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I '.




U.S. DEPARTMENT OF COMMERCE
Juanita M. Kreps, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce

BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Feliks Tamm, Editor
This report was prepared in the Statistical Indicators Division, Bureau of Economic Analysis.
Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review
Morton Somer-Selection of seasonal adjustment methods
Betty F. Tunstall-Co I lection and compilation of basic data. Telephone (202) 523-0541
The cooperation of various government and private agencies which provide data is gratefully
acknowledged. 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, Bureau of Labor Statistics, Department of Labor
Joseph W. Duncan, Office of Management and Budget
Sidney L. Jones, Department of the Treasury
Burton G. Malkiel, Council of Economic Advisers, Executive Office of the President
J. Cortland Peret, Federal Reserve Board
Beatrice N. Vaccara, Bureau of Economic Analysis, Department of Commerce

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides a monthly look at many of the economic
time series found most useful by business analysts
and forecasters.
The original BCD, which began publication in
1961 under the title Business Cycle Developments,
emphasized the cyclical indicators approach to
the analysis of business conditions and prospects.
The report's contents were based largely on the list
of leading, roughly coincident, and lagging indicators maintained by the National Bureau of
Economic Research, Inc.
In 196S, BCD was expanded to increase its usefulness to analysts using other approaches to
business conditions analysis. Principal additions to
the report were series from the national income
and product accounts and series based on surveys
of businessmen's and consumers' anticipations and
intentions. The composite indexes were added at
that time, and the report's present title was
adopted.
The dominant feature of the current BCD
is the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which
begins on page 1.
Most of the data contained in this report have
also been published by their source agencies. A

series finding guide and a complete list of series
titles and sources can be found at the back of this
report.

Annual subscription price: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address

follows), enclosing a copy of your address label.
Make checks payable to the Superintendent of
Documents. Send to the U.S. Government
Printing Office, Washington, D.C. 20402.

Cyclical Indicators are economic time series which
have been singled out as leaders, coinciders, or
laggers, based on their general conformity to
cyclical movements in aggregate economic activity.
In this report, cyclical indicators are classified both
by economic process and by their average timing at
business cycle peaks, at business cycle troughs, and
at peaks and troughs, combined. These indicators
were selected primarily on the basis of their
cyclical behavior but they have also proven useful
in forecasting, measuring, and interpreting shortterm fluctuations in aggregate economic activity.

Other Economic Measures provides additional information for the evaluation of current business
conditions and prospects,, They include selected
components of the national income and product
accounts; measures of prices, wages, and productivity; measures of the labor force, employment, and unemployment; economic data on
Federal, State, and local government activities;
measures of U.S. international transactions; and
selected economic comparisons with major foreign
countries.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

iii

^HH

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

H
i
1
1
1
1
4
6
6
7

HUB

JUNE 1977
Data Through May
Series ESI No. 77-6

PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS
A1
A2
A3
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

chart

Table

11
13
15
16

59
—
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
B1
B2
B3
B4
B5
B6
B7

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

17
20
22
24
27
29
32

60
62
63
64
67
68
70

37
—
40

73
76
-

DIFFUSION INDEXES
AND RATES OF CHANGE
C1
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

The Secretary of Commerce has determined that the publication of this periodical is necessary in the transac
tion of the public business required by law of this Department. Use of funds for printing this periodical has
been approved by the Director of the Office of Management and Budget through September 1, 1980.



BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income

chart

Table

79
79
80
80
81
81
81
82

PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity

49
50

83
86

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

52

88

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

53
54

89
89

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

55
56

90
91

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

A2
A3
A4
A5
A6
A7
A8

41
42
43
44
45
46
47
48

57
53
53

92
93
94

PART III.

APPENDIXES

A. MCD and Related Measures of Variability (December 1975 issue)
QCD and Related Measures of Variability (September 1975 issue)
B. Current Adjustment Factors
C. Historical Data for Selected Series

95
96

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

E. Business Cycle Expansions and Contractions: 1854 to 1975 (February 1977issue)
F. Specific Peak and Trough Dates for Selected Business Indicators (February 1977issue)
G. Experimental Data and Analyses
Alphabetical Index-Series Finding Guide
Titles and Sources of Series

104
109
113

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to Incorporate recent findings of economic
research, newly available time series, and

Changes in this issue are as follows:

revisions made by
source agencies in

1. Series 85, 102, 105, 106, 107, and 108 (based
wholly or in part on U.S. money supply) have been revised
for the period October 1976 to date. These revisions
reflect the source agency's incorporation of benchmark
data from the December 1976 Call Report into the basic
data for money stock measures.

concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of

Further information concerning these revisions may be
obtained from the Board of Governors of the Federal
Reserve System, Division of Research and Statistics, Banking Section.

data, additions or

2. The survey from which the data on Bank rates on
short-term business loans (series 67) were obtained has
been discontinued by the source agency. It has been
replaced by a new survey,MSurvey of Terms of Bank Lending,ff
which provides monthly data on terms of lending for the 48
largest banks and quarterly data representing the entire
banking system. Consequently, beginning with February
1977 the data for series 67 will consist of monthly figures
based on short-term business loans by the 48 largest banks.

other series, changes

Further information concerning this revision may be
obtained from the Board of Governors of the Federal
Reserve System, Division of Research and Statistics, Banking Section.
3. The series on U.S. balance of payments (series
618, 620, 622, 651, 652, and 667-669) have been revised to
reflect the source agencyfs annual updating of the basic
statistics. These revisions affect the data for 1973 to
date (series 651), 1974 to date (series 618, 620, and 622),
and 1967 to date (all others).
(Continued on page iv.)
The July issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on August 2.



in

deletions of series,
changes in placement of
series in relation to

in composition of
indexes, etc.

Further information concerning these revisions may be obtained from the
U.S. Department of Commerce, Bureau of Economic Analysis, Balance of Payments
Division.
4. Appendix C contains historical data for series 93, 335, 602, 604,
606, 612, 614, 616, 732, 733, 735-738, and 968.
5. Appendix G contains recovery comparisons for series 12, 19, 29, 36,
48, 57, 72, and 95.




METHOD OF PRESENTATION
This report is organized into two
major parts. Part I, Cyclical Indicators,
includes about 150 time series which
have been found to conform well to
broad fluctuations in comprehensive
measures of economic activity. Nearly
three-fourths of these are individual
indicators, the rest are related analytical
measures: Composite indexes, diffusion
indexes, and rates of change. Part II,
Other Important Economic Measures,
covers over 130 series which are valuable
to business analysts and forecasters but
which do not conform well enough to
business cycles to qualify as cyclical
indicators. (There are a few exceptions:
Four series which are included in pt. I
are also shown in pt. II to complete the
systematic presentation of certain sets of
data, such as real GNP and unemployment.) The largest section of part II
consists of quarterly series from the
national income and product accounts;
other sections relate to prices, labor
force, government activities, and international transactions and comparisons.
The two parts are further divided into
sections (see table of contents), and each
of these sections is described briefly in
this introduction. Data are shown both
in charts and in tables. Most charts begin
with 1953, but those for the composite
indexes and their components (pt. I, sec.
A) begin with 1948, and a few charts
use a two-panel format which covers
only the period since 1967. Except for
section F in part II, the charts contain
shading which indicates periods of recession in general business activity. The
tables contain data for only the last few
years. The historical data for the various
time series are contained in the 1977
Supplemen t to Bus/ness Conditions
Digest
In addition to the charts and tables
described above, each issue contains a
summary table which shows the current
behavior of many of the series. Appendixes present seasonal adjustment factors, measures of variability, specific
cycle turning dates, cyclical comparison
charts, and other information of analytic
interest. An index appears at the back of
each issue. It should be noted that the
series numbers used are for identification purposes only and do not reflect
precise relationships or order. However,
all series considered as cyclical indicators are numbered in the range 1 to
199.




Seasonal Adjustments
Adjustments for average seasonal
fluctuations are often necessary to bring
out the underlying trends of time series.
Such adjustments allow for the effects
of repetitive intrayear variations resulting primarily from normal differences
in weather conditions and from various
institutional arrangements. Variations
attributable to holidays are usually
accounted for by the seasonal adjustment process; however, a separate holiday adjustment is occasionally required
for holidays with variable dates, such as
Easter. . An additional adjustment is
sometimes necessary for series which
contain considerable variation due to
the number of working or trading days
in each month. As used in this report,
the term "seasonal adjustment" includes trading-day and holiday adjustments where they have been made.
Most of the series in this report
are presented in seasonally adjusted
form and, in most cases, these are the
official figures released by the source
agencies. However, for the special
purposes of this report, a number of
series not ordinarily published in
seasonally adjusted form are shown
here on a seasonally adjusted basis.

about the moving averages and to provide observations for the most recent
months.
Reference Turning Dates
The historical business cycle turning
dates used in this report are those
designated by the National Bureau of
Economic Research, Inc. (NBER). They
mark the approximate dates when,
according to NBER, aggregate economic activity reached its cyclical
high or low levels. Asa matter of general
practice, neither new reference turning
dates nor the shading for recessions will
be entered on the charts until after both
the new reference peak and the new
reference trough bounding the shaded
area have been designated.
The historical reference turning dates
are subject to periodic review by NBER
and on occasion are changed as a result
of revisions in important economic time
series. The dates shown in this publication for the 1948-1970 time period
are those determined by a 1974 review.
The turning dates for the 1973-1975
period are detailed in NBER's 1976
Annual Report

Part I. CYCLICAL INDICATORS
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
app. A.) It is the smallest span of
months for which the average change
in the cyclical factor is greater than that
in the irregular factor. The more erratic
a series is, the larger the MCD will be;
thus, MCD is 1 for the smoothest series
and 6 for the most erratic. MCD moving
averages (that is, moving averages of the
period equal to MCD) tend to have
about the same degree of smoothness
for all series. Thus, a 5-term moving
average of a series with an MCD of 5
will show its cyclical movements about
as clearly as the seasonally adjusted data
for a series with an MCD of 1.
The charts in this report generally
include centered MCD moving averages
for those series with an MCD greater
than 4. The seasonally adjusted data are
also plotted to indicate their variation

Business cycles have been defined as
sequences of expansion and contraction
in various economic processes that show
up as major fluctuations in aggregate
economic activity-that is, in comprehensive measures of production, employment, income, and trade. While recurrent
and pervasive, business cycles of historical experience have been definitely
nonperiodic and have varied greatly
in duration and intensity, reflecting
changes in economic systems, conditions, policies, and outside disturbances.
One of the techniques developed in
business cycle research and widely used
as a tool for analyzing current economic
conditions and prospects is the cyclical
indicators approach. This approach
identifies certain economic time series
as tending to lead, coincide with or Jag
behind the broad movements in aggregate economic activity. Such indicators
have been selected and analyzed by
NBER in a series of studies published
between 1938 and 1967. During the
1972-75 period, a new comprehensive
review of cyclical indicators was carried

1

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

Economic
NJ^rocess

Cyclically
Timing
N^

LEADING (LJ
INDICATORS
(62 series)

ROUGHLY

II.

