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JUNE

1971

DATA THROUGH MAY

(UNITED STATES
IPARTMENT OF

BUSINESS
CONDITIONS
DIGEST

1ERCE
JBLICATION

\

U.S.
DEPARTMENT

OF
COMMERCE
Bureau
of the
Census



This report was prepared in the Statistical Indicators Division.
Technical staff and their responsibilities for the publication
are—
Feliks Tamm—Technical supervision and review,
Barry A, Beckman—Specifications for computer processing,
Morton Somer—Selection of seasonal adjustment
methods,
Betty F. Tunstall—Collection and compilation of basic
data, (Telephone 440-1596)
Editorial supervision is provided by Maureen Padgett of the
Administrative and Publications Services Division.
The cooperation of various government and private agencies
which provide data is gratefully acknowledged. The agencies
furnishing data are indicated in the list of series and sources
at the back of this report,
This publication is prepared under the general guidance of
a technical committee established by the Office of Management
and Budget. The committee consists of the following persons:
Julius Shiskin, Chairman
Office of Management and Budget
Murray F. Foss, Council of Economic Advisers, Executive
Office of the President
Edwin D. Goldfield, Bureau of the Census, Department of
Commerce
George Jaszi, Office of Business Economics, Department of
Commerce
Geoffrey H. Moore, Bureau of Labor Statistics, Department
of Labor
Kenneth Williams, Federal Reserve Board

U.S. DEPARTMENT OF COMMERCE
Maurice H. Stans, Secretary
James T. Lynn, Under Secretary
Harold C. Passer, Assistant Secretary for Economic Affairs

BUREAU OF THE CENSUS
George Hay Brown, Director
Edwin D. Goldfield, Assistant Director

Benjamin D. Kaplan, Chief
Statistical Indicators Division

ABOUT THE IREPORT

NATIONAL
INCOME AND
PRODUCT accounts summarize both race/pits and
final expenditures ior the
persona/, business, foreign, and government
sectors of tne economy
and provide useful
measures of total
economic activity. The
total of the final
expenditures, which
equals the total of the
receipts, is known as
gross national product,
the most comprehensive sing/e measure
of aggregate economic
output. GNP is defined
as the total market
value of the final output of goods and services produced by the
Nation's economy.

CYCUCAL
INDICATORS
are economic time
serie$ which have been
singled out as leaders, coineiders, or /aggers in relation to movements in
aggregate economic
activity, In this report,
the series on the
NBER's list of cyclical
indicators are classified
by economic process
and by cyclical timing.
These indicators were
selected primarily on
the basis of their
cyc/i^a/ behavior, but
they have a/so proven
useful in forecasting,
measuring, and
interpreting other
short-term fluctuations
in aggregate economic
activity.

ANTICIPATIONS
AND
INTENTIONS data
provide information
on the plans of
businessmen and consumers regarding their
ma/or economic activities in the near future.
This information is considered to be a valuable
aid to economic forecasting either directly
or as an indication of
the state of confidence
concerning the economic outlook. A
number of surveys by
various organizations
and government
agencies have been
developed in recent
years to ascertain
anticipat/ons and
intentions. The resu/ts
of some of these
surveys, expressed as
time series, are
presented in this
report.

Subscription price, including supplements, is $15 a year ($3.75 additional for foreign mailing).
Single issues are $1.50.
Airmail delivery is available at an additional charge.
For
information about domestic or foreign airmail delivery, write to the Superintendent of




This monthly report brings together many of the economic time series found most useful by business analysts
and forecasters. Its predecessor, Bus/ness Cycle Developments, emphasized the cyclical indicators approach to the
analysis of business conditions and was based largely on
the list of leading, roughly coincident, and lagging indicators maintained by the National Bureau of Economic Research, Inc. Some other approaches commonly used by students of economic conditions include econometric models
and anticipations and intentions data. The econometric
model concept utilizes historical and mathematical relationships among consumption, private investment, government,
and various components of the major aggregates to generate
forecasts of gross national product and its composition.
Anticipations and intentions data express the expectations of businessmen and the intentions of consumers.
Most of the content of Bus/ness Cycle Developments has
been retained in this new report and additional data reflecting the emphasis of other approaches have been added to
make it more generally useful to those concerned with
an evaluation of current business conditions and prospects.
The use of the National Bureau's list of indicators and
business cycle turning dates in the cyclical indicators section of this report, as well as the use of other concepts, is
not to be taken as implying endorsement by the Bureau
of the Census or any other government agency of any particular approach to economic analysis. This report is intended only to provide statistical information so arranged
as to facilitate the analysis of the course of the Nation's
economy.
Almost all of the basic data presented in this report
have been published by their source agencies. A series
finding guide, as well as a complete list of series titles and
data sources, is shown at the back of this report.
Documents (address below), enclosing a copy of your address label. Make crocus payable
to the Superintendent of Documents. Send to U.S. Government Printing Office, Washington,
D.C. 20402, or to any U.S. Department of Commerce field office.

New Features and Changes for This Issue-

BCII

METHOD OF PRESENTATION
Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Section A. National Income and Product
Section B. Cyclical Indicators

BUSINESS CONDITIONS DIGEST

......................
.
„

1
1
2

Section C. Anticipations and Intentions
Section D. Other Key Indicators
Section E. Analytical Measures
Section F. International Comparisons

Data Through May
Series ESI No. 71-6

3
3
3
3

How to Read Charts...
How to Locate a Series
Summary of Recent Data and Current Changes

JUNE 1971




1
1

4
4
5

PART I. CHARTS
NATIONAL INCOME AND PRODUCT

Al
~A2
~A4

j\5
~A6

A9

Gross National Product
National and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment

9
10
11
12

„

Foreign Trade
Government Purchases of Goods and Services.
Final Sales and Inventories
National Income Components
Saving

„...

13
14
15
16
17

CYCLICAL INDICATORS

Bl
B2
B3

B6
87
"18

Economic Process and Cyclical Timing
Employment and Unemployment

18

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

21
23
26
28
30

Selected Indicators by Timing
Composite Indexes
NBER Short List

34
36

ANTICIPATIONS AND INTENTIONS
Aggregate Series
Diffusion Indexes

40
43

OTHER KEY INDICATORS
Foreign Trade
Balance of Payments and Major Components
Federal Government Activities.
Price Movements

46
47
52
54

ANALYTICAL MEASURES
Actual and Potential Gross National Product
Analytical Ratios
Diffusion Indexes
Rates of Change

56
57
59
61

INTERNATIONAL COMPARISONS
Consumer Prices

.

62

Industrial Production
Stock Prices.

.

63
64

PART II. TABLES
NATIONAL INCOME AND PRODUCT

A2
A3
A4
A5

A6
A7
A8
A9

Gross National Product
National and Personal Income.,

65
65

Personal Consumption Expenditures
Gross Private Domestic Investment
Foreign Trade

66
66
67

Government Purchases of Goods and Services...
Final Sales and Inventories..

67
67

National Income Components........
Saving

67
68

„

CYCLICAL INDICATORS
Economic Process and Cyclical Timing
B2
B3
B4

Employment and Unemployment
Production, Income, Consumption, and Trade
Fixed Capital Investment...,

69
71
72

Inventories and Inventory Investment
Prices, Costs, and Profits...
Money and Credit

...

74
75
76

Selected Indicators by Timing
Composite Indexes

78

ANTICIPATIONS AND INTENTIONS
Aggregate Series..
Diffusion Indexes

79
80

OTHER KEY INDICATORS
Foreign Trade

82

Balance of Payments and Major Components

83

Federal Government Activities.......
Price Movements.....
,

85
86

ANALYTICAL MEASURES
Actual and Potential GNP..

87

Analytical Ratios

88

Diffusion Indexes
Selected Diffusion Index Components.

89
92

INTERNATIONAL COMPARISONS
F2
F3




Consumer Prices
Industrial Production,.
Stock Prices........

...

98
99
100

APPENDIXES
A. MCD and Related Measures of Variability (See May 1971 issue}
QCD and Related Measures of Variability (SeeMay 1971 issue)
B. Current Adjustment Factors
.—
C. Historical Data for Selected Series
.
....
D. Descriptions and Sources of Series (See Index—Series Finding Guide)

101
102

E. Business Cycle Expansions and Contractions in the United States:
1854 to 1961 (See May 1971 issue)

112

F. Specific Trough and Peak Dates for Selected Business Indicators
(See May 1971 issue)
Index—Series Finding Guide..
Titles and Sources for Series

113
115

ii

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

hanges in this issue are as follows:

) A J/mlted number of
changes ait made from
time to time to Incorporate recent find-

1. Business cycle peak and trough dates (November 1969 and
November 1970) to indicate the approximate beginning and end of a
general business contraction have been entered in appendix E and in
the charts for U.S. series (with shading between the dates). These
dates have been designated by the National Bureau of Economic
Research in National Bureau Report Supplement No. 8 (May 1971), and
have been entered at this time in accordance with the policy of delineating a period of contraction after both the peak and trough dates
have been determined by the NBER. (See BCD text, page 1, "Reference
Turning Dates.") The NBER considers these peak and trough dates
tentative and subject to revision as more information becomes available.
2. Current high values, indicated by "H" in tables B1 through B7,
are now designated as the highest values reached by cyclical indicators
since their lows corresponding to the November 1970 reference trough.
(See item 1, above.)

ings of economic
research, newly available time series, and
revisions made fey
source agencies In
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result l« revisions of
data, additions or
deletions of series,
changes In placement of
series In relation to

3. The series on bank rates on short-term business loans (series 67)
is obtained from a revised Quarterly Survey of Interest Rates Charged
by Banks on Business Loans beginning with the 1st quarter 1971. The
revised survey incorporates a number of technical changes in coverage,
sampling, and interest rate calculations.
The source agency has provided a 1-quarter overlap in this series.
The figure based on the unrevised survey is used in all BCD tables and
charts in this issue.
Further information concerning this revision may be obtained from
the Banking Section, Board of Governors of the Federal Reserve System.
4« The series on commercial and industrial business loans (series
72) has been revised for the period 1945 through June 1959. Data for
this period are now monthly averages of weekly figures and thus are
comparable with data from 1960 to date.
Series 112, Change in commercial and industrial business loans,
has been extended back to 1945 on the basis of the revised basic data
for 1945 through June 1959.
(Continued on page iv.)
The July issue of BUSINESS CONDITIONS DIGEST is scheduled for release
on July 30.



iii

other series, changes
In composition of
indexes, etc.

5. Composite indexes 813 (Marginal employment adjustments) and 817
(Sensitive financial flows) have been revised to reflect the smoothing
of some of their component series.
6. Data on U.S. balance of payments have been revised by the source
agency to incorporate corrections and more up-to-date information.
Revised balance of payments data are shown in this issue for the series
on page 83 only and cover the period from 1st quarter 1970 to date.
Therefore, data on page 83 for the period beginning with 1970 are not
necessarily comparable with data for the earlier period. Revised data
for the earlier years and for the series on page 84 will be published
in a subsequent issue. Further information concerning this revision
may be obtained from the Balance of Payments Division, Office of
Ihisiness Economics, U.S. Department of Commerce.
7. The 1 -month rates of change for series 55 (Index of wholesale
p3?ices, industrial commodities) and series 781 (index of consumer
prices, all items) will henceforth be shown in chart E5 as simple
month-to-month percentage changes. The 3-month rates will continue
to be compounded at annual rate.
Rates of change for personal income (series 52) and retail sales
(series 54) will no longer be included in chart E5.
8. Appendix C contains historical data for series 9, 12, 14, 26, 28,
32, 33, 37, 54, 55, 58, 66, 72, 93, 112, 113, 114, 115, 116, 117, 750,
751, 752, 781, 782, 783, 784, 813, and 817.




IV

METHOD OF PRESENTATION
THIS REPORT is organized into six major
subject sections, as follows:
A.
B.
C.
D.
E.
F.

National Income and Product
Cyclical indicators
Anticipations and Intentions
Other Key Indicators
Analytical Measures
International Comparisons

Each of these sections is described briefly
in this introduction. Data for each of the
above sections are shown both in Part I
(charts) and in Part II (tables) of the report. Most charts begin with 1950 (except
in section C where they begin with 1957);
the tables contain data for only the last
few years, Except for section F, most
charts contain shading which indicates
periods of recession in general business
activity.
In addition to the charts and tables described above, some issues contain a summary table which shows the current behavior of many of the series, and several
appendixes which present historical data,
series descriptions, seasonal adjustment
factors, and measures of variability. 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 relationships or order.

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 for sections B and D include
centered MCD moving averages for all
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 the
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. This
policy is followed because of the conceptual and empirical difficulties of designating a current recession and the practical difficulties of terminating the shading
of a current recession without including
part of a new expansion.

SECTION A

NATIONAL
INCOME AND
PRODUCT
The national income and product accounts,
compiled by the Office of Business Economics (QBE), summarize both receipts
and final expenditures for the personal,
business, foreign, and government sectors
of the economy and provide useful measures of total economic activity. The total
of the final expenditures (including additions to business inventories), which
equals the total of the receipts (mainly
incomes), is known as gross national
product (GNP). GNP is defined as the
total market value of the final output of
goods and services produced by the Nation's economy. It is the most comprehensive single measure of aggregate economic output.
Gross national product consists of four
major components: (1) Personal consumption expenditures, (2) gross private domestic investment, (3) net exports of goods
and services, and (4) government purchases of goods and services.
Personal consumption expenditures is the
market value of goods (durable and nondurable) and services purchased by individuals and nonprofit institutions and the
value of food, clothing, housing, and finan-

cial services received by them as income
in kind. The total purchase cost is covered,
including sales taxes. Home purchases are
excluded, but the estimated rental value
of owner-occupied homes is included.
Gross private domestic in vestment combines gross fixed investment and net
changes in business inventories. Fixed investment consists of producers' durable
equipment and private (as opposed to
government) structures, including owneroccupied residential units. The estimates
are gross in the sense that there is no
deduction for capital consumption. The
inventory component measures the change
in the physical volume of inventories valued at current replacement cost.
Net exports of goods and services measures the excess of exports over imports.
Exports include receipts from domestic
output sold abroad, transportation, travel,
other services, fees and royalties and income on investments in foreign areas.
Imports include purchases of foreign
goods, payments for transportation, travel
and other services, military expenditures
as well as payments of income on foreign
investments in the United States. More
detail on U.S. balance of payments is provided in Section D.
Government purchases of goods and services includes general government expenditures for compensation of employees, net
purchases from business and from abroad,
payments to private nonprofit institutions
for research and development, and the
gross fixed investment of government entefprises. Not included are current outlays
of government enterprises, acquisitions of
land, transfer payments, subsidies, loans,
and interest payments to domestic creditors.
A breakdown of the goods portion of GNP,
covering durable and nondurable goods
and both final sales and changes in business inventories, is also included in section
A. Other major aggregates taken from the
national income and product accounts are
described below.
National income is the total earnings arising from the current production of goods
and services and accruing to the labor and
property employed in production. The components of national income are compensation of employees, proprietors' income,
rental income of persons, corporate profits
and the inventory valuation adjustment,
and net interest.
Persona/ income measures the current income of individuals, owners of unincorporated businesses, nonprofit institutions,
private trust funds, and private health and
welfare funds. It consists of wage and salary disbursements, other labor income,
proprietors' income, rental income of persons, dividends, personal interest income,
and transfer payments to persons, less
personal contributions for social insurance.
Disposable personal Income is the personal
income available for spending or saving.
It consists of personal income less personal taxes and other nontax payments
to general government.
Gross saving represents the difference
between income and spending during an

accounting period. II: is the total of personal
saving, undistributed corporate profits,
corporate inventory valuation adjustment,
the excess of wage accruals over disbursements (usually negligible), government
surplus or deficit, and capital consumption
allowances.
Most of the series in this section are on
a current-dollar basis, but some are shown
on a constant (1958) dollar basis so that
the effects of price changes are eliminated.
The implicit price deflator (computed by
dividing the current-dollar data by the constant-dollar data) for total GNP is also
shown.
SECTION B

CYCLICAL
INDICATORS
The business cycle is generally described
as consisting of alternating periods of expansion and contraction in aggregate economic activity; that is, the complex of activities represented by such concepts as
total production, employment, income,
consumption, trade, and the flow of funds.
Although a recurrent pattern has been
characteristic of American economic history, many economists do not consider it
inevitable.
One of the techniques developed in business cycle research is widely used as a

tool for analyzing current economic conditions and prospects. This is the cyclical
indicators concept, which singles out certain economic time series as being leaders, coinciders, or laggers in relation to
movements in aggregate economic activity. The NBER has, since 1938, maintained
a list of such indicators and has periodically subjected the list to extensive review. Their most recent (1966) list of 73
cyclical indicators is the basis for this section of BCD. These indicators were
selected primarily for their cyclical behavior, but they have also proven useful
in forecasting, measuring, and interpreting other short-term fluctuations in aggregate economic activity.
The NBER employs a dual classification
scheme which groups the indicators by
cyclical timing and by economic process,
and this report uses the same classification groupings. The diagram below summarizes the cross-classification system
used in this section. The 73 cyclical indicators are presented with economic process as the principal basis of classification
and cyclical timing as the secondary basis.
The major processes are divided into minor
processes which exhibit rather distinct differences in cyclical timing. The timing
classification takes into account a series1
historical record of timing at business
cycle peaks and troughs. Leading indicators
are those which usually reach peaks or
troughs before the corresponding turns in
aggregate economic activity; roughly coincident indicators are direct measures of
aggregate economic activity or move roughly together with it; lagging indicators
usually reach their turning points after the
turns in aggregate economic activity.

The NBER has also specified a "short list"
of indicators. This more selective and substantially unduplicated group of principal
indicators is drawn from the full list and
provides a convenient summary of the
current situation. The short list consists of
26 series: 12 leading, eight roughly coincident, and six lagging. Only five of these
are quarterly series; the rest are monthly.
The short list is classified only by timing
and is shown separately in chart B8.
Included in this section are a number of
composite indexes which provide simple
summary measures of the average behavior
of selected groups of indicators. Each component of an index is weighted according
to its value in forecasting or identifying
short-term movements in aggregate economic activity. The components are standardized so that each has, aside from its
weight, an equal opportunity to influence
the index. Each index is standardized so
that its average month-to-month percent
change is 1 (without regard to sigjn).
The composite indexes presented in this
report are based on groups of indicators
selected by timing. Thus, there is an index
of leading indicators, another of coincident
indicators, and a third of lagging indicators.
In addition, there are five indexes based on
leading indicators which have been
grouped by economic process. These indexes indicate the underlying cyclical
trends of each group of indicators and the
relative magnitude of their short-term
changes. The index of 12 leading indicators
has been "reverse trend adjusted" so that
its long-run trend parallels that
of
the coincident index. This facilitates

Cross-Classification of Cyclical Indicators by
Economic Process and Cyclical Timing
1. EMPLOYMENT
AND
UNEMPLOYMENT
(15 series)

II. PRODUCTION,
INCOME,
CONSUMPTION,
AND TRADE
(8 series)

III. FIXED CAPITAL
INVESTMENT
(14 series)

IV. INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Formation of business
enterprises
(2 series)
New investment
commitments
(8 series)

Inventory investment
and purchasing
(7 series)

V. PRICES, COSTS,
AND PROFITS
(10 series)

VI. MONEY
AND CREDIT
(17 series)

Sensitive commodity
prices
(1 series)
Stock prices
(1 series)
Profits and profit
margins
(4 series)

Flows of money
and credit
(6 series)
Credit difficulties
(2 series)

Comprehensive
wholesale
prices
(2 series)

Bank reserves
(1 series)
Money market interest
rates
(4 series)

Unit labor costs
(2 series)

Outstanding debt
(2 series)
Interest rates on
business loans
and mortgages
(2 series)

\
Marginal employment
adjustments
(6 series)
LEADING INDICATORS
(37 series)

Job vacancies
(2 series)
ROUGHLY COINCIDENT Comprehensive
employment
INDICATORS
(3 series)
(25 series)
Comprehensive
unemployment
(3 series)

Long-duration
unemployment
(1 series)
LAGGING INDICATORS
(11 series)




Comprehensive
Backlog of investment
production
commitments
(3 series)
(2 series)
Comprehensive income
(2 series)
Comprehensive
consumption
and trade (3 series)

Investment
expenditures
(2 series)

Inventories
(2 series)

comparisons among the leasding, coincident,
and lagging indexes and tends to shorten the
leads of the leading index at business
cycle peaks while lengthening them at
troughs; it also reduces the variability of
the leads and lags.
SECTION C

ANTICIPATIONS
AND
INTENTIONS
Most businessmen and many individual
consumers have some type of plans as to
their major economic activities in the near
future. Information on these plans is regarded as a valuable aid to economic forecasting either directly or as; an indication
of the state of confidence concerning the
economic outlook. !n recent years, much
progress has been made in compiling such
information, and a number of surveys by
various organizations and government
agencies ascertain anticipations and intentions of businessmen and consumers. The
results of some of these surveys, expressed
as time series, are presented in this section of the report.
The business analyst who uses these series should be aware of their limitations.
These data reflect only the respondents'
anticipations (what they expect others to
do) or intentions (what they plan to do),
not firm commitments. Among both businessmen and consumers, some responses
may not be very reliable; that is, the
plans may be conjectural or the respondent may make little effort to reply accurately to the survey questions. Also, many
plans are subject to modification or even
complete abandonment due to unforeseen and uncontrollable developments.
In some cases, the anticipations (or intentions) may have a systematic bias; for
example, the anticipations (or intentions)
data may tend to be lower than the subsequent actual data under certain economic
conditions and higher under other conditions. Sometimes they merely project what
has already occurred and hence appear to
lag behind actual changes. Actual data are
included in this section to indicate their
historical relationship to the anticipations
and intentions. Some of the series are diffusion indexes, a concept explained in the
description for section E.
SECTION D

OTHER KEY
INDICATORS
Many economic series are available which,
although not included in the three main
sections of the report, are nevertheless
important for an overall view of the economy. This section presents a number of
such series, though by no means a com


prehensive selection. In general, these series reflect processes which are not direct
measures of economic activity but which
do have a significant bearing on business
conditions.
The foreign trade and payments series
include data on imports and exports and
their balance, export orders, and the balance of payments. Many of the components of the balance-of-payments accounts
are shown. Some are charted in a manner
which emphasizes the balance between
receipts and expenditures for each component; for example, comparisons of exports of goods and services with imports
of goods and services, and income on
U.S. investments abroad with payments on
foreign investments in the United States.
In addition, balances are shown for U.S.
Government grants and capital transactions and for capital transactions of the
private sector (banks and U.S. residents
other than banks).i Finally, cumulative
changes are shown for other components;
for example, U.S. liquid liabilities to all
foreigners and U.S. official reserve assets.
Because these data are influenced by
foreign as well as domestic conditions,
the cyclical shading has been omitted
from the balance-of-payments charts.
The Federal Government activities series
include Federal receipts and expenditures
and their balance, and selected Federal defense activities. The receipts and expenditures data are from the national income and
product accounts, but are not shown in
section A of this report. The defense series
included are only a few of the many available. For a more comprehensive picture of
defense activities, see Defense /nd/cators,
a monthly Bureau of the Census publication.
The price movements series consist of
consumer and wholesale price indexes and
their major components. Additional data
on prices and costs are shown in several
other sections.
SECTION E

ANALYTICAL
MEASURES
This section begins by comparing gross
national product in constant dollars with
a measure of potential GNP. In effect,
these two series reflect the relationship
between the economy's productive capacity and total demand, the excess of potential over actual GNP indicating the degree
to which potentially productive resources
are not fully utilized. The measure of potential GNP, developed by the Council of
Economic Advisers in the early 1960fs,
takes into account increases in both available man-hours and output per man-hour.
The NBER list of cyclical indicators includes some series which measure the relationship between different economic variables (for example, the series on labor cost

per unit of output). There are, however,
additional analytical ratios which have
proven useful in evaluating business conditions and prospects. A number of such
ratios are shown in the second part of
this section.
The third part presents a selection of
diffusion indexes. Many series in this report are aggregates compiled from a number of components. A diffusion index is a
summary measure expressing, for a particular aggregate, the percentage of components rising over a given timespan (half
of the unchanged components are considered rising). Cyclical changes in diffusion
indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, long-term (6- or
9-month span) indexes are used to indicate underlying trends and short-term (1month span) indexes are used to show
recent developments. Most of the indexes
are constructed from components of series
shown in section B, and these indexes
have the same identification numbers as
the corresponding aggregates. The diffusion indexes are classified by the cyclical
timing of the aggregates to which they
relate. Recent data and directions of
change for many of the components are
shown in table E4.
The final part (E5) presents, in chart
form, rates of change for a selected
group of economic series. Percent changes
are shown for 1- and 3-month spans or
for 1-quarter spans.

SECTION F

INTERNATIONAL
COMPARISONS
Because this report is designed as an aid
to the analysis of U.S. business conditions,
all previous sections are based on data
which relate directly to that purpose. But
many business analysts examine economic
developments in other important countries
with a view to their impact on the United
States. This section is provided to facilitate a quick review of basic economic conditions in six of the nations with which
we have important trade relationships.
Data on consumer prices, industrial production, and stock prices are shown for
Canada, the United Kingdom, France, West
Germany, Japan, and Italy and are compared with the corresponding U.S. series.
Also included is an industrial production
index for the European countries in the
Organization for Economic Cooperation
and Development. The industrial production series provide a comprehensive measure of output and the consumer price
indexes measure an important sector of
prices, while stock prices tend to be important as leading indicators. In this section, the U.S. business cycle shading has
been omitted from the charts.

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

Basic Data
(May)

(F.b.|

T

Series numbers are for identification only and do net reflect
series relationships or order.

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

Trough (T) of cycle indicates end
of recession and beginning of
Expansion as designated by
NBER.
Arabic number indicates latest
20 -LS^ month for which data are plotted,
^ ("6" = June)
H Roman number indicates latest
<Y quarter for which data are
/ plotted. ("IV" = fourth quarter)
Dotted line indicates anticipated

Broken line indicates actual
monthly data for series where an
MCD moving average* is plotted.

Parallel lines indicate a break in
continuity (data not available,
changes in series definitions, extreme values, etc.).
Solid line with plotting points indicates quarterly data,

Various scales are used to highlight the patterns of the individual
series, "Scale A" is an arithmetic
scale, "scale L-l" is a logarithmic scale with 1 cycle in a given
distance, "scale- L-2" is a logarithmic scale with 2 cycles in
that distance, etc. The scales
should be carefully noted because
they show whether the plotted
lines for various series are directly comparable.

Scale shows percent of components rising.
Solid line indicates monthly data
over 6- or 9-month spans.
Broken line indicates monthly
data over 1-month spans.
Solid line with plotting points indicates quarterly data over various spans,
*Many of the mere irregular
series are shown in terms of their
MCD moving averages as well as
their actual monthly data. In such
cases, the 4-, 5-, or 6-term moving averages are plotted iya, 2,
or 2% months, respectively, behind the actual data. See appendix A for a description of MCD
moving averages.

Arabic number indicates latest
month for which data are used
in computing the indexes. ("6" =
June)
Roman number indicates latest
quarter for which data are used
in computing the indexes. ("I" =
first quarter)
Broken line with plotting points
indicates quarterly data over various spans.
NOTE: Some of the charts of
anticipations and intentions data
(section C) and balance of payments data (section D) do not
conform to the above method of
presentation. Deviations are adequately explained as they occur.

HOW TO LOCATE A SERIES
To locate a series in BCD, consult the 'Index—Series Finding Guide" in the back of the book where series are arranged into six
sections and various subsections. Also, in the list of "Titles and Sources of Series" which follows the Finding Guide, series are
listed in numerical order within each of the six sections, and the charts and tables in which they appear are indicated.



Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data1
Unit
of
measure

Series title

1968

1969

1970

4th Q
1969

Percent change

IstQ
1970

2dQ
1970

3dQ
1970

4th Q
1970

IStQ
1971

2dQ
to
adQ
1970

3dQ
to
4th Q
1970

4th Q
to
IstQ.
1971

s
&

A. NATIONAL INCOME AND PRODUCT
Al. Gross National Product

Ann.rate.bil.dol .
do
1958=100
Ann. rate, dol...
do

865.0
707.2
122.3
4t311
3f525

931.4
727.1
128.1
4*596
3 1 588

976.5
724.1
134.9
4i767
3*535

951.7
729,2
130.5
4*676
3.583

959.5
723.8
132.6
4i703
3*548

971.1
724.9
134.0
4*748
3*544

965,5
727.4
135.5
4*805
3*546

989.9 1020,7
720.3 732*7
139,3
137.4
4*812 4*949
3*501 3*552

U5
0*3
1*1
1.2
0.1

Ann.rate,bil.dol.
do
do
Disposable personal income, current dol . . .
do
Disposable personal income, constant dol. .
Per capita disposable personal income,
Ann. rate, dol...
Per capita disposable personal income,
do

712.7
688,7
591.2
499.0

769.5
748.9
631.6
511.5

800.1
801. 0
684.8
529.8

785,2
770,5
650.6
517,8

791.5
782.3
665.3
522.9

797.4
801.3
683.6
532.0

806.6
807,2
693,0
534.2

804.8
813.3
697.2
530.0

833.3
831*5
715.1
538.3

1.2
0.7
1.4
0,4

2*947

3fll7

3 f 344

3*197

3*261

3*342

3*378

3*389

3*467

1*1

2,487

2t525

2*587

2.544

2.563

2*601

2*604

2.576

2*610

0.1

535.8
452,3

577.5
467.7

616.7
477.1

592.6
471,7

603,1
474,0

614.4
478.1

622,1
479,6

627.0
476.6

646 f 4
486.6

1,3
0.3

84.0
53.8
30.2

90.0
58.2
31,8

89.4

90,8

89.1

91.9

91.2

-0,8

58.3
32.5

60.2
28.9

61.5
30.4

61*3
29,9

85.3
61.3
24.0

97.5

61.1
28.3

63.3

-0*3
-1,6

230.2
221.6

245.8
241.6

264,7
262,6

252,0
249,8

258.8
255.2

262.6
259.9

265.6
265,1

271.5
270.2

34*2
272.8
276.1

126.5

139.8

88,7
29.6
59.1
30.3

99.3
33.8
65.5
32,0

135.7
102.6

140.2
102.6

133,2
102.6

134.3
102.8

138,3
103.6

137.1
101.3

142*4
105.1

35.3
67,5
28.4

35.0
68,6
29,2

34.7
66.6
32.2

36.1
69.0
35.8

200. GNP in current dollars
205. GNP in 1958 dollars
210 Implicit or ice deflator

215. Per capita GNP in current dollars
217 Per capita GNP in 1958 dollars
A2. Notional and Personal Income
220 National income current dollars
224
225.
226.
227.

0.4
-1.0

1.4
0*1
-1.3

-0.2

0.8
0.6
-0.8

0*3
-1.1

3*1
1*7
1,4
2,8
1,5

200
205
210
215
217

3.5
2*2
2.6
1.6

220
222
224
225

2.3

226

1.3

227

3.1
2.1

230
231
232
233
234
236
237

A3. Personal Consumption Expenditure*

Amuate,bil.dol.
do
do
Durable goods, current dollars,
do
Durable goods exc. autos, current dollars, .
do .....
Automobiles current dollars
do
Nondurable goods, current dollars
do
Services current dollars

230. Total, current dollars
231. Total, constant dollars

232.
233.
234
236.
237

1,2
2.0

0.8
-0.6
-6.5

0.0
-19.7
2.1
1.9

14.3

3.3
42.5

0.5
2,2

A4. Gross Private Domestic Investment

240
241
242.
243.
244.
245

do
Gross private domestic investment, total. . .
do
fixed investment total nonresident ial ....
do
Fixed investment, nonresidential structures;
do
Fixed investment, producers' dur. equip.. . .
Fixed investment, residential structures. . . ..... do
do
Chance in business inventories total . , . *

AS. Foreign Trade
250 Net exports of goods and services2.
252. Exports. . . ...
253 Imports

,

... do
do
do

7,6

.

2.5
50,6
48.1

8.5

1,9

35.2
67.4
29.7

3.5

3.6

35.1
67,5
30.4

7.2

2,6

35.7
66.9
29,1

1.6

3,5

3.1

4.1

5,5

4.2

3.6

2.6

1.4

3.3
64*6

55.5
53.6

62.2
58.6

58.8
56.2

212,2
101,3

220.5

216.3
102,1

219.6
102.3

218,4

221.0

223.2

99.7

78,8

78,8

76*8
118,7

98.2
74.6

114,2

79.3
U7.4

98.6
75.8

122.4

125.0

130.2

188.5

188.3

178.8

193.3

-3.7

2*7
294.2

61.1
57.6

62.8
58,7

62.8
58,6

62.0
59.3

61.3

3,0
0.8
1.6
2.8
2*4

-0.9
-2.2
-0.9
-2.9
10,3
-1.9

0.1
0.0

-1.6
-1.3

-0.8

-0.2

3.9
3.6
4.0
3.6
11.2
-2.2

240
241
242
243
244
245

0.7
4.2
3.4

250
252
253

2.5
0.2
4*2

260
262
264
266

-5.0

8.1

270

-8.9

6.4
0.3

271
274

1.2

A6. Government Purchases of Goods
and Services

do
do
do
do

200,2
ino.7

110.8

76*6
120.9

do

170,4

183.9

185.3

187.4

185.5

do
do

5,7
252.5

6*4
267.7

-0.2

5.3
274.3

-0.3

-1.9

285.6

280.0

283.3

5.2
286.0

293.3

do

2.0

2.1

3.6

1.9

1.9

5.0

0.3

7.2

do
do
do
do
do.....

514.1

564.2

599.8

582.1

592.2

596.4

603.8

606.7

64.1
21.3
85.4
27.8

66.8
22.0
85.8
30,7

67.6
22.7
76.5
33.5

67.2
22.3
82.0
31.7

67.6
22.5
76.7
32.4

67.8
22.6
77.5
33.1

67.8
22.7
78,4
33.8

67.4
23.0
73.3
34.5

do
do

128.6

143.6

138,2

144.2

139.3

138.5

140.6

134.3

40.4

37.6

50.2

41.1

44.8

51.5

52,7

51.6

294.' Undistributed corporate profits plus
inventory valuation adjustment
296 Capital consumption allowances 2
298. Government surplus or deficit, total

do
do
do

21.6
74.0
-7.3

18.5
78.9

13.8
84.3

15.4
80,7

El. Actual and Potential GNP
207. GNP cao footential less actual)2

do

-7.4

260.
262.
264.
266

Total
Federal
Nationa 1 defense
State and local

A7. Final Sales and Inventories
270 Final sales durable goods
271. Change 2in business inventories, durable
goods
274 Final sates nondurable goods
275. Change in business inventories, nondurAS. Notional Income Components
280 Compensation of employees

»

286. Corp. profits and inventory valuation adj . .
288 Net interest

99.5
78,0

99.7

228.7
93*4
74.0

-1*4

625*2
67*0

1*2
-1.1
-1.3

3.1

-0.1

7.1
1.0
-4.7

35.2

1,2
0,0
0.4
1.2
2.1

143*2
49*8

1.5
2.3

23.1

82*8

1.0
-0.4
-1.6

2.1

2.6
6.9

0.5
«0.6

1.3
«6.5

2.1

-0.8

-8.6

3.0
-0.6

0.4
13*0

2*0

275

280
282
284
286
288

A9. Saving




14.3
83.6

14*1
85.0

16.6
88.4

-1.4

-10.1

7.1

13.6
82.1
-1.2

13.3
86,5

8.7

-10.9

-11.2

-17.3

-13*0

-0.3

0,8

34.2

9.4

22.6

29.4

34.9

50,1

45*9

1.7

5*5

6,6

-4.5
-1.7

-3.9

-5.7

35.3

1.8
«6*1

15.2

2*2
4.3

-4.2

290
292
294
296
296

207

Table 1. Summary of Recent Data and Current Changes for Principal Indicators-Con.
Basic data1
Unit
of
measure

Series title

Percent change
March
to
April
1971

April
to
May
1971

Ji
B

3dQ
to
4th Q
1970

4th Q
to
IstQ
1971

4.9 810
2,7 820
-2,6 1 830

£

4th Q
1970

IstQ
1971

Marcfi

April

May

1970

1971

1971

1971

115.1
120.8
130.7

115.3
121.0
132.0

114.7
118.6
128.9

120,3
121.8
125.5

122.6
122.5
125.8

124.1
122.9
126.2

124.9
123.5
126.7

1.2
0*3
0.3

0.6
0.5
0.4

-0.5
-2.0
-2.3

93.2
106.6
103.2
94.1
98.4

92.7
106.3
103.0
93.5
99*9

90.6
106.8
101.9
93.2
93.9

93.2

101.5

93.5
109.9
102.8
98.7
105.3

93,7
109,6
103.3
100.4
105.2

NA
111.1
102.5
100.2
NA

0*2
-0.3
0.5
1.7
-0.1

NA
1.4
-0.8
-0,2
NA

-2.3
0.5
-1.1
-0.3
-6.0

2.9
2.2
0.5
4.7
8.1

«13
814
015
816
H 17

39.8

39.7

39.5

39.7

39.9

39,7

39.9

-0*5

0.5

-0.5

0.5

1

3.0
NA
4.0

2.9
NA
4.0

2.7

2.8
A
3? 8

2.8
NA
3.8

2.8
NA
NA

0.0
NA
0.1

0.0
NA
NA

-0.2

3«

2.8
NA
3.9

-0?3

0.1
NA
0.1

21
4
2

296
1.8

297
1.8

325
2.0

284
1.6

291
1.6

274
1.6

296
NA

5.8
0*0

-8,0
NA

-*9.4
-0.2

12.6
0*4

5
3

1969

1970

117,3
119.7
125.0

do
102.9
do
110.0
do
104.2
.... do . . . 100.7
do
103.7

3dQ

£

B. CYCLICAL INDICATORS
B7. Compos te indexes

810. 12 leading indicators, rovtnse trend adj3. 1967-100
do
do . . .
LKADING INDICATOR SECTC'ft*

815, Inventory mvestmert and purchasing ....
816 Profitability* • • • • «

109.1
102.4
97.6

Bit Employment end Unemployment
LEADING INDICATORS

Marginal Employment Adjustments:
*1. Average workweek, proii. workers, mfg. .. Hours
21. Avg, weekly overtime hours, production

40.6

do
3.6
4* Nonagri. placements, all industries * • . * . Ann. rate, thous ..
i
Per 100 employ*. 5,149
4.7
*s! Avg, weekly initial claims, State 4
unemployment insurance (inverted 4) 2 . . Thousands
194
3. Layoff rate, manufactulng (inverted ) * • Per 100 employ. .
1.2

ROUGHLY COINCIDENT INDICATORS

Job Vacancies:

5

Thous..EOP*...
1967-100

319
122

NA
93

NA
90

NA
79

NA
77

NA
78

NA
78

NA
79

NA
0.0

NA
1.3

NA
-12.2

NA
-2.5

49
46

Comprehensive Employment:
Ann. rate, billion
48. Mart-hours In nonaijricnltural
establishments.
Millions
*41 Employees on nonitgri, payrolls
do
42. Persons engaged in ncnagri. activities.*.

139.1
70.3
74.3

138.6
70.7
75.2

138.3
70.5
75.1

137.1
70.2
75.2

137.4
70,6
75.2

137.9
70.7
75.1

137.7
70.7
75.1

138.3
70.8
75.5

-0.1
0.0

o.o

0.4
0,1
0.5

-0.9
-0.4
0.1

0,2
0,6
0,0

48
41
43

3.5

5.0

5.2

5.9

5.9

6.0

6.1

6.2

-0.1

-0.1

-0.7

0,0

43

2.1

3.5

3.9

4.2

3.7

3.8

4.0

4.3

-0.2

-0.3

-0.3

0,5

45

1.5

2.6

2.8

3.2

3.2

3.2

3.1

3.3

0.1

-0.2

-0.4

0.0

40

0.5

0.8

0.9

1.1

1.3

1.3

1.3

1.4

o.o

-0.1

-o.a

-0.2

44

931.4
727,1
172.8

976.5
724.1
167.6

985.5
727.4
167.9

989.9 1020.7
720.3 732.7
162.7
165.4

165.5

166,2

167.3

0.4

0.7

0.4
-1.0
-3.31

3.1
1.7
1.7

200
205
47

Ann.rate,bil.doU 748.9
do . . . , .194.5

801.0
198,0

807.2
198.7

813.3
195.5

831.5
200.0

836.8
201.1

841.4
201,5

847.4
203.1

0.5
0.2

0.7
0.8

O.ti
-1.6

2.2
2.3

52
53

46, Hel planted advertising

Comprehensive Unemployment:
»43. Unemployment rato, total (inverted V . . . Percent
45. Avg. weekly insured inemployment
..... do
rate (inverted4) 2
40, Unemployment rate, married males
do
(inverted4) 2

*

LAGGWG INDICATORS

Long Duration Unemployment:
»44. Unemployment rate, 15 weeks and

do

B2. Production, Income, Consumption,
and Trads
ROUGHLY COINCIDENT INDICATORS

Comprehensive Production:
*205. GNP in 1958 dollars

Ann.rate.bil.doU
*
1957-59-100....

Comprehensive Income:
53 Wages salaries in mining^ mfg,, constf • •
Comprehensive Consumption and Trade:

do
do
do

1*246
922.9
351,5

It279
973.1
364.5

It 299
980.0
369.6

If 273 It 329
966.3 1019.3
364.9 380.1

It 350

It 355

NA

0.4

NA

387.2

391.3

NA

1.1

NA

-2.0
0*6
-1,3

4.4
3,3
4.2

56
57
54

1957-59-100....
Ann. rate, thous..

116.2
274,0

108.1
266.0

105.6
266.1

105.3
264.4

106.9
265.9

109.2
278.6

109.2
273.2

NA
NA

o.o

NA
NA

-0.3
-0.6

US
0,6

12
13

368.2
125
95. 7
29.8
78.7

355.6
126
95.2
25.7
77.2

367.2
123
94,6
26,5
77.9

352.4
126
92.4
24.0
79.9

380.2
128
102.8
22.5
85.1

381.2
141
99.8

367.7
161
101.0

374.6
141
98.9

1.9
-12.4
-2.1

81.2

74,6

79.9

-8.1

7.1

-4.0
2.4
-2.3
-9,4
2,6

7.9
1.6
11,3
-6.2
6.5

6
8
10
11
24

905
It486
116.1

766
It 457
116.0

767
It5l2
119.0

642
If777
139.6

679
I.i813
141.0

785
It 959
142.6

658
It 899
143.6

761
1*931
163.9

-16.2
-3.1
0.7

15.7
1.7
14.1

-16.3
17.5
17«3

5,8
2,0
1,0

9
28
29

86.21
23,85

79.46
21.57

79,56
22.30

79,46
21.57

80.53
20.96

80,53

79.39

78.37

-1.4

-1,3

-0.1
-3.3

1,3
-2. «

96
97

B3. Fixed Capital Investment
LEADING INDICATORS

Formation of Business Enterprises:
#12. Index of net business formation

New Investment Commitments:
*6. New orders, durable goods industries.. , .Ann. rate, bil.doi..
8. Construction centra ;ts, total value . . . » .
1967" lOOi
Ann.rate,bil.dol..
*10. Contracts and orders, plant, equipment. . .
do
11. New capital appropriations, manufacturing
do
24, New orders, producers' cap. goods indus .
Ann,rate,mil.sq.
9, Construction contracts, commercial
ft, floor space ..
and industrial buildings
28. New private housing units started, total. . Ann, rate, thous. .
"29. New btdg. permits, private housing. ..... 1967-100

-1.9
-3.5
14.2
1.2

ROUGHLY COINCIDENT INDICATORS

Backlog of Investment Commitments;
96, Unfilled orders, durable goods industries $ Bil.doi., EOF...
97, Backlog of capital approp., mfg.9. • * * * * * .....do ..*•*




Basic data1
Unit
of
measure

Series title

4th Q
1970

Series number 1

Table 1. Summary of Recent Data and Current Changes for Principal Indicators-Con.
Percent change

IstQ
1971

1969

1970

3dQ
1970

75.54

79.74

81.88

78,63

94.75

96.34

93,66

98.07

April

May
1971

3dQ
to
4th Q
1970

April
to
May
1971

79,32

92.20

March
1971

March
to
April
1971

1971

4th Q
to
IstQ
1971

B, CYCLICAL INDICATORS-Con.
B3. Fixed Capital lnvestment«Coii.
LAGGING INDICATORS

Investment Expenditures:
*61. Business expend., new plant and equip . .Ann.rate,bil.dol. .
69. Machinery and equipment sales and
business construction expenditures
do

-4.0

96.41

NA

-2.4

NA

0.9

61

-2.8

4.7

69

-1.9

98.83

-2.2

245

-6.2

B4. Inventories and Inventory Investment
LEADING INDICATORS

Inventory Investment and Purchasing:
245. Change in business inventories, all
industries2.
*31. Change in book value, manufacturing

Ann. rate, billion
dollars

3.5

5.5

3*6

1.4

6.2

10.6

4.4

5.9

10.3

8*6

NA

1,5

31

46

46

46

49

51

57

55

6

-2

0

3

37

1.2

0.9

0.7

3.2

-1.4

4.2

NA

5.6

NA

2.5

-4.2

20

63

55

51

53

56

56

57

55

•H

-2

2

3

26

65

51

47

37

43

46

52

53

8.5

An

12.2

37. Purchased materials, percent reporting
Percent
Ann. rate, billion
dollars

50

20. Change in book value, manufacturers'
inventories of materials, supplies2.
26. Buying policy, production materials,
commitments 60 days or longer2 <§>. , . .
percent
32. Vendor performance, percent reporting
do
slower deliveries ©. . *
;
25. Change in unfilled orders, durable goods Ann. rate, billion
2
industries .
dollars

2.6

-6.7

•6.6

-0.4

-1.0

4.2

-3.8

-,13,7

-12.2

-1.7

NA

-10

6

32

1.5

6.2

4,6

25

6
-9*9

1

LAGGING INDICATORS

Inventories:
*71. Book value, mfg. and trade inventories5. .BN.dol., EOP...
65. Book value, manufacturers' inventories
do...

164,9

171.1

170.0

171*1

172,6

172.6

173,3

NA

0*4

NA

0.6

0,9

71

31.64

34.32

33,70

34.32

34,79

34.79

34*58

NA

-0.6

NA

1.8

1.4

65

111.3

113.9

111.4

106,3

107.0

107.8

110*2

108.6

2*2

-1.5

-2.8

-1,2

23

97.8

83*2

78.7

86*2

96,7

99.6

103,0

101.6

3.4

-1.4

9.5

12.2

19

48.5

43.8

45.4

41,4

47.5

-6.8

14.7

16

10,2
4.6
99.0

8.8
4.0
97.4

9.1
4.0
97,4

8*2
3,6
96.3

9.1
4.0
96.2

96.2

96,8

97.0

0.6

0.2

-0.9
-0.4
-1,1

0.9
0.4
-0,1

22
15
17

Comprehensive Wholesale Prices:
106.0
55. Wholesale prices, mdus. commodities <g). 1967-100
58. Wholesale prices, manufactured goods®. *...** do. . • * . . 106.2

110.0
110*2

110.2
110.7

111*4
111,2

112.5
112.3

112*8
112.7

113,3
113,0

113.7
113.5

0*4
0.3

0.4
0,4

1,1
0.5

1,0
1.0

55
58

LAGGING INDICATORS
Unit Labor Costs:
68. Labor cost per unit of gross product,
nonfinancial corporations
• •*
*62. Labor cost per unit of output, mfg

0.810
120.6

0.811
121.2

0,828
123.2

0.826
124.6

125.0

124.6

124.8

-0.3

0.2

2.1
1.7

-0.2
1,1

66
62

• 1.0
3.1
20.0
8.1
11.0
93.9

11.2
5.3
19.8
2.8
O.I
64.2

16.6
6.1
22.3
4.1
3.2
81,5

12,6
3,4
24.0
-1,4
-10*6
69,2

18.2
8.9
24.7
2.7
1.0
107.1

19.1
11.6
29.4
5.9
1*9

10.0
9.3
NA
6.0
-7.3

15.3
16.3
NA
NA
7.8

-9.1
-2.3
NA
2.1
-9.2

5.3
7.0
NA
NA
15.1

-6.0
-2.7
1.7
-5.5
-14.0
9.4

5.6
5,5
0.7
4.1
11.8
20.1

98
85
33
113
112
110

1.14

1*89

2.62

1.55

2.18

2.70

1*85

2.99

31.5

40.8

-40.6

14

Percent, EOP. . . .

1.76

1.90

1.89

1.90

1*80

1*80

NA

NA

NA

NA

-0.01

0.10

39

Million dollars...

-871

-616

-745

-187

-113

-120

-8

-33

-112

25

-558

-74

93

Percent
,
do
,
do
do

6.69
6. 06
6.12
5.72

6.44
9.05
6.58
6.35

6.38
9.06
6.65
6.33

5.36
8,75
6,27
5.93

3.86
7.60
5.82
5*25

3.32
7.62
5.71
5,17

3,78
7.76
5.75
5.37

4,14
6.25
5.96
5.90

0.46
0,14
0.04
0.20

0.36
0,49
0*21
0.53

-1.02
-0,31
-0,38
-0,40

-1.50
-1.15
-0.45
-0.66

114
116
115
117

B5. Prices, Costs, and Profits
LEADING INDICATORS

Sensitive Commodity Prices:
*23. Industrial materials prices®

1967=100

Stock Prices:
*19. Stock prices, 500 common stocks <§).... 1941-43=10
Profits and Prof it Margins:
* 16. Corporate profi ts, after taxes
22. Ratio, profits to income originating,

Ann.rate.bil.dol. .

Percent
15. Profits(after taxes) per dol. of sales, mfg,:! Cents
*17. Ratio, price to unit labor cost, mfg
„ 1957-59=100....
ROUGHLY COINCIDENT INDICATORS

Dollars
1957-59=100....

