(1972) dollars

(Cents)

(1977 = 100)

Revised2

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

2

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

68. Labor cost
per unit of real
gross domestic
product, nonfinancial
corporations

(1977 = 100)

(Dollars)

2

Revised

Revised

Revised

Lg, Lg, Lg

Lg. Lg, Lg

62. Index of labor cost per
unit of output, manufacturing
Actual data

(1967 = 100)

Revised2

Actual data
as a percent
of trend

64. Compensation of employees as a percent
of national
income

(Percent)

(Percent)

2

Revised2

Revised

January .
February
March . .

5.5

4.9

98.1

271.7

138.0

139.0

1.272

202.4
201.8
203.4

100.8
99.8
99.9

74.9

April .
May .
June .

5.7

5.6

97^9

263.1

130.2

14L5

1.290

205.2
206.2
207.9

100.1
99.9
100.0

74.9

July . . . .
August . .
September

6.1

4.8

273.1

132.8

144! 2

1.306

207.8
208.7
211.1

99.3
99.0
99.5

73.9

October. .
November
December

6.0

4.4

97^7

277.5

132.2

147^9

1.342

215.2
218.1
220.7

100.7
101.4
101.9

74.5

96." 7

255.1

15CL9

1.374

226.9
224.2
224.5

104.1
102.2
101.7

75.8

1982
January
February
March

5.5

April
May
June

5.6

3. 6

96.5

266.3

124! 9

1.394

226.9
229.1
229.6

102.1
102.4
102.0

75.9

July
August . . . . ' .
September . . .

5.8

3.5

96\8

272.4

126.9

1.403

228.6
227.7
228.2

100.9
99.9
99.4

76.4

October. .
November
December

5.6

96\7

275.5

127.9

154.9

1.4i9

229.3
230.4
230.7

99.3
99.1
98.6

76.4

E>155.'8

0)1.428

0)231.8
231
229,

98.
97.
96.

76.1

(NA)

(NA)

228.3
227.4
p226.7

95.
94.
p93.3

(NA)

1983
January . .
February .
March . . .
April .
May .
June .

.5

p3.3

0)97'.5

0)278.9

(NA)

(NA)

(NA)

(NA)

(NA)

July . . . .
August . .
September
October. .
November
December
See note on page 60.
Graphs of these series are shown on paces 15, 29, and 30.
1
IVA,
2

inventory valuation adjustment; CCAdj, capital consumption adjustment,
See "New Features and Changes for This Issue," page iii.

70



JULY 1983

10
1

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

1 H

Minor Economic
Process

Money

Timing Class

Year
and
month

MONEY AND CREDIT

L,L, L

85. Change in
money supply
(Ml)

L, C, U

102. Change
in money
supply (M2)

(Percent)

(Percent)

L, L, L

L.L.L

104. Change in total liquid assets
Smoothed
data 1

Monthly

(Percent)

Credit Flows

Velocity of Money

(Percent)

105. Money
supply (Ml)
in 1972
dollars

(Bil. dol.)

L, Lr L

106. Money
supply (M2)
in 1972
dollars

(Bil. dol.)

c, c, c

C, Lg, C

107. Ratio,
gross national
product to
money supply
(Ml)

L.L, L

108. Ratio,
personal income
to money supply
(M2)

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies
(Ann. rate,
bil. dol.)

(Ratio)

(Ratio)
2

Revised

1981

Revised2

January
February
March

0.63
0.77
1.10

0.49
0.85
1.20

1.07
1.05
0.66

0.89
0.96
0.95

199.9
199.9
200.5

785.9
786.5
789.7

6.819

1.414
1.414
1.412

55.82
60.60
46.93

April
May
June

1.22
0.00
0.05

0.87
0.43
0.71

0.46

0.82
0.72
0.80

202.1
200.4
198.9

793.2
789.8
789.3

6.776

1.408
1.411
1.417

54.62
42.05
47.48

July
August
September . . ,

0.49
0.44
-0.09

0.86
1.23
0.59

0.97
1.36
0.94

0.97

197.6
196.8
194.7

787.1
790.1
786.7

6.938

1.432
1.432
1.435

60.85
34.20
26.76

October

-0.05
0.60
1.08

0.69
0.95
0.80

0.93
1.02
0.64

789.3
793.1
796.4

6.945

0.91

193.9
194.2
195.5

1.425
1.415
1.403

22.79
21.66
5.14

January
February
March

1.63
0.04
0.13

0.85
0.31
0.72

0.85
0.90
0.92

0.85
0.82
0.84

198.1
198.1
198.4

800.9
802.8
808.9

6.743

391
393
,387

22.08
16.39
3.53

April
May
June

0.16
0.69
0.22

0.34
0.84
0.75

0.65
1.00
1.08

0.86
0.84
0.88

198.2
197.6
195.9

809.7
808.2
805.6

6.797

,389
,388
1.380

8.75
3.22
-9.78

July
August
September . . .

0.22
0.86
1.07

0.88
1.21
0.70

1.13
0.91
0.60

0.99
1.06
0.96

195.2
196.3
198.2

807.9
815.2
820.1

6.739

1.377
359
355

-5.95
-7.22
-10.42

October
November . . .
December . . .

1.19
1.13
0.89

0.66
0.79
0.75

0.90
0.57
0.50

0.84
0.75
0.67

199.7
201.9
204.3

822.1
828.6
837.1

6.566

1.357
1.354
1.350

-48.32
-9.05
r-47.32

0.82
1.87
1.32

B>2.58
2.03
r0.93

rl.17
pi.02

rO.7O
pO.82

205.6
209.9
212.4

857.2
876.4
883.4

6.468

1.320
1.292
1.290

r20.60
Dr34.81
r-50.72

-0.22
)2.20
pO.87

r0.23
rl.03
p0.89

210.7
214.1
215.6

r880.3
r884.6
(H>p890.7

p6.480

1.297
1.298
pi.293

r-0.47
p-44.76
(NA)

November . . .
December . . .

1982

1983
January
February
March
April
May
June
July
August
September . . .

3

(NA)

(NA)

0.55

October . .
November
December

See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
lr

rhis series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
"New Features and Changes for This Issue," page iii.
Average for weeks ended July 6 and 13.

2
See
3

RCII JULY 1983



71

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ H

Minor Economic
Process
Timing Class

Credit Flows-Continued

L, L, L

L.L.L

112. Net change
in business
loans

113. Net
change in
consumer installment
credit

Year
and
month
(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L, L, L

111. Change
in credit outstandingbusiness and
consumer
borrowing
(Ann. rate,
percent)

MONEY AND CREDIT-Continued

Credit Difficulties

L, L, L

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failures (§)

(Mil. dol.)

Bank Reserves

L, L, L

39. Delinquency
rate, 30 days
and over, consumer installment loans

(Percent)

L, U, U

93. Free
reserves <

(Mil. dol.)

Interest Rates

L, Lg, U

94. Member
bank borrowing from the
Federal
Reserve ®

(Mil. dol.)

L, Lg, Lg

119. Federal
funds rate ®

(Percent)

C. Lg, Lg

114. Treasury
bill rate ®

(Percent)

1981
January
February
March

17.57
4.36
-20.64

19.54
35.65
23.12

7.9
7.9
3.2

320,608

341.36
789.20
485.34

2.42
2.51
2.53

-1,028
-1,023
-719

1,386
1,301
994

19.08
15.93
14.70

14.72
14.90
13.48

April
May
June

46.46
67.79
51.17

25.55
24.02
12.78

10.0
11.2
8.4

392,040

536.88
428.20
408.54

2.40
2.40
2.30

-1,136
-1,968
-1,700

1,338
2,220
2,039

15.72
18.52
19.10

13.63
16.30
14.56

July
August
September . . .

52.51
57.31
59.23

19.28
21.67
33.73

9.9
8.3
9.1

318,116

619.46
450.41
752.34

2.22
2.35
2.28

-1,335
-1,122
-1,035

1,679
1,417
1,451

19.04
17.82
15.87

14.70
15.61
14.95

October
November . . .
December . . .

25.18
42.12
32.60

9.41
-4.36
-2.76

3.0
3.6
3.1

247,540

897.94
618.76
626.74

2.37
2.42
2.37

-871
-348
-330

1,149
695
642

15.08
13.31
12.37

13.87
11.27
10.93

January
February
March

65.16
62.47
23.77

21.42
8.66
2.62

8.4
7.9
2.8

262,872

645.14
913.46
836.01

2.48
2.39
2.24

-1,101
-1,414
-1,254

1,526
1,713
1,611

13.22
14.78
14.68

12.41
13.78
12.49

April
May
June

64.22
45.05
31.64

19.62
18.10
20.90

6.6
4.7
3.2

316,980

1,309.33
2,850.45

20
21
16

-1,307
-745
-895

1,581
1,105
1,205

14.94
14.45
14.15

12,82
12.15
12.11

July
August
September . . .

7.98
4.73
22.00

4.70
0.80
10.04

-1.9
1.4
1.2

255,704

19
21
19

-378
-199
-592

669
510
976

12.59
10.12
10.31

11.91
9.01
8.20

October
November . . .
December . . .

2.71
-63.76
-64.46

4.96
15.65
29.03

-4.1
-5.6
-8.1

282,360

2.24
2.23

E>2.18

-51
-177
-197

455
579
697

9.71
9.20
8.95

7.75
8.04
8.01

E) 32.20
-5.70
11.00

@ 32.70
>
8.82
30.98

[H>5.7
1.4
-1.4

H>p310,372

2.24
2.23
2.22

46
-122
r-415

500
557
r852

8.68
8.51
8.77

7.81
8.13
8.30

r-32.62
r-48.18
(NA)

27.25
32.35
(NA)

-0.6
r-5.1
(NA)

(NA)
(NA)

-517
r-453
-1,073

993
r902
,716

8.80
8.63
0)8.98

8.25
r8.19

1982

(NA)

1983
January
February
March
April
May
June
July
August
September . . .

*-974

x

l,538

X

9.34

October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 13, 32, 33. and 34.
Average for weeks ended July 6, 13, and 20.
Average for weeks ended July 7, 14, and 21.

2

72



JULY 1983

D8.82
2

9.12

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Interest Rates—Continued

Timing Class

Year
and
month

MONEY AND CREDIT-Continued

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

116. Corporate 115. Treasury
117. Municipal 118. Secondary
bond yields @ bond yields ® bond yields © market yields
on FHA
mortgages ®

(Percent)

(Percent)

(Percent)

(Percent)

Outstand ng Debt
Lg, Lg, Lg

67. Bank rates
on short-term
business loans

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ®

66. Consumer
installment
credit

(Percent)

Lg, Lg, Lg

(Mil. dol.)

Lg, Lg, Lg

101. Constant
(1972) dollars

95. Ratio,
consumer installment credit
to personal
income

(Mil. dol.)

(Percent)

Commercial and industrial
loans outstanding
72. Current
dollars

(Mil. dol.)

Lg, Lg, Lg

Revised1

1981
January
February
March

14.01
14.60
14.49

11.65
12.23
12.15

9.68
10.10
10.16

14.23
14.79
15.04

19.91

20.16
19.43
18.05

309,765
312,736
314,663

211,841
212,204
210,484

88,599
87,869
86,370

13.37
13.38
13.33

April
May
June

15.00
15.68
14.97

12.62
12.96
12.39

10.62
10.78
10.67

15.91
16.33
16.31

19.99

17.15
19.61
20.03

316,792
318,794
319,859

214,356
220,005
224,269

87,030
89,107
90,614

13.34
13.34
13.23

July
August
September . . .

15.67
16.34
16.97

13.05
13.61
14.14

11.14
12.26
12.92

16.76
17.96
18.55

21.11

20.39
20.50
20.08

321,466
323,272
326,083

228,645
233,421
238,357

91,936
93,781
95,996

13.05
12.96
12.97

October
November . . ,
December . . .

16.96
15.53
15.55

14.13
12.68
12.88

12.83
11.89
12.91

17.43
15.98
16.43

17.23

18.45
16.84
15.75

326,867
326,504
326,274

240,455
243,965
246,682

96,724
98,333
99,308

13.00
12.96
12.96

January
February
March

16.34
16.35
15.72

13.73
13.63
12.98

13.28
12.97
12.82

17.38
17.10
16.41

17.13

15.75
16.56
16.50

328,059
328,781
328,999

252,112
257,318
259,299

100,644
102,640
103,637

13.03
12.99
12.97

April
May
June

15.62
15.37
15.96

12.84
12.67
13.32

12.59
11.95
12.45

16.31
16.19
16.73

17.11

16.50
16.50
16.50

330,634
332,142
333,884

264,651
268,405
271,042

105,776
107,062
107,856

12.97
12.93
12.98

July
August
September . . .

15.75
14.64
13.78

12.97
12.15
11.48

12.28
11.23
10.66

16.29
14.61
14.03

13.27

16.26
14.39
13.50

334,276
334,343
335,180

271,707
272,101
273,934

107,735
107,934
109,007

12.91
12.93
12.90

October
November . . .
December . . .

12.63
11.89
12.15

10.51
10.18
10.33

9.69
10.06
9.96

12.99
12.82
12.80

11.26

12.52
11.85
11.50

335,593
336,897
339,316

274,160
268,847
263,475

108,923
106,643
104,347

12.82
12.79
12.83

January
February
March

12.04
12.11
11.81

10.37
10.60
10.34

9.50
9.58
9.20

12.87
12.65
12.68

10.20

11.16
10.98
10.50

342,041
342,776
345,358

266,158
265,683
266,600

105,702
rlO5,179
105,668

12.89
12.93
12.93

April
May
June

11.58
11.24
11.90

10.19
10.21
10.64

9.05
9.11
9.52

12.50
12.41
12.96

rlO.30

10.50
10.50
10.50

347,629
@>350,325

r263,882
r259,867

rlO4,466
rlO2,593

12.92
P12.88

(NA)

(NA)

(NA)

1982

1983

July
August
September . . .

2

12.38

3

9.51

(NA)

MO.50

October
November . . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1
See "New Features and Changes for This Issue," page iii.
2
Average for weeks ended July 1, 8, 15, and 22.
3
Average for weeks ended July 7, 14, and 21.
*Average for July 1 through 26.

JULY 1983



73

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Q |

Year
and
month

950. Twelve leading
indicator components
(series 1, 5, 8, 12, 19,
20, 29, 32, 36, 99,106,
111)

1-month
span

6-month
span

952. Six lagging
indicator components
(series 62,77, 91,
95,101,109)

951. Four roughly
coincident indicator
components (series
41, 47, 51, 57)

1-month
span

DIFFUSION INDEXES
961. Average workweek
of production workers,
manufacturing (20
industries)

962. Initial claims for
State unemployment
insurance, week including the 12th l
(51 areas)

963. Number of employees on private
nonagricultural payrolls
(186 industries)

9-month
span

1-month
span

15.0
47.5

95.0
77.5
60.0

86.3
39.2
31.4

76.5
81.4
70.6

57.8
52.4
52.2

68.5
65.3
63.7

6-month
span

1-month
span

6-month
span

1-month
span

100.0
100.0
100.0

8.3

41.7

16.7
66.7
33.3

75.0

25.0

9-month
span

1-month
span

6-month
span

1981
8.3

75.0
54.2
58.3

100.0

33.3
58.3
100.0
41.7
25.0

45.8
58.3
33.3

50.0
50.0
100.0

75.0
75.0
50.0

83.3
66.7
41.7

66.7
50.0
66.7

60.0
77.5
22.5

42.5
15.0
10.0

64.7
78.4
17.6

19.6
19.6
5.9

65.6
60.2
58.9

69.4
64.2
58.6

75.0
25.0
37.5

50.0
25.0
12.5

66.7
50.0
83.3

83.3
66.7
66.7

32.5
57.5
15.0

15.0
20.0
5.0

68.6
58.8

9.8

17.6
9.8
27.5

62.6
49.5
42.2

45.7
34.4
29.6

January
February
March
April
May
June

87.5
75.0

July
August
September

33.3
41.7

8.3

8.3
16.7
8.3

October
November
December

25.0
50.0
29.2

8.3
8.3
25.0

0.0
0.0
0.0

0.0
0.0
0.0

75.0
66.7
75.0

66.7
66.7
50.0

65.0
17.5
32.5

7.5
0.0
5.0

60.8
49.0
22.5

11.8
5.9
7.8

33.3
29.3
30.9

24.2
25.0
22.0

45.8
58.3
33.3

41.7
41.7
45.8

0.0
87.5
37.5

0.0
50.0
50.0

75.0
33.3
33.3

41.7
33.3
33.3

5.0
95.0
12.5

5.0
32.5
22.5

96.1
24.5
5.9

11.8
31.4
43.1

28.5
45.4
36.0

20.2
23.7
25.3

66.7
50.0
45.8

25.0
75.0

June

66.7
37.5
37.5

r25.0
0.0
0.0

58.3
41.7
58.3

33.3
33.3
33.3

47.5
65.0
80.0

22.5
25.0
85.0

62.7
68.6
19.6

15.7
23.5
9.8

39.0
47.6
32.8

29.8
26.1
26.1

July
August
September

58.3
66.7
62.5

50.0
r41.7
62.5

25.0

33.3
r50.0
r25.0

33.3
16.7
16.7

45.0
37.5
42.5

32.5
60.0
80.0

67.6

25.0

0.0
0.0
0.0

17.6

17.6
72.5
82.4

38.4
37.1
34.1

23.4
19.1
21.2

October
November
December

66.7
58.3
66.7

83.3
87.5
83.3

0.0
50.0
75.0

r50.0
r50.0
75.0

16.7
0.0
16.7

rO.O
r8.3
16.7

57.5
65.0
62.5

62.5
82.5
rlOO.O

88.2
60.8
76.5

71.6
66.7
84.3

29.3
32.0
42.2

26.1
26.6
35.8

75.0
66.7
66.7

91.7
100.0
2
100.0

100.0
25.0
100.0

100.0
100.0
3
100.0

33.3
50.0
r25.0

16.7
16.7
(NA)

85.0
7.5
97.5

r90.0
p90.0

68.6
57.8
35.3

p96.1
(NA)

56.5
45.7
62.4

r50.5
64.0
p74.7

1982
January
February
March .

.

April

0.0
0.0

9.8

1983
January
February
March
April
May
June

2

83.3
70.8
65.0

s

r87.5
100.0
100.0

25.0
8.3
(NA)

r92.5
r32.5
p67.5

80.4
p46.1
(NA)

r69.1

r70.4
p66.9

July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on page 36.
1
Figures are the percent of components declining.
2
Excludes series 36 and 111, for which data are not available.
'Excludes series 57, for which data are not available.

74



JULY 1983

BCII

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q [ DIFFUSION

Year
and
month

964. Value of manufacturers' new orders,
durable goods industries (34 industries)

1-month
span

965. Newly approved
capital appropriations,
deflated (17 manufacturing industries)

966. Index of industrial
production (24
industries)

NDEXES-Continued
967. Index of spot
market prices, raw
industrials (§)
(13 industrial materials)

968. Index of stock
prices, 500 common
stocks»(g)

960. Net profits,
manufacturing2 ©
(about 600 companies)

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

83.3
62.5
45.8

79.2
70.8
58.3

30.8
30.8
65.4

38.5
38.5
46.2

66.0
42.5
85.8

79.2
67.3
59.6

43

56.2
62.5
45.8

54.2
58.3
45.8

69.2
26.9
38.5

46.2
46.2
53.8

81.1
30.2
67.3

59.6
44.2
42.3

*41

87.5
52.1
12.5

31.3
20.8
16.7

61.5
61.5
42.3

61.5
42.3
23.1

19.2
40.4
0.0

46.2
32.7
9.6

20.8
8.3
20.8

8.3

*34

8.3
10.4

38.5
26.9
46.2

23.1
23.1
15.4

58.7
65.4
67.3

14.4
10.6
34.6

33.3
75.0
31.3

0.0
12.5
33.3

42.3
34.6
38.5

15.4
30.8
26.9

10.6
34.6
28.8

34.6
42.3
38.5

*50

*39

20.8
41.7
54.2

41.7
37.5
33.3

30.8
34.6
23.1

26.9
19.2
19.2

88.5
54.8
11.5

18.0
56.0
79.6

*53

52

p53

60.4
52.1
41.7

33.3
25.0
37.5

61.5
53.8
61.5

26.9
15.4
23.1

52.9
26.5
100.0

87.8
87.8
89.8

58

25.0
33.3
41.7

45.8
60.4
75.0

46.2
30.8
46.2

50.0
57.7
65.4

98.0
85.7
51.0

89.8
98.0
100.0

(NA)

(NA)

1-quarter
span

1-month
span

*49

9-month
span

75.0
58.3
75.0

r79.2
91.7
p91.7

61.5
76.9
57.7

80.8
61.5
57.7

63.3
59.2
73.5

100.0
98.0

4-Q moving
average

(4-quarter span)

1981
January
February
March

41.2
50.0
50.0

82.4
79.4
64.7

56

April
May
June

64.7
52.9
52.9

55.9
41.2
32.4

53

July
August
September

35.3
35.3
47.1

32.4
26.5
14.7

33

October
November
December

36.8
50.0
35.3

29.4
20.6
14.7

30

January
February
March

38.2
47.1
45.6

23.5
26.5
33.8

48

April
May
June

47.1
61.8
35.3

26.5
23.5
41.2

27

July
August
September

50.0
38.2
50.0

23.5
32.4
52.9

53

October
November
December

38.2
70.6
41.2

44.1
50.0
67.6

80

70.6
52.9
55.9

r91.2
p82.4

p53

...

...

60

#

59

49

#

48

1982

1983
January
February
March
April
May
June

76.5
r66.2
p58.8

July
August
September

(NA)

65.4
46.2
46.2

r83.3
87.5
p87.5
3

3

81.6
91.8
oo. o

46.2

October
November
December

See note on page 74.
Graphs of these series are shown on page 37.
1
Based on 53 industries through May 1981, on 52 industries through August 1982, on 50 industries in September 1982, and on 49 industries
thereafter. Data for component industries are not shown in table C2 but are available from the source.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun $ Bradstreet, Inc.
3
Based on average for July 5, 12, and 19.

BUI JULY 1983



75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

a
Year
and
quarter

b. Later
anticipations

972. Net profits, manufacturing
and t r a d e 1 ^ )

c. Early
anticipations

Anticipated

Actual

973. Net sales, manufacturing
and trade' ®

Actua 1

971. New orders, manufacturing

xpenditures for newplant and
970. Business <
equipment (22 ndustries)
a. Actual
expenditures

DIFFUSION INDEXES-Continued

Actual

Anticipated

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

66
75
57
62

62
54
57
56

66
73
59
61

73
62
68
66

72
80
63
67

68
70
62
62

74
74
76
76

60
66
60
60

70
69
74
72

70
74
71
68

78
76
80
80

59.1
59.1
65.9
59.1

52
50
52
56

60
68
64
60

53
52
52
54

61
66
66
60

63
58
57
60

65
70
72
65

45.5
40.9
68.2

66
(NA)

66
77
82

62
(NA)

64
73
80

66
(NA)

68
78
84

(1-Q span)

(1-Q span)

(1-Q span)

(4-Q span)

77.3
59.1
50.0
54.5

54.5
45.5
36.4
40.9

81.8
59.1
81.8
77.3

74
63
60
60

72.7
63.6
72.7
36.4

72.7
40.9
54.5
59.1

70.5
68.2
77.3
68.2

54.5
34.1
27.3
22.7

59.1
22.7
27.3
50.0

36.4
(NA)

59.1
43.2

(4-Q span)

(4-Q span)

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

n
Year
and
quarter

974. Number o employees,
manufacturing and trade' ®
Anticipated

Actual

(4-Q span)

(4-Q span)

975. Level of inventories,
manufacturing and trade l ®
Anticipated

Actual

(4-Q span)

(4-Q span)

DIFFUSION NDEXES-Continued

976. Selling prices, manufacturing l ®
Anticipated

Actual

(4-Q span)

(4-Q span)

977. Selling prices, wholesale
trade

®

Anticipated

Actua

(4-Q span)

(4-Q span)

978. Selling prices, retail
trade* ®
Actual

Anticipated

(4-Q span)

(4-Q span)

1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

58
54
53
51

54
56
48
50

67
61
64
60

62
70
53
56

90
88
90
90

87
90
83
86

92
90
92
90

90
92
87
88

92
91
94
90

90
93
84
90

51
53
52
52

56
54
56
55

62
64
62
63

63
61
66
64

88
86
84
82

88
90
89
84

90
88
84
82

90
89
89
84

94
90
86
86

90
90
92
87

48
46
46
46

50
51
51
48

58
52
52
52

54
56
56
50

72
68
63
60

80
76
68
66

72
67
68
61

82
78
72
68

78
75
74
68

82
81
76
72

48
(NA)

50
56
59

54
(NA)

52
58
62

61
(NA)

65
66
70

63
(NA)

68
64
68

68
(NA)

69
67
70

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,
indicated b y ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun $ Bradstreet, Inc. Dun §
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.

76



JULY 1983

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components

1982
November

1983
December

January

April

March

February

June' 3

May'

961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING
(Average weekly hours)
All manufacturing industries

39.0

39.0

39.7

39.2

39.5

40.1

39.9

40.1

Percent rising of 20 components .

(65)

(62)

(85)

(8)

(98)

(92)

(32)

(68)

Lumber and wood products .
Furniture and fixtures

38.7
37.6

38.8
37.8

40.5
38.6

39.5
37.9

39.5
38.3

40.0
39.3

39.8
39.2

39.9
39.5

Stone, clay, and glass products.
Primary metal industries

40.2
38.3

40.1
38.8

41.4
38.9

40.5
39.1

40.6
39.4

r41.0
39.9

41.2
40.2

41,
40,

Fabricated metal products .,
Machinery, except electrical ,

39.2
39.3

39.2
39.3

39.9
39.6

39.6
39.4

39.7
39.7

40.5
40.2

40.4
40.0

40,
40,

Electric and electronic equipment
Transportation equipment

39.3
40.9

39.4
40.1

39.9
41.6

39.5
41.2

39.8
41.7

40.4
42.3

40.3
41.6

Instruments and related products
Miscellaneous manufacturing

39.4
39.1

39.7
39.0

40.4
38.7

39.7
37.7

40.0
39.0

40.5
r39.0

40.3
38.8

40.1
38.9

39.5
37.3

Durable goods industries:

+

40.5
42.0

Nondurable goods industries:
Food and kindred products .
Tobacco manufacturers

-

39.4
38.0

-

39.1
37.9

39.3
36.5

39.0
34.1

39.2
36.3

39.6
r37.3

39.4
37.4

Textile mill products
Apparel and other textile products

+

38.8
35.0

+
+

38.9
35.1

39.7
36.6

39.0
35.2

39.6
35.6

40.6
r36.2

40.4
36.1

Paper and allied products.
Printing and publishing ...

0
0

41.7
37.1

o
0

41.7
37.1

41.8
37.5

41,
37,

42.
37.

r42.4
37.7

42.7
37.4

Chemicals and allied products .
Petroleum and coal products ..

+

40.7
44.1

+
+

40.9
44.4

41.0
44.5

41.0
44.4

41.2
44.9

41.5
43.5

41.5
43.7

41.7
43.6

Rubber and miscellaneous plastics products.
Leather and leather products

+
+

39.6
35.8

+
0

40.4
35.8

40.1
36.3

39.7
34.9

40.6
36.0

r41.1
37.0

41.2
36.8

41.2
36.8

+
0

40.6
36.2
42.7
37.3

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES '
(Millions of dollars)
All durable goods industries
Percent rising of 34 components .
Primary metals
Fabricated metal products.

+
-

Machinery, except electrical
Electrical machinery

+

Transportation equipment
Other durable goods industries.

+
-

71,067 +

76,180 +

(71)

+

(41)

7,670
8,109

7,212
7,761

82,355

77,449

(71)

(53)

+

79,951

+

(56)

83,407 +

84,773 +

(76)

(66)

+
+

8,708 +
9,229

12,773
12,292 +

11,967 +
12,934

12,708
12,213 +

12,252
12,398

+
+

14,330 +
12,526 +

14,806
13,181

15,150
15,073

21,399
14,907

23,105
16,392

17,708
16,156

+
+

17,953 +
16,244 +

20,226 16,876 +

+
+

9,911
9,024 +

9,183
9,715

8,952 +
9,366 +

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling.
preliminary; and "NA", not available.

+
+

89,467
(59)

9,963
10,035 +

9,723
10,196

15,030
13,849

-

14,766
13,435

18,621 +
17,275 +

23,576
17,771

The "r" indicates revised; "p",

x

Data are seasonally adjusted by the source agency.
Data for most of the diffusion index components are not available for publication, but they are included in the totals and directions of
change for the six major industry groups shown here.
2

ItCII JULY 1983



77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued
Diffusion index components

1982

1983
December

November

February

January

March

April'

May'

966. INDEX OF INDUSTRIAL PRODUCTION '
(1967 = 100)
All industrial production
Percent rising of 24 components 2

134.9

135.2

137.4

138.1

140.0

142.7

144.3

145.9

(33)

(42)

(75)

(58)

(75)

(83)

(88)

(88)

Durable manufactures:
Lumber and products...
Furniture and fixtures ..