EMPLOYMENT
AND
UNEMPLOYMENT

(18 series)

Capacity
utilization
(2 series)

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

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

Comprehensive
employment
(1 series)

Comprehensive
output and
real income
(4 series)
Industrial
production
(4 series)

Consumption
and trade
(4 series)

(U)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT

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

(9 series)

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

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

(23 series)

TIMING
UNCLASSIFIED

IV.
III.
CONSUMPTION, FIXED
CAPITAL
INVESTMENT
(18 series)
(13 series)

TRADE,
ORDERS, AND
DELIVERIES

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

COINCIDENT(C)
INDICATORS

LAGGING (Lg)
INDICATORS
(18 series)

PRODUCTION
INCOME
(10 series)

AND

Duration of
unemployment
(2 series)

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

(8 series)

Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)

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

Business
investment
commitments
(1 series)

Unit labor costs
and labor share
(4 series)

Interest rates
(4 series)
Outstanding
debt
(3 series)

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

Inventories on
hand and on
order
(4 series)

Interest rates
(1 series)

B. Timing at Business Cycle Troughs
X. Economic
\ Process
>v

Cyclical^
Timing
x.

LEADING (L)
INDICATORS
(47 series)

tl.

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

Marginal
employment
adjustments
(3 series)

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

LAGGING (Lg)
INDICATORS
(40 series)

Marginal
omployment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration

PRODUCTION

AND

INCOME
(10 series)

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

IV.

V.

FIXED
CAPITAL
INVESTMENT
(18 series)

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Inventory
investment
(4 series)

Industrial
production
(1 series)

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

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

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

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

Unfilled orders
(1 series)

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

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

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

Profits
(2 series)

Inventories on
hand and on
order
(5 series)

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

Money flow
(1 series)
Velocity of
money
(1 series)

Unit labor costs
and labor share
(4 series)

velocity of
money
(1 series)
Bank reserves
(1 series)
Interest rates
(6 series)
Outstanding debt
(3 series)

of

unemployment
(!) series)

TIMING
UNCLASSIFIED
(U)

(1 series)




Bank reserves
(1 series)

i

out by the Bureau of Economic Analysis
(BEA) with the cooperation of the
NBER research staff. The present format and content of part I of BCD are
based on the results of that study.

Section A. Composite Indexes and Their
Components
All cyclical indicators have been evaluated according to six major characteristics: Economic significance, statistical
adequacy, consistency of timing at
business cycle peaks and troughs, conformity to business expansions and
contractions, smoothness, and prompt
availability (currency). A formal, detailed weighting scheme was developed
and used to assess each series by all of
the above criteria. (See articles in the
May and November 1975 issues of BCD.)
The resulting scores relate to the cyclical
behavior of the series during the period
1947-70. This analysis produced a new
list of indicators classified by economic
process and typical timing at business
cycle peaks and troughs. (See tables on
p. 2 and text below relating to sec. B.)
This information, particularly the
scores relating to consistency of timing,
served as a basis for the selection of
series to be included in the composite
indexes. The indexes incorporate the
best-scoring series from many different
economic-process groups and combine
those with similar timing behavior, using
their overall performance scores as
weights. Because they use series of
historically tested usefulness and given
timing characteristics (for example,
leading at both peaks and troughs), with
diversified economic coverage and a
minimum of duplication, composite
indexes give more reliable signals over
time than do any of the individual
indicators. Furthermore, much of the
independent measurement error and
other "noise" in the included series are
smoothed out in the index as a whole.
The indexes include only monthly series
that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are
distinguished by their cyclical timing.
Thus, there is an index of leading indicators, series which historically reached
their cyclical peaks and troughs earlier
than the corresponding business cycle
turns. There is an index of roughly
coincident indicators, consisting of
series which historically reached their
turning points at about the same time as
the general economy, and an index of



lagging indicators, which includes series
that typically reached their peaks and
troughs later than the corresponding
business cycle turns.
The leading index contains series with
long as well as short leads, but each
series leads on the average over time and
shows a frequency of leads at the individual turns exceeding that attributable
to chance, given the historical distribution of cyclical timing. (An analogous
statement applies to the components of
the lagging index.) Since 1948, leads
were generally more frequent and longer
at peaks than at troughs of business
cycles, while lags were generally more
frequent and longer at troughs than at
peaks. The adopted system of scoring
and classifying the indicators takes into
account these well-established differences in timing. Consequently, rough
coincidences include short leads (*) and
lags (+) as well as exact coincidences (0).
(For monthly series, the range is from -3
through +1 at peaks and from-1 through
+3 at troughs, where minus denotes
leads and plus denotes lags in months.)
For purposes of constructing a composite index, each component series is
standardized: The month-to-month percent changes in a given series are divided
by the long-run average (without regard
to sign) of those changes. Thus, the more
volatile series are prevented from dominating the index. The coincident index
is calculated so that its long-term trend
(since 1948) equals the average of the
trends of its four components. This
trend, which is similar to that of GNP
in constant dollars, can be viewed as a
linear approximation to the secular
movement (at an average growth rate)
in aggregate economic activity. The
indexes of leading and lagging indicators have been adjusted so that both
their trends and their average monthto-month percent changes (without
regard to sign) are approximately
equal to those of the coincident index.
(For a more detailed description of
the method of constructing the composite indexes, see the 1977 Supplement to BCDJ
In addition to these principal composite indexes, differentiated according
to cyclical timing, there are five indexes
based on leading indicators which have
been grouped by economic process.
Taken together, these additional indexes
include all 12 component series of the
overall leading index, plus a few related
series. Also shown in this section is the
ratio of the index of roughly coincident
indicators to the index of lagging
indicators, a series known to have a
useful pattern of early cyclical timing.

Numbers entered on the charts of the
composite indexes show the length, in
months, of leads (-) and lags (+) at each
of the reference turning dates covered.
The next set of data consists of
series included in the principal composite indexes. These are the 12 components of the leading index, the 4
components of the coincident index,
and the 6 components of the lagging
index. Following the title of each series,
its typical timing is identified by three
letter symbols in a small box. The first
of these letters refers to the timing of
the given indicator at business cycle
peaks, the second to its timing at
business cycle troughs, and the third
to its timing at all turns, i.e., at peaks
and troughs combined. "L" denotes a
tendency to lead, "C" a tendency to
roughly coincide with the business
cycle turns (as represented by the
NBER-designated reference dates), and
"Lg" a tendency to lag. Since these
series have been selected for the consistency of their timing at both peaks
and troughs, all components of the
leading index are denoted "L,L,L", all
components of the coincident index
"C,C,C", and all components of the
lagging index "Lg,Lg,Lg." It should be
remembered that these classifications
are based on limited evidence, namely
the performance of the indicators
during the business cycles of the 194870 period, which included five peaks
and five troughs. While the timing
classifications are expected to agree
with the patterns prevailing in the near
future, they will not necessarily hold
invariably in every instance. The timing
of the series in the post-1970 period
can be determined by inspection of the
charts where the 1973-75 recession is
shaded according to the dates of the
NBER reference cycle chronology.

Section B. Cyclical Indicators by Economic Process
This section covers 111 individual
time series, including the 22 indicators
used in the construction of the composite indexes. The peak and trough
timing classifications are shown on the
charts in the same manner as described
above, but this section includes series
with different timing at peaks and at
troughs, as well as series where the
timing is not sufficiently consistent to
be classified as either L,C, or Lg according to the probabilistic measures
and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to
timing at turning points of the given

3

type. Eight series are unclassified at
peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have
definite but different timing at peaks
and at troughs). No series that is
classified as U both at peaks and at
troughs is included in the list of
cyclical indicators.
The classification scheme which
groups the indicators of this section by
economic process and cyclical timing is
summarized in the two tabulations on
page 2. Cross-classification A is based on
the observed behavior of the series at
five business cycle peaks (November'48,
July '53, August '57, April '60, and
December '69); cross-classification B, on
their behavior at five business cycle
troughs (October '49, May '54, April '58^
February '61, and November '70). Each
tabulation distinguishes seven major
economic processes and four types of
cyclical timing. The titles in the cells
identify subgroups of the given economic process with the given timing
characteristic. The number of series in
each such group is given in parentheses
following the title. Complete information on how individual indicators are
classified by timing at peaks, troughs,
and all turns, along with selected measures and scores, is provided in the
1977 Supplement to BCD.

executives about their plans and expectations for several operating variables
are presented, along with the corresponding indexes based on actual data,
as the last set of the diffusion series.
This section also records rates of
change for the three composite indexes
(leading, coincident, and lagging) and
for four indicators of aggregate economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours in nonagricultural establishments, and personal income less
transfers in constant dollars. Rates of
change are shown for 1- and 3-month
spans or for 1-quarter spans.
Although movements in diffusion indexes and in rates of change for the
same aggregates are generally positively
correlated, these two measures present
information about two related but
distinct aspects of economic change.
Diffusion indexes measure the prevailing direction or scope of change,
while rates of change measu re the
degree as well as the overall direction.
As is the case for diffusion indexes,
cyclical movements in the rates of
change tend to lead those of the
corresponding indexes or aggregates,
and thus, they tend to lead at the
business cycle turns as well.

Part II. OTHER IMPORTANT
ECONOMIC MEASURES
Section C. Diffusion Indexes and Rates
of Change
Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a
given time span is summarized by a
diffusion index which indicates the
percentage of components that are rising
(with half of the unchanged components considered rising). Cyclical
changes in these diffusion indexes tend
to lead those of the corresponding
aggregates. Since diffusion indexes are
highly erratic, they are computed from
changes measured over 6- or 9- month
(or 3- or 4- quarter) spans, as well as
1-month (or 1-quarter) spans. Longer
spans help to highlight the trends
underlying the shorter-term fluctuations. Diffusion indexes are shown for
the component series included in each
of the three composite indexes and for
the components of some of the aggregate series shown in section B.
Diffusion measures can be derived
not only from actual data but also from
surveys of anticipations or intentions.
Indexes based on responses of business



This part is divided into six sections
which cover a wide range of quarterly
and monthly time series measuring
various aspects of economic activity.
Some of these series are very comprehensive, pertaining to the U.S. economy
as a whole, others have to do with
particular sectors or markets, and still
others relate to U.S. international
transactions or to selected foreign
countries. The represented variables
include incomes, outputs, and expenditures; prices, earnings, and productivity; labor resources; government
receipts, obligations, and purchases;
exports and imports; and selected
indicators for a few key foreign
countries.
Section A. National Income and Product
The national income and product
accounts, compiled by BEA, summarize
both receipts and final expenditures for
the personal, business, foreign, and
government sectors of the economy.
Section A1 shows the gross national
product, final sales, and personal and

disposable personal income. The four
major components of the gross national
product—personal consumption expenditures, gross private domestic investment, government purchases of
goods and services, and net exports of
goods and services—are presented in
sections A2 through A5. Most of the
series in section A are presented in
current as well as constant dollars.
There are also a few per capita series.
The national income and product
accounts, briefly defined below, are
described more fully in the Survey of
Current Business, Part I, January 1976.

Gross national product (GNP) is the
market value of final goods and services
produced by the labor and property
supplied by residents of the United
States, before deduction of allowances
for the consumption of fixed capital
goods. It is the most comprehensive
measure of aggregate economic output.
Final sales is GNP less change in business
inventories.
Personal income is the income received by persons (individuals, owners
of unincorporated businesses, nonprofit institutions, private trust funds,
and private noninsured welfare funds)
from all sources. It is the sum of wage
and salary disbursements, other labor
income, proprietors' income, rental income of persons, dividends, personal
interest income, and transfer payments,
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 nontax payments
to government.
Personal consumption expenditures
(A2) is goods and services purchased by
individuals, operating expenses of nonprofit institutions, and the value of
food, fuel, clothing, rent of dwellings,
and financial services received in kind
by individuals. Net purchases of used
goods are also included.
Gross private domestic investment
(A3) is fixed capital goods purchased by
private business and nonprofit institutions and the value of the change in the
physical volume of inventories held by
private business. The former include all
private purchases of dwellings, whether
purchased for tenant or owner occupancy. Net purchases of used goods are
also included.