0,763
114.4

B6. Money and Credit
LEADING INDICATORS
Flows of Money and Credit:
98. Change in money supply and time
deposits2

Ann. rate, percent

Ann.rate,bil.dol. .
do
* 113 Chance in consumer installment debt2 • • •
do
do
Credit Difficulties:
14. Liabilities of business failures (invr) ©
39. Delinquency rate, installment loans

do

-61.6

ROUGHLY COINCIDENT INDICATORS

Bank Reserves:
93. Free reserves (inverted ) 2 ©
Money Market Interest Rates:
114 Treasury bill rate 2 ©
117. Municipal bond vields2 <Q>.




*

Table 1. Summary of Recent Data and Current Changes for Principal Indicators-Con.
Basic data1
Unit
of
measure

Series tith

1969

1970

3dQ
1970

4th Q

IstQ

1970

1971

Percent change
March
1971

April
1971

May
1971

March
to
April
1971

April
to
May
1971

0.7

NA
0.7

1

E!
&
&

1970

4th Q
to
IstQ
1971

-0.4
-3.0

0.7
0.2

66
72

-1.32
NA

us

0.0

500

4*7

502

3dQ
to
4th Q

B. CYCLICAL INDICATORS-Con.
66. Money an<l Crodit-Con.
CACC/WC/WO/CATOR5

Outstanding Debt:
66. Consumer installment debt5
Bll.dol., EOP...
*72, Com, and Industrial loans outstanding 5 . . „ . . . . do

96.2
83.2

99.0
83.4

99.4
86.0

99.0
83.4

99.7

Interest Rates on Business Loans and Mortgages!
*67, Bank rates on short-term bus,2loans a<0). . « Percent
.do ....
118, Mortgage yields residential ®
, ..,

8.21
8.29

8.48
9.03

8050

8.07
8.76

6.75

9.06

83*6

NA

99.7
83.6

100.4
83.0

83.6

-0.7

7.32

7.37

7.75

0.05

-2*6

-2.5

-5.5

0.1

-1.6

45.4

-7.2

6.8

»0.9

NA

0.38

-0.43
-0.30

67

D. OTHER KE'Y INDICATORS
DK Forsign Trode

500, Merchandise trade balnnce*

Ann. rate,bil.dol..

do

502. Exports excluding military aid
506. Export orders, durable goods except motor
do
vehicles
508, Export orders, norielertrical machinery* . * . 1957-59=100.-..
Ann.rate.bil.doi..

1.3

2.8

37.3

42.7

14.7

17.2

254
36.0

253
39.9

3.3

1.7

1.7

2.9

43.4

43.0

45.0

45.8

42.5

17.2

18.5

17.8

17.6

16.3

268
40.1

233
41.3

224
43.2

224
42.8

236
45.1

NA
A

«7? 9

-7*4

5.4
5.4

7.6

-3.8

506

& -'fci

-3.9

4*6

508
512

-8.34
-6.19

520
522

NA

D2, U.S. Boltincii of Payments

520. Liquidity balance basis2
522, Official settlements basis 2

do
do

2.70

-3.85
-9.82

-3.76
-8.31

do

200.6

194.8

194.9

191.7

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

191,3

-0.44
-5*59

201.0

-7.01

-3.90 •12.24
-13.90 -22.09

D3. Ftderol Government Activities

600, Federal surplus or deficit, national
601, Federal receipts, national income and
product accounts
602, Federal expenditures, national income
and product accounts
264. National defense purchases
616, Defense Oept. obligations, total
4 . .
621. Defense Oept. obligations, procurement , . .
647. New orders, defense products industries, . .
648, New orders, defense products
,..
625. Military contracl awards in U.S

do

-6.3

206.3

206*7

209.9

214.2

78,8
81.1
21.0
47.2
23.1
35.4

76.6
79.5
20.1
47.2
23.4
33.4

75.8
78.2
18.8
49.2
27.7
30.4

74.6
82.4
22.4
48.8
24.8
37.6

74.0
83.1
23.5
45.3
24.4
34.1

109.8
106.5

116.3
110.4

117*0
110.8

118.6
111.0

U9.5

76.6

76.2

72.4

73.1

4.9

600

-1.6

4.9

601

2.0

602
264
616
621
647
646
625

1.5
-1.6
81.5
17.6
44.6
19.0
40.8

83.9
20.2
43.7
18.0
33.0

119.8
113*0

120.2
113*3

NA
NA
42.5
19.8

NA

2*9
14.8
-2.0
-5.3

-19.1

NA
NA
-2.7
10.0

5.4
19.1
-0.3

NA

-10,5
23*7

0.5
0.4

1.4
0.2

-0.8

0.8
4.9
-7.2
-1.6
-9,3

D4. Pilce Movements

781, Consumer price;,, all items ®
1967^100
do
750, Wholesale price;, a 1 commodities <§)....

112.5

120.8
113.8

0.3
0.3

0*8
1.4

781
750

0.7

850

E, ANALYTICAL 'MEASURES
E2. Analytical Ratios

850. Ratio, output tc capacity, manufacturing2. .
83.7
851. Ratio, inventories l:o sales, manufacturing
and trade. , .
1.53
Ratio
1
852. Ratio, unfilled orders to shipments, mfrs.
durable goods, industries
,,,..do.».... 3.15
853, Ratio, production cf business equipment
to consumer (pods
1957-58=100.... 120.8
854. Ratio, personal savings to disposable
Ratio
personal income . ,
0.060
855. Ratio, nonagrtoultiiral job openings
do
unfilled to pfirsons unemployed
0.127
858. Output per man-how, total private nonfarm. . 1967-100.
103.2
856. Real average hour y earnings, production
workers, manufacturing
* . • • . 1967idollars .... 2.91
859. Real spendable average weekly earnings,
nonagri. production or nonsupv. workers* •
91.05
do
857. Vacancy rate in total rental housing 2 ® . .Percent
5.0

-3.8

1.58

1,57

1.61

1.55

1.53

1.54

NA

0.7

NA

2,5

2.96

2.86

2.90

2.93

2.82

2.79

NA

-1.1

NA

t.«

115.8

113.8

112*2

104.6

102.6

101.4

0.073

0.076

0.074

0.070

NA
103.8

NA
104.7

NA
104.3

NA
106.1

2.89

2.91

2.87

90.11
4.9

90.27
4.9

89.52
4.8

2*93
91.19
4.9

101.0

-3.7

1.0

851
852

NA

NA

NA

NA

-0.4

NA

-1.4

-6.8

853

-2.6

-1.2

-5.4

854

-0*4
2.94

2.94

91.49

91*58

2.94

0*0

91.31

0*1

0.0
-0.3

NA

NA
1.7

855
859

-1.4

2.1

856

-0.8
-0.1

1*9
0«1

859
$57

NOTE: Series are seasonally adjusted except for those indicated by®, which appear to contain no seasonal movement. * Series included in the 1966 NBER "short list" of indicators, NA ~ not available,
a -•: anticipated,
EClP -• end of period.
^•In many oa@esi? data shown here are rounded to fewer digits or are in different units than those shown in the tables in part II. Where available, annual
figures are thosci published by the source agencies or they <B.TQ rounded from published figures; otherwise they (and the quarterly figures for monthly aerieo)
are averages or total© of the data as shewn in part II.
^Differences rather than percent changes are shown for this series.
3
Index for this latest month, excludes series 12, 16, 31, and 113, for which data are not yet available.
4
Inverted nerl.es. Since thio series tends to move counter to movements in general -business activity, signs of the changes are reversed.
5
End-of-pe:riO'3 series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.




NATIONAL INCOME AND PRODUCT

Chart Al

GROSS NATIONAL PRODUCT

(July) (Aug.)
P
1

(July) (Apr.)
P T

(May) (Feb.)
P T

215. Per capita GNP in current dollars, Q (am. rate, thous. dot.)

217. Per capita GNP in 1958 dollars,
Q (aim. rate, titous. dot.)

Current data for these series are shown on pago 65.

ItCII

JUNE 1971



P

.) (Nov.)

T

Section A
Chart A2

NATIONAL INCOME AND PRODUCT
I NATIONAL AND PERSONAL INCOME

(Jyiy) (Ap?,)
(* Y

220. National Income, current doiars, Q (am. rate, bil. do4.)

224. Disposable {Mrsonat income, current doiars, Q
|ann. rate, ML (W.)

Pir capita disposable
Q (ann, rate, ttxxjs. dot)

227. Pw capita disposable personal Income, 1958 doltars
Q [ami. rate, ttwus. (tot)

ass© ya eg si
Current data for these series are shown 041 page 65,

10




JUNE 1971

KCII

Section A

NATIONAL INCOME AND PRODUCT

Chart A3

PERSONAL CONSUMPTION EXPENDITURES

(July) (Apr.)
P T

(July) (Aug.)
P
T

(May) (Feb.)
P I

(Nov.) (Nov.)
P
T

Personal consumption experxHtures-

232. Durable goods, total, cummt dollars, Q

Durable goods, total excluding automobiles,
current doRarK Q

234. Automobiles, current dollars, Q

236. Nondurable goods, total, current dollars, Q

237. San/ices, total, current dollars, Q

is® sa,
Current data for these series are shown on page 66,

BCD JUNE 1971



11

Section A

NATIONAL INCOME AND PRODUCT

[Chart A4 j GROSS PRIVATE DOMESTIC INVESTMENT

(July) (Apr.)
P T

(JuW (Aug.)
P
T

P

(Kcv.) (Kov.)
P
T

T

no1QO-

Annual rate/Micm dflars (cirent) |

146136-

Gross private domestic investment

241. Noofesidwrttsl fixed investment total, Q

242. Nonresktefitial structures, Q

243. Producers' durable equipment, Q

245. Change in business Inventories, Q

Current data for the*a *erlos are ihown on page 66.

12




JUNE 1971

BCII

Section A

NATIONAL

AND PRODUCT

FOREIGN TRADE

(July) (Aug.)
P
T

(July) (Apr.)
P T

P

(Nov.) (Nov.)
P
T

T

Annual rate, billion dollars (current)

250, Net exports of goods and services, Q

+10 T
•*•§ =

252. Exports of goods and services, Q

253. Imports of goods and services, Q

Current dote for these series are shown on page 67.

ItCII

 JUNE 1971


13

Section A
[Chart A6

NATIONAL INCOME AND PRODUCT
GOVERNMENT PURCHASES OF GOODS AND SERVICES

(JuM (Aug.)
P
T

(Juty) (Apr.)
P T

(May) (Feb.)
P T

(Nov.) (Nov.)
P
T

260Annual rate. trii<m dolars (current)

Government purchases of goods and services-

Current data for those series are shown on page 67.

14




JUNE 1971

ItCII

Section A

NATIONAL

AND PRODUCT

FINAL SALES AND INVENTORIES

(July) (Aug.)
P
T

(July) (Apr.)
P T

(Nov.) (Nov.)
P
T

AmuaLfate^JiiJon doHarsJcufrentJ

270. Final sales, durable goods, Q

271, Change in business inventories, durable goods, Q

274, Final sates, nondurable goods, Q

275. Change in business inventories, nondurable goods, Q

Current data for these series are shown on page 67.

 JUNE 1971


15

Section A

NATIONAL INCOME AND PRODUCT

Chart A8

NATIONAL INCOME COMPONENTS

(July) (Apr.)
P I

(July) (Aug.)
P
T

P

T

(Now.) (Nov.)
P
T

280. Compensation of employees, Q

286. Corporate profits and inventory valuation adjustment,

Current data for thete series are shown on pages 67 and 68,

16



JUNE 1971

ItCII

Section A

NATIONAL INCOME AND PRODUCT

Chart A9

SAVING

(May) (Feb.)
P T

(July) (Apr.)
P T

(July) (Aug.)
P
T

(Nov.) (Nov.)
P
T
Annual rate hillinn rinllarg I current)

140120-

290. Gross saving (private and government), Q

100-

292. Personal saving, Q

294, Undistributed corporate profits plus inventory valuation adjustment, Q

296. Capital consumption allowances, Q

298. Government surplus or deficit, Q

1950

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71 1972

Current data (or these series are shown on page 66.

KCII

JUNE 1971




17

CYCLICAL INDICATORS

Economic Process and Cyclical Timing

[chartjBl J EMPLOYMENT AND UNEMPLOYMENT
Leading Indicators
(July) (Aug.)
P
T

(Nov.) (Nov.)
P
I

(July) (Apr.)

P

I

P

T

Marginal Employment Adjustments

1. Average workweek, production workers, manufacturing (hours)

21. Average weekly overtime tours, production wortws, manufacturing (hours)

4. Nonagricurturai placements, all industries (thousands)

m

480 4 f

2. Accession rate, manufacturing (per 100 employees)
r
1

*5. Average wetfcty initial dalns, St*t» unemployment insurance (tnousands-inverted scate)

manufactufing [per 100 employees-inverted scate)

•a

1950 SI

5^1

53

54

55

56

57

58

59

60

il

62

§3

64

6S

66

67

68

69

70 71 1972

Current data for these series arc shown on page 69.

18




JUNE 1971

ItCII

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing

Chart Bl

EMPLOYMENT AND UNEMPLOYMENT—Con.

Roughly Coincident Indicators
(July)
P

(May) (Feb.)
P T

(July) (Apr.)
P T

(Aug.)
T

(Nov.) (Nov.)
P
T

600 -,
§00-

400-

49. Nonagricultural job openings unfilled (thousands)

D

\s

300200J

300 -,
250-

200-

46, Help-wanted advertising (index: 1957-59=100)
150-

140-

Comprehensive Employment
130-

48. Man-hours in nwiagricuttural establishments (ann. rate, bil. man-hours)
120-

\/

_^^ m
:

1

^

:

I

*41. Employees on nwiagricuttural payrolls (miliions)

^s^.

7570 =

65-

./
60 -

80-

75-

42. Persons engaged in nonagricuttural activities (millions)

sosa-

-J so1950 51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71 1972

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

BCII JUNE

1971




19

Section B

•^^^^^^^••^^••••M

CYCLICAL INDICATORS Economic Process and Cyclical Timing

[ CharTIfl EMPLOYMENT AND UNEMPLOYMENT—Con.

Roughly Coincident Indicators—Con.
(May) (Feb.)
P I

(July) (Apr.)
P

T

(Now.)
P

T

Comprehensive Inemployment

23*

*43. Unemployment rate, total (percent-inverted scale)
4«|,

45. Average weekly insured imemptoyment rate (percent-inverted scale)

40. Unemployment rate, married mates (percent-Inverted scale)

Lagging Indicators
Long-Duratton Unemployment

*44. Unemployment rate, persons unetBptoyed IS weeks and over (pcfcent-inverted scate)

2- .
3-

1950

51

52

53

54

55

56

57

58

59

60

SI

62

63

64

65

66

67

68

69

70

71 1972

Current data for thote tdHfls are shown on page 70.

20




JUNE 1971

lt€l»

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing

Chart B2

PRODUCTION, INCOME, CONSUMPTION, AND TRADE

Roughly Coincident Indicators

P

(May) (Feb.)

(July) (Apr.)

(July) (Aug.)

P

T

P

T

(New.) (Nov.)

T

P

T

Comprehensive Production

205. GNP in 1958 dollars,
0 (aim. rate, bi). dol.)

*47, Industrial production (index: 1957-59=100)

*52. Personal income (ann. rate, Ml. dot.)

53. Wages and salaries in mining, manufacturing
construction (arm. rate,. DM. ooi.)

1950

51

52

53

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71 11)72

NOTE: For this economic process (i.e.. Production, Income, Consumption, and Trade), no leading or lagging indicators have as yet been selected.
Current data for these series are shown on page 71.

JUNE 1971


21

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing
PRODUCTION, INCOME, CONSUMPTION, AND TRADE—Con.

Roughly Coincident Indicators—Con.
(Aug.)
T

(July) (Apr.)
P T

(May) (Feb.)
P T

(Nov.) (Nov.)
P
T

Comprehenave Consumption and Trade

120110-

*56. Manufacturing and trade sates (bll. del.)

&

eo-

57. Final sates {series 200 minus terns 245), Q (ami. rate, W. doJ.)

*54. Sales of retail stores (bil. dol.)

1S5§ 31

S2

53

S4

55

§6

57

58

59

6©

61

62

63

64

§5

66

67

68

69

70

71 1972!

NOTE: For this ecoromlc procw* (U., Production, Income, Consumption, end Troda), no lectdlns or logging Indicators have a» y«t been selected.
Current data for these series are shown on page 71.

22




JUNE 1971

BCII

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing
FIXED CAPITAL INVESTMENT

Leading Indicators
(fc) (Nov.)
•P
T

(July) lAy$)
P
T
Formation of Business Entetprises

*12. Net business formation (index: 1967=100)

13.Jfcw business incorporationsJthousandsj

*6. New orders, durable goods industries

8. Construction contracts, total value (index: 1967-100
I MCD moving avg-5-terml1

*10. Contracts and orders, plant and equipment (bit. dol

sa §3 §4

99 eo

ea

§§ §7

70 71

'Thii is a copyrighted series used by permission; It may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.YV. Dodge Division.
Current data for these series are shown on page 72.

ItCII JUNE 1971




23

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing

^^^MHHMBB^^HMI

[ Chart B3 ] FIXED CAPITAL INVESTMENT—Con.

Leading Indicators—Con.
(July) (Apr.)
P T

(July) (Aug.
P
T

(Nov.) (Nov.)

(May) (Feb.)
P T

1O

New Investment^ Commitments - Con,

I)
11. New capital appropriations, manufacturing, Q (bit, (toil

?a
_

1

!i^j5}

24. New enters, machinery ami equipment industries (Mi. dol.)

3J

86 <
169. Constructtefl extracts, coflimorctti and tndustriil (mil, sq. ft.
of floor aftfti MCD moving avg.-6:tefm]
3©<
4@<

™J

30 J

2.2
2J1.81.B1.4-

^ 28. Mew private houshig imiUstarted, totatjao^ ott, mittons; MCD moving

1.2*
1.00.8-

J

I New buJkttng permits, private housing units |im*ex: 1967=100]

H

160^
140120100-

1950 51

5;i

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71 1972

'This Is a copyrlghtod series used by permission; It may not be reproduced without written permission from the source agency.
Current data for ttiose series are shown on pages 72 and 73.

24



JUNE 1971

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing

Chart B3

FIXED CAPITAL INVESTMENT—Con.

Roughly Coincident Indicators
(July) (Apr.)

(July) (Aug.)
P

P

T

T

(May) (Feb.)
P

(Nov.) (Nov.)

T

P

T

Backlog of Investment Commitments
120-

96. Manufacturers' unfilled orders, durable goods industries [bil. dot.)

80-'
60-'

40-

97. Backlog of capital appropriations, manufacturing, Q (tail, dol.)'
15-

10-

Lagging Indicators
Investment Expenditures

*61. Business expenditures, new plant and equipment, Q (ann. rate, fail

120100-

I. Machinery and equipment sales and business construction
expenditures (ann. rate, bil. dol.)

SI

S3

§4

§8

i©

61

§2

*Thls li a copyrighted series used by per ml is ion; it may not be reproduced without written permission from The Conference Board.
Current data for these series ar« shown on page 73.

ItCII

 JUNE 1971


25

CYCLICAL INDICATORS Economic Process and Cyclical Timing

Section B
f Chart B4

I

1 INVENTORIES AND INVENTORY INVESTMENT

- —I

Leading Indicators

P I
Inventory Investment and Purchasing

245, CfcanfB in business Inventories, Q (arm. rate, ton. ttol.)

*31. Chang* in book value, manufacturing and trade inventories
(ana rate, bll. do).; MOD moving avg.-S-twmJ

37. Purchased materials, percent of companies reporting higher inventories

20, Change in book value, manufacturers' inventories of materials and supples
(arm. rate, M (ft; MO) moving 8vi,-6-term)

26. BuylRj po*cyt proouctimi BUtariah, percent of companies
nttments 80 (Jays or kinder

S@

S?

71

Current data for theie «r!e$ are shown on page 74.

26




JUNE 1971 KCII

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing

Chart B4

INVENTORIES AND INVENTORY INVESTMENT—Con.

Leading Indicators—Con.
(July)
P

(July) (Apr.)
P T

T

(May) (Feb.)
P T

(Nov.) (Nov.)
P
T

Inventory Investment ant) Purchasing - Con.

32, Vendor performance, percent of companies reporting slower deliveries

100 ^

75-

I

5025J

25. Change in unfitted orders, durable goods industries
(bil, dol.; MCD moving avg.-4-term)

Lagging Indicators

*71. Book value, manufacturing and trade inventories (bil. dol.)

65. Book value of manufacturers' inventories, finished goods (bil. dol.)

S3l_ §1

S3

§4

ii

S®

5?

S@

§9

6©

Si

62

S3

®4

Si

NOTE: For this economic process (I.e., Inventories and Inventory Investment), no roughly coincident indicators have as yet been selected.
Current data tor these series are shown on page 74.

JUNE 1971



27

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing

[Chart B5 ] PRICES, COSTS, AND PROFITS
Leading Indicators
(July) (Apr.)
P T

(May) (Feb.)
P T

(Kou.) (Nov.)
P
T

180'
D4@<

*23. Industrial materials prices (index: 1967=100]

*I9. Stock prices, 500 common stocks (index: 1941-43=10)

Profits and Profit Margins
*16. Corporate pfofits after taxes, Q (am. rate, bil. tol.)

22. Ratto, profits (after taxes) to income originating,

15. Proms (after taxes) per doHar of sales, manufacturing:, Q (cents)

*17. Ratio, price to unit labor cost, manufacturing (index: 1957-59=100)

Current data for theto icrlo* are ihown on page 75.

28



JUNE 1971

ItCII

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing
PRICES, COSTS, AND PROFITS—Con.

Roughly Coincident Indicators
(July) (Aug.)
P
T

(July) (Apr.)
P T

(May) (Feb.)
P T

(Nov.) (Nov.)
P
T

Comprehensive Wholesale Prices

J5. Wholesale.EJcesJmtoj^

_1967j=jOOL

58. Wholesale prices, manufactured goods [index: 1967=1001

Lagging Indicators

68. labor cost (cur do).] per unit of real corporate gross product, Q (dollars)

*62. Labor cost per unit of output, manufacturing (index: 1957-59=100)

Current data for these series are shown on pa<|e 75.

ItCII

JUNE 1971



29

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing

Chart

MONEY AND CREDIT

B6

Leading Indicators
(July) (Apr.)
F T

(July) (Aug.)
I'
T

(May) (Feb.)
P T

(Nov.) (Nov.)

P

T

Flows of Money aid Credit
HI money supply ana wne oeposrcs (ami. raw, percent
RflCD moving avg.-6-t«rmJ

85. Change to money supply [ami. rate, percent; MCD moving avg.-6-term)

33. Change in nwrtgage debt (arm. rate, til. dot.)

*113. Change in consumer instalment debt (arm. rate, ML dol)

112. Change in business loans (am. rate, ML dot;
—8-tentil

il
l

Sg

S3

S4

iB SS

Current data Tor thote series are shown on page 76.

30




JUNE 1971

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing
MONEY AND CREDIT—Con.

Leading Indicators—Con.
(July) (Apr.)
P T

(July) {Aug.}
P
T

(May) (Feb.)
F T

(Nov.) (Nov.)
P
T

Flows of Money and Credit - Con.

110. Total private borrowing, Q [arm. rate, bii. dol.)

14. Liabilities of business failures [mil. tol.-fftvertetJ scale
MCfiTnoving avg.-6-tenn] ------ - -

39. Delinquency rate, 30 days and over, total installment loans
(percent-inverted scale]

61

62

Current data for these series are shown on pa{p 76.

ltd)
 JUNE 1971


31

Section B
Chart

B6

CYCLICAL INDICATORS

Economic Process and Cyclical Timing

I MONEY AND CREDIT—Con.

Roughly Coincident Indicators
(Jjty) (Aug.)
T

93. Free reserves (UL tol.-toverted scale)

114. Treasury bl rate percent)

116. Cofpwat* bond yields (percentl

115. Treasury bond yields (percent)

117. Municipal bond yields (percent)

S3

S4

BS

61

62

S3

64

iS

67

88

1072

Current data for these lerlei are shown on page 77.




32

JUNE 1971

ItCII

Section B

CYCLICAL INDICATORS Economic Process and Cyclical Timing
MONEY AND CREDIT—Con.

Lagging Indicators
(July) (Apr)
P T

(July) (Aug.)
P
T

(May) (Feb.)
P I

(Nov.) (Nov.)
P
T

Outstanding Debt
120-

HKU
80-

66. Consumer instalment debt (bil. dot.)

60 - Jf

40100

1

8060-

* Connnercial and industrial loans outstanding,
weekly reporting large commercial banks (bil. dol.)

Interest Rates on Business Loans and Mortgages

7-

r<

*67. Bank rates on short-term business loans, Q (percent)

6-

5-

9-

8-

J
7-

118. Mortgage yfelfe, residential (percent)
6-

5-

4-

1950

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71 1972

Current data for these series are shown on poije 77.

ltd)

JUNE 1971




33

Section B
f Chart

CYCLICAL INDICATORS Selected Indicators by Timing

B7 1 COMPOSITE INDEXES

(Aug.)
I

P

(May) (Feb.)
P T

T

(Nov.)

I

810. Twafvt leading indicators, reverse trend adjusted

820. Five coincident indicators, estimated aggregate
economic activity (series 41, 43, 47, 52, 56)

830, Six te** indicators (swkw 44t 61, 62, 67, 71t 721

1950 51

£»£

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

Current data for these icrles arc shown on page 78. Numbers entered on the chart Indicate length of leads (-) and lags (+) In months from reference turning dates.
1
Reverse trend adjusted Index of 12 leaders contains the same trend as the index of 5 coincident Indicators.

34




JUNE 1971

BCI»

Section B

CYCLICAL INDICATORS Selected Indicators by Timing

Chart B7

COMPOSITE INDEXES—Con.

(July)
P

(May) (Feb.)
P T

(July) (Apr.)
P T

(Aug.)
T

(Nov.) (Nov.)
P
T

110-

811. Twelve teaders, prior to trend adjustment
(series 1, 5, 6,10,12,16,17,19t 23, 29, 31,113)

100'

813. Marginal employment adjustments (series 1, 2, 3, 51

liSU-

;:

,:

!

'

814. udpiwt nWftsim&Rt cwttniiuTKHiis (senes o, iu, »*, *9j

_j*T**'

**~~^

m

110100-

A

/—-

£

V^^

~^^~

^NX

9n«

120

815. Inventory investment and purchasing (series 23, 25, 31, 37]

110
ri

\^/**' ^^..[^li^^j^

^7

100-

911
120
110
100

816. Profitabilty (series 16, 17, 19]

90-

A

80-

120 q

817. Sensitive financial flows {series 33, 85,112,113)

110-

90 -I
1950 51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71 1972

Current data for theie serial are ihown on page 78.

I JUNE 1971
I




35

Section B

CYCLICAL INDICATORS Selected Indicators by Timing

Chart

NBER SHORT LIST

B8

Leading Indicators
(July) (Apr.)
P T

(Ijty) (Aug.)
3
T

(May) (Feb.)
P T

(Nov.) (Nov.)
P
T

*t Average wwtcweefe, production workers, manufacturing (hours)

*5. Average weaKly initial claims, State unemployment insurance (thousands-inverted scale)

2002063-

3oa350 =
126 T

110-=

*12. Net business formation (index: 1967=100)

ion004035-

30 H
28-

"6. Hew orders, durable goods industries (HL dot) j f i r

*10. Contracts and orders, [riant and equipment (bil. del.)

3-

180-

*29. New bolWmg permits, private housing units (index: 1967-100)

140120100-

90 =

19SO

SI

5;!

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71 1972

Current data tor those tarlei are shown on pages 69, 72, and 73.

36




JUNE 1971

KCII

Section B

CYCLICAL INDICATORS Selected Indicators by Timing

Chart B8

NBEiR SHORT LIST—Con.

Leading Indicators—Con.
(July) (Apr.)
P T

(July) (Aug.)
P
T

(May) (Feb.)
P T

(Nov.) (Nov.)
P
T

*3t. Change in bookjralue.^m^
[aon. rate, ML doL; MCD moving avg.-5-term)

*23. Industrial materials prices (index: 1967-100)

*19. Stock prices, 500 common stocks (index: 1941-43=10)

*16. Coiporate profits after taxes, Q (am. rate, fail. dol.J

*17. Ratio, price to unit tabor cost, manufacturing (index: 1957-59=100)

•113. Change in consumer instalment debt (am. rate, bil. dol)

1950

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71 11972

Current data for these series are shown on pages 74, 75, and 76.

JUNE 1971




37

CYCLICAL INDICATORS

Section B

Selected Indicators by Timing

~] NIJER SHORT LIST—Con.
Roughly Coincident Indicators
(July) (Apr.)

(Juiy) (Aug.)
p
T

P

(May) (Feb.)

(Nov.) (Nov.)
P
T

T

U1001050II000-

050-

TOO. GNP in current deters, Q (ana rats, oi dot.)

*2Q5. GOT fn 1958 dolars,
0 (aw. rate, W, dolj

*47. Industrial pfwk>ctk)0 (inctex: 1957-59

Manufacturing
sates (ML

Empfoyets on nonagricuttura* payrofts

*43. Uooroptement rate, total (wfcent-invert«d scale

1950

51

5i

53

54

55

56

67

58

59

60

61

62

63

64

65

66

67

68

69

70

71 1972

Current data for those terlet are ihown on pages 70 and 71.

38




JUNE 1971

Selected Indicators by Timing

Section B
Chart B8

NBER SHORT LIST—Con.

Lagging Indicators

(juj/) $n
P

T

f

T

*44. Unemployment rate, persons unemployed 15 weeks and over (percent-inverted scale)

*61. Business expenditures, new plant and equipment, Q [ami. rate, bil. dot.)

•71. Book value, manufacturing and trade inventories (bil. dol.

*62. Labor cost per unit of output, manufacturing (index: 1957-59=100)

*72. Commercial and industrial foans outstanding, weekly reporting
large commercial banks (bil. doi)

*67. Bank rates on snort-term business loans, Q (percent)

Current data for these series are shown on paifes 70, 73, 74, 75, and 77.

ltd! JUNE

1971




39

ANTICIPATIONS AND INTENTIONS

Chart Cl

AGGREGATE SERIES

(July) (Apr.)
P
T

(Nov.)
P

(May) (Feb.)
P
T

(Nov.)
T

90 T

81. Business expenditures for new plant
and equipment, all industries, Q

70

60

(a) Actual expenditures
(am. rate, til. do I.)

50

40

30

11U T

(b) Second anticipations as
percent of actual [percent)
IflK

1 I , 6 T, I,il h
.,
1 6 1 :*
A i
A

i

„ o __ , 0 0
AJ

&

^

_? oJl.lllll rL 1?

ri

a

- ;

°

4

t

IOC-

fit* "*
ll
ll

(c) First anticipations as
percent of actual [percent)

o
.-TA-._,.

I ??:

IVi

i

"

A

??f

o

I o. 11.- IT»j' ? .r.,,n,T Ti.t.lltlr
"iijjj

"

100 •

gfi .

1957

58

59

60

61

62

63

64

$5

66

67

68

69

70

71

72

1973

Current doto for tfflte series are shown on \>ay> 79.

40




JUNE 1971

KCII

Section C

ANTICIPATIONS AND INTENTIONS
AGGREGATE SERIES—Con.

(Nov.)

(Nov.)

P

(May) (Feb.)
P
T

(July) (Apr.)
P
T

T

200180

160-

410. Manufacturers' sates, total value, Q (bill dol.)
140 -

120-

100*
120110100-

412. Manufacturers' inventories, total
book value, Q (bit, dot.)

90«

50*

40 =

i

414. Condition of manufacturers' inventories:
percent considered high less percent
considered tow, Q (percent)

*

50*

416. Adequacy of manufacturers'capacity:
percent considered inadequate less percent
considered excessive, Q (percent)

Si

S9

@©

61

64

20-

65

Current data for these series are shown on page 79.

BO) JUNE 1971




41

Section C
Chart

Cl

AGGREGATE SERIES-Con.

flev.)
P

(May) (Feb.)
P
T

(Nov.)
T

420. CtNTNit Income of households compared to Income a year ago, Q
(a) Percent of households reporting no change in famiy income (percent)

|b) Percent of households reporting higher family income (percent)

E3

(c) Percent of households reporting tower famtty income (percent)

421 Mean protoabflfty of substantial changes in income of households, Q
(a) Mean probability of increase in family income (percent)

"v-«.
r'V
W

V /
V>

(b) Increase less decrease (percent)
(c) Mean probability of decrease m family income (percent)

430, Number of tww cars purchased by households, Q
(m rate, mfc cars]

|d) ftitidpattais as percerrt of actoal date [percent)

435. Index of

]{

sentknent, Q (1st Q 1966-100)

urn-

v

m

Current data for thota i.erlas are shown on page 79.

42




JUNE 1971

ItCII

S MB

Section C

DIFFUSION INDEXES

(July) (Apr.)
P
T

(Mow.)
P

(May) (Feb.)
P
T

(Nov.)
T

Diffusion indexes: percent rising
(plotted at terminal quarter)
0440. New orders, manufacturing (4-Q span)1

0442. Net profits, manufacturing and trade (4-Q span)'

0444. Net sales, manufacturing and trade (4-Q span]1

•8

0446. Number of employees, manufacturing and trade (4-Q span]1

t************!**^*"**

7©

n

Current data for these serie* are shown on page 80.
'This It a copyrighted series used by permits Ion; it may not be reproduced without permission from Dun & Bradstreet, Inc.

ItCII JUNE 1971




43

Section C

ANTICIPATIONS AW INTENTIONS

[ Chart C2 | DIFFUSION INDEXES—Con.

(Moy.)
P

(to.)
T
Actual
~*
Anticipated'—-

Diffusion IndBxes: percent rising
(plotted »t tmlral quvt«)

D450. Level of inventories, manufacturing and trade (4-Q span)'

\
D46Q. Selling prices, manufacturing and trade (4-0 span)'

0462, Seing prices, manufacturing (4-Q span)

D464. Same prices, wholesale trade (4-Q span)1

D466. Selling prices, retail trade (4-Q span)'

Current data for theitt socles are shown on page 80,
'Thl* is a GopyrlghteJ sarlos used by permission; It may not be reproduced without permission from Dun & Brad street. Inc.

44




JUNE 1971

KCII

Section C
DIFFUSION INDEXES—Con.

(July) (Apr.)
P
T

(Nov.)
P

(May) (Feb.)
P
T

(Nov.)
T

Diffusion indexes: percent rising
(plotted at terminal quiirter)
061. Business expenditures for new plant and equipment, all industries (1-Q span]
(a) Actual expenditures

0480. Freight cascadings (4-Q span)

480. Change in freight carloadings (4-Q span)
(millions of cars]

Current data for thete so r lei are ihown on page 81.

ltd)

JUNE 1971




45

KEY

ChartTDl ] FOREIGN TRADE
(JuW (Apr.)

•July) (Aug.)

P

I

(May) (Feb.)
T

(Kov.) (Now.)
T

500, Mercnandtea trade balance (ML dot; MCD moving avg.-6-temi)

502. Exports, except rnitary aid ML dot; MCD moving avg.-6-term)

506. Export ortefs, durablts except motor vehicles
(bit dot,; MCD moving

512, General imports (W. ttol.; MCD moving wg.-4-term)

§3

14

SS

1978

Current data (or them serlei are «hown on page 62,

46




JUNE 1971

KCII

Section D
Chart D2

BALANCE OF PAYMENTS AND MAJOR COMPONENTS

520. Liquidity balance basis

522, Official settlements basis
Itfciiji r O.S. crftf* rmfr* tstfU, W tf*2*
in ftqutd labilities (Xus tutata nrtqotf labtttfts

Annual rate, billion dollars

Excess of receipts (inflow)
Excess of payments [outflow]
525. Net capital movements, liquidity balance basts1
(outflow H left scale)

(surplus |+) right scale)
520. Liquidity bakince

Net capital movements,
official settlements basis1
(outflow (-) left scale]

522, Official settlements balance

250. Balance on goods and services
(surplus M right scate]

iH

m

i3

iQ

Si

Si

W

SS

S©

S©

61

6g

S3

i^>

©i

i®

®?

Current data for these series are shown on page 83. Annual totals are used prior to 1960 except for series 520.
*The 1970 and 1971 figures for series 520, 522, 525, and 527 include allocation of Special Drawing Rights — $217 million and $180 million, respectively.
1
1ncludes unilateral transfers and errors and omissions.

ItCII JUNE 1971




47

Section D
Chart D2

OTHER KEY INDICATORS
BALANCE OF PAYMENTS AND MAJOR COMPONENTS—Con.

BWion dollars

Major Component^ Except Military Grants
of Goods aril Services - Con.

44-

40-

36 H

530. Liquid Habitfes to afl formers, outstanding at end of period

532. Liquid and certain rwiquid
foreign official agencies,

4J
241

534. U.S. official reserve assets-reserve position at end of period

16 =

1253L

Si

83

84

SS 56

B7

58

S9

S@

61

62

63

64

ii

Si

§7

7©

71 1972

Current data for theso series aro shown on page 83. End of yeas- figures are used prior to 1960.

48




JUNE 1971

ItCII

Section D

OTHER KEY INDICATORS
BALANCE OF PAYMENTS AND MAJOR COMPONENTS-Con.

Annual rate, billion dollars

Goods and Services Movements,
Except Transfers Under Military Grants

SS-)

V7/A Excess of receipts
Excess of payments

Goods and services44-

250. Balance on goods and services

Merchandise, adjusted536. Exports

nvesTmenTlncbmerninilary sales
and expenditures, and other services

in

m

i3

14

SI id

57

i
i

l
i

6

Current data for these series are shown on pa<je 83. Annual totals are used prior to I960.

ItCII JUNE 1971



49

Section D
Chart D2

j BALANCE OF PAYMENTS AND MAJOR COMPONENTS-Con.

Annual rate, billion dollars

j Investment ncdme, Military Sales
I and Expenditu es, and Other Services

W7A Excess of receipts (inflow]
of payments (outflow)

Investment income542, Income on U.S. investments abroad

543. Income on foreign investments in the U.S.

Travel545. Payments by U.S. travelers abroad

544. Receipts from foreign travelers in the U.S.

Military sales and expenditures547. U.S. mitary expenditures abroad

546>. Military sates to foreigners

Transportation and other servfces-

Si

E$

53

S4

SB

Sg

S^

S©

S®

@(

Current data for these series are shown on page 84. Annual totals are used prior to 1960.

50



JUNE 1971

ltd!

Section D
BALANCE OF PAYMENTS AND MAJOR COMPONENTS-Con.

Annual rate, bjtfion dollars

Capital Movements Plus Government
Nonmititary Unilateral transfers

£23 Excess of receipts (inflow)
m Excess of payments (outflow)

Direct investments-

560. Foreign investments in the U.S.

Securities investments565. U.S. purchases of foreign securities

564, Foreign purchases of U.S. securities

570. Government grants and capital transactions, net

575. Banking and other capital transactions, net

m

52

53

54

55

56

§7

SS

§9

60

61

62

63

64

6S

67

68

J®

71 1972

Current data for these series are shown on page 64. Annual totals are used prtor to I960.

ltd* JUNE 1971



51

Section D
Chart 03

FEDERAL GOVERNMENT

ACTIVITIES

(May) (Feb.)
P

F T

I

F T

(Nov.) (Nov.)
P

T

Receipts and Expenditures

600, Federal surplus or tteficit, national income and product accounts, Q (am, rate, Ml. dot)

601. Federal receipts, national income and product accounts, Q (ann. rate, bi doL)

O

2. Federal expenditures, national income and product accounts, Q (am. rate, Ml. ool.)

Current data for thosci series are shown on page 35.

52



JUNE 1971

BCII

Section D
Chart D3

FEDERAL GOVERNMENT ACTIVITIES—Con.

(Aug.)
T

(JuWWpr.)
P T

(May) (Feb.)
P T

(Kov.) (to.)
P
T

264. National defense purchases, Q (arm. rate, bil. do].)

616. Defense Department oblations, total (bil. do).; MOD moving avg.-6-term)

621. Defense Department obligations, procurement
(bil. dot.; MCD moving avg.-6-term)

647. New orders, defense products industries
(bil. dot.; MCD moving avg.-6-term)

648. New enters,
defense—^
products
.
(bil. dol.)
V

625- Military contract awards inJ.S.
(tril dol.; MCD moving avg.-6-term)

a

Current data for thefe series are shown on patje 65.

JUNE 1971



53

Section D
Chart D4

PRICE MOVEMENTS

(Aug.)
P

T

T

P

Jew.) (Kov.)
P
T

T

Consumer pftass-

&2

53

B4

55

56

B7

58

59

60

SI

S2

63

64

65

66

67

68

69

7©

71 1972

Current data for ttiete series are shown on poje 66.

54




JUNE 1971

ItCII

Section D
Chart D4

PRICE MOVEMENTS—Con.

(ftug.)
T

(July) (Apr.)

(May) (Feb.)

Index: 1967=100

Current data for these series are shown on page 86.

I JUNE 1971



55

ANALYTICAL MEASURES

Chart El

ACTUAL AND POTENTIAL GROSS NATIONAL PRODUCT

Grass National Product in 1956 dokars, 0
(AHO, fflfe, uH. wr.} ~
-

Actual GUP

207. Gap

2J>§© S£

§g

§1 B4

§i

S©

S^

g§

BD

d© in

i
l

©i

i4

®B

i
i

i?

i§

@f)

?@ ^

Current doto for thase series are shown on page 87.
'Trend line of 3.5 percent per year (Intersectingactual line In middle of 1955) from 1*t quarter 1952 to 4th quarter 1962, 3.75 percent from
4th quarter 1962 to 4th quarter 1965, 4 percent from 4th quarter 1965 to 4th quarter 1969 and 4,3 percent from 4th quarter 1969 to lit quarter 1971.

56




JUNE 1971

B€l»

Section E

ANALYTICAL MEASURES

Chart E2

ANALYTICAL RATIOS

(July) {Ayg.}
P
I

(July) (Apr.)
P T

(May) (Feb.)
P I

(Nov.) (Nov.)
P
T

850-,Ratio, output to capacity, manuf_acturing, Q (percent)

851. Ratio, inventories to sales, manufacturing and trade

852. Ratio, unfilled orders to shipments,
manufacturers' durable goods industries

853. Ratio, production of business equipment to consumer goods
(indexr 1957-59=1001 "

Current data lor these series are shown on page 88.

BCII JUNE 1971




57

Chart E2

ANALYTICAL RATIOS—Con.

P

T

854. Ratio, personal saving to disposable personal income, Q

855, Ratio, nonagrictHtural Jot) openings unfilled to number of persons unemployed

858. Output per man-hour, total private nonfarm, Q (index: 1967-tOO)

856. Real average hourly earnings, production workers,
manufacturing (1967 doflarsj

859. ReaJ spendable average weekly earnings, nonagricufturaf
production or rwojupejvisory workers (1967 dolars)

857. Vacancy rate in total rental housing, Q (percent)

Currant data for the 10 «srlei are shown on page 88.

58




JUNE 1971

ItCII

Section E

Leading Indicators
(July) (tag.)
P
T

(July) (Apr.)
P T

(May) (Feb.)
P T

(Nov.) (Nov.)
P
T

01. Average workweek, production workers, manufacturing-21 tatostries (9-mo. span— , 1-mo. span----)

D6. New orders, durable goods industries-36 industries (9-mo. span—t 1-mo. span- )

Oil. Newly approved capital approprialions-17 industries (3-Q span*~, 1-Q span*-.)1

034. Profits, FNCB of NY, percent reporting higher profits-about 1,000 manufacturing corporations (1-Q span]

019. Stock prices, 500 common stocks-77 industries (9-mo. span—, 1-mo. span

023. Industrial materials prtees-13 industrial materials (9-mo. span—, 1-mo. span—)

05. Initial claims, State unemployment insurance-47 areas (percent declining; 9-mo. span—, 1-mo. span---)

I
§7

58

59

60

61

62

63

71 J972

'Thlt it a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
Current data for these series are shown on pages 89 and 90.

ItCII JUNE 1971




59

Section E
Chart

DIFFUSION INDEXES—Con.

Roughly Coincident Indicators
(July)(Apr.)
IP

I

(Kcv.) (
P

T

041. Employees on nonagiicultural payrofls-30 industries (6-mo. span*-, 1-mo. span-—)

D47. Industrial production-24 industries (6-mo. span —, 1-mo. span—)

D58. Wholesale prices, manufactured goods-22 industries [6-mo. span—, 1-mo. span—)

054. Sales of retai stores-23 types of stores (9-mo. span-, 1-mo. span—)

Current data for these series are shown on page 91,

60




JUNE 1971

KCII

Section E
RATES OF CHANGE

(July) (Apr.)
P
T

(Nov.)
P

(May) (Feb.)
P
T

Percent change, annual rate

(Now.)
T

200. (c) GNP in current dollars (1-Q span)

205. (c) GNP in constant dollars (1-Q span)

820. Composite index of 5 coincident indicators (series 41, 43, 47, 52, 56)

1-mo. span (b)
3-mo. span (c)

48. Man-hours in nonagncultural establishments

47. Index of industrial production

55. Index of wholesale prices, md

781. Index of consumer prices, al items (seas, adj.)

To locate basic data for these rates of change, consult 'Index—Series Finding Guide/ pp. 113 and 114

JUNE 1971




61

Section

DM
Fn.

F

Chart Fl 1 CONSUMER PRICES

Consumer prices-

Si

!»2

53

S4

55

§§

S7

58

S9

60

61

62

03

64

70

7i

Current <kita for 1^0111 tor las are shown on page 98.

62




JUNE 1971

BCII

Section F
INDUSTRIAL PRODUCTION

Current data for these series are shown on page 99.

ltd)

JUNE 1971




63

INTERNATIONAL COMPARISONS
Chart F3

STOCK PRICES

Current doto for thes'B series are shown on page 100.

64




JUNE 1971

KCII

NATIONAL INCOME AND PRODUCT

GROSS NATIONAL PRODUCT
Year
and
quarter

205. Constant (1958) dollars

200. Current dollars
a. Total
(Ann. rate,
bit. dol.)

b, Difference
(Ann. rate,
oil. dol.)

c. Percent
change
at annual
rate

210. Implicit price deflator

b, Difference c. Percent
change
at annual
(Ann. rate, rate
bil. dol.)

a. Total
(Ann. rate,
bil.dol.)

a. Total

b. Difference

(Index;
1958=100)

(Index:
1958-100)

c. Percent
change
at annual
rate

1968
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

+4.9

+5.9
+7.1
+4.2
+2.8

120.4
121,6
122.9
124.2

+1.0
+1.2
+1.3
+1.3

+3.5
+4.3
+4.2
+4.5

722.1
726.1
730.9
729.2

+4.6
+4.0
+4.8
-1.7

+2.6
+2,2
42.7
-0.9

125.7
127.2
129.0
130.5

+1.5
+1.5
+1.8
+1.5

+4.7
+5.0
+5.6
+4.9

+3.3
+4.9
+6.1
+1.8

723.8
724.9
727.4
720.3

-5.4
+1.1
+2.5
-7.1

-2.9
+0.6
+1.4
-3.9

132.6
134.0
135.5
137,4

+2.1
+1.4
+1.5
+1.9

+6.4
+4.3
+4.6

+13.1

732.7

+12.4

+7.1

139.3

fl.9

+5.6

+9.6

834.9
858.1
875.8
891-4

+19.0
+23.2
+17.7
+15.6

+11.6
+8.5
+7.4

693.5
705.4
712.6
717.5

+11.9
+7.2

907.6
923-7
942.6
951.7

+16.2
+16.1
+18.9
+9.1

+7.4
+7.3
+8.4
+3.9

959-5
971.1
985.5

+7.8
+11.6
+14-4
+4.4
+30,8

+9.9

1969
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

1970
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

+5.9

1971
First quarter...
Second quarter .
Third quarter...
Fourth quarter..

1,020.7

GROSS NATIONAL
PRODUCT-Con.
Year
and
quarter

NATIONAL AND PERSONAL INCOME

215. Per capita 217. Per capita 220. National
income in curGNP, current
GNP, constant
dollars
rent dollars
(1958) dollars
(Ann. rate,
dollars)

(Ann. rate,
dollars)

(Ann. rate,
bil.dof.)

222. Personal
income in current dollars

(Ann. rate,
bii.dof.)

Disposable personal income
224. Current
dollars
(Ann. rate,
bif.dol.)

225. Constant
(1958) dollars
(Ann. rate,
bil.dol.)

226. Per capita, 227. Per capita,
current dollars constant(1958)
dollars
(Ann. rate,
dollars)
(Ann, rate, dol.)

1968
First quarter...
Second quarter.
Third quarter ..
Fourth quarter..

4,177
4,283
4,359
4,425

3,469
3,521
3,547
3,562

687.2
706.1
722.2
735.2

664.0
680.9
697.6
712.5

574.9
588.4
595.6
606.0

492.3
498.6
501.2
504.0

2,876
2,937
2,964
3,008

2,462
2,489
2,495
2,502

4,496
4,565
4,646
4,676

3,577
3,589
3,602
3,583

749.3
764-0
779.5
785.2

725.8
741-1
758.1
770.5

612.0
623.0
640.6
650.6

504.7
507.5
515.9
517.8

3,032
3,079
3,156
3,197

2,500
2,508
2,542
2,544

4,703
4,748
4,805
4,812

3,548
3,544
3,546
3,501

791-5
797.4
806.6
804.8

782.3
801.3
807.2
813.3

665.3
683.6
693-0
697.2

522.9
532.0
534.2
530.0

3,261
3,342
3,378
3,389

2,563
2,601
2,604
2,576

4,949

3,552

rp833.3

p831.5

715.1

538.3

3,467

2,610

1969
First quarter...
Second quarter.
Third quarter ..
Fourth quarter..

1970
First quarter...
Second quarter.
Third quarter..
Fourth quarter .

1971
First quarter...
Second quarter.
Third quarter ..
Fourth quarter..

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated b y ® . Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The'V indicates revised; "p",-preliminary;
"e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 9, 10, and 61,

ItCII JUNE 1971




65

NATIONAL INCOME AND PRODUCT

PERSONAL CONSUMPTION EXPENDITURES
230. Total in
current dollars

231. Total in
constant (1958)
dollars

232. Durable
goods, total in
current dollars

(Ann. rate,
bil.dol.)