119.1
152.4

+
+

121.4
153.7

130.0
150.0

+
+

130.2
154.0

128.7
161.0

+
+

132.1
168.3

+
+

135.8
169.7

(NA)
(NA)

Clay, glass, and stone products.
Primary metals

127.3
63.6

-

125.4
63.5

128.0
73.1

+
+

131.8
77.9

135.6
81.2

+
+

138.3
82.5

+
+

139.3
85.1

(NA)
86.9

Fabricated metal products
Nonelectrical machinery...

107.0
139.6

+
-

107.3
139.2

107.6
138.0

+
-

110.3
136.2

113.9
138.6

+
+

115.3
143.2

116.1
146.6

117.3
147.6

Electrical machinery
Transportation equipment

165.5
100.2

o
+

165.5
103.7

169.5
106.3

+

168.9
109.6

173.8
110.1

177.5
111.4

179.6
113.6

+
+

182.3
116.9

Instruments

155.8
129.5

-

155.2
128.2

154.5
131.3

+

153.4
133.9

154.0
136.9

155.6
144.0

157.0
147.4

+

156.7
148.6

Foods
Tobacco products

152.0
113.0

+
-

152.8
109.9

+
-

154.4
104.7

+

153.0
108.5

152.0
113.4

153.5
114.4

(NA)
(NA)

(NA)
(NA)

Textile mill products ..
Apparel products

123.1
(NA)

-

122.2
(NA)

+

125.8
(NA)

+

130.7
(NA)

131.9
(NA)

136.4
(NA)

137.1
(NA)

(NA)
(NA)

Paper and products
Printing and publishing

154.5
141.7

+

151.1
142.8

+
-

158.8
141.3

+

155.6
144.0

156.3
145.9

157.0
145.5

160.6
145.0

160.9
145.9

Chemicals and products
Petroleum products ....

192.8
120.0

+
-

195.9
118.7

+
-

197.6
113.5

+
-

202.3
111.7

205.7
114.8

208.8
121.5

210.9
123.6

(NA)
124.4

Rubber and plastics products...
Leather and products

250.2
57.7

-

249.7
56.0

256.2
59.5

+
+

264.0
61.7

272.0
59.4

283.1
58.7

288.1
59.8

(NA)
(NA)

+
+

Miscellaneous manufactures ...
Nondurable manufactures:

Mining:
Metal mining ...
Coal

70.4
134.1

74.9
129.7

81.7
144.8

-

75.1
136.5

75.2
127.3

79.8
125.3

83.0
125.6

(NA)
123.7

Oil and gas extraction
Stone and earth minerals .

120.3
111.9

122.9
111.7

124.6
112.8

+

117.0
115.7

114.4
114.0

112.2
117.7

113.3
116.8

113.8
(NA)

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling.
preliminary; and "NA", not available.

The "r" indicates revised; "p",

x

Data are seasonally adjusted by the source agency.
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

2

78



JULY 1983

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued

1982

Diffusion index components

November

1983
December

January

February

230.4

227.4

232.1

241.3

(31)

Percent rising of 13 components

May

July1

June

INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS J

967.

Raw industrials price index ( 1 9 6 7 = 1 0 0 ) ....

April

March

(46)

(62)

(77)

+

248.8 +

250.5 +

251.5

(65)

(58)

253.2

(46)

(46)

(46)

254.5

Dollars

Copper scrap

(pound)..
(kilogram)..

+

0.485 +
1.069

0.510
1.124

0.552
1.217

0.591
1.303

0.587
1.294

+

0.608 +
1.340

0.623
1.373

0.591
1.303

0.593
1.307

Lead scrap

(pound)..
(kilogram)..

-

0.129
0.284

-

0.114
0.251

0.126
0.278

0.125
0.276

0.123
0.271

+

0.128 0.282

0.124
0.273

0.118
0.260

0.115
0.254

Steel scrap

(U.S. ton)..
(metric ton)..

o

60.000 o 60.000
66.138
66.138

61.250
67.516

72.750
80.192

85.000
93.696

-

80.500 88.735

69.600 + 75.500
76.720
83.224

79.000
87.082

Tin ,

(pound)..
(kilogram)..

-

5.524 + 5.528
12.178
12.187

5.518
12.165

5.948
13.113

6.180
13.624

6.300
13.889

-

6.208
13.686

6.158
13.576

6.137
13.530

Zinc

(pound)..
(kilogram)..

-

0.404 0.891

0.390
0.860

0.402
0.886

0.404
0.891

0.384
0.847

0.387 +
0.853

0.404
0.891

0.405
0.893

0.404
0.891

.. (yard)..
(meter)..

-

0.256 0.280

0.240
0.262

0.229
0.250

0.237
0.259

0.256
0.280

0.260 0.284

0.244
0.267

0.252
0.276

0.250
0.273

(pound)..
(kilogram)..

-

0.589 +
1.299

0.610
1.345

0.622
1.371

0.633
1.396

0.681
1.501

0.677
1.493

+

0.692
1.526

0.726
1.601

0.712
1.570

Print cloth

(yard)..
(meter)..

+

0.567 +
0.620

0.610
0.667

0.610
0.667

0.608
0.665

0.594
0.650

0.578 +
0.632

0.584
0.639

0.576
0.630

0.610
0.667

Wool tops

(pound)..
(kilogram)..

+

3.600 7.937

3.375
7.441

3.300
7.275

3.300
7.275

3.240
7.143

3.200 o
7.055

3.200
7.055

3.200
7.055

3.200
7.055

Hides

(pound)..
(kilogram)..

-

0.489 1.078

0.485
1.069

0.474
1.045

0.479
1.056

0.504
1.111

0.560
1.235

+

0.605
1.334

0.618
1.362

0.687
1.515

Rosin

(100 pounds)..
(100 kilograms)..

0

o

47.000
103.616

o

Burlap .
Cotton

47.000 o 47.000
103.616
103.616

Rubber

(pound)..
(kilogram)..

0.419
0.924

Tallow

...(pound).,
(kilogram)..

0.144
0.317

+

0

47.000 o 47.000
103.616
103.616

o

47.000
103.616

47.000 o 47.000
103.616
103.616

0.421 +
0.928

0.440 +
0.970

0.484 +
1.067

0.560 +
1.235

0.584
1.287

0.568
1.252

0.555
1.224

0.139
0.306

0.144 +
0.317

0.148 +
0.326

0.151 +
0.333

0.169
0.373

0.164
0.362

0.150
0.331

+

o

47.000
103.616

+

0.580
1.279
0.148
0.326

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling. The "r" indicates revised; "p"
preliminary; and "NA", not available.
x
Average for July 5, 12, and 19.
2
Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.

ItCII JULY 1983



79

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT

•
Year
and
quarter

b. Difference

(Ann. rate,
bil. dol.)
1980
First quarter . . . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .

(Ann. rate,
bil. dol.)

Revised1

c. Percent
change at
annual rate

Revised 1

(Anr . rate,
bii dol.)

Revised1

Revised

(Ann rate,
bil. dol.)
1

Hnllarc
UOIIdlo

c. Percent
change at
annual rate

b. Difference

a. Tota

Revised 1

213. Final sales
in 1972 dollars

217. Per capita
GNP in 1972

50. Gross national product i n 1972 dollars

200. Gross national product in current dollars
a. Total

G P AND f ERSONAL INCOME
N
>

(Ann. rate,
dollars)

Revised

i

(Ann. rate,
bil. dol.)
Revised 1

Revised 1

2 ,572.9
2 ,578.8
2 ,639.1
2 ,736.0

73 .0
5 .9
60 .3
96 .9

11. 7
0. 9
9. 7
15. 5

1 ,496 .4
1 ,461 .4
1 ,464 .2
1 ,477 .9

5. 6
-35. 0
2. 8
13. 7

L.9
-9.0
(3.8
•3.8

6,600
6,427
6,421
6,464

1,496.9
1,463.6
1,474.4
1,482.5

2 ,866.6
2 ,912.5
3 ,004.9
3 ,032.2

130 .6
45 .9
92 .4
27 .3

20. 5
6. 6
13. 3
3. 7

1 ,510 . 1
1 ,512 .5
1 ,525 .8
1 ,506 .9

32. 2
2. 4
13. 3
-18. 9

3.0
(3.7
3.6
-4.9

6,592
6,588
6,629
6,529

1,507.0
1,503.6
1,509.7
1,500.9

3 ,021.4
3 ,070.2
3 ,090.7
3 ,109.6

-10 .8
48 .8
20 .5
18 .9

-1. 4
6. 6
2. 7
2. 5

] ,485 .8
1 ,489 .3
1 ,485 .7
1 ,480 .7

-21. 1
3. 5
-3. 6
-5. 0

-5.5
1.0
-1.0
-1.3

6,424
6,425
6,393
6,355

1,495.9
1,492.7
1,487.0
1,503.4

3 ,171.5
P3 ,273.7

61 .9
plO2 .2

8. 2
5

1 ,490 . 1
Pi ,521 .4

9. 4
31. 3

2.6
p8.7

6,382
p6,502

1,505.5
pi,525.9

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

0 1

Year
and
quarter

P13.

•i

GNP AND PERSONAL INCOME-Continued

224. Current dollars

225. Constant
(1972) dollars

First quarter
Second Quarter
Third Quarter
Fourth quarter . . . .

PERSONAL CONSUMPTION EXPENDITURES

230. Total in currenl
dollars

231. Total in 1972
dollars

232. Durable goods
in current dollars

(Ann rate,
bil. dol.)

Disposable personal income

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised1

Revised1

233. Durable goods
in 1972 dollars

227. Per capita in
1972 dollars

(Ann. rate,
bi . dol.)
1980

P

(Ann. rate,
bil. dol.)

(Ann. rate
dollars)

Revised1

Revised1

Revised

1

Revised 1

(Ann. rate,
bil. dol.)
Revised 1

1,771/7
1,789.8
1,846.0
l,908.( )

1 ,02£
1 ,012 '.0
1 ,01$).2
1 ,02<).6

4 ,524
4 ,451
4 ,469
4 ,503

1 ,620.
1 ,626.
1 ,683.
1 ,741

5
4
4
9

938 .3
919 .6
929 .4
940 .0

220.7
200.8
213.8
223.6

145.2
130.0
135.6
139.0

1,967.*
2,010.4
2,092.()
2,120.1

1 ,04C).7
1 ,04£5.6
1 ,06$L I
1 ,064k 3

4 ,543
4 ,554
4 ,640
4 ,612

1 ,802
1 ,835.
1 ,886
1 ,904

8
8
1
1

953 .6
954 .7
962 .9
955 .7

236.9
233.4
243.5
230.8

145.4
140.5
143.9
134.8

2,127.9
2,159.0
2,191.5
2,227.i 3

1 ,05£
1 ,06C
1 ,05$).3
1 ,066

4 ,562
4 ,574
4 ,558
4 ,576

1 ,938
1 ,972
2 ,008
2 ,046

9
8
8
9

961 .4
968 .8
971 .0
979 .6

239.4
242.9
243.4
252.1

138.5
139.5
138.2
143.2

2,255.1)
p2,302.8

1 , 0 7 : 5.8
Pi ,081 .6

4 ,599
P4 ,623

2 ,073 0
P2 ,151 3

986 .7
p i , 0 1 0 .5

258.5
p278.1

145.8
P156.4

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue. The " r " indicates revised; " p " , preliminary; " e " , estimated; " a " , anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 41.
x

See "New Features and Changes for This Issue," page i i i .




JULY 1983

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

H i

i

PERSONAL CONSUMPTION EXPENDITURES-Continued

M

1980

236. Nondurable
goods in current
dollars

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

Year
and
quarter

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised1

Revised 1

Revised 1

Revised 1

Revised 1

240. Total in
current dollars

G O S PRIVATEDOMESTIC INVESTMENT
RS
242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised 1

Revised1

Revised1

241. Total in
1972 dollars

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

651.4
658.2
671.9
693.7

358.5
354.2
353.5
356.2

748.3
767.5
797.6
824.6

434.5
435.4
440.3
444.7

422.0
394.3
379.5
411.7

224.3
202.4
197.4
210.0

423.6
391.3
404.9
426.8

224.8
204.5
207.5
214.7

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

716.3
730.6
741.1
747.7

359.8
362.7
363.6
363.8

849.6
871.8
901.5
925.6

448.3
451.5
455.5
457.1

455.5
472.1
495.8
476.2

222.7
229.5
236.3
221.7

444.7
457.1
462.2
461.8

219.7
220.7
220.2
215.7

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

749.7
754.7
766.6
773.0

362.6
363.5
364.7
366.0

949.7
975.2
998.9
1,021.8

460.4
465.7
468.2
470.4

422.9
432.5
425.3
377.4

199.7
201.4
198.4
178.4

448.6
443.7
430.2
433.8

209.9
204.9
199.8
201.1

368.9
p374.3

1,037.4
pi,073.4

472.0
P479.8

404.1
p451.5

190.0
p208.5

443.5
p462.1

205.4
p213.0

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

777.1
• p799.8

• •
GROSS PRIVATE
• t i l DOMESTIC INVEST.-Con.
Year
and
quarter

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1972
dollars

O f
260. Total in
current dollars

261. Total in
1972 dollars

GOVERNMENT PURCHASES OF GOODS AND SERVICES
262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rate,
bil. dol.)
1980

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

Revised1

Revised 1

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-1.6
3.0
-25.4
-15.1

-0.5
-2.1
-10.1
-4.7

517.6
535.5
539.1
559.0

284.0
286.8
284.0
282.5

188.1
199.0
194.5
206.6

105.8
109.3
106.2
104.2

329.6
336.5
344.6
352.4

178.1
177.5
177.8
178.3

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

10.9
15.0
33.6
14.3

3.0
8.9
16.1
6.0

576.3
583.5
600.3
622.8

285.6
284.1
286.8
289.6

215.7
220.4
232.4
248.5

107.3
107.9
111.8
114.5

360.5
363.2
367.9
374.3

178.3
176.2
175.0
175.1

-25.7
-11.2
-4.9
-56.4

-10.2
-3.4
-1.3
-22.7

629.8
631.6
655.7
679.7

289.4
285.8
292.2
299.7

249.7
244.1
261.7
279.2

114.5
110.3
116.9
124.4

380.0
387.5
394.0
400.5

174.9
175.4
175.3
175.2

-39.4
p-10.6

-15.4
p-4.5

677.4
p683.3

292.9
p292.2

273.5
p274.8

118.4
pll8.2

404.0
p408.6

174.5
P174.0

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.
See "New Features and Changes for This Issue, page iii.

1

JULY 1983



81

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

• •
NATIONAL INCOME
1 3 9 AND ITS COMPONENTS

Q j FOREIGN TRADE

220. National in
come in current

Imports of goods and services

Exports of goods and services

Net exports of goods and services

Year

and
quarter

255. Constant
(1972) dollars

250. Current
dollars

256. Constant
(1972) dollars

252 Current
dollars

Hnllorc
Qoiiars

257. Constant
(1972) dollars

253. Current
dollars

280. Compensation of
am

nlmittAC

employees

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

•(Ann. rate,
bil. dol.)

Revised 1

t
Fe v i s e d 1

Revised 1

Revised 1

Revised 1

Revised 1

Revised 1

49.8'
52.6
53.4
45.4

335.3
336.8
337.6
345.4

164 .4
161 .0
156 .4
154 .7

322
514
300
322

5
2
5
0

114 .5
10€1.4
102 .9
10S .3

2,076. 2
2,072. 5
2,117. 7
2,200. 1

1, 555.6
1 , 574.8
1 , 604.5
1 , 663.6

31.9
21.1
22.8
29.2

48.3
44.1
39.8
39.9

367.3
369.2
367.5
371.0

160 .6
160 .7
159 .0
158 .7

335
;348
344
341

4
1
7
7

112 .4
lie .6
US .1
11£ .8

2,295. 8
2,337. 2
2,423. 4
2,435. 6

1 , 718.8
1 , 750.9
1 , 791.7
1, 815.6

35.2
33.4
24.0
23.0

358.4
364.5
346.0
321.6

151 .8
154 .5
146 .4
136 .5

328
331
345
316
>

5
2
0
1

lie .6

....

29.9
33.3
0.9
5.6

12] .1
122 .4
113 .5

2,419. 7
2,448. 9
2,458. 9
2,474. 0

1, 834.2
1 , 859.9
1 , 879.5
1, 889.0

....

17.0
p-12.5

20.5
pl0.2

326.9
p321.7

137 .3
pl34 .2

309 .9
p334 .3

ne .8
I>124 .0

2,528. 5
(NA)

1 , 923.7
P i . 969.9

....

Third quarter
Fourth quarter

(Ann. rate,
bil. dol.)

12.8
22.5
37.1
23.3

First quarter
Second quarter

Ann. rate,
bil. dol.)

Revised1

1980

(Ann. rate,
bil. dol.)

....

1981
First quarter
Second quarter

....

Third quarter
Fourth quarter

....

1982
First quarter
Second quarter

....

Third quarter
Fourth quarter
1983
First quarter
Second quarter
Third quarter
Fourth quarter

....

i
Year
Tear
anrl

ana
quarter

282. Proprietors'
income with inventory valuation and
capital consumption adjustments

|

284. Rental income
of persons with
capital consumption adjustment

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

288. Net i nterest

286. Corporate
profits with inventory valuation and
capital consumption adjustments

(Ann. rate,
bil. dol.)
1980

Q

N
NATIONAL INCOME A D ITS COMPONENTS-Continued

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised1

Revised1

Revised 1

(Ann rate,
bil. dol.)
Revised 1

290. Gross saving
(private and government)

SAVING

295. Business
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Revised 1

Revised1

292. Personal
saving

(Ann. rate,
bil. dol.)
Revised i

123 . 1
111 .7
116 .7
118 .3

29 .0
30 .1
32 .5
34 .4

187
168
170
175

3
3
6
6

181 .2
187 .6
193 .5
208 2

408
400
398
416

3
3
7
1

314.0
324.1
328.0
334.7

100.8
113.2
112.2
114.6

121 . 1
118 .9
123 .5
117 . 1

37 .4
39 .9
42 .7
45 .6

194
185
197
192

7
0
6
0

223 .7
242 6
268 .0
265 .3

461
475
507
490

8
8
6
1

356.6
365.1
381.9
393.8

112.2
120.2
149.7
159.0

111 .2
104 .9
103 .6
116 .2

47 .4
49 .0
50 .9
52 .3

162
166
168
161

0
8
5
9

265 .0
268 .3
256 .4
254 .7

434
439
397
351

4
5
9
3

383.3
393.6
401.9
405.8

130.8
127.1
123.0
120.8

120 .6
pl30 .1

54 .1
p54 .8

181 8
(NA)

248 .3
p244 .4

398 5
(NA)

419.7
(NA)

121.7
p89.4

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.
x

See "New Features and Changes for This Issue," page

82



in.

JULY 1983

OTHER IMPORTANT ECONOMIC MEASURES
iA

I NATIONAL INCOME AND PRODUCT—Continued

Q

Year
and
quarter

Q

SAVING-Continued

298. Government
surplus or deficit,

293. Personal
saving rate

total

(percent of disposable personal
income)

Percent of gross national product

(Ann. rate,
bil. dol.)
1980

SHARES OF GNP AND NATIONAL INCOME

(Percent)

2

2

Revised

Revised

235. Personal consumption expenditures, total

248. Nonresidential
fixed investment

Revised

2

Revised

2

Revised

2

251. Net exports of
goods and services

^Percent)

(Percent)

(Percent)

(Percent)

247. Change in
business inventories

249. Residential
fixed investment

(Percent)

Revised

Revised2

2

-7.5
-38.1
-43.3
-33.9

5.7
6.3
6.1
6.0

63.0
63.1
63.8
63.7

12.1
11.6
11.7
11.6

4.4
3.6
3.7
4.0

-0.1
0.1
-1.0
-0.6

0.5
0.9
1.4
0.9

-8.1
-10.6
-25.2
-63.7

5.7
6.0
7.2
7.5

62.9
63.0
62.8
62.8

11.6
11.9
12.0
12.1

3.9
3.8
3.4
3.1

0.4
0.5
1.1
0.5

1.1
0.7
0.8
1.0

-79.7
-81.2
-127.0
-175.3

6.1
5.9
5.6
5.4

64.2
64.3
65.0
65.8

12.0
11.5
11.1
10.8

2.9
3.0
2.8
3.1

-0.9
-0.4
-0.2
-1.8

1.0
1.1
0.0
0.2

-142.9
(NA)

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

5.4
p3.9

65.4
p65.7

10.5
plO.2

3.5
p3.9

-1.2
p-0.3

0.5
p-0.4

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q j
Year
and
quarter

Percent of GNP-Continued

Revised

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

F
'ercent of national income

2

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

265. Federal Government purchases of
goods and services
(Percent)

1980

SHARES OF GNP AND NATIONAL INCOME-Continued

(Percent)

Revised

2

Revised

283. Proprietors'
income with IVA
and CCAdj'
(Percent)

2

Revised

285. Rental income
of persons with
CCAdj»

287. Corporate
profits with IVA
and CCAdj»

289. Net interest

(Percent)

(Percent)

(Percent)

Revised2

2

Revised2

Revised 2

7.3
7.7
7.4
7.6

12.8
13.0
13.1
12.9

74.9
76.0
75.8
75.6

5.9
5.4
5.5
5.4

1.5
1.5
1.6

9.0
8.1
8.1
8.0

8.7
9.1
9.1
9.5

7.5
7.6
7.7
8.2

12.6
12.5
12.2
12.3

74.9
74.9
73.9
74.5

5.3
5.1
5.1
4.8

1.6
1.7
1.8
1.9

8.5
7.9
8.2
7.9

9.7
10.4
11.1
10.9

8.3
8.0
8.5
9.0

12.6
12.6
12.7
12.9

75.8
75.9
76.4
76.4

4.6
4.3
4.2
4.7

2.0
2.0
2.1
2.1

6.7
6.8
6.9
6.5

11.0
11.0
10.4
10.3

8.6
p8.4

12.7
P12.5

76.1
(NA)

4.8
(NA)

2.1
(NA)

7.2
(NA)

9.8
(NA)

1.4

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

See note on page 80.
Graphs of these series are shown on pages 46 and 47.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
See "New Features and Changes for This Issue," page iii.

JULY 1983




83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

0 1 PRICE
Implicit price deflator,
gross national product
Year
and
month

310. Index

310c. Change
over 1-quarter
spans'

(1972 = 100)
1981

(Ann. rate,
percent)

Revised2

Revised2

Fixed-weighted price index,
gross business product
311. Index

(1972 = 100)

(Ann. rate,
percent)

Revised2

189!c3

April
May
June

192! 6

July
August
September

19619

October
November
December

201.2

Consumer prices, food

Consumer prices, all items
320. Index ©

320c. Change
over 1-month
spansJ

320c. Change
over 6-month
spansl

(1967 = 100)

(Percent)

(Ann. rate,
percent)

(1967 = 100)

322. Index

322c. Change
over 1-month
spans'

322c. Change
over 6-month
spans'

(Percent)

(Ann. rate,
percent)

Revised 2
10.6

260.5
263.2
265.1

0.7
0.8
0.8

9.9
9.6
9.1

268.9
270.3
272.0

0.4
0.5
0.6

6.9
4.7
3 8

8.1

266.8
269.0
271.3

0.4
0.9
0.8

10.0
10.1
10.6

272.3
272.4
272.9

0.1
0.0
0 2

4.8
4.9
4 5

9.2

274.4
276.5
279.3

1.1
0.8
1.0

10.5
9.6
8.8

275.3
276.9
278.0

0.9
0.6

0.4

4.8
4.8
4.8

7.2

279.9
280.7
281.5

0.4
0.5
04

6.9
5.3
3 1

278.7
278.9
279 4

0.3
0.1
02

4.4
4.2
3 5

4.9

282.5
283.4
283.1

0.3
0.1
0.0

2.9
4.0
5.5

281.3
282.6
282.8

0.7
0.5
0.1

3.3
4.7
5.6

4.5

284.3
287.1
290 6

0.2
1.0
1 1

6.1
6.6
6 9

283.3
285.4
287 1

0.2
0.7
06

4.5
3.1
3 4

5.8

292.2
292.8
293 3

0.6
0.3
0.1

7.2
5.1
2 3

287.6
286.9
287 5

0.2
-0.2
02

3.4
2.0
0 7

3.8

294.1
293.6
292.4

0.4
0.0
-0.3

1.4
0.4
0.5

288.1
288.2
288.1

0.2
0.0
0.0

0.5
1.0
1.8

3.6

293.1
293.2
293.4

0.2
-0.2
0.1

0.8
1.9
2.9

288.3
288.3
290.1

0.1
0.0
0.6

2.2
2.8
2.2

p5.3

10.6

January
February
March

311c. Change
over 1-quarter
spans1

MOVEMENTS

295.5
297.1
298.1

0.6
0.5
0.2

291.3
292.2
291.3

0.4
0.3
-0.3

197!6
5.9

2O6! 9
9.4
205^3
9.0
208.9

1982
January
February
March

203^4

April
May
June

206.2

July
August
September

208.'6

October
November . .
December

2l6!6

4.3

21ll4
5.6
213!8
3.7
216!8
3.8
218.*8

1983
January
February
March
April
May
June .

5.5

21^8

220.8
p4.5

p215!2

p223!6

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
1
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter.
2
See "New Features and Changes for This Issue," page iii.




JULY 1983

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

H Q | PRICE MOVEMENTS--Continued

Year
and
month

330. Index ©

(1967 = 100)

330c. Change
over 6-month
spansl <§)

330c. Change
over 1-month
spans' ©

335. Index ©

(Ann. rate,
percent)

(Percent)

Producer prices, crude materials

Producer )rices, industrial commodities

Producer prices, all commodities

(1967 = 100)

335c. Change
over 1-month
spans' ®

(Percent)

335c. Change
over 6-month
spansl ®

(Ann. rate,
percent)

331. Index

(1967 = 100)

331c. Change
over 1-month
spansl

(Percent)

331c. Change
over 6-month
spansl

(Ann. rate,
percent)

1981
January
February
March

284.8
287.6
290.3

1.4
1.0
0.9

11.5
11.0
10.2

291.5
295.7
299.6

1.7
1.4
1.3

15.8
15.6
13.3

330.0
332.6
330.6

0.9
0.8
-0.6

5.0
1.9
5.1

April
May
June

293.4
294.1
294.8

1.1
0.2
0.2

8.2
6.2
3.8

303.5
304.7
305.1

1.3
0.4
0.1

10.3
7.9
5.3

333.6
332.4
335.5

0.9

-0.4
0.9

3.7
0.2
-1.9

July
August
September

296.2
296.4
295.7

0.5
0.1
-0.2

1.8
1.0
0.7

306.2
307.2
307.4

0.4
0.3
0.1

3.7
3.0
3.2

336.1
333.0
327.4

0.2
-0.9
-1.7

-8.4
-11.8

October
November
December

296.1
295.5
295.8

0.1
-0.2
0.1

1.4
1.5
1.6

309.0
309.3
310.0

0.5
0.1
0.2

3.7
2.9
2.4

322.5
318.1
315.1

-1.5
-1.4
-0.9

-9.2
-8.9
-6.3

January
February
March

298.3
298.6
298.0

0.8
0.1
-0.2

1.3
2.1
2.4

311.8
311.6
311.0

0.6
-0.1
-0.2

0.6
0.2
0.4

320.2
317.9
317.0

1.6
-0.7
-0.3

-1.1
5.3
6.9

April
May
June

298.0
298.6
299.3

0.0
0.2
0.2

1.4
1.1
0.9

309.9
309.6
310.6

-0.4
-0.1
0.3

0.6
1.0
1.1

320.8
326.4
325.8

1.2
1.7
-0.2

1.2
0.8
-1.0

July
August
September

300.4
300.2
299.3

0.4
-0.1
-0.3

1.2
1.1
0.9

312.8
313.2
312.7

0.7
0.1
-0.2

2.9
3.5
3.0

322.1
319.1
315.4

-1.1
-0.9
-1.2

-4.0
-5.5
-5.6

October
November
December

299.8
300.3
300.7

0.2
0.2
0.1

-0.3
rO.5
0.8

314.3
315.0
315.2

0.5
0.2
0.1

0.7
r0.4
0.4

314.3
317.3
316.6

-0.3
1.0
-0.2

-3.9
r-1.4
2.6

299.9
r300.9
300.5

-0.3
rO.3
r-0.1

0.7
0.9
1.2

313.9
r313.9
313.4

-0.4
rO.O

r-0.2

-1.1
-0.8
0.1

315.8
r316.8
319.4

-0.3
r0.3
r0.8

6.2
4.2
4.4

300.8
301.7
302.5

0.1
0.3
0.3

312.6
313.8
315.4

-0.3
0.4
0.5

323.9
323.9
323.5

1.4
0.0
-0.1

-6.5

1982

1983
January
February
March
April
May
June . . . .
July
August
September
October
November . . .
December
See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans:

ISO

JULY 1983




1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month.