Government purchases of goods and
services (A4) is the compensation of
government employees and purchases
from business and from abroad. It excludes transfer payments, interest paid
by government, and subsidies. It includes gross investment by government
enterprises, but excludes their current
outlays. It includes net purchases of
used goods and excludes sales and purchases of land and financial assets.
Net exports of goods and services
(A5) is exports less imports of goods
and services. Exports are part of the
national production; imports are not,
but are included in the components of
GNP and are therefore deducted. More
detail on U.S. international transactions
is provided in section E.
National income (A6) is the incomes
that originate in the production of
goods and services attributable to labor
and property supplied by residents of
the United States. Thus, it measures the
factor costs of the goods and services
produced. It consists of the compensation of employees, proprietors' income,
rental income of persons, corporate
profits, and net interest.
Saving (A7) is the difference between
income and expenditures during an
accounting period. Total gross saving
includes personal saving, business saving
(mainly undistributed corporate profits
and capital consumption allowances),
and government surplus or deficit.
Shares of GNP and national income
(A8). The major expenditure components of GNP (consumption, investment, etc.) are expressed as percentages
of GNP, and the major income components of national income (compensation of employees, corporate profits,
etc.) are expressed as percentages of
national income.




Section B.
ductivity

Prices, Wages, and Pro-

The important data on price movements include the monthly consumer
and wholesale price indexes and their
major components. Based largely on
these series are the quarterly price indexes from the national income and
product accounts, notably the GNP
implicit price deflator (with weights
reflecting the changing proportions of
different expenditure categories in GNP)
and the fixed-weighted price index for
the gross business product. Data on
both levels and percent changes are
presented for the period since 1967.
The group of series on wages and
productivity consists of data on average
hourly earnings and average hourly
compensation (including earnings and
other benefits) in current and constant
dollars, output per hour of work in the
business sector, and rates of change for
most of these measures.

Section C. Labor Force, Employment,
and Unemployment
This section contains measures of the
civilian labor force and its major components: Total numbers of employed
and unemployed persons. The number
of unemployed is subdivided into
selected categories defined by sex,
age, and class of worker. Also included
are data on participation rates for a few
principal segments of the labor force.

Section D. Government Activities
Receipts, expenditures, and their
balance (surplus or deficit) are shown
quarterly on two levels: (1) Federal
Government and (2) State and local
government. Defense series relating to

obligations,
contracts, and orders
(monthly) and purchases (quarterly)
are also shown. (For a more comprehensive picture of defense activities,
see Defense Indicators, a monthly
BEA publication.)

Section E. U.S. International
Transactions
This group includes monthly series
on exports (excluding military aid) and
general imports, plus a few selected
components of these aggregates. Also
shown are the balances between receipts
and expenditures for goods and services,
merchandise, and investment income.

Section F. International Comparisons
This section is designed to facilitate a
quick review of basic economic conditions in six of the nations with which
we have important trade relationships.
The U.S. business cycle shading has
been omitted from these charts. Data on
industrial production, consumer prices,
and stock prices for Canada, the United
Kingdom,
France, West Germany,
Japan, and Italy 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 (OECD). The industrial production series provide cyclically sensitive
output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the
period since 1967) provide important
measures of the rates of inflation in
the major industrialized countries.
Stock prices (also shown beginning in
1967) tend to be significant as leading
indicators.

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

Basic Data

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

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

Dotted line indicates anticipated data.

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

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

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

Diffusion Indexes

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

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

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

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

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

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

Rates of Change

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

Dotted line indicates anticipated quarterly data over
various spans.
Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

Solid line with plotting points
indicates percent changes over
3-or4-quarter spans.

Roman number indicates
latest quarter used in computing the changes.

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


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

Basic data1
Series title

Timing
classification3

Unit
of
measure

Percent change

Average

Mar.

3dQ
1975

1976

4th Q

1976

1976

1stQ
1977

Mar.
1977

Apr.
1977

Apr.

May

to

1977

Apr.
1977

to
May

3dQ
to
4th Q

4th Q
to
IstQ

1977

1976

Series number

1

Table 1. Summary of Recent Data and Current Changes for Principal Indicators

1977

1. CYCLICAL INDICATORS
A. Composite Indexes
910. Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators .
Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capita! investment commitments
915. Inventory investment and purchasing
916. Profitability
917. Money and financial flows

L,L,L
C,C,C
Lg,Lg,Lg

1967-100 ..
do. ...
do. ...

UUL
L,L,L

do,
do.
do.
do.
do.

UL,L

UUL

UL.L

...
...
...
...
...

114.1
114.1
128.6

93.1

101.6
97.1

101.2
104.7

124.8
122.1
120.8

125.7
122.7
121.7

127.1
123.8
121.3

128.1
126.3
121.5

130.2
128.4
122.3

130.8
328.7
122.4

130.6
129.7
123.0

9b.2

95.2

96.9

98.3

97.4

97.3

106.9
102.1
107.9
107.9

107.2
103.1
108.1
107.8

109.4
101.9
107.1
109.6

110.4
102.2
107.5
108.4

111.4
103.6
107.2
108.0

111.0
104.3
107.8
109.1

111.9
104.0
107.4
107.7

40.0

39.9

40.0

40.1

40.4

40.2

40.4

95.8

0.5
0.2
0.1

-0.9
-0.4

0.7
0.6
1.0

-0.2

0.8
0.5

-0.1

0.8
-0.3
-0.4
-1.3

1.1
0.9
-0.3

0.6
2.1
-1.2
-0.9

1.7

0.8
2.0
0.2

91
92
93

1.1
0.9
0.3
0.4

91
91
91
91
91

-1.1

B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment
Marginal Employment Adjustments:
*1. Average workweek, prod, workers, mfg
21. Avg. weekly overtime, prod, workers, mfg.2 .,
2. Accession rate, per 100 employees, mfg.2
5. Avg. weekly initial claims (inverted4)
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 ..
4 Quit rate per 1 00 employees mfg 2
Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
46 Help-wanted advertising

39.4

UUL
ULg.U

Hours
do. ...
Percent
Thousands. .
Percent
do. ...

2.6
3.7
470
2.1
1.4

3.1
3.9
334
1.3

ULg,U
L,Lg,U

Ratio
1967=100...

U.304
30

0.389
95

0.385
96

0.393
100

A.r., bil. hrs..
Thousands. .
do. ...
do. ...

146.86
81,403
77,051
22,603

151.50
84,188
79,443
23,332

151.84
34,476
79,683
23,372

152.98
84,861
80,090
23,440

55.24

56.06

56.15

56.14

56.48

7,830
8.5

7,2bb

7,4b7

7,578

7,U68

UUL
L.C.L
UUL
UC,L

Comprehensive Employment:
48. Employee hours in nonagri. establishments . . . U,C,C
42. Persons engaged in nonagri, activities
U.C.C
*41. Employees on nonagri. payrolls
c,c,c
40. Employees in mfg., mining, construction
UC,U
90. Ratio, civilian employment to total population of working age2
U,Lg,U

Percent

Comprehensive Unemployment:
37. Total unemployed (inverted 4 )
ULg,U Thousands . .
43, Unemployment rate, total (inverted 4 } 2
L,Lg,U Percent
45. Avg. weekly insured unemploy-rate (inv. 4 } 2 .. ULg,U
do. ...
*91. Avg. duration of unemployment (inverted4) .. Lg,Lg,Lg Weeks
4 2
44. Unernploy. rate, 15 weeks and over {inv, ) .. Lg,Lg,Lg Percent

5.y
14.2

2.7

4.5
15.8

3.0
3.7
412
1.5

4.8
15.5

2.4

3.1
3.8
390
1.3

4.7
15.5

2.6

3.3
4.3
382
1.2

-0.5

0.5
0.0
0.0

0.3
0.1
0.1
5.3
0.2

0.2
0.2
0.5
2.1
0.1
0.3

3.3
4.3
329
1.0
1.9

3.4
4.1
35^
1.0
1.9

3.4
4.1
378
1.1
1.9

0.448
106

0.455
108

0.482
109

0.494
112

0.027
0.9

0.012
2.8

0.008
4.2

0.055
6.0

6
4

154.19
85,900
80,927
23,765

155.51
86,359
81,395
24,005

155.84
86,763
81,605
24,163

156.44
87,022
81,792
24,244

0.2
0.5
0.3
0.7

0.4
0.3
0.2
0.3

0.8
0.5
0.5
0.3

0.8
1.2
1.0
1.4

4
4
4
4

56.71

56.98

57.14

7,064

6,737

6,750
6.9
3.7

4.0
14.7

2.2

3.8
14.0

3.7
14.3

14.9

0.1
-0.2
-8.8

0.0
0.0

0.27

4.6
0.3
0.1
-2.1

-5.6
-0.1

0.0

-0.1

0.16

-0.01

-0.2

-1.6
-0.1

0.1
0.0
-4.2

0.34

0.1
0.0

2

9

6.7
0.5
0.7
5.2
0.4

3
4
4
9
4

1.9

1.9

0.1

0.0

1191.7 1264.7 1272.2 1280.4 1302.0
9 8 8 . b 1035.8 1038.0 1050.5 1064.7 1077.2 1080.6
850.0
891.7
917.2
927.7
893.9
905.2
931.2

1082.8
936.1

0.3
0.4

0.2
0.5

0.6
1.2
1.3

1.7
1.4
1.3

5
5
5

1.1

1.0

5

0.7

1.3
0.9
1.6
3.0

4
7
7
4

0.4
2
0.1

8
b
8

5.4
3.7
7.3
-0.70
1.4
4

2
9
3

2.5

2.0

-0.2

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

c.c.c
c,c,c
c.c.c

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

c,c,c

do. . . .

209.2

219.3

219.3

221.8

224.1

228.3

229.6

230.9

0.6

0.6

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

117.8
1U9.3
126.4
532.6

12*. 8

121.4
141.0
575.8

130.9
123.9
141.5
579.1

131.8
123.5
143.1
578.7

133.5
124.6
145.4
596.3

135.2
126.8
146.8

136.3
128.3
147.5

137.8
130.3
148.9

0.8
1.2
0.5

Ul
1.6
0.9

73.6

80.2

80.8

80.6

uc,u

Percent
do
do. ...

Orders and Deliveries:
6. New orders, durable goods
UL.L
7 New orders, durable goods, 1972 dollars
UUL
*8. New orders, cons, goods and mils., 1972 dot. . UUL
2
25 Chg. in unfilled orders, durable goods
UUL
L,Lg,U
96 Mfrs ' unfilled orders durable goods5
*32 Vendor performance 2
L.UL

Bil.dol
do
do. . . .
rJo. . . .
Bil.dol., EOP
Percent

42.19
50.54
50.84
56.47
53.56
58.73
59.05
59.30
30.86 3 5 . 0 4
37.26
34.69
35.93
38.52
38.88 38.36
28.85
36.71
31.93
34.98
35.39
32.36
34.83
32.45
-1.76
-0.39
1.49
2.05
2.21
0.31
0.79
0.25
163.58 167.26 162.80 167.26 169.64 169.64 171.69 173.90
30
54
52
61
48
58
56
56

-1.0
-1.3
-4.7
1.80

Consumption and Trade:
56 Manufacturing and trade sales
*57, Manufacturing and trade sales, 1972 dollars ..
75 Industrial production consumer goods
54 Sales of retail stores
59. Sales of retail stores, 1972 dollars
55. Personal consumption expend., autos
58 Index of consumer sentiment ©

Bil dol
do. . . .
1967=100...
Mil. dol
do. ...
A.r., bil.dol.
101966=100

172.54
121.94
124.0
4d,702
37,466

-0.4
-1.2

C,L,C
C,L,U
U,L,U
L,C,C
UUL

UUL
L.L.L

1967=100...
Number. .. .