Year
and
quarter

(Ann, rate,
bil. tioU

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

(Ann, rate,
bil.dol.)

(Ann. rate,
bil.dol.)

237. Services in
current dollars

236. Nondurable
goods in current
dollars

234. Automobiles
233. Durable
goods, total except in current dollars
autos, in current
dollars

(Ann. rate,
bil. dol.)

1968
519.7
529.1
534*3
550.8

445.0
448.4
457,7
458.1

79.9

82*6
86,7
86,9

51.5
53.4
54.7
55.6

28.4
29.2
32.0
31.3

225.6
227.6
232.6
234-B

214-2
218.9
224.5
229.0

561.8
573.3
5B2.1
592.6

463.3
467.1
468.7
471.7

89.1
90,6
89.5
90.8

57.6
59.1
57.9
58.3

31.5
31.5
31.6
32.5

239.2

248.1
252.0

233.5
238.7
2U.5
249-8

603.1
6H.4
622.1
627.0

474.0
478.1
479.6
476.6

89.1
91.9
91.2
85.3

60.2
61.5
61.3
61.3

28.9
30.4
29.9
24.0

258.8
262.6
265.8
271.5

255.2
259.9
265.1
270.2

486.6

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

97.5

63.3

34-2

272.8

276.1

1969
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

244.0

1970
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

1971
First quarter...
Second quarter.
Third quarter...
Fourth quarter..

GROSS PRIVATE DOMESTIC INVESTMENT IN CURRENT DOLLARS
Year
and
quarter

240. Total

241. Nonresidential
fixed investment

(Ann. rate,
bil. dot,)

242. Nonresidential
structures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Producers'
durable equipment

(Ann. rate,
bil. dol.)

244. Residential
structures

(Ann. rate,
bil. dol.)

245. Change in
business inventories

(Ann. rate,
bil. dot.)

1968
First quarter...
Second quarter.
Third quarter..
Fourth quarter..
1969
First quarter..,
Second quarter,
Third quarter . „
Fourth quarter.„

119.8
127.3
126.5
132.6

88.3
86.4
88.3
91.6

29.8
28.9
29.4
30.3

58.5
57.5
59.0
61.3

28.8
30.6
29.9
31.7

+2.6
+10.4.
48.2
+9.3

136.0
139.3
143.8
140.2

95.7
97.5

63.1
65.2
66.3
67.5

33.0
33.9
31.0
30.4

+7.4
+7.9

101.5
102.6

32.6
32.3
35.2
35.1

+11.3
+7.2

133.2
134.3
138,3
137.1

102.6
102.8
103.6
101.3

35.7
35.3
35.0
34.7

66.9
67-5
68.6
66.6

29.1
28.4
29.2
32.2

+1.6
+3.1
+5.5
+3.6

142.4

105.1

36.1

69.0

35.8

+1.4

1970
First quarter,..
Second quarter.
Third quarter..
Fourth quarter .

1971
First quarter...
Second quarter.
Third quarter ..
Fourth quarter..

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p". preliminary;
"e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages U and 12.

66




JUNE 1971

ltd*

NATIONAL INCOME AND PRODUCT

H

Q FOREIGN TRADE IN CURRENT DOLLARS
Year
and
quarter

250. Net exports
of goods and
services

(Ann. rate,
bil.dol,)

252. Exports
of goods and
services

253. Imports
of goods and
services

(Ann. rate,
bil. dol.)

(Ann. rate
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
IN CURRENT DOLLARS
262. Federal

260. Total

(Ann. rate,
bil.dol.)

264. Nati'onal
defense

(Ann. rate,
bil, dol.)

(Ann. rate,
bil. dol.)

266. State and
local

(Ann. rate,
bil. dol.)

1968
First Quarter
Second quarter. ....
Third quarter
Fourth quarter
1969

+1.8
+3.4
+3.4
+1.4

47.7
50.7
53.2
50.9

45.9
47.3
49.8
49.5

193.6
198.3
202.1
206.7

96.4
98.9
100.7
101.9

76.3
77.8
78.6
79.2

97.2
99.4
101.4
104.7

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

+1.3
+1.3
+2.6
+2.6

47.8
57.2
58.3
58.8

46.5
55.9
55.6
56.2

208.5
209.9

100.9
99.8
102.5
102.1

78,6
77-9
79.8
78.8

107.5
110.1
111.6
114.2

+3.5
+4-1
+4.2
+2.6

61.1
62.8
62.8
62.0

57.6
58.7
58.6
59-3

219.6
218.4
221.0

79-3
76.8
75.8
74.6

117.4
118.7

223.2

102.3
99.7
98.6
98.2

122.4
125.0

+3,3

64.6

61.3

228.7

98.4

74.0

130.2

2U.1
216.3

1970
First quarter
Second quarter. ....
Fourth quarter
1971
First quarter
Second quarter ....
Third quarter.
Fourth quarter

H

PfJ FINAL SALES AND INVENTORIES IN CURRENT DOLLARS

Year
and
quarter

Durable goods
270. Final sales
(Ann. rate,
bil. dol.)

280. Compensation 282. Proprietors'
of employees
income

Nondurable goods

271. Change in
274. Final sales
business inventories
(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

NATIONAL INCOME COMPONENTS
IN CURRENT DOLLARS
284. Rental income
of persons

275. Change in
business inventories
(Ann. rate,
bil. dol.)

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol,)

(Ann. rate,
bil. dol.)

1968
First quarter
Second quarter ....
Third quarter
Fourth quarter
1969

165.2
168.0
173.1
175.3

+2.5
+7.1
+5.8
+7.2

246.4
249.8
255.9
258.0

+0.1
+3.2
+2.4
+2.1

495.3
507.6
520.9
532.5

62.9

63.8
64.4
65.2

21.3
21.3
21.3
21.3

First quarter
Second quarter
Third quarter
Fourth quarter
1970

180.5
182.7
184.8
187.4

+5.6
+6.7
+7.9
+5.3

260.4
266.1
270.1
274.3

+1.8
+1.2
+3-5
+1.9

544.9
557.5
572.2
582.1

66.0
66.7
67.5
67.2

21.6
22.0
22.1
22.3

First quarter
Second quarter
Third quarter
Fourth quarter
1971

185.5
188.5
188.3
178.8

-0-3
-1.9
+5.2
-3.7

280.0
283-3
286.0
293.3

+1.9
+5.0
+0.3
+7.2

592.2
596.4
603.8
606.7

67.6
67.8
67.8
67.4

22.5
22.6
22.7
23-0

First quarter
Second quarter
Third quarter
Fourth quarter

193.3

+2.7

294.2

-1.4

625.2

p67.0

23.1

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Series numbers are for
identification only and dp not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; Mpn, preliminary;
"e" ( estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 14, 15, and 16.

JUNE 1971




67

NATIONAL INCOME AND PRODUCT

E
Year
and
quarter

NATIONAL INCOME COMPONENTS
IN CURRENT DOLLARS-Con.

286. Corporate
profits and
inventory valuation adjustment
(Ann. rate,
bil.dol.)

1968
First quarter
Second quarter. . . . .
Third quarter.
Fourth quarter.
1969
First quarter.
Second quarter. ....
Third quarter
Fourth quarter
1970
First quarter
Second quarter. ....
Third quarter
Fourth quarter
1971
First quarter
Second quarter .„..
Third quarter
Fourth quarter

|
H SAVING IN CURRENT DOLLARS

288, Net interest

290. Gross saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

292. Personal
saving

(Ann. rate,
oil. dol.)

294. Undistributed 296. Capital consumption
corporate profits
plus inventory valu- allowances
ation adjustment
(Ann. rate,
bil. dol.)

(Ann. rate,
bil. do!.)

298. Governinent
surplus or deficit

(Ann. rate,
bil. doL)

81.3
86.0
87.4
87.1

26.4
27.3
28.2
29.1

121.6
129.6
129.8
133.5

40.8
U.5
36.5
39.6

19.3
22.6
23.3
21.3

72.3
73.7
74.6
75.5

-10.7
-H.2
-4.5
-2.9

87.1
87.4
86.8
82.0

29.7
30.4
31.0
31.7

138.5
U2.5
U9.1
144-2

34-3
33.3
42.0
41.1

19.6
19.2
19.7
15.4

77.0
78.2
79.4
80.7

-{7.7
+11.8
-tf.O
+7.1

76.7
77.5
78.4
73,3

32.4
33.1
33.8
34.5

139.3
138.5
HO. 6
134.3

44.8
51.5
52.7
51.8

13.6
U.3
14.1
13.3

82.1
83.6
85.0
86.5

-1.2
-10.9
-11.2
-17.3

rf82.8

35.2

rpU3.2

49.8

18.0

p88,4

r-13.0

NOTE; Series ure seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary;
tt
"e , estimated; V, anticipated; and "NA", not available.
Graphs of these series are shown on pages 16 and 17.

68




JUNE 1971

KCII

CYCLICAL INDICATORS-Economic Process and Cyclical Timing

MAJOR ECONOMIC
PROCESS

Q| EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process

Year
and
month

ROUGHLY COINCIDENT
INDICATORS

LEADING INDICATORS

TIMING CLASS ....

Marginal Employment Adjustments

*1. Average
workweek of
production workers, manufac*
turing
(Hours)

4. Nonagricul- 2. Accession
21. Average
weekly overtime tural placements rate, manufac*
hours, production all industries1 turing
workers, manufacturing
(Per 100
(Hours)
(Thous.)
employees)

Job Vacancies

3. Layoff rate,
*5. Average
weekly initial
manufacturing
claims for unemployment insurance, 2State programs
(Per 100
(Thous,)
employees)

49, Nonagricultural job
openings unfilled1

46. Index of
help-wanted advertising in
newspapers

(Thous.)

(1967 = 100)

1969
January .
February
March

40.6
40.1
40.9

3.8
3.5
3.7

448
459
439

4-9
4.7
4.8

179
186
185

11
.
ll
.
ll
.

372
375
365

120

April
May ...
June

40.8
40.7
40.7

3.7
3.7
3.7

447
434
456

4.9
4.8
4-9

11
8
182
197

1.1
1.1
1.2

377
387
383

126
125
122

July
August
September

40.6
40.6
40.7

3.6
3.6
3.6

438
425
421

4.7
4.5
4.8

195
196
200

11
.
1.2
1.2

358
346
346

122
120
126

October
November
December
1970
January
February
March

40.5
40.5
40.7

3.5
3-5
3.5

405
401
376

4.7
4.4
4.6

202
211
210

1.3
1.3
1.4

343
338
319

122
19
1
17
1

40.3
39.9
40.2

3.3
3.2
3.2

387
361
357

4.2
4.3
3.9

232
250
263

1.5
1.7
1.8

3H
306
292

109
109
103

April
May
June

40.0
39.8
39.8

3.0
2.9
3.1

349
338
329

4.0
4.2
4.0

326
313
303

2.0
1.9
1.9

272

r99
97
94

July
August
September

40.1
39.8
39.3

3.0
3.0
2.8

4.1
4.1
3.8

265
288
338

1.6
1.8
1.9

October
November
December
1971

39-4
39.6
39.6

2.8
2.7

3.6
3.7
3.8

341
338
297

2.2
2.0
1.8

78
80
80

January
February
March

39.8
39.5
39.9

3.7
3.9

2.8

r3.8

282
278
291

1.7

[H>2.9

X.6
rl.6

75
77
78

E>274

(H>pl.6
(NA)

H>79

r39.7
ros p39.9

April
May
June

2.7

2.8

2.8

p2.8

(NA)

E>P3.9
(NA)

P296

257
250
(NA)

123
124

92
91
87

78

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are
indicated by E); for series that move counter to movements in generaj business activity (series 3, 5, 14, 39, 40, 43, 44, 45, and 93), current low values are indicated by
E). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series
preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p", preliminary; V, estimated; "a", anticipated;
and "NA", not available.
Graphs of these series are shown on pages 18, 19, and 36.
iNo current high.
exclude Puerto Rico which is Included in figures published by source agency.

BCII

JUNE 1971




69

CYCLICAL INDICATORS-Economic Process and Cyclical Timing

MAJOR ECONOMIC
PROCESS

HH EMPLOYMENT AND UNEMPLOYMENT-Con.

Minor Economic
Process

Comprehensive Employment

,

48, Man-hours
in nonagricultural
establishments

Year
and
month

LAGGING
INDICATORS

ROUGHLY COINCIDENT INDICATORS-Con.

TIMING CLASS ...,

(Ann. rate, bit.
man-hours)

1969
January
February
March

*41. Number of
employees on
nonagricultural
payrolls,
establishment
survey
(Thous.)

Long-Duration
Unemployment

Comprehensive Unemployment

42. Persons
engaged in
nonagricultural
activities, labor
force survey

*43. Unemployment rate, total

(Thouso

(Percent)

(Percent)

40. Unemployment rate,
married males

*44. Unemployment rate, persons
unemployed 15
weeks and over B

(Percent)

45, Average
weekly insured
unemployment
rate, State
programs1

(Percent)

137.22
137.21
138.41

69,352
69,605
69,827

73,271
73,682
73,870

3.4
3.3
3-4

2.1
2.1
2.0

1.4
1.4
1.4

0,4
0.4
0.4

138.60
139.22
139.26

69,992
70,172
70,347

73,895
73,675
74,110

3.5
3.4
3.4

2.0
2.0
2.1

1.5
1.5
1.5

0.5
0.5
0.5

July
August
September

139.50
139.75
139.76

70,400
70,497
70,567

74,365
74,582
74,696

3.5
3.5
3.8

2.2
2.1
2.2

1.6
1.5
1,7

0.5
0.5
0.5

October
November
December

139.90
139.97

70,836
70,808
70,8^2

75,000
75,088
75,298

3.7
3.5
3.6

2.2
2.3
2.3

1.6
1.5
1.7

0.5
0.5
0.5

75,504
75,300
75,436

3.9
4.2
4-4

2.5
2.6
2.7

1.9
2.0
2.2

0.5
0.6
0.7

April
May
June

„.

HO. 25

1970
January
February . .
March

139.44
139.70
U0.21

70,992
71,135
71,242

April
May
June

139,74
139.05
138.39

71,14-9
70,839
70,629

75,317
75,031
74,763

4.7
4-9
4.8

3.1
3.6
3.7

2.3
2.5
2.5

0.7
0,7
0,8

July
August
September

138.70
138.24
138.09

70,587
70, 4U
70,531

75,066
75,073
75,043

5.0
5.1
5.4

3.5
3.7
4-4

2.7
2,8
2,9

0.8
0.9
0.9

October
November
December .
1971
January ...
February
March

137. 04

136.97
137.32

70,182
70,085
70,303

75,398
75,197
75,055

5.5
5.9
6.2

4-4
4.4
3.9

3.0
3.2
3.4

0.9
11
.
1.3

137.55
136.76
r!37,89

70,652
70,590
r70,659

75,451
75,208
75,079

6.0
E>5.8
6.0

H>3.6
3.7
3.8

3.3
3.2
3.2

1.3
1.3
1.3

r!37.74
DP138.31

r70,696
(R>p70,826

75, HO
03)75,503

6.1
6.2

4.0
P4.3

D3.1
3.3

1.3
1.4

April
May
June
July
August
September

„

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are
indicated by [R}; for series that move counter to movements in general business activity (series 3,5,14,39,40,43,44, 45, and 93), current low values are indicated by
[8). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series
preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8), The V indicates revised; "p ff , preliminary; "e", estimated; "a", anticipated;
and "NA", not available,
Graphs of these series are shown on pages 19, 20, 38, and 39.
exclude Puerto Rieo which is included in figures published by source agency.
current blgh.

70




JUNE 1971

ItCII

CYCLICAL INDICATORS-Economic Process and Cyclical Timing

MAJOR ECONOMIC
PROCESS

Q PRODUCTION, INCOME, CONSUMPTION, AND TRADE

TIMING CLASS ,...

ROUGHLY COINCIDENT INDICATORS

Minor Economic
Process

Comprehensive Production

Comprehensive Income

*200. Gross na- *2Q5. Gross na- *47. Index of
industrial protional product
tional product
in 1958 dollars duction
in current dollars

Year
and
month

*52. Personal
income

(Ann. rate,
bit, dot.)

(Ann. rate,
bil. dot.)

(Ann. rate,
bil.dol.)

1969
January
February
March

(1957-59=100)

Comprehensive Consumption and Trade

53. Wages and
salaries in mining, manufacturing, and construction
(Ann. rate,
bil.dol.)

*56. Manufacturing and trade
sales

(Mil.dol.)

57. Final sales
(series 200
minus series
245)
(Ann. rate,
bil.dol.)

*54. Sales of
retail stores

(Mil. dol.)

907.6

722*1

169.1
170.1
171.4

720.2
725.2
732.0

187.2
187.6
190.9

100,192
101,418
101,776

900.2

28,955
29,257
28,881

April ..
May
June

923!?

726*1

171.7
172.5
173.7

736.3
740.9
746.2

191.6
192.6
194.7

102,704
103,349
104, HO

915.9

29,409
29,386
29,371

July
August
September

942^6

730*9

174.6
174.3
173.9

752.7
758.5
763.1

195.7
197.1
198.0

103,668
105,295
106,078

93l! 2

29,090
29,346
29,259

October
November .
December

951.7

729*2

173.1
171.4
171.1

766.7
770.6
774-3

198.8
198.8
200.6

106,593
105,566
105,021

944*5

29,620
29,471
29,419

959 .*5

723 .*8

170.4
170.5
171.1

777.8
781.5
787.6

199.1
198.9
200.7

104,932
106,164
105,^87

957.9

29,570
29,980
29,801

April
May
June

971*1

724'.*9

170.2
169.0
168.8

806.0
799-7
798.2

199.2
197.7
198.0

105,087
106,847
107,612

968.1

30,536
30,502
30,518

July
August
September

985*5

727*4

169.2
168.8
165.8

803.3
806.4
811.9

198.9
198.8
198.3

108,393
108,175
108,074

98<XO

30,729
30,781
30,885

October
November
December
1971

989*. 9
• ••

720.3
• ••

162.3
161.5
164.4

809.9
812.6
817.5

193.7
193.6
199.1

106,224
104,917
107,019

986.* 3
.••

30,534
30,208
30,481

8)1,020!?

E>732.7

165.6
165. 2
165.5

827.4
830.4
836.8

199-8
199.1
201.1

108,996
110,748
rl!2,520

rl66.2
[H>Pl67.3

r8U.4
E>p847.4

r201.5
E)P203.1

g>pll2,908

1970
January
February
March

January
February
March

. .

.. .

April
May
June

(NA)

1)1,019.3

31,154
r31,597
r32,267
DP32,605
(HA.)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are
indicated by E); for series that move counter to movements in genera| business activity (series 3, 5,14, 39, 40, 43, 44, 45, and 93), current low values are indicated by
E). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series
preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; V, preliminary; V, estimated; "a", anticipated;
and "NA", not available.
Graphs of these series are shown on pages 21, 22, and 38.

IICII

JUNE 1971




71

CYCLICAL INDICATORS-Economic Process and Cyclical Timing

MAJOR ECONOMIC
PROCESS
„

M FIXED CAPITAL INVESTMENT

TIMING CLASS ....

LEADING INDICATORS

Minor Economic
Process

Year
and
month

FO

™Eii0terp!isesSineSS

New lnvestment

*12. Index of net 13. Number of new *6. Value of
business formation business incorpora- manufacturers'
new orders,
tions
durable goods
industries
(1967 = 100)

1969
January
February
March

(Number)

117.2
117.2

(Bit. dol.)

8. Index of
construction
contracts, total
value -1

Commitments

*10. Contracts
and orders for
plant and equipment
(Bil.dol.)

(1967-100)

24. Value of
manufacturers'
new orders, producers' capital
goods industries

11, Newly approved capital
appropriations,
1,000 manufacturing corporations1 3
(Bil. dol,)

(Bil.dol,)

116.6

21,364
22,105
22,083

29.94
30.20

April
May
June

117.0
116.6
116.8

23,262
23,118
23,439

30 86
30 30
29 56

1^*;

8 91
8 1n

120

7 L\

July
August
September

116.9
116.2
1 .8
U

23,366
22,871
22,594

31.06
31.46
31.99

16
1
139
12
1

7 77
7 AT
8 37

7• 7^
/ fJ

October
November
December

in. 3

116.1

31»44
31*05
30»21

126
15
1

m

7 89
7 88
8 38

7

1 .9
U

24,263
23,125
22,404

January
February
March

114.5
114-2
110.7

22,397
23,152
21,383

29.05
29.37
28,86

11
3
137
132

8 85
8 58
7 62

6 58

April
May
June

109.7
107.8
107. 0

21,939
22,267
22,192

28.45
29.98
30.03

130
10
1
120

8 17
7.57
7.64

6 51

July
August
September

106.1
105.2
105.5

22,106
22,055
22,372

31.40

30.54
29-86

16
1
135
18
1

7.87
7.77
8.02

6 62

6.30
6.76

October
November
December
1971
January
February
March

105.9
105.6
104.5

21,625
22,382
22,085

15
1
130
132

7.29
8.18
7,64

6.00

6,55
6.87
6.55

17
1
126
11
4

8 35
H)9 02
8 3P

p5 62

[R)l6l
Ml

r8 42
p8.24

2Q Q*)

132
132
17
1
18
1

8 61
7 86

A 31
O«pJL
A itt
G«5JJ

6 ?y

1 6/

61 9
r

i nc

/•U5

7 • 17^
ft)

6 • ro
5<
A y£

6 yo
0Q
6 »^7
7 OQ
& 35
A 7/

*iQ

6

e/

6

5/

1970

April
May
June

105.8
105.6
109.2

H> 3, 220

[H}109.2

22,770

(NA)

22,338
20,923

2

(NA)

28.50
29.01

30.60
31.40

0)31.87
31.77
r30 . 64

P31.22

6 63
6 00

5

qt>

6 3n
A 9ft
6.41

6

QQ
fLJ\ 7 co

LO/ f . y<
A

77

r6 22

p6,66

July
August
September
October
November
December . ..„
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current higli values are
indicated by |H)' for series that move counter to movements in general business activity (series 3,5,14,39,40,43, 44, 45, and 93), current low values are indicated by
|fi>- Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series
precededW by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p", preliminary; V, estimated; "a", anticipated;
and "NA , not available.
Graphs of these series are shown on pages 23, 24, and 36.
•'•This Is a copyrighted series used by permission; it may not be reproduced without written permission from the oouree agency:
McGraw-Hill Information Systems Company, F. W. Dodge Division (series 8), or The Conference Board (series 1 )
1.
a
. No current high.
72



JUNE 1971

ltd)

CYCLICAL INDICATORS-Economic Process and Cyclical Timing

MAJOR ECONOMIC
PROCESS
TIMING CLASS

Q FIXEE CAPITAL INVESTMENT«Con.
LEADING INDICATORS-Con.

Minor Economic
Process

Year
and
month

ROUGHLY COINCIDENT INDICATORS

LAGGING INDICATORS

New Investment Commitments-Con.

....

Backlog of investment Commitments

Investment Expenditures

9. Construction
contracts, commercial and industrial
buildings1
(Mil. sq. ft. floor
space)

28. New private
housing units
started, total

(Ann. rate, thous.)

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

96. Manufacturers'
unfilled orders,
durable goods
industries

(1967=100)

(Bil.dol.)

*61. Business
expenditures on
new plant and
equipment, total

97. Backlog of
capital appropriations, manufactur1

ing

2

69. Machinery and
equipment sales
and business construction expend itures

(Ann. rate, bil. dol.; (Ann. rate, bil. dol.)

(Bil.dol.)

1969

January
February
March

94.43
69.98
63.50

1,705
1,639
1,588

129.2
127.3
124.1

84.25
84.60
84.91

April
May
June

65.82
85.60
80.37

1,505
1,533
1,507

123.9
116.7
118,1

85.91
86.70
85.97

July
August
September

73.70
71.96
68.90

1,429
1,376
1,481

1 31
1 .
116.0
109-. 2

86.82
86.74
86.81

October
November
December

79-96
64.31
86.89

1,390
1,280
1,402

106.2
106.1
103.2

January
February
March

88.86
80.95
67.11

1,059
1,306
1,392

April
May
June

64.00
58.19
54.47

July
August
September
October
November
December

21.54

72.52
*.*

73.94
22.83

89.62
90.88
90.19

89.12
90.29
91.75

23.48

77.84
»*

92.11
94.22
97.98

86.56
86.60
86.21

.. .
23.85

77.84
. •«

94-81
93.31
92.06

92.0
98.1
95.1

85.32
84-42
83.52

...
23.53

78.22
.. .

93.61
96.37
94.30

1,224
1,2^2
1,393

103.2
114.7
112.6

82.34
81.82
81.22

...
22.85

80.22
*..

91.83
96.78
94.15

70.45
61.04
60.16

1,603
1,425
1,509

114-7
120.8
121.6

81.30
80.56
79-56

...

96.67
96.67
95.68

51.71
54-00
54.69

1,583
1,693
E> 2,054

133.5
130.3
155.0

78.69
78.88
79-46

22.30
...

81.88
.. .

«.•
21.57

78.63

54-37
50.04
E>65.44

1,725
1,754
rl,959

U3.3

80.33
E>80.84
80.53

54-82
63.40

rl,899
Pl»931

...

1970

93.27
93.83
93.87

1971

January
February
March
April
May
June
July
August.
September

.......

October
November
December

137.0
142.6

r!43.6
(g) pl63 . 9

r79.39
1/78.37

...
.. •
p20.96

...
E>79.32
...
ra82.38
•.•

97.53
97.84
H) r98.83
F96.41
(NA)

...
a82.83
• **

pa82.74

NOTE* Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are
indicated by (R); for series that move counter to movements in genera) business activity (series 3, 5,14, 39, 40, 43, 44, 45, and 93), current low values are indicated by
[B>.
Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series
preceded by an asterisk (*) are included in the 1966 NBER "shortlist" of indicators (chart B8). The "r" indicates revised; "p", preliminary; V, estimated; "a", anticipated;
and "NA", not available.
Graphs of these series are shown on pages 24, 25, 36, and 39.

•"•This is a copyrighted series used by permission; it may not be reproduced without written permission from the source agency:
McGraw-Hill Information Systems Company, F. V. Dodge Division (series 9), or The Conference Board (series 9 )
7.
3
No current high.
II JUNE 1971




/O

CYCLICAL INDICATORS-Economic Process and Cyclical Timing

MAJOR ECONOMIC
PROCESS

HI

TIMING CLASS

LEADING INDICATORS

LAGGING INDICATORS

Inventory Investment and Purchasing

Inventories

....

Minor Economic
Process. ........

245. Change in *31. Change in
book value of
business
inventories
mfg. and trade
inventories,
total
(Ann. rate,
(Ann. rate,
bil.dol.)
bil. dol.)

Year
and
month

INVENTORIES AND INVENTORY INVESTMENT

37. Purchased 20. Change in
materials, con book value of
panies report- mfrs.' invening higher
tories of mtls.
inventories
and supplies
(Percent
(Ann. rate,
reporting)
bil. dol.)

26. Production
materials, companies reportin
commitments 6(
days or longer®
(Percent
reporting)

32. Vendor
25. Change in
performance,
unfilled orders
companies re- durable goods
porting slower industries
deliveries®
(Percent
reporting)
(Bil. dol.)

*71. Manufacturing and
trade inventories, book
value
(Bil.dol.)

65. Manufacturers' inventories of
finished goods,
book value

(Bil. doL)

1969

+7.9

+0.3
+0.1
+3.2

57
58
63

62
61
61

+12.3
+10.6
+11.6

49
51
49

+1.3
+1.6
-1.0

65
64
66

68
69

+1.00

70

-0.74

+13.0
+13.2
+13.3

50
51
50

0.0
0.0

66
68
66

+0.85

+1.5

59
63
65

54
57
48

+3.3
+1.0
+2.9

63
65
65

65
62
64

+0.04

-2.6
+11.3
+6.1

50
50
51

-4.3
+5.5
+1.4

61
62
56

+10,9
-3.9
+7.7

45
40
46

-1.4
-1.8
-0.2

[H)+15.1

April
May
June

43
47
49

+13.8

+7.4

+15.7
+13.6

+17.9

January
February
March

+6.7
+8.1

46
44
47

+3.8
+6.3
+3.2
+3-5
+3.9

153.23
154.54
155 67

29.14
29.42
29 67

156.70
157 . 58
158.55

29.98
30,31
30.45

159.63
160.73
161.84

30.66
30.90
31.06

-0.39

163.33
163.76
164.92

31.24
31.52
31.64

56
58
50

-0.88
-0.90
-0.90

164.70
165.64
166.15

32 A8
32.15

60
57
55

52
72
69

-1.18
-0.51
-0.60

167.06
166.73
167.38

32.97
32.95
33.09

-0.3
+1.9
+0.6

52
50
52

50
45
45

+0.08

168.64
169.36
170.04

33.36
33.56
33.70

46
47
44

+3.6
+3.6
+2.4

54

38
36
36

-0 87

170 3*5

3/ i ft

54
52

•i-O 1Q

17O A7

^/ od

+0.58

1 11
7 . 4

14 32

-0,7
-0.9
-1.4

52

38

[H> +0.87

171.43

r+l<3.3

46
49
51

56

44
46

+0 51
-0.32

171 76
r 172 .62

[H>34.79

p+8.6

[H}57

rtfs+/, .2

57
55

52

r-1 1A
p-1 02

[Q\r)i73.33

34.58

fuN 53

™ (NA)

(NA)

+6.3

July
August
September

+11.3

October
November
December

+7.2

+5.2

+0.58
+0.36

+0 31
+0.79

-0.08
+0.07

-0.24

1970

January
February
March

+1.6

April
May
June

+3.1

July
August
September , . ,
October
November
December

[H>+5.5

I

+3.6

-0.74
-1.00

32.33

1971

January
February
March
April
May
June.

+1.4

(NA)

55

(NA)

(H) 59

34.50

34 64

July
August.
September
October
November
December
NOTE; Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Current high values are
indicated by (H); for series that move counter to movements in general business activity (series 3,5, 14( 39t 40, 43,44, 45, and 93), 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 shown at the back of the book. Series
preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The g r" indicates revised; "p", preliminary; V, estimated; "a", anticipated;
and"NA", not available,,
Graphs of these series are shown) on pages 26, 27, 37, and 39.

74



JUNE 1971

CYCLICAL INDICATORS-Economic Process and Cyclical Timing

MAJOR ECONOMIC
PROCESS

Qj PRICES, COSTS, AND PROFITS

TIMING CLASS ....
Minor Economic
Process

Year
and
month

ROUGHLY COINCIDENT
INDICATORS

LEADING INDICATORS
Sensitive Commodity Prices Stock Prices

*23. Index of
industrial
materials
prices®

Comprehensive Wholesale
Prices

Profits and Profit Margins

*19. Index of *16. Corpostock prices, rate profits
500 common after taxes
stocks®

22. Ratio of
profits to
income originating, corporate, all
(Ann. rate, indus.
(Percent)
bil. dol.)

15. Profits
(after taxes)
per dollar of
sales, allmfg
corp. *

*17. Ratio,
price to unit
labor cost
index, mfg.

55. Index of
wholesale
prices, indus
commod. ®

58. Index of
wholesale
prices, mfd.
goods ®

(Cents)

(1957-59=100

(1967=100)

(1967-100)

LAGGING INDICATORS
Unit Labor Costs

68. Labor
cost (cur.
dol.) per unit
of gross prod.
(1958 dol.)r
nonfin. corp.
(Dollars)

*62. Index of
labor cost
per unit of
output, mfg.

(1967=100)

(1941-43=10

1969
January
February
March

103.0
105.9
106.5

102.04
101.46
99-30

49.5

10.7

5.0

98.8
99.9
99.6

104.3
104.8
105.4

104.3
104.7
105.2

0.745

m.ft
127
1.

April
May
June

108.9
110.0
1 12
1.

101.26
104.62
99. U

49.7

10.5

4-9

99.4
99-7
99.8

105.5
105.6
105.6

105.3
105.7
106.1

0.755

113.1
113.1
113.4

July
August
September

112.0

47.9

9.9

4.8

99-8
99-0
98.9

105.7
106.1
106.5

106.4
106.5
106.7

0.767

116.9

94.71
94.18
94.51

113.7
1K.7

October
November
December

115.1
115.1
116.7

95.52
96.21
91.11

47.1

9.7

4.5

98.5
98.0
97.1

107.1
107.4
107.8

rl07.2
107.7
108.1

0.783

1970
January
February
March

118.9
119-5
118.7

90.31
87.16
88.65

44.6

9.0

4.1

97.6
98.2
98.0

108.3
108.7
108.9

108.8
109.1
109.3

0.799

April
May
June

118.2
117.5

43.9

9-0

4.3

98.5
97.9
97.9

109.3
109.7
109.8

109.6
109.7
110.0

0.802

114.8

85.95
76.06
75.59

118.7
119.6
119.9

July
August
September

112.4
1 12
1.
110.5

75.72
77.92
82.58

45.4

9.1

4-0

98.3
98.1
95-9

110.0
110.2
110.4

110.6
110.6
110.8

o.sn

120.0
120.3
123.2

October
November
December

109.5
108.9
106.^

84.37
84.28
90.05

41-4

8.2
• «*

3.6

96.6
96.8
95.6

1 13
1.
1 13
1.
1 17
1.

in. 2

B> 0.828
• ••

122.8
122.6
124.1

105.9
107.2
107.8

93.49
97.11
99.60

fuNn/7 5

[R)rp9.1

/ n

96.1
96.2
96.2

112.2
112.5
112.8

112.4
112.7

0.826

rl24-2
124.6
g) 125.0

i96.8
H>P97.0

113.3
(H>113.7

113.0
E>113.5

114.5

,

n2.6

n5.2
116.4

1 12
1.

1 12
1.

(1957-59=100)

n?.3
n8.7
119.0
118.5

n9.o

1971
January
February
March
April
May
June

H>no..2 E>103.04
108.6
^.05.9

101.64
97.96

3

in. 8

r!24-6
p!24.8

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Current high values are
indicated by (fi); for series that move counter to movements in general business activity (series 3, 5, 14, 39, 40, 43, 44, 45, and 93)r 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 shown at the back of the book. Series
preceded by an asterisk {*) are included in the 1966 NBER "short list" of indicators (chart B8)v The V indicates revised; "p", preliminary; "e", estimated; "a", anticipated;
and "NA" F not available. Graphs of these series are shown on pages 28, 29, 37, and 39.
1

No current high.
Average for June i, 8, and 15.
Average for June 21, 22, and 23.

3

3

JUNE 1971



75

CYCLICAL INDICATORS-Economic Process and Cyclical Timing

MAJOR ECONOMIC
PROCESS
TIMING CLASS

£J MONEY AND CREDIT

....

LEADING INDICATORS

Minor Economic
Process

Flows of Money and Credit

98. Change in
money supply
and time
deposits

85. Change in
U.S. money
supply

(Ann. rate,
percent)

Year
and
month

(Ann. rate,
percent)

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

Credit Difficulties

*113. Net change 112. Change in
in consumer
business loans
installment
debt
(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dot.)

110. Total private borrowing

(Ann. rate,
mil. dol.)

14. Current lia- 39. Delinquency
bilities of bus- rate, 30 days
ness failures® and over, total
installment
loans
(Mil. dol.)

1969
January
February
March

-1.19
+2.09
+0.30

+4.26
+7.27
+4.82

+20.70

+7.69
+9.58
+7.75

+14.88

+23,81
+19.75

April
May
June

+1.4-9
+0.60
+0.89

+5.40
+3.58
+4.76

+22.04
+19.52
+22.22

+9.12
+10.15
+9.54

r+16.76
r+1/. no
r+13 01

July
August
September

-7.34

+4.15
-2.95
+1.18

+17.21
+21.48
+20.75

+7.46
+7.20
+8.38

r+5. 87

+12. 14

+19.10
+19.14
+14.36

+8.03

+1A. 87

+7.44
+4.98

+5.90
r +8 .48

-9.57
-1.21

+8.88
r+8.35

+8.47

97,888

75.03
ftQ

QQ

103,028

118.76
92 60
<31 Q2

89, U8

112.73
62.83
73.70

85,656

116.44
127.14
96.85

+2.11

+2.37
+1.77
+0.59

+0.90
-1.51
+11.76

+9-43
^4.09
+12.32

+•17.32
+14.53
r+13.84

+4.56
+5.02
+2.38

r-0.84
+10.61
+2*92

78,312

137.28
139.39
120.02

April
May
June

+H.63
+7.96
+6.74

+9.87
+5.18
+2.29

14-13.67
+18.06
+21.23

+3.55
+4.98
+5.29

+3.53
+5.60
+2.15

87,732

131.90
147.89
170.50

July
August
September

+20.40
+17.77
+17.79

+5-73
+6.84
+5.67

+22.78
+20.58
+23.41

+5.32
+2.78
+4-31

+2.10
+7.40

81,356

251.92
169.59
232.94

October
November
December
1971

+10.80
+9.10
+17.79

+1.13
+2.82
+6.18

+23.78
+20.23
+28.09

-0.98
-3.62
+0.25

-19.07
-8,02
-5.15

89,212

H4.77
[H>119.84
121.72

+•13.75
[H>+21.60
+19.12

+1.12
•f-13.97
+11.60

+21.71
+22.92
[H)+29.45

+1.04
+1.22
+5.94

-4.81
+5.90
+1.91

[R)pl07,ll6

r+10.05
p+15.34
3
+7.07

r+9.30
[H>'R+16.28
+3.21

D+7.96
(NA)

-7.32
H>p+-7.80
a
+0.25

April
May
June

-0.60

+0.30

(»A)

1 *i*5

84.12

October
November
December
1970
January
February
March

January
February
March

(Percent)

(*)

0.00

168 80
1*50 QQ

1.61

1 65

1.70

1.72
1.76

1.80

1.76
1.82

1.89

1.92

1 QO

[H> 1.80

224,65
153.80
249.49

(NA)

July
August
September
October
November
December
NOTE; Series aro seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are
indicated by [H); for series that move counter to movements in general business activity (series 3, 5, 14, 39, 40, 43, 44, 45, and 93), current low values are indicated by
[©• Series'numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series
preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p", preliminary; V, estimated; "a", anticipated;
and "NA", not available,
Graphs of these series are shown on pages 30, 31, and 37.

3

"New Features and Changos for Th±a Issue," page iii.
Av©rag© for weekended Oun0 2, 9, and 16.

76




JUNE 1971 BCD

CYCLICAL INDICATORS-Economic Process and Cyclical Timing

MAJOR ECONOMIC
PROCESS

Q| MONEY AND CREDIT«Con.
ROUGHLY COINCIDENT INDICATORS

TIMING CLASS ....
Rank
Reserves

Minor Economic
Process

93. Free
reserves®

Year
and
month

(Mil. dol.)
1969
January
February
March

LAGGING INDICATORS
Outstanding Debt

Money Market lnterest Rates

114. Treasury 116. Corporate 115. Treasury 117. Municipal 66. Consumer *72. Commercia
and industrial
bill rate©
bond yields® bond yields © bond yields® installment
loans outstanddebt
ingt weekly reporting large commercial banks
(Percent)
(Percent)
(Percent)
(Percent)
(Mil. dol.)
(Mil. dol.)
P)

Interest Rates on Business
Loans and Mortgages

118. Mortgage
*67. Bank
rates on short* yields, resiterm business dential ®
loans, 35
cities O 1
(Percent)

(Percent)

-480
-596
-701

6.18
6.16
6.08

7.29
7-33
7.76

5.74
5.86
6.05

4.85
4.98
5.26

88,729
89,527
90,173

73,450
74,190
174,886

7,32

(NA)
7.99
8.05

Apri I
May
June

-844
-1,102
-1,064

6.15
6.08
6.49

7.54
7.62
8.04

5.84
5.85
6.05

5.19
5.33
5.76

90,933
91,779
92,574

r76,283
r77,457
r78,541

7,86

8.06
8.06
8.35

July
August
September

-1,074.
-946
-831

7.00
7.01
7.13

8.06
8.05
8.36

6.07
6.02
6.32

5.75
6.00
6.26

93,196
93,796
94,494

79,030
79,736
80,748

8,82

8.36
8.36
8.40

October
November
December

-992
-988
-829

7.04
7.19
7.72

8.46
8.94
9.22

6.27
6.52
6.81

6.09
6.30
6.82

95,163
95,783
96,198

81,987
82,479
r83,186

8.83

8.48
8.48
8.62

1970
January .
February
March

-799
^819
-781

7.91
7.16
6.71

9.00
8.84
9-00

6.86
6.44
6.39

6.65
6.36
6.03

96,578
96,996
97,194

83,179
84,063
84,306

8.86

(NA)
9.29
9.20

April
May
June

-704
-795
-701

6.48
7.04
6.74

9.09
9.53
9.70

6.53
6.94
6,99

6.49
7.00
6.96

97,490
97,905
98,346

84,600
85,067
85,246

8.49

9.10
9.11
9.16

-1,217

6.50
6.41
6.24

9.09
9.08
9-00

6.57
6.75
6.63

6.53
6.20
6.25

98,789
99,021
99,380

85,421
86,038
86,037

8.50

9.11
9.07
9.01

5-93
5.29
4-86

9.14
8.97
8.13

6.59
6.24
5.97

6.39
5.93
5.46

99,298
98,996
99,017

84,448
83,780
83,351

8.07

8.97
8.90
8.40

4-49
3.77
3.32

7.63
7.54
7.62

5.92
5.84
5.71

5.36
5.23
5.17

99,104
99,206
99,701

82,950
83,442
83,601

5.37
B> 5.90
4
5.86

|R> 100,364
W

p82,991
p83,641
H>383,662

July
August
September

-682
-335
-208
-305

October
November
December
1971

-49
-91

January
February
March

-127
-120
r-8

April
May
June

p-33
H> 3-196

3.78
4.U
4
E> 4-61

7.76
D8,25
•fc.16

5.75
E> 5.96
5
5.91

(NA)

S

...
6~.75

(NA)
(NA)
7.32
7.37

[H>7.75

July
August
September
October
November
December

.. .

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are
indicated by g>; for series that move counter to movements in general business activity (series 3, 5, 14, 39,40, 43, 44, 45, and 93), 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 shown at the back of the book. Series
preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p", preliminary; V, estimated; "a", anticipated;
and "NA"f not available.
Graphs of these series are shown on pages 32, 33, and 39.
1
No current high. 2See "New Features and Changes for This Issue," .page iii. 3Average for weeks ended June 2, 9, and 16.
4
Average for weeks ended June 3, 10, and 17. 5 Average for weeks ended June 4, 11, and 18. ^ s figure represents the average
i
rate prior to the revision of the series. The 1st quarter figure, incorporating revised compilation techniques, is 6 5 . See
.8
"New Features and Changes for This Issue," page iii.
JUNE 1971



77

CYCLICAL INDICATORS-Selected Indicators by Timing

Q| COMPOSITE INDEXES
810, Twelve
leaders, re*
verse x
trend ad
justed (series
1, 5, 6, 10, 12
16, 17, 19, 23,
29, 31, 113)

811. Twelve
leaderst prior
to trend adjustment (same
components as
in series 810)

820. Five
coinciders t es*
ti mated aggre*
gate economic
activity (series
41, 43, 47, 52,
56)

(1967=100)

Year
and
month

(1967=100)

(1967=100)

830. Six
(aggers (series
44, 61, 62, 67,
813. Marginal
71, 72)
employment adjustments
(series l t 2, 3,
5)

Leading Indicator Subgroups
814. Capital
investment
commitments
(series 6, 10,
12, 29)

(1967=100)

(1967=100)
Revised2

(1967-100)

815. Inventory 816. Profitinvestment and ability (series
purchasing
16, 17, 19)
(series 23, 25,
31, 37)
(1967=100)

(1967=100)

817. Sensitive
financial flows
(series 33. 85,
112, 113)
(1987=100)
Revised^

1969
January
February
March

114-8

n6.4
116.1

107.2
108.3
107.6

115.5
116.. 8
117.6

116.9
118.5
120.0

103.6
103.5
103.9

110.9
111.7
110.0

100.6
103.1
103.0

101.9
102.5
101.9

105.9
106.2
104.5

April
May
June

118.0
118.2
117.5

109.0
108.7
107.7

118.1
119.0
120.2

120.7
122.1
123.9

104.7
104.0
103.6

111.7
110.0
109^8

104.6
104.5
103.0

102.2
103.1
101.8

105.3
105.7
105.7

July
August
September

117.6
117,5
118.5

107.4
106.9
107.4

120.6
121.2
121.2

125.9
128.4
129.1

103.0
102.3
102.6

110.1
109.7
109.9

105.3
105.0
105.7

100.6
99.6
99.5

102.1
102.5
102.7

October
November
December
1970
January
February
March

118.2
117.4
117.6

106.7
105.6
105.4

121.8
122.1
122.2

131.1
130.6
132.2

101.9
101.2
100.4

109.1
108.5
109.1

105.9
105.2
105.1

99.3
98.9
96.8

102.6
101.9
99.1

116.2
116. 5
115.0

103.7
103.7
101.9

121.7
121.9
122.0

131.7
131.2
130.5

98.3
96.6
94.1

108.0
108.4
105.6

103.9
105.4
104.8

96.5
95.8
95.9

99.2
ZOO.O
98.8

April ... ,
May
June

114-9
113.8
114.4

101.5
100. 1
100.3

122.2
121.3
121.2

130.7
131.0
131.0

93.2
92.9
93.3

106.1
106.3
106.0

104.2
102.4
103.6

95.5
92.8
92.9

100.6
100.5
100.6

July
August
September

116.1
rl!5*3
'114.5
113.8

101.4
100.4
99.2

121.4
121.1
120.6

131.7
131*9
132.3

94-4
92.9
90.9

106.5
106.2
106.3

104.2
102.4
102.3

93.5
94.1
93.0

101.4
100.1
98.3

n4.i
H6.3

98.3
98.1
•99,7

118.8
117.9
119.1

130.8
128.9
rl26.9

89.3
90.4
92.2

106.0
106.7
107.7

101.6
102.6
101.6

93.2
92.5
94.0

93.8
91.5
96.3

118,5
119.9
rl22.6

101.2
102..0
r!04.0

121.1
121.8
rl22.5

rl25.9
r!24.8
r!25.8

92.6
93.5
93.5

108.5
108.8
109.9

101.9
102.4
rl02.8

96.2
98.0
98.7

9d.5
100.6
D105.3

124.1
[H>3124.9

rl04.8
[H> ^05.1

r!22.9
E>pl23.5

r!26.2
(H>pl26.7

^IK

r!09.6
(H>P1H.1

E> rl03.3
P102.5

|H)rl00.4
FOL00.2

P105.2
(MO

.,

October
November .
December
1971
January . , . . .
February
March
April
May
June

, ..

July
August
September
October
November
December
NOTE; Series aie seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Current high values are
indicated by g); for series that move counter to movements in general business activity (series 3,5,14, 39, 40, 43, 44, 45, and 93), current low values are indicated by
IB)- Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. Series
preceded by an asterisk (*) are included in the 1966 NBER "short list" of indicators (chart B8). The V indicates revised; "p", preliminary; V, estimated; "a", anticipated;
and "NA\ not available.
Graphs of these series are shown on pages 34 and 35,
^-Reverse trend adjusted index of 12 leaders contains the same trend as the index of 5 coincident indicators.
2
See "New Features and Changes for This Issue," page iii.
3
Excludes series 12, 16, 31, and 113, for which data are not yet available.

78




JUNE 1971

ltd!

ANTICIPATIONS AND INTENTIONS

AGGREGATE SERIES
Year
and
quarter

410. Manufacturers' sales,
total value

61. Business expenditures for new plant
and equipment
a. Actual
expenditures
(Ann. rate,
bit. dol.)

b. Second
c. First
anticipations as anticipations as
percent of actual percent of actual
(Percent)
(Percent)

(BiUol.)

412. Manufactur- 414. Condition
ers' inventories, of manufacturers'
total book value inventories: percent considered
high less percent
considered low
(Bil.dol.)

(Percent)

416. Adequacy 435. Index of
of mfrs.' capac- consumer
sentiment
ity: percent
considered inadequate less percent considered
excessive
(First quarter
(Percent)
1966=100)

1968
First quarter...
Second quarter..
Third quarter...
Fourth quarter..
1969
First quarter...
Second quarter..
Third quarter...
Fourth quarter..
1970
First quarter...
Second quarter..
Third quarter...
Fourth quarter..
1971
First quarter...
Second quarter .
Third quarter...
Fourth quarter..

68.09
66.29
67.77
69.05

100.0
104.0
102.7
103.9

101.2
102.1
105.1
103.1

U5.4
U9.6
152.6
156.6

83.8
85.6
87.1
88.6

22
22
21
16

35
35
40
42

95.0
92.4
92.9
92.1

72.52
73.94
77.84
77.84

102.7
104.4

102.8
100.0
101-.5
100.3

159.6
162.3
167.4
168.1

90.4
92.2
94.2
95.9

18
19
22
22

43
38
39
41

95.1
91.6
86.4
79.7

78.22
80.22
81.88
78.63

102.3
100.5

165.9
166.6
170.2
164.8

97.0
97.7
98.7

103.9

103.6
103.4
101.7
104.6

r99.6

23
23
21
20

33
36
33
33

78.1
75.4
77.1
75.4

7.2
93
ra82.38
a82.83
pa82.74

101.6

102.6

172.9
ral76.3
8182.1

99.4
ralOO.O
alOO.9

17

26

78.2
81.6

99.5

101.5

99.0

AGGREGATE SERIES-Con.
Year
and
quarter

420. Family income of households compared to a year ago, households report! ng-a. No change! b. Higher
in income
income
(Percent)

(Percent)

c. Lower
income
(Percent)

425. Mean probability of substantial
changes in family income of households
a. Increase
in income
(Percent)

430. Household purchases of new cars

2-quarter moving average
a. Actual
b. Increase c. Decrease (quarterly)
b. Actual
d. Anticipated
c. Anticiless decrease in income
pated
as percent of
(Ann. rate, (Ann. rate,
(Ann, rate, actual
mil. cars)
mil. cars)
mil. cars)
(Percent)
(Percent)
(Percent)

1969
First quarter,..
Second quarter.
Third quarter ..
Fourth quarter..
1970
First quarter...
Second quarter.
Third quarter ..
Fourth quarter..
1971
First quarter...
Second quarter.
Third quarter..
Fourth quarter .
1972
First quarter...
Second quarter.
Third quarter ..
Fourth quarter..