85

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY-Continued

Q |
Producer prices, intermediate materials
Year
and
month

332. Index

(1967=100)

Producer prices, capital equipment

332c. Change
over 6-month
spans'

332c. Change
over 1-month
spans'

(Ann. rate,
percent)

(Percent)

PRICE MOVEMENTS-Continued

333. Index

(1967 = 100)

333c. Change
over 1-month
spans'

(Percent)

Producer prices, finished consumer goods

333c. Change
over 6-month
spans'

(Ann. rate,
percent)

334. Index

(1967=100)

334c. Change
over 1-month
spans'

334c. Change
over 6-month
spans'

(Percent)

(Ann. rate,
percent)

1981

0.4
0.9

11.4
10.6
9.4

253.5
256.1
258.1

304.2
305.6
307.0

1.0
0.5

7.3
7.7

0.5

July
August
September

307.6
309.6
309.9

October
November
December

297.0
298.3
301.1

January
February
March

1.2

1.1
1.0

10.1

262.2
264.8
267.7

0.9
1.0
1.1

10.7
9.7
9.6

1.0
0.2
0.5

8.2
6.2
4.9

0.8

10.5
11.0

0.8
0.8

9.8
8.8

5.9

260.2
262.3
264.1

0.7

8.1

270.3
270.8
272.1

0.2
0.7
0.1

4.1
3.4
2.6

265.6
267.1
268.4

0.6
0.6
0.5

7.9
7.8
7.3

272.8
272.9
274.2

0.3
0.0
0.5

3.7
3.8
3.6

310.3
310.7
311.0

0.1
0.1
0.1

2.8
0.9
-0.2

270.3
272.3
273.6

0.7
0.7
0.5

7.1
5.6
5.7

275.3
275.9
277.0

0.4
0.2
0.4

3.8
4.0
2.1

January
February
March

311.9
311.0
309.6

0.3
-0.3
-0.5

-1.2
-1.3
-0.8

274.9
274.5
276.0

0.5
-0.1
0.5

4.6
4.1
4.4

278.0
278.3
277.0

0.4
0.1
-0.5

1.5
0.7
2.2

April
May
June

308.4
308.7
309.7

-0.4
0.1
0.3

-1.0
-0.4
0.8

276.5
277.8
279.5

0.2
0.5
0.6

4.1
5.8
4.3

277.3
276.9
280.0

0.1
-0.1
1.1

2.5
3.1
4.4

July
August
September

310.3
310.3
310.8

0.2
0.0
0.2

1.6
2.0
1.4

280.5
282.3
281.9

0.4
0.6
-0.1

4.0
3.9
3.5

281.5
282.6
283.0

0.5
0.4
0.1

5.2
6.8
5.1

October
November
December

310.9
311.7
311.8

0.0
0.3
0.0

-0.1
r-0.3
-1.6

282.0
283.1
284.4

0.0
0.4
0.5

2.4
rl.9
3.4

284.4
286.2
287.0

0.5
0.6
0.3

1.1
r0.6
-0.7

310.1
r309.8
308.3

-0.5
r-0.1
r-0.5

-2.1
-1.8
-0.3

283.9
r285.0
286.7

-0.2
r0.4
r0.6

2.8
2.5
2.0

283.1
r283.4
282.0

-1.4
rO.l
r-0.5

-1.7
-2.3
-1.8

307.6
308.9
311.4

-0.2
0.4
0.8

285.9
286.6
287.3

-0.3
0.2
0.2

282 0
282.9
284 4

0.0

April
May
June

....

1982

1983
January
February
March
April
May
June

0.3
0.5

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans:

1




1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month.

JULY 1983

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
nonfarm business sector

Average hourly earnings, production workers, private nonfarm economy, adjusted'
Year
and
month
340. Index

(1977 = 100)

340c. Change
over 1-month
spans 2
(Percent)

Current-dollar compensation

Real earnings

Current-dollar earnings
340c. Change
over 6-month
spans 2
(Ann. rate,
percent)

341. Index

(1977 = 100)

341c. Change
over 1-month
spans 2
(Percent)

341c. Change
over 6-month
spans 2
(Ann. rate,
percent)

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spans 2
(Ann. rate,
percent)

345c. Change
over 4-quarter
spans 2
(Ann. rate,
percent)

1981
January
February
March

133.8
135.0
135.8

1.0
0.9
0.6

9.4
8.6
8.8

92.9
93.0
93.0

April
May
June

136.7
137.5
138.2

0.7
0.6
0.5

7.9
8.2
8.5

July
August
September . . .

139.0
140.4
141.4

0.5
1.0
0.7

October
November . . .
December . . .

141.9
143.0
143.3

January
February
March

0.2
0.1
0.0

-0.4

93.
92,
92,

0.1
-0.3
-0.2

-1.7
-1.5
-2.0

141.6

7.7
8.1
7.5

92,
92,
92.0

-0.7
0.2
-0.3

-2.4
-1.1
-1.0

144.8

0.3
0.8
0.3

8.7
6.8
6.0

92.0
92.4
92.2

-0.1
0.4
-0.1

2.1
1.8
3.3

147.4

144.9
145.1
145.5

1.1
0.1
0.3

6.5
6.4
6.6

93.1
93.1
93.5

0.9
0.1
0.4

3.9
2.5
1.3

150.3

April
May
June

146.4
147.5
148.0

0.6
0.7
0.4

5.4
6.3
6.3

93.8
93.5
92.8

152.5

-0.7

-0.7
-0.3
-0.9

July
August
September . . .

148.8
149.6
150.0

0.5
0.5
0.3

5.9
4.9
5.4

92.8
93.0
93.1

154.9

0.2

-1.5
-0.2
2.8

October
November . . .
December . . .

150.
151.
151.9

0.4
0.3
0.6

5.4
5.1
4.6

93.1
93.4
94.1

-0.1
0.4
0.8

4.2
5.1
4.1

157.0

152.7
153.4
153.4

0.5
0.4
0.0

r4.5
r4.7
p3.8

94.7
95.3
95.0

0.6
0.7
-0.3

r3.8
r2.8
pi.3

159.3

rl54.0
rl54.6
P154.8

rO,
rO.
pO.l

94.8
r94.7
p94.7

-0.2
r-0.1

11.9

9.4

139.3
7.0

8.9
9.2

7.9

7.5
7.6

1982
7.9
7.0

5.9
6.5
6.5
6.0
5.5
(NA)

1983
January
February
March
April
May
June

6.0

(NA)

(NA)

pO.O

July
August
September . . .
October
November . . .
December . . .
See note on page 80.

Graphs of these series are shown on pages 49 and 50.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter.
2

JULY 1983



87

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

B

348. First year
average changes

Real compensation
346. Index

(1977 = 100)

346c. Change
over 4-quarter
spans!

346c. Change
over 1-quarter
spans!

(Ann. rate,
percent)

(Ann. rate,
percent)

PRODUCTIVITY-Continued

Negotiated wage and benefit
decisions, all industries ®

Average hourly compensation, all employees,
nonfarm business sector-Continued
Year
and
month

W G S AND
AE

(Ann. rate,
percent)

349. Average
changes over
life of
contract

(Ann. rate,
percent)

Output per hour, all persons private
business sector
370. Index

(1977 = 100)

370c. Change
over 1-quarter
spans'

(Ann. rate,
percent)

370c. Change
over 4-quarter
spans'

(Ann. rate,
percent)

358. Index of
output per hour
all persons,
nonfarm
business sector

(1977 = 100)

1981

1.2

January
February
March

96.0

April
May
June

95 7

July
August
September

95.2

-1.3

I06! 7
11.6

2.2

1 n
1 .U

100 7
10.5

8.1

11.0

5.8

?:!

inn 1

1.2

ioi!6
0.3

100.4

0.0

10.8

-0 6

-2.5

5.7

7.2

95.1

October
November
December

7.7
-1.3

-0.6

106 .'6

-CL3

99.'i

-2.8

100.3

1982

4.8

January
February
March

9613

April
May
June

,

0.6
96."4

July
August
September

96"! 1

October
November
December

97.0

-1.2

i:i

i'.i

1.9

-0.8

CK3

2.6

4.7

p2'.5

3.3

4.8

100.4

(NA)

100.4

3.7
101.3

(NA)

99.5

1.3

2.1
100.4

6.2

99.3

i'.l

100.1

2i3

3.5

1.2

io2!6

2.6

1983

6.4

January
February
March
April
May
June

(NA)

p-1.8

pi.4

p2.2

98.5

pl0l!6

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.

Changes are centered within the spans:
on the middle month of the 3d quarter.




1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are placed

JULY 1983

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

D

1 CIVILIAN LABOR FORCE ANDMAJOR COMPONENTS

Civilian labor force
Year
and
month

441. Total

442. Employed

Number unemployed

Labor force participation rates
451. Males
20 years
and over

452. Females
20 years
and over

453. Both
sexes, 16-19
years of age

(Percent)

(Percent)

(Percent)

37. Total

(Thous.)

444. Males
20 years
and over

445. Females
20 years
and over

446. Both
sexes, 16-19
years of age

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

448. Number employed
part-time
for economic
reasons

(Thous.)

(Thous.)

(Thous.)

108,012
108,175
108,471

99,964
100,143
100,504

79.1
79.1
79.2

51.8
51.9
52.0

56.6
56.5
56.3

8,048
8,032
7,967

3,479
3,500
3,439

2,809
2,766
2,765

1,760
1,766
1,763

6,620
6,602
6,541

4,467
4,182
4,222

April
May
June

108,866
109,101
108,440

101,006
100,968
100,393

79.3
79.4
78.9

52.2
52.4
52.2

56.9
56.2
54.4

7,860
8,133
8,047

3,353
3,540
3,492

2,760
2,846
2,830

1,747
1,747
1,725

6,429
6,617
6,581

4,149
4,242
4,088

July
August
September

108,602
108,762
108,375

100,748
100,709
100,104

78.9
78.9
78.7

52.2
52.1
51.7

54.5
55.2
54.9

7,854
8,053
8,271

3,343
3,513
3,559

2,867
2,849
2,953

1,644
1,691
1,759

6,428
6,473
6,762

4,432
4,448
4,612

October
November
December

109,028
109,254
109,066

100,355
100,229
99,677

78.7
78.7
78.8

52.3
52.4
52.2

54.9
55.0
53.9

8,673
9,025
9,389

3,815
4,026
4,367

3,043
3,105
3,174

1,815
1,894
1,848

7,137
7,442
7,990

4,948
5,005
5,325

January
February
March

109,034
109,364
109,478

99,688
99,695
99,597

78.6
78.7
78.6

52.2
52.3
52.5

54.2
54.5
53.8

9,346
9,669
9,881

4,362
4,451
4,607

3,109
3,286
3,402

1,875
1,932
1,872

7,822
8,000
8,346

5,066
5,489
5,611

April
May
June

109,740
110,378
110,147

99,484
99,994
99,681

78.7
78.9
78.8

52.5
52.8
52.9

54.2
55.2
53.0

10,256
10,384
10,466

4,770
4,818
5,016

3,528
3,568
3 565

1,958
1,998
1 885

8,575
8,689
8 878

5,750
5,731
5 561

July
August
September

110,416
110,614
110,858

99,588
99,683
99,543

78.8
78.7
79.0

53.0
53.0
52.9

53.2
54.2
54.3

10,828
10,931
11,315

5,150
5,232
5,578

3,672
3,671
3,710

2,006
2,028
2,027

9,036
9,209
9,622

5,577
5,820
6,495

October
November
December

110,752
111,042
111,129

99,176
99,136
99,093

78.9
78.9
78.7

52.8
52.9
53.1

54.1
54.4
53.9

11,576
11,906
12,036

5,714
5,865
5,909

3,824
3,989
4,071

2,038
2,052
2,056

9,942
10,127
10,285

6,403
6,411
6,425

January
February
March

110,548
110,553
110,484

99,103
99,063
99,103

78.1
78.2
78.1

52.9
52.9
52.8

53.5
52.7
52.8

11,446
11,490
11,381

5,597
5,749
5,581

3,963
3,925
3,889

1,886
1,815
1,911

9,810
9,872
9,751

6,845
6,481
6,202

April
May
June

110,786
110,749
111,932

99,458
99,557
100,786

78.3
78.3
78.6

52.8
52.7
53.1

52.6
52.2
55.4

11,328
11,192
11,146

5,702
5,605
5,288

3,729
3,744
3,859

1,897
1,843
1,999

9,702
9,438
9,294

6,082
5,928
5,729

1981
January
February
March

.

...

1982

1983

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 51.

JULY 1983



OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Q [
Federal Government
Year
and
month

Q

RECEIPTS AND EXPENDITURES
State and local governmentsl

1

Advance measures of defense activity

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)
1981

500. Surplus
or deficit

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

2

2

Revised

2

Revised

2

Revised

2

Revised

Revised

DEFENSE INDICATORS

Revised

517. Defense
Department
gross obligations incurred

525. Defense
Department
military prime
contract
awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

2

January
February
March

-43^4

617.4

660.8

35.3

4li.3

376.0

14,808
15,741
15,560

7,155
7,514
7,590

82,087
83,608
84,883

4,480
5,060
3,785

April
May
June

-47.'3

622! 6

669*.9

36i7

415.9

379i2

15,210
15,699
15,156

8,505
7,967
7,041

84,994
85,165
86,126

4,041
5,170
5 057

July
August
September

-62!4

638! 8

70i'.2

37^3

421'.6

384'.3

16,836
17,374
16,584

8,845
9,504
9,325

87,968
89,857
91,896

5,317
5,440
5,435

October
November
December

-95*.8

629.'2

725'.6

32.6

423*.4

391A

12,892
15,674
19,805

4,466
9,817
9,049

91,354
92,575
93,827

4,711
5,269
5,244

January
February
March . . .

-108*. 5

619!5

728!6

28.'8

42^9

397 .*2

19,361
20,608
18,869

9,756
13,761
9,870

98,818
102,677
105,418

7,151
6,922

April
May
June

-113.2

622^2

735.4

32.6

436.8

404'.8

20,793
17,786
17,503

10,518
9,657
14,296

108,428
108,841
109,654

6,204
5,013
5 994

July
August
September

-15&\3

615^2

77^5

31.*3

442.'8

4li!4

17,669
16,448
18,387

8,610
8,928
10,296

110,885
110,787
111,857

5,195
5,656
3,638

October
November
December

-208.2

612*6

820 .*9

3^9

45o! 7

417.*8

16,476
18,599
24,396

5,423
10,209
17,298

111,866
113,647
119,788

5,621
5,663
11,207

-183.3

623.3

806.6

40.4

461.7

421.3

21,340
19,502
20,444

16,908
13,042
7,351

122,628
123,803
125,570

9,568
5,319
6,569

(NA)

(NA)

P815.2

(NA)

(NA)

p425.*7

19,332
P19.554
(NA)

10,132
plO,lll
(NA)

126,165
pl26,532
(NA)

7,079
r4,782
p8,502

1982

.. .

c

coo

1983
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.
2
See "New Features and Changes for This Issue," page

90




JULY 1983

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

DEFENSE INDICATORS-Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
month

557. Output of
defense and
space equipment

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

(1967 = 100)

and

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

588. Manufacturers' shipments, defense
products

570. Employment in defense products
industries

(Mil. dol.)

(Thous.)

Defense Department
personnel
577. Military,
active duty (u)

(Thous.)

578. Civilian,
direct hire
employment <§)
(Thous.)

564. Federal
purchases of
goods and
services

(Ann. rate,
bil. dol.)

Revised

1981

1

565. Federal
purchases as
a percent of
GNP

(Percent)

C1)

January
February
March

100.9
100.5
100.7

11,113
11,318
11,547

67,999
69,269
69,109

12,639
12,932
12,619

3,613
3,790
3,945

1,391
1,388
1,390

2,056
2,061
2,062

973
972
974

143.3

5.0

April
May
June

101.5
102.0
101.7

11,823
11,959
12,352

69,265
70,594
71,692

12,833
13,433
13,264

3,885
3,841
3,959

1,393
1,393
1,395

2,060
2,064
2,070

980
990
1,008

151.2

5.2

July
August
September . . .

102.6
102.8
103.0

12,417
12,457
12,747

72,912
74,129
75,490

13,889
13,809
14,014

4,097
4,223
4,074

1,394
1,397
1,397

2,082
2,084
2,083

1,023
1,017
984

154.9

5.2

October
November . . .
December . . .

104.5
105.3
107.0

12,857
13,227
13,386

76,042
77,133
78,076

14,277
14,548
15,298

4,159
4,178
4,301

1,392
1,385
1,390

2,090
2,097
2,093

998
1,006
1,009

166.7

r5.5

January
February
March

105.2
106.5
107.0

13,676
13,864
14,059

81,144
83,719
85,990

14,152
14,689
15,075

4,083
4,347
4,417

1,386
1,380
1,377

2,104
109
107

1,008
1,013
1,018

168.1

r5.6

April
May
June

107.2
107.7
107.6

14,209
14,276
14,431

87,917
88,258
89,371

15,670
15,379
15,334

4,277
4,672
4,881

1,376
1,372
1,371

106
104
2,108

1,022
1,028
1,045

175.2

r5.7

July
August
September . . .

109,
109.
109.

14,437
14,700
15,039

89,708
90,598
89,255

16,312
15,050
16,881

4,858
4,766
4,981

1,372
1,364
1,366

2,110
2,109
2,109

1,051
1,043
990

183.6

5.9

October
November . . .
December . . .

111.9
113.6
115.9

15,334
15,568
15,983

89,866
90,561
96,691

15,972
17,087
16,779

5,010
4,968
5,077

1,363
1,363
1,359

2,108
2,114
2,113

1,016
1,024
1,027

190.8

6.1

January .
February
March . .

116.4
116.1
rll7.0

16,538
16,501
16,824

101,116
101,179
102,632

17,058
16,772
16,804

5,143
5,255
5,116

1,355
1,358
1,355

120
122
127

1,024
1,028
1,030

194.4

r6.1

April .
May .
June .

rll8.2
rll8.7
P120.0

16,850
17,240

104,440
rl04,046
plO7,233

17,529
rl6,854
pl7,113

5,271
r5,176
p5,312

1,358
pi,361
(NA)

2,123
2,120
p2,116

1,029
1,040
(NA)

p201.9

p6.2

1982

1983

(NA)

July
August . .
September
October...
November .
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.
x

See "New Features and Changes for This Issue,' page i i i .

JULY 1983



91

OTHER IMPORTANT ECONOMIC MEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS

Q H MERCHANDISE TRADE

Year
and
month

602. Exports, excluding
military aid shipments,
total

604. Exports of agricultural products

(Mil.dol.)

(Mil.dol.)

606. Exports of nonelectrical machinery

(Mil. dol.)

612. General imports,
total

(Mil. dol.)

614. Imports of
petroleum and
petroleum products

(Mil. dol.)

616. Imports of
automobiles and parts

(Mil.dol.)

1981
January
February
March

18,902
19,788
21,278

4,295
3,977
4,201

4,058
4,155
4,352

22,616
21,916
21,029

7,359
8,018
5,992

2,264
1,742
2,125

April
May
June

19,786
18,899
19,750

3,604
3,708
3,256

4,311
4,160
4,388

22,249
21,232
22,005

6,919
6,329
6,521

2,042
2,299
2,257

July
August
September

19,289
19,031
19,551

3,089
3,202
3,563

4,567
6,207
4,559

20,114
23,242
21,274

5,400
6,335
5,709

2,108
2,635
1,943

October
November
December

19,163
19,153
18,885

3,735
3,442
3,220

4,338
4,366
4,005

23,077
22,508
19,746

6,123
6,483
4,636

2,464
2,239
2,164

January
February
March

18,584
18,614
18,462

3,258
3,590
3,225

4,346
4,054
3,997

22,573
19,570
20,018

6,810
4,396
4,290

2,389
2,135
2,596

April
May
June

18,005
18,124
18,823

3,400
3,527
3,332

3,932
3,957
4,211

17,714
20,477
21,187

3,894
4,180
4,855

2,389
2,785
2,626

July
August
September

18,060
17,463
17,320

2,789
2,763
2,648

4,305
3,856
4,197

19,849
22,930
20,581

5,624
5,731
4,903

2,455
2,795
2,370

October
November
December

16,671
15,852
16 347

2,681
2,783
2 637

3,829
3,686
3,719

21,006
18,892
19,154

5,433
4,757
4,694

2,444
2,130
2,189

January
February
March

17,393
16,326
16,752

3,128
2,985
2,811

3,644
3,359
3,499

20,021
19,015
19,525

4,166
2,859
3,261

2,329
3,019
2,676

April
May
June

16,074
15,566

2,891
2,715
(NA)

3,513
3,433
(NA)

19,771
21,514
(NA)

3,252
5,284
(NA)

2,746
3,001
(NA)

1982

1983

(NA)

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 56.

92




JULY 1983

BCII

OTHER IMPORTANT ECONOMIC MEASURES
El

U.S. INTERNATIONAL

TRANSACTIONS—Continued

Q [

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Year
and
month

667. Balance

(Mil.dol.)

668. Exports

(Mil.dol.)

Income on investments

Merchandise, adjusted'

Goods and services
669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil.dol.)

620. Imports

(Mil.dol.)

651. U.S. investments abroad

(Mil.dol.)

652. Foreign
investments in
the United
States

(Mil.dol.)

1981
January
February
March

4,839

93,786

88,947

-4,482

60,793

65,275

20,683

12,477

April
May
June

2,309

94,534

92,225

-7,342

60,03i

67,373

21,7U

13,505

July
August
September

1,801

93,082

91,281

-8,402

57,8i?.

66,2114

22,043

13,888

October
November
December . .

2,57i

93,221

90,650

-7,841

58,383

66,224

21,801

12,892

January
February
March

2,625

89,761

87,136

-6,103

55,636

61,739

20,761

13,824

April
May
June

3,236

90,790

87,554

-5,854

54,996

60,850

22,316

14,779

July
August
September

-4,854

86,932

91,786

-13,078

52,24i

65,3i9

21,569

14,748

October
November
December

-4,190

80 840

85 030

-11 354

48 344

59 698

19 499

13 491

p-1,482

p81,171

p82,653

p-8,738

p49,563

p58,301

pl7,814

pl2,579

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1982

1983
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

JULY 1983



93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Q
47. United States,
index of industrial production

Year
and
month

(1967 = 100)

INDUSTRIAL PRODUCTION

721. OECD'
European countries, index of
industrial
production

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

723. Canada,
index of industrial production

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

Revised

1981

2

151.4
151.8
152.1

154
159
158

226.9
225.8
226.3

156
164
160

156
159
157

116
117
117

158.6
170.3
169.3

163.8
166.0
168.0

April
May
June

151.9
152.7
152.9

156
156
155

226.6
223.3
228.3

160
160
156

156
159
160

117
116
118

168.4
158.0
159.8

169.7
170.2
172.7

July
August
September

153.9
153.6
151.6

158
152
158

230.7
229.6
233.1

157
157
160

157
157
160

118
118
118

165.2
137.2
164.1

170.4
164.5
163.8

October
November
December

149.1
146.3
143.4

158
158
156

234.5
234.5
233.9

160
157
156

160
159
160

121
120
118

158.4
168.1
160.4

161.3
158.4
157.2

January
February
March

140.7
142.9
141.7

156
158
158

232.6
231.2
233.2

160
161
161

157
156
156

118
118
120

161.9
169.8
165.7

156.2
154.7
152.5

April
May
June

140.2
139.2
138.7

156
156
154

230.2
228.1
231.2

160
157
154

157
157
157

120
120
118

164.7
162.7
154.9

150.5
151.8
148.0

July
August
September

138.8
138.4
137.3

152
151
152

229.9
230.9
231.7

150
rl53
152

154
154
154

rll8
120
120

159.6
146.4
154.1

143.3
149.5
144.5

October
November
December

135.7
134.9
135.2

151
151
150

225.5
230.6
228.4

150
150
149

156
156
154

120
117
120

149.7
155.5
151.8

140.0
141.0
138.9

January
February
March

137.4
138.1
r140.0

rl54
154
rl54

229.4
228.3
233.4

152
152
154

156
156
156

120
122
120

152.0
155.3
rl52.5

146.4
rl49.6
rl48.3

April
May
June

142.7
144.3
P145.9

pl54
(NA)

232.6
(NA)

153
pl53
(NA)

pl56
(NA)

pl21
(NA)

pl44.8
(NA)

rl50.8
P153.1
(NA)

January
February
March

.

. .

1982

1983

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pace 58.
'Organization for Economic Cooperation and Development.
2
See "New Features and Changes for This Issue," page iii.

94



JULY 1983

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

Q
Japan

United States
Year
and
month

320. Index ©

(1967 = 100)

320c. Change
over 6-month
spansl

(Ann. rate,
percent)

738. Index ®

(1967 = 100)

CONSUMER PRICES

738c. Change
over 6-month
spans'

(Ann. rate,
percent)

735. Index ®

United Kingdom

France

West Germany
735c. Change
over 6-month
spans'

736. Index ®

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

736c. Change
over 6-month
spans'

(Ann. rate,
percent)

732. Index ®

(1967 = 100)

732c. Change
over 6-month
spans'

(Ann. rate,
percent)

1981
January
February
March

260.5
263.2
265.1

9.9
9.6
9.1

291.1
290.8
292.2

4.4
3.1
3.8

180.9
182.3
183.5

6.6
6.2
5.7

312.7
315.6
318.8

13.2
13.0
13.0

445.5
449.5
456.2

13.0
12.1
11.6

April
May
June

266.8
269.0
271.3

10.0
10.1
10.6

294.5
297.0
297.3

2.6
2.9
3.2

184.7
185.4
186.3

6.3
6.7
6.9

323.1
326.0
329.2

13.8
14.3
15.3

469.4
472.4
475.2

12.5
12.1
10.7

July
August
September

274.4
276.5
279.3

10.5
9.6
8.8

296.4
294.7
299.5

3.9
4.1
4.2

187.1
187.7
188.6

6.9
7.1
6.9

334.9
339.0
342.9

14.9
15.7
15.1

477.3
480.8
483.5

10.4
11.8
12.5

October
November
December

279.9
280.7
281.5

6.9
5.3
3.1

300.7
299.8
299.8

4.0
3.3
2.4

189.2
190.1
190.7

6.3
4.8
3.5

347.1
350.3
352.4

13.9
13.6
13.0

487.9
493.0
496.1

11.5
9.9
10.0

January
February
March

282.5
283.4
283.1

2.9
4.0
5.5

300.7
299.8
300.4

1.9
0.5
0.1

192.3
192.8
193.1

3.0
3.5
4.9

356.0
359.6
363.8

13.0
12.0
12.0

499.0
499.1
503.5

8.4
7.3
6.0

April
May
June

284.3
287.1
290.6

6.1
6.6
6.9

302.9
303.8
303.8

-0.5
2.9
4.0

194.0
195.2
197.1

4.9
5.4
6.3

368.2
371.1
373.7

9.9
8.2
7.2

513.6
517.3
518.9

6.0
6.0
4.7

July
August
September

292.2
292.8
293.3

7.2
5.1
2.3

301.5
303.8
309.1

4.4
4.1
3.7

197.6
197.3
197.9

6.8
5.9
4.0

374.7
375.9
377.5

5.8
6.9
7.3

518.9
519.0
518.7

5.3
5.3
4.2

October
November
December

294.1
293.6
292.4

1.4
0.4
0.5

310.0
306.6
306.0

4.0
0.7
0.9

198.5
198.9
199.4

2.7
2.3
0.9

379.5
383.2
386.4

9.5
10.3
10.8

521.3
523.9
522.9

4.0
5.6
4.6

January
February
March

293.1
293.2
293.4

0.8
1.9
2.9

306.6
305.5
307.5

-0.3
1.7
(NA)

199.8
200.0
199.8

0.0
0.4
(NA)

390.1
392.9
396.5

12.3
11.2
(NA)

523.5
525.8
526.7

2.3
1.7
2.8

April
May
June

295.5
297.1
298.1

1982

1983

308.6
312.0
(NA)

200.3
201.1
(NA)

401.8
404.5
(NA)

534.1
536.4
537.7

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.