108.9
118.0
120.8
117.6
123.5
124.1
2 7 , 2 6 4 31,244 31,743 3 3 , 2 9 3 3 4 , 2 0 5 35,012

Industrial Production:
*47 Industrial production total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49 Value of goods output 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83 Capacity utilization rate mfg BEA2
84. Capacity utilization rate, materials, FRB 2

c,c,c
C.C.C
C,L,L

c,c,c

uc,u

77
73.6

81
8U.3

80
81.3

81
80.2

-0.3

1.1
-0.1

81. 0
83

-0.2

80.3

-1.1

1

B3. Consumption, Trade, Orders, and
Deliveries

c,c,c
c,c,c

40.3
70.5

192.53
130.63
136.8
54,324
39,883
54.7
85.4

193.82
131.05
136.8
54,166
39,804
55.2
88.8

197.81
132.34
139.3
56,035
40,707
56.2
86.0

208.16
136.48
141.4
58,119
41,580

214.84
139.77
143.0
59,522
42,334

213.88
NA
138.07
NA
143.0
143.6
59,572 59,998
42,220 42,401

1.2
2

0.0
0.1
-0.3

0.5
0.4
1.2
0.16

6.0
3.6
1.6
1.88

1.3
-2

2.7
-13

NA
NA
0.4
0.7
0.4

2.1
1.0
1.8
3.5
2.3
1.8

64.9
87.5

-3.2

1.7

5
5
7
5
5
5
5

2.2
2.7

1
1

5.2
3.1
1.5
3.7
2.1
15.5

B4. Fixed Capital Investment
Formation of Business Enterprises:
*12. Net business formation
13. New business incorporations




123.0
NA

NA
NA

-0.9

NA

NA
NA

2.4
4.9

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data 1
Timing
classification3

Series title

Percent change

u

Unit
Average

of

*}H n

measure
1975

1976

to
May

3d 0
to
4th Q

4th Q
to

1977

1976

1077

Mar.

4th Q

1st Q

1976

1976

1977

Mar.
1977

Apr.
1977

Apr.

May

to

1977

Apr.
1977

1st a

E

1

1. CYCLICAL INDICATORS Cen.
64. Fixed Capital Investment = Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and eqjip.,
1972 dol

24. New orders, cap. goods indus., uondefense . . .
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
1 1 New capital appropriations, mf ]
97. Backlog of capital appropriations, mfg.s — .
Business Investment Expenditures:
61. Business expend., new plant and equipment . .
69. Machinery and equipment salet, and business
construction expenditures
76 Industrial production, business equip
86. Nonresid. fixed investment, to?al, 1972 dol. . .
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits, private ;iousing
89. Fixed investment, residential, 1972 dol

L,L,L

Bil.dol

L,L,L
L,L,L

do. . . .
do. . . .

L,L,I

do. . . .

L,C,U

Mil. sq. ft. . .

U.Lg.U Bil.dol
C,Lcj,Lg Bil.dol., EOP

13. Ub

lb.13

14.86

15.97

16.87

16.60

18.34

39.59

9.66

10. yl

10.73
12.89

10.47
13.31

11.13
13.76

11.63
14.60

11.40
14.67

12.49
14.93

13.32
14.03

9.6
3.B

8.16

9.20

9.42

9.65

10.11

10.13

10.36

10.16

2.5

4b.tJU

51.43
12.61
48.13

50.51
11. b4

52.94

57,43

67.45

55.88

63.20

15.08
48.13

14.68

11.36
4b.4S

45.72

NA

128.2
111.4

136.1
115.7

137.4
117.5

139.8

143.2
122.3

144.4

146.7

349.3

337.9

1,160

1,538
111.3

1,570
115.3

1,770
132.0

1,758
130.6

2,089

147.5

1,899
134.7

3 ,929
138.2

47.1

47.4

L,L,L

do. . . .

-12.0

L LL
L,L,L
L,L,L

do, . .
do. . . .
Bil.dol

-19.36

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

275.48

81.0
38.4

51.1

2f

-0.7
-3.9

2.4

4.8

2'

B.5

t
13

2.2

do. . . .
C.lg.Lg
C,lg,U 1967-100...
C,Lg,C A.r., bil. dol.

A.r., bil. dol.

It

4.5
b.l

130.16

161.72 175.70 1 7 6 . 7 5 1 8 2 . 6 0 1 8 7 . 2 5 3 9 3 . 6 0 1 9 2 . 8 3

A.r., thous. .
1967-100...

b.b

6.3
3.4

49.72

132.78

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

-37.2

7. a

6.6

4.8
JO. 7
5.3

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

120.49 122.55 125.22

B.O

-0.4

1.6

-9.1
-8.7

13.3

NA
3.8

3.6
2.6

51.6

3.3
1.7
0.3

12.7
34.5

7. B

-2.7

3.3

y
bJ

2.5
2.4
3.7

6^
7*
dt

-0.7
-1.1

1.0

BS

d.3

31

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 do). 2 . . . . .
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
31. Chg. In book value, mfg, and trade invent.2 . .
38. Chg. in mtl. stocks on hand and on order 2 . . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invent., total, '972 del.5 . . . . .
65. Mfrs.' inventories of finished cpods5
77. Ratio, inventories to sales, mf:]. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order 5

Lg.Lg.Lg Ratio

-2.9

-1.28

215. Qd
49.87

1.80

L,Lg,Lg Bil.dol., EOP

8.1
5.75
23.6
0.51

10.2

11.52
29.6

-0.04

0.9
5.23
10.3
0.97

-y.3

9.2
6.34
32.8
1.39

11.01
40.1
3.65

12.90
35.6
0.42

29y,12 2 9 6 . 5 4 299.12 3 0 7 . 3 2 3 0 7 . 3 2 310.29
222.66 223.05 222.66 225.32 225.32 226.22
53.75
53.36
53.75
54.48
54.48
55.00

1.68

1.69

1.69

1.64

1.61

1.64

1 2 5 . 6 6 131.72 1 2 8 . 8 2 131.72 1 3 5 . 8 8 135.88 1 3 6 . 3 0

NA
NA
NA

NA
NA
NA
NA
NA

1.89
-4.5

-1.23
1.0
0.4
1.0
0.03

0.3

NA
NA
NA

NA

-b.29
-39.3
3.03

0.9

NA
NA

-0.2

NA

O.U

NA

0.7

2.3

1.31

22. S
0.42

2.7
3.2
1.4

-0.05

36
31
3fe
73
71
6b
11

3.2

86. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92 Chg in sensitive prices (smoothed 6 ) 2
?3 Industrial materials prices@

LLL
U.L.L

Percent
1967-100...

180.4

Stock Prices:
*19 Stock prices, 800 common stocks©

L.L.L

1941*43=100.

86.16

Profits
16.
18.
79.
80
15.
17

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

A.r.,bil.dol.

L,L,L
L.L.L

. ..

and Profit Margins:
Corporate profits after taxes
Corp. profits after taxes, 1972 dollars
Corp. profits after taxes, with 1 VA and CCA . .
do
in 1972 d o l . . . .
Profits (after taxes) per dol. of sales, mfg.2 . . .
Ratio price to unit labor cost fnfg

Cash Flows:
34. Net cash flow, corporate
,
35. Net cash flow, corporate, 1972 dollars
Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector . . . .
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin. corp
*62. Labor cost per unit of output, rnfg
64. Compensation of employees as percent of
national income3

0.05

1.17

1.26

1.59

0.65

0.95

1.94

200.7

210.0

201.9

216.5

222.8

221.9

3.66
218.1

0.99
-0.4

-0.28
-3.7

99.05

98.76

-3.5

-0.3

102.01 104.31 1 0 2 . 5 8 101.78 1 0 0 . 5 7

65.3
50.3
42.4
33.1

83.6
61.5
53.5
39.7

85.1
62.4
56.9
41.9

86.8
62.8
50.4
36.9

91.2
65.0
51.1
36.9

Cents
1967-100...

4.6
119.6

5.4
124.4

5.3
123.0

5.0
124.0

5.3
125.5

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

122.6

145.7
103. 7

147.9
104.8

149.5
104.5

156.1
108.0

Lg,Lg,Lg 1967-100...

161.6

168.2

167.8

171.1

173.6

Lg,Lg,Lg Dollars
Lg,Lg,Lg 1967-100...

0.853

0.883

0.884

0.904

143.2

0.923

144.0

145.5

146.9

148.3

77.0

76.3

76.2

76.6

76.5

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

Lg,Lg,Lg Percent

92.3

0.33
-3.9

-0.94
7.2

92
23

-3.7

-0.8

19

2.0
0.6
-11.4
-11.9
-0.3

125.4

127.1

126.4

1.4

-0.6

0.8

1.1
-0.3

5.1
3.5
1.4
0.0
0.3
1.2
4.4
3.3

16

13
79
80
IS
17
34

2.0

149.4

149.5

150.9

0.1

0.9

1.5

63

2.3
3.0

2.1
3.0

68
62

0.4

-0.1

64

B7. Money and Credit
Money:
86. Change in money supply (MI) 2
102. Change in money supply plus time deposits at
commercial banks (M2) 2
*104. Chg. in total liquid assets (M7) (smoothed 6 ) 2 .
*105. Money supply (Ml), 1972 dollars
106. Money supply (M2), 1972 dollars

L,L,L

Percent. . . .

0.34

0.48

0.40

0.59

0.32

0.45

1.62

LC.U

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

do. . . .
do. . . .
Bil.dol
do. . . .

0.68
0.7b

0.91
U.86

0.86
0.84

1.10
0.84

0.71
0.86

0.72
0.88

1.12
0.86

225.0
498.0

223.5

223.4

518.5

224.6
529.0

222.4

517.1

221.5
531.0

C.C.C

Ratio

Velocity of Money:
107. Ratio, GNPtomoneysupplv'{M1) 2
108. Ratio, pers. income to money supply (M2) 2 .,

C,Lg,C

do. . . .

Credit
33.
1 1 2.
1 13.
110.

L,L,L
L,L,L
L,L,L
L,L,L

A.r,,bil.dol.

Flows:
Change in mortgage debt2
Change in business loans2
Change in consumer installment debt 2
Total private borrowing




531.3

0.06

1.37

-1.56

0.19

-0.27

85

0.40

-0.39

-0.02
0.8
0.3

-0.73
-0.05
-0.5
-0.2

0.24

223.3
532.8

0.39
0.81
222.1
531.7

102
104
305
106

1.964

-0.007

0.005

NA
5.89
3 . 3 5 -14.28
NA
-0.68

NA
10.15
NA

5.236

do. . . .
do
do. . . .

5.560

5.586

1.949

5.609

5.723

1.954

1.950

1.940

1.949

1.966

1.959

53.26

53.75

70.75

76.64

-4.30
16.75

63.40
20.06

61. b4

-5.05
16.75

7.48

-6.80
31.92

38.71
-10.89

7.18

18.52

5.64

26.63
125.16 2 0 2 . 3 7 201.53 2 3 7 . 9 5 2 2 6 . 8 0

32.60

0.0
0.5
2.0
0.023
-0.010

0.02
-1.0

0.4

0.134
0.009

9.65

-1.56

24.36

-14.42

1.77
18.1

8.11
-4.7

107
108

33
112
113

no

Basic data 1
Timing
classification3

Series title

Unit
of
measure

Percent change

Average

Mar.

3dQ
1975

1976

4th Q

IstQ

1976

1976

1977

Mar.
1977

May

to

1977

Apr.
1977

Apr.