52.9
53.0
50.8
50.7

36.4
35.9
37.3
37.4

10.0
10.5
10.8
11.1

19.3
18.3
1.
84
16.7

13.8
12.5
1.
19
11.2

5.5
5.8
6.5
5.5

8.1
8.4
8.1
77
.

79
.
8.3
8.2
7.9

7.8
7.6
7.9
8.3

99
92
96
105

52.7
45-6
46.2
4.
83

35.4
4.
13
39-9
37.3

11.3
12.4
13.0
13-6

16.5
1.
81
18.6
17.6

11-3
12.0
13.0
11.6

5-2
61
.
5.6
6.0

71
.
7.1
7.7
6,3

74
.
7.1
7.4
7.0

8.0
79
.
7.5
7.8

108
111
101

50.3
49.8

35.0
35.1

14-2
H.5

20,1
1.
99
18.2
1.
67

13.8
12.9
1.
09
94
.

6.3
7.0
7.3
7.3

7.1

6.7

77
.
8.0
7.6

115

17.2
1.
99

10.5
1.
24

6.7
7.5

in

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Series numbers are for
identification only and do not reflect series relationships or order. Oomplete titles and sources are shown at the back of the book. The "r" indicates revised; V, preliminary;
"e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 40, 41, and 42.

JUNE 1971




79

ANTICIPATIONS AND INTENTIONS

DIFFUSION INDEXES

Year
and
quarter

D440, New orders, manufacturing1

D446. Number of employees,
manufacturing and trade x

0444. Net sales, manufacturing
and trade *
Anticipated

Actual

Anticipated

Actual

Anticipated

Actual

D442, Net profits, manufacturing
and trade *

Actual

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

78
78
79
80

80
83
82
81

70
73
72
74

74
80
78
73

79
82
82
84

82
86
86
84

57
60
58
60

60
60
58
60

81
80
76
72

82
85
83
80

70
74
68
66

78
79
77
76

80
84
78
76

86
88
86
83

59
60
58
58

60
60
60
59

66
64
60
55

76
71
74
74

61
56
55
56

70
66
70
66

70
66
64
62

74
73
78
76

54
54
51
50

58
56
56
54

68

76
78
85

63

71
74
80

70

78
80
86

48

55
58

(4-Q span)

1968
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

1969
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

1970
First quarter...
Second quarter..
Third quarter...
Fourth quarter..
1971
First quarter...
Second quarter.
Third quarter...
Fourth quarter..

DIFFUSION INDEXES«Con.
Year
and
quarter

0450. Level of inventories, manufacturing
and trade1
Actual

Anticipated

Selling prices
D460. Manufacturing
and trade1
Actual

Anticipated

0462, Manufacturingl
Anticipated

Actual

D464. Wholesale trade1
Actual

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

68
68
70
70

63
66
67
66

78
80
81
84

76
79
78
78

74
76
78
80

74
76
75
76

81
82
82
85

71
70
70
68

66
68
66
66

84
84
85
85

78
80
80
81

82
80
82
82

75
79
78
80

66
61
62
58

62
61
64
58

84
82
82
80

78
80
77

80
80
78
75

62

60
62
65

80

74

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

0466. Retail trade1
Anticipated

Actual
(4-Q span)

(4-Q span)

78
82
78
78

88
88
88
92

81
84
86
87

85
85
86
85

79
80
80
80

91
90
90
89

84
84
84
86

79
76
78
75

87
85
86
84

77
80
82
80

86
86
85
86

80
80
81
80

76
76
75

85

80
82
82

86

1968
First quarter...
Second quarter •
Third quarter..
Fourth quarter..

1969
First quarter...
Second quarter.
Third quarter..
Fourth quarter..

1970
First quarter...
Second quarter.
Third quarter..
Fourth quarter .

1971
First quarter..,
Second quarter.
Third quarter ..
Fourth quarter..

78
78

ao

80
80

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by®. Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary;
"e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 43 and 44*
x

This is a copyrighted aeries used by permission; it may not be reproduced without written permission from Dun & Bradstreot,Inc

80



JUNE 1971

ItCII

ANTICIPATIONS AND INTENTIONS

Q DIFFUSION INDEXES-Con.
|

Year
and
quarter

D6L Business expenditures for new plant and equipment,
alt industries
a. Actual
expenditures

c. First
anticipations

b. Second
anticipations
(1-Q span)

(1-Q span)

D480, Freight cartoadings ©
a. Actual
carloadings

(1-Q span)

480. Change in
freight carloadings©

b. Anticipations

(4-Q span)

(4-Q span)

(Thous. of cars4-Q span)

1968

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

66.7
47.2
66.7
50.0

6l.l
83.3
75.0
88.9

55.6
61.1
66.7
55.6

31.6
68.4
68.4
57.9

73.7
63.2
73.7
68.4

-16
+29
+52
- 1
1

83.3
66.7
75.0
41.7

94.4
83.3
61.1
55.6

58.3
63.9
66.7
58.3

52.6
47.4
42.1
(NA)

78.9
89*5
84.2
84.2

-19
-12
-4
+14

77.8
47.2
58.3
19.4

69.4
61.1
25.0
44.4

38.9
55.6
66.7
50.0

73,7
47.4
73.7
(HA)

-6
-29
-68

50.0

33-3
58.3

41.7
58.3
63.9

1969

First quarter
Second quarter. ....
Third quarter.
Fourth quarter
1970

First quarter
Second quarter.
Third quarter
Fourth quarter

-119

1971

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

-35
p-88

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; V, preliminary;
V, estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 45,

JUNE 1971




81

OTHER KEY INDICATORS

Q| FOREIGN TRADE

500. Merchandise trade
balance (series 502 minus
series 512)

Year
and
month

(Mil. dol.)
1969
January
February
March

502. Exports, excluding
military aid shipments,
total

(Mil. dot.)

+169
-406

+206

506. Manufacturers' new
orders for export, durable
goods except motor vehicles and parts

(Mil. dol.)
2 161
2 266
1 18&

508. Index of export orderst
nonelectrical machinery

512. General imports, total

(1957*59-100)

(Mil. dol.)
2 nno
2 A7^>
2 Q^O

p/o

£3/
1 3Q1

Alyi.

1 U8

poo

2 An

April
May
June

4-1*36
+1
1
+27

3

Q-I ft

1 1 1O

248

3

?6£

1 ?pp
1 911

238
9<5n

July
August
September

+108

3

+20^
+262

3 366
3 3/1

1 91 e;
1 93Q
1 317

p*n
^51.

October
November
December

+150
+218

ay O
3 ,.24^
3 3QQ

+202

3,280

1,370

246

+183

3 A06
3 3A7
3 376

1 17/

9/n
*>! 1
*£44

993
3 j^O

1 163

1 378

pen

391 A

p£o
rtO.3
O^A

3

3,730

1 /Q3
1 173
1.342

?7D

3 266

3,699

1 938

973

3 3<32
3 553

1 337

9^7

1 £7/

9A9

,

3

17Q

9^17

139

1 3/1
1 31?

, P
O
3 |11 &3
9^^>
3 j 4^O

3,J,P4
1 *4'J

y
3 *H7y
'4

97A

3jlOp
1 A^

oA^

H7A
3 jU/o

p<rf

3100

jJL9«

ft?/

-l^fv
3 ^loU
3,078

f\t i
^44

1970
January
February
March

+269
+158

April
May
June

+146

July
August
September

+445
+246

October.. ,.
November
December
1971
January
February
March

+188

April
May
June

-215
-205

+323
+465

+125

+71
+166

+49
+136

+245

3 AOQ
3 661

3 689
3 Z.99
3,570

1 3ft/

9/9
ft/^c
poA

1 884

3,735
3,690
3,815

1,518
1,472
T*I y AQ

3,543

nl 336
pj.,j;?o
?MA>
V •"•"•/

3 783

9^3

3 338

3 o^/
^/A
3 j,x4«
/PA
3 £<V^o
q ^nn
^^>uu

ppo

1 3fi/

3 ^ 4 ^A
97 0

3
3

/98
if)/

3,686
3.553

,232

217
r92/

3 36Q
^ JO
3 , 738

n93^»

Q88
3 ,yoo

fWiS
{MA)

July
August
September
October
November
December

,

NOTE: Series art1 seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbeis are for
identification only and do not reflect series relationships or order, Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary;
"e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 46.

82




JUNE 1971

BCII

OTHER KEY INDICATORS

BALANCE OF PAYMENTS AND MAJOR COMPONENTS
Year
and
quarter

U.S. balance of payments

1968
First quarter...
Second quarter..
Third quarter...
Fourth quarter..
1969
First quarter...
Second quarter..
Third quarter...
Fourth quarter..
1970
First quarter...
Second quarter-.
Third quarter...
Fourth quarter..
1971
First quarter...
Second quarter .
Third quarter...
Fourth quarter..

522. Official settlements basis

520. Liquidity balance basis
a. Including
allocations of
SDR
(Mil, dof.)

250. Balance on
goods and services, excluding
military grants

b. Excluding
allocations of
SDR
(Mil, dol.)

a. Including
allocations of
SDR
(Mil, dol.)

b. Excluding
allocations of
SDR
(Mil, dol.)

Net capital movements plus
unilateral transfers and errors
and omissions
525. Liquidity1
balance basis

(Mil. dol,)

(Mil, dol.)

527. Official
settle/Tie nts
basis2
(Mil. dol.)

530. Liquid
liabilities to all
foreigners3®

(Mil, dol.)

-244.
+106
+145
+164

-61
+1,652
+408
-353

455
853
851
340

-699
-747
-706
-176

-516
+799
-443

32,482
32,514
33,493
33,614

-1,352
-3,801
-2,279

+1,453
+1,315

-1,683
-4,063
-2,944
^272

+1,122
'+1,053
-,4
127
-178

34,930
39,045
42,655

+5U

331
262
665
692

r-3,082
p-1,619
r-2,294
r-3,692

rl,045
r995
r670

r-2,511
r-1,788
r-2,151
r-1,862

r-3,963
r-2,664
r-3,289
r-4,362

42,972
43,382
44,220
r43,269

pi,051

p-4,291

p-6,754

(NA)

-582

r-1,413
r-526
r-939
r-976

r-1,630
r-743
r-1,156
r-1,192

r-2,865
r-1,402
r-2,077
r-3,476

rp-3,060

rp-3,240

rp-5,523

rp-5,703

a, 900

BALANCE OF PAYMENTS AND MAJOR COMPONENTS-Con.
Year
and
quarter

1968
First quarter...
Second quarter.
Third quarter..
Fourth quarter..
1969
First quarter..,
Second quarter.
Third quarter ..
Fourth quarter..
1970
First quarter..,
Second quarter.
Third quarter ..
Fourth quarter .
1971
First quarter...
Second quarter.
Third quarter ..
Fourth quarter..

532. Liquid
and certain
nonliquid liabilities to
foreign official
agencies3®
(Mil. dol.)

534. U.S.
official
reserve5
assets ©
(Mil. dol.)

535. Allocations to the
U.S. of
Special
Drawing
Rights
(Mil. do!.)

Goods and Services Movements, Excluding Transfers Under Military Grants
Goods and services
252. Exports

253. Imports

(Mil. dol.)

(Mil. dol.)

Merchandise, adjusted6
536. Exports

537. Imports

(Mil. dol.)

(Mil. dol.)

Income on investment, military
transactions, other serv,, total
540. Exports
(Mil, dol,)

541. Imports
(Mil. dol.)

CM

1,0
847
1,9
694
1,9
743
18,574

13,926
U,063
14,634
15,710

11,932
12,685
13,295
12,714

1,7
147
11,832
1,4
244
12,374

7,946
8,386
8,878
8,378

7,820
8,132
8,569
8,443

3,9B6
4,299
4,4L7
4,336

3,657
3,700
3,875
3,931

16,911
16,006
17,732
17,162

15,758
16,057
16,743
16,964

11,961
14,196
14,592
1,6
477

11,630
13,934
13,927
U,075

7,485
9,490
9,608
9,890

7,588
9,562
9,404

4,476
4,706
4,9S4
4,877

4,042
4,372
4,646
4,671

19,514
20,561
22,372
24,504

17,350
16,328
15,527
14,487

217
217
217
216

r534
!,7
r!5,S06
r!5,930
rl5,795

r!4,493
r!4,76l
r!4,935
r!5,125

10,241
10,582
rlO,696
1-10,461

r9,728
r9,83X
r9,992
rlO,319

r5,133
r5,224
r5,234
r5,334

r4,765
4,930
r4,943
r4,806

(NA)

pU,342

180
179
179
179

pl6,5!5

p!5,464

rpll,032

rplO,760

p5,483

P4,704

9,281

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; u p", preliminary;
"e", estimated; "a", anticipated; and "NA", not available; SDR indicates Special Drawing Rights.
Graphs of these series are shown on pages 47, 48, and 49.

^•Series 520 (including allocations of SDR "beginning 1st quarter 1 7 ) minus series 250. 2Series 522 (including allocations
90
3
of SDR "beginning 1st quarterB 1 7 ) minus series 250.
90
Amount outstanding at end of quarter.
^See "New Features and Chaiiges
for This Issue," page iii. Reserve position at end of quarter. Balance of payments basis: Excludes transfers under military
grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports).



OTHER KEY INDICATORS

BALANCE OF PAYMENTS AND MAJOR COMPONENTS»Con.
Income on Investment, Military Transactions and Other Services (components of series 540 and 541)

Year
and
quarter

Transportation and other services

Military transactions
545. Payments 546. Sales under 547, Military
544. Receipts
expenditures
from foreign trav- by U.S. travelers military con*
abroad
tracts
elers in the U.S. abroad
(Mil. dol.)
(Mil.dol.)
(Mil, dol.)
(Mil.dol.)
Travel

Income on Investments
542. U.S. invest- 543. Foreign
investments in
ments abroad
the U.S.
(Mil, dol.)
(Mil.dol.)

548. Receipts
from

549. Payments
for

(Mil.dol.)

(Mil. dol,)

1968
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

1,765
1,990
2,000
1,935

677
732
761
762

433
431
451
460

755
737
787
743

302
344
393
357

1,103
1,112
1,U7
1,173

1,486
1,534
1,573
1,584

1,122
1,119
1,180
1,253

2,089
2,150
2,286
23
,H

905
1,071
1,240
1,247

501
520
519
518

820
855
875
840

391
313
458
352

1,198
1,187
1,220
1,245

1,495
1,723
1,721
1,693

1,119
1,259
1,311
1,339

2,499
2,307
2,394
p2,417

1,343
1,320
1,287
pl,l60

560
576
589
P593

925
•988
1,026
P977

256
430
339
P454

1,178
1,255
1,210
pi,195

1,797
1,899
1,947
pl,864

1,343
1,367
1,459
pl,404

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

1969
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

1970
First quarter...
Second quarter..
Third quarter...
Fourth quarter..

1971
First quarter...
Second quarter.
Third quarter...
Fourth quarter..

(HA)

!

Year
and
quarter

BALANCE OF PAYMENTS AND MAJOR COMPONENTS«Con.

Capital Movements plus Government Nonmilitary Unilateral Transfers
Direct investments
560. Foreign investments in the U*S.
(Mil, do!,)

Securities investments

561. U.S. investments
abroad
(Mil. dol.)

564. Foreign purchases 565, U.S. purchases
of foreign securities
of U.S. securities
(Mil, dol.)

(Mil.dol.)

570. Government
grants and capital
transactions, net
(Mil. dol.)

575. Banking and
other capital transac*
tions, net
(Mil.dol.)

1968
First quarter...
Second quarter.
Third quarter..
Fourth quarter..
1969
First quarter..,
Second quarter.
Third quarter..
Fourth quarter..

251
5
23
41

451
878
1,048
831

839
1,122
1,115
1,312

304
171
327
453

-962
-355
-762
-391

228
156
313

246
164
152
270

902
1,015
877
276

1,388
365
396
963

319
539
567
69

^860
-1,327
-1,356
-594

132
-647
457
-520

459
103
216
P99

1,434
711

297
381
697
828

133
-66
549
261

-1,252
-303
-940
p-1,106

249
P-745

(NA)

(NA)

p641

P375

(NA)

(NA)

434

1970
First quarter.,.
Second quarter.
Third quarter ..
Fourth quarter .

1971
First quarter...
Second quarter,
Third quarter ,.
Fourth quarter.,

NOTE; Series ara seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for
identification only afld do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; up", preliminary;
"e", estimated; "a", anticipated; and "NA", not available,
Graphs of these series are shown on pages 50 and 51.

84



JUNE 1971

KCII

OTHER KEY INDICATORS

Qj FEDERAL GOVERNMENT ACTIVITIES
Receipts and Expenditures
Year
and
month

600. Federal
surplus (+) or
deficit (-), national income
and product
accounts
(Ann. rate,
bil. dol.)

601. Federal
receipts, national income
and product
accounts

Defense Indicators

602, Federal
264. National
expenditures, defense purnational income chases
and product
accounts

616. Defense
Department
obligations,
total, excluding
military
assistance

621. Defense
Department
obligations,
procurement

647. New or648. New orders, defense ders, defense
products indus- products
tries

625. Military
prime contract
awards to U.S.
business firms
and institutions

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

+9.5

197 '.2

IS?!?

78.*6

7,578
7,050
6,543

2,088
2,075
1,701

4.12
4.10
3.81

1.93
2.17
2.17

3,398
3,441
2,904

+13 i
i

202.* 5

189*1

77 '.9

6,520
6,319
6,144

1,638
1,528
1,550

3.84
3.89
3-07

1.95
1.83
1.39

2,825
3,070
2,744

July
August . .... .
September

•#'.3

200 '.8

192 .'5

79*-8

6,906
6,472
6,394

1,447
1,476
1,752

4.18
4.01
3.45

2.45
1.61
l.U

2,896
3,001
2,680

October
November .
December

-HS'.I

202.*6

195 .*9

78*.8 ,

7,041
7,091
7,088

1,867
1,820
2,103

4.18
4.45
4.09

1.89
2.35
1.93

2,987
2,734
2,765

-l.*7

195 .*9

197.' 7

79-*3

7,045
6,516
6,519

1,807
1,523
1,669

3.65
4.02
3.98

1.90
1.74
1.58

2,855
2,623
2,904

April
May
June

-U.*2

196.7

2l6! 9

76!s

6,643
6,118
6,505

1,559
1,486
1,771

3.42
4.08
3.51

1.38
1.39
1.35

2,591
2,545
2,896

July
August
September

-ii!s

194^9

206.!?

75.8

7,111
6,035
-6,407

1,825
1,332
1,542

4.77
4.06
3.48

3.07
1.85
2.00

2,717
2,782
2,113

October....
November
December

19l".7

209.' 9

74-* 6

6,251
7,166
7,195

1,459
2,041
2,105

3.95
4.08
4-18

2. ,12

-18*1

2,02
2.05

3,464
2,746
3,181

r-lV.2

r201.0

2ll!2

74.' 6

7,055
6,928
6,793

2,239
2,171
1,470

3.99
3.62
3.72

2,17
2.36
1.58

2,508
2,619
3,398

6,990
(NA)

1,686
(NA)

r3.64
P3.54

rl.50

2,751
(NA)

(Ann. rate,
bil. dol.)

(Mil. dol.)

(Mil. dol.)

(Bil. dol.)

(Bil.dol.)

(Mil. dol.)

1969
January
February
March
April
May
June

1970
January
February
March

1971
January
February

March
April
May
June

pi. 65

July
August
September
October
November
December

. ...

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary;
"e", estimated; M a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 52 and 53.

ItCII

JUNE 1971




85

OTHER KEY INDICATORS

Q PRICE MOVEMENTS
Wholesale price indexes

Consumer price indexes
Year

and

month

783. Commodities less foods

781. All items® 782. Food

(1967-100)

(1967-100)

(1967-100)

784. Services® 750. All commod- 58. Manufacities ®
tured goods ®

0967=100)

(1967-100)

(1967=100)

751. Processed
foods and
feeds

752, Farm products

(1967-100)

(1967=100)

1969
January
February
March

106.7
107.1
108.0

105.9
105.9
106.5

105.6
106.2
107.1

108.8
109.4
110.3

104.3
104-7
105.3

104-3
104.7
105.2

103.6
103.9
104-7

105.3
104.8
106.1

May

April

107.1
107.7
108.8

107.3
107.6
108.0

111.2
111.7
n2,2

105-5
106.3
106.7

105.3
105.7
106.1

105.8
107.4
107.9

106.3
109.5

June

108.7
109.0
109.7

110.0

July
August
September ...

110.7
111.2

no. 2

109.3
109.8
110.5

108.3
108.5
108.8

n2.8
113.5
1U.3

106.8
106.9
107,1

106.4
106.5
106.7

107.9
108.3
108.1

109.9
109.1

October
November
December

111.6
112.2
112.9

110.4
111.9
113.0

109-3
109.6
110.0

114-7
115.3
116.1

107.4
108.1
108.5

r!07.2

107.7
108.1

109.2
109.3
110.6

110.3
113.0
113.1

113.3
113.9
114-5

113.5
114*3
114-4

110.3
110.5
110.7

117.1
118.0
119.3

109-3
109.7
109.9

108.8
109.1
109-3

11117
112.0
112.4

112.9
113.5
133 •&

n5.2

in. 4

120.1
120.7
121.4

109.9
110.1
110.3

109.6
109-7
110.0

112.6

in. 5

110.9

112.2
109.8
110.0

.

10S.6

1970
January
February
March

May

June

115.7
116.3

114.9
115,1
115.0

July
August
September

116.7
116.9
117.5

115.1
115.1
115.5

112.9
113.5

122.0
122.7
123.5

110.9
110.5
111,0

110.6
110,6

no. 8

111.8
112.3
n2.4

111.0
109.5
132.6

October
November
December

118.1
118.5
119.1

115.5
115.6
115.5

114. Q
114.5
115.3

124-1
124.9
125.6

111.0
110.9
111.0

111.2
111.2
111.2

112.2
112.5
111.6

110.2
108.5108.2

January
February
March

119.2
119.4
119.8

115.5
116.1
117.2

115.5
n5.4
115.6

126.3
126.6
126.6

111.8
n2.8
113.0

111.8
n2.4
112.7

111.5
113.2
1H.3

109.0
n3-4
112.0

April

120.2
120. 8

118.2
118.4

115.8

126.8
127.5

113.3

113.0
113.5

ns.o

114-3

113.6
112.4

April

112.0
112.4

n2.6

1971

May

June

n6.6

ii3.a

July
August
September
October
November
December
NOTE: Series arg seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; V, preliminary;
V, estimated; V, anticipated; and "NA", not available.
Graphs of these series are shown on pages 54, and 55.

86



JUNE 1971

BCII

ANALYTICAL MEASURES

Q ACTUAL AND POTENTIAL GNP
|

Year
and
quarter

206. Potential level1

205. Actual value
(Ann, rate, bil. dot.)

1968
First quarter
Second quarter. ....
Third quarter.
Fourth Quarter
1969
First quarter
Second quarter. ....
Third quarter. .....
Fourth quarter. ....
1970
First quarter
Second quarter.....
Third quarter
Fourth quarter
1971
First quarter
Second quarter —
Third quarter
Fourth quarter

207. Gap (potential less actual)

Gross national product in constant (1958) dollars

(Ann. rate, bil. dol.)

(Ann. rate, bil. dol.)

693.5
705.4
712.6
717.5

689.6
696.4
703.3
710.2

-3.9
-9.0
-9.3
-7.3

722.1
726.1
730.9
729.2

717.2
724.3
731.4
733.6

-4.9
-1.8

+9.4

723. &
724.9
727.4
720.3

746.4
754.3
762.3
770.4

+22.6
+29-4
+34.9
+50.1

732.7

778.6

+45.9

40.5

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "pH» preliminary
*e"f estimated; "a", anticipated; and *NAn, not available.
Graphs of these series are shown on page 56.
1
Based on a trend line of 3.5 percent per year (intersecting actual line in middle of 1955) from 1st quarter 1952 to 4th
quarter 1962, 3.75 percent from 4th quarter 1962 to the 4th quarter 1965, 4 percent from 4th quarter 1965 to 4th quarter 1969 and
4.3 percent from 4th quarter 1969 to 1st quarter 1971.

BCII

JUNE 1971




87

ANALYTICAL MEASURES

Q

850. Ratio,
output to capacity, manu»
facturing

851. Ratio,
inventories
to sales, manufacturing
and trade

852. Ratio,
unfilled or*
clers to shipme nts, manufacturers'
durablegoods
industries

853. Ratio,
production of
business
equipment to
consumer
goods

(Percent)

Year
and
month

(Ratio)

(Ratio)

(1957*59=100)

1969
January
February
March

ANALYTICAL RATIOS

854. Ratio,
personal saving to disposable personal
income

(Ratio)

855. Ratio,
nonagricul*
tural job openings unfilled
to persons
unemployed

(Ratio)

858. Output
per man-hour,
total private
nonfarm

(1967-100) i(1967dol.)

(1967 dol.)

(Percent)

5.'6

2.90
2.90
2.90

91.17
91.18
91.12

5*.i

103 '.2

2.90
2.92
2.91

90.99
91.06
91.35

5*0

0.111
0.119
0,112

103*.3

2.91
2.91
2.91

91.09
91*01
90.52

4*7

0.067

0.099
0.089
0.080

102*6
...

2.89
2.88
2.89

90.54
90.55
90.85

5.6

118.3
115*6
115.5

0.075

0.069
0.063
0.064

103*6

2.88
2.89
2.89

90.27
89.87
89.90

5.6

2.90
2.88
2.81

113*8
113,7
113*9

0.076

104-7

2.90
2.91
2.91

90.36
90.71
89.74

4.9

1.60
1.63
1.60

2.87
2.92
2,92

113*9
113.2
109.5

0.074

104*3

2.85
2,86
2.91

89.49
89.35
89.72

4.8

1.57
1.55
rl.53

2.95
3.02
2.82

106,0
105.1
102,6

0.070

r!06.1

2.93
2.93
2.94

91.01
91.06
91.49

il9

Pl.54
(NA)

2.79
(NA)

rl01.4
plOl.O

r2.94
P2.94

r91.58
P91.31

103 '.2

3.20

0.139
0.140
0.134

1.53
1.52
1.52

3.20
3.23
3.16

120.0
121,8
122,0

0.053

0.133
0.138
0.139

10311
...

psila

1.54
1.53
1.53

3.18
3.15
3.08

119*8
120,0
123,1

0.065

0.125
0.122
0.111

psily

1.53
1.55
1.57

3.05
3.09
3.11

124.6
1 11
2,
120.6

0.063

P79.8

1.57
1.56
1.58

3.13
3.07
3.08

119*4
121,2
122,2

April
May
June.,

p78"6

1.59
1.56
1.56

3.07
2.97
2.95

July
August
September

p76.a

1.56
1.57
1.57

P72.4

pp73ll

3.21
3.17

April
May
June

pails

July
August
September
October
November
December

April
May
June

857. Vacancy rate in
total rental !
housing®

91.16
90.90
91.07

0.056

1.53
1.52
1.53

October . . ,
November
December
1971
January
February
March

859. Real
spendable
avg. wkly.
earnings
nonagri.
prod, or
nonsupv.
workers

2.91
2.90
2.90

118*9
118.7
118.5

p84l5

1970
January
February
March

856. Real
avg. hourly
earnings,
prod, workers,
mfg,

(NA)

• **

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ® . Series numbers are for
identification only and do not reflect serjes relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; V, preliminary;
"e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 57 and 58.




JUNE 1071

BCD

ANALYTICAL MEASURES

H DIFFUSION INDEXES: Leading Indicators

Year
01. Average workweek of production workers,
manufacturing (21 industries)

and
month

1-month span

9-month span

D6. Value of manufacturers' new orderst
durable goods industries (35 industries)

1-month span

9-month span

Oil. Newly approved capital appropriations,
The Conference Board
(17 industries)1

1-quarter span

3-quarter span

1969
January
February
March..

47.6
28.6
97.6

42.9
23.8
26.2

71.4
47.1
50.0

82.9
77.1
65.7

53

65

35.7
28.6
23.8

54-3
50.0
37.1

57.1
74.3
60.0

59

65

June

38.1
40.5
50.0

July
August
September

33.3
45.2
50.0

61.9
23.8
16.7

60.0
38.6
65.7

64.3
4B.6
42.9

53

47

October
November
December

U.3
57.1
81.0

34.3
42.9
22.9

50

29

16.7

4A.3
31.4
47.1

33.3
26.2
57.1

37.1
51.4
40.0

41.4
40.0

47

29

19.0
28.6

53

41

. .

April

May

9.5
9-5

1970
January
February
March

. .

9.5

51.4-

28.6
28.6
54.8

16.7

54.3
62.9
51.4

4.0.0

9.5
4.8

July
August
September

76.2
19.0

19.0
21.4
38.1

54-3
34.3
62.9

57.1
57.1
74-3

35

29

October
. . . .
November
December

76.2
61.9
81.0

47.6

28.6
60.0
50.0

48.6
65.7

41

PU

April

May
June

9.5

r59.5
r47.6

42.9
47.1

r45.7

1971
January
February
March

64.3
28.6

r78.6

62.9
57.1
62.9

4-5-2
p83.3

April
May
June
July
August
September

p66.7

P62.9

P53

r4B.6
p60.0

.

October
November
December
NOTE: Figures are the percent of series components rising (half of the unchanged components are considered rising). Data are centered within spans: 1-month indexes are
placed on latest month and 9-month indexes are placed on trie 6th month of span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 3-quarter indexes are placed
on the 1st month of the 3d quarter. Seasonally adjusted components are used. Table E4 identifies the components for most of the indexes shown. The V indicates revised;
"p", preliminary; and "NA", not available,
Graphs of these series are shown on page 59.
lr
n\is is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference
Board.

BCII

JUNE 1971




89

ANALYTICAL MEASURES

|
3 DIFFUSION INDEXES: Leading Indicators-Con.

Year
and
month

D34. Profits,
manufacturing,
D19. Index of stock prices, 500 common
stocks (75 industries)® 1
FNCB (about 1000
corporations)

1-quarter span
1969
January
February
March
April
May
June...
July
August
September

1 -month span

9-month span

D23. Index of industrial materials prices
(13 industrial materials)

1 -month span

9-month span

D5. Initial claims for unemployment
insurance, State programs, week
including the 12th (47 areas)

1-month span

9-month span

52

12.0
43.3
13.3

73.3
40.0
U.7

53.8
61.5
46.2

84.6
80.8
76.9

72.3
38.3
55.3

70,2
46.8
40.4

55
• *•
•**

54-0
74-7
1.3

12.0
6.7
21.3

65.4
57-7
76.9

69.2
76.9
92.3

48.9
57.4
23.4

38.5
34.0
25.5

49

4.0
34.7
61.3

25.3
21.3
20.0

61.5
76.9
57.7

76.9
76.9
69.2

51.1
59.6
38.3

28.7
24.5

• **

8.5

October
November
December
1970
January
February
March

50

72.7
68.0
4.0

U.7
25.3
31.5

46.2
50.0
50.0

69.2
69.2
76.9

45.7
31.9
57.4

6.4
12.8
12.8

51

43.3
23.3
82.7

5.5
5.6
5.6

50.0
30.8
57.7

61.5
42.3
38.5

31.9
25.5
44.7

4.3
2.1
11.7

April
May
June

47

16.4
2.7
47.9

6.9
25.0
27.8

61.5
53.8
19.2

34.6
34.6
38.5

25.5
63.8
42.6

6.4
12.8
2.1

July
August
September

52

41-7
77.8
96.5

31.9
46.5
72.2

46.2
42.3
46.2

19.2
15.4
15.4

59.6
42.6
31.9

12.8
25.5
55.3

40
•+•
• **

72.2
48.6
98.6

95.8
97.2
98.6

30.8
42.3
19.2

15.4
30.8
46.2

53.2
57.4
70.2

55-3
51.1
46.8

r60

95.8
87.5
71.5

98.6

46.2
61.5
80.8

46.2
46.2

38.3
61.7
42.6

46.8

October . .
November
December
1971
January
February
March
April
May
June

84.0
4L.7

80.8
38.5
2
34-6

8

48.9
44.7

July

August
September
October
November
December
NOTE: Figures aie the percent of series components rising (half of the unchanged components are considered rising). Data are centered within spans* 1-month indexes
areplacedon latest month and 9-month indexes are placed on the 6th month of span; 1-quarter indexes are placed on the 1st month of the 2d quarter. Seasonally adjusted components are used except in index D19 which requires no adjustment ana index D34 which is adjusted on iy tor the index, table E4 identifies the components for most of the indexes
shown. The V indicates revised; "p", preliminary; and "NA", not available. Unadjusted series are indicated by ®.
Graphs of these series are shown on page 59.
'•Based on 75 components through March 1970, on 73 components through May 1970, and on 72 components thereafter.
3
Average for June 1, 8, and 15.

90



JUNE 197X

ItCII

ANALYTICAL MEASURES

I
R DIFFUSION INDEXES: Roughly Coincident Indicators

Year
and
month

041. Number of employees on
nonagricultural payrolls
(30 industries)

1-month span

6-month span

1969
January
February
March

91.7
71.7
73.3

86.7
76.7
73.3

April
May
June

51.7
56.7
63.3

July
August
September
October
November
December

047. Index of industrial production
(24 industries)

1-month span

54.2
62.5

6-month span

D58. Index of wholesale prices
(22 manufacturing industries)®

1-month span

6-month span

D54. Sales of retail stores
(23 types of stores)

1-month span

9-month span

91-7

70.8
77.1

68.2
75.0
75.0

81.8
79-5
84.1

69.6
60.9
21.7

73.9
82.6
71.7

75.0
68.3
58.3

45.8
66.7
70.8

75.0
72.9
62.5

84.1
79.5
84.1

90.9
90.9
88.6

73.9
4X.3
54.3

67.4
65.2
56.5

51.7
55.0
48,3

53.3
50.0
50. C

45.8
54.2
37.5

45.8
56.2
41.7

77.3
68.2
77.3

86.4
86.4
81.8

45.7
50.0
30.4

50.0
52.2
56.5

50.0
45.0
63.3

43-3
46. 1
43.3

43.8
62.5
45.8

33.3
41.7
33.3

68.2
84.1
72.7

81.8
81.8
72.7

63.0
34-8
60.9

73.9
65.2
87.0

January
February
March

45.0
41-7
45.0

33.3
35.0
31.7

37.5
52.1
45.8

56.2
33.3
25.0

86.4
77.3
72.7

79.5
77.3
75.0

60.9
58.7
50.0

78.3
82.6
82.6

April
May
June

25.0
21.7
26.7

21.7
16.7
16.7

56.2
25.0
54.2

37.5
29.2
20.8

68.2
68.2
56.8

77.3
84.1
86.4

82,6
54.3
39.1

91.3
82.6
82.6

July
August
September

35.0
23.3
58.3

20.0
20. 0
16.7

54.2
50.0
25.0

12.5
29.2
45.8

61.4
70.5
77.3

75.0
81.8
77.3

56.5
65.2
50.0

78.3
69.6
67.4

October . .>
November
December

33.3
35.0
55.0

23.3
31.''
40,0

47.9
41.7
58.3

45-8
r47.9
75.0

75.0
61.4
56.8

72.7
81.8
81.8

67.4
54.3
47.8

56.5
r78.3
p82.6

January
February
March

63.3
38.3
ra.7

50.0
p6l.7

72.9
29.2
75.0

r70.8
p70.8

79.5
75.0
72.7

77.3
81.8

43.5
r65.2
r73.9

(NA)

April
May
June

P51.7
P71.7

.

83.3

1970

1971

July
August
September

r60.4
p70.8

68.2
72.7

P50.0
(NA)

.

October
November
December
NOTE: Figures are the percent of series components rising (half of the unchanged components are considered rising). Data are centered within spans: 1-month indexes
are placed on latest month, 6-month indexes are placed in the 4th month, and 9-month indexes are placed on the 6th month of span. Seasonally adjusted components are used
except in index 058 which requires no adjustment. Table E4 identifies the components for the indexes shown. The V indicates revised; "p", preliminary; and "NA", not
available. Unadjusted series are indicated by®.
Graphs of these series are shown on page 60.

JUNE 1971




91

ANALYTICAL MEASURES

E4 Selected Diffusion Index Components: Basic Data and Direction of Change
1970

1971

Diffusion index components
October

November

January

December

February

March

May p

April

Dl. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING1
(Average weekly hours)

39.4 +
(76)

39.6 o

39.6 +

39.8

39.5 +

39.9 -

(62)

(81)

(64)

(29)

(79)

+
+
+
o
+
+

40.1
39.2
39.2
41.0
39.9
40.1
40.4
39.7
39.8
39.8
38.3

+
+
+
+
-

40.2
39.9
39.4
41.1
39.6
40.0
40.6
39.6
39.9
40.0
38.6

+
o
+
+
+
+

40.6
39.9
39.6
41.4
39.9
40.3

+
+
+

40.4
39.7
40.2
39.6
33.8

+
+
+
+
+
o
+
+

All manufacturing industries

40.5
38,1
39.6
34.9
41.7
37.4
41-3
43.2
39.6
37.0

+
o
+

40.4
38.4
39.6
35.4
41.6

+
+
+
o

+
o

37.5
41.3
43.0
39.4
37.1

+
+
+
+
+

+

Durable goods industries:
Ordnance and accessories
Lumber and wood products.
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries

+
+
+

Nondurable goods industries:
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and related products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and related products
Rubber and plastic products
Leather and leather products

+
+
+
+

+

40.5
39.0
39.7
35.4
41.5
37.6
41.4
43.5
39.5
37.3

+
+
+
+
+
+
o
+
+
+
+
+
+
+

41.2
39.4
39.5
41.2
40.3
40.5
40.2
39.8
41.3
39.7
38.8

+
+
+
+

+

40.8
39.4
40.4
35.2
41-9
37.7
41.6
42.6 +
40.1
37.0

41.7 +
40.1 39.3 +
41.4 +
40.6 +
40.2 +
40.1 +
39.2 +
41.5 +
39.3 +
37.8 +

42.1
r40.0
39.7
r41.8
40.7
40.3
40.2
39.8
rU.9
39.7
38.8

40.7
36.1
40.1
34.7
41.8

40.4 o
37.9
r40.3 +
r35.2
41.8 +

+
+
+
o

37.3 +
41.5
43.3
40.0 +
36.6 +

37.5
41.4
42.2
40.2
37.4

+
o
o

o

o
+
+
+

r39.7 +
(45)

39.9
(83)

r41.6 +
40.1 o
r39.5 +

41.8
40.1
40.1
41.4
41.1
40.4
40.4
40.0
40.5
39.9
38.8

40 !?
40.0
39-8
r40.2
r39.7
r38.7

+
+
+
+
+
+
+
+

40.4 o

r40.6
r35.0
r42.2
r37.5
41.7
r42.0
r40.3
r38.3

+
+
+
+
o
+
+
-

40.4
39.0
40.9
35.1
42.1
37.7
41.7
4^.4
40.4
38.1

D6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES1
(Millions of dollars)
All durable goods industries

-

28,504 + 29,009 + 30,602 + 31,405 +
(60)
(50)
(63)
(29)

31,867 - 31,773 - r30,636 + 31,218
(60)
(57)
(49)
(63)
r5,030
2,335

5,046
- (NA)

4,348
1,977 +

4,544
2,057 +

4,962
2,586 +

5,428
2,906

5,100
2,543 -

5,184
2,442 -

Fabricated metal products
„
Metal cans, barrels, and drums
Hardware, structural metal and wire products
Other fabricated metal products

3,302

3,333

3,291

2,916

3,075

3,231

3,U5

(NA)

Machinery, except electrical
Steam engines and turbines*.
Internal combustion engines*
Farm machinery and equipment
Construction, mining, and material handling*
Metalworking machinery*
Miscellaneous equipment*
Machine shops,
»
Special industry machinery*
General industrial machinery*
Office and store machines*
„
Service industry machinery*

5,253

5,351

5,412

5,419

5,462
l} 438

5,703

5,302

(NA)

Primary metals
Blast furnaces steel mills
Nonferrous metals
Iron and steel foundries
Other primary metals,

*
-

„

+/
708
270

-

523 +

672 262 +

58i +

631 +
^99 +

670

*) (NA)
+)

726 +
316

757
281 +

733
290 +

719 312 +

450 +

564 +

568

520

(NA)
(NA)

I

(NA)

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. Only
the directions of change are shown when numbers are held confidential by the source agency. NA = not available, p = preliminary, r = revised. * Denotes machinery
and equipment industries that comprise series 24.
are seasonally adjusted by source agency.

92




JUNE 1971

ItCII

ANALYTICAL MEASURES

E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con.
1970

1971

Diffusion index components
January

December

November

October

April

March

February

May

D6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES1-Continued
(Millions of dollars)
Electrical machinery
Electrical transmission distr. equipment* ......
Electrical industrial apparatus*
Radio and TV
Communication equipmentt
Electronic components.

3,954

w

;}

+}

+
+ 1,380 +
+

1,208

3,985

4,354

:) ^
+
+
+

!} 766

3,958

;} ^
4-

1,464 +

1,251 -

7,872

7,017

+

4-

4-

•f

4-

4-

...

+
+

1,028

4-

1,215

7,864

44...

4-

p7,393
+
4*
4-

4-

4+

+

(NA)

4-

44-

+
+

4-

r7,2!8

4...

(NA)

+

+

...

(WA)

+}

+

8,599

+
+

+

Stone clay and class total
Other durable goods total

4-

3,907
"} 728

+

Shipbuilding and railroad equipment*

Lumber total

t)
+

857

4-

+
Airrmff nnrt^+

1,233

3,945

4-

6,310

6,062

Transportation equipment

4,051
803

4+

4444-

019, INDEX OF STOCK PRICES, 500 COMMON STOCKS 2
(194H3-10)
Index of 500 stock prices
Percenf rising of 72 components

Coal, bituminous
Food composite
Tobacco {cigarette manufacturers)
Textile products
Paper
Publishing
Chemicals
Drugs
Oil composite
Building materials composite
Steel ,
Metal fabricating

+ 84.37
(72)

-

44+
4-

+
+
+

+

-

+ .
4+
+
4-

Machinery composite
Office and business equipment
Electric household appliances
Electronics
Automobiles
Radio and television broadcasters

4+
+
+
4-

Telephone companies

-

Natural gas distributors
Retail stores composite
Life insurance

_
+

•••

8^.28 +
(49)

4-

4-

+
+
+
•*•
+
+

90.05

+

(99)

4+
+
4+
+
+
4+
+
+
+

93.49 4(96)

97.11 ' 4- 99.60
(72)
(88)

+

+ 103.04

- 101.64

(84)

4-

U2)

4-

+
+
+

+

+

4-

-

+

4-

4-

4-

+

+

4-

4-

+

+

4-

...

44-

4-

4+
+
4+
4-

+
+
+
+

+
4+
+
4-

4+
+
+
44-

+
444+
4-

+
+

+

+
+
+

...

...

444444-

"...

-

44-

+

4-

+
+
4-

+

+
+

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) - falling. Only
the directions of change are shown when numbers areheld confidential by the source agency. NA - not available, p = preliminary, r = revised. *Denotes machinery
and equipment industries that comprise series 24. t These industries plus ordnance comprise series 647.
1

Data are seasonally adjusted by the source agency.
Data are not seasonally adjusted. The conponents shown here include 18 of the more important industries and 5 composites
representing an additional 23 of the industries used in computing the diffusion index in table £3.
2

BCI»

JUNE 1971



93

ANALYTICAL MEASURES

E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con.
1970

1971

Diffusion index components
October

December

November

January

April

March

February

June

May

x

D23. INDEX OF INDUSTRIAL MATERIALS PRICES2
Industrial materials price
index (1967-100)

4

- 109.5

- 108.9

- 106.4

- 105.9

+ 107.2

+ 107.8

4- no. 2

- 108.6

-

105.9

(Dollars)
Percent rising of 13 components

Copper scrap (Ib.)
Lead scrap (Ib.).
Steel scrap (ton)
Tln(lb.)
Zincflb.)
Burlap (yd.)
Cotton (Ib.), 12-market average
Print cloth (yd.), average
Wool tops (Ib,),.;.
Hides (lb.X
Rosin (100 Ib.)
Rubber (Ib.)
Tallow (Ib.)

o
-

(31)
.473
.061
45.249
1.744
.155
.154

.251
o
.224
- 1.238
+
.162
4- 15.010
.186
4- .083

o
+
+
+
+
+

U2)
.419
.061
35.000
1.668
.156
.H9

+
-

.249
.222
1.286
.165
17.137
.189
.082

o
4-

(19)
.405
.055
35.851
1.587
.155
•U8
.247
.222
1.244
.159
16.932
.197
.076

(46)
.393
.048
4 40.042
4 1.590
.150
+
.U9

+ .408
o
.048
- 38.869
+ 1.639
.149
+
.150

4 .248
o
.222
- 1.179
o
.159
+ 17.056
.188
.075

4- .256
o
.222
11 2
.1
.157
4 17.857
+
.190
+ .077

-

(62)

+
o
4
4
4
-f
+
-

(81)
.448
.048
35.674
1.683
.152
.153
.261
.260
1.067

4.160
4- 17.928
4
.192
+ .079

(38)

(81)

+
.478
o
.048
- 35.380
+ 1.684
+
.155
4
.182

4

+ .265
+ .278
+ 1.091
+
.167
4- 18.000
+
.196
- .075

4 .267
.266
- 1.021
o
.167
+ 18.036
.195
.074

+

-

.451
.049
0
35.389
- 1.683
+
.158
.178

(35)
0

+
44-

+
-

.446
.049
32.487
1.684
.161
.185
.261
.273
.989
.164
18.018
.171
.073

D5. INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE, STATE PROGRAMS3
(Thousands)
Avg. weekly initial claims ...

341
(53)

Percent rising of 47 components

Northeast region:
Boston (7)
Buffalo (21)
Newark (11)
New York (1)
Paterson (20)
Philadelphia (4)
Pittsburgh (10)
Rochester (26)
North Central region:
Chicago (2)
Cincinnati (22)
Cleveland (9)
Columbus (25)
Detroit (5)
Indianapolis (23).
Kansas City (19).
Milwaukee (18)
Minneapolis (13)
St. Louis (8)
South region:
Atlanta (16)
Baltimore (12)
Dallas (15)
Houston (14)
West region:
Los Angeles (3)
Portland (24)
San Francisco (6)
SeattleU?)

4

338

+

297

+

(70)

(57)

282

4-

291

(62)

(38)
4-

4-

278

274

(45)

(49)

(43)

P296

...

4
-

+

...

+

! ::: : :::

4
44-

...

-

-f-

...

: :::

-

I

4

+

-

*.'.*.
X

4

4-

4-

J_

j»

4-

4

...

+

...

. . .

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. Only
the directions of change are shown when numbers are held confidential by the source agency. NA = not available, p = preliminary, r = revised.
1
Average for June 1, 8, and 15.
2
S©ries components are seasonally adjusted by the Bureau of the Census, The industrial materials price index is not seasonally adjusted.
s
Tha signs are reversed because this series usually rises when general business activity falls and falls when business rises:
(-) " rising, (o) ™ unchanged, and (+) =: falling. Series components are seasonally adjusted by the Bureau of the Census before
the direction of change is determined. Data used are for the week including the 12th of the month. Directions of change are
shown separately for only the 26 largest labor market areas. The number following the area designation indicates its else rank.

94



JUNE 1971

KCII

ANALYTICAL MEASURES

E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con.
1970

1971

Diffusion index components
November

October

December

January

February

April

March

MayP

1
041, NUMBER OF EMPLOYEES ON NONAGRICULTURAL PAYROLLS
(Thousands of employees)

-

70,182 -

Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery
Electrical equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries

o
-

Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and related products
Paper and allied products,
Printing and publishing
Chemicals and allied products
Petroleum and related products
Rubber and plastic products
Leather and leather products

o

Mining
Contract construction
Transportation and public utilities
Wholesale trade
Retai 1 trade
Finance, insurance, real estate
Servke and miscellaneous
Federal government
State and local government

o
+
o
+
+
+
+
+
+

-

+

122
495
374
500
1,005
1,002
1,233
12 3
, 1
977
267
316
11 4
, 8
63
830
1,196
535
676
603
116
423
275
621
3«, 278
4,509
3,857
11,154
3,696
11,665
2,654
10,064

70,085 +

+
+
+
+
o

18
1
492
373
495
981
985
1,218
1,181
967
264
312
11 4
, 9
64
828
1,200
538
675
597
116
419
272

70,303 +

(55)

(35)

(33)

+
+
+
+
+
+
+
+
+
+
o
o

1
H
488
370
499
990
1,021
1,209
11 8
, 8
1,239
262
320
11 7
, 9
62
831
1,207
536
677
595
n6
419
270

70,652 -

+
+
+

-

+

-r
+
+
+
o
+
+
+

+
625 o
625 o
+
3,303 + 3,319
4,437 +
4,493 - 3,851 +
3,855 +
- 11,094 - 10,996 +
+ 3,711 +
3,723 +
+ 11,695 + 11,727 +
2,650 +
+ 2,661
+ io,iu + 10,129 +

70,590 + r70,65<T + r70,696 +
(38)

(63)

106
10
1
492 +
496 o
370 o
371
496 o
496
992 +
992 o
i,ou - 1,013
1 1 0 - 11 9 , 9
, 7
11 1 - 1 1 5 +
, 8
, 7
1,254 - 1,239 258
261
318 o
318
1 1 9 + 1,202 , 9
63
63 o
830
835
1,208 - 1 1 9 +
, 9
532
535
672
673
593
595
117 +
117 o
420 +
424 +
271
269
625
3,241
4,499
3,868
11,265
3,746
11,778
2,656
10,167

r!02
496
r370
r493
r996
989
rl,170
rl,179
rl,226
255
316
rl,197
61
r826
12 2
, 1
r530
670
r591
rl!8
r431
268

+
+

+
o
o
_
+
o
+
+
o

+
+

r624
623 +
- 3,198 + r3,254 +
+ 4,521 - r4,5l6 + 3,871 + r3,884 o 11,270 o
rtl,267 +
o
3,745 +
3,753 +
+ 11,785 + rll,803 o
2,657 +
+
2,659
+ 10,190 + rlO,229 +

*99
r495
372
r494
r995
rl,020
rl,l60
rl,176
rl,226
r255
r315
r 11 1
,9
r63
r826
rl,2!9
r531
r667
r591
17
1
r433
r273
r623
1*3,291
r4,486
r3588l
rlls274
r3,766
rll,798
r23662
rlO,247

70,826
(72)

(52)

(42)

+
100
+
499
+
377
+
495
+
996
+ 1,021
- 11 5
, 5
+ 11 1
, 9
- 1,220
+
257
+
318
1,178
62
+
828
+ 1,222
529
+
669
+
595
o
117
+
441
271
+
625
- 3,271
+
4,498
+
3,906
+ 11,326
+
3,784
_ 11,785
+
2,665
+ 10,268

047. INDEX OF INDUSTRIAL PRODUCTION1
(1957-59=100)
All industrial production

162.3

Percent rising of 24 components2 . . . .