1

JULY 1983



95

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

[
1|

CONSUMER PRICES—Continued

Q

Italy
737. Index ® 737c. Change
over 6-month
spans'

Year
and
month

Canada
733. Index ® 733c. Change
over 6-month
spans*

STOCK PRICES

19. United
States, index
of stock
prices, 500
common
stocks (u)

748. Japan,
index of
stock
prices (§)

745. West
Germany,
index of
stock
prices ®

746. France,
index of
stock
prices @

742. United
Kingdom,
index of
stock
prices ©

747. Italy;
index of
stock
prices ®

743. Canada,
index of
stock
prices <u)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

(Ann. rate,
percent)

January
February
March

440.7
449.1
455.4

20.1
20.1
19.3

259.1
261.7
265.2

13.1
12.2
13.2

144.6
139.7
144.9

457.9
458.2
467.3

115.3

114.0
116.3

191.1
201.1
209.4

259.0
269.0
273.2

110.0
122.1
125.9

223.7
218.6
233.9

April
May
June

461.3
468.7
473.9

18.9
18.2
16.8

267.2
269.6
273.8

12.3
12.3
11.9

146.2
143.3
143.9

494.6
502.8
515.2

122.7
122.1
126.1

197.7
162.5
152.3

293.2
295.6
289.0

132.4
135.9
123.5

232.3
245.7
242.9

477.7
481.0
487.7

17.7
16.8
17.0

276.2
278.2
280.2

12.2
12.2
11.0

140.5
141.0
128.7

534.4
540.7
511.3

127.5
122.5
122.5

168.9
177.4
176.5

284.8
298.6
278.9

99.1
112.0
99.1

232.3
231.6
192.3

497.5
506.0
511.1

15.8
15.3
15.6

283.0
285.4
286.7

10.6
10.9
11.2

130.3
133.7
134.7

493.8
505.6
512.7

118.8
118.0
117.7

163.9
169.2
170.7

259.5
278.0
284.2

91.2
93.8
96.9

190.4
208.9
201.2

January
February
March

517.7
524.4
529.1

13.8
13.6
13.1

288.7
292.1
295.8

10.5
11.4
11.4

127.6
124.6
120.6

518.9
516.9
486.2

116.8
118.4
120.1

185.7
193.1
145.9

291.1
300.1
298.8

95.0
98.8
104.2

185.3
176.7
173.1

April
May
June

533.9
539.8
545.2

15.9
19.0
18.7

297.5
301.5
304.5

11.1
10.2
9.5

126.5
126.6
119.7

484.5
503.4
489.6

120.6
117.6
114.2

184.8
183.3
166.3

303.2
315.4
314.6

96.7
91.0
83.1

171.2
168.4
153.8

July
August
September

553.4
563.4
571.3

20.6
19.8
19.1

306.1
307.6
309.2

9.4
8.2
7.2

119.0
119.3
133.2

480.8
474.3
481.6

113.5
112.3
115.6

161.1
169.3
168.4

313.2
320.1
343.5

78.4
86.1
85.8

156.8
177.4
177.3

October
November
December

582.7
590.3
594.4

16.7
13.7
14.4

311.2
313.3
313.4

5.7
4.7
5.0

144.3
150.2
151.6

490.4
512.7
528 2

118.2
118.8
124 3

170.7
174.5
169 9

360.7
372.0
365 0

86.4
88.8

192.6
189.7

Ql

9

1QQ C

January
February
March

602.7
610.5
616.0

12.9
13.2
(NA)

312.5
313.9
317.1

3.8
2.8
(NA)

156.9
159.7
165.2

533.3
530.8
544.2

126.0
131.9
143.9

181.8
188.5
204.7

371.9
381.6
388.3

95.5
109.1
118.7

210.0
216.6
219.5

April
May
June

622.2
628.2
(NA)

171.6
178.5
181.0

559.7
573.4
583.3

157.0
158.6
159.5

215.6
rp226.5
rp224.9

410.4
rp404.9
rp412.5

115.8
111.6
rplll.9

240.0
251.8
rp252.7

pl82.5

p601.4

pl66.2

p235.2

(NA)

pll2.0

p257.2

1981

July
August
September

. . .

October
November
December
1982

1983

317.1
317.9
(NA)

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.

1

96



JULY 1983

APPENDIXES
B. Current Adjustment Factors

Jan.

Feb.

Mar.

Apr.

May

1983
June July

Aug.

Sept.

Oct.

Nov.

Dec.

144.9

105.9

91.4

94.2

84.5

92.1

85.7

80.4

88.4

96.9

123.9

90.6 112.0 100.8 101.1

106.6

98.2 101.3

98.9

99.3

91.5

103.9

Series
5. Average weekly initial claims, State
unemployment insurance
13. New business incorporations

1

96.2

15. Profits after 2
taxes per dollar of sales,
manufacturing
33. Net change in mortgage debt

13

111.3

105.5

97.4

98.3

98.7

-1696 -1977 -1102

-169

-67

1253

-292

1010

1390

100.4

99.9

99.9 100.0

99.4

99.6

99.2

99.9 100.5

108.7

90.8 103.9 104.4

87.8

85.9

90.8

84.0 128.0 122.5

95.7

95.6

96.2

95.1

88.2

81.4

80.9

199.2

89.3

101.3

91.2

543. Defense Department gross unpaid
obligations outstanding

102.8 102.0 101.8 102.5 101.3

98.5

97.0

94.6

98.1

100.7

100.2

100.2

570. Employment in defense products industries

100.4 100.2 100.3 100.0

99.9

99.8

99.4

99.9

99.9

100.2

100.3

100.2 104.2

99.8

98.3 100.3

95.3

100.0 101.1

93.7

84.5

87.9

89.5 106.6

111.9

110.2

93.6 111.8 100.9 103.0 109.1

98.2

98.2

96.7 103.9

95.7

96.9

92.0 111.0

94.6 104.8

91.2

104.2

93.2

91.2 103.1

101.2

94.5

72. Commercial and industrial loans
outstanding in current dollars'*
517. Defense Department gross obligations
incurred1
525. Defense Department prime contract awards

580. Defense Department net outlays

1

89.9

93.2

604. Exports of domestic agricultural products

99.6

606. Exports of nonelectrical machinery

91.4

.. .

1

614. Imports of petroleum and products . . . .
616. Imports of automobiles and parts

1

....

99.3

76.0 109.7

96.6 109.8

97.7

101.1 113.4 103.1

106.6 105.0 100.0 101.1
106.6

86.3

99.8

98.7

83.1

103.1

111.7 100.6 108.4 109.4

90.0

361

543

825

100.8 101.0

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source agency. Seasonally adjusted data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description
of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
3
These quantities, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to
yield the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program.
"These factors apply to only the loans portion of this series.




97

C. Historical Data for Selected Series
Year

Jan.

Mar.

Feb.
1.

1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978.
1979...
1980...
1981...
1982...
1983...

Apr.

My
a

June

July

Aug.

Oct.

Sept.

Nov.

Dec.

IQ

39.3
40.8
40.6
41.1
39.6
40.0
40.8
40.5
39.0
39.8
40.2
38.4
40.3
40.2
40.6
41.1
41.4
40.9
40.7
40.7
40.5
39.5
40.2
40.5
40.6
39.3
40.2
40.0
40.4
40.6
40.1
40.1
39.2
39.0

39.3
39.7
40.9
40.7
41.0
39.6
40.5
40.6
40.3
38.7
40.2
40.2
39.3
40.3
40.4
40.4
41.3
41.5
40.6
40.6
40.6
40.2
39.8
40.3
40.7
40.4
39.0
40.3
40.1
40.0
40.6
40.0
40.0
38.7

AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING
(HOURS)

II Q

III Q

IV Q

Annual

AVERAGE FOR PERIOD

39.4
39.6
40.8
40.7
41.0
39.5
40.3
40.8
40.3
38.8
40.1
40.5
39.2
40.0
40.4
40.1
41.2

39.4
39.7
40.8
40.7
41.0
39.7
40.5
40.6
40.4
38.6
40.2
40.1
39.3
40.3
40. 3
40.6
41.2

39.1
39.7
41.0
40.6
41.1
39.5
40.7
40.4
40.2
38.7
40.4
39.9
39.4
40.5
40.4
40.6
41.4

38.8
40.1
41.2
40.1
41.1
39.4
40.6
40.6
40.1
38i6
40.5
39.7
39.6
40.7
40.2
40.8
41.0

38.9
40.2
40.9
40.4
40.9
39.5
40.9
40.2
39.8
38.8
40.6
40.0
39.6
40.5
40.5
40.7
41.2

38.9
40.5
40.7
40.5
40.7
39.6
40.6
40.1
39.9
39.0
40.5
39.8
39.9
40.4
40.6
40.7
41.1

39.1
40.8
40.5
40.1
40.6
39.6
40.6
40.2
39.9
39.2
40.2
39.8
40.0
40.4
40.5
40.8
41.1

39.0
41.1
40.2
40.5
40.4
39.7
40.6
40.2
39.8
39.4
40.3
39.7
40.1
40.3
40.4
40.9
41.0

39.4
40.8
40.4
41.0
39.8
39.5
40.7
40.4
39.7
39.6
40.1
39.4
39.5
40.5
40.6
40.5
40.8

39.4
40.9
40.2
41.1
40.0
39.6
40.9
40.5
39.3
39.5
40.1
39.6
40.2
40.2
40.6
40.6
41.2

39.0
40.9
40.3
41.0
39.8
40.1
41.0
40.4
39.2
39.8
39.8
39.2
40.5
40.3
40.5
40.8
41.3

41.0
40.3
40.7
40.4
39.9
40.2
40.4
40.5
39.2
40.5
39.7

40.4
40.9
40.4
40.2
39.7
40.4
40.9
40.4
38.9
40.3
40. 3

40.4
40.7
40.8
40.1
39.8
40.4
40.8
40.4
38.8
40.2
40.2

40.5
40.0
40.7
39.9
39.7
40.7
40.9
39.3
39.2
39.6
40.4

40.4
40.9
40.7
39.8
39.9
40.5
40.7
40.3
39.0
40.3
40.4

40.4
40.9
40.7
39.9
40.0
40.6
40.6
40.2
39.2
40.2
40.5

40.5
40.8
40.6
40.0
39.9
40.5
40.7
40.2
39.4
40.3
40.3

40.6
40.2
40.3
37.5

40.6
40.1
39.8
39.5

40.6
39.8
39.9
39.0

39.2
39.7
40.0
39.0

40.2
39.4
40.2
39.1

40.2
39.2
40.0
39.1

40.2
39.1
39.9
39.1

40.6
40.7
40.6
39.8
39.8
40.6
40.5
40.2
39.7
40.1
40.4
40.5
40.1
39.4
39.9
39.0

40.7
40.9
40.7
39.3
39.4
40.6
40.7
40.0
39.9
39.8
40.4
40.6
40.2
39.7
39.5
38.8

40.6
40.9
40.6
39.5
39.9
40.7
40.6
40.0
39.8
40.0
40.5
40.5
40.2
39.7
39.6
38.9

40.6
40.8
40.4
39.5
40.0
40.8
40.7
39.5
39.9
40.1
40.4
40.6
40.1
39.9
39.4
39.0

21. AVERAGE WEEKLY OVERTIME HOURS DF PRODUCTION WORKERS, MANUFACTURING
(HOURS)

38.9
40.3
40.9
40.3
40.9
39.5
40.7
40.3
39.9
38.8
40.5
39.8
39.7
40.5
40.4
40.7
41.1
41.4
40.4
40.6
40.7
39.9
39.9
40.6
40.7
39.9
39.1
40.0
40.4
40.6
39.9
39.4
40.1
39.1

39.2
40.9
40.4
40.5
40.3
39.6
40.6
40.3
39.8
39.4
40.2
39.6
39.9
40.4
40.5
40.7
41.0
41. 3
40.6
40.8
40.6
39.7
39.7
40.6
40.6
40.1
39.7
40.1
40.4
40.6
40.2
39.4
39.8
39.0

39.2
40.9
40.4
41.1
39.8
39.9
40.9
40.5
39.2
39.7
40.0
39.1
40.3
40.2
40.6
40.8
41.3
41.1
40.6
40.8
40.5
39.5
40.0
40.7
40.6
39.6
40.0
40.0
40.4
40.6
40.1
39.9
39.4
39.0

39.1
40.5
40.6
40.7
40.5
39.6
40.7
40.4
39.8
39.2
40.3
39.7
39.8
40.4
40.5
40.7
41.2
41.4
40.6
40.7
40.6
39.8
39.9
40.5
40.7
40.0
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9

AVERAGE FOR °ERIOD

1951...
1952...
1954...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1982...
1983...

3.1
2.8
1.8
2.5
3.0
2.1
2.8
2.7
2.9
3.5
3.9
3.6
3.4
3.7
3.4
2.8
3.1
3.9
3.6

2.9

2.7

2.8

2.7

2.6

2.6

1.8
2.6
2.8
2.1
2.7
2.8
2.9

1.7
2.8
2.7
2.1
2.8
2.8
2.9

1.7
2.8
2.4
2.2
2.9
2.6
3.1

1.8
2.9
2.5
2.3
2.9
2.8
3.1

1.9
2.9
2.4
2.3
2.9
2.9
3.1
3.6
3.9

1.9
2.8
2.4
2.4
2.8
2.9
3.1
3.6
4.0

3.5
3.6
3.2
2.8
3.2
4.0
3.5

3.5
3.6
3.2
2.8

3.1
3.7
3.0
2.8
3.6
4.1
2.8

3.6
3.6
3.0
2.9
3.4
3.9
3.5

3.6
3.1
2.9

3.1
3.3
3.4
3.6
3.1
3.0
2.3

3.1
3.3
3.7
3.7
3.0
2. 9
2.5

3.2
3.3
3.5
3.6
3.1
2. 9
2.3

2.6
3.6
3.9
2.9
3.0
2.4

3.8
3.5

2.5
2.2
2.1
2.8
2.3
2.5
2.6
2.9
3.3
3.5
3.9

2.7
2.1
2.2
2.7
2.3
2.5
2.8
2.9
3.2
3.5
3.9

2.8
2.1
2.2

2.7
2.1
2.4

2.9
1.9
2.5

2.9
2.7
1.8

2.7
2.4
1.8

2.6
2.2
2.1

2.4
2.6
2.7
2.9
3.1
3.7
3.9

2.1
2.7
2.7
2.9
3.1
3.8
3.8

2.0
2.8
2.8
3.0
3.4
3.8
3.6

2.8
2.1
2.8
2.8
2.9
3.6
4.0

2.4
2.3
2.9
2.8
3.1
3.5
4.0

2.3
2.5
2.7
2.9
3.2
3.5
3.9

3.6
3.6
3.0
2.9

3.5
3.6
2.9
2.9
3.5

3.6
3.6
2.7
2.9
3.5

3.7
3.5
2.9

3.8
3.5
2.6
2.9

3.7
3.5
2.7
3.0

3.5
3.6
3.3
2.8
3.2

3.4
3.6
3.0
2.9
3.5

3.6
3.6
2.9
2.9
3.5

3.8
3.4

3.4

3.3
3.5
3.5
3.4
2.6

3.2
3.5
3.6
3.4
2.4

3.2
3.5
3.6
3.4
2.5

3.3
2.8
3.1
3.5
3.5
3.2
2.6

3.2
2.8
3.2
3.5
3.6
3.2
2.8

3.2
2.8
3.1
3.5
3.6
3.3
2.8

2.8
2.9
3.2
3.6
3.7
3.2
3.0

2.7
3.0
3.2
3.5
3.6
3.2
3.1

3.5
2.4
3.1
3.3
3.5
3.6
3.1

3.2
2.4
3.0
3.5
3.7
3.2
2.7

3.3
2.7
3.2
3.5
3.6
3.3
2.6

2.3

2.3

2.3

2.3

2.3

2.3

2.3

2.3

2.4

2.3

2.3

40. NUMBER OF EMPLOYEES IN NONAGRICULTURAL GOODS-PRODUCING INDUSTRIES—MINING, MANUFACTURING,
AND CONSTRUCTION
(THOUSANDS)
17,978
17,563
20,041

20,014
21,073
20,219
19,832
20,997
21,196
20,183
20,061
20,789

18,195
17,119
19,988
20,146
21,235
20,163
19,984
21,087
21,278
19,730
20,121
20,903

20,122
20,463
20,608
21,459
22,615
23,488
23,336
24,119
24,190
22,941
23,226
24,391
25,200
23,296
23,057
23,631
24,794
26,275
26,496
25,600
24,711

20,304
20,425
20,830
21,560
22,793
23,389
23,542
24,229
24,198
22,841
23,269
24,618
25,219
22,777
23,159
23,777
24,857
26,288
26,382
25,516
24,670

20,328
20,447
20,832
21,606
22,950
23,314
23,542
24,306
24,204
22,828
23,406
24,702
25,139
22,478
23,230
23,990
25,055
26,489
26,268
25,579
24,483

1949...
1950...
1951...

18,394
17,389
19,817

1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
NOTE:

20,066
21,295
20,030
20,191
21,024
21,269
19,504
20,315
20,636

17,778
17,808
20,094

17,537
18,198
20,088

17,401
18,424
20,080

17,332
18,680
20,045

21,304
19,877
20,367
21,137
21,192
19,266
20,520
20,721
19, W£>f
6 Ot
2
X7
20,526
20,615
20,875
21,642
23,002
23,282
23,663
24,310
24,027
22,917
23,484
24,745
25,094
22,328
23,354
24,178
25,449
26,446
25,941
25,530
24,307

21,296
19,727
20,526
21,135
21,124
19,165
20,644
20,653
19 745
X 7 , / *T-J
20,516
20,681
20,915
21,763
23,082
23,211
23,694
24,358
23,744
22,977
23,588
24,804
25,054
22,352
23,315
24,306
25,502
26,516
25,594
25,503
24,226

21,278
19,646
20,641
21,207
21,092
19,178
20,765
20,544
19 880
20,473
20,650
20,958
21,849
23,250
23,200
23,717
24,445
23,649
22,918
23,661
24,919
25,003
22,291
23,320
24,438
25,658
26,606
25,316
25,654
24,001

19,511
21,266
19,476
20,626
20,596
21,026
19,219
20,793
20,451
19 878
20,526
20,697
21,020
21,941
23,291
23,236
23,758
24,497
23,598
22,885
23,574
24,931
24,911
22,251
23,365
24,522
25,729
26,622
25,047
25,720
23,843

These series contain revisions beginning with 1978.




19,074
19,919
20,149
21,142
19,418
20,661
21,124
20,942
19,320
20,273
20,375
19 967

21,068
19,479
20,675
21,137
20,843
19,494
20,242
20,255
19,963

2o!717
21,088
22,032
23,363
23,238
23,796
24,486
23,467
22,844
23,694
24,981
24,834
22,445
23,358
24,508
25,781
26,485
25,208
25,653
23,672

20^745
21,225
22,134
23,299
23,226
23,831
24,477
23,375
22,982
23,795
24,977
24,726
22,616
23,512
24,622
25,829
26,496
25,270
25,586
23,530

19,219
19,809

19,435
19,834
20,582
20,889
19,547
20,789
21,261
20,741
19,426
20,127
20,151
20 004
20^552
20,769
20,983
22,206
23,373
23,205
23,872
24,442
22,830
22,933
24,004
25,109
24,587
22,727
23,417
24,662
25,977
26,479
25,394
25,445
23,287

19,510
19,853
20^638
19,705
20,876
21,214
20,539
19,817
20,339
20,012
20 144
20^505
20,707
21,307
22,373
23,419
23,440
23,972
24,300
22,702
23,038
24,121
25,214
24,216
22,762
23,557
24,741
26,119
26,386
25,513
25,242
23,131

2.8
2.0
2.4
2.6
2.2
2.7
2.7
2.9
3.2
3.8
3.8
3.7
3.5
2.7
2.9
3.7
3.8
2.9
2.9
3.2
3.5
3.6
3.2
3.0
2.5
2.3

2.8
2.3
2.0
2.7
2.4
2.4
2.8
2.8
3.1
3.6
3.9
3.4
3.6
3.6
3.0
2.9
3.5
3.8
3.3
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3

AVERAGE FOR PERIOD
17,358
19,533
19,957
20,934
20,471
19,748
20,942
21,292
20,418
19,838
20,720
19,752
20,200
20,428
20,723
21,402
22,536
23,467
23,474
24,092
24,353
23,014
23,067
24,188
25,268
23,659
22,887
23,575
24,745
26,231
26,444
25,588
24,992
23,061

17,357
19,949
20,075
21,201
20,137
20,002
21,036
21,248
19,806
20,166
20,776
19,618
20,251
20,445
20,757
21,542
22,786
23,397
23,473
24,218
24,197
22,870
23,300
24,570
25,186
22,850
23,149
23,799
24,902
26,351
26,382
25,565
24,621

18,143
20,087
19,925
21,293
19,750
20,511
21,160
21,136
19,203
20,643
20,639
19,751
20,505
20,649
20,916
21,751
23,111
23,231
23,691
24,371
23,807
22,937
23,578
24,823
25,050
22,324
23,330
24,307
25,536
26,523
25,617
25,562
24,178

17,409
18,991
19,924
20,027
21,159
19,458
20,654
20,952
20,937
19,344
20,436
20,360
19,936
20,540
20,720
21,111
22,036
23,318
23,233
23,795
24,487
23,480
22,904
23,688
24,963
24,824
22,437
23,412
24,551
25,780
26,534
25,175
25,653
23,682

17,085
19,493
19,881
20,770
20,666
19,667
20,869
21,256
20,566
19,694
20,395
19,972
20,116
20,495
20,733
21,231
22,372
23,420
23,373
23,979
24,365
22,849
23,013
24,104
25,197
24,154
22,792
23,516
24,716
26,109
26,436
25,498
25,226
23,160

17,565
18,506
19,959
20,198
21,074
19,751
20,513
21,104
20,964
19,513
20,411
20,434
19,857
20,451
20,640
21,005
21,926
23,158
23,308
23,737
24,361
23,578
22,935
23,668
24,893
24,794
22,600
23,352
24,346
25,585
26,461
25,658
25,497
23,907

(JULY 1983)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.
41.

1949..
1950..
1951..
1952..
1953..
1954..
1955..
1956..
1957..
1958..
1959..
I960..
1961..
1962..
1963..
1964..
1965..
1966..
1967..
1968..
1969..
1970..
1971..
1972..
1973..
1974..
1975..
1976..
1977..
1978..
1979..
1980..
1981..
1982..
1983..

44,631
43,472
47,227
48,229
50,043
49,340
49,363
51,880
52,808
52,002
52,410
54,184
53,524
54,703
55,927
57,281
59,419
62,415
65,240
66,656
69,297
71,059
70,752
72,357
75,521
78,020
77,153
78,317
80,527
84,478
88,733
90,804
90,920
90,396

Mar.

44,399
43,175
47,519
48,491
50,271
49,270
49,523
52,096
53,000
51,448
52,558
54,406
53,373
54,996
56,039
57,621
59,710
62,766
65,224
67,026
69,575
71,201
70,689
72,542
75,923
78,181
76,743
78,614
80,783
84,800
88,957
90,895
90,990
90,417

44,169
43,816
47,700
48,450
50,360
49,081
49,867
52,141
53,052
51,131
52,863
54,348
53,462
55,109
56,157
57,686
59,921
63,129
65,305
67,156
69,803
71,363
70,766
72,850
76,168
78,184
76,429
78,828
81,228
85,339
89,374
90,933
91,030
90,207

14,055
12,677
16,503
19,632
21,227
21,000
20,529
24,515
28,695
29,171
28,567
31,433
32,999
33,582
36,039
38,931
43,562
53,195
61,876
67,254
77,048
88,521
90,944
84,478
94,279
113,967
140,652
125,349
124,450
135,158
156,487
191,892
211,841
252,112

13,979
12,764
17,116
19,641
21,277
21,064
20,692
24,686
28,720
28,835
28,583
31,870
32,966
33,712
36,126
39,195
44,618
54,071
62,404
67,415
77,843
90,023
91,625
85,260
98,034
116,322
139,605
125,758
125,824
135,658
158,818
196,003
212,204
257,318

13,861
12,763
17,579
19,761
21,430
21,036
20,916
25,414
29,182
28,728
28,820
32,093
33,111
33,907
36,251
39,201
45,563
54,805
63,100
67,732
79,091
91,243
91,904
86,195
100,124
117,738
138,152
123,490
126,179
138,536
160,803
198,987
210,484
259,299

101.
1949..
1951..
1952..
1953..
1954..
1955..
1956..
1957..
1958..
1959..
I960..
1961..
1962..
1963..
1964..
1965..
1966..
1967..
1968..
1969..
1970..
1971..
1972..
1973..
1974..
1975..
1976..
1977..
1978..
1979..
1980..
1981..
1982..
1983..

18,953

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

ll Q

19,158

44,057
44,238
47,849
48,476
50,367
48,984
50,106
52,302
53,029
50,787
53,190
54,561
53,485
55,384
56,398
57,846
60,080
63,318
65,373
67,422
69,980
71,283
70,969
73,079
76,308
78,239
76,333
79,142
81,615
86,064
89,324
90,718
91,128
90,024

43,806
44,589
47,803
48,478
50,343
48,857
50,414
52,387
52,999
50,760
53,382
54,366
53,664
55,514
56,534
57,974
60,389
63,595
65,478
67,519
70,197
70,998
71,129
73,346
76,473
78,381
76,470
79,188
81,984
86,396
89,663
90,255
91,131
90,016

43,582
44,953
47,915
48,130
50,386
48,810
50,705
52,454
52,961
50,822
53,603
54,292
53,922
55,563
56,571
58,128
60,590
63,989
65,642
67,779
70,478
70,888
71,136
73,639
76,743
78,443
76,400
79,264
82,392
86,833
89,980
89,937
91,322
89,775

43,415
45,361
47,923
47,992
50,385
48,689
50,823
51,764
52,970
50,915
53,683
54,230
54,052
55,663
56,705
58,309
60,868
64,166
65,816
67,979
70,629
70,927
71,169
73,576
76,713
78,492
76,640
79,469
82,743
87,060
90,082
89,674
91,484
89,450

43,490
46,035
47,806
48,687
50,272
48,644
50,905
52,396
52,918
51,118
53,230
54,198
54,232
55,796
56,832
58,510
61,072
64,306
65,933
68,189
70,742
70,750
71,168
73,908
77,009
78,511
77,034
79,591
82,954
87,319
90,150
89,932
91,424
89,264

43,708
46,304
47,743
49,076
50,216
48,752
51,085
52,446
52,825
51,359
53,265
54,069
54,303
55,860
56,971
58,777
61,333
64,367
66,074
68,333
70,800
70,815
71,499
74,107
77,170
78,542
77,216
79,857
83,460
87,470
90,212
90,092
91,411
89,235

43,148
46,654
48,026
49,710
49,824
49,102
51,491
52,722
52,458
51,831
53,503
53,843
54,636
55,943
57,125
59,080
61,859
64,839
66,570
68,837
70,921
70,264
71,723
74,904
77,867
78,234
77,582
80,122
84,012
88,233
90,465
90,606
91,041
88,785

43,497
46,756
48,119
49,933
49,627
49,242
51,721
52,865
52,281
51,968
54,033
53,571
54,739
55,915
57,251
59,320
62,209
65,042
66,767
69,151
71,119
70,661
71,977
75,164
77,933
77,531
77,878
R0,310
84,260
88,534
90,596
90,805
90,730
88,665

44,400
43,488
47,482
48,390
50,225
49,230
49,584
52,039
52,953
51,527
52,610
54,313
53,453
54,936
56,041
57,529
59,683
62,770
65,256
66,946
69,558
71,208
70,736
72,583
75,871
78,128
76,775
78,586
80,846
84,872
89,021
90,877
90,980
90,340

43,815
44,593
47,856
48,361
50,365
48,884
50,408
52,381
52,996
50,790
53,392
54,406
53,690
55,487
56,501
57,983
60,353
63,634
65,498
67,573
70,218
71,056
71,078
73,355
76,508
78,354
76,401
79,198
81,997
86,431
89,656
90,303
91,194
89,938

12,604
15,462
19,194
21,031
21,451
19,955
23,771
28,199
29,573
28,342
31,076
33,118
33,280
35,939
3fi,579
42,068
51,650
61,043
66,161
74,374
88,070
91,082
92,301
91,408
110,877
139,734
126,131
123,317
133,272
152,486
183,895
208,596
243,965
268,847

12,573
15,986
19,411
21,133
21,058
20,314
24,110
28,395
29,517
28,496
31,28fl
33,018
33,429
35,986
39,045
42,737
52,300
61,332
67,068
75,150
89,059
91,069
91,788
92,111
111,764
139,873
126,245
124,225
134,372
152,870
186,969
210,377
246,682
263,475

13,965
12,735
17,066
19,678
21,311
21,033
20,712
24,872
28,866
28,911
28,657
31,799
33,025
33,734
36,139
39,109
44,581
54,024
62,460
67,467
77,994
89,929
91,491
85,311
97,479
116,009
139,470
124,866
125,484
136,451
158,703
195,627
211,510
256,243

13,392
13,009
18,393
19,840
21,746
20,809
21,420
26,393
29,729
28,267
29,569
32,632
33,018
34,300
36,608
39,858
47,043
56,248
64,093
69,181
82,304
91,880
91,086
87,839
103,336
124,835
133,904
121,292
127,885
143,065
169,019
199,528
219,543
268,033

17,950 17,857
17,813
19,333 19,619
19,768
23,320 23,421
23,686
25,742 26,360 26,741
27,197 27,070 26,501
24,917 25,147
25,705
29,079 29,633
30,055
33,420 33,741
33,844
35,265 34,711
34,514
32,866 32,973
33,152
36,011 36,245
36,492
38,243 38,384 38,316
38,739 38,815 38,891
41,353 41,654 41,866
43,945 44,713 45,482
48,183 48,757 49,532
57,520 58,255 58,630
66,685 67,357 67,679
72,374 72,946
73,432
78,474 79,528 80,049
89,909 90,053
90,680
91,540 90,952 90,875
89,418 89,160 87,836
89,784 90,235
89,255
94,132 94,848 93,840
96,817 96,836 97,134
84,553 84,312 84,163
78,258 79,151
79,074
80,203 80,527 80,752
83,426 84,200 83,719
89,670 88,581
89,160
87,521 89,029
89,218
96,724 98,333
99,308
108,923 106,643 104,347