Apr.
1977

to
May

3dQ
to
4th Q

1977

1976

4th Q
to
1stQ
1977

Series number

1

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

I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures (inv. 4 )®
39, Delinquency rate, instal, loans (inv. 4 ) 2 s

L,L,L
L,L,L

Mil.dol
Percent, EOP

Bank Reserves:
93. Free reserves (inverted 4 ) 2 ©
94, Borrowing from the Federal Reserve 2 ©

L,U,U
L,Lg,U

Mil.dol
do. . . .

Interest Rates:
119 Federal funds rate 2 ®
114 Treasury bill rate 2 ®
115. Treasury bond yields 2 ©
116. Corporate bond yields2©
117. Municipal bond yields 2 ®
118. Mortgage yields, residential 2 ®:
67. Bank rates on short-term bus. loans 2 ®
*109, Average prime rate charged by banks2®

ULg.LQ Percent
do. . . .
C,Lg,Lg
do. . . .
C,Lg,Lg
do. . . .
Lg,Lg,Lg
do. . . .
U,Lg,Lg
do. . . .
Lg,Lg,Lg
do. . . .
Lg.Lg.Lg
do. . . .
Lg.i-g.Lg

Outstanding Debt:
66, Consumer installment debt 5
Lg.Lg.Lg Bil.dol., EOP
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
Lg.Lg.Lg Bil.dol
*95. Ratio, consumer install, debt to pers. income 2 . Lg,Lg,Lg Percent

3 6 5 . Ul
2.47

-11
194

5.82
5.82
7.00
9.51
7.05
9.20
8.65
7.86

250.94 273.28 220.54 203.65 248.20
2.40

134
84

5.05

.5.00
6.78
8.59
6.64
8.84
7.52
6.84

2.36

117
101

5.28
5.17
6.79
8.57
6.64
8.91
7.80
7.09

2.40

171
71

4.83
4.70
6.55
8.11
6.18
8.42
7.28
6.54

2.37

158
83

4.66
4.62
7.01
8.16
5.88
8.49
6.82
6.25

2.37

155
110

NA
NA

NA
NA

NA
NA

-62
73

135
200

217
-37

4.69
4.61
7.20
8.33
5.89
8.58

4.73
4.54
7.13
8.30
5.73
8.57

5.35
4.94
7.19
8.38
5.75

6.25

6.25

6.41

1 5 9 . 3 8 176.12 171.49 176.12 1 8 2 . 7 8 1 8 2 . 7 3 1 8 5 . 4 4
1 2 5 . 4 4 116.42 113.37 117.49 119.30
12.34
12.22
12.27
12.27
12.32

NA

NA

120.25 119.68 119.96
12.30
NA
12.38

0.04

-0.07
-0.07
-0.03
-0.16
-0.01
0.0
1.5
-0.5
0.08

NA
NA

-197

127

0.62
0.40
0.06
0.08
0.02

NA
0.16

19.3

-0.04

7.7
0.03

1
3

-54
-30

13
12

9
9

-0.40
-0.47
-0.24
-0.46
-0.46
-0.49
-0.52
-0.55

-0.22
-0.08

-0.46
-0.29

11
11
11
11
11
11
6
10

3.8

6

1.5

7
9

NA

2.7

0.2
NA

3.6
0.0

0.46
0.05

-0.30
0.07

0.05

II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310.
320
320c.
322.
330.
331.
332,
333.
334.

Implicit price deflator, GNP
Consumer prices (CPI), all items®
Change in CPt, all items, S/A 2
CPI, food

..

Wholesale prices (WPI), all commodities®. . .
WPI, cmde materials
WPI, intermediate materials
WPI, producer finished goods
WPI, consumer finished goods

1972=100...
1967=100...
Percent
1967=100...

127.2
161.2
0.6
175.4

133.8
170.5
0.4
180.8

134.4
171.9
0.4
181.7

136.3
173.8
0.3
181.9

138.2
176.9
0.8
186.3

178.2
0.6
188.2

179.6
0.8
191.0

180.6
0.6
192.4

0.8
0.2
1.5

do.
do.
do.
do.
do.

...
...
...
...
...

174.9
196.9
180.0
162.5
163.6

183.0
205.1
189.3
173.2
169.0

184.3
204.5
190.5
173.7
169.0

186.0
205.8
193.7
177.3
170.4

190.0
216.1
197.4
180.0
174.4

191.9
220.8
199.2
180.8
176.0

194.3
229.9
201.3
181.8
178.3

195.2
226.9
202.0
182.8
180.2

1.3
4.1
1.1
0.6
1.3

do. . . .

172.5

185.0

186.6

189.6

193.3

194.1

195.3

196.3

0.6

do.
do.
do.
do,

107.0
177.1
109.9
111,3

108.5
190.0
111.5
115.7

108.6
191.6
111.6
116.3

109.2
194.9
112.2
116.4

109.2
200.0
112.9
117.8

108.8

108.6

108.5

1.4
1.1

0.7

0.1

1.4
1.8
0.5
2.4

0.5
0.3
0.6
1.1

0.9
0.6
1.7
2.1
0.8

2.2
5.0
1.9
1.5
2.3

33
33
33
33
33

0.5

1.6

2.0

34

0.6
1.7
0.5
0.1

0.0
2.6
0.6
1.2

34
34
34
37

0.5
0.4
1.6
4.3

0.4
1.0

44
44
3
44
44
44

0.6
-0.2

-1.3

-0.1

31
32
32
32

B2. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarm economy
341 . Real average hourly earnings, production
workers private nonfarm economy
345, Average hourly compensation, nonfarm bus. . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector

...
...
...
...

-0,2

-0.1

C. Labor Force, Employment, and
Unemployment
441.
442
37
444.
445.
446.
Labor
451.
452.
453

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age

Thousands. .
do. . . .
do
do. . . .
do. . . .
do. . . .

Force Participation Rates:
Males, 20 years and over 2
Females , 20 years and over 2
Bothsexes, 16-19 years of age2

Percent
do. . . .
do

80.3
46.0
54.1

79.8
47.0
54.6

80.0
47.3
54.7

80.0
47.4
54.4

79.6
47.5
55.1

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

286.5
357.8
-71.2
234.3
227.5
6.9

330.3
388.9
-58.6
260.4
246.4

333.8
391.1
-57.4
262.0
249.3

346.3
405.6
-59.3
273.6
251.8

366.4
407.6
-41.2
275.1
255.0

14.0

12.7

21.9

20.2

Mil.dol
do. . . .
Bil.dol
A.r., bif. dol.

8,154
3,606

9,217
4,235

2.10
84.3

2.46
88.2

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

9,572
8,936
9,827
9,826 10,072
9,899
9,970 10,395
1,925
1,823
2,086
1,947
1,959
2,112
NA
NA
1,838 1,837
1,740
NA
1,873
1,861 1,859
NA
8 , 0 1 2 1 0 , 0 4 4 10,615 1 0 , 7 3 3 11,801 1 2 , 4 5 9 1 2 , 5 9 3 11,616
2,074
2,658
3,498
4,171
NA
2,893
2,991
NA
830 1 , 0 9 6
1,106
NA
1,210
NA
1,073
1,299

9 2 , 6 1 3 9 4 , 7 7 3 9 5 , 2 6 1 95,711 9 6 , 0 6 7 9 6 , 5 3 9 9 6 , 7 6 0 9 7 , ] 5 8
84,784 87,485 87,804 .88,133 88,998 8 9 , 4 7 5 90,023 90,408
7,830
7,288
7,457
7,578
6., 737
7,068
7,064
6,750
3,041
3,428
3,114
3,247
2,624
2,892
2,794
2,751
2,649
2,546
2,649
2,624
2,486
2,346
2,470
2,545
1 , 7 5 2 1,701 1 , 6 9 4
1,708
1,690
1,725
1,653
1,643
79.6
47.9
55.8

79.5
48.0
56.0

79.6
48.2
56.1

0.2
0.6
-4.6
-6.1
-2.9
-4.8

-0.1

0.1
0.2

0.4
0.4
0.2
4.8
-5.0

0.6
0.1
0.2
0.1

-0.9

0.8
0.0
0.1
-0.3

-6.7

-10.9
-5.3
-1.1

-0.4

0.1
0.7

45
45
45

D. Government Activities
01. Receipts and Expenditures
501.
502.
500.
51 1 .
512.
510.

Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit 2
State and local government receipts
State and local government expenditures
State and local govt. surplus or deficit 2

3.7
3.7

5.8
0.5

-1.7

50
50
50
51
51
51

3.2

-14,0
-21.6
-42.3
0.2

51
52
54
56

0.7

-0.7

60
60
60
61
61
61

-1.9

4.4
1.0
9.2

18.1

0.5
1.3

D2. Defense Indicators
51 6.
525.
548
564.

Defense Department obligations, total
Military prime contract awards in U.S
New orders, defense products
National defense purchases

8 , 3 8 8 11,264
3,609
5,438
1.77
88.5

3.36
91.3

9,687
4f264
1.94
91.5

9 , 6 5 2 10,606
4,843
5,513
2.28

3.57

NA
NA
3.29

9.9
13.8
56.6

NA
NA
-7.8

34.3
50.7
89.8

E. U.S, International Transactions
E1 . Merchandise Trade
602.
604.
606
612
614.
616.

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




-1.0

NA
NA
1.1
NA
NA

4.3
NA
NA
-7.8

NA
NA

-6.7

2.0
1.1
3.4
-3.0

0.6
-0.6
10.0
17.0
12.8

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

Series title

Percent chango

4th Q
1974

1975

1976

a»

IstQ

2dQ

3d 0

4th Q

IstQ

1975

1976

1976

1976

1976

1977

3tlO
tu
4th Q

4tii a

19/0

Average

2dtl
to
3d Q,

1076

1977

to

1st a

t
i:
ffl

$

tl. OTHER IMPORTANT ECONOMIC
MEASURES=Con,
E2. Goods and Services Movements Except
Transfers Under Military Grants
618
620
622
661.
652
668
869
887

24,576
25,918
-1,342
4,941
2,755
34,576
34,036
540

26,772
24,511
2,261
4,332
2,b44
36,900
32,860
4,041

28,675
30,979
-2,304
5,342
2,890
40,818
39,894
924

27,657
25,431
2,226
4,338
2,741
38,195
33,906
4,289

26,998
28,324
-1,326
5,298
2,861
38,589
37,020
1,569

28,379
29,914
-1,535
5,167
2,887
40,236
38,691
1,545

29,603
32,387
-2,784
5,483
2,816
42,196
41,297
899

29,720
33,29-2
-3,572
5,421
2,997
42,252
42,567

1214.0
1413.2
1205. 5
982.9
840.b
5,728
3,96b

1191.7
1516.3
1203.7
1080.9
855.5
5,580
4,007

1264.7
1691.6
1256.6
1181.7
890.5
5,883
4,140

1219.2
1588.2
1224.7
1119.9
867.5
5,691
4,049

1246.3
1636.2
1235.9
1147.6
880.4
5,808
4,103

1260.0
1675.2
1248.8
1172.5
890.5
5,862
4,143

1272.2
1709.8
1262,0
1190.2
892.0
5,907
4,142

1280.4
1745.1
1279.5
1216.5
899.6
5,955
4,168

0.4
-0.8
4.3
29,476
36,456
2.8
9.5
8.3
- 6 , 9 8 0 -1,249
-788 - 3 , 4 0 d
6,067
6.1
-1.1
11.9
2,897
6.4
-3.3
-2,5
42,693
1,0
4.9
0.1
6.7
45,865
7.7
3.1
-3,172
- 6 4 6 -1,214 - 2 , 8 5 7