(4B)

Durable goods:
Primary and fabricated metals
Primary metal products
Fabricated metal products

:i33!9
160.6

Machinery and related products
Machinery, except electrical.
Electrical machinery
Transportation equipment
Instruments and related products
Clay, glass, and lumber
Clay, glass, and stone products
Lumber and products
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous

176! 1
191.9
122.0
181.3 +

+
+
+

U9.4
1 01
1 .

161.5

+

164.4 + 165.6
(58)

(42)

(73)

137.*6 +
129 '.3 +
135^4 +
158.7 + 160.0 + 163.0 +
172.7
187.4
121.9 +
181.7

i4a!5
107.0

173 !9 + 174.7
156.3 + 158.5

+

165.2 + 165.5 +
(29)

(75)

14o'.8 +
143 l +
l
164.1 + 164.8 o

165^6 166!2
165! 5
170 !
i
185.1 + 185.9
182.9 + 184.5 +
U6.6
U2.5 + 148.6 + 148.8
176.2 +
179.5
180.5 + 181.4
152^6
105.8 +

151 1 3
117.0

174-5
174.5 o
157.5 + 158.0 +

rl66.2 + 167.3
(60)

(71)

rLU.6 +
rl64.8 +

U7
166

rl62i4
r!87.7
142.8
rl78.7

+
+
+
+

164
189
U4
180

150 ".9 +
116.9 -

+
152^3 +
pll6.3

r!40.9 +
r!54-5 +
(NA)

U3
157
{»)

173^9 +
159.1 +

175^0 +
161.2 +

rl77! 4 +
161.5 +

180
163

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (•) = falling. Only
the directions of change are shown when numbers are held confidential by the source agency. NA = not available, p = preliminary, r = revised.
1

Data are seasonally adjusted "by the source agency.
^Uhere actual data for separate industries are not available, estimates are used to compute the percent rising. Directions
of change for the most recent spans are computed before figures for the current month are rounded.

JUNE 1971



95

ANALYTICAL MEASURES

E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con.
1971

1970
Diffusion index components
November

October

March

February

January

December

May

April

047. INDEX OF INDUSTRIAL PRODUCTION^Continued
(1957-59=100)
Nondurable goods:
Textiles apparel and leather • . *
Textile mill products.
Apparel products
Leather and products
Paper and printing
Paper and products
Printing and publishing

4
4

+
,

Minerals:
Coal
»
Crude oil and natural gas
t
Metal, stone, and earth minerals. +
Metal mining
+
Stone and earth minerals . . . . t

P139
(NA)
(NA)
(NA)
pl6l
(NA)
P155

151.7
138.0
82.2

+
153.5
+ P139.5
+ P82.3

170*6
152.6

o
o

170.0
152.6

-

245*.3
152.7
224.3

-

243*8 + 244*7
153.0
152.1 +
219.8 + p223.8

4- r22ft.9
+ P246.3
+ P155.2
(NA)

+

+
+

P231
(NA)
(NA)
(NA)

L44*.4 +
121.7 +

146*. 7
121.9

+

-. 1044.. 3
U6*. 5 + U7*.6 - p!46.8
(NA)
125.7 + P126.1

+

+
+

PU5
(NA)
(NA)

127.3 +
139.1 -

130.1 +
137.4 -

136.3 134.6 -

129.5 +
134.0 +

138.1 +
135.2 -

142.5
134.7

159!? +
145.2 +

160 ".3 146.7 -

I6o!6 +
144-.4 +

160*1 H7.8 -

Pl59*2
pU6.7

14.6,7
138.7
97.2

-

145.1 135.5 +
93.1 +

+
-

168 '.6
150.2

+
+

I?!!? 152.4 +

169*. 5 +
152.7 -

o
-

246!? +
150.1 +
219.1 -

243*7

+
+
+

243*9
156.0
222,3

+

139 '.6 +
124.1 -

142*7

+
+

128.1 LU-5 -

+
+

145*1
U2.0

+
+

+

149.1 •f
140.3 94.7

+
+

143.9
141.7
94.2

+
+

4

Chemicals petroleum and rubber 4
Chemicals and products
,
Petroleum products
Rubber and plastics products. *
Foods and beverages
Tobacco products

+ r!38.8
+ p!55.7
(NA)
(NA)

-f

. • ••

154.2
218.9

121.6

i6o!i
142.7

+

169 '.3 + pl70*.6
152.5 152.3

+

p!38
P135
p!47
(NA)
(NA)

D58. INDEX OF WHOLESALE PRICES. MANUFACTURING INDUSTRIES2
(1967=400)

Durable goods:
Lumber and wood products
Furniture and other household durables
Nonmetallic mineral products
Iron and steel
,

+

111.2 o

111.2 o

111.2 +

111.8

(75)

All manufacturing industries . *

(61)

(57)

+

(80)

n2.4 +

n2.7

(75)

+

113.1
108.0
114.2
117.4
122.0
1 .
U1
117.2
115.9

+

111.1
108.7
115.1
116.5

+
+
+
+

112.2 +
109.3 +
118.8 -I117.6 +

n?.5

+
-

111.9 108.4 +
H4.6 +
116.5 o

+
109.7 119-0 +
ns.o +

123-4
109.6
120.9
118.2

Nonferrous metals
,
Fabricated structural metal products
Miscellaneous metal products. . . *
General purpose machinery and equipment

+
+
+
+
+
+

+
+

n9.4
113.9
117.6
116.2

+
o
+

116.7
114.2
117.6
117.0

+
+
o

115.4 115.2 +
117.7 o
117.0 +

114-. 2 -

113-7 +

Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles and equipment. . . ,
Miscellaneous products
„

+
+
+
+

113.9
107.6
112.5
111.6

+
+
+
+

114.6
107.9
112.8
111.8

+
+
+
+

115.6
108,2
113-4
111.9

+
+
+
+

116.1
108.8
113.9
112.3

-

+

+
o

111.8
107.1
96.2
97.2
112.3

+
+
-

+
+
o
+
+

108.9
103.0
101.6
109.5
110.4

+
+
+

108.7
103.3
103.1
109.1
110.9

+
106.9 +
96.8 9?. 5
111.9 +
108.5 +
103.3 +
107.5 +
109.4 110.4 +

+

+

111.7 106.2 +
97.7 98.0
112.4 -

no. 7

+

111.8
106.0
97.7
99-1
112.3

109.0
103.8
107.9
108.4

+
+
+

109.3
104.2
106.9
109.1

Nondurable goods:
Processed foods and feeds
Cotton products
,
Wool products
,
Manmade fiber texti le products . . t
Apparel
„
Pulp, paper, and allied products. ,
Chemicals and allied products
Petroleum products, refined
Rubber and plastic products
Hides, skins leather, and related products

o
+
+
-

+
+
+

in. 7 +

n5.7 +
n7.7 +
n7.3 +
n5.9 +

109.3 +
114.1
n2.6 +

4+
+
+

n6.6 +
117.9 +
n?.a +
n6.3 +
109.7 -

113.8

113.0

+

(73)

+
+
+
+

124.9
109.9
121.8
120.1

117.2

o
+

117.2
117.3

n6.8
n8.o
ns,3
117.0
109.5
1H*1

-

n2,7

+
107.5 +
95.4
97.4 +
112.0 +

H3.7
107.8
94-5
97.6
112.2

+
+
o

113.5
108.9
94.4
98.6
n2.2

o
+
o
+

109.3
104.5
105.9
109.1
112.5

+
o
+

109.6
104.5
105.3
109.0
114.0

n2.4

113.5

124.6
109.7
121.6
118,4

112.8

n3.3

+

(68)

(73)

+
+

ns.2
ns.7

+
+
-

117.2
109.4
H4-2
112.5

+

1JL4.5

+
+
o
+
+
+

109.6
93.5
99.7
112.2
109.9
104.3
107.4
108.7
114.4

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) ~ unchanged, and (-) * falling. Only
the directions of change are shown when numbers are held confidential by the source agency. NA = not available, p = preliminary, r ~ revised.
are seasonally adjusted by the source agency.
Data are not seasonally adjusted.

g

96




JUNE 1971

ItCII

ANALYTICAL MEASURES

E4 Selected Diffusion Index Components: Basic Data and Direction of Change-Con.
1970

1971

Diffusion index components
November

October

December

Marchr

February

January

Aprii p

May

D54. SALES OF RETAIL STORES 1
(Millions of dollars)
All retail sales

-

o
Grocery stores
+
Eating and drinking places
+
Department stores
Mail-order houses (department store merchandise) . . +

Household appliance, TV, radio stores
Lumber yards, building materials dealers
Hardware stores
Passenger car and other automotive dealers
Tire, battery, accessory dealers
Gasoline service stations
Drug and proprietary stores
Liquor stores .

- 30,208 + 30,481 + 31,154 + 31,597

(67)

Percent rising of 23 components . . » . . . * . • *

Variety stores
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores

30,534-

+
+
+
+
+

4+

(54)

(48)

(44)

+ 32,267

6,421 +
2,394 3,240 +
321

6,550 2,339 3,342 303 4-

6,525 2,300 +
3,322 +
317 +

6,508
2,320
3,343
329

1)97
398 +
655 +
332

596 +
403
673
325

603 +
389
668
314

619
379 +
659 +
279 4-

600
390
661
281

+
4-

1361 +
433
953 +
275

890
411 +
972 +
273

863
415
1,002
255

4+
4+

895
435 +
1,031
259 4-

874
473
944
277

+

+
+
+

4,016 +
431
2,242 +
1,099 639

4,313
400
2,264
1,083
647

+
44-

5,011
470
2,213
1,078
712

4,515
-427
2,217
1,090
690

4+
+
4-

5,387
488
2,231
1,084
705

(50)

(74)

(65)

6,422 o
2,386 43,^59 -

324

+ 32,605

(NA)
(NA)

4- 6,612
- 2,324
+ 3,596
o
341

(NA)
(NA)
(NA)
(NA)

592
377
678
257

(NA)
(NA)
(NA)
(NA)

919
466
990
270

857
+
470
4- 1,007
269

(NA)
(NA)
(NA)
(NA)

4- 5,676
+
495
4- 2,248
+ 11 3
,1
4711

4- 5,801
4500
+ 2,279
- 1,098
701

(NA)
(NA)
(NA)
(NA)
(NA)

+ 6,548
+ 2,339
+ 3,462
43U

+

632
384
695
262

-

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (4-) = rising, (o) = unchanged, and (•-) = falling. Only
the directions of change are shown when numbers are held confidential by the source agency. NA = not available, p * preliminary, r ~ revised.
•"•Data are seasonally adjusted by the source agency.
2
The diffusion index includes estimates for six types of stores not shown separately.

ItCII

JUNE 1971



97

INTERNATIONAL COMPARISONS

Q| CONSUMER PRICES
133. Canada,
781. United
index of consumer
States, index of
consumer prices® prices ®

Year
and
month

(1967-100)

1969
January, .
February
March

.

(1967-100)

132. United King- 135. West Germany, 136. France,
dom, index of
index of consumer index of consumer
consumer prices® prices®
prices ®

(1967=100)

(1967^100)

138. Japan, index
of consumer
prices®

137. Italy, index
of consumer
prices ©

(1967-100)

(1967-100)

(1967-100)

107
107
108

106
106
107

108
109
109

104
104
105

108
109
109

108
108
109

102
102
103

109
109

108
108
109

110
110
11
1

105
105
105

110
110
11
1

110
110
110

103
103
104

110

April
May
June

110

July
August,
September

111
111

110
110
110

110
110

111

105
105
105

11
1
11
1
112

13
1
113
114

104
105
105

112
112
113

110
110
11
1

112 '
112
113

105
106
107

113
13
1
113

114
14
1
114

105
106
106

113
1U

11
1
112
112

114
115

in

107
108
108

114
115
115

116
117
118

107
107
108

ne
H7
117
iia

112
112
113

117
117
117

108
109
109

116
117
117

119
118
117

108
109
109

13
1
113
13
1

118
118
119

109
109
109

18
1
18
1
118

118
118
122

109
109
110

October....
November
December
1971
January
February
March

118
113
19
1

113
113
13
1

120
121
121

no

109
110

119
119
120

124
123
124

11
1
11
1
112

119
119
3.20

13
1
13
1

in

123
124
125

11
1
112
13
1

120
121
121

125
125
125

112
13
1
113

April
May
June

120

115
(NA)

128
(NA)

114
(NA>

122
(NA)

127
127

(NA)

October
November ,
December
1970
January
February
March
•
April
May
June
July
August, ,
September

4 1
1 4

115
116

121

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p", preliminary;
V, estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 62.

98




JUNE 1971

BCII

INTERNATIONAL COMPARISONS

Q INDUSTRIAL PRODUCTION
47. United
States, index of
industrial production

123. Canada,
index of industrial production

122, United
Kingdom, index
of industrial
production

126, France,
index of industrial production

125. West Germany, index of
industrial production

128. Japan, index of industrial
production

121, OECD,1
European countries, index of
industrial production

127. Italy, index
of industrial production

(1957-59-100)

Year
and
month

(1957*59=100)

(1957-59-100)

(1957-59=100)

(1957-59=100)

(1957-59=100)

(1957-59-100)

(1957-59=100)

1969
January
February
March

169
170
171

185
188
191

11
4
142
144

183
11
8
180

187
189
11
9

403
410
405

180
180
182

237
233
240

April
May
June

172
172
174

188
186
187

143
143
344

186
188
183

190
195
198

428
430
435

184
185
186

243
238
245

July
August
September

175
174
174

187
183
183

145
143
143

188
188
187

190
197
193

446
443
458

187
187
186

244
239
228

October
November
December

173
171
11
7

186
189
190

143
146
145

11
9
186
190

197
207
203

469
466
477

187
188
189

216
214
221

January
February
March

170
170
171

192
195
11
9

143
145
148

196
196
196

205
207
208

476
487
493

192
195
195

248
251
252

April
May
June

170
169
169

191
189
190

14B
142
145

198
195
194

207
21
1
204

504
502
523

196
195
.194

249
246
^24.5

July
August
September

169
169
166

189
189
188

144
144
148

194
194
197

206
205
202

525
519
525

195
194
195

250
237
251

October .... ...
November
December

162
162
164

188
191
190

349
144
148

197
198
199

206
204
205

522
512
526

197
196
197

247
252
249

January
February
March

166
165
166

191
P192
(NA)

148

201
p202

217
216
p209

523
526
P523

P201
(NA)

248
p247
(NA)

April
May
June

166
pl67

(NA)

(MA)

1970

1971
(MA)

(NA)

July
^
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; "p" t preliminary;
V, estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 63.

Organization for Economic Cooperation and Development.

ltd)

JUNE 1971



99

INTERNATIONAL COMPARISONS

i

H STOCK PRICES

19. United States, 143. Canada, index 142. United King- 146. France, index
index of stock
of stock prices® dom, index of
of stock prices ®
stock prices ®
prices, 500 common
stocks ®

Year
and
month

(1967-100)

(1967-100)

1969
January
February
March

11
1
110
108

(1967-100)

(1967-100)

145. West Germany,
index of stock
prices ®

(1967-100)

148. Japan, index 147. Italy, index
of stock prices ® of stock prices ®

(1967-100)

(1967-100)

114
114
11
1

165
159
153

112
126
136

136
137
138

129

100

131
132

100

114
120

351
143
133

134
142
130

139
145
147

137
142
144

112
13
1
11
1

128
128
130

127
133

142
148

108
112

133

150

141
139
U7

142

156

98

April
May
June

no

108

H2

July
August
September

103
102

107
106

103

109

October
November
December
1970
January
February
March

104

no

99

14
1
114

127
129
132

140
145

164
159

150
156
161

98
95
96

115
13
1
116

139
135
131

153
149
146

152
149
147

167
165
172

116

93
83
82

13
1
97
94

129
116
113

140
136
132

147
135
129

171
148
149

120
112
106

July
August
September

82
85
90

93
73
76

n8

115

120

136
138
135

127
133
128

150
151
148

103
107
103

October....
November
December
1971
January
February
March

92
92
98

78
78
80

128
120
121

137
134
135

126
121

101

119

145
145
HO

102
106
108

84
83
64

123
122
120

136
139
137

125
134
137

145
151
161

91
94
93

112

86
83
p84

11
3
146

171

89
rp84

April
May
June.

H4

105

.

April
May
June
July
August
September

rill

P107

lxU-7

137
rp!37
pl39

135
138
p!40

113
120
121
115

116
116

96

172
P179

p80

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by © . Series numbers are for
identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The V indicates revised; M p", preliminary;
V, estimated; "a", anticipated; and "NA", not available.
Graphs of these series ore shown on page 64.

100




JUNE 1971

ICO

APPENDIXES
B. Current Adjustment Factors
19 70

19 71

Series
July

5. Average weekly initial claims,
State unemployment insurance. . . * 122.8
13. New business incorporations

1

15. Profits (after taxes) per dollar of
sales mfg.^
33. Net change in mortgage debt held
by financial institutions and life
insurance companies1 ^
37, Purchased materials, percent of
companies reporting higher
inventories
39. Delinquency rate, 30 days and over,
total installment loans4

103.3

Jan.

Aug.

Sept.

Oct.

Nov.

Dec.

84,5

71.0

80,3

97.5

132.8

U9.8 114.4

96.1

99.2

102 8

104 6

91 8
96.4

85.7

102.9

+52

+LV8

+89

103.5

99.9

93.3

98.8

4-Q1

86.7

Mar,

Feb.

94 1

93.1

92.6

110 9 107 1

79.4
1

Qft

Q

81.7

i n^ ^

in? /

42 Tl

-3^?

_/n/

94 £

91 2

QQ Q

101 0

112.9

June

May

97.4

-A3

96.0

Apr.

1/9

£

Qfl
-yu

110 2

TO/, Q

105 8

93.1

106.4

i orn
+.5fJL

1C17

Q

91.3

72. Commercial and industrial loans
outstanding

101 4

99.8

99 2

99 6

oq -3

100 3

100 3

508. Index of export orders, nonelectrical machinery.

98 1

92 0

98 5

101 2

Q/ %

KYI f\

inq T

in*? i

inft P

Qft 7
70. /

Qrf rj
7( • f

i nn *;

98 4

101 7

1 iyr 6

105 8

86 4

on Q

Q7 ft

f>q 7

fto ^
oy..?

QO C

on A

-\ i q 17
JL4.?' f

58 7

87 3

151 2

112 3

83 8

Q5 n

86 9

77 n

ft/

cto n

i Q/ n
lV4«u

104.1
-8

93.5

118.2

111.2
+1
1

77.2

98.2

88.3

86.7

84.5

84.2

173.2

616. Defense Department obligations,
total
621. Defense Department obligations,
procurement
625. Military contract awards in U.S 5
D34. Profits, manufacturing (FNCB) ...

-14

QQ

9

QQ

ft

7

i nn i

V.3O

ft/ *

79.5
+12

T nn i

i nn 7

NOTE: These series are not published by the source agency in seasonally adjusted form. Seasonal adjustments were made by the Bureau of the Census or the National
Bureau of Economic Research, Inc. They are kept current by the Bureau of.the Census. Seasonally adjusted data prepared by the source agency will be substituted whenever they are published. 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 products of seasonal and tracling-day factors. Seasonally adjusted data resulting from the application of these
combined factors may differ slightly from those obtained by separate applications of seasonal and trading-day factors due to
rounding.
Quarterly series; figures are placed in iiiddle month of quarter.
3
These quantities, in millions of dollars, are to be subtracted from the month-to-month net change in the unadjusted monthly
totals to yield the seasonally adjusted net change. They were computed by the additive version of the X-ll variant of the Census
Method II seasonal adjustment program.
^Bimonthly series. Factors are for even-numbered months (February, April, June, etc.).
5
l-quarter diffusion index: Figures are placed in the 1st month of the quarter. The unadjusted diffusion index is computed
and the factors, computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program, are
subtracted to yield the seasonally adjusted Index.




101

C. Historical Data for Selected Series
This appendix contains historical data (back to 1945 if available) for selected BCD series.
Data are published here for (a) series which have been added to the report, (b) series which
have been revised, and (c) series which have not been shown here for o long time. See the
"Index-Series Finding Guide" for the latest issue in which historical data were published
for each series. Data are seasonally adjusted unless the symbol © (indicating unadjusted

data) follows tbe series title. Official source agency annual figures are shown if available
Such figures are often based e data with more digits or on data which have not been sea*
ed on
sonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures are shown in the basic data tables of the report
and may be used to update the tables below.

Quarterly

Monthly
Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

IQ

Dec.

ii a

IIIQ

Annual

IV Q

9. CONSTRUCTION CONTRACTS AWARDED FOR COMMERCIAL AND INDUSTRIAL BUILDINGS* FLOOR SPACE
TOTAL FOR PERIOD

(MILLION SQUARE FEET OF FLOOR SPACE)

22.51
19.66

25.63

30.1J>

25.08

19.16

16.54

17.67

23.84
3.2
04

2.4
70
27.22

28,14

36.59

25.27

24.71

19*21

19.71

21.44

19,26

28.67
22*22

24.35
23.99

26*66

2.?
99.

27.18

29.81

23.86
19*44
29.77

3.9
50
3.5
66
4.0
02
29*91
32*16

3.4
20

31,51
42.21
31.94

31.37
34.17

35.11

41.92

3.3
69
36*49
4.5
27

36.73
3.9
74
45*90
39.42
4.5
66

38.73
35.62
42.72
4.3
02
49*12

4,9
99

54.41

57.74
6.6
82
58,27
47.09
65.82

57.52
6.0
40
54,72
6.6
69
8.0
56

57.72
65.85
62*30
66.35
8 . 7
0 3

1948*..
14..
99.

27*99
18*80

15..
90.
1951...
15..
92.
1953* *.
195U...

17.93

17.29

4 . 0
2 8
16*62

24.17
2.9
67

1955...
1956...
15..
97.
1 5 . .
9 6 .
15..
99.

32.13

16..
90.
1 6 . .
9 1 .
16..
92.
16..
93.
16..
94.

37.32

1965.**
16..
96.
1967.*.
1968.*.
16..
99.

3 . 9
3 9

U1.22
31.53
31.93
36.21

29*14

17.5£

42.51
37.83
2.3
96

3.0
87
44*61
50*88

45.11
49.10

52*94
62.29
49*09

5.9
48
70.42
5.4
78

64.51

61.39

56.14
66.61

94.43

6.8
99

6 . 0
3 5

6.9
79

26*25

35.90
28.70
38.55

2 . 6
7 6

34*64
3.6
56
4.6
06
25.54

34.19

39*25

40.31

35.16

36.73

44*6*i
4,0
70
46*86

41.16
51.39

31.41
16.22

22*69

27.47
22,33

34,46
22.32
24*16
25.90
27.62

21.61
39.18
25.97
3.9
74

35.31
33,55
30*12
37*64

12.56

35.49
3,6
70
3 . 8
3 3
34,02

23.39
16*95

.**
..
.

*«*
**•

62*18

47.73

52,81

300 I 34
296
0.9

31.05
25*26
21*34
27.37
2.6
62

63*04
77.20
64*56
76*02
86*76

9.8
29

93,67
63,37
85,27
60,80
3.4
89

328.75
302
2.9
272.48
326*46
330.57

4.7
02
36*81

99.20

97,52
112,06
108.50
80*49
114*66

113.25
109.18
9 . 4
6 4
9,7
44
110.16

31.51

169
0.8
100.12
9.8
63
92*89
116.91

417.01
436.51
422*57
356.92
4 0 9
4 . 3

34.14

3.3
03
3.8
83

38,87
36,57
4.6
05
45.78
53,40

39.38
39.32
42*69
44,93
4,8
92

3.6
89
3.3
87
4.6
09
4.8
38

110*98
110*19
127.35
129.14
148*63

118.29
107.51
128*52
136.62
159
4.7

117.21
114*62
124*21
134*59
153.89

117.03
117*18
125.17
139*97
163*94

463*51
449*50
5 5 2
0 . 5
542.32
612.43

51.21

56.68
63.54
56*72

9.0
20
63,52
61*66

62.97
6.0
44
60*45

162.24
207
0.0
163.07
192*51
227.91

172.98
196*13
175.29
160.40
231.79

171,65
191,46
178.83
199*39
214*56

186.42
193
7.9
185.67
208
2.0
231*16

693*29
796
6.6
702*66
793.10
905.42

71.65

66.15
?1.96

6.0
89

73,70

61.59

20.72

18*26

"!
79164

17.82

23.18
16.90

18.09

55*98

31.55
19.42

34.19
18.21

24*32

2.5
69

2 . 3
7 9
2.4
57
3.0
40

31.05
31*17

31.30
26.15

18.45
31.62

34*45
3.0
09
30*98
3.7
30

37.36

35.91
3.7
26
3.6
07
36.03

3.4
94
3.8
36
41*08
50*81
5.6
34

32.73
2.6
90
3.4
94

39,44

41.44

35.17
33.31

38.15
41.69
41.89

41,61
4.0
22
43.73
5 . 7
2 5

4.3
54

57.91

64.42

64.13
60.21

63.17

6.8
40

6.0
97

71.47

64.31

8.9
68

61.74

6.5
05
5.6
47
56.42
79,63
7.6
99

...
..*

!II
7.9
76

..
.

5.6
90
109*81
5.4
55

77.19
7.0
30
9.6
92
115.15
119.25

91,07

8.3
08
5 . 7
3 3

..
.

69,91
67.11
9.5
24

81.87

1970**.
1971...
26. BUVING POLICY— PRODUCTION MATERIALS. PERCENT OF COMPANIES REPORTING COMMITMENTS 60 DAYS OR LONGER
(PERCENT REPORTING)

®
AVERAGE FOR PERIOD

..
.
.. .

66
76
62
56
49

88
73
59
49
51

88
75
63
49
52

86
69
61
48
49

66
69
63
49
54

55
85
65
64
44

63
76
55
63
41

89
75
61
53
50

87
71
62
49
52

74
77
61
57
47

74
78

74
74
62
56
66

77
68
61
57
66

80
65
53
58
67

52
74
70
46
64

71
72
69
45
68

77
77
62
50
68

77
69
59
57
66

69

46
64

79
77
62
52
72

54
56
58
54
58

50
55
52
55
58

49
57
52
56
61

50
59
55
53
60

50
59
52
54
64

48
54
51
55
65

61
50
58
53
54

58
56
52
54
59

51
56
54
55
59

49
57
53
54
63

55
55
54
54
59

62
73
61
68
59

63
73
66
66
63

61
72
61
60
65

63
75
62
62
63

63
73
63
60
65

63
70
64
60
65

66
66
69
63
59

65
70
67
66
65

62
73
63
65
62

63
73
63
61
64

64
71
65
64
63

1950...
1951..*
15..
92.
1953...
1 5 . .
9 4 .

53
89
66
65
44

55
84
64
64
43

58
83
64
63
45

56
63
56
62
42

62
79
53
64
40

69
73
55
63
41

1955*.*
1956.*.
1957..*
1958.**
15..
99.

36
73
73
49
60

53
74
67
41
66

66
75
70
49
65

66
72
67
43
66

72
75
71
43
71

76
68
68
48
66

49
67

i960.*.
1961*. *
16..
92.
1963...
16..
94.

64
51
57
50
S3

64
49
61
55
54

56
50
56
54
56

61
57
55
53
59

55
54
49
52
58

57
56
52
57
59

16..
95.
1966**.
1 6 . .
9 7 .
1968.*.
16..
99.

65
68
72
64
57

65
67
67
61
58

68
66
68
64
63

67
69
67
68
65

65
70
66
64
64

62
72
68
67
66

94

73
65
49
66

17..
90.
1971,.,

32. VENDOR PERFORMANCE. PERCENT OF COMPANIES REPORTING SLOWER DELIVERIES

©

(PERCENT REPORTING)

AVERAGE FOR PERIOD

1946..*
14..
97.
1948**.
1949**.

91
37
35
16

82
42
34
12

78
34
26
10

82
25
36
14

36
20
31
12

81
24
30
12

69
22
36
22

71
25
36
38

73
30
38
53

60
31
38
60

49
38
32
58

38
41
17
50

84
38
32
13

83
23
32
13

71
26
37
38

49
37
29
56

72
31
32
30

1950. **
1951...
1952**.
1953**.
15..
94.

54
84
28
37
21

62
85
22
37
24

60
74
18
40
27

60
56
19
38
30

66
46
23
36
35

64
38
34
34
36

88
34
50
30
40

94
36
47
30
41

96
50
46
25
47

88
50
46
22
53

87
34
44
20
52

84
31
40
20
50

59
61
23
38
24

63
47
25
36
34

93
41
48
28
43

66
38
43
21
52

75
52
35
31
38

1 5 . .
9 5 .
15..
96.
15..
97.
15..
98.
1959...

54
48
33
28
56

60
46
28
28
62

66
49
25
32
62

71
50
28
34
62

70
39
30
38
62

65
40
29
38
62

70
56
38
44
60

72
52
34
49
62

72
47
32
57
64

72
44
36
56
64

66
46
29
58
56

56
36
25
52
50

60
48
29
29
61

69
43
29
37
62

71
52
35
50
62

65
42
30
56
57

66
46
31
43
60

I6..
90.
1961...
1962...
16..
93.
1964**.

44
38
56
50
55

30
40
S6
52
54

27
40
54
60

26
47
46
60
60

32
48
46
58
63

34
48
42
54
55

36
49
44
42
59

40
52
44
48
65

41
55
48
52
74

39
55
48
48
72

38
51
48
48
70

38
53
48
46
66

34
39
56
52
56

31
48
45
57
59

39
52
45
47
66

38
53
46
47
69

36
48
49
51
63

1965. *.

68
74
48
50
62

72
85
SI
55
61

66
86
38
54
61

72
82
39
52
68

70
75
36
52
69

66
69
38
52
70

62
70
41
56
66

64
73
43
46
66

62
72
44
46
66

60
70
50
52
65

66
64
51
60
62

72
57
46
56
64

69
82
46
53
61

69
75
36
52
69

63
72
43
49
67

66
64
50
56
64

67
73
44
53
65

16..
96.
16..
97.
16..
96.

1969, .
.

55 ,

1970*.*
1971...
NOTE:

Thocto eoriou etmtain

arc reprinted fer the convenience of the user.
(JUNE 1971)

102



C. Historical Data for Selected Series-Continued
This appendix contains historical data (back to 1945 if available) for selected BCD series.
Data are published here for (a) series which have been added to the reporl, (b) series which
have been revised, and (c) series which have not been shown here for a long time. See the
"Index-Series Finding Guide" for the latest issue in which historical dota were published
for each series. Data are seasonally adjusted unless the symbol (u) (indicating unadjusted

data) follows the series title. Official source agency annual figures are shown if available.
Such figures are often based on data with more digits or on data which have not been seasonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures ore shown in the basic data tables of the report
and may be used to update the tables below.

Quarterly

Monthly
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

12. INDEX OF NET BUSINESS FORMATION 1
(1967=100)

III Q

Annual

IV Q

AVERAGE F'OR PERIOD
..
.
...
'*

..
.

..
.

** .
•• *

..
.

1948,..
14..
99.

125.6
96.2

121.6
91.8

117.6
88.3

116.4
88.5

116.7
85.7

114.5
85.6

110.7
83.7

109.2
84.4

106.5
66*3

105.9
66.2

101*0
88.2

101.6
90.0

121*6
92.1

116.5
66.6

108*8
84.8

1950..,
1951...
1952...
1953...
1954...

89.0
93.1
96.0
98.9
88.7

91.5
93.4
96.5
98.8
88.2

93.1
94.7
97.1
97.9
87.8

95.0
91. B
96.4
98.1
89.6

94.1
92.1
98.3
95.7
90.1

95.6
91.7
99.3
94.0
90.2

94.5
92.2
97.1
94.4
91.0

93.5
91.6
99.9
94.0
92.3

92.7
93.6
100.0
90.7
92.7

92.6
94.0
99.6
90.7
94.5

93.1
95.6
96.9
89,2
95.1

92,1
94.9
98.6
90*0
95.0

91.2
93.7
96.5
98.5
88.2

94.9
91,9
98.0
95.9
90.0

93.6
92*5
99.0
93.0
92.0

92.6
94.8
99.0
90.0
94.9

93.1
93,2
98.1
94.4
91.3

1955...
1956...
1957...
1958...
1959...

98.3
97.1
91.6
86.2
96.4

99.8
97-6
91.3
85.4
96.9

99.9
97.4
91.7
84.8
98.1

99.3
96.1
91.6
84.7
98*4

99.3
96.2
91.0
87.7
97.6

99.9
94*9
91,7
88.2
96.2

99.8
94.6
91.2
89.7
96.1

96.9
94,1
90,2
91,7
96.0

98.9
93,0
89.6
92,7
95.9

97.6
94.2
68.7
92.9
95.2

97.6
92.5
88.0
93.7
96.7

97.1
92*9
66,6
94.5
96.7

99.3
97.4
91.5
85.5
97.1

99.5
95.7
91.4
66.9
97.4

99.2
93.9
90.3
91.4
96.0

97.4
93.2
87.8
93.7
96.2

96.9
95.0
90.3
69.4
96.7

1960...
1961...
1962...
1963...
1964. •*

97.4
85.4
90.0
91.6
95.1

96.0
87.1
90.7
92.9
95.7

94.6
88.1
90.8
93.1
95.6

94.6
68.5
90.6
92.0
96.7

93.0
88.7
90.6
92.5
98.0

93.1
89.0
90.3
92.7
96*4

92.6
66,5
90.5
93.5
96.2

91.0
87,7
91.1
94.4
96.6

90.6
67.8
91.2
94.0
99.0

90.3
89,3
91.
94.
99.

88.0
90.1
90.7
94.0
96.3

87.3
90.1
91.0
94.5
96.8

96.0
86.9
90.5
92.5
95.5

93.6
88.7
90.5
92.4
97.0

91.4
86.0
90.9
94.0
97*3

88.5
69.8
90.9
94.3
99.0

92*4
88*4
90.7
93.3
97.2

1965...
16..
96.
1967...
1968...
1969...

99.0
101.6
95.1
106.3
117.2

99.0
102.0
95.7
106.8
117.2

98.5
102*0
96.0
106.5
116.6

97.2
100.1
96.4
104*9
117.0

9.
79
99.3
97.6
104.8
116.6

98.6
98.9
100.6
106.4
116*8

99.0
97.6
100.6
109.9
116.9

98,3
96.7
103.0
111,3
116.2

98.6
95.5
102.3
113.0
114,8

98.
96.
102.
115.7
116,1

98.6
93.7
104.3
115.5
114.3

99.5
94,5
105*8
117,0
114*9

98.8
101*9
95.6
106.5
117.0

97.9
99.4
96.2
105.4
116.8

98. 6
96.6
102.0
111.4
116.0

98.7
94.8
104.2
116.1
115.1

98.5
98*2
100.0
109.8
116.2

112. §
67.9

102.9
86.1

1970...
1971...
14. CURRENT LIABILITIES OF ElUSINESS FAILURES2 ©
(MILLIONS OF DOLLARS)

TOTAL FOR F>ERIOD

1945...
1946...
1947...
14..
98.
14..
99.

5.88
4.37
15.19
12.96
19.16

1.56
2.98
12.98
25.62
27.57

3.88
4.42
15.25
17.48
37,19

0.98
3.78
16.08
15.30
31.93

2.21
3.66
17.33
13,81
24.58

3.20
3.01
18.98
12*16
28.16

3.66
3.43
20,70
13.86
21.60

1.17
3.80
14.90
21.44
31.18

1*66
4.88
10.03
20.70
20.60

3*11
6*40
21.32
25*11
23*89

1.27
9.51
16.34
24.42
22.80

1.65
17.10
25.50
31,73
19.25

11.32
11.77
43.42
56.06
83.92

6.39
10.45
52.39
41.27
84.67

64)
.'
12. 11
45,63
56.02
73,53

6.03
33.01
63.16
81.26
65.94

1950...
1951...
1952...
1953...
1954...

26.44
21,68
26.21
23,31
29*59

22.16
16.01
19.47
27,27
47.77

27.90
17.65
29.23
31.08
57.28

21.25
17.06
29.53
27.52
42.51

22,67
23,50
21.19
32.79
36.49

18.07
22.77
21.22
32.38
41.61

19.54
21.09
22.79
39,83
32.23

18.45
26.42
16.32
28.53
32.58

15.25
26.64
20*14
33.82
36.38

16.65
29.74
35.05
37.08
29.00

18.86
17.57
18.76
36.80
35.07

21.04
19.40
23*40
43.75
40,10

76.50
55.34
74*91
81.66
134.64

61.99
63.33
71.94
92.69
122.61

53.24
74.13
59.25
102.13
101.19

56*55
66.71
77.21
117.63
104,17

248.28
259.53
283.31
394.16
462.61

1955...
1956...
1957...
1958...
1959...

37.87
42.89
54.06
64.44
73.56

42.06
49.19
65.41
65.30
58.59

41.21
42.62
55.83
71.56
65.05

35,97
41.87
57.10
83.98
71,91

34.71
59.90
52.55
56.25
50.92

36,67
43.01
51.45
61.44
49.20

32.54
48.69
44.30
65.38
51.20

36.03
55,04
43,51
50.76
54.50

33.12
39.31
45.42
46.10
54.74

34.78
50.00
47.43
47.27
50.38

42.78
39.89
52.90
56.72
53.21

41.64
50.28
45.32
57.07
59.56

121.14
134.70
175.30
201.30
197.20

107.35
144.78
161.10
201.67
172.03

101*69
143,04
133.23
164*24
160.44

119.20
140.17
145,65
161.06
163.15

449.38
562.69
615.28
728.27
692.82

i960...
1961...
1962...
1963...
1964...

53.67
81.52
106.61
160*96
96.73

6.4
09
88.08
90.50
94.72
123.94

70.19
126.62
80*88
97.70
111.00

69.19
86.11
121.83
100.76
112.86

73.31
80.47
91.51
118.27
93.42

126.45
83.83
88.49
86.15
144.50

61.73
69.17
91.57
120.51
125.64

97.59
102.69
146.83
65.23
95.18

80.60
116*66
96.16
85.92
114.56

81*51
70.26
119.09
91.83
93.77

84.46
119.21
98.84
262.11
119.32

78.97
65.49
81.28
68.43
98.28

184.80
296.22
277.99
353.38
331.67

268.95
250.41
301*83
305.18
350.80

239.92
288.52
334.56
271.66
335.38

244,94
254.96
299.21
422.37
311.37

938.61
1 090.11
213.59
352.59
329 . 22

1965...
1966...
16..
97.
1968...
1969...

89.27
103*18
108.17
104.49
75.03

111.98
95.54
113.45
79.60
89.99

146.58
103.47
119.32
86.59
84.12

83.25
110*14
103.62
80.11
116.76

133.11
96*38
93.37
91.41
92.60

144.61
123.58
104.64
74.66
91.92

121.48
69.88
72.55
90.27
112.73

135.04
178.09
108,90
65,77
62.83

104.98
129.16
93*94
58.65
73.70

82.07
108.05
81.63
65.38
116.44

71.72
106.73
69.98
58.65
127.14

97.58
161.48
195.45
83.41
96*85

347.83
302.19
340.94
272.68
249.14

360.97
330.10
301.83
246.16
303.28

361.50
377.13
275.39
214.69
249.26

251.37
376.26
347.06
207,44
340.43

321.67
385*68
265.22
940*99
1 142.11

30.23
67.34
204.60
234.61
308 . 1 1

17..
90.
1971...
28. NEW PRIVATE HOUSING UNITS STARTEDf TOTAL2
(ANNUAL RATEt THOUSANDS)

AVERAGE FOR PERIOD

14..
96.
14..
97.
14..
98.
1949...

1
1
1
1

040
052
385
196

1
1
I
1

085
074
200
137

I
1
1
1

167
032
379
171

1
1
1
1

057
039
501
292

1
1
1
1

028
090
450
319

985
1 174
1 441
1 341

972
1 252
1 419
1 384

1
1
1
1

007
355
329
500

958
1 532
1 303
1 603

974
1 571
1 190
1 662

957
1 557
1 196
1 785

991
1 447
1 218
1 824

1
1
1
1

097
053
321
168

1
1
1
1

023
101
464
317

979
1 360
1 3SO
1 496

974
1 525
1 201
1 757

1
1
1
1

015
265
344
430

1950...
1951...
1952. t.
1953...
1954...

1
1
1
1
1

883
928
3B8
484
358

1
1
1
I
1

834
638
516
460
417

1
1
1
1
1

976
481
483
506
411

1
1
1
1
1

945
352
412
498
433

2 052
1 359
1 408
I 425
1 412

2 042
1 419
1 353
1 380
1 498

2
1
1
1
1

051
257
438
346
559

2
1
1
1
1

121
334
443
324
563

1
1
1
1
1

821
456
483
348
618

1
1
1
1
1

605
386
513
342
610

1
1
1
1
1

561
324
475
383
730

1
1
1
1
1

900
330
476
343
607

1
1
1
1
1

898
682
462
463
395

2
1
1
1
1

013
377
391
434
448

1
1
1
1
1

998
349
4*i5
339
5BO

I
1
1
1
1

689
347
488
356
716

1
1
1
1
1

90S
420
446
402
532

1955...
1956...
1957...
1956...
1959...

1
1
1
1
1

757
441
151
170
582

1
1
1
1
1

664
444
168
107
530

1
1
1
1
1

684
401
173
108
579

1
1
1
1
1

708
408
147
154
597

1
1
1
1
1

730
375
174
191
497

1
1
I
1
1

704
325
175
236
511

1
1
1
1
1

632
289
191
337
556

1
1
1
1
1

625
313
193
374
399

1
1
1
1
1

580
234
191
451
608

1
1
1
1
1

490
266
204
472
357

1
1
1
1
1

434
212
162
593
371

1
1
1
1
1

431
184
146
598
584

1
1
1
1
1

702
429
164
126
564

1
1
1
1
1

714
369
165
194
535

1
1
1
I
1

612
279
1<*2
387
5^1

1
1
1
1
1

452
221
171
554
437

1
1
1
1
1

627
325
175
314
495

16..
90.
1961...
1962...
1963k..
1964...

1
1
1
1
1

533
319
489
265
647

1
1
1
1
1

526
267
313
514
867

1
1
1
1
1

122
299
441
503
555

1
1
1
' 1
1

270
159
515
644
417

1
1
1
I
1

291
248
531
676
480

1
1
I
1
1

228
361
389
552
589

1
1
1
1
1

211
329
429
627
540

1
1
1
1
1

366
341
560
560
489

1
1
1
1
1

107
444
328
747
421

1
1
1
1
1

174
333
451
876
572

1
1
1
1
1

267
402
648
567
508

1
1
1
1
1

046
370
538
532
469

1
1
1
1
1

394
295
414
427
690

1
1
1
1
1

263
256
478
624
495

1
1
1
1
1

228
371
439
651
463

1
1
1
1
1

163
366
546
658
523

1
1
1
1
1

230
285
439
610
529

1965...
16..
96.
16..
97.
1968...
16..
99.

1
1
1
1
1

409
433
111
344
705

1
1
1
1
1

434
408
149
498
639

1
1
1
1
1

451
430
094
472
588

1
1
1
1
1

453
377
116
532
505

1
1
1
1
1

484
262
274
384
533

1
1
1
1
1

503
185
233
393
507

1
1
1
1
1

506
079
369
561
429

1
1
1
1
1

399
108
407
501
376

1
1
1
1
1

472
048
445
527
481

1 467
845
1 496
1 579
1 390

1 570
931
1 354
1 618
1 402

1
1
1
1
1

431
424
118
438
644

1
1
1
1
1

480
275
208
436
515

1
1
1
1
1

460
078
407
530
429

1 499
917
1 473
1 629
1 357

1
1
1
1
1

473
165
292
508
467

1 460
975
1 569
1 690
1 280

17..
90.
1971...
*Slnce last shown here, this series has been revised md rebased. (See New Features and Changes for This Issue, page iii, May 1971.)
'or the convenience of the user.




(JUNE 1971)

103

C. Historical Data for Selected Series-Continued
This appendix contains historical data (back to 1945 if available) for selected BCD series.
Data ore published here for (a) series which have been added to the report, (b) series which
hove been revised, and (c) series which hove not been shown here for a long time* See the
"Index-Series Finding Guide" for the latest issue in which historical data were published
for each series. Data are seasonally adjusted unless the symbol © (indicating unadjusted

data) follows the series title. Official source agency annual figures are shown if available.
Such figures are often based on data with more digits or on data which hove not been sea*
sonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures are shown in the basic data tables of the report
and may be used to update the tobies below.

Quarterly

Monthly
Year

Jan.

Mar.

Feb.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

11 Q

33. NET CHANGE IN MORTGAGE DEBT HELD E)Y FINANCIAL INSTITUTIONS AND LIFE INSURANCE COMPANIES
(ANNUAL RATE. BILLIONS OF DOLLARS)

IIIQ

Annual

IV Q

AVERAGE TOR PERIOD

*
.

;::

..
.

•
*

.

1955...
1956**.
15..
97.
1958.*.
1959.*.

13.55
12.07
10.12
8*90
12*25

12.79
12.88
10.25
8,75
14,41

13*54
12.23
10.07
9.17
14.69

13,76
12.58
9.23
7.68
15.50

14.05
11.94
8,38
9.47
16.07

14.21
11.89
B.6U
9.17
16.21

13.58
11*86
89
.4
9,59
20,56

13.02
10.67
8,72
10.72
14.52

12.38
10.65
8.63
11*84
14.47

8.69
10*69
6,27
12*90
13.26

11.32
10.98
8.32
13.86
12*46

11.84
10.24
8*42
13.92
11*52

13*29
12*39
10.15
8,94
13,78

14*01
12.14
8.75
8,77
15.93

12.99
11.19
B.76
10.72
16*52

10.62
10.64
8,34
13,57
12.41

12.73
11*59
9.00
10. SO
14*66

16..
90.
1961**.
1962.*.
1963...
16..
94.

12.76
12.13
15.70
19.60
19.07

13,24
11.81
17.03
18.83
23,35

12,42
12.17
16.62
19,33
21.73

12.72
12.72
17,23
20,54
21.11

11,76
12*95
17.69
21.28
21.54

11.12
14.24
17,75
21.16
20.96

11,21
14.14
17*52
21.97
22.34

12.90
14.63
17.75
22.36
20.56

11.89
14.87
18.22
21.70
21.50

12*04
15.71
20.65
22*94
21.48

11.47
16.49
19.45
20.40
21.44

10.69
16.96
19.75
23.14
22.04

12.81
12.04
16.45
19.25
21,38

11.87
13*30
17*56
20.99
21.20

12.00
14*61
17.83
22,01
21.47

11.40
16.39
19,95
22*16
21*65

12.02
14.08
17.95
21*10
21*43

1965...
1966.*.
1967...
1968.*.
1969..*

20.96
24.78
9.77
20.32
20.70

19.57
22,54
12*42
19.27
23.81

21*01
22.10
10*69
19.72
19.75

19,99
21.23
12,67
19.08
22.04

20.42
17,42
15.31
21.64
19.52

21.47
13.08
16.97
18.18
22.22

20.80
14.26
17.75
17,77
17.21

21,37
12.01
21.61
16.26
21.48

21.42
10*92
21,20
18.86
20,75

21.13
10.61
19.82
20.39
19.10

21.83
9.34
21*32
21.67
19.14

22.25
7.26
20.33
25.51
14.36

20.51
23.14
10.96
19.77
21.42

20.63
17.24
14.98
19.63
21.26

21*20
12.40
20.19
18,30
19*81

21*74
9.07
2.9
04
22*52
17,53

21.02
15.46
16.66
20.06
20.01

1970*..
1971.**
37. PERCENT OF COMPANIES REPORTING HIGHER INVENTORIES OF PURCHASED MATERIALS
(PERCENT REPORTING)

1947...
1948..*
1949...
15..
90.
1951...
1952.*.
1953...
1954...

sa

43
48
39

AVERAGE FOR PCRIOD

38
47
27

41
45
35

45
42
38

46
42
31

49
37
41

48
45
36

..
.
39
50
26

63
46
30
46
38

54
44
39
43
40

48
42
38
42
41

48
45
40
37
45

51
43
41
34
47

47
46
40
45
32

57
50
33
43
36

54
52
43
49

53
54
42
43
43

53
53
42
46
38

57
45
41
51
43

56
54
36
46
49

52
55
52
34
54

42
46
44
55
55

37
54
45
50
54

41
57
43
49
59

38
56
46
46
59

41
52
50
43
63

39
55
49
43
60

54
58
40
59
50

58
57
42
55
51

57
53
44
40
50

47
56
45
42
54

49
55
46
44
57

49
55
54
43
48

..
.
..
.

38
46
26

44
36

49
44
34

47
46
28

35
49
26

36
55
24

44
48
43
42
34

48
44
41
4S
31

49
47
37
47
32

51
52
36
44
34

60
51
30
41
39

61
46
33
43
34

1955.*,
1956...
1957...
1956.,.
1959...