19,045
17,978
20,383
24,215
26,906
26,363
26,054
30,687
34,258
33,622
33,241
36,885
38,181
39,081
42,097
45,385
51,432
59,994
68,947
73,144
82,167
90,720
90,037
86,844
91,376
92,634
97,055
82,858
78,626
80,469
84,431
89,954
87,613
102,307

18,743
18,133
22,028
24,655
27,504
26,070
26,933
32,064
35,147
32,844
34,199
37,789
38,526
39,954
42,733
46,468
53,713
62,227
70,905
74,533
85,645
92,309
88,586
88,547
92,379
96,271
92,206
79,328
78,249
81,904
86,821
89,944
88,917
106,898

42,823
46,530
47,833
49,436
50,114
48,828
51,308
52,667
52,673
51,379
53,203
53,982
54,375
55,919
57,148
58,658
61,538
64,614
66,091
68,569
70,957
70,383
71,485
74,537
77,506
78,599
77,479
79,847
83,659
87,788
90,367
90,364
91,295
88,938

13,605
12,849
18,079
19,742
21,675
20,967
21,049
25,932
29,503
28,554
29,092
32,293
33,079
34,121
36,458
39,554
46,203
55,377
63,598
68,877
81,132
91,333
90,891
87,342
101,768
122,857
136,564
120,789
126,925
140,620
166,262
199,207
214,356
264,651

13,409
12,936
18,453
19,809
21,816
20,811
21,416
26,448
29,650
28,168
29,573
32,591
33,020
34,269
36,626
39,882
47,209
56,139
63,998
69,067
82,277
91,864
91,662
87,906
103,074
125,111
133,750
121,069
127,740
143,029
168,693
197,502
220,005
268,405

13,163
13,242
18,646
19,969
21,747
20,650
21,796
26,799
30,033
28,079
30,042
33,011
32,955
34,509
36,740
40,137
47,718
57,228
64,682
69,598
83,502
92,444
90,706
88,268
105,166
126,537
131,397
122,018
128,990
145,547
172,102
201,874
224,269
271,042

12,833
13,619
18,757
20,141
21,778
20,651
22,244
27,145
30,245
28,039
30,026
32,993
33,012
34,740
36,872
40,428
48,072
58,223
65,083
70,294
83,909
92,433
89,951
88,429
106,581
130,706
130,713
121,328
128,860
146,937
175,813
200,401
228,645
271,707

12,660
14,057
18,865
20,190
21,934
19,804
22,664
27,418
30,285
27,941
30,456
32,840
33,131
35,038
37,047
40,839
49,139
59,360
64,862
71,359
85,141
93,072
91,627
88,800
108,505
133,304
129,579
121,083
130,214
147,792
179,510
201,140
233,421
272,101

12,641
14,696
18,968
20,381
21,819
19,753
22,977
27,778
30,374
28,122
30,646
32,956
33,214
35,318
37,341
41,418
50,141
59,950
65,155
72,318
86,404
93,435
93,437
88,593
108,458
137,429
128,146
120,710
130,848
148,769
184,298
202,808
238,357
273,934

12,670
15,027
19,111
20,650
21,640
19,718
23,421
27,858
29,969
28,215
30,915
32,996
33,215
35,635
37,821
41,625
50,812
60,578
65,644
73,153
87,358
91,680
92,465
90,502
109,664
138,352
126,999
121,770
132,174
150,501
184,899
204,099
240,455
274,160

19,025

18,870

18,767

18,592

21,548 22,080
22,456
24,478 24,594 24,893
27,465 27,530
27,518
26,173 26,013
26,023
26,418 27,025
27,355
31,644 32,061
32,487
34,895 35,114 35,431
33,178 32,688 32,667
33,633 34,190
34,775
37,334 37,726
38,308
38,435 38,512 38,631
39,696 39,918 40,249
42,684 42,718 42,797
46,075 46,515 46,813
53,017 53,971
54,150
61,294 62,128 63,258
70,672 70,799 71,243
74,406 74,352 74,840
85,004 85,520 86,412
91,848 92,384 92,696
88,811 89,202 87,744
88,492 88,615 88,534
92,854 92,195 92,089
95,832 96,165 96,815
94,508 91,988 90,121
79,362 79,286 79,336
77,820 77,938 78,990
81,096 81,918 82,697
86,102 86,598 87,762
90,261 89,045
90,526
87,030 89,107 90,614
105,776 107,062 107,856

'This series contains revisions beginning with 1978.

2

18,153

17,881

17,827

22,738 23,020
23,176
24,973 24,933
25,270
27,222 27,529 27,236
25,918 24,855
24,893
27,918 28,329 28,489
32,993 33,150 33,324
35,454 35,456
35,651
32,620 32,547
32,758
34,844 35,477
35,474
38,191 38,206
38,340
38,551 38,642 38,738
40,416 40,711 40,729
42,789 43,100 43,497
47,033 47,571
48,004
54,552 55,763
56,830
63,909 64,859 65,514
71,605 71,508 71,827
75,442 76,795
77,580
86,725 88,027 89,249
92,271 93,307 93,195
86,825 88,185
90,298
87,989 88,183
87,803
94,487 90,951
92,462
96,249 94,811
97,884
88,619 87,317 85,889
78,377 78,472 77,777
78,765 79,690 79,785
83,062 83,593 83,437
88,393 89,710
90,698
88,282 87,490 87,948
91,936 93,781 95,996
107,735 107,934 109,007

This series contains revisions beginning with 1966.

III Q

IV Q

Annual

AVERAGE FOR PERIOD
43,538
45,900
47,824
48,585
50,291
48,695
50,938
52,202
52,904
51,131
53,393
54,166
54,196
55,773
56,836
58,532
61,091
64,280
65,941
68,167
70,724
70,831
71,279
73,864
76,964
78,515
76,963
79,639
83,052
87,283
90,148
89,899
91,440
89,316

43,156
46,647
47,993
49,693
49,855
49,057
51,507
52,751
52,471
51,726
53,580
53,799
54,583
55,926
57,175
59,019
61,869
64,832
66,476
68,852
70,999
70,436
71,728
74,868
77,769
78,121
77,646
80,093
83,977
88,185
90,476
90,592
91,022
88,796

43,754
45,197
47,819
48,793
50,202
48,990
50,641
52,369
52,853
51,324
53,268
54,189
53,999
55,549
56,653
58,283
60,765
63,901
65,803
67,897
70,384
70,880
71,214
73,675
76,790
78,265
76,945
79,382
82,471
86,697
89,823
90,406
91,156
89,596

AVERAGE FOR PERIOD

COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING IN 1972 DOLLARS 2
(MILLIONS OF DOLLARS)

19,901 20,348 20,899
24,083 24,191 24,371
26,787 26,924 27,006
26,249 26,437 26,402
25,835 25,970 26,358
30,356 30,445 31,259
34,070 34,056
34,648
34,023 33,588 33,254
33,151 33,170 33,403
36,523 37,030 37,103
38,150 38,112 38,280
38,873 39,072 39,298
41,874 42,082 42,334
45,008 45,542 45,606
50,362 51,454 52,479
59,357 59,903 60,721
68,150 68,832 69,859
73,346 72,911
73,174
81,559 82,028 82,914
89,515 90,769 91,875
90,091 90,011 90,009
86,555 86,558 87,419
90,219 92,051 91,857
92,581 92,687 92,634
97,540 97,083 96,542
83,233 83,505
81,836
78,816 78,788 78,275
80,451 79,940 81,015
84,405 84,388 84,500
89,669 89,704 90,490
88,599 87,869 86,370
100,644 102,640 103,637




June

My
a

COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING IN CURRENT DOLLARS 2
(MILLIONS OF DOLLARS)

72.
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...

Apr.

NUMBER OF EMPLOYEES ON NONAGRICULTURAL PAYROLLS, ESTABLISHMENT SURVEY 1
(THOUSANDS)

12,711
14,124
18,863
20,237
21,844
20,069
22,628
27,447
30,301
28,034
30,376
32,930
33,119
35,032
37,087
40,895
49,117
59,178
65,033
71,324
85,151
92,980
91,672
88,607
107,848
133,813
129,479
121,040
129,974
147,833
179,874
201,450
233,474
272,581

12,616
15,492
19,239
20,938
21,383
19,996
23,767
28,151
29,686
28,351
31,093
33,044
33,308
35,853
38,482
42,143
51,587
60,984
66,291
74,226
88,162
91,277
92,185
91,340
110,768
139,320
126,458
123,104
133,273
151,952
185,254
207,691
243,701
268,827

13,171
13,840
18,390
20,173
21,571
20,477
22,132
26,716
29,646
28,391
29,924
32,601
33,118
34,730
37,079
40,501
48,082
57,608
64,469
70,549
83,403
91,517
91,608
88,274
104,858
128,494
132,328
122,576
129,154
144,825
173,212
201,074
227,057
266,421

AVERAGE FOR PERIOD
17,954
18,625
22,978
25,059
27,329
25,222
28,245
33,156
35,520
32,642
35,265
38,246
38,644
40,619
43,129
47,536
55,715
64,761
71,647
76,606
88,000
92,924
88,436
87,992
92,633
96,315
87,275
78,209
79,413
83,364
89,600
87,907
93,904
108,225

17,873
19,573
23,476
26,281
26,923
25,256
29,589
33,668
34,830
32,997
36,249
38,314
38,815
41,624
44,713
48,824
58,135
67,240
72,917
79,350
90,214
91,122
88,805
89,758
94,273
96,929
84,343
78,828
80,494
83,782
89,137
88,589
98,122
106,638

18,404
18,577
22,216
25,052
27,165
25,728
27,705
32,394
34,939
33,026
34,739
37,809
38,541
40,320
43,168
47,053
54,749
63,555
71,104
75,908
86,507
91,769
88,966
88,285
92,665
95,537
90,220
79,806
79,196
82,380
87,497
89,099
92,139
106,017

(JULY 1983)

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

My
a

June

July

Aug.

109. AVERAGE PRIME RATE CHARGED BY BANKS
(PERCENT)
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...

2.00
2.00
2.44
3.00
3.00
3.25
3.00
3.50
4.00
4.34
4.00
5.00
4.50
4.50
4.50
4.50
4.50
5.00
5.96
6.00
6.95
8.50
6.29
5.18
6.00
9.73
10.05
7.00
6.25
7.93
11.75
15.25

2.00
2.00
2.50
3.00
3.00
3.25
3.00
3.50
4.00
4.00
4.00
5.00
4.50
4.50
4.50
4.50
4.50
5.00
5.75
6.00
7.00
8.50
5.88
4.75
6.02
9.21
8.96
6.75
6.25
8.00
11.75
15.63

1982...
1983...

15.75

16.56

2.00
2.00
2.50
3.00
3.00
3.13
3.00
3.50
4.00
4.00
4.00
5.00
4.50
4.50
4.50
4.50
4.50
5.35
5.71
6.00
7.24
8.39
5.48
4.75
6.30
8.83
7.93
6.75
6.25
8.00
11.75
18.31
18. 05
16.50

2.00
2.00
2.50
3.00
3.03
3.00
3.00
3.65
4.00
3.83
4.00
5.00
4.50
4.50
4.50
4.50
4.50
5.50
5.50
6.20
7.50
8.00
5.25
4.98
6.60
10.02
7.50
6.75
6.25
8.00
11.75
19.77
17.15
16.50

2.00
2.00
2.50
3.00
3.25
3.00
3.00
3.75
4.00
3.50
4.23
5.00
4.50
4.50
4.50
4.50
4.50
5.50
5.50
6.50
7.50
8.00
5.42
5.00
7.01
11.25
7.40
6.75
6.41
8.27
11.75
16.57
19.61
16.50

2.00
2.00
2.50
3.00
3.25
3.00
3.00
3.75
4.00
3.50
4.50
5.00
4.50
4.50
4.50
4.50
4.50
5.52
5.50
6.50
8.23
8.00
5.50
5.04
7.49
11.54
7.07
7.20
6.75
8.63
11.65
12.63
20.03
16.50

2.00
2.00
2.50
3.00
3.25
3.00
3.00
3.75
4.00
3.50
4.50
5.00
4.50
4.50
4.50
4.50
4.50
5.75
5.50
6.50
8.50
8.00
5.90
5.25
8.30
11.98
7.15
7.25
6.75
9.00
11.54
11.48
20. 39
16.26

1

Sept.

Oct.

Nov.

Dec.

2.00
2.25
2.62
3.00
3.25
3.00
3.40
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50
4.50
6.00
5.50
6.00
8.50
7.50
5.91
5.73
9.94
11.68
7.96
6.78
7.52
9.94
14.39
13.79
18.45
12.52

2.00
2.25
2.75
3.00
3.25
3.00
3.50
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50
4.50
6.00
5.68
6.20
8.50
7.28
5.47
5.75
9.75
10.83
7.53
6.50
7.75
10.94
15.55
16.06
16.84
11.85

2.00
2.25
2.85
3.00
3.25
3.00
3.50
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50
4.92
6.00
6.00
6.60
8.50
6.92
5.25
5.79
9.75
10.50
7.26
6.35
7.75
11.55
15.30
20.35
15.75
11.50

2.00
2.00
2.48
3.00
3.00
3.21
3.00
3.50
4.00
4.11
4.00
5.00
4.50
4.50
4.50
4.50
4.50
5.12
5.81
6.00
7.06
8.46
5.88
4.89
6.11
9.26
8.98
6.83
6.25
7.98
11.75
16.40
19.21
16.27

2.00
2.00
2.50
3.00
3.18
3.00
3.00
3.72
4.00
3.61
4.24
5.00
4.50
4.50
4.50
4.50
4.50
5.51
5.50
6.40
7.74
8.00
5.39
5.01
7.03
10.94
7.32
6.90
6.47
8.30
11.72
16.32
18.93
16.50

12.6
20.6
10.8
17.5
-6.2

3.8
17.0
21.7
6.9
15.9
-0.3
18.2
15.3
8.8
0.8
12.1
11.6
6.1
10.0
11.5
11.2
13.4

1.3
21.6
10. 2
15.4
11.7
-1.5
20.8
13.5
8.4
1.5
16.1
10.3
5.1
12.1
12.7
10.9
12.2
7.5
5.5
8.7
11.9

4.0
36.8
4. 5
14.9
7.6
-3.0
20.4
10.4
7.3
6.4
15.2
6.6
7.7
11.8
12.9
11.7
12.0

14.0
18.4
8. 7
20.7
-1.1

5.8
23.4
11.3
14.5
8.5

l'2.'l
9.2
2.9
10.4
11.4
6.6
9.5
12.4
13.9
10.7
10.3

18.0
12.1
6.9
4.8
13.7
8.8
7.1
11.6
12.7
11.1
12.0

6.6
6.1
9.5
8.4

4. 3
8.8
11.2
6.8

IQ

4.8
18.1
24.9
3.4
13.5
2.3
16.3
12.4
7.1
0.0
10.9
12.9
5.4
11.1
12.4
9.5
14.6
11.4
5.7
5.0
12.9
8. 0
10.2
10. 5
23.6
13.7
4.1
5.5
15.8
13.6
15.3
6.8
7.9
7.9

4.2
19.1
24.2
9.8
14.9
-2.0
16.2
13.7
8.5
1.4
12.1
10.2
7.3
8.9
11.7
10.6
13.2
4.3
4.2
15.4
3.0
14.5
6.9
23.6
12.6
5.7
5.6
14.2
13.7
18.7
14.9
7.9
8.4

2.4
13.7
16.1
7.5
19.2
-1.3
22.1
19.8
10.7
1.0
13.3
11.6
5.5
9.9
10.4
13.4
12.3
8.9
4.1
11.2
10.1
5.1
8.6
18. 4
17.5
9.0
-3.2
12.4
14.1
18.0
11.3
12.1
3.2
2.8

2.00
2.00
2.50
3.00
3.25
3.00
3.23
3.84
4.42
3.50
4.50
4.85
4.50
4.50
4.50
4.50
4.50
5.88
5.50
6.50
8.50
8.00
6.00
5.27
9.23
12.00
7.66
7.01
6.83
9.01
11.91
11.12
*ir\ crt
20 . 50
14.39

-0.38
1.25
6.20
2.65
1.13
-0.70
2.58
4.86
3.60
-4.15
0.85
1.74
-0.23
1.84
0.64
-1.37
9.90
10.74
6.53
2.23
22.78
-6.46
-1.50
26.02
26.44
9.35
-10.75
2.70
9.43
43.40
59.08
17.57
65.16

-0.91
1.04
7.36
0.11
0.60
0.77
1.96
2.05
0.30
-4.03
0.19
5.24
-0.40
1.56
1.04
3.17
12.67
10.51
6.34
1.93
9.54
18.02
8.17
9.38
45.06
28.26
-12.56
4.91
16.49
6.00
27.97
49.33
4.36
62.47

-1.42
-0.01
5.56
1.44
1.84
-0.34
2.69
8.74
5.54
-1.28
2.84
2.68
1.74
2.34
1.50
0.07
11.34
8.81
8.35
3.80
14.98
14.64
3.35
11.22
25.08
16.99
-17.44
-27.22
4.26
34.54
23.82
35.81
-20.64
23.77




2.00
2.03
2.50
3.00
3.25
3.00
3.16
3.86
4.31
3.61
4.67
4.78
4.50
4.50
4.50
4.50
4.50
5.88
5.50
6.47
8.50
7.94
5.97
5.34
9.13
11.99
7.56
7.09
6.90
9.14
12.12
11.61
20. 32
14.72

2.00
2.25
2.74
3.00
3.25
3.00
3.47
4.00
4.50
4.00
5.00
4.50
4.50
4.50
4.50
4.50
4.64
6.00
5.73
6.27
8.50
7.23
5.54
5.76
9.81
11.00
7.58
6.54
7.67
10.81
15.08
16.73
17.01
11.96

4.0
18.9

1.1
30.5

-3.3
39.7

4.1
32.0

11.1
38.7

16.7
18.9

12.8
15.7

18.0
13.7
-2.9
21.7
14.4
8.1
0.7
16.6
9.3
5.0
12.2
12.9
11.9
13.6

22.9
5.5
-1.2
22.6
10.8
8.7
3.0
17.0
11.1
6.2
11.8
11.7
10.0
10.4

16.8
9.7
2.9
20.3
10.0
8.8
5.3
16.1
6.2
6.2
11.8
13.1
12.0
10.5

10.6
9.6
-15.1
21.5
10.8
6.1
4.1
16.0
5.7
8.0
12.2
12.7
10.4
12.6

17.4
3.5
3.2
19.3
10.5
7.1
9.7
13.6
8.0
9.0
11.4
12.9
12.8
12.8

4.1
11.2
14.7
1.6
5.6
15. 5
15.4
18.5
-0.5
5.6
15.3
15.3
17.7
0.6
10.0
6.6

4.2
7.8
10.6
3.8
10.7
13.6
16.6
13.9
-1.7
10.7
15.6
18.4
14.6
-5.2

8.2
7.1
10.3
6.3
7.5
14. 7
16.4
8.9
0.1
11.9
16.3
17.1
14.4
1.6

6.4
9.1
6.4
5.9
8.6
11.7
14.7
15.0
6.2
9.0
13.4
13.9
14.7
0.1

5.2
9.5
8.9
6.4
16.0

6.7
9.9
9.9
7.2
16.1

23.6
2.2
4.3
9.9
7.7
2.1
8.2
13.1
6.3
7.9
13.3
14.5
9.6
9.6
4.4
6.6
10.8
8.0
-0.3
7.0

21.1
0.7
10.5
15.2
11.2
1.9
10.4
10.9
8.1
10.1
13.1
14.7
9.7
10.9
4.4
9.2
12.1
7.3
2.0
11.5

15.0
11.3
4.6
9.8
16.9
13.6
13.4
7.0

8.0
12.2
4.3
10.3
14.8
12.5
15.2
7.4

11.3
4.1
7.5
13.7
15.1
12.9
10.6
8.2

10.6
5.4
6.0
13.2
16.2
14.6
6.3
10.5

7.3
1.9
9.0
13.4
15.3
12.2
8.2
7.3

21.6
11.8
2.2
7.8
14.7
15.1
15.1
11.3

7.9
14.6
16.1
13.8
-0.7
9.4
15.7
16.9
15.6
-1.0

13.6
12.8
12.6
12.8
5.0
9.7
15.0
13.3
14.4
4.8

9.5
16. 2
9.7
3.8
7.5
13.4
15.5
13.2
8.4
8.7

4.7

3.2

-1.9

1.4

1.2

-4.1

-5.6

-8.1

6.4

4.8

0.2

-5.9

-2.08
5.26
1.30
0.59
1.87
-10.16
5.04
3.28
0.48
-1.18
5.16
-1.84
1.43
3.58
2.10
4.93
12.80
13.64
-2.65
12.78
14.78
7.67
20.11
4.45
23.09
31.18
-13.61
-2.94
16.25
10.26
44.36
8.87
57.31
4.73

-0.23
7.67
1.24
2.29
-1.38
-0.61
3.76
4.32
1.07
2.17
2.28
1.39
1.00
3.36
3.53
6.95
12.02
7.08
3.52
11.51
15.16
4.36
21.72
-2.48
-0.56
49.50
-17.20
-4.48
7.61
11.72
57.46
20.02
59.23
22.00

0.35
3.97
1.72
3.23
-2.15
-0.42
5.33
0.96
-4.86
1.12
3.23
0.48
0.01
3.80
5.76
2.48
8.05
7.54
5.87
10.02
11.45
-21.06
-11.66
22.91
14.47
11.08
-13.76
12.72
15.91
20.78
7.21
15.49
25.18
2.71

-0.79
5.22
1.00
4.57
-2.27
2.84
4.20
4.09
-4.75
1.52
1.93
1.46
0.78
3.65
9.10
5.32
10.06
5.58
6.20
14.65
8.54
-7.18
-1.97
10.87
14.56
16.58
-10.42
18.56
13.18
23.82
-12.05
53.96
42.12
-63.76

-0.37
6.29
2.60
1.22
-4.72
4.31
4.07
2.35
-0.67
1.85
2.54
-1.20
1.79
0.56
5.59
8.03
7.80
3.47
10.88
9.31
11.87
-0.16
-6.16
8.44
10.64
1.67
1.37
10.90
13.20
4.61
36.89
21.37
32.60
-64.46

-0.90
0.76
6.37
1.40
1.19
-0.09
2.41
5.22
3.15
-3.15
1.29
3.22
0.37
1.91
1.06
0.62
11.30
10.02
7.07
2.65
15.77
8.73
3.34

-2.79
1.91
4.27
0.83
1.27
-1.54
3.52
5.54
3.40
-2.60
4.89
3.67
-0.62
2.41
1.96
3.75
8.62
9.69
6.33
7.46
17.64
4.80
-4.79
8.29
20.17
35.20
-27.02
-5.89
11.24
28.05
45.20
11.55
55.14
46.97

-3.07
1.03
6.00
-0.23
2.94
-0.83
1.60
6.22
3.85
-2.09
3.26
2.40
-0.38
2.57
2.48
4.24
7.68
6.86
5.98
13.74
24.49
1.08
-12.16
13.76
19.73
61.43
-19.06
-32.41
8.95
25.01
65.51
2.64
46.46
64.22

-2.35
1.04
4.49
0.80
1.69
-1.87
4.40
6.19
1.76
-4.63
5.77
3.58
-0.71
1.78
2.02
3.94
12.07
9.14
4.80
2.28
13.74
6.37
9.25
6.77
15.67
27.05
-33.77
3.36
9.78
28.91
29.17
-20.46
67.79
45.05

-2.95
3.67
2.32
1.92
-0.83
-1.93
4.56
4.21
4.60
-1.07
5.63
5.04
-0.78
2.88
1.37
3.06
6.11
13.07
8.21
6.37
14.70
6.96
-11.47
4.34
25.10
17.11
-28.24
11.39
15.00
30.22
40.91
52.46
51.17
31.64

-3.96
4.52
1.33
2.06
0.37
0.01
5.38
4.15
2.54
-0.48
-0.19
-0.22
0.68
2.77
1.58
3.49
4.25
11.94
4.81
8.35
4.88
-0.13
-9.06
1.93
16.98
50.03
-8.21
-8.28
-1.56
16.68
44.53
-17.68
52.51
7.98

Annual
2.00
2.07
2.56
3.00
3.17
3.05
3.16
3.77
4.20
3.83
4.48
4.82
4.50
4.50
4.50
4.50
4.54
5.62
5.63
6.28
7.95
7.91
5.70
5.25
8.02
10.80
7.86
6.84
6.82
9.06
12.67
15.27
18.87
14.86

AVERAGE FOR PERIOD

-1.1
15.5
13.4
5.4
16.0
-0.5
18.2
15.2
8.5
0.9
14.8
10.4
4.2
12.2
13.4
10.7
12.7

This series contains no revisions but is reprinted for the convenience of the user,
beginning with 1966.

100

IV Q

AVERAGE FOR PERIOD
2.00
2.08
2.50
3.00
3.25
3.00
3.25
4.00
4.50
3.83
5.00
4.50
4.50
4.50
4.50
4.50
4.50
6.00
5.50
6.40
8.50
7.83
6.00
5.50
9.86
12.00
7.88
7.00
7.13
9.41
12.90
12.23
o/1^ n o
20 . U«
13.50

13.0
8.8
4.7
12.5
10.3
5.3
10.4
10.9
12.4
12.9
10.5
4.2
10.5
10.7
5.0
7.9
10.1

4. 7
*
6.8
12.8
11.1

112. NET CHANGE IN BUSINESS LOANS2
(ANNUAL RATE, BILLIONS OF DOLLARS)
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...

III Q

<g)

111. CHANGE IN CREDIT OUTSTANDING—BUSINESS AND CONSUMER BORROWING 2
(ANNUAL RATE, PERCENT)
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970.
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...

II Q

6.3
9.0
10.0
4.7
10.5
13.9
15.0
10.5
3.5
10.1
15.2
14.6
13.4
5.9
7.1
1.4

AVERAGE FOR PERIOD

This series contains revisions

32!o5
23.90
-6.88
-11.02
7.82
16.66
31.73
48.07
0.43
50.47

-2.09
5.82
1.29
1.65
0.29
-3.59
4.73
3.92
1.36
0.17
2.42
-0.22
1.04
3.24
2.40
5.12
9.69
10.89
1.89
10.88
11.61
3.97
10.92
1.30
13.17
43.57
-13.01
-5.23
7.43
12.89
48.78
3.74
56.35
11.57

-0.27
5.16
1.77
3.01
-3.05
2.24
4.53
2.47
-3.43
1.50
2.57
0.25
0.86
2.67
6.82
5.28
8.64
5.43
7.65
11.33
10.62
-9.47
-6.60
14.07
13.22
9.78
-7.60
14.06
14.10
16.40
10.68
30.27
33.30
-41.84

-1.51
3.41
3.43
1.72
-0.08
-0.74
3.80
4.28
1.12
-1.02
2.79
1.73
0.41
2.56
3.06
3.69
9.56
9.01
5.74
8.08
13.91
2.01
0.72
19.65
28.11
-13.63
-2.02
10.15
18.50
34.10
23.41
36.30
16.79
(JULY 1983)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

My
a

June

July

Sept.

Aug.

570 . EMPLOYMENT IN DEFENSE PRODUCTS INDUSTRIES
(THOUSANDS)

Oct.

Nov.

Dec.

Q

II Q

III Q 1 IV Q

Annual

1

AVERAGE FOR PERIOD

1950...
1951...
1952...
1954...
1955...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...