618
620
622
651
652
bhri
669
667

1302.0
1799.3
1292.9
1245.8
907.0
6,023
4,195

1.0
2.1
1.1
1.5
0.2
0.8
0.0

0.6
2.1
1.4
2.2
0.9
0.8
0.6

1.7
3.1
1.0
2.4
O.B
1.1
0.6

50
200
213
224
225
217
227

759.1
112.3
303.5
343.4
887.5
121.6
376.2
389.6

770.3
813.7
783.9 8 0 0 . 7 8 0 8 . 6 815.7
829.7
843.8
111.9
125.8
118.0
124.3
125.2
126.2
127.6
134.9
306.1
319.3
3 0 9 . 5 314.6
317.6
326.8
318.9
325.9
352.4
368.6
356.4 361.8
365.8
382.1
370.6
376.2
9 7 3 . 2 1079.7 1012.0 1043.6 1064.7 1088.5 1122.0 1159.1
131.7
156.5
141.8
151. 1
155.0
157.6
162.0
174.0
409.1
440.4
421,6
429.1
434.8
464.7
441.8
456.0
432.4
482.8
4 4 8 . 6 4 6 3 . 2 4 7 4 . 9 489.1
520.4
504.0

0.9
0.8
0.4
1.3
2.2
1.7
1.6
3.0

1.7
1.1
2.2
1.5
3.1
2.8
3.2
3.0

1.7
5.7
0.3
1.6
3.3
7.4
1.9
3.3

231
233
238
239
23U
232
236
237

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

182.0
173.5
8.5
215.0
204.3
10.7

137.8
149.8
-12.0
183.7
198.3
-14.6

7.8
2.9
8.3

..do

Merchandise exports
Merchandise imports
Merchandise trade balance2
Income on U.S. investments abrr ad
Income on foreign investment in the U.S. .....
Exports of pods and services
Imports of goods and services . . . .
Balance on goods and services2 . . .

241
243
30
240
242
245

256.4

261.0

Mil. dol

do
do
do
do
do
do
do

1

-315

A. National Income and Product
A1. GNPand Personal Income
60.
200
213
224.
225.
217.
227

GNP in 1972 dollars
A.r., bil.dol
GNPin current dollars
do
do
Final sales 1972 dollars
do
Disposable personal income, cut rent dollars . . .
do
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
A.r,, dollars
Per capita disposable pers, income, 1972 do)
do

A2. Personal Consumption Expenditures
231
233
238
239
230
232
236
237

Total 1972 dollars
Durable goods 1972 dollars . . . . . .
Nondurable goods 1972 dollar. ...
Services 1972 dollars
Total current dollars
Durable goods current dollars
Nondurable goods current dollars . .
Services current dollars

. ...

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

A3, Gross Private Domestic Investment
241
243.
30.
240.
242.
246.

Total 1972 dollars
Total fixed investment, 1972 Collars
Change in business inventories 1972 dol 2
Total current dollars
Total fixed investment, current dollars
Chg in bus inventories, current dol,2

170.9
162.8
b.l
239.6
227.7

147.0
152.5

167.1
156.7

171.7
160.6

175.2
165.0

-5.5

10.4

11.1

10.2

201.4
205.7

229.6
214.7

239.2
223.2

247.0
231.9

11.9

-4.3

14.8

16.0

264.1

265.2

263.6

183.1
173.9
9.2
267.9
254.1

-0.9

15.1

169.8
169.0
0.9
242.8
241.0
1.7

13.8

-0.9

262.4

2.0
2.7
3.3
3.9

-3.1

2.4
-9.3
-1.7

10.3

5.4

3.9
-13.4

12.1

A4. Government Purchases
of Goods and Sendees
261
263.
287.
280.
262.
266.

do
do
do
.do
do
do

Total 1972 dollars
Federal Government, 1972 dcllors
State and local governments, 1972 dollars
Total, current dollars
....
Federal Government, current dollars
State and local governments, current dollars , . ,

265.3

95.7

96.7

97.2

95.4

96.0

97.3

98.1

96.4

165.2
339.0
124.4
214.5

167.4
365.6
133.4
232.2

168.0
353.8
130.4
223.4

166.6
354.7
129.2
225.5

167.7
362.0
131.2
230.9

168.2
369.6
134.5
235.0

167.3
376.2
138.9
237.4

166.0
378.5
138.2
240.3

97.2
80.7
16.5

...

265.5

95.3

161.1
3U3.3
111.6
191.6

90.6
68.1
22.6

96.1
80.1
16.0

93.9

93.6
77.0
16.6

95.4
79.4
16.0

98.0
82.3
15.7

97.4
bl.8
15.5

98.2
85.6
12.6

154.1
145.7
8.4

160.3
151.0
9.3

167.7
163.0
4.7

168.5
164.3
4.2

261.9

0.7
1.4
0.3
2.1
2.5
1.8

-0.1

2.7
3.7

-O.b
-0.6
-0.2

-1.1
-1.7
-0.8

0.8
-0.5

0.6

1.8
3.3
1.0

-0.5

1.2

261
263
267
2bO
262
266

A5. Foreign Trade
256
257
256
262
253.
250.

Exports of goods and services, 1972 dollars
Imports of goods and service?, 1972 dollars
Net exports of goods and serv 1972 dol 2
Exports of goods and service:;, current dol
Imports of goods and service ;, current dol
Not exports of goods and serv,, current dol.2 ..

do
do
do
do

144.4
136.9
7.5

..do

do

148.1
127.6
20.5

162.7
156.0
6.6

70. b
23.1

153.7
132.7
21.0

171.4
177.6
-6.2

-0.3

4.6
7.9
-4.6

0.5
O.B
-0.5

1.7
B.I
-10.4

256
257
255
252
253
250

3.3
3.1
6.7
1.8
3.3
3.9

220
2dU
282
28b
284
2dB

6.5
3.4
-11.9

29U
295
292
298
293

0.8
4.6
-2.9

A6. National Income and Its Components
220
280.
282
286.
284
288.

do
do
do
do
do
do

National income
. , , .
Compensation of employees
Proprietors' Income with IVA and CCA .
Corporate profits with IVA und CCA
Rental income of persons with CCA
Net interest

..

1135.7 1207.6 134b.4 1 2 6 4 . 6 1 3 0 4 . 7 1 3 3 7 . 4 1 3 6 2 . 5 1389.3 1 4 3 5 . 2
87S.8
9 2 8 . 8 1028.4
9 9 4 . 4 1017.2 1037.5 1064.5 1097.7
963.1
86. 9
90.2
y&.7
97.2
93.2
100.3
97.1
96.1
103.6
84. b
91.6
117.8
105.6
122.0
115.1 116.4
117.8
119.9
21.0
22.4
23.5
22.9
23.4
23.3
23.1
24.3
25.1
74.6
82.0
80.3
88.9
67.1
75.8
83.5
78.6
85.6

1.9
2.0
-4.2

2.0
2.b
1.0

4.8
1.3
4.0

-3.4

0.0
3.5

-2.1
-2.1

3.8
2.5

A7. Saving
290.
295.
292.
298,
293.

Gross saving (private and govt.) ....
Business saving
Personal saving
„
Government surplus or deficit2
Personal saving rate 2

do
do
do
do

....
Percent

205.3
139.4
72.2
-4.2

7.3

191.2
171.6

230.0
198.1

208.0
185.7

222.1
194.2

234.2
196.2

234.2
203.1

229.3
198.9

244.3
205.7

U4.0

76.5

83.7

79.5

82.9

75.8

67.8

59.7

-8.6

-64.4
7.8

-44.7
6.5

-61.5
7.5

-51.6
6.9

-44.9
7.1

-44.7
6.4

-37.4
5.6

-21.0
4.8

-0.7

0.2

-10.6
7.3
-0.8

NOTE: Series are seasonally adjusted except lor those indicated by®, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see "Titles and Sources of Series" at the back of BCD. N A = not available, a ° anticipated.
EOF ^ end of period. A.r.~ annual rate. S/A = seasonally adjusted (used for special emphasis}. IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
1
For a few series, data shown hire have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C ° roughly coincident; Lg - lagging; U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
5
End-of-period series. The annuj I figures (and quarterly figures for monthly ttries) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2,2, 1} placed at the terminal month of the span.

10




16,4
-0.8

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
(Nov.)(0ct.)

P

T

(July)(May)

P

T

(Aug.)(Apr.)

P

T

(Apr.)(Feb.)

P

T

(Dec.)(Nov.)

P

T

(Nov.)

(Mar.)

P

T

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

938. Index of six tagging indicators (series 62,70,72,91,95,109)

194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 761977
NOTE: Numbers entered on the chart indicate length of leads {•) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 59.

ItCII

 JUNE 1977


11

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS-Con.
Chart Al. Composite Indexes—Con.
(Nov.)(0ct.)
P
T

(Aug.)(Apr.)
P
T

(JulyXMay)
P T

(Apr.)(Feb.)
P
T

(Dec.)(Nov.)
P
T

(Nov.) (Mar.)
P
T

flndex: 1987=iol|
913. Marginal raploymeiit adjustments (series 1, 2, 3, 5)
-»-

•;

-21

;

-12

i

1 IU™

"^

~J^:

100-

:-6

f

>_-,

;-'

1

H

B

90-

ftn-

120n

4. Capital wvestment commitments (series 12, 20, 29)

110-

-13

-3Q

-

^°

A^l

90

•'
-23

120

+3

915. Inventory investment and purchasing (series 8,32,38,
.4

100-

110-

V

-12

100-

90-

91S. Profitability (series 17, 19,

130-

917. Money art financial flows (series 104, 105, 110) H^

120110-

/N/"

100-

V

-22

9080 J

V

\A
V

120-

940. Ratio, coincident index to lagging index

fcr

110-

/
/

^-*^_

100-

90-

"

80-

1948 49 (50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977
NOTE: Numbers entered on the chart indicate length ot leads (-) and lags (+ ) in months from reference turning dates.
Current data for these series are shown on page 59.

12




JUNE 1977

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components
(Nov.XOct.)
P T

(July)(May)

P

(Aug.)(Apr.)

T

P

T

(Apr.)(Feb.)

P

(Nov.) (Mar.)

(Dec,)(Nov.)

T

P

T

P

T

1, Average workweek,
manufacturing (hours)

3. Layoff rate, manufacturing (per

40-

'

I

'

8. New orders for consumer goods and materials, 1972 dollars (tail, dol.)
lUULl

i-

••••;•:

!

;

-.:;.

/N'

s

./A~xxA/w>r~ ^^T*^

./v^fr-

\ yv
V/

,:

0

3025-

1

W\^ f^/^'
32. Vendor performance, percent of companies
reporting slower deliveries A f^J

35-

20-

5

15-

100-

A\

755025-

0130-

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

120110-

20. Cnntracts and orders for nlant and enuioment

194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 761977
Current data for these series are shown on pages 60, 63, 64, and 65.

m:

JUNE 1977



13

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components—Con.
(Nov.)(0ct.)

P

T

<July)(May)

P

T

(Aug.)(Apr.)

P

T

(Apr.)(Feb.)

P

(Dec.)(Nov.)

T

P

T

(Nov.)

(Mar,)

P

T

. new nunaing permits, private noosing units unoex: KA/=IUU)

38. Het change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dol

92. Change in sensitive prices, smoothed1 (percent)

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

104. Change in total liquid assets, smoothed1 (percent)

105. Money supply-MI-in 1972 dollars (bil. dol.

1948 49 50 51 52 53 §4 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977
'this series Is a weighted 4-teivn moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 66, 67, 68, and 70,

14




JUNE 1977

ItCIt

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS^Con.
Chart A3. Coincident Index Components
(Nov.XOct.)