48
52
54
36
45

52
57
54
33
57

55
57
47
32
60

55
58
41
31
64

5A
61
4]>
20
66

63
57
40
32
66

*45
34
62

I6..
90.
1961.*,
1962.,,
1963...
1964.*,

48
41
60
47
42

58
35
59
48
50

52
39
58
47
55

47
42
54
48
53

44
46
51
53
50

45
431
47
56
54

1965,.,
16..
96.
16..
97.
1968.*.
1969.*,

61
49
48
55
43

62
47
45
53
47

57
52
46
52
49

61
51
37
51
49

59
53
40
55
51

56
54
43
59
49

36

*22
63

47
40
37

43
<*5
32

60
45
35
45
39

49
43
40
38
44

53
46
37
43
38

58
59
41
31
65

54
53
44
40
51

55
51
40
48
43

55
55
4*4
36
54

53
38
59
47
49

45
44
51
53
52

40
52
44
51
56

39
54 (
46
44
61

44
47
50
49
54

60
49
46
53
46

59
53
40
55
50

56
56
42
51
50

46
55
48
43
53

56
53
44
51
50

32 243
33 803
33 433

122 380
133 680
133 764

1970.**
1971...
54, SALES OF RETAIL STORES
(MILLIONS OF DOLLARS)

1947...
1948***
1949...

9 583
10 883
10 949

1950...
1951.*.
1952...
1953.,.
1954...

11
13
13
14
13

339
885
030
352
712

11
13
13
14
14

589
716
274
325
055

11
13
12
14
14

1955...
1956.,,
1957..,
1958.*,
1959...

14
15
16
16
17

765
495
329
659
583

14
15
16
16
17

896
370
635
374
712

1 6 . . 18 092
90.
1961... 17 953
1962... 19 009
1 6 . . 20 301
93.
1964... 21 046

18
17
19
20
21

1965...
1966.,,
1967...
1968.,.
1969.,.

23
24
25
27
29

22
24
25
27
28

916
919
828
014
955

9 769
11 021
11 191

TOTAL FOR PERIOD

9 947
10 061
U 210 10 906
H 290 11 223

10 146
11 173
11 217

674
021
890
418
020

U 716
12 735
13 208
14 216
13 991

11
12
13
14
13

916
840
708
167
957

12
12
13
14
14

345
792
885
146
272

13
12
13
14
13

300
651
512
090
991

13
12
13
14
13

349
936
212
017
996

12
12
13
14
14

694
855
430
007
073

12
13
14
14
14

358
094
047
060
081

12
13
13
13
14

069
099
891
855
406

12
12
14
13
14

959
924
266
719
671

34
40
39
43
41

602
622
194
095
787

35
38
40
42
42

977
367
801
531
220

39
36
40
42
42

343
442
154
114
060

37
39
42
41
43

366
117
204
634
158

147
136
162
169
169

300
548
353
374
225

15
15
16
16
17

005
663
453
319
860

A5
15
16
*6
17

255
516
493
535
871

15
15
16
16
18

260
771
534
517
Oil

15
15
16
16
18

126
797
820
476
175

15
15
16
16
18

404
744
799
746
169

15
15
16
16
18

418
826
967
853
265

15
15
16
16
18

677
906
841
745
046

15
15
16
16
18

715
933
782
662
178

15
16
16
17
17

652
106
699
048
699

15
16
16
17
17

531
193
647
605
617

44
46
49
49
53

666
528
417
332
155

45
47
49
49
54

641
084
847
528
057

46
47
50
50
54

499
476
607
344
500

016
48
50
51
53

898
232
128
315
494

193
189
199
200
215

704
320
999
539
206

159
889
Oil
148
143

18
18
19
20
21

139
078
331
309
296

18
17
19
20
21

615
758
436
397
472

18
18
19
20
21

337
025
566
268
762

18
18
19
20
21

312
159
317
419
779

18
18
19
20
21

126
145
623
656
867

16
18
19
20
22

190
345
745
630
195

18
18
19
20
22

173
377
604
579
404

18
18
20
20
21

333
708
115
937
538

18
16
20
20
21

071
840
220
701
740

17
18
20
21
22

939
847
216
156
751

54
53
57
60
63

390
920
351
758
485

55
53
56
61
65

264
942
321
084
013

54
54
59
61
66

491
867
172
865
466

54
56
60
62
66

343
395
551
794
029

216
219
235
246
261

488
124
395
501
013

063
993
478
420
257

22
25
25
27
28

834
430
758
964
881

23
25
25
27
29

026
084
940
760
409

23
24
25
28
29

383
653
966
125
386

23
25
26
28
29

243
222
468
287
371

23
25
26
28
29

622
328
325
641
090

23
25
26
28
29

697
615
298
725
346

23
25
26
28
29

760
667
899
286
259

24
25
26
26
29

373
557
129
665
620

24
25
26
28
29

667
566
396
771
471

24
25
26
26
29

755
384
545
463
419

68
75
77
82
87

815
342
064
398
093

69
74
76
84
88

652
959
394
172
166

71
76
79
85
87

079
610
522
652
695

73
76
79
(95
36

795
507
070
899
510

203 341
303 418
3114 050
338 121
3M 464

9 852
10 866
11 099

10 176
11 257
10 993

10 141
11 331
11 106

10 462
11 230
11 263

10 609
11 240
11 160

10 792
11 159
11 221

10 842
11 404
11 052

29 204
32 770
33 239

30 154
33 289
33 730

30 779
33 818
33 362

1970...
1971..,
NOTE: Thoao aorloa contain no revisions but are reprinted for the convenience* of the user.
(JUNE 1971}

104



C. Historical Data for Selected Series-Continued
This appendix contains historical data (bock to 1945 if available) for selected BCD series.
Data are published here for (a) series which hove been added to the report, (b) series which
have been revised, and (c) series which have not been shown here for a long time* See the
"Index-Series Finding Guide" for the latest issue in which historical data were published
for each series. Data are seasonally adjusted unless the symbol © (indicating unadjusted

data) follows the series title. Official source agency annual figures are shown if available.
Such figures ore often based on data with more digits or on data which hove not been seasonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures are shown in the basic data tables of the report
and may be used to update the tables below.
Quarterly

Monthly
Year

Jan.

Feb.

Mar.

Apr.
115.

May

June

July

Aug.

YIELD ON LONG-TERM TREASURY BONDS
(PERCENT)

2.36
2.71
2.98
2.52

2.38
2,61
2.74
2,63
2.54

2.36
2.66
2.71
2.57

2.39
2.70
2.75
2.79
2.59

2.95
3.17
3.63
3.60
4.10

2.92
3.21
3.66
3.75
4.26

2.87
3.20
3.73
3.76
4*11

2.89
3.30
3.57
3.70
4.12

3.86
3.90
4.02
4.01
4.13

3.79
4.00
3.98
3,99
4.14

3.84
4.02
3*94

4.04
4.16

3.91
3.98
3.89
4.07
4.16

4.15
4.75
4.66
5.09
6.07

4.19
4.60
4.95
5.04
6.02

4.25
4.79
4.99
5.09
6.32

4.28
4.70
5.19
5.24
6.27

2.36
2.23
2.24
2.45
2.24

2.27
2.47
2.70
2.89
2,53

2,30
2.56
2.64
2.97
2.48

2.31
2.63
2.57
3.11
2*54

2.33
2.65
2.61
3.13
2. 55

2.34
2.63
2.61
3.02
2,47

2.33
2.57
2,70
3.02
2.46

2.78
3.25
3.92

2.82
3.07
3.32
3.12
4.01

2.81
2.97
3.40
3.14
4.08

2.82
2.93
3.58
3.20
4.09

2.91
3.00
3.60
3,36
4.11

3.89
4.15

4.22
3.81
4.09
3.92
4.14

4.08
3.78
4.01
3,93
4.18

4.18
3,80
3.89
3.97
4.20

4.16
3.73
3.66
3.97
4.16

3.96
3.88
3,90
4.00
4.13

4.14
4.43
4.40
5.18
5.74

4.16
4,61
4.47
5.16
5.86

4.15
4.63
4.45
5.39
6.05

4.15
4.55
4,51
5.28
5.84

4.14
4.57
4.76
5.40

4.14
4.63
4.86
5.23
6.05

1950...
1951...
1952...
1953...
1954*.*

2.20
2.39
2.74
2.80
2.69

2.24
2.40
2.71

1955...
1956.*.
1957...
1958...
1959...

2.68
2.88
3.34
3.24
3.91

2.78
2.85
3.22
3.28
3.92

2*93
3*26

1960...
1961...
1962...
1963...
1964* •*

4.37
3.89

1965...
1966...
1967...
196B...
1969...

4*08

2*83

2.62

5*85

IIIQ

Annual

IV Q

AVERAGE FOR P E R I O D

2.41
2.14
2.20
2.45
2.40

2*38

II Q

®

2.33
2.24
2,39
2.44
2.19

2,34
2,18
2.25
2.44
2.27

2.40
2.09
2,19
2.44

IQ

2.33
2.25
2,36
2.44
2.20

2.35
2.16
2.22
2.41
2.38

2.38
2.12
2.21
2.45
2.39

Dec.

2.35
2.26
2.27
2.45
2.22

2.39
2.19
2.19
2.42
2.38

2.44
2.21
2.21
2.45
2.42

Nov.

2.37
2.28
2.24
2.45
2.22

2.39
2.08
2.19
2.44
2.38

1945...
1946.*.
1947...
1946...
1949...

Oct.

Sept.

2*56

2.38

2.36
2.23
2.24
2.45
2.24

2.44
2.20

2.37
2.19
2.25
2.44
2.31

2.24
2.42
2.72
2.84
2.61

2.31
2.61
2.61
3.07
2.52

2.34
2.59
2.67
3.01
2.49

2.36
2.66
2.73
2.83
2.57

2.32
2,57
2.68
2.94
2.55

2.91
3.40
3.30
3.80
4.27

2,75
2.69
3.27
3.26
3.92

2.82
2.99
3.43
3,15
4.06

2.93
3.13
3.63
3.B7
4.16

2.89
3.30
3.53
3,75
4.17

2.84
3.08
3.47
3.43
4.06

3.93
3.98
3.87
4.11
4.12

3.68
4.06
3.87
4.14
4.14

4.22
3.83
4.06
3.91
4,16

4.11
3.80
3.89
3.96
4.16

3.83
3.97
3.96
4,01
4.J4

3.91
4.01
3.88
4.11
4.14

4,02
3.90
3.95

4.34
4.74
5.44
5.36
6.52

4*43

4.15
4.56
4.44
5.24
5,86

4.14
4.56
4.71
5.30
5.91

4,ao

4.35
4.70
5.33
5.42
6.53

4.21
4.65
4.85
5.26
6.12

2*66

4.65
5,36
5.66
6.81

2*38

2.14
2.20
2*42

4,78
4.93
5.07
6.A4

2*34

2.25
2*34

4*00

4.15

1970.*.
1971...
116, YIELD ON NEW ISSUES OF HIGH-GRADE CORPORATE BONDS
(PERCENT)

©
AVERAGE FOR PERIOD

2.47
2.53
2.94
2.73

2.40
2.50
2.87
2.73

2,43
2.62
2.33

2*54

2.70
2.88
3.15
2.53

2.63
3.36
3.07
3.13
2.94

2,75
3.22
3.04
3.23
2.87

2.58
2.61
3.05
2.87

2.54
3.09
3,14
3.72
2.90

3.17

3.27
4.26

.56
.35
• 14

4*04

5*28

3.15
3.94
4,71
4.46
5.37

4.44
5.27

3.07
3.17
4.20
3,74
4,57

( ,g9

.52
.23
.42
.48

4.94
4.58
4.28
4.49
4.49

4.75
6.11
6.87
7.00
8.94

4.92
5.98
6.93
7.28
9.22

2.56

2.38
2.53
2.85
2.77

2.46
2.60
2.99
2.75

2.27
2.43
2.81
2.74

2,47
2,47
2,66
2,69

2.45
2.60
2.93
2.77

2.48
2,57
2.80
2.68

2.06
2.62
2.63
2.60

2.75
2.66
2.40

2,70
2.91
2.99
2.50

2*49
2*69

2.97
2.66

1950...
1951...
1952...
1953...
1954...

2.60
2.74
3.08
3.17
3.00

2.58
2.78
2.94
3.26
2.88

2.57
2.90
3.14
3.41
2.74

2.40
3.06
3.09
3.53
2.88

2.58
2.98
3.25
3.60
2,90

2.63
3.24
3.09
3.82
2.91

2.55
3.20
3.11
3.59
2*94

2.61
3.01
3.08
3.46
2.94

2.70
2.91
3.14
3.60
3.01

2.64
3.09
3.16
3.09
2.64

1955...
1956...
1957...
1956...
1959...

2.99
3.20
4.28
3.62
4.58

3.09
3.07
4.13
3.73
4.60

3.14
3.25
4.18
3.88

3.11
3,55
4.23
3.67
4.60

3.15
3.48
4*41
3.66
4.92

3,11
3.56
4.81
3.61
5.00

3.14
3,56
4,59
3.85
4.95

3,41
4.02
4,78
4.39
4.90

3.27
3.96
4.68
4.56

2*46

4*53

1961...
1962...
1963...
1964...

5.34
4,63
4.56
4.22
4.50

5.24
4.43
4.53
4,25
4.39

4)37
4.41
4.28
4.45

4)57
4.37
4.35
4.48

1965...
1966...
1967...
1968...
1969...

4.45
4.93
5,53
6.57
7,29

4.45
5.09
5.35
6.57
7,33

4.49
5.33
5.55
6.80
7.76

4.48
5,38
5.59
6.79
7.54

1960. . *

2*66

4.48

4.82
4,30
4.32
4.50

4*81
4.41
4.34
4.44

4.79
4.39
4.34
4,44

4.72
4.28
4.40
4.49

4 .75
4.60
4,26
4.37
4.49

4.52
5.55
5.90
7.00
7.62

4.57
5.67
6.06
7.02
8.04

4.57
5.81
6.06
6,91
6.06

4.66
6.04
6,30
6.54
6.05

4.71
6,14
6.33
6.69
6.36

4.70
6.04
6.53
6.86
6.46

4 .95
4.67
4.32
4*36

2.96

4*29

2.43
2.62
2.92

2*56

2.63
2.63
3.03
2.52

2.62
3.04
3.11
3.55
2.96

2.67
3.22
3.09
3.15
2.68

2.60
3.04
3.10
3.42
2.90

3.12
3,53
4,48
3.65
4.84

3.27
3.85
4.68
4.27
5.04

3.20
4.16
4.44
4.42
5.26

3.17
3.68
4.45

5. 19
4,46
4.50
4.25
4.45

4.69
4,33
4.34
4.49

4.69
4.77
4.36
.36
.46

4.84
4.57
4,26
4,43
4.49

4.92
4.63
4.36
4.34
4.47

4.46
5.12
5.48
6.65
7.46

4.52
5.53
5.65
6.94
7,73

.65
.00
.23
,71
.16

4.79
6,04
6,78
7.05
8.87

4,61
5.67
6.08
6.84
8.06

...
...

1946...
1947...
1948...
1949...

...
**•

...
...

...
...

...
...

3*28

2*64

4*02

4.93

1970...
1971...
117. YIELD ON M U N I C I P A L BONDS* 20-BOND AVERAGE
(PERCENT)

©
AVERAGE FOR PERIOD

1948...
1949...

2.36
2.16

2.47
2.20

2.45
2.18

2.37
2.14

2.31
2.14

2.24
2.20

2.27
2.16

2.37
2.12

2.41
2.14

2*42

2.36
2.12

2.26
2.09

2.43
2.18

2*31
2.16

2^35

2.16

2.14

2.35
2.12

2!U
2*15

1950...
1951...
1952...
1953...
1954...

2.06
1*61
2.09

2.01
1.74
2.08
2.65
2.40

2.03
1.94
2.04
2.65
2.47

2.00
2.00
2.06
2.78
2.50

1.99
2.19
2.13
2.99
2.48

2.01
2.15
2.15
2.98

2.50

2.03
1.56
2.07
2,55
2.42

2*32

1,83
2.02
2.24
2.90
2.26

1.84
2.01
2.30
2.90
2.31

1*79
2.06
2.36
2.75
2.34

1.74
2.05
2.38
2.62
2.32

1.72
2.09
2.38
2.60
2.36

2.03
1.64
2.06
2.54
2.44

2.01
2.04
2.08
2.61
2,48

1.89
2.06
2.23
2,93
2.30

1.75
2.07
2.38
2.66
2.34

1.92
1.95
2.19
2.73
2.39

1955...
1956...
1957...
1958...
1959...

2.40
2.50
3.18
2.91
3.42

2.44
2.44
3.00
3.02
3.36

2,44
2.57
3.10
3.06
3.30

2.41
2.70
3,13
2.96
3.39

2.38
2.68
3.27
2,92
3.58

2.41
2.54
3.41
2,97
3.72

2.54
2.65
3.40
3,09
3,71

2.60
2.80
3.54
3,36
3.56

2,56

2.51
2.95
3.42
3.45
3.62

2*46

2.43
2,50
3.09
3.00
3.36

2.40
2.6U
3.27
2.95
3.56

2.51
3.11
3.26
3.37
3.62

2*48

3.16
3.37
3.32
3.55

2.57
3.22
3.04
3.34
3.68

2*57

3.54
3.54
3,78

2.76
3.28
3.16
3.56

I960...
1961...
1962...
1963...
1964...

3.72
3.40
3.34
3.10
3.22

3.60
3.31
3,21
3.15
3.14

3.56
3.45
3.14
3.05
3,28

3.56
3.50
3.06
3.10
3.28

3*60

3.55
3.52
3.26
3.21
3.20

3,50
3.52
3.28
3.22
3.18

3,34
3.52
3,23
.13
,19

3.42
3.53
3.11
3,20
3,23

3.53

3.43
3,11
3.11
3,20

3.40
3.41
3.04
3.30
3.18

3.40
3.47
3.07
3.27
3.13

3.63
3.39
3.23
3,10
3.21

3.57
3.48
.14
.14
.23

3*42
3*52

3.02
3.20
3.25

3*20

3.44
3.43
3.04
3.26
3.19

3.52
3.46
3.16
3.17
3.21

1965...
1966...
1967...
1968...
1969...

3.06
3.52
3.54
4.29
4.85

3.09
3.64
3.52
4.31

3.18
3.72
3.55
4.54
5.26

3.15
3.56
3.60
4.34
5.19

3.17
3.65
3.89
4.54
5.33

3.24
3.77
3.96
4.50
5.76

3.27
3,95
4.02
4.33
5.75

.24
.12
.99
.21
.00

3.35
4.12
4.12
4.38
6.26

3.40
3.94
4.30
4.49
6.09

3.46
3.66
4,34
4.60
6.30

3.54
3.86
4.43
4.62
6.62

3.11

.19
.66
.82
.46
5.43

3,29
4.06
4.04
4.31
6.00

3.47
3.89
4.36
4.64
6.40

3*26

2*43

4*98

2*94

3*42

3*63

3.54
4*38

5.03

2,80
3,49
3»33
3*69

3*21
3.16

3.81
3.94
4*45

5.72

1970...
.1971...
NOTE:

These series contain no revisions, but tire reprinted for the convenience of the user




(JUNE 1971)

105

C. Historical Data for Selected Series-Continued
This appendix contains historical data (back to 1945 if available) for selected BCD series.
Data are published here for (a) series which hove been added to the report, (b) series which
have been revised, and (c) series which have not been shown here for a long time. See the
"Index-Series Finding Guide" for the latest issue in which historical data were published
for each series* Data are seasonally adjusted unless the symbol (§) (indicating unadjusted

data) follows the series title. Official source agency annual figures are shown if available.
Such figures are often based on data with more digits or on data which have not been sea*
sonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures are shown in the basic data tables of the report
and may be used to update the tables below.
Quarterly

Monthly
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

95* INDEX OF WHOLESALE PRICES* INDUSTRIAL COMMODITIES
(1967=100)
1945...
1946. * *
1947...
1948...
1949...

52,6

53. 5

S2.7
53.8

52.8
54.3
69.5
75.4
76.0

68.2
75.8
77.9

68*6
75*4

19SO.».
1951...
1952*..
1953.*.
1954. * *

74,6
86.6

84.0
35.1

34*0
84. 9

1955...
19S6...
1957...
1958...
1959...

05.6
39.5
93.0
93.7
94.7

86.0

1960...
1961...
1962...
19*:.,?...
1964...

95,7
95.2
95.0
94.7
95.3

95*6

1963...
1966.*.
1967.*.
1963...
1969...

9S.9
97.4
99.5
101. S

95,9
97.6
99.7

104.3

89*6
93*2
93*4
94*9
95.2

94*8
94*6
95. a

102*0
104*6

69.8
75.8

75*8
74.9
87.0
64.2
84.1

84. 6

53.1
59.3
71.2
77.8
74.3

53.1
59.5
72.0
78.1
74.3

53.2
61.5
72.7
78.2
74.3

53.2
64.2
73.6
78,4
74,3

53.4
66.2
74.6
78.3
74.4

75.9
86.4
83.6
84.7
84.9

77.1
36.0
83.5
85.3
84.9

78.6

80.4
85.3
84.1
65.2
84.9

81.3
65*1
83.9
85.1
85.0

82.9
85.0
83,8

34.8
65*1

33.9
85,3
84.9

85*0

85*1

85.3

85*3

85.9
90.3
93.0
93.1

86.5

87.3
91.0
93.6
93,7
95.4

88.1
91.4
93.6
93.8
95.4

68.4
91.8
93.5
93.9

89.0

95*4

66.7
92.3
93.5
94.2
95.5

95.2
94.6
94.6
94.8
95.1

95.0
94.7
94.8
94,7
95.1

95.1
94.5
94.7
94.9
95.5

95,0
94.7
94.7
94,9
95.6

84.4
85.0

85.9
89.9
93.1
93.4
95.2

86.0
90.3
93.1
93.2
95.3

85.8

95.6
95.2
94.8
94.6
95.1

95*6
95*1
94.9
94.4
95.1

95.2
94.8
94,9
94.5
95,1

90*4
93.0
93.1
95.4

96.0
98*1

99*6
102.4
105.5

105.4

96.2
98.5
99.7

102.15
105.6

95*2
95.2

94*6

90*2
93.4
93.3
95.4
95.2
94.6

94.7
94.7

94*8

94*9

94.8
95.1

96.4
98.7
99.7

96.4
99.0
99.7

102.4
105.6

102.4
105.7

96.6
99.0

100.0
102.5
106.1

II Q

III Q

Annual

IV Q

AVERAGE FOR PERIOD

53.0
58.1
70.3
76.9
74.1

85*3

IQ

®

52.9
56.1
69.8
76.2
74.4

83.9=

85*0

96.0
97,8
99.7
102, 2

Dec.

75.4
86.7

54*8

34.3
84.9

77.2

Nov.

52.9
55.2
69.7
75.8
74.9

52.8

74.8
87.1

34*9

74.8
87*1
84.9

Oct.

96*6
99.0

100.2
102.8
106.5

96.7
99*1

100.5
103.3
107,1

97.1
99,2

100.8
103.4
107.4

83*9

92*7
93.7
94.5
95.6

95*0
94.9
94.7
95.2
95.8
97.1
99.2

101.1
103. B
107.8

52.7
53.9
68.8
75.5
77.3

52.9
55.4
69.8
75.9
75.0

53.1
59.0
71.2
77.6
74.2

53.3
64.0
73.6
78.3
74.3

53.0
58.0
70.8
76,9
75,3

74.7

78.7

84.1
8S.O

75.4
86.7
33,9
84.4
85.0

84*9

93,2
65.1
83.9
S5.1
85.2

78.0
86.1
84.1
84.8
85.0

85.8
89.7
93.1
93.5
94.9

85.9
90.3
93.0
93.1
95.3

87.3
90.9
93.5
93.6
95.4

88.7
92.3
93.6
94.2
95.5

86.9

95.6
95.2
94.9
94.6
95.2

95.3
94.6
94.8
94.5
95.0

95,1
94.6
94.7
94.6
95*1

95.0
94.7
94.7
95.0
95.6

95.3
94.6
94,8
94,7
95,2

95.9
97.6
99.6

96.2
98.4
99.7

96.5
99.0

97.0
99,2
100. 6

66*9
84*8

101.9
104.8

102.4
105.6

35*5
83*8
35.3

100.0
102.6
106.1

103.5
107.4

90. 8
93,3
93,6
95,3

96,4
98.5

100,0
102, S
106.0

1970...
1971...

58.

INDEX OF WHOLESALE PRICES* MANUFACTURED GOODS
(1967=100)

®
AVERAGE FOR PERIOD

*.*
1947.**
1948...
1949...

78.0

70.0
76.7
77.1

71.3
76,9
76,9

75.0
87.9
8S.7

75.0
87,9
85.4

71.0
77.5
75.4

71.3

77*3

71.5
78.6
74,7

72.4
79.5
74.9

73.6
79.6
74.8

74.2
79,0
74.6

75.0
78.6
74.5

76.1
78.6
74.6

70.3
77.0
77.3

7l!l

*.*
7iV.5

77.6
75.5

79.2
74.8

75*1
78.8
74,6

78, a

76.2
87.3
84.3
84.7

85*5

78.0
86.9
84.9
85.6
85.7

79.8
86.5
85.3
85.5
85.8

81.2
86.3
85.3
85.7
85.6

81.9
36.3
84.9
85.4
85.3

82.8
86.1
84.5
85.2
65.4

85.0
86.1
84.2
85.4
85.6

74,9
87.7
85.6
84.3
85.7

75.7
87.6
84.9
84.6
85.7

79.7
86.6
35.2
35.6
85,7

83.2
86.2
84.5
85.3
85.4

76.4
07,0
85,1
85,0
B5.6

85.8
89.9
92,6
93.7
94.8

75.1
87.8
85.0

77. S

71.1
78.0
75.0

75.8
87.7
85.0
84.6
85.9

76*1

74.7
87.2
85.8

69.5

86.1
89.8
92.6
93.7
94.3

86.5
89.7
93*1
93.8
94.8

86.9
90.3
93.3
93.6
94.6

87.5
90.9
93.2
93.8
94,7

87.7
91.2
93.0
93.7
94.5

87.7
91.5
93.3
94.0
94.4

87*8

85.7
88.5
92.3
93.6
94.4

85.9
89.7
92.6
93.7
94.8

87.0
90.3
93,2
93.8
94.7

67.7
91.4
93.2
94.0
94,4

B6.6
90.0
92.8
93.8
94.6

94.8
94.0
94.3
94.5
94.5

94.8
94.1
94.5
94.7
94.8

94.7
94.1
94.4
94.5
94.7

94.6
94.1
94.8
94.4
94.8

94.7

94.7
94.1
94.4

94.7
94.4
94.3
94.6
95.1

94.8
94.9

94.8

94*5

94.7
94.4
94,5

94.1
94.8

94.4
94.1
94.5

94.7
94.1
94.6
94.5
94.8

94.7

94.4

97.6
99,5

95.4
98.2
99.6

96.1
98.8
99.7

1950* *.
1951...
19S2...
1953...
1954...

84. 3

34*3

84, 4

34*3

85.8

85.6

85.6

85.8

1955...
1956..,
19S7...
1958...
1959...

85.7
88.1
92.1
93,7
94.3

85.8
86.5
92.4
93.4
94.4

8S.7
68.8

92*4

35.3
89.4
92.5

93.6
94.6

93*7
94*8

1960...
1961...
1963...
1963..,
1964...

94.7
94.9
94.7
94.3
94.9

94.7

94*9
94*7
94*4

94*8

94.9
94.9
94.4
93.9
94.6

93.7
94.6

94.7
94.2
94.4
94.1
94.5

1965..*
1966...
1967...
1963...
1969...

95. 4
97.8
99.7

95.4
98.3
99.6

95.7
98.5
99.5

101.3
104.3

96.0
98,9
99.6

101.9
104.7

95.4
98.4
99.6

96.5
99.0
99.9

102.2
105*3

102.2
105.7

102*5
106*1

94*9
94.5
94.1

102.1
105.2

96.6
99.3

96,7
99,7

96.7
99.7

100.1
102.8
106.4

100.1
102.6
106.5

100.4
103,0
106.7

94*0
94*6
95.0
96.9
99.6

100*4
103.1
107.4

94*6
95.0

97.2
99,5

100.6
103.4
107.7

91.6
93.4
94.2
94.4

100.8
103.6
108.1

• ••

94*3

101.8
104.7

102.3
105.7

54.7
57.4
74.9

77.6

54.2
55.6
74.3
81.8
80.7

94*2
94.4
94.6
95.0

.. *
72 .3

75,6

94*3
94, 8

96.7
99.6

97. a
99,5

96,3
99,0

100.2
102.8
106.5

100.6
103.4
107.7

100.0
102.6
106.2

1970...
197 1...

750.

INDEX OF WHOLESALE PRICES* ALL COMMODITIES

<§>

(1967=100)

AVERAGE FOR PERSOO

55*0

1945.
1946.
1947,
1948.
1949.

54*1
55.2
73.2
83.9
81.6

54.2
5S.S
73.9
81.3
80.3

54.3
56.2
75.7
81.3
80,1

54.5
56.8
75.2
S2.0
79.3

54.7
57,2
74.8
82.4
78.6

54.8
58.2
74.8
83.0
77.9

54.7
64.4
75.6
83.7
77.8

54.5
66.5
76.6
84.3
77.9

54.3
64.0
78.1
64.2
78.0

54.6
69.2
79.1
83.3
77.7

72.1
79.9
83.1
77.7

1950.
1951.
1932.
1953.
1954.

77.6
91.2
89.7
87.2
88.0

78.0
92.5
89.3
87.0
87.7

78.1
92.5
89.2
87.3
87.7

78.1
92.3
88.7
86.8
S6.1

79,1
92.0
88.6
87.2
88.0

79.5
91.3
88.2
86.9
87.3

81.7
90.7
88.7
88.0
87.7

83.5
90.2
89,1
87.7
87.7

85,0
90.0
88.7
88.1
87.3

85.5
90.2
86.2
87.5
87,1

86.7
90.2
87.8
87.2
87.3

69.0
90.1
37.0
87.4
86.9

77.9
92*1
39.4
87,2
87.3

78.9
91.9

1955.
1956.
1957.
1958.
1959.

87.4
88.8
92.7
94.3
94.3

87*7

87.3
89.5
92.7
95.0
94.9

87.7
90.2

87.6
90.7
93.2
94.6
95.0

87.7
90.5
93.8
94.6

88.7
91.7
93,7
94.5
95,0

92*0

94*8

36.0
91.0
94.0
94.5
94.5

88.6
91.7
93.5

95*2

87.2
90.8
92.9
94.8
95.2

88.2

92*8
94*4
94*8

93.7
94.6
94,3

68.3
92.3
94.1
94.6
94.3

87.5
89.2
92,7
94.6
94.6

1960.
1961*
1962*
1963.
1964.

94,7
95.2
95.0
94.7
9S.2

94.7
95.2

95.2
95.2

95*2
94*7

95.0
94.3

94.8
93.8

95.0
94.2

94.6
94,3

94.9

94*6

94*3

94.4
94.7

94.2
94.6

94lo

940

94.5

94.3

94.7
95.0

94,9
94.9
94.9

1965.
1966.
1967.
1968.
1969*

95.2

98*6
100.1
101*1
104.3

95.4
99,3
99.9

95.5
99.3
99.6

95.9
99.4
99.2

96.2
99.5
99.7

97.2

97.5

102*1
105.5

102.4
106.3

89.2

94*9

101.9
104.7

93*0
94.7

94.5
94.3

94 ".8
94.6

94.6
94.5

94.6
94.3
95.4
94.5
94.9

96.9
99.6

97.0

97.0

97.1

100.7
100,0
102.5
106.9

100.7
100.1
102.9
107.1

94 .3

102.1
105.3

100.2
102,5
106.7

94*7

100.3
100*3
102.8
106.6

94*4

94.5
94,9
94.3

10O.1
100.1
102.9
107.4

99*8
100.1
103.3
108*1

54.5
65.0
76.8
84.1
77.9

54.9
71.3
80.1
83,0
77,7

54.6
62.3
76.5
82.8
78.7

83.4
90,3
86.8
87.9
87.6

87,1
90.2
B7.7
87.4
87.1

81.8
91*1

87.5
90.6
93.0
94.7
95,1

88.1
91*1

88,4
92.0
93,8
94.5
94.4

87.8
90.7
93.3
94.6
94.8

95.0
94.3

94.7

94.6

94.9
95.2

94.5
94.9

94.4
94.3

94,3
94.4

94*6

94,9
94.4
94,8
94.7
94.9

94.5
94.8
94.5
94,7

98.1
99.8

95.4
99.1
99.9

96.3
99.5
99.7

97,0

55.2
72-7
81*4

82*6

100.6
103,6
108.5

101.7
104.3

82*5
78.6

68*5
87.0
87.8

102.3
106.2

93*8
94*5
94,8

94«3
94.7

100.6
100.1
102.7
106.9

97.6
99,9

100.3
103.3
106.0

68*6
87,4
87,6

94*9

96.6
99.8

100.0
102*5
106.5

1970.
1971.

SIneo loot nhmvn ho:

106




thooo sorloo have boon

(JUNt: 1971)

C. Historical Data for Selected Series-Continued
This appendix contains historical data (back to 1945 if available) for selected BCD series.
Data are published here for (a) series which have been added to the report, (b) series which
have been revised, and (c) series which have not been shown here for a ong time. See the
"Index—Series Finding Guide" for the latest issue in which historical data were published
for each series. Data ore seasonally adjusted unless the symbol © (indicating unadjusted

data) follows the series title. Official source agency annual figures are shown if available.
Such figures are often based on data with more digits or on data which have not been seasonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures are shown in the bask data tobies of the report
and may be used to update the tables below.
Quarterly

Monthly
Year

Jan.

Feb.

Mar.
751.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

INDEX OF WHOLESALE PRICES* PROCESSED FOODS AND FEEDS *
(1967=100)

II Q

III Q

Annual

IV Q

AVERAGE FOR PERIOD

!!!

...

...

1946..,
1949.*.

92.5
83.0

89.2
81.4

88.3
81.3

81.3
89.7
81.1

79.6
90.2
80*6

80.2
90.9
80.8

80.9
90.5
60.3

81,4
68.9
80.7

84.6
88.2
79,7

86.1
86.1
79.3

87.3
85.5
79.1

69.3
84.5
79,3

90.0
81.9

80.4
90.3
60.6

(J2.3
69.2
80. £

...
87.6
85.4
79.2

82*9
88.7
80.6

1950.*.
1951.*.
1952...
1953...
1954...

78.9
91.8
92*8
88.7
89*3

60*0
94.4
93.1
88.4
88.7

60.0
93.6
92.5
87.9
89.4

80.3
93.9
91.8
86.7
90.7

81.7
93.2
91.5
87.3
90.8

81,9
92.9
91.8
86,3
89.0

85.5
91.4
91.5
87.0
89.5

86.3
91.1
91.9
66.6
89.3

66.5
91.2
91.7
87.7
86.1

85.3
92,7
91.1
87.0
87.1

85,9
93,0
90,9
86.7
87,7

89,0
93.3
88.7
88.4
67*6

79.6
93.3
92*8
88.3
89.1

81.3
93,3
91.7
86.8
90.2

86. 1
91.2
91.7
87.1
89.0

86.7
93,0
90,2
87.4
87.5

63.4
92.7
91,6
87.4
86.9

1955...
1956...
1957...
1956...
1959...

87.3
82,2
86.9
89.8
91.0

87.1
62. 6
86.9
90*4
90.3

85.9
82.9
86.7
91.7
90,0

85*9
83.9
66.5
92.3
90.0

64.9
85.7
86.5
93.2
90.1

85.8
85.2
67.0
93.0
89.4

65.2
64*4
87.7
92.9
89.2

84.4
85.1
88.2
92.1
88.3

84.1
86.0
87.8
91.5
89.0

84.2 86.2
87.2
91,1
88.9

63.1
87.0
86.2
91.3
88.3

82.7
86.6
88*6
91.9
88.1

86.6
82.6
86.6
90.6
90.4

85.5
64.9
86.7
92.8
69*8

34.6
85.2
87.9
92.?.
38.0

83.3
86,6
88.1
91.4
66.4

85.0
84*9
87,4
91,8
89.4

1960...
1961...
1962...
1963...
1961...

88.1
91.2
91.8
91.6
93.3

88.3
92.0
92.0
91.7
92.2

89.4
91.6
92.0
91.0
92.3

89*3
91.2
91.2
91.1
92.5

89.1
91.0
91.0
92.9
91.4

89.2
89.7
90.7
93.1
91,3

89.7
89.8
91.3
92,9
91,6

89.5
90.7
92.2
92.6
91.8

89,7
90.6
93.6
92.6
92.8

90.4
90.3
92.4
93.5
92.8

90,6
91,1
92,6
93,6
92,3

90.9
91.8
92.3
92,5
92.5

86.6
91.6
91.9
91.5
92.6

89.2
90.6
91.0
92.4
91.7

S9.6
90.4
92.4
92.7
92.1

90.6
91.1
92.4
93.3
92.5

89.5
91,0
91,9
92,5
92.3

93,3
100,9
99.5
101.7
104.7

94.2
100*6
99.3
101.8
105*8

96.0
99.8
100*2
102.0
107.9

96.1
100.9
iOO.2
102.6
107.9

96*6
103.4
100.0
102.5
108.3

96.6
102.0
100.1
102.7
109.2

98.0
101*3
99.9
103,3
109*8

99.0
101.3
100.3
103.3
110.6

93.0
100.4
100.0
101.1
104.1

94.9
100*4
99.7
102.0
107.0

96.3
102. 4
100*2
102.6
108*1

97,9
101.5
100.1
103.1
109.9

1965...
1966...
1967...
1968...
1969...

92.8
99.4
100.6
100.3
103.6

92*9
101.0
99.8
101*3
103.9

94.6
100.7
99.7
102.3
107.4

96.2
102.9
100.3
102.7
106.1

...

95.5
101*2
100.0
102,2
107.3

1970...
1971...

752.

INDEX OF WHOLESALE PRICliS* FARM PRODUCTS 1
(1967=100)

AVERAGE FOR PERIOD

"! i

• **

1948...
1949...

125.6
107.2

118.0
103,7

114.8
103.1

106.9
117.0
103.3

105.5
119.6
103*2

106.2
122.2
101.5

106.4
120.7
99.9

107,6
119.4
100.1

111.2
116,9
100.3

114.2
113.1
99*0

115,6
112*1
99.2

122.6
110.3
98.7

119,5
104.7

. .
.
106.2
119.6
102.7

...
108*4
119*0
100.1

117.5
111.8
99.0

109,4
117.5
101,6

1950*.*
1951...
1952...
1953...
1954...

98.0
123.7
121.2
109.7
107.5

100*9
130.1
119.2
107.6
107.3

100*4
127,9
117.6
106.4
107.1

100.4
128*2
118.0
105.3
107.2

102.8
125.9
117.4
106.3
106.3

103.8
125.3
118.0
104.8
103.8

108,5
119.9
119.2
105.8
104.1

110.0
119.7
119.4
104.9
104.4

111.6
119.6
116.0
106.8
102.2

110.4
122.6
115.0
104.8
102.5

114.3
123.1
114.2
103.6
103.1

119*9
124.0
111.0
105.7
100.7

99.8
127.2
119.4
108.6
107.3

102.3
126.5
117.8
105,5
105.8

110*0
119.7
118.2
105.8
103.6

114.9
123.2
113.4
104.7
102.1

106.7
124,2
117,2
106.2
104.7

1955...
1956...
1957...
1956...
1959...

101.9
92.7
98.4
103.2
100.5

102.0
94.2
97.1
105.0
99.5

100,4
94.4
96.9
109.5
98.6

101.5
94.7
97.3
105.0
99.6

98.8
98.3
96.8
106.8
98,6

100,3
99.4
99.0
104.3
98.4

96,8
97,8
101,2
103.7
96,7

96.1
97.7
102.0
102.3
95.7

97,5
98.3
99.6
101.9
97.4

95.9
97,6
101.0
101.8
95.5

93.3
97.8
101.9
102.0
94,3

92.9
99.3
103.2
100,6
95.1

101.4
93.8
97.5
105.9
99.5

100.2
97.5
97.7
105,4
96.9

96.6
97.9
100.9
102.6
96.6

94.0
98.2
102.0
101.5
95.0

98.2
96.9
99.5
103.9
97,5

I960...
1961...
1962...
1963...
1964...

94.7
97.9
97.8
98.3
96.0

95.0
98.3
98.3
96*5
94.4

98.2
97.5
97.9
94.9
95.0

98.4
95.9
96.4
95.2
94,6

98.7
95.0
96.5
95,0
94.2

98,6
96.1
99.8
96.7
94. 9

98.3
97.4
96.6
94.5
93.8

96.0
97.9
98.0
96.6
95.1

98.3
94.9
96.4
95.4
94.2

96.1
96.0
98.4
96.3
94.5

98.6
96.5
99.3
95,7
94.5

97,2
96.3
98.0
96,0
94,6

1965...
1966...
1967..*
1968...
1969...

92,9
104.5
102.6
99.5
105.3

94.4
107.4
100*8
101*2
104.8

95.4
106.6
99.5
101.9
106.1

97.8
106.7
98.0
102.6
106.3

98.5
104.2
100*2
102.9
109.5

99.5
108.1
JLOO.O
102.7
109.2

102.0
104.3
99.1
104.4
112.1

98,7
105,9
100,0
102.5

., *

97.8
93.8
96.2
96*0
93.8
100.5
103.8
101.6
101.4
110.0

97.2
95.4
96.6
96.7
93.7
99.2
106.6
101.3
102.4
108.6

94.9
97.2
97,9
96.3
93.7

96.3
95.5
100.8
95.8
96.0

98.6
95.9
99.5
95.9
94.8

99.4
108.5
99.9
102.2
109.9

99.8
109.3
98.8
103.5
109.1

100.6
106.1
99.0
103.4
110.3

101.3
103.7
98.0
105,1
113.0

104.2
103.0
100.2
104.6
113.1

94.2
106.2
101.0
100.9
105.4

96.9
104.9
99.9
102.3
108.6

loe.e

1970...
1971. .
.

781.
1945..,
1946...

53.3
54.5

53.2
54*3

1948...
1949...

71.0
72.0,

1950...
1951...
1952...
1953..*
1954.. *

INDEX OF CONSUMER PF,ICES« ALL ITEMS 2
(1967=100)

®
AVERAGE FOR PERIOD

70.4
71.2

53.2
54,7
65,7
70.2
71.4

53.3
55.0
65.7
71.2
71.5

53.7
55.3
65.5
71.7
71.4

54,2
55.9
66 .0
72.2
71.5

54,3
59.2
66.6
73.1
71.0

54.3
60,5
67 ,3
73,4
71.2

54,1
61.2
68.9
73.4
71.5

54.1
62*4
68.9
73.1
71.1

54.3
63*9
69*3
72*6
71.2

54.5
64.4
70.2
72.1
70.8

53.2
54.5
64* 8
70.5
71.5

53.7
55.4
65,7
71,7
71.5

54«2
60«3
67 »6
7303
71«2

54,3
63.6
69, 5
72.6
71.0

53,9
58.5
66 ,9
72.1
71.4

70.5
76.1
79.3
79.8
80.7

70*3
77.0
78.8
79.4
80*6

70.6
77.3
78.8
79.6
80.5

70.7
77.4
79.1
79.7
80.3

71.0
77.7
79.2
79.9
80.6

71.4
77.6
79.4
80.2
80.7

72.1
77.7
80.0
80.4
80.7

72.7
77.7
80.1
60.6
80.6

73.2
78.2
80.0
80,7
80.4

73.6
76.6
80.1
80.9
80.2

73.9
79.0
60.1
80.6
60*3

74.9
79.3
80.0
80.5
60.1

70.5
76.8
79.0
79.6
80.6

71.0
77.6
79,2
79.9
80.5

72*7
77 »9
80*0
80*6
60.6

74.1
79.0
60.1
80.7
60.2

72.1
77.8
79.5
80.1
80,5

1955...
1956...
1957...
1958...
1959...

80.1
80.3
82.8
65.7
66.8

80.1
80*3
83.1
85.8
66.7

80*1
80.4
83.3
86.4
66.7

80.1
80.5
83.6
66*6
66.8

80.1
80.9
83.8
86.6
86.9

80.1
81.4
84.3
86.7
87,3

60.4
82.0
84.7
86.8
87.5

80.2
81.9
84.6
86.7
87,4

80.5
82.0
84.9
86.7
87.7

60.5
82.5
84.9
86.7
88.0

80.6
82.5
85.2
66.6
88*0

80.4
82.7
85.2
86.7
88,0

80.1
60.3
83.1
86.0
86.7

80.1
80.9
83.9
66.6
87.0

80.4
82.0
84.8
86.7
87.5

80.5
82.6
85.1
86.7
88.0

80.2
61.4
84,3
86*6
87,3

I960...
1961. *,
1962...
1963...
1964...

87.9
89.3
89.9
91.1
92.6

88.0
89.3
90.1
91.2
92.5

86.0
89.3
90.3
91.3
92.6

88.5
89.3
90.5
91.3
92.7

88.5
89.3
0*5
1*3
2.7

88.7
89.4
0.5
1.7
2.9

68.7
89.8
90.7
92.1
93.1

68.7
89.7
90.7
92.1
93.0

88. 8
89.9
91,2
92.1
93.2

89.2
89.9
91.1
92.2
93.3

69.3
89.9
91,1
92.3
93.5

89,3
89.9
91.0
92.5
93.6

88.0
89.3
90.1
91.2
92.6

68.6
89.3
90.5
91*4
92.6

88.7
89.8
90*9
92.1
93.1

89.3
89,9
91,1
92,3
93.5

88.7
89.6
90.6
91.7
92.9

93.6
96*0
98,7
102,3
107.1

93.7
96.3
98.9
102.8
106*0

4.2
6*8
99.4
103.4
109.0

4.7
7.1
99.7
104.0
109.7

1965. .*
1966...
1967..,
1968...
1969...

93.6
95.4
98.6
102,0
106.7

94.0
96.7
99.1
103.1
108.7

94.6
97.4
100.2
104.5
110.2

94.6
97.9
100.5
104.8
110.7

94.8
98.1
100,7
105,1
111.2

94.9
98.5
101.0
105.7
111.6

95,1
98.5
101.3
106.1
112,2

95.4
96.6
101.6
106.4
112.9

93.6
95.9
98.7
102.4
107.3

94.3
96.9
99,4
103.5
109.1

94.7
97.8
100.5
104*8
110.7

95.1
98.5
101.3
106*1
112.2

94.5
97,2
100.0
104.2
109.8

1970...
1971...
'Since last shown here, these :
"Since Inst shown here, this si




^asonal adjustments factors

(JUNE 1971)

107

C. Historical Data for Selected Series-Continued
This appendix contains historical data (bock to 1945 if available) for selected BCD series.
Data are published here for (a) series which have been added to the report, (b) series which
have been revised, and (c) series which have not been shown here for a long time. See the
"Index-Series Finding Guide" for the latest issue in which historical data were published
for each series. Data are seasonally adjusted unless the symbol © (indicating unadjusted

data) follows the series title. Official sogrce agency annual figures are shown if available*
Such figures are often based on data with more digits or on data which have .not bean seasonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures are shown in the basic data tables of the report
and may be used to update the tables below.

Monthly

Quarterly

Year
Jan,

Feb.

Mar.

Apr.
782

May

75.5
81.9
64.6
63.0

63*2

82*9

77.3
34,1
84,3
82,9
81.9

74.5
02.6
64.3
83.0
82.8

82,0
80,7

81.8
81.8
84.3
89.4
66.7

81,4
62,9

81.1
83,3
65.6
87.9
87.0

81.6
82.2

88.0
68.9
89.9
91.4

75,7
82.0
84.3
83.3
62.3

76.4
83.3
64.4
63.4
82.0

76.6
84.0

81.9

79,0
64.9
84.0
62.9
81.7

81.8
61.7
84.2
89.4
86.5

81.3
62.5
84,6
88.9
87.0

61.4
83.4

61.1
82.6
66.3

61.7
82.8

81*0
83.4
85.6
68.1
87.0

81.0
85.7
87,7
86.9

83*8

90*0
90*6
92*0

8B.1
89.0
89.9
90.8
92.0

88.1
88.7
89.6
91.1

92.9
99.1
99,3

93.3
99,3
98.9

94.1
96.9
99.2

95.6
98.9
99.8

102.5
106*5

102.9
107.1

103.4
107.7

103.3
108*8

81.6
80.7
63.4
07.4
87.9

82, 2
60*6
84. 2
87*8

1960.
1961.
1962.
1963.
1964.

86.8
89.4
09.2
91*1
92.0

66*7

1965*
1966.
1967,
1968.
1969*

92.7
96.0
99.7

101,7
105.9

73,0
82.7
84.2
82.8

75,6
81.7
64.9
63.1
83.1

1955.
1956.
1957.
1958.
1959.

92. S
98O
99. a
102.0
105.9

72.0
82,6
64.2
83.1
83.5

75.1
62.0
84.7
82.7
83.3

72.4
63.7

91. 2

50.7
58.1
70.6
76.6
73.5

73.7
62.3
64.0
83.3
83.2

71.4
80.9
84.8
83.4

72.3
83.2
83.7
83.0
83,3

72.3
82.8
84.3
82.5
83.2

82.3
80,8
83,9
89.5
87,0

82*3

86.8
89.4
89.9
91.0
92.0

88.1
69.2

81.1
84,0
69.6

86*7

92*2

84*4
82*4

63.1

68.5
86.9

86*4
86.6

86.1
87.0

81*4
83.1
85.6
87.9
87.1

87.8
89.0
69.3
91.5
92.3

68.1
66.8
69.7
91.6
92.2

68.2
68.8
90.7
91.2
92,6

89.0
89.0
90,5
91.1
92.9

89.4
88.6
90.7
91.5
93.1

69.6
68.8
90.1
91.8
93.1

86.8
69.4
69.6
91.1
92.0

66.1
89.0

95.5
98.4

95.0
99.8

94.9

95.3

95.6

100.0
103.6
109*3

100.5
103.9
109.8

100.3
100.4
104.9
110.4

96*2

100.2
100*6
105.2
111,9

92.7
98,1
99.4

94.3
99.0
99.3

102,1
106,1

103.2
107.9

85*4

Annual

?4.]
75,6
72.6

72.9
83.0
64.2
62.6
83.3

1950.
1951.
1952.
1953.
1954.