1, 218
1,249
1, 250
1,235
1,303
1,369
1,307
1,228
1,357
1,588

1, 211
1,254
1,246
1,240
1,316
1,366
1,294
1,224
1,382
1,614

1,210
1,255
1,244
1,244
1,326
1,354
1,285
1,230
1,406
1,630

1,212
1,259
1, 240
1,248
1,330
1,350
1,278
1,237
1,430
1,645

1,210
1,267
1,233
1,255
1,340
1,347
1,266
1,247
1,457
1,650

1,222
1,271
1,201
1,257
1,350
1,345
1,258

1,224
1,280
1,213
1,259
1,361
1,337
1,246

1,229
1,277
1,228
1,255
1,369
1,332
1,235

1,233
1,274
1,224
1,262
1,369
1,328
1,236

1,239
1,266
1,218
1,274
1,370
1,328
1,232

1,246
1,259
1,230
1,283
1,371
1,317
1,231

1,478
1,662

1,502
1,668

1,525
1,675

1,537
1,686

1,554
1,699

1,573
1,709

1,691
1,546
1,262
1,109
1,154
1,179
1,185
1,096
1,069
1,120
1,242
1,346
1,391
1,386

1,672
1,521
1,238
1,115
1,155
1,179
1,153
1,092
1,074
1,125
1,262
1,352
1,388
1,380

1,688
1,503
1,213
1,117
1,157
1,182
1,156
1,093
1,069
1,138
1,278
1,358
1,390
1,377

1,686
1,472
1,190
1,123
1,160
1,185
1,138
1,087
1,085
1,143
1,282
1,360
1,393
1,376

1,682
1,441
1,179
1,125
1,165
1,187
1,152
1,084
1,088
1,162
1,287
1,364
1,393
1,372

1,658
1,421
1, 167
1,124
1,169
1,189
1,139
1,071
1,098
1,173
1, 296
1,365
1,395
1,371

1,659
1,400
1,150
1,124
1,171
1,193
1,129
1,059
1,109
1,184
1, 305
1,367
1,394
1,372

1,643
1,373
1,147
1,127
1,175
1,152
1,123
1,069
1,103
1,193
1,306
1,373
1,397
1,364

1,627
1,353
1,141
1,136
1,171
1,188
1,114
1,069
1,103
1,195
1,317
1,377
1,397
1,366

1,613
1,321
1,132
1,134
1,172
1,197
1,103
1,065
1,066
1,207
1,328
1,382
1,392
1,363

1,580
1,299
1,123
1,144
1,176
1,193
1,089
1,063
1,068
1,219
1,340
1,386
1,385
1,363

1, 331
1,579
1,718
1,703
1,565
1,281
1,114
1,152
1,176
1,180
1,089
1,068
1,093
1,236
1,346
1,388
1,390
1,359

1,249
1,256
1,232
1,292
1,371
1,318
1,228

L,213
L,253
L,247
L,240
L,315
L,363
L,295
L,227
L,382
L,611
1*684
1,523
1,238
1,114
1,155
1,180
1,165
1,094
1,071
1,128
1,261
1,352
1,390
1,381

580. DEFENSE DEPARTMENT NET OUTLAYS, MILITARY ^UNCTIONS AND MILITARY ASSISTANCE2
(MILLIONS OF DOLLARS)
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965
1966...
1967...
1968.
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980.
1981...
1982...
1983...

1,015
1,630
3,460
3,861
3,600
3,172
3,077
3,508
3,363
3,590
3,586
3,672
4,068
4,253
4,054
3,992
4,634
6,028

998
1,783
3,412
4,022
3,643
3,046
3,059
3,580
3,475
3,552
3,537
3,759
4,096
4,177
4,258
3,899
4,618
6,021

950
1,975
3,613
4,107
3,369
3,149
3,004
3,601
3,435
3,588
3,513
3,800
4,179
3,322
4,001
3,961
4,900
6,091

6,471
6,495
6,201
6,280
6,256
6,827
7,150
7,175
7,476
8,493
9,404
10,900
12,639
14,152

6,714
6,485
6,162
6,205
6,377
6,625
7,503
6,908
8,017
8,271
9,466
10,652
12,932
14,689

6,608
6,194
6,082
6,341
6, 366
6,467
7,332
7,477
7,961
8, 375
9,500
11,358
12,619
15,075

960
2,154
3,747
3,989
3, 270
3,151
3,166
3, 562
3,375
3,624
3,540
3,781
4,187
4,226
4,237
4,036
4,884
6,460
6,724
6,490
6,323
5,813
6,722
6,194
6,762
7,095
7,672
8,069
9,056
9,400
11,188
15,'670

954
2,317
3,804
4,079
3,220
3,118
3,121
3,621
3,429
3,610
3,490
3,770
4,302
4,048
4,590
4,236
4,753
5,830
6,959
6, 714
6,416
5,982
6,623
5,896
6,721
7,532
7,101
8,404
8,217
9,836
11,061
13,'433
15,379

768
2,523
3,591
3,867
3,758
3,253
3,917
3,455
3,607
3,631
3,176
3,711
4,256
4,057
4,674
4,035
5,214
5,061
6,769
6,571
5,655
6,540
7,130
6,597
7,001
6,719
7,027
8,023
9,072
9,361
11 537
13*264
15,334

1, 078
1,049
3,133
4,196
3,621
3,041
3,049
2,950
3,642
3,636
3,692
3,734
3,720
4,176
4,356
3,566
4,069
5, 521
7,279
6,022
6,715
7,302
5,771
6,107
5,868
6,755
7,742
7,426
8,040
8,394
10,494
11 193
16*312

1,076
1,055
2,911
3,328
3,868
3,117
3,097
3,254
3,633
3,487
3,649
3,665
3,713
4,136
4,203
3,768
4,255
5,315
6,404
6,343
6,838
6,519
5,712
5,766
6,598
6,957
7,962
7,229
8,119
9,638
10,339
11 425
13*809
15,050

32.5
90.0
57.5
75.0
17.5
22.5
92.5
35.0
35.0
27.5
92.5
45.0
92.5
25.0
82.5
0.0
60.0
57.5
72.5
15.0
52.5
35.0
75.0
50.0
42.5
27.5
27.5
92.5
15.0
2.5
37.5
52.5
75.0
5.0

52.5
62.5
42.5
42.5
42.5
75.0
82.5
30.0
77.5
17.5
62.5
12.5
57.5
60.0
42.5
90.0
52.5
82.5
5.0
90.0
17.5
17.5
22.5
72.5
92.5
42.5
10.0
27.5
97.5
77.5
50.0
30.0
15.0
95.0

27.5
65.0
72.5
37.5
85.0
27.5
82.5
25.0
22.5
62.5
72.5
32.5
57.5
77.5
55.0
45.0
75.0
40.0
47.5
15.0
87.5
32.5
72.5
57.5
50.0
37.5
30.0
35.0
35.0
92.5
62.5
12.5
47.5
12.5

12.5
80.0
77.5
25.0
45.0
30.0
42.5
70.0
47.5
40.0
75.0
37.5
80.0
77.5
20.0
77.5
17.5
40.0
57.5
17.5
27.5
20.0
45.0
90.0
55.0
10.0
70.0
25.0
80.0
80.0
0.0
45.0
60.0
47.5

57.5
62.5
22.5
80.0
27.5
67.5
92.5
5.0
10.0
65.0
70.0
80.0
45.0
25.0
85.0
35.0
85.0
65.0
30.0
90.0
52.5
35.0
75.0
12.5
27.5
90.0
50.0
95.0
45.0
10.0
87.5
22.5
77.5
65.0

52.5
87.5
37.5
50.0
17.5
77.5
37.5
30.0
45.0
92.5
32.5
22.5
97.5
35.0
67.5
40.0
30.0
40.0
55.0
60.0
40.0
60.0
52.5
80.0
32.5
40.0
80.0
22.5
82.5
70.0
60.0
27.5
22.5
80.0

70.0
82.5
25.0
22.5
37.5
65.0
25.0
75.0
45.0
82.5
42.5
42.5
60.0
42.5
62.5
62.5
55.0
20.0
72.5
35.0
32.5
82.5
55.0
30.0
57.5
30.0
75.0
70.0
17.5
57.5
55.0
30.0
32.5
45.0

45.0
77.5
22.5
87.5
35.0
55.0
62.5
22.5
42.5
80.0
32.5
25.0
70.0
40.0
35.0
70.0
42.5
62.5
62.5
55.0
52.5
20.0
27.5
62.5
32.5
50.0
87.5
17.5
55.0
37.5
42.5
90.0
57.5
37.5

3,194
3,236
9,027
11,753
11,470
9,220
9,593
9,492
10,687
10,809
10,948
11,081
11,241
12,461
12,752
11,283
12,585
16,435
20,117

3,033
4,282
9,520
11,550
11,199
9,428
9,202
10,122
9,924
11,100
10,878
11,025
11,892
12,620
12,442
11,906
13,511
16,663
18,796

19*775
18,394
18,335
20,475
18,687
20,484
21,346
21,800
24,496
26,345
28,597

20*026
20,097
17,442
17,375
18,993
21,296
22,955
22,185
24,205
26,624
30,826

20*064
18,571
18,426
18,772
19,148
21,822
22,161
22,881
25,386
27,195
31,474

38,190
43,916

39,530
46,383

41,712
48,243

44,123
49,838

37.5
72.5
57.5
51.7
48.3
41.7
85.8
30.0
45.0
35.8
75.8
30.0
69.2
54.2
60.0
45.0
62.5
60.0
41.7
40.0
52.5
28.3
56.7
60.0
61.7
35.8
22.5
51.7
49.2
57.5
50.0
31.7
45.8
37.5

40.8
76.7
45.8
51.7
30.0
58.3
57.5
35.0
34.2
65.8
59.2
46.7
74.2
45.8
57.5
50.8
44.2
48.3
47.5
55.8
40.0
38.3
57.5
60.8
38.3
46.7
66.7
47.5
69.2
53.3
49.2
31.7
53.3
64.2

1,008
1,458
3,167
3,843
3,721
3,108
3,010
3,399
3,416
3,661
3,630
3,645
4,001
4,290
4,091
4,030

1,014
1,533
3,224
3,965
3,631
3,160
3,123
3,359
3,335
3,681
3,617
3,752
4,054
4,122
4,163
3,958

2,963
5,388
10,485
11,990
10,612
9,367
9,140
10,689
10,273
10,730
10,636
11,231
12,343
11,752
12,313

5,521
6,399
6,495
6,747
6,136
6,139
6,237
6,490
6,973
7,285
7,892
8,215
9,026
10,139

5,515
6,375
6,805
6,764
6,094
6,070
6,303
6,507
7,398
7,358
7,330
8,687
8,762
10,448

5,627
6,022
6,842
6,553
6,341
6,217
6,232
6,151
7,451
7,518
7,659
8,484
9,407
10,887

14,152
18,140
19,165
19,793
19,174
18,445
18,826
18,999
19,919
21,985
21,560
23,454
25,139
28,370

14,014
16,881

14,277
15,972

14,548
17,087

15,298
16,779

62.5
42.5
82.5
65.0
32.5
45.0
35.0
70.0
35.0
47.5
72.5
7.5
17.5
30.0
77.5
87.5
72.5
22.5
37.5
45.0
70.0
60.0
77.5
20.0
32.5
15.0
90.0
57.5
37.5
50.0
62.5
82.5
32.5
62.5

57.5
62.5
20.0
65.0
82.5
72.5
72.5
57.5
5.0
37.5
52.5
90.0
85.0
5.0
57.5
62.5
70.0
50.0
42.5
47.5
27.5
75.0
87.5
57.5
25.0
27.5
50.0
75.0
67.5
37.5
37.5
60.0
65.0
57.5

27.5
42.5
62.5
27.5
27.5
92.5
60.0
15.0
30.0
90.0
42.5
12.5
70.0
62.5
22.5
65.0
77.5
32.5
70.0
17.5
45.0
47.5
77.5
70.0
70.0
7.5
72.5
57.5
37.5
70.0
60.0
85.0
17.5
65.0

This series contains revisions beginning with 1981.
This series contains no revisions but is reprinted for the
convenience of the user. 3 This series contains revisions beginning with 1978.




1, 715
1,675
,445
,179
,124
,165
L,187
L,143
L,081
,090
1,159
1,288
1,363
1,394
1,373

1,245
1,260
1,227
1,283
1,371
1,321
1,230
1,315
1,569
1,709
1,698
1,586
1,300
1,123
1,143
1,175
1,190
1,094
1,065
1,076
1,221
1,338
1,385
1,389
1,362

2,682
6,994
11,142
11,935
10,248
9,522
10,204
10,638
10,411
10,865
10,206
11,262
12,745
12,331
13,501
12,307
14,851
17,351

1,011
1,291
3,129
3,742
3,847
3,160
3,069
3,364
3,173
3,758
3,631
3,628
3,837
4,208
4,188
3,918

82.5
30.0
75.0
87.5
7.5
17.5
72.5
67.5
57.5
77.5
20.0
17.5
42.5
82.5
77.5
17.5
27.5
47.5
52.5
82.5
62.5
10.0
17.5
47.5
85.0
22.5
72.5
27.5
62.5
55.0
70.0
87.5
15.0
42.5

1*455
1,652

1,229
1,277
1,222
1,259
1,366
1,332
1,239
1,277
1,521
1,676
1,717
1,643
1,375
1,146
1,129
1,172
1,178
1,122
1,066
1,105
1,191
1,309
1,372
1,396
1,367

1,225
1,264
1,230
1, 259
1,348
1,341
1,258
1,266
1,482
1,662
1,712
1,647
1,411
1,171
1,128
1,167
1,184
1,131
1,076
1,085
1,175
1,299
1,368
1,392
1,371

TOTAL FOR PERIOD

1,040
1,132
2,983
4,229
3,981
3,062
3,447
3,288
3,412
3,686
3,607
3,682
3,808
4,149
4,193
3,949
4,261
5,599
6,434
6,663
6,473
6,276
5,959
5,502
6,527
7,584
7,251
7,530
8,046
8,592
9,993

961. DIFFUSION INDEX OF AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING—20 INDUSTRIES 3
(PERCENT RISING OVER 1-MONTH SPANS)
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...

1,215
1,266
1,225
1,253
1, 340
1,347
1,267

13,163
30,929
44,930
46,594
39,508
37,684
38,958
41,938
42,593
43,421
42,948
45,626
50,169
49,277
49,003
50,255
62,101
74,404
78,787
79,658
76,236
72,648
75,448
75,827
83,521
88,447
88,426
97,541
105,303
119,267
137 716
163*555
188,380

AVEIIAGE FOR PERIOD
65.8
63.3
40.8
65.8
26.7
45.8
53.3
55.0
48.3
80.0
31.7
28.3
57.5
55.0
58.3
50.0
41.7
43.3
62.5
57.5
49.2
37.5
33.3
46.7
58.3
34.2
78.3
38.3
45.0
50.0
55.8
69.2
35.0
41.7

49.2
49.2
55.0
52.5
47.5
70.0
55.8
47.5
23.3
58.3
55.8
36.7
57.5
32.5
52.5
71.7
73.3
35.0
50.0
36.7
47.5
60.8
80.8
49.2
42.5
16.7
70.8
63.3
47.5
52.5
53.3
75.8
38.3
61.7

48.3
65.4
49.8
55.4
38.1
54.0
63.1
41.9
37.7
60.0
55.6
35.4
64.6
46.9
57.1
54.4
55.4
46.7
50.4
47.5
47.3
41.2
57.1
54.2
50.2
33.3
59.6
50.2
52.7
53.3
52.1
52.1
43.1
51.2

(JULY 1983)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr. | May June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

III Q

IV Q

Annual

1

961. DIFFUSION INDEX OF AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING--20 INDUSTRIES
(PERCENT RISING OVER 9-MONTH SPANS)
1949...
1950..
1951..
1952..
1953..
1954..
1955..
1956..
1957..
1958..
1959..
I960..
1961..
1962..
1963..
1964..
1965..
1966..
1967..
1968..
1969..
1970..
1971..
1972..
1973..
1974..
1975..
1976..
1977..
1978..
1979..
1980..
1981..
1982..
1983..

5.0
87.5
40.0
50.0
72.5
2.5
100.0
27.5
20.0
10.0
90.0
22.5
42.5
85.0
57.5
72.5
87.5
85.0
10.0
65.0
45.0
5.0
65.0
85.0
57.5
20.0
0.0
82.5
82.5
72.5
12.5
15.0
95.0
5.0

15.0
92.5
42.5
40.0
25.0
52.5
100.0
15.0
15.0
15.0
95.0
30.0
87.5
82.5
35.0
65.0
77.5
85.0
12.5
70.0
22.5
10.0
87.5
90.0
37.5
10.0
15.0
65.0
90.0
72.5
12.5
0.0
77.5
32.5

12.5
100.0
15.0
45.0
15.0
35.0
85.0
0.0

17.5
42.5
90.0
27.5
75.0
67.5
95.0
72.5
85.0
55.0
12.5
65.0
22.5
17.5
80.0
90.0
45.0
10.0
22.5
77.5
75.0
62.5
12.5
0.0

60.0
22.5

15.0
100.0
25.0
55.0
7.5
40.0
85.0
5.0
22.5
67.5
95.0
22.5
95.0
30.0
70.0
90.0
77.5
52.5
25.0
40.0
40.0
12.5
77.5
92.5
35.0
2.5
60.0
62.5
82.5
55.0
10.0
7.5
42.5
22.5

47.5
95.0
20.0
77.5
5.0
42.5
85.0
12.5
12.5
92.5
72.5
10.0
90.0
70.0
82.5
50.0
27.5
42.5
35.0
77.5
42.5
15.0
45.0
80.0
77.5
2.5
67.5
25.0
82.5
70.0
32.5
5.0
15.0
25.0

45.0
90.0
20.0
72.5
15.0
57.5
90.0
15.0
5.0
90.0
42.5
10.0
97.5
50.0
80.0
87.5
52.5
32.5
27.5
87.5
25.0
10.0
65.0
77.5
67.5
15.0
65.0
15.0
90.0
100.0
20.0
22.5
10.0
85.0

50.0
95.0
27.5
75.0
7.5
72.5
90.0
12.5

47.5
95.0
20.0
80.0

90.0
85.0
30.0
95.0

80.0
80.0
35.0
65.0

0.0

2.5

0.0

80.0
80.0
27.5

92.5
85.0
15.0

92.5
42.5
52.5
10.0
97.5
12.5
10.0
92.5
17.5
62.5
85.0
97.5

0.0

0.0

5.0

100.0
42.5
10.0
95.0
47.5
67.5
72.5
62.5
10.0
72.5
32.5
62.5
15.0
75.0
75.0
42.5

95.0
45.0

92.5
35.0
35.0
67.5
27.5
50.0
82.5
90.0
15.0
32.5
85.0
22.5
42.5
77.5
27.5
20.0
35.0
100.0
45.0
10.0
17.5
77.5
90.0

7.5

87.5
25.0
60.0
95.0
70.0
15.0
65.0
55.0
20.0
15.0
77.5
50.0
27.5

0.0

5.0

90.0
32.5
45.0
87.5
42.5
37.5
15.0
32.5

95.0
42.5
72.5
57.5
30.0
80.0
20.0
60.0

7.5

72.5
22.5
7.5

32.5
77.5
70.0
27.5
0.0

100.0
57.5
20.0
55.0
37.5
92.5

5.0

7.5

80.0

62.5

85.0
67.5
32.5
90.0
5.0
95.0
30.0
57.5
10.0
97.5
20.0
15.0
77.5
40.0
55.0
92.5
95.0
12.5
62.5
40.0
15.0
52.5
92.5
67.5
32.5
5.0
95.0
57.5
57.5
55.0
15.0
87.5
0.0
82.5

'ERIOD
AVERAGE FOR 1
87.5
75.0
25.0
87.5
2.5
90.0
55.0
30.0
7.5
95.0
17.5
25.0
95.0
22.5
80.0
57.5
85.0
10.0
27.5
45.0
5.0
45.0
95.0
72.5
7.5
2.5
72.5
50.0
100.0
10.0
15.0
100.0
5.0
100.0

10.8
93.3
32.5
45.0
37.5
30.0
95.0
14.2
17.5
22.5
91.7
26.7
68.3
78.3
62.5
70.0
83.3
75.0
11.7
66.7
30.0
10.8
77.5
88.3
46.7
13.3
12.5
75.082.5
69.2
12.5
5.0

77.5
20.0

963. DIFFUSION INDEX OF NUMBER OF EMPLOYEES ON PRIVATE NONAGRICULTURAL PAYROLLS—172-186 INDUSTRIES2
(PERCENT RISING OVER 1-MONTH SPANS)

35.8
95.0
21.7
68.3

62.5
91.7
25.8
83.3

84.2
74.2
30.8
80.8

9.2

3.3

2.5

46.7
86.7
10.8
13.3
83.3
70.0
14.2
94.2
50.0
77.5
75.8
52.5
42.5
29.2
68.3
35.8
12.5
62.5
83.3
60.0

81.7
85.0
18.3

92.5
42.5
46.7

6.7

64.2
34.2
85.0
75.0
20.8
11.7
22.5
44.2

1.7

9.2

95.8
40.8
17.5
83.3
33.3
59.2
83.3
74.2
13.3
56.7
57.5
35.0
24.2
76.7
50.8
30.0
13.3
95.0
40.0
42.5
54.2
50.0
69.2
13.3
57.5

96.7
16.7
16.7
88.3
26.7
65.8
78.3
92.5
10.0
54.2
35.8
9.2

43.3
88.3
70.0
22.5

48.3
88.5
27.7
69.4
13.1
62.7
77.3
22.5
10.4
74.6
54.8
18.8
83.5
47.1
66.2
76.9
75.6
35.2
37.9
57.1
27.5
22.7
76.2
73.1
39.8

2.5

9.0

89.2
55.0
59.2
40.0
22.5
93.3

65.2
51.0
67.3
59.6
26.5
44.8
29.4
50.8

4.2

81.7

AVERAGE FOR PERIOD

1952...
1955...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...

83.0
67.5
40.8
56.9
57.5
57.2
70.4
73.1
63.8
45.3
64.5
50.9
41.6
71.5
67.7
60.8
20.4
73.7
69.1
65.9
64.2
53.2
57.8
28.5

11.0
64.4
70.9
36.2
72.5
46.4
70.1
70.4
79.3
42.2
72.7
69.5
44.8
37.5
74.2
78.0
58.3
23.9
70.4
64.2
63.7
61.6
52.7
52.4
45.4

17.3
77.3
46.3
55.1
60.8
65.9
61.7
76.3
81.4
50.3
59.6
66.0
39.0
41.0
67.2
67.2
47.6
28.2
67.5
73.7
70.4
65.6
46.2
52.2
36.0

19.2
77.6
52.1
55.1
71.6
65.9
65.9
71.6
74.9
49.1
65.1
62.2
30.8
57.6
62.1
60.5
51.1
41.1
70.2
72.3
72.0
51.6
32.0
65.6
39.0

35.8
79.8
43.9
69.5
62.9
64.4
69.2
65.3
71.6
47.4
58.7
59.3
25.6
65.7
62.1
50.3
50.5
51.9
59.7
70.4
64.2
61.8
31.2
60.2
47.6

50.3
69.6
37.4
70.1
57.2
53.0
62.3
66.8
77.8
57.8
69.2
70.1
34.6
38.4
65.1
57.3
48.9
44.6
53.0
65.1
69.9
62.4
30.9
58.9
32.8

54.4
65.0
43.3
62.6
53.3
61.4
72.8
77.8
65.9
51.5
64.2
62.2
51.2
57.3
46.5
53.0
50.3
57.8
58.3
64.8
60.8
54.3
34.9
62.6
38.4

72.3
55.5
39.3
69.5
63.2
61.7
62.3
64.1
66.5
63.7
66.3
58.7
31.4
49.1
60.8
54.3
42.7
69.6
54.0
61.0
64.5
53.5
62.1
49.5
37.1

84.0
72.1
34.0
53.9
53.6
61.7
80.8
79.0
42.5
50.9
58.7
42.2
48.0
77.0
62.1
51.1
34.4
66.9
64.0
66.7
63.7
48.9
55.4
42.2
34.1

68.6
48.2
35.0
69.5
57.2
60.5
56.0
74.6
67.1
53.5
69.5
55.8
28.5
46.8
64.8
64.5
38.4
65.6
48.7
63.2
67.2
61.8
64.5
33.3
29.3

74.2
58.3
29.1
70.4
46.1
47.6
65.6
79.9
64.7
70.9
74.4
54.4
28.2
63.1
72.0
75.5
26.1
59.1
61.8
68.8
71.8
50.3
62.1
29.3
32.0

71.1
73.6
21.2
68.6
50.0
58.4
68.9
80.5
65.0
66.3
67.2
59.3
41.9
62.5
72.3
69.4
22.0
68.5
59.7
71.8
70.7
51.1
59.7
30.9
42.2

...

74.9
61.6
44.0
63.4
56.6
63.0
72.4
77.9
52.1
59.2
66.7
44.9
40.0
71.0
71.0
55.6
24.2
70.5
69.0
66.7
63.8
50.7
54.1
36.6

3
963. DIFFUSION INDEX DF NUMBEF OF EMPLOYEES ON PRIVATE NONAGRICULTURAL PAYROLLS—172-186 INDUSTRIES
(PERCENT RISING OVER 6-MONTH SPANS)

1958..1959..
I960..
1961..
1962..
1963..
1964..
1965..
1966..
1967..
1968..
1969..
1970..
1971..
1972..
1973..
1974..
1975..
1976..
1977..
1978..
1979..
1980..
1981..
1982..
1983..

92.1
70.2
24.2
77.5
58.4
66.5
80.8
88.3
61.1
73.5
76.7
41.0
38.4
82.0
85.8
66.7
12.1
83.1
83.3
80.6
72.3
41.1
68.5
20.2

89.9
66.9
28.2
77.2
63.8
71.9
78.4
85.9
53.6
70.9
71.2
34.9
43.6
83.4
82.0
59.9
14.2
83.9
85.2
81.2
71.0
34.1
65.3
23.7

89.3
54.6
55.8
75.4
64.4
74.3
81.1
85.9
52.1
75.0
73.5
28.2
44.2
86.3
74.5
53.8
20.2
77.4
83.6
82.0
68.8
30.4
63.7
25.3

15.4
83.4
46.6
59.0
71.3
66.8
78.1
80.5
81.7
48.8
77.9
77.3
30.5
49.4
77.7
68.8
51.9
31.2
74.7
79.8
76.6
63.7
24.2
69.4
29.8

23.9
81.3
38.3
73.7
68.0
74.3
74.9
82.3
79.0
52.3
73.5
77.0
20.3
50.6
72.3
63.2
44.9
48.9
70.4
79.0
78.5
59.4
26.3
64.2
26.1

49.4
77.3
36.5
71.6
67.4
71.3
80.5
85.9
74.3
51.7
75.3
70.6
22.7
61.6
71.8
57.5
41.1
57.0
71.8
77.7
76.6
53.5
27.2
58.6
26.1

66.4
66.0
26.7
78.1
61.1
68.6
78.7
86.8
77.2
59.6
78.5
67.7
24.1
55.2
73.7
61.6
37.1
67.2
62.9
73.9
71.5
58.1
34.4
45.7
23.4

76.4
60.4
24.5
76.9
50.9
61.7
82.6
87.4
74.9
66.0
78.5
59.3
24.1
56.1
76.9
70.2
32.0
69.6
66.1
74.7
75.5
49.2
44.1
34.4
19.1

80.8
63.5
21.5
75.7
49.7
65.9
82.6
89.2
71.3
67.7
77.6
57.3
28.8
62.8
76.1
71.2
23.9
75.3
65.1
76.3
76.6
49.7
57.8
29.6
21.2

87.4
66.6
19.9
70.4
52.4
64.7
79.3
87.4
68.0
64.2
77.0
54.7
27.6
70.3
79.3
71.0
20.2
78.8
68.8
78.2
78.2
50.8
73.1
24.2
26.1

90.3
72.4
20.2
73.1
45.5
65.6
82.0
89.2
65.0
66.9
76.5
53.5
30.5
77.6
82.8
73.4
16.9
81.7
72.0
80.1
73.1
53.8
68.0
25.0
26.6

'This series contains revisions beginning with 1977. 2This series contains revisions beginning with 1978. 3 This
series contains revisions beginning with 1979.

102



86.8
63.5
20.9
72.5
54.2
67.7
82.0
90.7
65.0
70.9
76.7
49.7
26.7
77.6
82.5
72.3
13.4
80.6
73.9
79.8
74.2
51.9
68.8
22.0
35.8

35.1
75.7
44.5
64.9
63.9
61.1
65.8
67.9
74.8
51.4
64.3
63.9
30.3
53.9
63.1
56.0
50.2
45.9
61.0
69.3
68.7
58.6
31.4
61.6
39.8

70.2
64.2
38.9
62.0
56.7
61.6
72.0
73.6
58.3
55.4
63.1
54.4
43.5
61.1
56.5
52.8
42.5
64.8
58.8
64.2
63.0
52.2
50.8
51.4
36.5

71.3
60.0
28.4
69.5
51.1
55.5
63.5
78.3
65.6
63.6
70.4
56.5
32.9
57.5
69.7
69.8
28.8
64.4
56.7
67.9
69.9
54.4
62.1
31.2
34.5

68.7
43.3
60.1
58.8
58.7
66.1
73.1
69.2
55.6
64.2
60.4
37.9
53.1
65.1
62.4
44.3
49.8
61.8
67.6
67.1
57.3
48.7
49.6
36.9

AVERAGE FOR PERIOD

9o!4

63.9
36.1
76.7
62.2
70.9
80.1
86.7
55.6
73.1
73.8
34.7
42.1
83.9
80.8
60.1
15.5
81.5
84.0
81.3
70.7
35.2
65.8
23.1

29.6
80.7
40.5
68.1
68.9
70.8
77.8
82.9
78.3
50.9
75.6
75.0
24.5
53.9
73.9
63.2
46.0
45.7
72.3
78.8
77.2
58.9
25.9
64.1
27.3

74.5
63.3
24.2
76.9
53.9
65.4
81.3
87.8
74.5
64.4
78.2
61.4
25.7
58.0
75.6
67.7
31.0
70.7
64.7
75.0
74.5
52.3
45.4
36.6
21.2

88.2
67.5
20.3
72.0
50.7
66.0
81.1
89.1
66.0
67.3
76.7
52.6
28.3
75.2
81.5
72.2
16.8
80.4
71.6
79.4
75.2
52.2
70.0
23.7
29.5

75!5
37.2
63.3
62.6
66.1
77.8
85.0
76.4
59.6
75.9
65.7
28.3
57.3
78.7
71.0
38.5
53.1
72.5
79.3
77.0
58.5
44.1
47.6
25.3
(JULY 1983)

E. Business Cycle Expansions and Contractions in the United States

Duration in months

Trough

Cycle

Contraction
(trough from
previous
peak)

Business cycle reference dates

Expansion
(trough to
peak)

Peak from
previous

Trough from
previous
trough

Peak

December 1854
December 1858
June 1861
December 1867
December 1870

June 1857
October 1860
April 1865
June 1869
October 1873

March 1879
May 1885
April 1888
May 1891
June 1894

18

30
22
46
18
34

March 1882
March 1887
July 1890
January 1893
December 1895 .