P

T

(July)(May)

P

T

(Aug.)(Apr.)

P

T

(Apr.)(Feb.)

P

T

(Dec.)(Nov.)

P

T

(Nov.) (Mar.)

P

T

41. Employees on nonagricultural payrolls (millions)
OCX

51. Personal income lass transfer payments,
1972 dollars (ann. rate, bit. dot.)

47. Industrial production, total (index: 1967-100) /

57i Manufacturing and trade sales. 1972 dollars M\ M.)

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977
Current data for these series are shown on pages 61, 62, and 64.

ItCII

JUNE 1977



15

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A4. Lagging Index Components
(Nov.XOct.)
P
T

(July)(May)
P T

(Aug.XApr.)
P T

(Apr.)(Feb.)
P T

(Dec.)(Nov.)
P
T

(Nov.) (Mar)
P
T

91. Average duration of unemployment (weeks—inverted scale)
1012141618-

<

;

70. Manufacturing and trade inventories, 1972 dollars (bil. dol.)

|Lg.Lg.lg|

^***^

:

^»^~

26U240-

El

*«~~

^^^

220200-

L

180-

s*^

iftn-

s
y

62. Labor cost per unit of output, manufacturing (index: 1967=100)

160<
150140130120-

&

110-

^A

Lg,lg,Lg

109. Average prime rate charged by banks (percent)
~X^

\s

g

1001210-

^c

64160-

140
120<
100-

72. Commercial and industrial loans outstanding, weekly reporting
large commercial basks (bil. dol.) .
-,

80-

60-

40J

95. Ratio, consumer installment debt to personal income (percent)
14-i

a

1210-

86-

194849 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 761977
Current data for these series are shown on pages 61, 67, 69, and 72.

16




JUNE 1977

IIUI

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

Marginal Employment Adjustments

(Nov.)
P

(Mar.)
T

wnrkwppk nrnrlnrtinn wnrkprs manufartiirin? fhnurcl

42-f
41-

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

3-

2. Accession rate, manufacturing (per 100 employees)

SO

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

o3. Layoff rate, manufacturing (per 100 employees-inverted scale)

123-

4-

4. Quit rate, manufacturing (per 100 employees)

3-

2-

t1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 60.

ItO

 JUNE 1977


17

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)

u08-

0,4-

o.o150-1

~z

46. Help-waBtel advertising (index: 1967-100)

12510075-

50160-

150-

Employee hours in nonagricultural establishments
(ann. rate, bii. hours)

140-

130-

12090-

in nonagricuitural activities (millions)
7B70-

OS-

41. Employees on R&nagricultural payrolls
(millions)

60*

40. Employees in goods-producing industries—mining,
manufacturing, cMtfniction (millions)

1953

S4

v

AT\

\
59

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

75

76 19/7

Current data for these series are shown on pages 60 and 61.

18




JUNE 1977

ItCIt

CYCLICAL
B I

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

Comprehensive Employment-Con,

(Now.)
P

(Mar.)
T

58-i

90. Ratio, civilian employment to total population, working age (percent)

\

97-

'Jr

|u,ig,u|

56**
5554-

37. Number unemployed, total (millions-inverted scale)
3-

f

AAyl /.**_,•
Yii.
^v>rV

f

0

67-

43. Unemployment rate, total (percent-inverted scale)
4567-

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

4.

56*
7-

r^

91. Average duration ol unemployment (weeks-inverted scale)

V

12=

x^

^

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

V

x^

•'-

V

^ .. ^-^V

^^vs

\

j f ^

'J)3^^

^S_

V

w

s+-^~^"^

•

.

.

•

141618-

01-

-^^ T""\' ""

;!

;

..

,:_.

V

\ /w

\

_...T

234J

1953 54

S5

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 61.

BCII

JUNE 1977




19

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart 62. Production and Income
(July) (May)
P
T

(Apr.)(Feb.)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

150014001300-

Comprehensive Output and Income

1200-

50. GNP in 1972 dollars, Q (ann. rate, bil. dol.)

11001000900-

120011001000-

52. Personal income in 1972 dollars (ann. rate, bil. dol.)

900800700«

600-

1000900-

51. Personal income less transfer payments,'
1972 dollars (ann. rate, ML dol.)

800700600-

500260-

53. Wages and salaries in milting, manufacturing, and construction,
1972 dollars (ann. rate, bit. dol.)

240220200180180140-

1953 §4

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data (or these series are shown on page 62.

20




JUNE 1977

ItCII

CYCLICAL
B |

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B2. Production and Income—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Apr.)-(Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

M.

140130-

iE

47. Mistrial prmtoctiwi, total (index: 1967=109)

120
110

100-1

140

130-

73. tedastrial mtuXni. tera^e MMhcteres
(index: W67=K»)
J

120110100-

/

:

•

H

140-

x^^~\ X

74. Inthistrnl predwtiOT, MMtonMe MMriactres S
(imlex: 1^1=100) C.UI ^JI^X

130-

\f

120-

V

110-

^^

inn.

n

r^
S^

49. Value of goads Ntwrt. 1972 «lars. 8
J~***—>
_/^
(MB. rate, lit. del.) ^c]
/
\/

S^

IDU-

150-

oau600550500-

^_^-^

*^^"

450-

/

40n«

82. Rate of capacity utilization, maiBfaEtaring (F8B). Q

\

\

100-1

90-

A A

80-

Rate of nanacitv utilization manufacturing (UFA) Q
^

70 J

84. Rate of capacity utilization, materials, Q (percent) L,C,U
1953 54

55

56

57

58

59

60

61 62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

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

ItCII

 JUNE 1977


21

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3 Consumption, Trade, Orders, and Deliveries
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Now.)
P

(Mar,)
T

7. Mew orders, durable goods industries,, 187? dollars (Ml rtnll

6. New orders, durable goods industries,
current dollars (ML M.)
8. New orders for consumer goods and materials
1972 dollars (bit. dol.) (mi

J1

25. Change in unfilled orders, durable goods industries
. dol.; MCD moving avg.~4-term) jri L

96. Manufacturers' unfilled orders, durable goods industries (bil. dol.

32. Vendor performance, percent of
reporting slower deliveries

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 63.

 22


JUNE 1977

KCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3. Consumption, Trade, Orders, and Deliveries—Con.
(July) (May)
P
T

<Aog.){Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T
240220200-

Consumption and Trade

180160140-

57. Manufacturing and trade sales, 1972 dollars (bil. dol

120-

\

100-

56. Manufacturing and trade sales,
current dollars (bil. dol.)

80-

160«i
150140130-

•v-

production, consumer goods (index: 1967=100)

120110100-

65-1
6055-

54. Sales oi retail stores, current dollars .(Ml. jol.)

504540-

59. Sales of retail stores, 1972 dollars (bit. dot.)

55, Personal consumption expenditures, automobiles,
Q (ann. rate, bil. dot.)

f

58. Index of consumer sentiment, Q (1st Q 1966

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 64.

JUNE 1977




23

CYCLICAL INDICATORS
Bj

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment
(July) (May)
P
T

(Aug.)(Apr.)

P

(Apr.) (Feb.)
P
T

T

(Dec.) (Nov.)
P
T

Formation of Business Enterprises

(Nov.)
P

(Mar.)
T
140-t

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

130120110100-

90 -I
4035-

30-

13. New business incorporations (thousands)

25-

E

20^

22-.
20181614-

20. Contracts and orders for plant and equipment.
1972 dollars (bil. dol.)

12-

un

Business Investment Commitments

10-

10, Contracts and orders tor plant and equipment,
current dollars (oil. dol.)

4-1
16141210-

8-

27. Manufacturers' new orders, capital goods industries,
e, 1972 dollars (Ml. dol.) N
24. Manafacturers' new orders, capital goods industries,
nofriete, current dollars (bil. dot.)

6-

4-J

9, Construction contracts, commercial and industrial
(mil. sq. ft. of floor area; MCD moving avg.-6-term)1

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

'This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division.
Current data for these series are shown on pages 64 and 65.

24




JUNE 1977

ItCII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment—Con.
(July) (May)
P
T

(Apr.)<Feb.)
P
T

(Aug.)(Apr.)
P T

(Nov.)
P

(Dec.) (Nov.)

P

T

(Mar.)
T

11, New capital appropriations, manufacturing

97. Backlog of capital appropriations, manufacturing,

61 Business expenditures, new plant and equipment,
Q (ann. rate, til,, dol)

Machinery and equipment sales and
business construction expenditures v"
ann, fato. hi I doU
^

76, Industrial production, business equipment
(index: 1967=100)

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Hhis is 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 65 and 66.

ItCII JUNE

1977




25

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B4. fixed Capital Investment—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.XFeb.)
P
T

(Nov.)
P

(Mar.)
T

teo-

Business Investment Expenditures-Con,

140-

Nonresidential fixed investment, 1972 dollars, Q (ann. rate, bit, dol.)

120-

86. Total, fl

100-

60-

B8. Producers' durable equipment, Q
40-

Residential Construction Commitments and Investment

A tattn\
1. . .
MOD moving avg. -4-terraj |L,L,L|1

""">

J^.4

A

/*\
\V

\^

,

\

/Nfc

/

' v^y^ ' *'

i!

^

\ r

/

j

\

\

v/1'

\1

/

/"!

n ^

A /*

V

V
Y

' '*

^ v

_.„«„„ £$

ft

-XfvL
A*/\

''VS^xU

n *
J P

yf

—

f

B

V
^

:

2.42.22.01.81.61.4fl
1.21.00.8J

29. (tew building permits, private housing units (index: 1967^

7060-

89. Residential fixed investment, total, 1972 dollars, Q (ann. rate, fell dol.)

\

504030-

1953 54

55

56

5i7

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 66.

26




JUNE 1977

ItCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment
(July) (May)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P T

(Aug.)(Apr.)
P T

(Nov.)
P

(Mar.)
T

30. Change in business inventories, 1972 dollars, 0 (ann. rate, bil. dol.)

36, Net change in inventories on hand and on order, 1972 dollars
(ann. rate, bil. dol.; moving avg.-4-term1}

31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.-6-term)

38. Change in stocks of materials and supplies on hand and! on order, mfg.
(bit. dot.; moving avg.--4-term)

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Vhis series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 67.

ltd*

JUNE 1977



27

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment—Con.
(July) (May)
P
T

(Aug.XApr.)
P T

(Nov.)
p

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Mar.)
T

340300-

inventories on Hand and on Order

260-

Z

70. Book value, manufacturing aid trade inventories,
1972 dollars (bil. Hoi.) ^

220180-

\

140-

Bool value, maR«factHrtn| and trade ittyntaries,
ciirrwt dollars (Ml, dol.) \\aia\a\
100-

Book value of manufacturers' inventories,

77. Ratio, deflated inventories to sales, manufactnriiig ad trade (ratio)
Lg.Lg,lg

160140-

J_

120-

100-

78. Stocks of materials and supplies on hand and on order, mfg. (fril. dol.)

80-

60-

40-

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown en pag« 67.

28




JUNE 1977

BCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B6. Prices, Costs, and Profits
(July) (May)

P

P

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

(Aug.)(Apr.)

T

T

P

T

(Nov.)

(Mar.)