IV Q

71.1
77.8
73.1

75.6
74,3

74.3

69.1

IIIQ

68.9
77,0
74.2

77.7
74.2

76*2

68.7
77.2
74.0

II Q

AVERAGE FOR PERIOD

75.5
74.6
72,0

74.3
74.2

92.0

IQ

73.8
75.3
72.9

76.0
74.2

89,5
69.6

Dec.

73.1
76.7
72.8

76.5
74.6

87.4

Nov.

INDEX OF CONSUMER PRICESt FOOD
(1967=100)

69.0

83,0
83.6

Oct.

73.8
77,3
73,5

69.7

33*5

Sept.

Aug.

70.8
77,9
72.9

67.7

84*0

July

69.7
78.2
72,6

67.0

1947.
1946.
1949.

June

85*8

100.1
100*4
104.3
110.5

83. S

99.9

101.1
105.4
113.0

86.2
87,4

89*8
90.8
92*1

65*8
88.3
66.9

92*4
95.1
99.4

100.3
103.9
109*9

64*9
88.5
67.1

89.3
68.9
90.4
91.5
93,0

88.0
89*1
89.9
91.2

95.7

9U.4
99.1

100.1
100.8
105,2
111.6

92*4

100.0
103.6
106*9

1970.
1971.

783.

INDEX OF CONSUMER PRICES* COMMODITIES LESS FOOD
(1967=1001

AVERAGE FOR PERIOD

,

..

1956.
1957.
1958.
1959.

86.9

87,1

87,3

89.6
91,4
91.6

89.8
91.2
91.9

90.2
91.3
92,2

1960*
1961.
1962,
1963*
1964*

93.4
93.0
93.6
94.1
95.6

93.5
93.1
93.8
94.2
95.5

93.2
93.0
93.9
94.4
95.7

94.1

1965.
1966.
1967.
1968.
1969.

96.2
96.6
96.5

96,1
96.7
98.7

96,1
96.8
98.8

102.0
105*6

102*3
106*2

102.6
107.1

87.2
90.5
91.3
92,4

87.4
90.4
91.5
92.6

93.2

93.2
93.1
94.2

87.7
90.6
91.5
92.9

88.8
90.5
91.4
93.2

66.9
91.2
91.7
93.2

87 1!l

67^4

86. 0

90.6
91.5
93.0

88.3
90.8
91*5
92.9

89. 1

91.4
92.7

91,1
91.9
93.3

89,9
91,3
92.0

90.5
91.4
92.6

90.7
91.5
92.9

93.0
93.5
94.1
94.9
95.6

93.1
93.6
94.1
95.1
95.6

93.0
93.8
94,5
94.9
95.5

93.0
93.7
94.4
95.1
95.5

92.8
93.7
94,3
95.3

93.0
93,6
94.3
95.8

93.2
93.1
94,2
94.5
95.6

94*2

95*6

93,4
93.0
93,8
94,2
95.6
96.1
96.7
98.7

96.3
97.3
99.5

102,3
106.3

103.1
107.6

87.6

90*5

94*5

94*4

95.5

95.6

93.2
93.3
94.2
94.7
95.6

96.2
97.1
99.3

96.3
97.3
99.5

96.3
97.4
99.7

103.0
107.6

103.5
108.0

93*0

102.7
107.3

••

88. 0

95*4

96.0
97.8

96.1
97.6

96.1
98.1

96.1
98.2

96.3
98.3

96.6
98.4

100.0
103.8
108.3

100.5
104.2
108.5

100.8
104.4
106.8

101.0
104,7
109,3

101,3
105.1
109.6

101*5
105*3
110.0

93.0
93.6
95.0
95.6

6B.9
90.9
91.7
93.2

67*6

92.9
93,7
94.3
95,3
95.6

93,1
93.4
94.1
94.8
95,6

90.5
91.5
92.7

96.1
97,9

96.3
98,3

96.2
97.5

100,4
104.1
108.5

101.3
105.0
109.6

100.0
103.7
108.1

1970.
1971.

784.

INDEX OF CONSUMER PRICES. SERVICES
(1967=100)

®
AVERAGE FOR PERIOD
46*0

48*3

46.6
50.4
53.3
56.4

71.8
74,1
77.4
79.6

1960.
1961.
1962.
1963.
1964*

82.2
04.6
06.1
87.7
89.4

82*7

1965.
1966.
1967.
1968.
1969.

91.3
93.6
98.3

102.4
108.6

71.9

74*4
77.7
79.8

72.0
74.9
76,0
80.0

72.4
75.3
76.4
60.4

72.2
74.9

78*2
80.3

72.5
75.5
78.5
80.5

72.7
75.6
78.7
60.8

73.0
76.1
78.9
81.2

73,1
76.3
79.0
81.6

73.3
76.5
79.0

81. -8

73.5
76.9
79.3
81.9

73.8
77.1
79.2
82.1

63.6
65.2
87.0
88,6
90.3

83.7
65.3
87.2
88.7
90.4

83.9
85.5
87.1
88,9
90.4

84.1
65.6
87.2
69.0
90.6

84.3
85.7
87.3
89.2
90.8

84.3
65.9

91.0

92,2
96.0

92.3

92.8
96,7

93,0
97.2

93.2
97.7

93.4
98.0

101*1
107.0
114.7

101.5
107.6
115.3

101*9
108*1
116.1

82.9
84.9
86.4
87.9
89.7

83*1
65.0
86,5
88,1
89.9

83.2
65.1
86.7
68.2

90*0

63.3
65.2
66.8
88.4
90.1

91.5
93,7
96.6

91.6
98.9

91.9
94.8
99.1

92,0
95.1
99.5

92.1
95.5
99.8

102*6
109.4

103.4
110.3

103.8
111*2

104.2
111.7

104.9
112,2

84,7
86.2
87.8
89.5

94*0

100,0
105.6
112,8

96*3
100,4
106.1
113.5

100,8
106,5
114.3

87*4
89*4

48.2
49.5
51,6
55.2
57.2

50.0
52,6
53.8
57,0

56.1
61.2
63.7
66.5
69.0

1956.
1957.
1956.
1959.

48,1
49.0
50,6
54.0
56.7
56.4
61.6
64.5
67.1
69.4

59.1
62.3
65.1
68,1
69.8

63.0
65.9
68.7
70.0

58,7
61.8
64,5
67,3
69.5

70.4
71.9
74.5
77.7

70.9

71.3

72.4
75.2
78.4

72.9
76.1
78.9
81,2

71.6
73,5
76.8
79.1
81.9

70.9
72,7
75.6
78,5
60.8

84.2
65.7
67.3
89.2
90.8

83.5
85.2
86.6
88,5
90,2

79*8

80*4

62.6
84.7
86.2
87.8
89.5

83.2
85.1
86.7
88,2
90.0

91,5
93.8
98.6

92.0
95.1
99.5

102.9
109.5

104.3
111.7

83.7
85.3
87,1
88.7

90*4
92.4
96.3
100. U

106*1
113.5

59*9

46.2
49.1
51.1
54.3
56,9

93,2
97.6

92,2
95,8

101.5
107.6
115.4

100,0
105*2
112.5

1970.
1971.

NOTE:

Sineo In fit shewn hoire, those Gorios have boon
(JUNE 1971)

108




C. Historical Data for Selected Series-Continued
This appendix contains historical data (back to 1945 if available) for selected BCD series.
Data are published here for (a) series which have been added to the report, (b) series which
have been revised, and (c) series which have not been shown here for a long time. See the
"Index-Series Finding Guide" for the latest issue in which historical dot<i were published
for each series. Data are seasonally adjusted unless the symbol (u) (indicating unadjusted

data) follows the series title. Official source agency annual figures are shown if available.
Such figures are often based on data with more digits or on data which have not been sea*
sonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures are shown in the basic data tables of the report
and may be used to update the tables below.

Quarterly

Monthly

Year
Jan.

Feb.

Mar.

Apr.

May

June

Aug.

July

Sept.

Nov.

Dec.

Id

II Q

2 295
3 857
6 271
8 644
11 058

2 370
4 015
6 .444
8 811
11 352

2 103
2 647
•4 641
7 317
9 148

2 111
3 049
5 286
7 910
9 796

66. CONSUMER INSTALLMENT DEBT1
(MILLIONS OF DOLLARS)
1945...
1946***
1947***
1948..*
1949..*

2 110
2 476
4 278
6 799
8 874

2 084
2 560
4 462
6 996
8 981

2 103
2 647
4 641
7 317
9 148

2 080
2 790
4 849
7 630
9 393

2 085
2 925
5 078
7 797
9 624

2 111
3 049
5 286
7 910
9 796

Annual

IIIQ

Oct.

IV Q

END OF PERIOD

2 124
3 190
5 478
8 076
9 956

2
3
5
6
10

126
366
662
252
198

2
3
5
8
10

141
501
807
448
436

2 208
3 670
6 002
8 503
10 729

2 141
3 501
5 807
8 448
10 436

2 370
4 015
6 444
6 811
11 352

2 370
4 015
6 444
8 811
11 352

1950* «• 11
1951..* 14
1952*.* 15
1953... 19
1954..* 22

576
535
091
547
593

11
14
15
20
22

835
614
243
000
683

12
14
15
20
22

116
661
323
540
589

12
14
15
20
22

384
613
545
970
660

12
14
16
21
22

666
551
026
271
538

13
14
16
21
22

043
451
605
488
524

13
14
16
21
22

524
312
976
800
568

13,
14
17
21
22

920
492
174
948
537

14
14
17
22
22

281
591
459
052
533

14
14
18
22
22

411
665
018
258
632

14
14
18
22
22

391
842
450
497
823

14
14
19
22
23

401
979
004
532
083

12
14
15
20
22

118
661
323
540
569

13
14
16
21
22

043
451
605
488
524

14
14
17
22
22

281
591
459
052
533

14
14
19
22
23

401
979
004
532
083

14
14
19
22
23

401
979
004
532
083

1955. «*
1956.*.
1957...
1958.. •
1959..*

512
732
417
408
492

23
29
31
33
33

930
120
'7
64
271
914

24
29
31
33
34

501
457
883
129
326

25
29
32
33
34

021
759
075
026
779

25
29
32
32
35

507
977
305
921
221

26
30
32
32
35

032
157
529
827
707

26
30
32
32
36

477
311
758
806
222

26 966
30 552
32 926
32. 763
36 840

27
30
33
32
37

477
664
078
713
430

27
30
33
32
37

767
839
202
743
950

28
31
33
32
38

066
058
305
793
279

28
31
33
33
38

420
223
341
065
539

24
29
31
33
34

501
457
883
129
328

26
30
32
32
35

032
157
529
827
707

27
30
33
32
37

477
664
078
713
430

26
31
33
33
38

420
223
341
065
539

28
31
33
33
38

420
223
341
065
539

I960.** 38 941
1961.,. 42 247
1962..* 43 264
1963**. 48 345
1964* *• 55 083

39
42
43
48
55

438
187
561
853
734

39
42
43
49
56

869
202
694
371
381

40
42
44
49
56

370
075
390
958
925

40
42
44
50
57

658
105
641
457
619

40
42
45
51
58

995
167
296
021
235

41
42
45
51
58

293
181
691
617
828

41
42
46
52
59

537
262
085
208
357

41
42
46
52
60

834
350
359
708
039

41
42
46
53
60

958
527
787
381
604

42
42
47
53
60

111
764
308
699
921

42
43
47
54
61

245
076
791
428
542

39
42
43
49
56

689
202
694
371
381

40
42
45
51
58

995
167
296
021
235

41
42
46
52
60

834
350
359
708
039

42
43
47
54
61

245
076
791
428
542

42
43
47
54
61

245
06
7'
791
428
542

1965.*.
1966* ••
1967.**
1968. *•
1969*.*

62
71
76
80
89

892
078
309
315
527

63
71
76
60
90

543
718
546
937
173

64
72
76
81
90

415
193
636
578
933

65
72
76
82
91

174
653
826
310
779

65
73
77
83
92

904
217
146
026
574

66
73
77
83
93

668
806
403
883
196

67
74
77
84
93

386
320
801
817
796

68
74
78
85
94

078
727
114
532
494

68
75
78
86
95

698
102
430
479
163

69
75
78
87
95

348
596
821
313
783

69
75
79
88
96

941
989
180
088
198

63
71
76
80
90

543
718
546
937
173

65
73
77
83
92

904
217
146
026
574

68
74
78
85
94

078
727
114
532
494

69
75
79
88
96

941
989
180
086
198

69
75
79
88
96

941
989
180
088
196

23
28
31
33
33

62
70
76
79

210
480
191
579

ee 729

1970* «•
1971...
72. COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING? WEKKLY REPORTING LARGE COMMERCIAL BANKS2
(MILLIONS OF DOLLARS)

1945.**
6 511
1946.*. 7 364
1947.*. 10 475
1 4 . . 13 417
98.
1949. •» 14 055

6
7
10
13
13

388
430
713
358
979

6 283
7 621
11 149
13 371
13 661

1950.** 12 677
1951..* 16 503
1952*.* 19 632
1953... 21 227
1954... 21 000

12
17
19
21
21

764
116
641
277
064

12
17
19
21
21

763
579
761
430
036

12
18
19
21
20

849
079
742
675
967

12
18
19
21
20

936
453
89
0
816
611

13
18
19
21
20

242
646
969
747
650

13
18
20
21
20

619
757
141
778
651

14
16
20
21
19

057
865
190
934
904

1955...
15..
96.
1957...
1958...
1959.**

20
24
28
29
28

529
515
695
171
567

20
24
28
28
28

692
686
720
835
583

20
25
29
28
28

916
414
182
728
620

21
25
29
28
29

049
932
503
554
092

21
26
29
28
29

416
448
650
168
573

21
26
30
28
30

796
799
033
079
042

22
27
30
26
30

244
145
245
039
026

22
27
30
27
30

I960*.*
1961..*
1962***
1963***
1964...

31
32
33
36
38

433
999
582
039
931

31
32
33
36
39

870
966
712
126
195

32
33
33
36
39

093
111
907
251
201

32
33
34
36
39

293
079
121
456
554

32
33
.34
36
39

591
020
269
626
862

33
32
34
36
40

Oil
955
509
740
137

32
33
34
36
40

993
012
740
872
426

1965. ** 43 562
1966..* 53 062
1967*.* 60 701
1966**. 65 .333
1969... 73 450

44
53
61
65
74

616
908
023
595
190

45
54
61
65
74

563
585
592
843
886

46
55
61
67
76

203
022
996
010
283

47' 209
55 877
62 132
67 184
77 457

47
56
62
67
78

718
955
494
664
541

48
57
62
68
79

072
636
824
015
030

6 268
7 864
11 506
13 473
13 605

6 256
8 047
11 592
13 834
13 409

6 410
6 211
11 639
14 065
13. 163

6 454
8 614
11 770
14 385
12 633

AVERAGE FOR PERIOD
6 458
9 044
12 013
14 451
12 711

6
10
12
14
12

787
086
870
213
616

6
8
11
13
13

486
660
810
959
171

14
16
20
21
20

124
663
237
644
069

15
19
20
21
19

492
239
938
383
996

13
18
20
21
20

840
390
173
571:
477

420
393
729
267
569

22
27
30
28
30

628
447
301
034
376

23
26
29
28
31

767
151
686
351
093

22
26
29
28
29

132
716
646
391
924

32
33
34
36
39

632
018
300
608
858

32
33
35
37
40

930
119
032
087
695

33
33
35
38
42

044
308
853
482
143

32
33
34
37
40

601
118
730
079
501

47
55
62
67
77

043
951
207
286
427

49
58
62
68
79

117
674
967
678
.838

51
60
64
71
82

587
212
161
159
551

48
57
62
66
78

082
172
610
178
«98

6 487
9 443
12 250
14 461
12 641

6
9
.12
14
12

498
663
548
356
670

6
10
12
14
12

715
134
904
196
604

7
10
13
14
12

147
260
158
087
573

6 394
7 472
10 779
13 382
13 965

6 311
8 041
11 579
13 791
13 392

14
16
20
21
19

696
968
381
819
753

15
19
20
21
19

027
111
650
640
718

15
19
21
21
19

462
194
031
451
955

15
19
21
21
20

986
411
133
058
314

12 735
17' 066
19 678
21 311
21 033

13
18
19
21
20

009
393
840
746
809

664
418
285
941
456

22
27
30
28
30

977
778
374
122
646

23
27
29
28
30

421
858
969
215
915

23
26
29
26
31

771
199
573
342
076

24
28
29
26
31

110
395
517
496
286

20
2428
28
28

712
872
666
911
657

21
26
29
28
29

32
33
35
37
40

840
131
038
047
839

32
33
35
37
41

956
214
318
341
418

32
33
35
37
41

996
215
635
821
625

33
33
35
38
42

118
280
939
579
066

33
33
35
39
42

018
429
986
045
737

31
-33
33
36
39

799
025
734
139
109

49
58
62
68
79

139
857
875
681
736

50
59
63
69
80

141
328
203
339
748

50
59
63
70
81

812
622
587
163
987

51
60
64
71
82

650
262
065
105
479

52
60
64
72
83

300
532
830
210
186

44
53
61
65
74

581
852
105
590
175

6. 434
9 074
12 019
14 507
12 660

1970...
1971..*
93. FREE RESERVES1 ©
(MILLIONS OF DOLLARS)

AVERAGE FOR PERIOD

1945*.*
14..
96.
14..
97.
1948...
1949.. *

996
1 126
744
938
669

720
807
602
560
600

766
505
698
552
546

571
631
707
700
608

373
606
677
599
601

749
816
650
752
658

1 056
807
689
722
910

701
765
673
750
861

675
736
798
756
847

699
756
783
706
616

575
643
576
655
677

1 157
743
762
663
685

827
813
681
683
605

564
751
678
684
622

811
769
720
743
873

810
714
707
675
726

753
762
697
696
706

1950...
1951...
1952..*
1953.*.
1954..*

900
613
723
-640
636

614
296
330
-672
339

655
471
578
-614
503

593
672
283
-631
626

624
152
65
-353
561

700
664
130
365
711

623
562
-468
366
770

483
412
-383
'-7
725

669
383
95
250
708

775
821
-400
390
636

586
389
-875
198
650

685
169
-870
252
457

723
461
544
-642
559

639
496
159
-206
633

592
452
-252
203
734

749
460
-715
280
582

676
467
-66
-91
627

1955..*
1956..*
1957**.
1958...
15..
99.

369
-255
116
122
-59

270
-267
-126
324
-48

122
-409
-316
495
-140

95
-533
-504
492
-259

212
-504
-444
547
-319

168
-195
-506
484
-513

92
-139
-383
547
-556

-189
-339
-471
382
-536

-286
-214
-466
95
-493

-359
-195
-344
96
-459

-492
-154
-293
20
-433

-245
-36
-133
-41
-424

254
-310
-109
314
-62

158
-411
-465
508
-364

-128
-231
-i440
341
-528

-365
-126
-257
25
-439

-20
-270
-323
297
-353

I960***
1961...
1962* .*
1963. .
.
16..
94.

-375
696
555
375
175

-365
517
434
301
69

-219
466
382
269
99

-194
551
441
313
167

-33
453
440
247
82

37
549
391
138
120

120
530
440
161
135

247
537
439
133
83

414
547
375
91
69

480
442
419
94
106

614
517
473
33
-34

669
419
268
209
168

-320
566
457
315
121

-63
518
424
233
123

tie

260
538
128
102

588
459
387
112
80

116
520
421
197
107

106

36
-107
-4
38
-596

-75
-246
236
-315
-701

-105
-268
175
-413
-644

-180
-352
269
-326
-1 102

-162
-352
297
-341
-1 064

-174
-362
272
-226
-1 074

-134
-390
296
-190
-946

-144
-368
268
-132
-831

-146
-431
160
-167
-992

-83
-222
270
-245
-966

-2
-165
107
-310
-829

22
-132
72
-44
-592

-156
-324
247
-360
-1 003

-151
-373
279
-183
-950

-77
-273
179
-241
-936

-90
-276
194
-207
-871

1965...
1966..*
1967.*.
1968..*
1969. **

-44

-16
144
-480

1970..*
1971...
'This series contains no revisions but Is reprinted for the convenience of the user.
Oata for this series are now averages. of weekly figures, (when last shown here data were for the last Wednesday of the month.)

2




(JUNE 1971)
Beginning with ! -ch 1960, data include loans sold outright.

109

C. Historical Data for Selected Series-Continued
This appendix contains historical data (back to 1945 if available) for selected BCD series.
Data are published here for (a) series which have been added to the report, (b) series which
have been revised, and (c) series which have not been shown here for a long time* See the
"Index-Series Finding Guide" for the latest issue in which historical data were published
for each series. Data are seasonally adjusted unless the symbol © (indicating unadjusted

data) follows the series title. Official source agency annual figures are shown if available*
Such figures are often based on data with more digits or on data which have not been seasonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures are shown in the basic data tables of the report
and may be used to update the tables below.
Quarterly

Monthly
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Nov.

Dec.

id

0.13
5.04
3.58
-1.26
0*35

2.60
3.25
4.27
-1*92
-0.79

5.18
1.51
3.05
-1.31
-0.37

.0.79
1*89
3.56
0.85
-0.90

-2.79

3.97
1.72
3.23
-2.15
-0.42

5.22
1.00
4.57
-2.27
2.84

6.29
2.60
1*22
-4.72
4.31

0.76
6.37
1.40
1.19
-0.09

1.91
4.27
0.83
1.27
-1.54

5.33
0.96
-4.86
1*12
3.23

4.20
4.09
-4.75
1.52
1.93

4.07
2.35
-0.67
1.35
2.54

2,41
5.22
3.15,
-3.15
1*29

3*52
5*54

3.40
-2.60
4.89

0*48

6.95

0.01
3.80
5.76
2.48

1.46
0.78
3.65
9.10
5.32

-1.20
1.79
0.56
5.59
8.03

2.35
0.37
1.91
1.06
0.62

12.02
5.65
3.94
7.90
12*14

8.05
5.93
4*61
$.89
14.87

10.06
5.52
5.74
11.30
5.90

7.80
3.00
9.18
13.26
6.48

11.30
9.14
4.24
4.05
10,70

14*62

0*29

0.78
2.06
2.56
0.77

0.95
2.33
3.12
1.52
3.32

0.06
1.25
2.64
3.03
1*26

0.02
1.55
2.49
2.53
2*81

0.17
1.87
1.96

3*89

0.92
2.11
3.32
1.19
3.65
-0.84
1.72
5*18
2.45
1.91

0.28
1.32
6.74
0.86
3.29

3.12
0.95
1.60
6,08
-0.59

3.87
-0.51
5.08
3.88
0*01

5,07
0.62

1.91
0.83

1.73
0.89
6.43
2.28
1.45

6*13
1.34
1.82
-0.60
7.08

3.48
2.10
1*49
0.36
6.24

3.59
2.63
1.24
0.60
3.95

4.25
1.98
0.43
3.26
3.12

5.24
4.15
2.64

6*12
2.80
2.58
-1.21
5.51

1*84
2.84
6.25

1*61
.3.74
5.80
6.311
7. 45

5.40
-0.17
3,27
6.32
7.81

4.42
-0.14
5.61

8.00
7.11
2.23
7.03
8.34

9*44

9.60

0,38
0.38
0.38
0.99
1*16

0.38
0.38
0.38
1.00
1*16

0.38
0.3B
0.72
1.04
1.02

0.38
0.38

1*12
1.40
1.64

1.17
1.53
1.68

U35
U65
1.92
1.49
1*04
2*35

112. NET CHANGE IN BANK LOANS TO BUSINESSES 1
{ANNUAL RATEi B I L L I O N S OF DOLLARS)
19U5...
1916***
1947...
1948...
1949...
1950***
1951...
1952* f *
1953***
1954...
1955...
1956**.
1957...
1958...
1959.**
1960...
1961.**
1962.*.
1963.**
1964*.*
1965...

1966. .»
1967***
1968...
1969...

0.33
2.60
2*58

-1.48
0.79

2; 86

3*11
-0.38

-0.71
-0.91

1.25
6.20

1*04
7.36
0.11

2*63

1.13
-0.70

0*60

2*58
4*86
3*60

1.96
2.05
0.30
-4.03
0.19

-4.15
0*8S

0.64
-0.23
1*84
0*64

-1.37

9.90
9*14
2.03
6*04
14*88

0.77

£.24
-0.40
1.56
1.04
3.17
12*67

10*15
3.86
3.14
8.83

-1.26

i.es

0.53

1.97

4*84

0*56

1.57
3.84
-3.96

2.29
5.23
0.16
-1.42

-0.18
2.92
4.28
1.22
-3.07

-0.14
2,20
1.03
4.33
-2.35

2.77
-2.95

-0.01
5.56
1*44
1*34
-0.34

1*03
6.00
-0.23
2.94
-0.83

1.04
4.49
0.80
1.69
-1.87

3.67
2.32
1.92
-0.83
-1.93

2*69

8.74
5.S4
-1.28

1*60
6.22
3.85
-2.09

2*84

3*26

4.40
6.19
1.76
-4.63
5.77

4.56
4.21
4.60
-1.07
5.63

2*68

2.40
-0.38

3.58
-0.7*
1.78
2.02

5.04
-0.78
2.88
1.3.7
3.06

-0.22

6*11
12.94
4.34
5.76
13.01

4.25
10.60
3.96
4.21
5.87

1.74
2.34
1.50
0.07
11.34
8*12
6.83
2.98
8.35

•2.57

2.48
4.24

3*94

7.68

10*96

5*24

10.26
1*63
2.09
14.09

4.85
14*00

16.76

4.52
1.33
2*06

0.37
0*01
5.38
4.15
2.54
-0*48

-0.19
0*68

2.77
1*58
3*49

0*64
4*43

2*99

2.77

1.46
-2.06

-0*55

5.26
1.30
0.59
1.87

7*67

-0.23

1*24
2*29

-1*38
-0*61

5.04
3.28
0.48
-1.16
5.16

3.76
4.32
1*07
2*17

-1.84
1.43
3.58
2.10
4. ,93

1.39
1.00
3.36

12*80

12.23
0..61
7.99
8.47

it Q

III Q

tVQ

AVERAGE FOR PERIOD

-0.24
5,52

"10.16

Annual

Oct.

Sept.

2*28

3*53

0.51
2.36
1.96
2*77

0.31
4.93
2.44
i.58
-2.09

2*64

3.27
3.63
-1.50
-0.27

0.67
3*11
2*90

0.93
-1*51

U29
U65
0.29
-3,59

-3*05

2.24

3.41
3.43
1.72
-0.08
-0.74

4,73
3.92
1*36
0.17
2.42

4.53
2.47
-3.43
1.50
2.57

3.60
4.26
1.12
-1.02
2.79

3.67
-0.62
2*41
1.96
3.75

-0,22
1*04

0*25

1.64
0*41
2.56

2.40
5*12

0.86
2.67
6.82
5.28

8.25
9.48
3.61
7.28

9,69
9,49
£.84
6.70
8.83

8.64
U.82
6.51
11*46
9.75

i>.82

3*24

5.16
1.77
3*01

3*06

3.69
9.47
6.23
4.30
7.38
10.98

1970.. *
1971...
113. NET CHANGE IN CONSUMER INSTALLMKNT DEBT 2
( A N N U A L RATE* B I L L I O N S OF DOLLARS?
1945..*
1946***
1947...
1948...
1949...
1950* ••
1951...
1952* * »
1953.**
1954*.*
1955* ••
1956...
1957...

0.07
1.19
2*76

3.13
0.64
2*77

1.37
1.45
6.47
-0.78
3.86
3.74

1958. * »

2*33
0*80

1959...

5*12

I960.,.
1961***
1962.*
1963*.
1964.*

4*82
0*02

1965*.
1966..
1967*.
1968**
1969*.

8*02

2.26
6* 65
7*86

6.47
2.42

-0.16
1.42
2.72
2.6S
1.37

0.28
1*13
2.44
3.31
1.76

-0.13
1.72

0.05
1.55

2*62

2*46

3.19
2*63

3.44
0.79
2.04
0*16

3.16
0.70
1.31
6.50
-1.16

5.02
4.66
3.08
-1.64
5.06

5*23

5.96

-o.?a
3.56
6.10
7.8H

8.18
7.18
1.42

4*79

8*83

7.69

9.50

AVERAGE FOR PERIOD

2.38
3.12

0.20
1.39
2.40
2.03
2.68

0.17
1.64
2.03
2.54
2.44

3.18
-0.49
2.78
4.79
0.34

3.73
-0.47
5.58
4.01
-0.56

4.70
-0.58
6.89
2.83
0.26

6.36
-1.45

6.85
4.04
2*51
-1.70
4.97

6.24
3.62
2.30
-1.21
5.41

5.83
2.62
2.76
-1.28
5.30

6.30
2.16
2.69
-1.13
5.83

5.34.
1.85
2.75
-0.25
6.18

2,02
-0.52
7.42

5.41
0.18
4.00
6.22
7.76

5.77
-1.52
5.95
7.04

3.46
0.36
5.41
5.99
8.33

4.04
0.74
5.46
6.77
7.39

3.58
0.17
4.74
7.15
7.12

2.93
1.21
4.73
7.09
6.35

3.56
0.82
3.29
8*18

1*49
2.12
5.14
8.08
6.78

7.81
7.68
2.84
7.46
7.75

10.46
5.70
1.08
7.69
9.12

9.11
5.52

8.76
6.77
3.84
8.59
9.54

9.41
7.09
3.08
10.28
7.46

8.38
6.14
4.78
11.21
7.20

8.30
4.88
3.76
8.58
6.38

7.44
4.50
3.79
11.36
8.03

7.80
5,93
4.69
10.01
7.44

7.12
4.72
4.31
9.30

6*53

2*28

8.78
10 . 15

4*44

3.70
0.74

0.06
2.08
1.98
2*38

2.76
4*48

1*80
2.58
2.15
0.29
5.87
2*89

1*90
1.87
2.52
2.68
4.37
1.50
3*86

6*00

6*22

3.80

4*98

-0*85

5.05

6*60

7.42
6.00
2.40
8*35

2*48

2.69

3*63

2.59
0.62
5.78
2*03

2.20
-0*46
6*89

0.88
2.17
3.00
1.16
3.62

0.29
1.71
2.52

0.39
1.31
6.12
1.86

3.11
0.59
4.11

3*22
3*77
2*24

1.05
1*41
4.44

2*30

2.60

3*60
0*56

5.23
2.6Q
2.12
-0*28.

5.47

3,36
0.73
4.25
6.75
7.22

5.73
6.01

3.71
0.83
4.72
6.64
7.11

8,70
6.04
3.87
10.02
7.68

7.45
5.05
4.26
10.22
6.82

8.40
6.05
3.19
8*91
8.11

1.65

a. 90
6*68

1970***
1971*..
2
114* DISCOUNT RATE ON NEW ISSUES OF 91-DAY TREASURY BILLS
(PERCENT)

1945.**
1946..
1947*.
1948.*
1949* •

1950. .
1951*.
1952*.
1953.*
1954**
1955***
1956***
1957..*
1958***
1959.**

0*38

0.38

0.36
0.38
0.38

0.38
0.38
0*38

0*38
0*38
0*38

0*99

0.30
0*30

0.38
0.38
0.38
1.00
1*16

0.38
0*38

0.38
0.38
0.79
1.09
1.06

0.36
0.38
0.84
1.12
1.04

0.38
0.38
0.92
1.14
1.06

0*38

1.21
1.64
1.88
2.09

1.32
1.65
1.79
1.88
1*01

1.33
1*61
1.78
1.40
0.99

1.36
1.61
1.66
1.43
0.95

1.37
1.73
2.13
1.63
1.17

2.09

2.26

2*85
3*58
2*48
4*00

2*96

3.59
2.79
4.12

2.22
3.00
3.34
2.76
4.21

2.56
3.23
3.10
2.61
4.57

2.29
2.40
2.84
3.32
3.51

2*49
2*30

2.43
2.35
2.75
3.45
3.58

2.36
2.46
2.80
3.52
3,62

3*91
5.36
4.45

4.03
5.39

5*20

5.33
7.04

4.08
5.34
4.76
5.49
7.19

1*16

1.16

1.00
1*16

1.00
1.16

1.09
1.39
1*69
2.04
1*21

1.12
1.39
1.57
2.02
0.98

1.14
1.42
1.66
2.08
1*05

1*16
1*52
1*62
2*18
1.01

1.17
1.50
1.71
2.20
0.78

1.17
1*50
1.70
2.23
0.65

1.17
1.59
1.82
2.10
0.71

1*26

U18
2.37
3.16
1.56
2.71

1*34
2.31
3.14
1.35
2.85

1*62
2.61
3.11
1*13
2.96

1.49
2.65
3.04
1.03
2.83

1.43
2.5.3
3,32
0.88
3.25

1*62
2.33
3*16
0.96

3.44

3.24
2.33
2.74
2.91
3.48

3.39

2.64
2.36
2.72
3.00
3.48

2*40

2*42
2*72

3,81
4.54
3.48
5.54
6.49

3*83
4*86

3.84

4.31
5.38
7.00

4.26
5.10
7.01

2*46

3.21
2*60
2*64

I960.**
1961**
1962*.
1963**
1964.*

4.44
2.75
2.91
3.53

3.9S
2*41
2.75
2.92
3.53

1965*.
1966*.
1967*.
1968.*
1969**

3.83
4.60
4.76
5.08
6*18

3.93
4.67
4,55
4.97
6.16

2*30

2.90
3.55
3.94
4.63
4.29
5.14
6*08

3.93
4.61
3. 85
5.36
6.15

2*29
2*69

2.92
3.46
3.90
4*64

3.64
5.62
6*08

0.64
1*00
0.98

3*24

2.27
2.94
3*14
3*48

AVERAGE FOR PE.RIOD

0.36
0.38
0.74
1.03
1.02

0.3B
1.00
1 , 15>

0*38
0*97

®

0*89

1*88
2.61
3.40
1.69
3.36

4*93

2.79
3*36

3.53

7.13

4*59

0.38
0.95
1.15
1.10

2*05

2*20

1.08

0.61

1*23
1.63
1.63
2.02
0.67

1.26
2.38
3.17
1*84
2.80

1.51
2.60
3.16
1.02
3.02

1*86
2.60
3,38
1.71
3,53

2.27

3*94

2*62

2.38
2.74
2*91
3.54

3*09
2*33

2,39
2,32
2,86
3,28
3,51

2.86
3*52

3.86
4.36
5.01
5*01
5.92
7.72

3.90
4.63
4*53

5.06
6.14

2.72
2.94
3.46
3*66

4.60
3.66
5.51
6.24

3.86
5.05
4,35
5*23
7*05

0*90

1.14
1.07

3.06
3.34

0.36
0.3§
0.60
1.04
1*10
1.22
1.51
1.77
1.94
0.9J5

1.75
2.66

a. 79

3*26

4.30

1*84
3.41

2.36

2»9§

2*48
2*80
3*50

3.69
4*16
£.25
4.79
5.56
7.32

2.38
2. 78
3.16
3.55
3.95
4*88

4.33
5.34
6*69

1970...
1971...
'This oorlos eontains scattered revisions and has been carried baek to 1945. Beginning with March 1909, data Include loans sold outright.
Thifl oorloo eontaina no revisions but is reprinted for the convenience of the user.

a

(JUNE 1971)

110




C. Historical Data for Selected Series-Continued
This appendix contains historical data (back to 1945 if available) for selected BCD series.
Data are published here for (a) series which have been added to the report, (b) series which
have been revised, and (c) series which have not been shown here for a long time. See the
"Index—Series Finding Guide" for the latest issue in which historical data were published
for each series. Data are seasonally adjusted unless the symbol ® (indicating unadjusted

data) follows the series title. Official source agency annual figures are shown if available.
Such figures are often based on data with more digits or on data which have not been seasonally adjusted; therefore, they may differ slightly from annual figures based on the monthly
or quarterly data shown here. Current figures ore shown in the basic data tables of the report
and may be used to update the tables below.

Monthly

Quarterly

Year
Jon.

Feb.

Mar.

Apr,

June

May

813. COMPOSITE INDEX OF

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

tito

IV Q

AVERAGE FOR PERIOD
...
...

102.8

102.5

101.3

91.1

89.9

1950* ••
1951..*
1952*.*
1953...
1954***

93.1

93.5

107.1
101. 9
107.0

1

MARGINAL EMPLOYMENT ADJUSTMENTS
(1967=100)

1948*.*
1949*.*

A

101.7

" "*
...

. .
.

...
...

100.0

97)0

• *•
•*
100 !l
88*8

99.9
89.0

99.0
66.9

97.8
89.2

94.2
92.5

102^2

101.2

87,5

99.4
89,4

89,5

86,9

86.6

90.2

105.1

107,7

106.9

105.6

99.3

106.6

99.4
96.5

97.5

97.4

99.1

98.1

106.6

108.3

99.7

101.7

104,9
100.0
107.8

103.5

101.2
90.5

96.0
90.5

93.3
92.4

92.4
94.9

90.9
95.8

104.7

90.1

98.6
90.6

107.3
101.7
106*9

104.3

101.9

104.6
101.0
107.3

94.0

98.5

104.6
100.0
107.7

89.4

89.3

93.6
90.5

92.2
94.4

99.6
96.5
94.6
86.7
96.9

98.5
96.9
94.9
87.9
95.6

100.0

100.6

101.3

102.0

101.2

100.3

100.0

97.9
90.9
90.3
93.9

99.6
68.9
91.0
91.2

98.6
87.1
91.6
92.4

98.2
86.4
93.1
95.9

97.4
95.0
84.8
97.4

96.9
87.5
92.0
93.2

98.1

89.2
94.8

99.7
97.5
92.7
89.1
94.8

101.5

97.6

98.4
98.6
97.8
83.7
95.5

90.9
90.7
94.4
95.5
97.7

90.0
91.7
94.4
95.5
97.9

69.5
92.0
93.8
94.8
98,2

86.9
92.0
94.1
95.4
97.9

87.8
93.8
94.1
95.8
97.4

86.5
94.8

95.2
94.7
97.3

93*4
95.0
98.6

85.9
94.0
93.6
95.3
99.1

94.3
87.0
94.9
94.0
95.7

91.3
90.3
95.1
95.1
97.4

89.5
91.9
94.1
95.2
98,0

86.7
94.2
93.7
95.4
96.4

90.8
94.5
94.9
97,4

100.7
106.7

100.8
106.7

101.3
105*4

J.00.5
J.04.1

99.1

99.8

103,6
103.6

J.03.2
1,03.0

103.6
103.6
101.7
104.2
101.2

103.7
102.9
101.4
104.2
100.4

98.6

102.8
104.0

102.5
104.8
101.2
103.9
101.9

99.5

102.5
104.7

101*5
105.4
100.8
103.3
102.6

100.9
106.3

99.0

100.1
105.4
100.7
102.9
102.3

100.4
105.6

97.8

101.6
103.7

103.0
104.1

100.7
105.0
100*4
103.1
102.6

103.3
103.8
101.4
104.1
101.2

101*3
105,2
100.0
103.0
102.9

...
* .*

...

100.8

101.2

87.5

86.4

86.3

87.9

95.4

97,1

99.7

107.7
101.9
106.9

107.2
101.3
106.8

106.6
100.5
106.4

104.1
100.2
104.1

100.6
102.3

89.7

69.2

89.4

86.4

89.5

97.1

99.6
98.3
97.5
82.9
97.2

100.5

100.7

98.3
84.5
93.6

98.6
98.0
97.6
83.6
95.7

96.6
96.0
83.2
97.6

97.1
94.4
84.5
97.6

I960...
1961...
1962***
1963...
1964...

96.1
86.1
94.5
93.5
94.9

94.5
86.4
94.5
94.3
95.6

92.3
88.5
95.8
94*1
96.6

91.3
89.7
95.8
95.2
97.2

1965* ••
1966***
1967..*
1968...
1969...

100.0
104.4
101.5
101.5
103.6

100.5
105.5

100.8
107.0

99.7

97.3

101.7
103.5

101.7
103.9

1955..*
1956* •*
1957*.*
1958**.
1959*.*

100.0

91.7

90*4

100.7

92*4

101.2
102.4
102.7
100*6
90.9

93*2
87.4
95.2

90*4

1970...
1971...
817. COMPOSITE INDEX OF SENSITIVE FINANCIAL FLOWS
(1967=100)

AVERAGE FOR PERIOD
...
...

1948...
1949**.

92.6
89.8

1950* * *
1951.*.
1952. •*
1953...
1954..*

99.5
94.3
98.6
96.3
94.1

99.3
97.0
98.2
93.7
94.7

94.6
99.3
99.3
93.2
97.1

96,6
96.2
95.4

99.1
95.4
94.2
94.6

100.1

97.8
94.6
93.4
95.4
98.4

95,6
95.7
91.4
97.7
94.4

98.0
95.7
93.4
95.3
98.1

95.1
94.4
97.7

95.5
95.4
97.0

93.7
97.2
99.8

94.8
95.3
97.9

100.4

100.5
101.5

100.6
102.9

102.2
101.5

100.7
101.6

103.4
104.7

103.6
100.9

104.9

104.7

99.0

95.9

97.9

99.8

102.5
105.5

105.1
105.6

101.2
104.7
102*4

101.1
107.6
101.2

104*1
100.1
100.0
105.0
103.7

92.6
93.2

94.0
91.6

93.6
92.2

93.0
92.6

90.3
94.5

90.0
95.3

69.6
95.9

91.6
91,4

91.4
93.9

97.2
96.1
97.2
97.5
91.7

96.4
96.3
96.2
97.4
92.5

99.5
95.2
95.3
99.6
89,2

99.2
94.2
96.2
98.4
93.2

99.6
93.9
99.5
96.0
92.7

99.8
94.7

100.9

98.6
98.3
97,5
93.2
94.3

98.4
98.3
98.6
93.1
95.3

95.6
99,5

100.8

100*8

94.6
98.7
98.7

93.1
96.4

93.7
99.7
98.5
93.8
96.8

96.2

98.4
95.9
96.2
98.2
91.1

1955...
1956* *.
1957...
1958...
1959...

99.5
96.7
94.6
92.9
98.8

99.1
97,3
94.7
92.7

99.5
96.8
94.4
94.5
99.5

98.9
96.2
94.4
93.9

100.1

98.9
95.5
94.0
95.5
99.5

97.8
94.5
92.6
96.1
96.3

94.6
95.9
91.9
97.1
95.7

95.7
95.9
91.5
97.2
94.1

96.4
95.2
90.9
96.9
93.4

99.4
96.9
94.6
93.4
99.5

I960*.*
1961*..
1962...
1963.*.
1964.**

94.4
93.9
96.3
99.9
99.5

95.5
94.3
97.3
99.5

94.7
94,5
97.8

93.6
97.3

97.6
99.5

95.4
94.1
98.3

93.5
97.6
99.8

100.9

100.8

100.4
100.5

100.2
101.8

95.1
94,4
97,1
99.6

1965**.
1966* .*
1967*. *
1968* * •
1969...

103.2
105.1

103.5
104.5

103.5
104.5

104.0
102.4

96.6

98.2

99.0

98.2

101.4
105.9

102.7
106*2

103.4
104.5

104,4
105.3

106.2
105.7

100*1

95.4

94*9

99.5
94.6
94.2
94.5

97.3
94.3
94.3
95.5

100.8

100.5

98.2
95.1
93.4
94.7
96.4

95.1
97.1

95.7
94.7
96.9

95.6
95.6
96.9

95.3
95.8
97.3

93.9
96.8
99.4

100,6
102*2

100.6
102.8

100.5
102.8

100.6
103.1

103.6
102.0

100.1
101.8
100.2

103.3
101.1

103.4

105.8

104.8

104.9

99.0

97.9

96.5

96.3

94.8

102.1
104.7
105.7

104.2
100.1
101.0
105.0
102.1

104.6

99.1

101*9
105.1
102.5

100.7
104.0
102.7

100.5
106.7
102.6

101.7
107.5
101.9

101.1
108.7

94*6

99.1

92*8

101.3
102.4
104.5

99.1

* **

92.1

91. U

91.3
94,2

94.5
96.3

• **
91.7
93.2

90.4
94.4

94.3
98.5
94.8
94.6

93 '.6

90.0
95.2

90.5
93,0

91.8

.**
• **

* **

98*0

94*3

1970..*
1971...

Since last shown here, these series have been revised <




the en-ire period.

(See New Features and Changes for this issue.)
(JUNE 1971)

111

E. Business Cycle Expansions and Contractions in the United States: 1854 to 1961
Duration in months
Contraction
(trough from
previous
peak)

Business cycle reference dates

Trough

Cycle

Expansion
(trough to
peak)

Trough from
previous
trough

Peak from
previous
peak

Peak

December 1854
December 1858
June 1861
December 1867
December 1870
March 1879

June 1857
.October 1860
.April 1865
June 1869
.October 1873
March 1882

May 1885
April 1888
May 1891
June 1894. . .
June 1897
December 1900

(x)

(X)

18
8
32
1
1
65

30
22
46
1
3
34
36

(X)
48
30
78
36
99

40
54
30
52
101

.March 1887
July 1890.
January 1893
December 1895
June 1899
.September 1902

38
13
10
17
18
18

22
27
20
18
24
21

74
35
37
37
36
42

60
40
30
35
42
39

August 1904
June 1908
January 1912
Decemb$r 1914
March 1919
July 1921

•May 1907
January 1910
January 1913 •
.August 1918
January 1920
.May 1923 . .

23
13
24
23
7
13

33
19
12
44
10
22

44
46
43
35
51

23

36
67
1
7
40

July 1924
November 1927
March 1933
June 1938
October 1945
October 1949

.October 1926
.August 1929
May 1937
February 1945
• November 1948
July 1953

14
13
43
13
8
1
1

27
21
50
80
37
45

36
40
64
63
88
33

41
34
93
93
Z5
56

August 1954
April 1958
February 1961
"November 1970

July 1957
.May 1960 , .
^November 1969

13
9
9

35
25
105

TxT

4g
34
14
1

i
i

5&
44
34
17
1

Average, all cycles:
27 cycles, 1854-1970 .
11 cycles, 1919-1970 .
5 cycles, 1945-1970..

19
15
1
1

33
42
49

52
56
60

Average, peacetime cycles;
22 cycles, 1854-1961 .
8 cycles, 1919-1961..
3 cycles, 1945-1961.,

20
16
10

26
28
32

45
45
42

36

3a

w
1&
^60
59

3

4
5
6

46
48
42

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.
^Tentative and subject to revision as more information becomes available.
1>
2 26

cycles, 1857-1969.
10 cycles, 1920-1969.

'Source; National Bureau of Economic Research, Inc.

112



3
4

5 cycles, 1945-1969.
21 cycles, 1857-1960.

5
7 cycles,
6

1920-1960.
3 cycles, 1945-1960.

INDEX
Series Finding Guide
(See table of contents (page i) for chart and table titles)
Current issue
(page numbers)

Series titles (shown in chart/table sequence)
(See complete titles in "Titles and Sources of
Series, " following this index)

Charts

Tables

Historical
Series
data
descriptions
issue date) (issue date)

Series titles (shown in chart/table sequence)
(See complete titles in "Titles and Sources of
Series," following this index)

9,21,38
9,21,38,56

700 GNP in current dollars
PWP in 1QKR rlftllar<;

A2. National and Personal Income
220 National income current dollars

224. Disposable personal income, current dol
225. Disposable personal income, constant dol ...
226. Per capita disposable personal income,
227. Per capita disposable personal income,
constant dollars

5,65,71
5,65,71,87

'70
'70
'70
'70
'70

Oct. »69
Oct. '69
Oct. '69
Oct. '69
Oct. '69

9
9

5,65
5,65
5,65

Due.
Doc.
Doc.
Oat.
Orb.

10
10
10
10

5,65
5,65
5,65
5,65

Oct.
Oct.
Oct.
Oct.

'70
'70
'70
'70

Oct.
Oct.
Oct.
Oct.

'69
'69
'69
'69

10

5,65

Oct.

'70

Oct.

*200.
*205.
*47.
*52.
53.
*56
57.
*54

9,21,38
GNP in current dollars
9,21,38,56
GNP in 1958 dollars
"21,38,63
Industrial production
21,38
Personal income
Wages, salaries in mining, mfg., constr . . . 21
22,38
Manufacturing and trade sales
22
Final sales
22,38
Sales of retail stores
»

'69

............. 9

217 Per capita GNP in 1958 dollars

10

A3. Personal Consumption Expenditures
230. Total, current dollars

231.
232.
233.
234

Tables

B2. Production, Income, Consumption, Trade

Al. Gross National Product

210 Imolicit orice deflator •

Charts

Series
Historical
data
lescriptions
(issue date) issue date)

B. CYCLICAL INDICATORS-Con.

A. NATIONAL INCOME AND PRODUCT

9n<\

Current issue
(page numbers)

1
1
11
Total, constant dollars
1
1
Durable goods, current dollars
1
Durable goods, exc. autos, current dollars. . . 1
1
1
Automobiles current dollars
1
1
1
1

5,65

Oct.

'70

Oct.

'69

5,66
5,66
5,66
5,66
5,66
5,66
5,66

Oct. '70
Nov. '70
Nov. '70
Nov. '70
Nov. '70
Nov. '70
Nov. '70

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

'69
'69
'69
'69
'69
'69
'69

12
12
12
12
12
12,26

5,66
5,66
5,66
5,66
5,66

Nov. '70
Kov. '70
Nov. '70

5,66,74

Fov.
Fov.

'70
'70

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

'69
'69
'69
'69
'69
'69

13,47
13,49
13,49

5,67
5,67
5,67

Nov.
Kov.
Kov.

'70

14
14
14,53
14

5,67
5,67

llov. '70
llov. '70

6,65,71
6,65,71,87
6,71,99
6,71
6,71
6,71
6,71
6,71

Dec. '70
Dec. '70
Apr. '70
Aug. '70
Aug. '70
Nov. '70
Aug. '70

'69
'69
'68
July '68
July '68
Feb. '69
July '68

Oct.
Oct.
Nov.