65
38
13
10
17

36
22
27
20
18

99
74
35
37
37

101
60
40
30
35

June 1897
December 1900
August 1904
June 1908
January 1912

June 1899
September 1902
May 1907
January 1910
January 1913

18
18
23
13
24

24
21
33
19
12

36
42
44
46
43

42
39
56
32
36

December 1914
March 1919
July 1921
July 1924
November 1927

August 1918 ....
January 1920....
May 1923
October 1926 ...
August 1929 ....

23

i4

35

M

iZ

18
14
13

10
22
27
21

28
36
40

17
40
41
34

March 1933
June 1938
October 1945
October 1949
May 1954

May 1937
February 1945 ..
November 1948.
July 1953
August 1957 ....

43
13

50
80
37
15
39

64
63
88
48

April 1958
February 1961
November 1970
March 1975
July 1980
November 1982

April 1960
December 1969 .
November 1973 .
January 1980....
July 1981

24
lOfi.
36
58
12

47
34
H7
52
64
28

18
8

1

1

11

10
10

ii
16
6
16

40

48
30

M

36

50
52

R

Average, all cycles:
1854-1982 (30 cycles).
1854-1919 (16 cycles).
1919-1945 (6 cycles)...
1945-1982 (8 cycles) ..

18
22
18
11

33
27
35
45

51
48
53
56

Average, peacetime cycles:
1854-1982 (25 cycles)..
1854-1919 (14 cycles) ..
1919-1945 (5 cycles)....
1945-1982 (6 cycles)...

19
22
20
11

27
24
26
34

46
46
46
46

93

ii

45
.56
49
32

Hi
47
74
18

2

3

3
4

49
53
55
46
47
45
44

NOTE: Underscored figures are the wartime expansions (Civil War, World Wars I and II, Korean war, and Vietnam war), the postwar contractions, and the full cycles
that include the wartime expansions.
1

29 cycles.

2

15 cycles.

1

24 cycles.

4

13 cycles.

Source: National Bureau of Economic Research, Inc.




13
0

G. Experimental Data and Analyses
(Nov.)
P

(Nov.)
T

Year

and
quarter

Implicit price
deflator, gross
nonfarm business
product1
(Index: 1977=100)

Unit labor cost,
all persons, nonfarm
business sector1

(Jan.) (July) (July)
P

T

Components of BCD series 2 6 -

136.5
138.9
142.3
145.5

139.1
141.9
145.1
149.0

146.6
148.1
149.8
151.5

151.6
153.5
154.7
156.7

P

I I N i n i i i i i i m n III i n MM in HI mm

(Index: 1977=100)

1981
I Q....
II Q...
Ill Q..
IV Q...

(Mar.)
T

I III I II

Implicit price deflator, gross nonfarm
business product, Q
(index: 1977=100)

(Nov.)
T

in

Ratio scale
160
150
140
130
120
110
170
160

1982

150

I Q....
II Q...
Ill Q..
IV Q...
1983

140
130

Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1977 = 100)

120
110

I

I Q....
II Q...
Ill Q..
IV Q...

153.3

157.2

(NA)

100

(NA)

90
80
-1

70

ratios in 1972 dollars (ratio)
Arithmetic
scale

Inventory-sales ratios in 1972 dollars 2
Year

and

Manufacturing J

Merchant
I

Retail trade

2.2

wholesalers

month
(Ratio)

(Ratio)

(Ratio)

2.1

1982
Jan...
Feb..
Mar...
Apr..
May...
June.

2.15
2.09
2.09
2.11
2.05
2.04

1.43
1.40
1.38
1.44
1.38
1.41

1.45
1.41
1.42
1.42
1.37
1.44

July.
Aug..
Sept.
Oct..
Nov..
Dec.

2.05
2.07
2.06
2.15
2.12
2.08

1.44
1.44
1.47
1.50
1.46
1.47

1.43
1.46
1.46
1.45
1.39
1.40

2.0
1.9
1.8
1.6
1.5
1.4

1983

Jan..
Feb..
Mar..
Apr..
May..
June.

1.99
1.98
1.93

1.40
1.40
1.40

rl.92
pi. 87

pi.36

1.39
1.42
1.39
1.38
pi.35

(NA)

(NA)

(NA)

rl.45

1.3
1.6
1.5

July.
Aug..
Sept.
Oct..
Nov..
Dec.

1.4
1.3
1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983

NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available.
x
Source: U.S. Department of Labor, Bureau of Labor Statistics.
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.

14
0



G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index

Basic data
Series title
(and unit of measure)

May
1983

June
1983

Mar.
to
Apr.
1983

Apr.
to
May
1983

May
to
June
1983

40.1

r39.9

p40.1

0.47

-0.16

0.19

470

453

406

0.05

0.10

0.36

32.16

r34.04

p33.26

0.05

0.28

-0.14

52

52

52

0.08

0.00

0.00

rill.3

rll5.0

pll6.3

-0.16

0.46

0.19

rl3.87

rl4.39

pl3.82

0.19

0.08

-0.11

124.1

132.1

142.2

0.14

0.19

0.26

r-5.70

p-1.50

N
A

0.11

0.23

2.02

1.36

0.94

0.02

-0.26

-0.20

157.71

164.10

166.39

0.24

0.25

0.10

r880.3

r884.6

p890.7

-0.11

0.16

0.26

-0.6

r-5.1

0.04

-0.24

rl52.4

rl54.3

pl55.9

1.26

1.25

1.04

88,814

r89,101

r89,416

p89,760

0.27

0.29

0.41

rl,078.0

rl,078.1

rl,088.7

pi,092.1

0.00

0.49

0.20

rl40.0

142.7

144.3

pl45.9

0.53

0.31

0.40

rl55,388

rl56,140

pl61,478

0.11

0.75

rl34.7

rl35.7

rl38.0

pl39.1

0.74

1.69

0.80

19.1

19.0

20.4

22.0

0.04

-0.51

-1.05

rl.66

rl.65

pi.60

NA

-0.13

-0.66

NA

r96.3

r95.1

r94.2

p93.3

-0.44

-0.33

1O.5O

10.50

10.50

10.50

0.00

0.00

0.00

105,668

rlO4,466

rlO2,593

NA

-0.30

-0.48

N
A

rl2.93

rl2.92

pl2.88

NA

-0.04

-0.15

N
A

rll4.2

rll3.3

rll0.9

NA

-0.79

-2.12

N
A

Mar.
1983

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
39.5
Average weekly initial claims, State
unemployment insurance1 (thousands)
479
New orders for consumer goods and materials
in 1972 dollars (billion dollars)
31.84
32. Vendor performance, companies receiving
slower deliveries (percent)
50
12. Net business formation
(index: 1967=100)
rll2.6
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
rl2.7O
29. New building permits, private housing
units (index: 1967=100)
118.5
36. Change in inventories on hand and on order in
2
1972 dol., smoothed (ann. rate, bil. dol.) . r-7.76
99. Change in sensitive materials prices,
smoothed2 (percent)
1.96
19. Stock prices, 500 common stocks
(index: 1941-43=10)
151.88
106. Money supply (M2) in 1972 dollars
(billion dollars)
883.4
111. Change in credit—business and consumer
borrowing (annual rate, percent)
-1.4
910. Composite index of 12 leading indicators3
(index: 1967=100)
150.5
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars).
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, constant-dollar inventories to sales,
manufacturing and trade (ratio)
62. Labor cost per unit of output, manufacturingactual data as a percent of trend (percent)
109. Average prime rate charged by banks
(percent)
101. Commercial and industrial loans outstanding
in 1972 dollars (million dollars)
95. Ratio, consumer installment credit to
personal income (percent)
930.
Composite index of 6 lagging indicators 3
(index: 1967=100)

Apr.
1983

N
A

N
A

N
A

N
A

N
A

-0.64

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the February 1983 issue of BUSINESS CONDITIONS DIGEST
(pp. 108-109) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
x
This
2
This
3

series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.139; for the coincident index, -0.175; for the lagging index, 0.018.




15
0

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns

HOW TO READ CYCLICAL COMPARISON CHARTS

These charts show graphically, for selected indicators, the path of
the current business cycle. To set the current movements in historical
perspective, cyclical paths over generally similar historical periods also
are shown. The selected periods are superimposed to compare the
current business cycle with corresponding historical patterns and to
facilitate critical assessment of the amplitude, duration, and severity of
the indicators' current movements.

1. For most indicators, two cyclical comparison charts are shown.
In the left panel, comparisons are based on reference peak levels and
reference trough dates; in the right panel, comparisons are based on
both the levels and the dates of the specific troughs in each indicator.
(See the charts on the following pages.)

The three-part code indicates the timing
classification of the series at peaks, at troughs,
and at all turns: L=leading; C=roughly coincident; Lg=lagging; and U=unclassified.

II

II | Ml

This number indicates the latest month (or
quarter) of data plotted. (1=January)

I I | IV M l

| Ml

M|i

Series number, series title

2. The vertical line represents trough dates: reference trough
dates in the left panel and specific trough dates in the right panel. The
current cycle and the corresponding historical periods are positioned so
that their reference trough dates (left panel) and specific trough dates
(right panel) are on this vertical line.

•135
-1+5

3. The horizontal line represents the level of data at reference cycle peaks (left panel) and specific cycle troughs (right panel). The
current cycle and the corresponding historical periods are positioned so
that their reference peak levels (left paneQ and specific trough, levels
(right paneO are on this horizontal line.

1130
-

0
• 125

4. For most series, deviations (percent or actual differences) from
the reference peak and specific trough levels are computed and plotted.
For series measured in percent units (e.g., the unemployment rate),
these units (actual data) are plotted rather than deviations. The deviations (if plotted) and actual data for the current cycle are shown in the
tables accompanying the charts.

•120

5. For series that move counter to movements in general business
activity (e.g., the unemployment rate), an inverted scale is used; i.e.,
declines in data are plotted as upward movements, and increases in
data are plotted as downward movements.

6. Several curves are shown in each chart. The heavy solid line
( • » . ) describes the current cycle. The dotted line ( • • • ) represents
the median pattern of the seven post-World War II cycles. The other
lines represent selected business cycles. In the left panel, each line is
labeled according to the year of the reference trough; in the right panel,
each line is labeled according to the date of the specific trough.
7. These charts use the business cycle (reference) peak and trough
dates designated by the National Bureau of Economic Research, Inc.
Peaks: Nov. 1948 (IVQ 1948), July 1953 (IIQ 1953), Aug. 1957
(IIIQ 1957), Apr. 1960 (IIQ 1960), Dec. 1969 (IVQ 1969), Nov. 1973
(IVQ 1973), Jan. 1980 (IQ 1980), July 1981 (IIIQ 1981).

• 110
1
5

-12

-6

0

+6

+18

Months from troughs

Troughs: Oct. 1949 (IVQ 1949), May 1954 (IIQ 1954), Apr. 1958
(IIQ 1958), Feb. 1961 (IQ 1961), Nov. 1970 (IVQ 1970), Mar. 1975 (IQ
1975), July 1980 (IIIQ 1980), November 1982 (IVQ 1982).

This scale measures time in months before ( - )
and after ( + ) reference trough dates (left
panel) and specific trough dates (right panel).

16
0



This scale shows deviations (percent or actual
differences) from reference peak levels (left
panel) and specific trough levels (right panel).

This scale shows actual series units and applies
only to the current business cycle (heavy solid
line).

G. Experimental Data and Analyses—Continued

Cyclical Comparisons: Current and Selected Historical Patterns-Continued
MONTHS
FROM
REF.
TROUGH

43. Unemployment rate, total (inverted)

CURRENT MONTH
ACTUAL
AND
DATA YEAR

T

43. Unemployment rate, total (inverted)

SERIES 4 3
PERCENT
3
2
1

9.9
10.2
10.5
10.7
10.8
10.4
10.4
10.3

i2/82
1/83
2/83
3/83

5
6
7

10.2
10.1
10.0

4/83
5/83
6/83

for
current
cycle

11/82

1
2
3
4

Actual
data

8/82
9/82
10/82

O

Deviations
from
specific
troughs

Actual

-4
• 7

MONTHS D E V I FROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH 12/82
DATA YEAR

• 8

SERIES 4 3
PERCENT
-5

-1.0

9.8

7/82

-2

-4
-3
-2
-1

-0.9
-0.6
-&.3
-0.1

9.9
10.2
10.5
10.7

8/82
9/82
10/82
11/82

-1

10.8

12/82

0

0. T

1
2
3
4

-0.4
-0.4
-0.5
-0.6

10.4
10.4
10.3
10.2

1/83
2/83
3/83
4/83

5
6

-0.7
-0.8

10.1
10.0

• 9

5/83
6/83

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
AND
FROM ACTUAL
TROUGH
DATA YEAR
7/81
SERIES

47. Industrial production index

Deviations
from
reference
peaks

Actual
data

47

47. Industrial production index

1967=100
8/82
9/82
10/82

• 170

• 165

138.4
137.3
135.7

-12.3

134.9

11/82

1
2
3
4

-12.2
-10.7
-10.3
-9.0

135.2
137.4
138.1
140.0

12/82
1/83
2/83
3/83

5
6
7

-7.3
-6.2
-5.2

144.3
145.9

142.7

4/83
5/83
6/83

CO CM rH
1 I 1

current
cycle

-10.1
-10.8
-11.8

0

for

Percent

+25

+ 20

• 165

• 160

• 160

• 155

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH 11/82
DATA YEAR

• 150

SERIES5 47

• 150

+10

L967=100

]

2 .6
1 .8
0 .6

138.4
137.3
135.7

0

• 145

0. T

134.9

11/82

1
2
3
4

0 .2
1 .9
2 .4
3 .8

135.2
137.4
138.1
140.0

12/82
1/83
2/83
3/83

5
6
7

5 .8
7 .0
8 .2

142.7
144.3
145.9

4/83
5/83
6/83

3
2
1

• 140

10
• 135

- I -15

-12

-6

0

+6

• 130

+ 15 • us

+12 +18

Months from reference troughs

8/82
9/82
10/82

• 145

+5
• 140

-12

-6

0

+6

+12 +18

Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of this Issue.




107

G. Experimental Data and Analyses—Continued

Cyclical Comparisons: Current and Selected Historical Patterns-Continued

I

I

I"111!

I11111!

QRTRS.
FROM
REF.
TROUGH

30. Change in business inventories,
1972 dollars

CURRENT QRTR.
ACTUAL
AND
DATA
YEAR
SERIES
30
ANN. RATE
B I L . DOL.

-3
-2
-1

Deviations
from
specific
troughs

Actual
data
for
current .
cycle

-+10

30. Change in business inventories,
1972 dollars

#1625

-10.2 1/82
-3.4 11/82
-1.3 111/82

0

-22.7 IV/82
-15.4
-4.5

1/83
11/83

QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
SPEC.
FROM ACTUAL
AND
TROUGH
IV/82
DATA YEAR

-3
-2
-1
0
1
2

Deviations
from
reference
peaks

0. T
7.3
18.2

-22.7

IV/82

-15.4
-4.5

1/83
11/83

Actual
data
for
current
cycle

•

1725

QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
REF.
FROM ACTUAL
AND
TROUGH 111/81
DATA
YEAR

5
• 1575

•

1525

-2.6
-2.4
-2.6

1485.8
1/82
1489.3 11/82
1485.7 111/82

0

• 1625

-3.0

1480.7

IV/82

1
2

-2.3
-0.3

1490.1
1521.4

1/83
11/83

-3
-2
-1

DEVIQRTRS.
FROM ATIONS CURRENT QRTR.
AND
SPEC.
FROM ACTUAL
YEAR
DATA
TROUGH
IV/82;

• 1475

-3
-2
-1

SERIES 50
ANN. RATE
BIL. DOL.
0.3 1485.8 1/82
0.6 1489.3 11/82
0.3 1485.7 111/82

1480.7

..I.....I
-12

-6

.....I..... ........
0

+6

+12

0.6
2.7

IV/82

1490.1
1521.4

1/83
11/83

+18

Months from reference troughs
NOTE:

For an explanation of these charts, see "How to Read Charts" on p. 106 of this issue.

108



50. GNP in 1972Jollars
c,cfc

SERIES
50
ANN. RATE
B I L . DOL

) #1675

0

SERIES 30
ANN. RATE
BIL. DOL.
12.5
-10.2
1/82
19.3
-3.4 11/82
21.4
-1.3 111/82

-12

0

+6

+12

Months from specific troughs

+18

G. Experimental Data and Analyses—Continued

Cyclical Comparisons: Current and Selected Historical Patterns-Continued
Devi-

indicators

Actual

ations
from
reference
peaks

• •'
1
910. Composite index of 12 leading

data

for
current
cycle

DEVIMONTHS
FROM A T I O N S CURRENT MONTH
REF.
FROM ACTUAL
AND
YEAR
TROUGH
DATA
7/81
SERIES 910

-3
-2
-1
O

+20

• 170

+15
#160

+10

-2.4

139.4

-1.4
1.5
3.3
5.3

140.9
145.1
147.6
150.5
152.4
154.3
155.9

136.2
137.6
138.6

Actual
data
for
current
cycle

•

170

•

165

•

160

SERIES 910
1967=100
1.1
2.2
2.9
3.5

136.2
137.6
138.6
139.4

4.6
7.7
9.6
11.7

140.9
145.1
147.6
150.5

12/82
1/83
2/83
3/83

13
14
15

13.1
14.6
15.7

152.4
154.3
155.9

-

8/82
9/82
10/82
11/82

4/83
5/83
6/83

+15

#155

H50

140

-5
•

910. Composite index of 12 leading
indicators

MONTHS
DEVIFROM A T I O N S CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA
3/82
YEAR

9
10
11
12

•

Deviations
from
specific
troughs

8/82
9/82
10/82

5
6
7
8

o

T

4/83
5/83
6/83

#150

+5

.|.

12/82
1/83
2/83
3/83

6.6
8.0
9.1

«|«

11/82

1
2
3
4
5
6
7

Percent

-4.7
-3.7
-3.0

|

130

-10

- +10
•

•

140

•

155

•

150

•

145

•

-

145

140

+5

-15
•

120

SERIES 920
1967=100
-3
-2
-1

-10. 2

132. 6

-10.
-9.
-9.
-8.

132.
134.
133.
134.

6
3
6
7

4/83
5/83
6/83

5
6
7

2
0
5
7

-8. 1
-6. 5
-5. 8

135. 1
134. 5
132. 7

8/82
9/82
10/82

+ 15

+5 • 155

•

145

-12

-6

0

+6

+12

4
3
2
1

1.9
1.4
0.1
0.

1
2
3
4

135

+ 10

SERIES 920
1967= 1 0 0

o

•

1 1 1 1 1 1 1 illiIxii11
1 1 1 1 1 1

Percent

+ 20

MONTHS
DEVIFROM A T I O N S CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAR
12/82

1 1 1 1 i l l it it
1 1 1 1

0

12/82
1/83
2/83
3/83

135. 7
138. 0
139. 1

920. Composite index of 4 coincident
indicators

11/82

1
2
3
4

920. Composite index of 4 coincident
indicators

-8. 5
-8. 9
-10. 1

0

-

-J

MONTHS
DEVIFROM A T I O N S CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
DATA
YEAR
7/81

-20

5
6

+5

135 . 1
134 . 5
132 .7
132 .6

8/82
9/82
10/82
11/82

O. T

132 .6

12/82

1.3
0.8
1.6
2.3

134 . 3
133 .6
134 .7
135 .7

1/83
2/83
3/83
4/83

4.1
4.9

138 . 0
139 . 1

5/83
6/83

+18

Months from reference troughs

-12

-6

0

+6

+12

+18

Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of this issue.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE

A
Accession rate, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment. Dl
Consumer sentiment, index
Employees, manufacturing and trade. Dl
Inventories, manufacturing and trade. Dl
New orders, manufacturing. Dl
Prices, manufacturing. Dl
Prices, retail trade. Dl
Prices, wholesale trade. Dl
Profits, manufacturing and trade. Dl
Sales, manufacturing and trade. Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures
B
Balance of payments-See International transactions.
Bank loans—See Business Loans.
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from the Federal Reserve
Bonds—See Interest rates.
Borrowing-See Credit.
Budget—See Government.
Building—See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Business failures, current liabilities
Business formation, index
Business incorporations
Business inventories-See Inventories.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
.
Loans outstanding, net change
Business saving
C
Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital equipment, producer price index
Capital investment—See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force—See also Employment.
Employment
Employment as percent of population
Total labor force
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees, NIPA
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, real average hourly, production workers,
private nonfarm economy
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four coinciders, index
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers, index
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows.
See notes at end of index.

110



Current issue

Series (page n u m b e r s )
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

2
604

16
56

6
1
9
2

8/81
1/83

1
8
6
4

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

6
7
7
6
6
5
7
6
7
6
7
6
7
6
7
6
7
6
7
6
7
6

6/82
6/82
12/82
5/83
5/83
5/83
5/83
5/83
5/83
5/83
5/83

3
4
3
4
3
1
48
48
48
48
4
9
48
48
48

616
55

56
22

92
6
5

1/83
9/82

64
50

93
94

33
33

7
2
7
2

6/83
6/83

4
5
4
5

29 13,25
76
24
61
24
970 38
14
33
12 12,23
13
23

6
7
6
7
6
7
7
6
7
2
6
5
6
5

6/83
12/82
6/82
6/82
5/83
2/83
5/83

3
5
2
4
3
4
3
4
44
32
3
2

101 15,35
72
35
112 32
295 46

7
3
7
3
7
2
82

7/83
7/83
7/83
11/82

83
82
84

20
20
20

97
11
965
333

24
24
37
48

914
35
34

11
29
29

442 51
90
18
441 51
37 18,51

4
3
4
3
3
7

222

Series title
(See complete titles in "Titles and
Sources of Series." following this index)

12/82
12/82
12/82

25
25
25

66
66
75
86

1/83
1/83
1/83
4/83

33
33
33

60
70
70

2/83
8/82
8/82

15
37
37

89
62
89
62,89

3/83
3/83
3/83
3/83

20
20
20
20

74
60
66

2/83
5/83
2/83
2/83
3/82

15
15
32

101 15,35
72
35
112 32

73
73
72

7/83
7/83
7/83

43
43

345
280

49
45

87
82

11/82
10/82

56
56

920
920c
951
940
9

10
39
36
11
23

60

15

64

30,47

70,83

10/82

5
6

346

49

88

11/82

5
6

340

49

8
7

6/82

1
5

341
348
349

49
50
50

87
88
88

7/82
8/81
8/81

15
62
62

53

19

6
3

9/82

2
2

920
920c
940

10
39
11

60

2/83
5/83
2/83

1
5

930
930c

10
39

60

2/83
5/83

1
5

914
915
913
917

11
11
11
11

60
60
60
60

2/83
2/83
2/83
2/83

15
15
15
15

60'

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Profitability
Twelve leaders, index
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales
Gross private domestic fixed investment
Nonresidential, percent of GNP
Nonresidential structures, constant dollars
Nonresidential, total, constant dollars
Residential, percent of GNP
Residential, total, constant dollars
Housing starts
Consumer finished goods, producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices—See also International comparisons.
All items
Food
Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Defense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Corporate bond yields
Corporate profits—See Profits.
Costs—See Labor costs and Price indexes.
Credit
Borrowing, total private
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price index

f£!^K>
Series ipage numDefS'
number Charts Tables
916
910
910c

Historical
data
(issue date)

Series
description

(*)
1
5
1
5

11
10
39

60
60

2/83
2/83
5/83

29

13,25

67

6/83

3
5

9
69

23
24

66
67

3/82
6/83

3
2
2
8

248
87
86
249
89
28
334
8
75

47
25
25
47
25
25
48
12,21
22

83
67
67
83
67
67
86
64
65

10/82
9/82
9/82
10/82
9/82
6/83
4/83
6/83
12/82

5
1
5
1
5
1
5
1
5
1
3
5
60
2
6
2
4

66
113
95
39

35
32
15,35
33

73
72
73
72

4/83
4/83
4/83
2/82

4
3
4
3
4
3
4
5

320
322
58

49
49
22

84,95
84
65

3/83
3/83
12/82

5
9
5
9
3
1

525

53

90

4/83

6
4

20

12,23

66

8/82

3
2

10
116

23
34

66
73

8/82
2/82

3
2
4
6

110

32

72

11/82

101
72
112

15,35
35
32

73
73
72

7/83
7/83
7/83

66
113
95
39
Ill
33

35
32
15,35
33
13,32
32

73
72
73
72
72
71

4/83
4/83
4/83
2/82
7/83
3/82

98
331

28
48

69
85

2/83
4/83

4
3
4
3
4
3
4
3
4
3
4
5
4
2
6
0

D
Debt-See Credit.
Defense and space equipment, output
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays
Personnel, civilian
Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers'
Unfilled orders, manufacturers'
Defense products industries, employment
Defense purchases, goods and services, NIPA
Defense purchases, percent of GNP
Deficit—See Government.
Deflators—See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial production
Industrial production, components
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components
New orders, manufacturing
Profits, manufacturing
Profits, manufacturing and trade
Raw industrials, spot market prices
Raw industrials, spot market prices, components
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prices, retail trade
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing production workers
Workweek, manufacturing production workers,
components
Disposable personal income—See income.

557

54

91

7/82

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

7/82
4/83
7/83
12/82
12/82
4/83

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

6/83
6/83
6/83
6/83
7/83
11/82
11/82

33
72
12,21 64

2/82
5/83

4
5
2
8

6/82
1/83
2/83
5/83
7/83
7/82

3
4
3
3
1
5
4
8
1
5
2
4

5/83
5/83
2/83
2/83
6/83

1
8
4
8
1
5
1
5
2
6

5/83
12/82
5/83
6/83

4
8

5/83
5/83
5/83
5/83
6/83
7/83

4
8
4
8
4
9
4
8
3
6
1
5

39
32
970
965
951
974
963
966

38
37
36
38
36
37

962
975
952
950
964

36
38
36
36
37

971
960
972
967

38
37
38
37

973
976
978
977
968
961

38
38
38
38
37
36

76
75
74
76
74
75
78
74
76
74
74
75
77
76
75
76
75
79
76
76
76
76
75
74
77

6
4
2
6

5
3

4
8
3
6

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Current issue

Series title
(See complete titles in "Titles and
Sources of Series." following this index)

Series (page n u m b e f S >
number Charts Tables

Historical
data
(issue date)

Series
description

C)

E
Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Defense Department personnel, civilian
Defense Department personnel, military
Employee-hours in nonagricultural establishments
Rate of change
Total
Employees in mining, manufacturing.
and construction
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
Employees on private nonagricultural payrolls, Dl
Employment in defense products industries
Employment, ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims. State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate, manufacturing
Marginal employment adjustments, Cl
Overtime hours, manufacturing production workers
Participation rate, both sexes, 16-19 years old
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Quit rate, manufacturing
Unemployed, both sexes, 16-19 years old
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 15 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, manufacturing production workers
Workweek, manufacturing production workers.
components
Workweek, manufacturing production workers, Dl
Equipment—See Investment, capital.
Exports—See International transactions.

2
441
578
577
,.

16
51
55
55

6
1
8
9
9
1
9
1

8/81
3/83
12/82
12/82

48c
48

39
17

*6i"

5/83
5/83

40
974
41
963
570
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1

17
38
14,17
36
55
18
51
17
17
12,16
36
16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16

62
7
6
62
7
4
9
1
62
8
9
6
1
6
1
6
1
7
4
6
1
60
6
1
8
9
8
9
8
9
8
9
62
6
1
8
9
8
9
8
9
8
9
62
62
62
6
2
62,89
6
1

7/83
5/83
7/83
7/83
7/83
3/83
3/83
7/82
3/83
5/83
5/83
8/81
2/83
7/83
3/83
3/83
3/83
3/83
3/83
8/81
3/83
3/83
3/83
3/83
3/83
3/83
3/83
3/83
3/83
7/83

1
5
48
1
5
1
5

961

36

7
7
7
4

7/83

1
5

1
8
2
0

G
Goods output in constant dollars
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus or deficit
State and lolal expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, tolal
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP. constant dollars
GNP. constant dollars differences
GNP, constant dollars percent changes
GNP, current dollars
GNP. current dollars, differences
GNP, current dollars, percent changes
GNP. ratio to money supply Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing

119

34

72

20
20
1
9
1
9
1
8
1
8
1
8
1
5
1
5
2
0
2
0
2
0
2
0
2
0
1
8
20
2
0
2
0
20
20
20
1
8
2
0
2
0
1
5

2/82

94
213
917

33
40
11

7
2
80
60

6/83
10/82
2/83

311

48

84

11/82

93

33

72

4
5
4
9
1
5

6/83

49

20

63

8/82

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
9
0
90
90
90
90
8
3

9/82
9/82
9/82
9/82
9/82
9/82
11/82

6
2
62
62
6
2
6
2
62
58

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

8
1
8
1
8
3
9
1
9
1
8
1
8
1
8
3
8
1
8
1

11/82
11/82
11/82
11/82
11/82
11/82
11/82
11/82
11/82
11/82

5
3
5
3
5
3
5
3

311
68

48
30

84
7
0

11/82
9/82

58
3
9

63,80
80
80
80
80
80
7
1
6
3
84
80

8/82
8/82
8/82
8/82
8/82
8/82
5/83
8/82
11/82
10/82

4
9
4
9
4
9
4
9
4
9
4
9
40
2
5
4
9
4
9

6
1
6
1

7/82
3/83

1
9
1
9

50 19.40
50b
50c 39
200 40
200b
200c
107 31
49
20
310 48
217 40

46
60

17
17

Current issue
Series (page "umbers)
number Charts Tables

Historical
data
(issue date)

7/83
7/83

6/83
6/83
9/82
10/82

Average weekly overtime
Average workweek
Average workweek, components
Average workweek, Dl
Housing
Housing starts
Housing units authorized by local building permits..
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

21
1
961

16
12,16
36

61
61
77
74

28
29
89
249

25
13,25
25
47

67
67
67
83

Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonlarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, real average hourly, production workers,
private nonfarm economy
Income on foreign investments in the United States
Income on U.S. investments abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income, less transfer payments, constant dollars
Rate of change
Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Business equipment
Consumer goods
Durable manufactures.
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change.
Industrials, raw, spot market prices
Components
Diffusion index...
Spot market index
Installment credit-See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl...
Average weekly insured unemployment rate
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans.
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials, producer price index
International comparisons
Consumer prices
Canada
France
Italy
Japan
United Kingdom
United States.
West Germany
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States.

310

48

345
280

49
45

87
82

Series
description

(*)
15
15

7/83
35
35
51
51

's
i

F
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowing from
Final sales in constant dollars
Financial flows. Cl
Fixed investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France-See International comparisons.
Free reserves

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

5
3
5
3
5
3
5
3
5
3

West Germany

11/82

11/82
10/82

56
56

64

30,47

70,83

10/82

5
6

346
95
286

49
15,35
45

88
73
82

11/82
4/83
10/82

56
43
37

287
225
224

47
40
40

83
80
80

10/82
10/82
10/82

37
22
22

27
2

40

10/82

340

49

6/82

31
4
62
5
61
5
28
8
29
8
20
2
5
2
23
2

4
9
5
7
5
7
4
5
47
4
5
1
9
40

8
7
9
3
9
3
82
8
3
82
6
3
6
3

7/82
8/82
8/82
10/82
10/82
10/82
9/82
9/82

1
5
6
5
6
5
5
7
5
7
5
5
22
2
2

5c
1
5
1
18
0
22
8

3
9
14,19
3
1
4
5

'tt
7
1
8
2

9/82
9/82
4/83
10/82

22
40
5
6

23
8
24
8

4
7
4
5

8
3
82

10/82
10/82

5
6
5
7

25
8
38
4
39
4

4
7
5
0
5
0

8
3
88
88

10/82
8/81
8/81

5
7
6
2
6
2

5
3
1
3
35
3

1
9
2
3
48

6
3
6
5
8
5

9/82
5/83
6/82

2
2
3
2

2
4
6
7
7
6
6
5
2
2
7
5
6
3
20
7
3
6
3
2
0
7
4
4 14,20,58 63,94
7
7
8
7
5
9 6 '37'
6
3
9
4c
7

12/82
12/82
12/82
12/82
12/82

2
4
2
4
2
4
2
4
2
4

7/82
12/82

2
4

97
6
2
3

"37"
2
8

7
9
7
5
6
9

6/83
6/83

3
6
3
6

5
92
6
4
5
28
8
29
8

12,16
3
6
1
8
4
5
4
7

6
1
7
4
6
2
82
8
3

5/83
5/83
3/83
10/82
10/82

1
8
1
8
1
8
5
7
5
7

6
7
16
1
19
1
18
1
17
1
19
0
14
1
15
1
32
3

3
5
3
4
3
4
3
4
3
4
3
5
3
4
3
4
48

7
3
7
3
7
2
7
3
7
3
7
3
7
2
7
3
8
6

12/82
2/82
2/82
2/82
2/82
7/83
2/82
2/82
4/83

4
6
4
6
4
6
4
6
4
6
4
6
4
6
4
6
6
0

9
6
9
5
9
6
9
5
9
5
84,95
9
5

4/82
4/82
4/82
4/82
4/82
3/83
4/82

6
8
6
8
6
9
6
9
68
5
9
68

9
4
5
8
73
2
5
8
9
4
76
2
5
8
9
4
77
2
5
8
9
4
78
2
58
9
4
71
2
5
8
9
4
72
2
4 14.20.58 63,94
7
5
8
9
4
75
2

1/83
1/83
1/83
1/83
1/83
1/83
12/82
1/83

6
6
6
6
6
6
6
6
6
6
6
6
2
4
6
6

73
3
76
3
77
3
78
3
72
3
30
2
75
3

49'

See notes at end of index.




11
1

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Current issue
Series (P a g e numbers)
number Charts Tables

Historical
data
(issue date)

Series
description

C)

Stock prices

Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, excluding military
Exports, merchandise, total excluding military aid
Exports of domestic agricultural products
Exports of goods and services, constant dollars, NIPA ..
Exports of goods and services, current dollars, NIPA
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, excluding military
Imports, merchandise, total
Imports of automobiles and parts
Imports of goods and services, constant dollars, NIPA..
Imports of goods and services, current dollars, NIPA ....
Imports of goods and services, total
Imports of petroleum and products
Income on foreign investments in the United States
Income on U.S. investments abroad
Net exports oi goods and services,
constant dollars, NIPA
Net exports of goods and services,
current dollars, NIPA
Net exports of goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars, NIPA ....
Business inventories, change, current dollars, NIPA
Business inventories, change, percent of GNP
Defense products, manufacturers"
Finished goods, manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, manufacturing and trade
Inventory investment and purchasing, Cl
Manufacturing and trade, constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade, Dl
Materials and supplies on hand and on order,
manufacturing
Materials and supplies on hand and on order,
manufacturing, change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments. Cl
Construction contracts, commercial and industrial
Construction expenditures, business, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change—See Inventories.
Fixed investment, constant dollars
Fixed investment, current dollars
Nonresidential. constant dollars
Nonresidential, percent of GNP
Producers" durable equipment, nonresidential,
constant dollars
Residential, constant dollars
Residential, percent of GNP
Structures, nonresidential. constant dollars
Total, constant dollars
Total, current dollars
New orders, capital goods, nondefense.
constant dollars
New orders, capital goods, nondefense.
current dollars
Plant and equipment
Business expenditures, new
Business expenditures, new. Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Investment, foreign
Income on foreign investments in the United States
Income on U.S. investments abroad
Italy-See International comparisons.

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

12/82
12/82
12/82
12/82
12/82
12/82
12/82

70
70
70
70
70
36
70

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
652
651

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
57
57

93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
93
93

8/82
8/82
8/82
5/82
1/83
10/82
10/82
8/82
1/83
8/82
5/82
1/83
10/82
10/82
8/82
1/83
8/82
8/82

65
65
65
64
64
54
54
65
64
65
64
64
54
54
65
64
65
65

255

44

250
251

44
47

82
83

10/82
10/82

54
54

30
245
247
559
65
36
77
915
70
71
31
975

26,42
42
47
54
27
13,26
15,27
11
27
27
26
38

68,81
81
83
91
68
68
68
60
68
68
68
76

10/82
10/82
10/82
6/83
6/83
8/82
1/83
2/83
9/82
9/82
9/82
5/83

51
51
51

27

68

6/83

2
4
2
4
3
7
1
1
2
3

6
6
6
6
7
5
6
0
6
6

10/82

28
28
28
15
28
28
28
48

6/83
9
7
1
1
95
6
94
1
9

1/83
1/83
1/83
2/83
3/82

3
3
3
3
3
3
1
5
3
2

6/83
23
4
22
4
8
6
28
4

4
2
4
2
2
5
4
7

8
1
8
1
6
7
8
3

10/82
10/82
9/82
10/82

5
1
5
1
5
1
5
1

8
8
8
9
29
4
8
7
21
4
20
4

2
5
2
5
4
7
2
5
4
2
4
2

6
7
6
7
8
3
6
7
8
1
8
1

9/82
9/82
10/82
9/82
10/82
10/82

5
1
5
1
5
1
5
1
5
1
5
1

8/82
8/82
6
1
90
7
2
0
1
0

2
4
3
8
12,23
2
3

6
7
7
6
6
6
6
6

6/82
6/82
8/82
8/82

3
4
3
4
3
2
3
2

62
5
61
5

5
7
5
7

9
3
9
3

8/82
8/82

6
5
6
5

Japan-See International comparisons

Labor cost per unit of gross domestic product
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost per unit of output, private business sector...
Labor cost, price per unit of. nonfarm business
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
Layoff rate, manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change

See notes at end of index.

112



6
8

3
0

7
0

9/82

3
9

6
2
6
2
6
3
2
6

3
0
1
5
3
0
2
9

7
0
7
0
7
0
7
0

2/83
2/83
11/82
10/82

3
9

90
3
930c
92
5
3

1
0
3
9
3
6
1
6

6
0

2/83
5/83
2/83
8/81

1
5

90
1
910c

1
0
3
9

6
0

2/83
5/83

1
5

7
4
6
1

3
9

1
5
1
8

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans-See Credit.

.

M
Man-hours—See Employment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order,
manufacturing
Materials and supplies on hand and on order,
manufacturing, change

Materials, new orders for consumer goods and
Materials prices—See Price indexes.
Materials, rate of capacity utilization
Merchandise trade—See International transactions.
Military—See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply Ml, constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply M l
Ratio, personal income to money supply M2
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields
N
National defense—See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
0
Obligations incurred, Defense Department
Obligations unpaid, Defense Department
OECD, European countries, industrial production
Orders—See New orders and Unfilled orders.
Outlays, Defense Department
Output—See also Gross national product and
Industrial production.
Defense and space equipment, output
Goods output, constant dollars
Labor cost per unit of
Actual data
Actual data as percent of trend
Per hour, nonfarm business sector
Per hour, private business sector
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity, materials.
Overtime hours, manufacturing production workers

Current issue

Series (page n u m b e r s )
number Charts Tables
950
14
104

36
33
31

74
72
71

Historical
data
(issue date)

Series
description
(*)

2/83
5/83
4/83

1
5
4
4
4
0

913

11

6
0

2/83

1
5

78

27

6
8

6/83

2
8

38

8 12,21

26

68
64

6/83
6/83

28
26

84

20

6
4

12/82

917

11

6
0

2/83

104 31
105 31
85
31
106 13,31
102 31
107 31
108 31
33
32
118 34
117 34

7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
1
7
3
7
3

4/83
4/83
4/83
4/83
4/83
5/83
4/83
3/82
2/82
2/82

4
0
4
0
4
0
4
0
4
0
4
0
4
0
4
2
4
6
4
6

27
23
24
23
8 12,21

6
6
6
6
6
4

8/82
8/82
6/83

2
6
2
6
2
6

20 12,23

6
6

8/82

3
2

10
548
7
6

23
53
21
21

8/82
6/83
6/83
6/83

3
2
2
6
2
6
2
6

964
971

37
38

6
6
9
0
6
4
6
4
7
7
7
5
7
6

6/83
5/83

2
6
4
8

88
87
86
248

25
25
25
47

6
7
6
7
6
7
8
3

9/82
9/82
9/82
10/82

5
1
5
1
5
1
5
1

517
543
721

53
53
58

9
0
90
9
4

7/82
4/83
1/83

6
6

580

54

9
1

7/83

557
49

54
20

9
1
6
3

7/82
8/82

2
5

62
62
358
370
83
82
84
21

30
15
50
50
20
20
20
16

7
0
7
0
8
8
8
8
6
4
6
4
6
4
6
1

2/83
2/83
12/82
11/82
12/82
12/82
12/82
7/83

6
1
6
1
2
5
2
5
2
5
1
5

453
452
451

51
51
51

8
9
8
9
8
9

3/83
3/83
3/83

2
0
2
0
2
0

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

6
5
8
0
80
8
1
8
1
8
1
8
1
8
0
8
0
8
3

9/82
10/82
10/82
10/82
10/82
10/82
10/82
10/82
10/82
10/82

5
0
5
0
5
0
5
0
5
0
5
0
5
0
5
0
5
0
5
0

292
293
614

46
46
56

8
2
8
3
9
2

11/82
11/82
1/83

5
8
5
8
6
4

6
7
7
6
6
6
6
6
6
2

6/82
6/82
8/82
8/82
3/83

3
4
3
4
3
2
3
2
2
0

3
9

P
Participation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income—See Income
Personal saving
Personal saving rate...
Petroleum and producls, imports
Plant and equipment—See also Investment, capital
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Population, civilian employment as percent of

61
24
970 38
20 12,23
10
23
90
18

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Price indexes
Consumer prices—See also International comparisons.
All items
Food
Deflators. NIPA
Fixed-weighted, gross domestic business product
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business
Producer prices
All commodities
* Capital equipment
Crude materials
Finished consumer goods
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl.
Price to unit labor cost, nonfarm business.
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Wholesale trade. Dl
Prime contract awards, Defense Department
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, nonfarm business sector
Output per hour, private business sector
Profitability. Cl
Profits
Corporate profits after taxes
Constant dollars
Current dollars
With IVA and CCAdj. constant dollars
With IVA and CCAdj, current dollars
Corporate profits, total
With IVA and CCAdj
With IVA and CCAdj. percent of national income
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability. Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income

Current issue
Series (page numbers)
number Charts Tables

Series
description

C)

30
2
32
2

4
9
4
9

84,95
8
4

3/83
3/83

5
9
5
9

31
1
30
1
2
6

4
8
4
8
2
9

8
4
8
4
7
0

11/82
11/82
10/82

5
8
4
9

30
3
33
3
31
3
34
3
35
3
32
3
9
8

4
8
4
8
4
8
4
8
4
8
4
8
2
8

8
5
8
6
8
5
8
6
8
5
8
6
6
9

5/82
4/83
4/83
4/83
6/82
4/83
2/83

5
9
6
0
6
0
6
0

97
6
2
3

37'
2
8

7
9
7
5
6
9

6/83
6/83

3
6
3
6

9
8
9
9

2
8
13,28

6
9
6
9

2/83
2/83

1
9
98
6
2
6

13,28
3
7
2
9

6
9
7
5
7
0

7/82
6/83
10/82

3
6
3
6

96
7
98
7
97
7
55
2
19
0

3
8
3
8
3
8
5
3
3
5

7
6
7
6
7
6
9
0
7
3

5/83
5/83
5/83
4/83
7/83

4
8
4
9
4
8
6
4
4
6

6
0

9/82

358
370
916

50
50
11

18
16
80
79

28
28
29
29

287
972
960
15
916
22
81
282

12/82
11/82
2/83

61
61
15

69
69
69
69

9/82
9/82
9/82
9/82

37
37
37
37

45
47
38
37
29
11
29

82
83
76
75
70
60
69

10/82
10/82
5/83
12/82
5/83
2/83
9/82

37
37
48

29
45

70
82

9/82
10/82

37
56

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars.
Manufacturing and trade sales, current dollars
Manufacturing and trade sales. Dl
Ratio, inventories to sales, manufacturing and trade
Retail sales, constant dollars
Retail sales, current dollars.
Saving
Business saving
Government surplus or deficit
Gross saving, private and government.
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.

500 common stocks

500 common stocks, Dl
Stocks of materials and supplies on hand and on order..
Stocks of materials and supplies on hand and on
order, change
Surplus—See Government.

Treasury bill rate
Treasury bond yields...

Current issue
Series (page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
(•)

10/82

213
6
9
5
7
5
6
93
7
7
7
5
9
5
4

2
4
14,22
2
2
3
8
15,27
2
2
2
2

6
7
6
5
6
5
7
6
6
8
6
5
6
5

6/83
11/82
11/82
5/83
1/83
11/82
11/82

2
8
2
8
2
8
4
8
2
8
3
1
3
1

25
9
28
9
20
9
22
9
23
9

4
6
4
6
4
6
4
6
4
6

8
2
8
3
8
2
8
2
8
3

11/82
11/82
11/82
11/82
11/82

3
7
5
8
5
8
5
8
5
8

9
8
9
9
58
8

2
8
13.28
5
4

6
9
6
9
9
1

2/83
2/83
6/83

97
6
2
3

37'
2
8

7
9
7
5
6
9

6/83
6/83

3
6
3
6

1
9
98
6
7
8

13,28
3
7
2
7

6
9
7
5
6
8

7/82
6/83
6/83

3
6
3
6
2
8

6/83

14
1
15
1

3
4
3
4

7
2
7
3

2/82
2/82

4
6
4
6

9
1
6
0
5
92
6
3

15,18
1
7
12,16
3
6
1
6

6
2
6
1
6
1
7
4
6
1

3/83
3/83
5/83
5/83
8/81

2
0
1
9
1
8
1
8
1
8

46
4
45
4
47
4
44
4
3
7
4

5
1
5
1
5
1
5
1
18,51
1
6

8
9
8
9
8
9
8
9
62,89
6
1

3/83
3/83
3/83
3/83
3/83
8/81

2
0
2
0
2
0
2
0
2
0
1
8

4
4
4
5
4
3

1
8
1
8
1
8

6
2
6
2
6
2

3/83
3/83
3/83

2
0
1
8
2
0

51
6
9
6
2
5

5
4
2
1
2
1

9
1
6
4
6
4

6/83
6/83
6/83

2
6
2
6

107

3
1
3
1
12,21

7
1
7
1
6
4

5/83
4/83
5/83

4
0
4
0
2
8

1

12,16

1
5

3
6

6
1
7
7
7
4

7/83

91
6

7/83

's
i

U

15
37

10/82

283

Quit rate, manufacturing..

Raw industrials, spot market prices
Components ...
Diffusion index
Spot market index
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Reserves, free
Residential fixed investment, constant dollars, GPDI..
Residential fixed investment, percent of GNP
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars

Historical
data
(issue date)

8/81

97
6
2
3
24
8

3
7
2
8
4
5

7
9
7
5
6
9
8
2

6/83
6/83
10/82

3
6
3
6
5
7

25
8
9
3
8
9
29
4

4
7
3
3
2
5
4
7

8
3
7
2
6
7
8
3

10/82
6/83
9/82
10/82

5
7
4
5
5
1
5
1

5
9
5
4

2
2
2
2

6
5
6
5

11/82
11/82

3
1
3
1

Unemployment
Duration of unemployment, average.
Help-wanted advertising, ratio to unemployment
Initial claims for unemployment insurance.
Initial claims for unemployment insurance, Dl
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age.
Females 20 years and over
Full-time workers
Males 20 years and over.
Total unemployed
Quit rate, manufacturing.
Unemployment rates
15 weeks and over.
Insured unemployment
Total
Unfilled orders, manufacturers'
Defense products...
Durable goods industries
Durable goods industries, change.
United Kingdom—See International comparisons.

Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio
Vendor performance, slower deliveries
W

Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek of manufacturing production workers
Average workweek
Components
Diffusion index

NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment; NIPA, national income and product accounts.
* The number shown is the page of the Handbook of Cyclical Indicators (1977) on which the series description appears.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. " M " following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.

Bureau of Economic Analysis (Used by permission.
This series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).—Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).-The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars ( Q ) . Source 1
(29,70)
35. Net cash flow, corporate, in 1972 dollars (Q).—Source
1
(29,70)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)

Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

I-A. Composite Indexes

14. Current liabilities of business failures (M).-Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99,106, 111)
(M).-Source 1
(10,39,60)

15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).—Federal Trade Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

39. Percent of consumer installment loans delinquent 30
days and over (EOM).—American Bankers
Association
(33,72)

913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)

16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)

915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(1160)
916. Composite index of profitability (includes series 19,26,

18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(28,69)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(26,68)

40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)

19. Index of stock prices, 500 common stocks ( M ) . Standard & Poor's Corporation
(13,28,59,69,96)

44. Unemployment rate, persons unemployed 15 weeks and
over (M).-Sources 2 and 3
(18,62)

917. Composite index of money and financial flows (includes
series 104, 106, 111) (M).-Source 1
(11,60)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)

45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment
and Training Administration
(18,62)

920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)

21. Average weekly overtime hours of production workers,
manufacturing (M).—Source 3
(16,61)

46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)

930. Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)

22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)

47. Index of industrial production, total (M).—Source
4
(14,20,39,58,63,78,94)

23. Index of spot market prices, raw industrial materials
(M).—Source 3 and Commodity Research Bureau, Inc.
(Used by permission. Beginning with June 1981, this
series may not be reproduced without written permission
from Commodity Research Bureau, Inc.)
(28,69,79)
24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
(23,66)

48. Employee-hours
(M).-Source 3

80) (M).-Source 1

(11,60)

940. Ratio, coincident composite index (series 920) to lagging composite index (series, 930) (M).-Source
1
(11,60)

1-B. Cyclical Indicators
1. Average workweek of production workers,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).-Source 3 (16,61)
3. Layoff rate, manufacturing (M).—Source 3

(16,61)

4. Quit rate, manufacturing (M).-Source 3

(16,61)

5. Average weekly initial claims for
insurance, State programs (M).-U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis

unemployment
Department of
Administration;
of Economic
(12,16,61)

6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by

114



25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).-Sources
1, 2, and 3
(23,66)
28. New private housing units started, total (M).-Source
2
(25,67)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26,42,68,81)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies receiving
slower deliveries (M).-Purchasing Management
Association of Chicago
(12,21,64)

in nonagricultural

establishments
(17,39,61)

49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)
52. Personal income, total, in 1972 dollars (M).-Source

1

(19,63)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).-Sources 1 and
3
(19,63)
54. Sales of retail stores in current dollars (M).-Source
2
(22,65)
55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)
56. Manufacturing and trade sales in current dollars (M).Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1972 dollars ( M ) . Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).—University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
2, and 3
(22,65)

TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources 1, 2, 3, and The Conference
Board
(17,61)
61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)
62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)

86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

119. Federal funds rate (M).-Source 4

(34,72)

1-C. Diffusion Indexes

87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1 (25,67)

950. Diffusion index of twelve leading indicator components

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars ( Q ) . Source 1
(25,67)

951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1 (25,67)

952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)

(M).-Source 1

(36,74)

63. Index of unit labor cost, private business sector ( Q ) . Source 3
(30,70)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)

960. Diffusion index of net profits, manufacturing-about
600 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)

961. Diffusion index of average workweek of production
workers, manufacturing-20 industries (M).-Sources 1
and 3
(36,74.77)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).—Source
2
(27,68)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

66. Consumer instalment credit (EOM).-Source 4

95. Ratio, consumer installment credit to personal income
(EOM).-Sources 1 and 4
(15,35,73)

(35,73)

67. Bank rates on short-term business loans (Q).-Source
4
(35,73)
68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).-Source 1
(30,70)

96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).-The Conference Board (24,66)

962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).-Source 1
and U.S. Department of Labor, Employment and Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls-172-186 industries ( M ) Source 3
(36,74)

(13,28,69)

964. Diffusion index of value of manufacturers' new orders,
durable goods industries- 34-35 industries ( M ) Sources 1 and 2
(37,75,77)
965. Diffusion index of newly approved capital
appropriations, deflated—17 manufacturing industries
(Q).-The Conference Board
(37,75)

70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(27,68)

101. Commercial and industrial loans outstanding in 1972
dollars (M).-Sources 1, 3, and 4
(15,35,73)

966. Diffusion index of industrial production-24 industries
(M).-Sources 1 and 4
(37,75,78)

71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)

102. Change in money supply M2 (M).-Source 4 (31,71)

967. Diffusion index of spot market prices, raw industrials—
13 industrial materials (M).-Sources 1, 3, and
Commodity Research Bureau, Inc.
(35,75,79)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)

72. Commercial and industrial loans outstanding in current
dollars (M).-Sources 1 and 4
(35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Source 4

nondurable
(20,63)

75. Index of industrial production, consumer goods ( M ) . Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).Sources 1, 2, and 3
(15,27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars

(Q).-Source 1

(28,69)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars

(Q).-Source 1

(28,69)

81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).-Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).Source 1
(20,64)
84. Rate of capacity utilization, materials (Q).-Source
4
(20,64)
85. Change in money supply Ml (M).-Source 4




(31,71)

98. Change in producer prices for 28 sensitive crude and
intermediate materials (M).-Sources 1 and 3 (28,69)
99. Change in sensitive materials prices (smoothed) ( M ) . Sources 1, 3, and Commodity Research Bureau, Inc.

104. Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(31,71)
105. Money supply Ml in 1972 dollars (M).-Sources 1,3,
and 4
(31,71)
106. Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 4
(13,31,71)
107. Ratio, gross national product to money supply Ml
(Q).-Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 ( M ) . Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
111. Change in credit outstanding (business and consumer
borrowing) (M).—Sources 1, 4, and Federal Home
Loan Bank Board
(13,32,72)
112. Net change in business loans (M).—Sources 1 and 4
(32,72)
113. Net change in consumer installment credit (M).-Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115. Yield on long-term Treasury bonds (M).-U.S.
Department of the Treasury
(34,73)
116. Yield on new issues of high-grade corporate bonds
( M ) . - C i t i b a n k and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

968. Diffusion index of stock prices, 500 common stocks49-82 industries (M).-Standard & Poor's Corporation
(37,75)
970. Diffusion index of business expenditures for new plant
and equipment, total—22 industries (Q).-Source
1
(38,76)
971. Diffusion index of new orders, manufacturing—about
600 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1,400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1,400 businessmen reporting (Q).-Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1,400 businessmen reporting ( Q ) . Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1,400 businessmen reporting ( Q ) . Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
600 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

115

TITLES AND SOURCES OF SERIES- Continued
977. Diffusion index of selling prices, wholesale trade—about
400 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
978. Diffusion index of selling prices, retail trade—about 400
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

11 -A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).-Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
217. Per capita gross national product in 1972 dollars ( Q ) . Sources 1 and 2
(40,80)
220. National income in current dollars (Q).—Source
1
(45,82)
223. Personal income in current dollars (M).—Source
1
(40,63)
224. Disposable personal income in current dollars ( Q ) . Source 1
(40,80)
225. Disposable personal income in 1972 dollars ( Q ) . Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)

247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)
248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).-Source
1
(47,83)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).-Source
1
(44,82)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (44,82)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)

310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of producer prices, all commodities (M).-Source
3
(48,85)
331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of producer prices, capital equipment ( M ) . Source 3
(48,86)
334. Index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities ( M ) . Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy-adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)

280. Compensation of employees (Q).-Source 1

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)

(45,82)

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)

Il-B. Prices, Wages, and Productivity

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)

298. Government surplus or deficit, total (Q).-Source
1
(46,83)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)

295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).-Source
1
(46,82)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(49,87)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)

(46,82)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)
266. State and local government purchases of goods and
services in current dollars (Q).-Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)

292. Personal saving (Q).-Source 1

293. Personal saving rate-personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).-Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).—Source
3
(49,87)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

Il-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

(45,82)

441. Total civilian labor force, labor force survey (M).—
Sources 2 and 3
(51,89)

289. Net interest as a percent of national income ( Q ) . Source 1
(47,83)

442. Total civilian employment, labor force survey ( M ) . Sources 2 and 3
(51,89)

290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

288. Net interest (Q).-Source 1

116



.S.

GOVERNMENT PRINTING OFFICE:

1983-380-993:204

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570. Employment in defense products industries ( M ) . Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).—Sources 2 and

3

(51,89)

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)

453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)

I I D . Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

Il-E. U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)

502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)

604. Exports of domestic agricultural products (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)
511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department gross obligations incurred ( M ) . U.S. Department of Defense, OSD, Comptroller,
Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis (53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).-U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).-Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Statistisches Bundesamt (Wiesbaden)
(58,94)
726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).—Istituto
Centrale di Statistica (Rome)
(58,94)
728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Department of Employment (London); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)

606. Exports of nonelectrical machinery (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)

612. General imports, total (M).-Source 2

735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Source 1
(57,93)
622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).—Source
1
(57,93)

(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).—Istituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by
Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)

667. Balance on goods and services (Q).-Source 1(57,93)

742. United Kingdom, index of stock prices (M).—Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)

(54,91)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)

559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

669. Imports of goods and services, total (Q).-Source
1
(57,93)

746. France, index of stock prices (M).-lnstitut National de
la Statistique et des Etudes Economiques (Paris)

Il-F. International Comparisons

747. Italy, index of stock prices (M).—Banca d' Italia
(Rome)
(59,96)

548. Value of manufacturers' new orders, defense products
( M ) . - Source 2
(53,90)
557. Output of defense and space equipment (M).— Source

4

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)

19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

(59,96)

748. Japan, index of stock prices (M).—Bank of Japan
(Tokyo)
(59,96)

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