June '71

33. Fixed Capital Investment

*12 Index of net business formation .......... 23,36
23
13 New business incorporations
23,36
*10. Contracts and orders, plant, equipment . . .

6,72
6,72
6,72
6,72
6,72

11.
24.
9.
28
*29.

New capital appropriations, manufacturing. 24
New orders, producers' cap. goods indus . .24
24
Constr. contracts, com. and indus
24
Private housing starts totai
24,36
New bldg. permits, private housing

6,72
6,72
6,73
6,73
6,73

Aug.
Nov.

Apr. '71

Apr. '69

96.
97.
*61.
69.

Unfilled orders, durable goods industries.': 25
Backlog of capital approp., manufacturing . 25
Business expend., new plant and equip . . •25,39,40
Machinery and equipment sales and
25
business construction expenditures

6,73
6,73

Nov. '70
Aug. '70
Apr. '70

Sep.

'68

7,73,79

Nov.

'68

7,73

Nov.

'70

Sep.

'68#

7,66,74

Nov.
Nov.

'70
'70

Oct.
Feb.

'69
'69

Sep.

'68

23,36

23

June '71
Apr.
Nov.

'71
'70

Sep.

'68

Nov.

'70

Sep.

'68

'70
'70

Sep.

'68

June '71
June '71

A4. Gross Private Domestic Investment

240.. Gross private domestic investment, total
241 Nonresidential fixed investment

li'ov. '70

A5. Foreign Trade

253 Imports of goods and services

'70-

'70

May '69
'May '69
May '69

Federal, State, and local governments
Federal Government
National defense
State and local governments

5,67,85
5,67

Nov.
Dec.

'70
'70

Oct.
Oct.
Oct.
Oct.

'69
'69
'69
'69

A7. Final Soles and Inventories

15

271. Change in business inventories, durable
274 Final sales nondurable goods
275. Change in business inventories,
nondurable goods

5,67

])ec. '70

Oct.

'69

15
15.

5,67
5,67

Dec. '70
Dec. '70

Oct.
Oct.

'69
'69

15

5,67

]3ec. '70

Oct.

'69

A8. National Income Components

282
284
286.
288

Proprietors' income
Rental income of persons
Corp. profits and inventory valuation adj
Net interest

A9. Saving
290. Gross saving, private and government
292. Personal saving
294. Undistributed corporate profits plus

245.
*31.
37.
20.
26.

12,26
Change in bus. inventories, all indus
26,37
Change in mfg. and trade inventories
Purchased materials, higher inventories . . 26
Change in materials, supplies inventories . 26
26
Buying policy, production materials

7,74
7,74
7,74
7,74

32.
25.
*71.
65.

27
Vendor performance, slower deliveries . . .
27
Change in unfilled orders, dur. goods
27,39
Book value, mfg. and trade inventories . . .
Book value, mfrs,' inven., finished goods . 27

7,74
7,74
7,74
7,74

June ' 71
Nov.

'70

June "71
June '71

'70
'70
'70

Sep. '68
Feb. '69
Sep. '68

Apr. '71

Apr. '69

July '70

May '69
July '68

Nov.
Nov.
Nov.

B5. Prices, Costs, and Profits

A6- Gov. Purchases, Goods and Services

260.
262.
264
266.

B4. Inventories and Inventory Investment

16
16
16
16
16

5,67
5,67
5,67
5,68
5,68

Dec.
Dec.
Dec.
Dec.
nee.

'70
'70
'70
'70
'70

Oct.
Oct.
Oct.
Oct.
Oct.

'69
'69
'69
'69
'69

17
17

5,68
5,68

Dec. '70
Dec. '70

Oct.
Oct.

'69
'69

17
17
17

5,68
5,68
5,68

.'Dec. '70

Oct.
Oct.
Oct.

'69
'69
'69

:0ec. '70
:0ec. '70

*23 Industrial materials prices
*19 Stock orices 500 common stocks
*1fi Pnrnnratp nrfifite flftpr tflXPS

22. Ratio, profits to income originating,
*17 Ratio price to unit labor cost mfg
55. Wholesale prices, indus. commodities
58. Wholesale prices, manufactured goods
68. Labor cost per unit of gross product,
*62 Labor cost oer unit of output mffi
B6. Money and Credit
98. Change in money supply and time deposits
OS. tnange m man y VPiy

*I13. Change in consumer installment debt ....

28,37
28,37
28,37

7,75
7,75
7,75

Aug.

28
28
28,37

7,75
7,75
7,75

Aug. '70
Apr. '71
Aug. '70

29

7,75

29,55

7,75,86

June '71 June '69
June '71 June ' 69

29

7,75
7,75

Aug. '70
Aug. '70

Nov.

'68

7,76
7,76
7,76
7,76

'71
'71

Aug.
Aug.

'68
'68

June '71
June '71

29,39

30
30
30
30,37

Jan.
Jan.

'70

July '68
Mar.
Nov.

'69
'68

July '68

July '64

30
110 Total private borrowing .............. 31
31
14 Liabilities of business failures
31
39. Delinquency rate, installment loans

7,76
7,76
7,76
7,76

June ' 71 July '64
Apr. '71 July '64
June '71

32
32
32
32

7,77
7,77
7,77
7,77

June
June
June
June

7,77
8,77
8,77
8,77
8,77

June '71 July '64
June '71
June '71

114 Treasury bill rate

Apr. '71

' 71
' 71 July '64
'71 July '64
'71 July '64

B. CYCLICAL INDICATORS
B1. Employment and Unemployment
*i. Average workweek prod workers rnfg

21. Avg. wkly. overtime hrs., prod, workers, mfg.
*5. Initial claims, State unemploy. insurance . .
49 Nonagricultural job openings unfilled
*41. Employees on nonagri. payrolls
42. Persons engaged in nonagri, activities

6,69
6,69
6,69
6,69
6,69
6,69

Aug.
Aug.

19
19
19
19,38
19

6,69
6,69
6,70
6,70
6,70
6,70
6,70
6,70
6,70

June '70

20,38

45. Avg. .weekly insured unemploy. rate
40. Unemployment rate, married males
*44. Unemploy. rate, 15 weeks and over

20
20
20,39

June
Aug.

June
Aug.

:Dec. '70
Aug. '70
Aug. '70
Apr. '71
Apr. '71
Dec. '70
Apr. '71
Apr. '71

*Series preceded by an asterisk (*) are on the 1966 NBER "short list" of indicators.




'70 Aug. '68
'70
'70 June '69
'70 Aug. '68
'70 June '69
'70 Aug. '68

18,36
18
1
8
18
. 18,36
18

June '69
Aug.
Aug.

'68£

'68

June '69

117.
66.
*72,
*67,
118.

32
Municipal bond yields
33
Consumer installment debt
Com. and industrial loans outstanding ... 33,39
33,39
Bank rates on short-term bus. loans
33
Mortgage yields, residential

B7. Composite Indexes
810. 12 leading indicators, reverse trend adj.. 34
811. 12 leading indicators, prior to reverse
35
trend adjustment
830.
813.
814.
815.
816.
817,

6 lagging indicators
Marginal employment adjustments
Capital investment commitments
Inventory investment and purchasing
Profitability
Sensitive financial flows

34
34
35
35
35
35
35

Apr. '71
Mar. '70

July '64

6,78

Feb.

'71

Aug.

'70

78

Feb. '71
Feb. '71
Aug. '70

Aug.
Nov.
Nov.

'70
'68
'68

6,78
6,78
6,78
6,78
6,78
6,78
6,78

June '71

'71
'71
'71
June '71

Feb.
Feb.
Feb.

#The "number" for this series title was changed since the publication date shown.

113

Series Finding Guide-Continued
(See table of contents (page i) for chart and table titles)
Current issue
(page numbers)

Series titles (shown in chart/table sequence)
(See complete titles in "Titles and Sources of
Series," following this index)

Tables

Charts

Series
Historical
data
descriptions
(issue date) (issue date)

Current issue
(page numbers)

Series titles (shown in chart/table sequence)
(See complete titles in "Titles and Sources of
Series," following this index)

Charts

Tables

D. OTHER KEY INDICATORS-Con.

C. ANTICIPATIONS AND INTENTIONS

D4. Price Movements

C1. Aggregate Series
25,39,40
41
41
41
41

410 Manufacturers' sales total
412. Mfrs,' inventories book value

420. Household income compared to year ago — 42
425. Probability of change, household income . . . 42
42
42

435 Index of consumer sentiment

Series
Historical
descriptions
data
(issue date) (issue date)

73,79
79
79
79
79

Apr.
Jon.
Jan.
Jan.
Jan.

79
79
79
79

Jan.
Jan.
June
Jan.

'70
'71
'7.1
'71
'71
'71
'71
'70
'71

Nov.
.Nov.
Nov.
Nov.
Nov.

'68
'68
'68
'68
'68

Nov.
Mov.
Nov.
Nov.

'68
'66
'68
'68

54,62
54
34
54

H,8n
86
B6

June
Juno
June
.hint!

'7il
'71
'71,
'71

May
Hay
May
May

750. Wholesale price index, ail commodities . . . 55
29,55

8,tte

Jxnc
J\w
«3wc
Jujo

»Vi
'71
"71
'73

J/imo
too
Juno
Juno

781 Consumer price index all items
783. Consumer price index, commodities
784. Consumer price index services

751. Wholesale price index, proc. foods, feeds. . 55
55
752. Wholesale price index, farm products

86

86,75
«6
86

'69
'69
>6 f )
'69

'6^
'60
'69
'69

E. ANALYTICAL MEASURES

C2. Diffusion Indexes
D440. New orders, manufacturing
D442. Net profits, manufacturing and trade
D446. Number of employees, mfg. and trade. .,,...
D45Q. Level of inventories, mfg. and trade
D460 Selling prices flifg, and trade
D464. Selling prices, wholesale trade
0466. Selling prices, retail trade

t

..

43
43
43
43
44
44
44
. 44
44
45

D61. Bus. expend., new plant and equip
D480. Freight earloadings

* . • . 45
45

80

ao
ao

80
80

ao

80
BO
BO
81
81
81

June
June
June
June

'70
'70
'70
'70

Mov.
Kov.
Kov.
K'ov.

'68
'68
'68
'68

June
June
June
June
June

'70
'70
'70
'70
'70

K'ov.
K'ov.
Kov.
Kov.
Nov.

'68
'68
'68
'68
'68

Apr. '70
Aug. '70
June '70

Kov. '68
Kov. '68
Mov. '68

D, OTHER KEY INDICATORS
01. Foreign Trade
500, Merchandise trade balance
502, Exports, excluding military aid
506, Export orders, dur. goods exc. motor
vehicles
508. Export orders, nonelectrical machinery
512, General imports

46
46

8,82
8,62

July '70
July '70

46
46
46

8,82
8,82
S, 32

Feb. '70
June '70
July '70

47
520, U,S, bal. of pmts., liquidity bal. basis
522, U.S. bal. of pints,, official settlements
47
basis
525. Net capital movements, liquidity bal. basis. . 47
527. Net capital movements, official settlements

8,83

Aug. '70
AUR. '70
Aug. '70

May '69
May '69

47
13,47

83
83

Aug. '70
Aug. '70

May '69
May '69

4B
530 Liquid liabilities to foreigners
532. Liquid and nonliquid liabilities to foreign
official agencies
— 46
534. U.S. official reserve assets
— 48
535. Allocations of SDR's
252. Exports of goods* and services
13,49

83

Aug.

'70

May '69

Aug. '70
Aug. t 7 0

May '69
May '69

13,49

83
83
$3
83
33

Aug. '70
Aug. '70

May '69
May '69

49
49

83
83

Aug. '70
Aug. '70

May '69
May '69

49

83

Aug. '70

83
84
B4

Aug.
Sep.
Sep.

M&y '69
May '69
May '69

E2. Analyticol Ratios

850. Ratio, output to capacity, manufacturing. . .
851. Ratio, inventories to sales, mfg. and trade .
852. Ratio, unfilled orders to shipments,
durables
853. Ratio, prod, of bus. equip, to consumer
goods
854. Ratio, personal saving to disposable

5?
57

«,88
fl,88

.Tnr. '71
N c \ . >7f) Fob, '69

57

a, sn

Nov. '70

Sop,

57

8,88

Apr. '70

Nev. '61!

855. Ratio, nonagricultural job openings
unfilled to persons unemployed
858. Output per man-hour, total private nonfarm .
856. Real avg. hourly earnings, prod, workers . .
859. Real spendable average weekly earnings,
nonagri. production or nonsupv. workers. .

58

8,88

Aur% «70

July '68

58
58
58

B,88
8,88
tf,H8

Jot . ( 7u
A f t . '?! Juno '60
Api. '71 Juno '68

58
58

8,88
R,88

Apt. '71 Jur-.o '68
Apr. 171,

59
59
59
59
59
59
59

?vv
i*VU
qy
90, (H
90,94
90,94

U»t.
Apr.
Au*.
Ape-.
J)r • .
Jan.
Oot.

'70
'74,
»7Q
'71
» 70 May '69
'71 Apr, '69
'70 Juno ' 69

60
60
60
60

«i,9i
"ij'tt
C
H,%
<n,9V

Oefc,
Hay
Jai.
Jan.

'70
'70
'71 Juno '69
' f'l

56

JK'f. '70 On1,. »69

'68

May '69

49
50
50

56

e^vM7
87
MV

9,21,38, <;f

206. Potential GNP in 1958 dollars
207. GNP gap (potential less actual)

M'ly '69

8,83
83

El. Actual and Potential GNP

May '69
May '69

Aug. '68| E3. Diffusion Indexes
Miy '69

D2, Balance of Payments and Components

250. Balance on goods and services

* —

540! Investment income, military sales, and
541, Foreigners' investment income, military
expend,, and services, imports
542, Income on U.S. investments abroad
543, Income on foreign investments in U.S

549 Pavments transoortation snd services * « » « •

84
B4
84
B4
84
B4

Sep.
Sep.
Sep.
Sep.
Sep.
Sep.

'70 May '69
'70 May '69
'70 May '69
'70 May '69
'70 May '69
'70 May '69

560. Foreign direct investments in U.S
565 U S. purchases of foreign securities
564. Foreign purchases of U.S. securities

51
51
51
51

«4
84
84
84
84
84

Sep.
Sep.
Sep.
Sep.
Get.
Oat.

'70
'70
'70
'70
'70
'70

51

575, Banking and other capital transactions

51

May
May
May
May
May
May

'69
'69
'69
'69
'69
'69

D3, Federol Government Activities

600,
601,
602.
264.

Fed, balance, mit'l income and prod, acct» . . 52
Fed. receipts, nat'l income and prod, acct . . 52
Fed, expend,, nat'l income and prod. acct. . . 52
National defense purchases
» . . 14,53

621. Defense Oept, obligations, procurement
647. New orders, defense products industries

53
53
53
53
53

8,85

a, 85
8,85
8,67,B5
B, 85
8,85
8,85
K,B5
8,85

Aug.
Aug.
Aug.
Nov.
Dee.
Dee,
Dec.
DOG.
Apr.

"The "number" for this series title was changed since the publication date shown,

114




Average workweek, prod, workers, mfg ....
New orders, durable goods industries
New capital appropriations, mfg
Profits manufacturing « •

05. Initial claims, State unemploy. insurance* •
041. Employees on nonagri. payrolls
047. Industrial production
D58. Wholesale prices, manufactured goods
E5. Rotes of Change

200. GNP in current dollars
820.
48.
47.
55.
781.

Composite index of 5 coincident indicators.
Man-hours in nonagri, establishments
Index of industrial production
Index of whsle. prices, indus, commodities
Index of consumer prices, all items

M

61
61
61
61
61
61
61

'70 Oet. '69
'70 Oet. '69
'70 Nov. '6tt
'7n Ann. '68#
'VO Nov. '68
Nov. 'Vll Jirai ' UV3
Nov. '70 May '69

Duo.
Dot',.
NOT,
Nov.
NUV.

F. INTERNATIONAL COMPARISONS
'70
'70
'70

50
50
30
50
50
30

547. U.S. military expenditures abroad
546. Military sales to foreigners . . . ._

Dl.
D6.
Dll.
034

'70 July '68$
'70 July '6B|
'70 July '68#
'70 Oct. '69
'70
'70
'70 Sep." ''68$
'70
'71

n

*~

781.
133.
132.
135.
136.
138.
137.

Oftfm.

1

rJ*v*<>

United States
Canada
United Kingdom
West Germany
Prance
Japan
Italy

F2. Industrial Production Indexes
47 United States

123
122
126.
125
128
121
127.

Canada
United Kingdom
France
West Germany
Japan
OECD European countries
Italy

F3. Stock Price Indexes
19. United States
143 Canada
142 United Kingdom
146. France
147. Italy

54,62
62
62
62
62
62
62
21,38,63
63
63
63
63
63
63
63
M

64
64
64
64
64
64

9«
98
9P>
9H

9tf
9tf

yg
99
90
09
t)f)
99
Ot)

Qy
99

100
100
100

wo

100
100
100

Jirnr
Apv.
Ait,r.
Apr.
Api.
Apr.
Apr.

'VI May U9
'VI
'V3
'71
"/I
'7J
'71

Apr.
Dee.
Dee.
Ite*.
lira.
Ik'f*.
Don.
W«ie.

'70 Nov. '611
'69
'69
'69
'69
'69
'69
'69

Apr.
Anr .
Apr ,
Aw.
Apr.
Apr.
Apr.

'7,1 May '69
'71
' 71
'74,
'71
»7;;
'71
" "

Titles and Sources of Series
Within each of the six sections, series are listed in numerical order.
The numbers assigned to the series are for identification purposes
only and do not reflect series relationships or order. "M" indicates
monthly series; "Q" indicates quarterly series. Data apply to the
whole period except for series designated by "EOM" (end of the
month) or "EOQ" (end of the quarter).
The alphabetic-numeric designations following the series titles indicate all charts and tables in which the series may be found. See the
table of contents for chart and table titles and Series Finding Guide
for page numbers. The series in section B preceded by an asterisk
(*) are included in the 1966 NBER "short list" of indicators, chart
B8. Unless otherwise indicated, all series which require seasonal
adjustment have been adjusted by their source.
The "D" preceding a number indicates a diffusion index. Diffusion
indexes and corresponding aggregate series bear the same number and
are obtained from the same sources.

244. Gross private domestic fixed investment, residential structures
(Q). -- Department of Commerce, Office of Business Economics
(A4)

245. Gross private domestic investment, change in business inventories after valuation adjustment, all industries (Q). -- Department of Commerce, Office of Business Economics
{A4, B4)
250. Balance on goods and services, excluding transfers under
military grants (Q). -- Department of Commerce, Office of
Business Economics
(A5, D2)
252. Exports of goods and services, excluding transfers under
military grants (Q). -- Department of Commerce, Office .of
Business Economics
(A5, D2)
253. Imports of goods and services (Q). - Department of Commerce,
Office of Business Economics
(A5, D2)
260. Govismment purchases of goods and services, total (Q). -Department of Commerce, Office of Business Economics
(A6)

A National Income and Product
200. Gross national product in current dollars (Q). •- Department of
Commerce, Office of Business Economics
(Al, B2, B8, E5)
205. Gross national product in 1958 dollars (Q). •• Department of
Commerce, Office of Business Economics (Al, 62, B8, El, E5)
210. Implicit price deflator, gross national product (Q). -- Department of Commerce, Office of Business Economics
(Al)
215. Per capita gross national product in current dollars (Q). -Department of Commerce, Office of Business Economics and
Bureau of the Census
(Al)
217. Per capita gross national product in 1958 dollars (Q). -- Department of Commerce, Office of Business Economics and Bureau
of the Census
(Al)
220. National income in current dollars (Q). -- Department of Commerce, Office of Business Economics
(A2)
222. Personal income in current dollars (Q). -- Department of Commerce, Office of Business Economics
(A2)
224. Disposable personal income in current dollars (Q). - Department
of Commerce, Office of Business Economics
(A2)
225. Disposable personal income in 1958 dollars (Q). -- Department
of Commerce, Office of Business Economics
(A2)
226. Per capita disposable personal income in current dollars (Q). -Department of Commerce, Office of Business Economics
(A2)
227. Per capita disposable personal income in 1958 dollars (Q). - Department of Commerce, Office of Business Economics
(A2)
230. Personal consumption expenditures, total, in current dollars
(Q). -- Department of Commerce, Office of Business Economics
(A3)

231. Personal consumption expenditures, total, in 1958 dollars (Q). -Department of Commerce, Office of Business Economics
(A3)

262. Fednral Government purchases of goods and services, total
(Q). -- Department of Commerce, Office of Business Economics
(A6)

264. Federal Government purchases of goods and services, national
defense (Q). -- Department of Commerce, Office of Business
Economics
(A6, D3)

13. Number of new business incorporations (ffl). -- Dun and Bradstreet, Inc.; seasonal adjustment by Bureau of the Census and
National Bureau of Economic Research, Inc.
(B3)

271. Change in business inventories, durable goods (Q).--Departmen) of Commerce, Office of Business Economics
f A7)

14. Current liabilities of business failures (M). •
street, Inc.

274. Final sales, nondurable goods (Q). -- Department of Commerce,
Office of Business Economics
(A7)

15. Profits (after taxes) per dollar of sales, all manufacturing
corporations (Q). -- Federal Trade Commission and Securities
and Exchange Commission; seasonal adjustment by Bureau of
the Census
'
(B5)

275. Change in business inventories, nondurable goods (Q).. Depart
ment of Commerce, Office of Business Economics
(A7)

282. Proprietors' income (Q). •- Department of Commerce, Office of
Business Economics
(A8)

*17. Index of price per unit of labor cost - ratio, index of
wholesale prices of manufactured goods (unadjusted) to
seasonally adjusted index of compensation of employees
(sum of wages, salaries, and supplements to wages and
salaries) per unit of output (M).-- Department of Commerce,
Office of Business Economics; Department of Labor, Bureau
of Labor Statistics; and Board cf Governors of the Federal
Reserve System
(B5t B8)

284. Rental income of persons (Q). --Department of Commerce, Office
of Business Economics
(A8)
286. Corporate profits and inventory valuation adjustment (Q). -Department of Commerce, Office of Business Economics
(A8)
288. Net interest (Q). -- Department of Commerce, Office of Business
Economics
(A8)
290. Gross saving ~ private saving plus government surplus or
deficit (Q). -- Department of Commerce, Office of Business
Economics
(A9)

296. Capital consumption allowances, corporate and noncorporate
(Q). -- Department of Commerce, Office of Business Economics

236. Personal consumption expenditures, nondurable goods, in
current dollars (Q). - Department of Commerce, Office of
Business Economics
(A3)

298. Government surplus or deficit, total (Q). -- Department of
Commerce, Office of Business Economics
(A9)

243. Gross private domestic fixed investment, producers' durable
equipment (Q). •• Department of Commerce, Office of Business
Economics
(A4)




(B6)

*16. Corporate profits after taxes (Q).
Office of Business Economics

234. Personal consumption expenditures, automobiles, in current
dollars (Q). -- Department of Commerce, Office of Business
Economics
(A3)

242. Gross private domestic fixed investment, nonresidential structures (Q). •- Department of Commerce, Office of Business
Economics
(A4)

Dun and Brad-

280. Compensation of employees (Q). -- Department of Commerce,
Office of Business Economics
(A8)

294. Undistributed corporate profits plus inventory valuation adjustment (Q). -- Department of Commerce, Office of Business
Economics
(A9)

(A4)

11. Newly approved capita) appropriations, 1,000 manufacturing
corporations (Q).--The Conference Board
(B3,E3)

270. Final sales, durable goods (Q). -- Department of Commerce,
Office of Business Economics
(A7)

233. Personal consumption expenditures, durable goods except
automobiles, in current dollars (Q). -- Department of Commerce,
Office of Business Economics
(A3)

241. Gross private domestic fixed investment, total nonresidential
(Q). - Department of Commerce, Office of Business Economics

*10. Contracts and orders for plant and equipment (M). •- Department
of Commerce, Bureau of the Census, and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of the Census
thru May 1970 and by source agency thereafter.
(B3, B8)

*12. Index of net business formation (M). -- Dun and Bradstreet,
Inc., and Department of Commerce, Bureau of the Census; seasonal adjustment by Bureau of the Census and National Bureau
of Economic Research, Inc.
(B3, B8)

292. Personal saving (Q). -- Department of Commerce, Office of
Business Economics
(A9)

240. Gross private domestic investment, total (Q). -- Department of
Commerce, Office of Business Economics
(A4)

9. Construction contracts awarded for commercial and industrial
buildings, floor space (M).--McGraw-Hill Information Systems
Company; seasonal adjustment by Bureau of the Census and
National Bureau of Economic Research, Inc. (Used by permission.
This series may not be reproduced without written permission
from the source.)
(B3)

266. Statti and local government purchases of goods and services,
total (Q). -- Department of Commerce, Office of Business
Ecoromics
(A6)

232. Personal consumption expenditures, durable goods, in current
dollars (Q). -- Department of Commerce, Office of Business
Economics
(A3)

237. Personal consumption expenditures, services, in current
dollars (Q). - Department of Commerce, Office of Business
Economics
(A3)

*5. Average weekly initial claims for unemployment insurance,
State programs (M). -* Department of Labor, Manpower Administration; seasonal adjustment by Bureau of the Census
(Bl, E3, E4)
*6. Value of manufacturers' new orders, durable goods industries
(M). --Department of Commerce, Bufeau of the Census
(B3, B8, E3, E4)
8. Index of construction contracts, total value (M). - McGrawHill Information Systems Company. (Used by permission.
This series may not be reproduced without written permission
from the source.)
(B3)

(A9)

B Cyclical Indicators
*1. Average workweek of production workers, manufacturing (M). -Department of Labor, Bureau of Labor Statistics
(Bl, B8, E3, E4)
2. Accession rate, manufacturing (HI). -- Department of Labor,
Bureau of Labor Statistics
(Bl)
3. Laynff rate, manufacturing (M). -- Department of Labor, Bureau
of Labor Statistics
(Bl)
4. Non;igricultural placements, all industries (M). -- Department
of Labor, Manpower Administration; seasonal adjustment by
Bureau of the Census
(Bl, 88)

Department of Commerce,
(B5, B8)

*19. Index of stock prices, 500 common stocks (M), - Standard and
Poor's Corporation
(B5, B8,13r E4, F3)
20. Change in book value of manufacturers' inventories of materials
and supplies (M). - Department of Commerce, Bureau of the
the Census
(B4)
21. Average weekly overtime hours of production workers, manufacturing (M). --Department of Labor, Bureau of Labor Statistics
(Bl)

22. Ratio of profits (after taxes) to income originating, corporate,
all industries (Q). -- Department of Commerce, Office of Business Economics
(B5)
*23. Index of industrial materials prices (M). - Department of Labor,
Bureau of Labor Statistics
(B5, B8, E3, E4)
24. Value of manufacturers' new orders, producers' capital goods
industries (M). -- Department of Commerce, Bureau of the
Census
(B3)
25. Change in manufacturers' unfilled orders, durable goods industries (M). -- Department of Commerce, Bureau of the Census
(B4)

26. Buying policy - production materials, percent of companies
reporting commitments 60 days or longer (M). -- National
Association of Purchasing Management
(B4)
28. New private housing units started, total (M). -• Department of
Commerce, Bureau of the Census
(B3)
*29. Index of new private housing units authorized by local building
permits (M). -- Department of Commerce, Bureau of the Census
(B3, B8)
*31. Change in book value of manufacturing and trade inventories,
total (M). -- Department of Commerce, Office of Business Economics and Bureau of the Census
(B4, B8)
Continued on reverse

115

Titles and Sources of Series
(Continued from page 115)
32. Vendor performance, percent of companies reporting slower
deliveries (M). -- Purchasing Management Association of
Chicago
(B4)
33. Net change in mortgage debt held by financial institutions and
life insurance companies (M). -- Institute of Life Insurance;
Federal National Mortgage Association; Department of Housing
and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; U.S.
Savings and Loan League; and Board of Governors of the
Federal Reserve System; seasonal adjustment by Bureau of
the Census.
(86)
37. Percent of companies reporting higher inventories of purchased materials (M). - National Association of Purchasing
Management; seasonal adjustment by Bureau of the Census
(B4)
39. Percent of consumer Installment loans delinquent 30 days and
over (EOM). - American Bankers Association; seasonal adjustment by Bureau of the Census and National Bureau of Economic
Research, Inc. (Bimonthly since December 1964)
(86)
40. Unemployment rate, married males, spouse present (M). -Department of Labor, Bureau of Labor Statistics, and Department of Commerce, Bureau of the Census
(81)
*41. Number of employees on nonagricultural payrolls, establishment
survey (M). •• Department of Labor, Bureau of Labor Statistics
(81, 88, E3, E4)
42. Total number of persons engaged in nonagricultural activities,
labor force survey (M). - Department of Labor, Bureau of Labor
Statistics, and Department of Commerce, Bureau of the Census

(81)

*43. Unemployment rate, total (M). « Department of Labor, Bureau
of Labor Statistics, and Department of Commerce, Bureau of
the Census
(81, 88)
*44. Unemployment rate, 15 weeks and over (M). - Department of
Labor, Bureau of Labor Statistics, and Department of Commerce,
Bureau of the Census
(Bl, B8)
45. Average weekly insured unemployment rate, State programs
(M). -- Department of Labor, Manpower Administration
fBl)
46. Index of help-wanted advertising in newspapers (M).--The Conference Board
(Bl)
*47, Index of industrial production (M). -- Board of Governors of the
Federal Reserve System
(B2, 88, E3, E4, E5, F2)
48. Man-hours in nonagricultural establishments (M). -- Department
of Labor, Bureau of Labor Statistics
(81, E5)
49. Nonagricultural job openings unfilled (EOM). --Department of
Labor, Manpower Administration; seasonal adjustment by Bureau
of the Census
(Bl)
*52. Personal income (M). •- Department of Commerce, Office of
Business Economics
(B2, BS)
53. Wage and salary income in mining, manufacturing, and construction (M). -- Department of Commerce, Office of Business Economics
(82)
*54. Sales of retail stores (M). -- Department of Commerce, Bureau
of the Census
(B2, B8, E3, E4)
55. Index of wholesale prices, industrial commodities (M).-- Department of Labor, Bureau of Labor Statistics
(B5, E5)
"56. Manufacturing and trade sales (M). - Department of Commerce,
Office of Business Economics and Bureau of the Census

(B2, B8)

57. Final sales (series 200 minus series 245) (Q). -- Department of
Commerce, Office of Business Economics
(82)
58. Index of wholesale prices, manufactured goods (M). - • Department of Labor, Bureau of Labor Statistics
(B5, 04, E3, E4)
*61. Business expenditures for new plant and equipment, total (Q).Department of Commerce, Office of Business Economics, and
the Securities and Exchange Commission
(B3, 83, Cl, C2)
*62. Index of labor cost per unit of output, total manufacturing - ratio, Index of compensation of employees in manufacturing
(the sum of wages and salaries and supplements to wages
and salaries) to index of industrial production, manufacturing
(M). -• Department of Commerce, Office of Business Economics,
and the Board of Governors of the Federal Reserve System
(B5, B8)
65. Manufacturers' inventories of finished goods, book value, all
manufacturing industries (EOM). --• Department of Commerce,
Bureau of the Census
(B4)
66. Consumer installment debt (EOM). -- Board of Governors of the
Federal Reserve System. FRS seasonally adjusted net change
added to seasonally adjusted figure for previous month to obtain
current figure
(B6)
*67. Bank rates on short-term business loans, 35 cities (Q), Board of Governors of the Federal Reserve System
(B6, 88)




116

68. Labor, cost (current dollars) per unit of gross product a958
dollars), nonfmanual corporations -- ratio of current-dollar
compensation of employees to gross corporate product in
1956 dollars (Q). - Department of Commerce, Office of
Business Economics
(B5)
69. Manufacturers' machinery and equipment sales and business
construction expenditures (industrial and commercial construction put in place) (M). - Department of Commerce, Bureau of
the Census
(B3)
"71. Manufacturing and trade inventories, total book value (EOM). -Department of Commerce, Office of Business Economics and
Bureau of the Census
(B4, B8)
*72. Commercial and industrial loans outstanding, weekly reporting
large commercial banks (EOM). -- Board of Governors of the
Federal Reserve System; seasonal adjustment by Bureau of
the Census
(B6, B8)
85. Percent change in total U.S. money supply (demand deposits
plus currency) (M). -- Board of Governors of the Federal
Reserve System
(B6)
93. Free reserves (member bank excess reserves minus borrowings) (M). -- Board of Governors of the Federal Reserve System
(86)
96. Manufacturers' unfilled orders, durable goods industries
(EOM). -- Department of Commerce, Bureau of the Census (83)
97. Backlog of capita] appropriations, manufacturing (EOQ). -The Conference Board
(B3)
98. Percent change in total U.S. money supply (demand deposits
plus currency) and commercial bank time deposits (M). -Board of Governors of the Federal Reserve System
(86)
110. Total funds raised by private nonfinancial borrowers in credit
markets (Q). -- Board of Governors of the Federal Reserve
System
(B6)
112. Net change in bank loans to businesses (M). -- Board of
Governors of the Federal Reserve System; seasonal adjustment by Bureau of the Census
(86)
*113.Net change in consumer installment debt (M). - Board of
Governors of the Federal Reserve System
(B6, B8)
114. Discount rate on new issues of 91-day Treasury bills (M). -Board of Governors of the Federal Reserve System
(86)
115. Yield on long-term Treasury bonds (M). -- Treasury Department

(86)
116. Yield on new issues of high-grade corporate bonds (M). -- First
National City Bank of New York and Treasury Department(B6)
117. Yield on municipal bonds, 20-bond average (M). -- The Bond
Buyer
(86)
118. Secondary market yields on FHA mortgages (M). -- Department
of Housing and Urban Development, Federal Mousing Administration
(B6)
*200. Gross national product in current dollars (Q). See in section A.
*205. Gross national product in 1958 dollars (Q). See in section A.
245. Change in business inventories (GNP component) (Q). See
in section A.
810. Twelve leading indicators - reverse trend adjusted composite
index (includes series 1, 5, 6, 10, 12, 16, 17, 19, 23, 29, 31,
and 113) (M). -- Department of Commerce, Bureau of the Census
(87)
811. Twelve leading indicators - composite index prior to reverse
trend adjustment (includes series 1, 5, 6, 10, 12, 16, 17, 19,
23, 29, 31, and 113) (M). - Department of Commerce, Bureau of
the Census
(87)
813. Marginal employment adjustments - leading composite index
(includes series 1, 2, 3, and 5) (M). -- Department of Commerce,
Bureau of the Census
(87)
814. Capital investment commitments - leading composite index
(includes series 6t 10, 12f and 29) (M). -• Department of
Commerce, Bureau of the Census
(B7)
815. Inventory investment and purchasing -- leading composite
index (includes series 23, 25, 31, and 37) (M). - Department
of Commerce, Bureau of the Census
(87)
816. Profitability - leading composite index (includes series 16,
17, and 19) (M). •- Department of Commerce, Bureau of the
Census
(87)
817. Sensitive financial flows -- leading composite index (includes
series 33, 85,112, and 113) (M). - Department of Commerce,
Bureau of the Census
(87)
820. Five coincident indicators -- composite index (includes series
41, 43, 47, 52, and 56) (M). » Department of Commerce, Bureau
of the Census
(B7, E5)
830. Six lagging indicators -- composite index (includes series 44,
61, 62, 67, 71, 72) (M). -- Department of Commerce, Bureau of
the Census
(B7)

C Anticipations and Intentions
61. Business expenditures for new plant and equipment, all industries (Q). See in section 8.

410. Manufacturers' sates, total value (Q). - Department of Commerce, Bureau of the Census and Office of Business economics

(Cl)

412. Manufacturers' inventories, total book value (EOQ). •- Department of Commerce, Bureau of the Census and Office of Bush
ness Economics
(Cl)
414. Percent of total book value of inventories held by manufacturers classifying their holdings as high, less percent cits silying holdings as low (EOQ). - Department of Commerce, Off ice
of Business Economics
(Cl)
416. Percent of total gross capital assets held by companies classifying their existing capacity as inadequate for prospective
operations over the next 12 months, less percent classifying
existing capacity as excessive (EOQ)* ~ Department of Commerce, Office of Business Economics
(Cl)
420. Current income of households compared to incom* a year ago
(percent higher, lower, and unchanged) (Q). -- Department of
Commerce, Bureau of the Census
(Cl)
425. Mean probability (average chances in 100) of substantial
changes (increase, decrease, and increase less decrease) In
income of households (Q). -• Department of Commerce, Bureau
of the Census
(Cl)
430. Number of new cars purchased by households (Q).- Department
of Commerce, Bureau of the Census
(Cl)
435. Index of consumer sentiment (Q). - University of Michigan,
Survey Research Center
(Cl)
D440. New orders, manufacturing (Q). - Dun and Bradstreet, Inc.
(Used by permission. This series may not be reproduced without written permission from the source.)
(C2)
D442. Net profits, manufacturing and trade (Q). - Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced
without written permission from the source.)
(C2)
D444. Net sales, manufacturing and trade (Q). -- Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced
without written permission from the source.)
(C2)
D446. Number of employees, manufacturing and trade (Q). • - Dun and
Bradstreet, Inc. (Used by permission. This series may not be
reproduced without written permission from the source,) (C2)
0450. Level of inventories, manufacturing and trade (Q). - - Dun and
Bradstreet, Inc. (Used by permission. This series may not be
reproduced without written permission from the source.) (C2)
D460. Selling prices, manufacturing and trade (Q). - Dun and Bradstreet, Inc. (Used by permission. This series may not be
reproduced without written permission from the source.)
(C2)
D462. Selling prices, manufacturing (Q). -- Don and Bradstreet, Inc.
(Used by permission. This series may not be reproduced without written permission from the source.)
(C2)
D464. Selling prices, wholesale trade (Q). - Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced
without written permission from the source.)
(C2)
D466. Selling prices, retail trade (Q). -- Din and Bradstreet, Inc.
(Used by permission. This series may not be reproduced without written permission from the source.)
(C2)
D480. Freight cartoadings (Q). -- Association of American Railroads

(C2)
480. Change in freitfit car load ings (Q). -- Association of American
railroads
(C2)

D Other Key Indicators
58. Index of wholesale prices, manufactured goods (M). See in
section B.
250. Balance on goods and services, excluding transfers under
military grants: U.S. balance of payments (Q). -- See in
section A.
252, Exports of goods and services, excluding transfers under military grants; U.S. balance of payments (Q).--See in section A.
253. Imports of goods and services:
(Q).--See in section A.

U.S. balance of payments

264. Federal Government purchases of goods and services, national
defense (Q). -- See in section A.
500. Merchandise trade balance (Series 502 minus series 512) (M).»
Department of Commerce, Bureau of the Census
(Dl)
502. Exports, excluding military aid shipments, total (M). -- Department of Commerce, Bureau of the Census
(01)

Titles and Sources of Series
(Continued from page 116)
506. Manufacturers' new orders for export, durable goods except
motor vehicles and parts (M). -- Department of Commerce,
Bureau of the Census
(Dl)
508. Index of export orders for nonelectrical machinery (M). -McGraw-Hill, Department of Economics; seasonal adjustment by
Bureau of the Census
(Dl)
512. General imports, total (M). -- Department of Commerce, Bureau
of the Census
(Dl)
520. U.S. balance of payments on liquidity balance basis (change in
U.S. official reserve assets and change in liquid liabilities to
all foreigners) (Q). -- Department of Commerce, Office of
Business Economics
(D2)

564. Foreign purchases of U.S. securities: U.S. balance of payments (Q). -• Department of Commerce, Office of Business
Economics
(D2)

854. Ratio, personal saving to disposable personal income (series
292 divided by series 224) (Q). -- Department of Commerce,
Office of Business Economics
(E2)

565. U.S. purchases of foreign securities: U.S. balance of payments (Q). •- Department of Commerce, Office of Business
Economics
(D2)

855. Ratio, nonagri cultural job openings unfilled (series 49) to
number of persons unemployed ((VI).-- Department of Labor,
Manpower Administration and Bureau of Labor Statistics; and
Department of Commerce, Bureau of the Census
(E2)

570. Government grants and capital transactions, net: U.S. balance
of payments (Q). -- Department of Commerce, Office of Business Economics
(D2)
575. Banking and other capital transactions, net: U.S. balance of
payments (Q). -- Department of Commerce, Office of Business
Economics
(DZ)

522. U.S. balance of payments on official settlements basis (change
in U.S. official reserve assets, and change in liquid and
certain nonliquid liabilities to foreign monetary official
agencies) (Q). -• Department of Commerce, Office of Business
Economics
(D2)

600. Federal Government surplus or deficit, national income and
product accounts (Q). -- Department of Commerce, Office of
Business Economics
(D3)
601. Federal Government receipts, national income and product
accounts (Q).-- Department of Commerce, Office of Business
Economics
(D3)
602. Federal expenditures, national income and product accounts
(Q), -- Department of Commerce, Office of Business Economics

525. Net capital movements (plus unilateral transfers -- except
military grants -- and errors and omissions) on liquidity
balance basis: U.S. balance of payments (Q). -- Department o f .
Commerce, Office of Business Economics
(D2)
527. Net capital movements (plus unilateral transfers - except
military grants -• and errors and omissions) on official settlements basis: U.S. balance of payments (Q). -- Department of
Commerce, Office of Business Economics
(D2)

616. Defense Department obligations incurred, total, excluding
military assistance (M). -- Department of Defense, Fiscal
Analysis Division; seasonal adjustment by Bureau of the
Census
(D3)
621. Defense Department obligations incurred, procurement (M). -Department of Defense, Fiscal Analysis Division; seasonal
adjustment by Bureau of the Census
(D3)

530. Liquid liabilities (excluding military grants) to all foreigners,
total outstanding: U.S. balance of payments (EOQ). -- Department of Commerce, Office of Business Economics
(D2)

625. Military prime contract awards to U.S. business firms and
institutions (M). -- Department of Defense, Directorate for
Statistical Services; seasonal adjustment by Bureau of the
Census
(D3)

532. Liquid and certain non liquid liabilities (excluding military
grants) to foreign official agencies, total outstanding: U.S.
balance of payments (EOQ). -- Department of Commerce, Office
of Business Economics
(02)
534. U.S. official reserve (assets) position, excluding military
grants: U.S. balance of payments (EOQ). -- Department of
Commerce, Office of Business Economics
(D2)
535 . Allocations to the U.S. of Special Drawing Rights: U.S. balance
ffice
of payments (Q). -- Department of Commerce, Offict of Business
(D2)
Economics

536. Merchandise exports, adjusted, excluding military grants: U.S.
balance of payments (Q). -- Department of Commerce, Office of
Business Economics
(D2)
537. Merchandise imports, adjusted, excluding military: U.S. balance
of payments (Q).-- Department of Commerce, Office of Business
Economics
(02)
540. U.S. investment income, military sales, and other services
exports, excluding military grants: U.S. balance of payments
(Q). -- Department of Commerce, Office of Business Economics

(02)
541. Foreigners' investment income, military expenditures and other
services imports: U.S. balance of payments (Q). -- Department
of Commerce, Office of Business Economics
(02)
542. Income on U.S. investments abroad: U.S. balance of payments
(Q). -- Department of Commerce, Office of Business Economics
(D2)

543. Income on foreign investments in the U.S.: U.S. balance of payments (Q). •- Department of Commerce, Office of Business
Economics
(D2)
544. Receipts from foreign travelers in the U.S.: U.S. balance of
payments (Q). -- Department of Commerce, Office of Business
Economics
(D2)
545. Payments by U.S. travelers abroad: U.S. balance of payments
(Q). -- Department of Commerce, Office of Business Economics
(D2)

546. Military sales to foreigners: U.S. balance of payments (Q). -Department of Commerce, Office of Business Economics (D2)
547. U.S. military expenditures abroad: U.S. balance of payments
(Q). -- Department of Commerce, Office of Business Economics
(D2)

543. Receipts for transportation and other services: U.S. balance
of payments (Q). -- Department of Commerce, Office of Business
Economics
(D2)
549. Payments for transportation and other services: U.S. balance
of payments (Q).-- Department of Commerce, Office of Business
Economics
(D2)
560. Foreign direct investments in the U.S.: U.S. balance of payments (Q). •• Department of Commerce, Office of Business
Economics
(D2)
561. U.S. direct investments abroad: U.S. balance of payments (Q). Department of Commerce, Office of Business Economics (D2)




856. Real average hourly earnings of production workers in manufacturing, 1957-59 dollars (M), •• Department of Labor, Bureau
of Labor Statistics
(E2)
857. Vacancy rate in rental housing - • unoccupied rental housing
units as a percent of total rental housing (Q). •- Department
of Commerce, Bureau of the Census
(E2)
858. Index of output per man-hour, total private non farm (Q). -Department of Labor, Bureau of Labor Statistics
(E2)
859. Real spendable average weekly earnings of production or nonsupervisory workers (with 3 dependents) on private nonagricultural payrolls, 1957-59 dollars (M). -- Department of Labor,
Bureau of Labor Statistics
(E2)

(D3)

The "D" preceding a number indicates a diffusion index. Diffusion
indexes and corresponding aggregate series bear the same number
and are obtained from the same sources. See section B for titles
and sources of Dl, D5, D6, Oil, 019, D23, D41, D47, D54, D58, 061,
and section C for D440, D442, D444, D446, 0450, D460, D462, D464t
D466, and D480. Sources for other diffusion indexes are as follows:
034. Profits, manufacturing, FNCB (Q), -- First National City Bank
of New York; seasonal adjustment by Bureau of the Census
and National Bureau of Economic Research, Inc.
(E3)

F International Comparisons

647. New orders, defense products industries (M). -- Department of
Commerce, Bureau of the Census
(D3)

19. United States, index of stock prices, 500 common stocks (M).
See in section B.

648. New orders, defense products (M). -- Department of Commerce,
Bureau of the Census
(03)
750. Index of wholesale prices, all commodities (M). -- Department
of Labor, Bureau of Labor Statistics
(04)

47. United States, index of industrial production (M). See in
section B.
121. Organization for Economic Cooperation and Development,
European Countries, index of industrial production (M). •Organization for Economic Cooperation and Development
(Paris)
(F2)

751. Incex of wholesale prices, processed foods and feeds (M). -Department of Labor, Bureau of Labor Statistics
(04)
752. Index of wholesale prices, farm products (M). • Department of
(D4)
Labor, Bureau of Labor Statistics
781. Index of consumer prices (M). -- Department of Labor, Bureau
of Labor Statistics.
{D4 r E5, Fl)

122. United Kingdom, index of industrial production (M) - Central
Statistical Office (London)
(F2)
123. Canada, index of industrial production (M). -- Dominion Bureau
of Statistics (Ottawa)
(F2)

782. Index of consumer prices, food (M). -- Department of Labor,
Bureau of Labor Statistics
(D4)
783. Index of consumer prices, commodities less food (M). -- Department of Labor, Bureau of Labor Statistics
(D4)

125. West Germany, index of industrial production (M). -- Statistisches Bundesamt (Wiesbaden); seasonal adjustment by
OECD
(F2)
126. France, index of industrial production (M). -- Institut National
de la Statistique etdes Etudes Economiques(Paris)
(F2)

784. Index of consumer prices, services (M). -• Department of Labor,
Bureau of Labor Statistics
(04)

127. Italy, index of industrial production (M). - Istituto Centrale di
Statistica(Rome)
(F2)
128. Japan, index of industrial production (M). - Ministry of International Trade and Industry (Tokyo)
(F2)

E Analytical Measures
47. Index of industrial production (M). See in section B.
48. Man-hours in nonagricultural establishments (M). See in sectio-i B.
52. Personal income (M). See in section B.
54. Sales of retail stores (M). See in section B.
55. Incex of wholesale prices, industrial commodities (Iff). See in
section B.
200. GNP in current dollars (Q). See in section A.
205. Gross national product in 1958 dollars (Q). See in section A.
206. Potential level of gross national product in 1958 dollars (Q). -Council of Economic Advisers
(El)
207. Gap -- the potential GNP (series 206) less the actual GNP
(Series 205) (Q).--Council of Economic Advisers
(El)
781. Index of consumer prices, all items (M).

See in section D.

820. Five coincident indicators - composite index (includes series
41, 43, 47, 52, and 56) (M). See in section B.
850. Ratio, output to capacity, manufacturing (Q). -- Board of Governors of the Federal Reserve System, Department of Commerce,
and McGraw-Hill Economics Department
(E2)
851. Rrtio, inventories (series 71) to sales (series 56), manufacturing and trade total (EOM). - Department of Commerce, Office of
Business Economics
(E2)
852. Riitio, unfilled orders (series 96) to shipments, manufacturers'
durable goods (EOM). - Department of Commerce, Bureau of the
Census
(E2)
853. Ratio, production of business equipment to production of
consumer goods (M). -- Board of Governors of the Federal
Reserve System. (Based upon components of the Federal
Reserve index of industrial production.)
(E2)

132. United Kingdom, index of consumer prices (M). -- Ministry of
Labour (London)
(Fl)
133. Canada, index of consumer prices (M). -- Dominion Bureau of
Statistics (Ottawa)
(Fl)
135. West Germany, index of consumer prices (M). •- Statist!sches
Bundesamt (Wiesbaden)
(Fl)
136. France, index of consumer prices (M). -- In si tut National de la
Statistique etdes Etudes Economiques (Paris)
(Fl)
137. Italy, index of consumer prices (NT).
Statistica(Rome)

Istituto Centrale di
(Fl)

138. Japan, index of consumer prices (M). -- Office of the Prime
Minister (Tokyo)
(Fl)
142. United Kingdom, index of stock prices (M). -- The Financial
Times (London)
(F3)
143. Canada, index of stock prices (M). •- Dominion Bureau of
Statistics (Ottawa)
(F3)
145. West Germany, index of stock prices (M). -- Statistisches
Bundesamt (Wiesbaden)
(F3)
146. France, index of stock prices (M). -• Institut National de la
Statistique et des Etudes Economiques (Paris)
(F3)
147. Italy, index of stock prices (M). -- Istituto Centrale di Statistics (Rome)
(F3)
148. Japan, index of stock prices (M). -- Tokyo Stock Exchange
(Tokyo)
(F3)
781. United States, index of consume? prices (M). See in section 0.

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