P

T

92. Change in sensitive prices (percent; moving avg.-4-term1) i L,L,L

A\\
j^/^
•r ^-i^ y H
/•;
^
/
J

1

:!;

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

»
i

• rn^qi

_^\^v

^

it

S*^^

240 T

180160-

120-

/^^^

18. Corporate profits after taxes, 1972 dollars, Q (ann, rate, bit. dol.

18. Corporate profits after taxes, current dollars,
Q (ann. rate, til. dol.)

80. Corporate profits after taxes with IVA and CCA
1972 dollars, Q (ann. rate, bit. dol.)
\
79. Corporate profits alter taxes with IVA and CCA
current dollars, Q (ann. rate, bit. dol.

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

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

KCII

JUNE 1977



29

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B6. Prices, Costs, and Profits—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

22. Ratio, corporate profits (after taxes) to total corperate
domestic income, 8 (percent)

81. Ratio, corporate profits (after taxes) with inventory valuation and capital consumption
adjustments to total corporate domestic income, Q (percent)

15. Profits (after taxes) m dollar of sales, all manufacturing corporations, Q (cents)

17, Ratio, price to unit labor cost, manufacturing (index: 1967*106)

35. Het cash flow, corporate, 1972 dollars,
Q (ann. rate, bil. do).
\

34. Net cash flow, corporate, current dollars
Q (am. rate, bii. dol.)

1953 54

S5

B6

§7

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 68 and 69.

30




JUNE 1977

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B6. Prices, Costs, and Profits—Con.
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Now.)
P

(Mar.)
T
180170-

Unit Labor Costs and Labor Share

160-

7

150140130-

63. Unit labor cost, private business sector, Q (index: 1967^100)

120-

110-

100-

0.950.900.850.800.750.70-

68. tabor cost (current dollars) per unit of gross domestic product
Hnll.rO nnnfinanrial nnqmnrtimK 0

0.650.60-

manufacturing (index: 1967=100)

64. Compensation of employees as a percent of national income, Q (percent)
75-

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 69.

BCII

JUNE 1977




31

CYCLICAL INDICATORS
Bl

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

Changs in money supply-demand deposits plus currency (Ml)
(percent; MCD moving avg.--6-ten^
$1
jA

+U-.
+0.8-

fWI '

'fph

+0.4- .a>
.\

y^ \ tVjWM

^s/\ V

s

V J;/T I

0.0-

\

102, Change in money supply plus time deposits at commercial banks (M2)
(percent; MCD moving avg.-6-term)
' ~TyT

rU^teiLA /WLT^f \J\ V* \
*

sf*;

-0.4 J

104. Change in total liquid assets (percent; moving avg.-4-term'

250-

105, Money supply-Ml-in 1972 dollars

240230220210600-

550-

500-

106. Money supply«M2-in 1972 dollars (bit. dol.)

450-

400-

350 J

GNP to money supply M1, Q (ratio)
5.0-

1

4.5-J

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

EL

^r

2.12.01.91.81.7-

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 70.

32




JUNE 1977

BCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Now.)
P

(Mar.)
T
80706050-

33. Change in mortgage debt (ann. rate, bii. dol.)

40302010-

+50-

112. Change in bank loans to businesses (ann. rate, bil. do!.;
MCD moving avg.-6-term)

110. Total private borrowing, Q (ann. rate, bil. dol.)

1953

S4

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 70 and 71.

KCII

JUNE 1977



33

CYCLICAL INDICATORS
B I

CYC^LICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.
(Aug.)(Apr.)
P T

(July) (May)
P
T

» V / >7 \
XL/*
*
V

(Dec.) (Nov.)
P
T

(Apr.) (Fab.)
P
T

(Nov.)
P

(Mar.)
T

14. Liabilities of business failures (ill. doi.-inverted sale;
MCD moving avg.-6-term)

.
- > . J ti

,'liJiilil i n A 5 irvJi

JVi;l

4004505GO-J

39. Oeliquency rate, 30 days and over, consumer installment loans
(percent-inverted scale)

93. Free reserves (bil. dol.-inverted scale)

94. Member bank borrowing front the Federal Reserve (bit. dot.

1953

54

55

56

67

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shawn on page 71.

34




JUNE 1977

ItCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.XFeb.)
P
T

(Nov.)
P

(Mar.)
T

119. Federal funds rate (percent)-—

&?$~*q

S

114. Treasury bill rate (percent)
C,Lg,Lg

116. Corporate bond yields (percent)

115. Treasury bond yields (percent)

117. Municipal bond yields (percent)

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

7i

76 1977

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

KCII

 JUNE 1977


35

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7, Money and Credit—Con.
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Fab.)
P
T

(Nov.)
P

(Mar.)
T

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

109. Average prime rate charged by banks (percent)

86. Consumer installment debt (bil. dol.

72. Commercial and industrial loans outstanding,
weekly reporting large commercial

95. Ratio, consumer installment debt to personal income
(percenf)

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 72.

36




JUNE 1977

ItCII

CYCLICAL
C I

INDICATORS

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

950. Twelve leading indicator components (8-mo. span—, 1~mo. span —)

100-

50-

0-

m

951. four roughly coincident indicator components (6-mo. span—, 1-mo. span —

IJii

100-

V !!

1'

50-

0-

952. Six lagging indicator components (6-mo, span—, 1-mo. span —)
100-

50-

0-

961. Average workweek, production workers, manufacturing--21 industries (9-mo. span—, 1-mo. span — )
100-

50-

0-

insurance-47 areas (percent declining; 9-mo. span—, 1-mo. span -*-)

962. Initial claims, State

100-

50-

0-

963. jtmployees on private nonagricultaral payrolls-172 industries (6-mo. span-j-, 1-mo. span —

100-

50-

01953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 73.

KCII

JUNE 1977




37

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart Cl. Diffusion Indexes—Con.
(July) (May)

P

(Aug.)(Apr.)

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

F T

T

P

T

(Nov.)
P

(Mar.)
T

964. New orders, durable goods industries-35 industries (9-rao. span—, 1-mo, span—)

100-

ao-

o1

96$. Newly approved capital appropriations, deflated-1? industries (4-Q moving avg. »•*, Ml span —
90-

70-

50-

30-

966. Imt^strial production--24 industries (6-mo. span—, 1~mo. spn---)
100-

50-

0-

967, Industrial materials prices--13 industrial materials (9-nto. span—r 1-mo. span- — )

100-

50-

0-

968. Stock prices, 500 common stocks-62-82 industries (9-mo. span—, 1-mo. spaa100*

50-

0-

969, Profits, manufacturing-about 1,000 corporations (4-Q span^-*t 1-41

90-i

A-Y-'-VA/K:

705030-

1953

54

55

56

U7

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

'"This is 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 page 74.

38




JUNE 1977

ItCII

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart Cl. Diffusion Indexes—Con.
(Nov.) (Mar.)
P
T

(Dec.) (Nov.)
P
T

(Dec.) (Nov.)
P
T

970. Business expenditures for new plant and
equipment-18 industries 0-Q span)
(a) Actual expenditures

974. Number of employees, manufacturing and trade (4-Q span)1
706050401

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

(a) Actual expenditures

976. Selling prices, manufacturing (4-Q span)1

971. Hew orders, manufacturing (4-Q span)'

10090807060-

972. Net profits, manufacturing ant) trade U~Q span)*

1

977. Selling prices, wholesale trade (4-Q span)

90-

100-

80-

90-

70-

80-

60-

70-

50-

60-

973. Net sales, manufacturing and trade (4-Q span)1

978. Selling prices, retail trade (44 span)1

100-

/r/ WK
, • /
•.

90807060-

1967 68

69

70

71

72

73

74

75

76 1977

1967 68

69

70

71

72

73

74

75

76 1977

'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Brad street, Inc. Dun and Bradstreet diffusion indexes are based on surveys of about
1,400 business executives.
Current data for these series are shown on page 75.

ltd* JUNE 1977



39

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart C3. Rates of Change
(July) (May)
P
T

(Apr.XFeb.)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Man)
T

[percent changes at annual rate
910c, Composite index of twelve leading indicators
(series 1,3,8,12, 19,20,29,32,36,92,104,185)

M

AtA i^

\\ A /A/ M F
A V
v

92flc. Composite index of four roughly coincident indicators

930c. Composite index of six lagging indicators
(series 62,70,72,91,95, 189)

SOc. GNP in constant dollars (1-0 span)
v'XX1^

^"V

4/c. Index of industrial production

48c. Employee hours in nonagricultural establishments

51c. Personal income less transfer payments in 1972 dollars

JU

3

1953 54

40

55




56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

JUNE 1977

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

20001800160014001200-

200. GNP in current dollars, Q (ann. rate, Ml. dol)
10001600
1500

1400'
1300

120011001000
900-

223. Personal income in current dollars
(ann. rate,
dot.)

800-

700

600J

224. Disposable personal income in current
dollars, Q (ann. rate, fail, do!.)

in 1972 dollars, 0 (ann. rate, bit, do!

225. Disposable personal income in 1972
dollars, Q (ann. rate, nil. doi.)

217. Per capita GNP in 1972 dollars, Q (ann. rate, thous. dol.)

227. Per capita disposable personal income in
1972 dollars, Q (ann. rate, tnous. dol.)

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 62 and 79.

ItCII JUNE




1977

41

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT-Con.

Chart A2. Personal Consumption Expenditures
(July) (May)

P

(Aug.)(Apr.)

T

P

P

(Nov.)
P

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

T

T

(Mar.)
T

Annual rate, billion dollars (carrest)
"IT

120011001000900-

Personal consumption expenditures-

800700600-

230. Total. Q
500-

400-

300-

238. Nondurable goods, Q

i

Annual rate, billion dollars (1972)

1953 54

55

56

&7

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 79 and 80,

42




JUNE 1977

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Con.

Chart A3. Gross Private Domestic Investment
P

T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Aug.XApr.)
P T

(July) (May)

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)
Gross private domestic mvestment-

245. Change in business inventories, Q

Annual rate, billion dollars (1972)

h/^7^
4/^V
r

\f

+30-

30. Change in business inventories, &

+20+10-

0-

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

1977

Current data for these series are shown on page 80,

KCII

JUNE 1977



43

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

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

(July) (May)
P
T

(Apr.) (Fab.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

[Annual rate, billion dollars (current)]
420380340-

Government purchases of goods and services-

300260220-

180-

260. Total. Q
140-

100-

262. federal Government; 6
60J

286, State and local governments, Q

Annual rate, billion dollars (1972)
300260-

261. Total, Q

220-

180-

140-

263. Federal Government,

i

V

100-

local governments, Q
60J

1953 54

55

56

S7

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 80.

44




JUNE 1977

ICO

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

(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)

200-1
180160140120100-

80-

252. Exports of goods and services, Q

Imports of goods and services, Q

! Annual rate, billion dollars (1972)

120-1
10080-

256. Exports of goods and services, Q .

60-

A

40-

257. Imports of goods and services, Q

+30-

255. Net exports of goods and services, Q

+20+10-

0-

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 81.

ItCII JUNE

1977




45

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

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

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)]
18001600140012001000900800700600-

220. National income, Q

500400-

280. Compensation of employees, Q

300-

200180160-

U
286. Corporate profits with inventory valuation and capital consumption adjustments, a

140120100-

JL

90807060-

50-

7

282. Proprietors' income with inventory valuation
and capital consumption adjustments, 8

V

40-

30-

20-

284. Rental income of persons with capital
consumption adjustment, Q
10J

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 81.

46




JUNE 1977

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
|A|

NATIONAL INCOME AND PRODUCT—Con.

Chart A7. Saving
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.)(Feb.)
P
T

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)
300*
280260240220200180160140-

290. Gross saving (private and government), Q

120-

298. Government surplus or deficit, Q

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 81 and 82.

JUNE 1977



47

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT-Con.

Chart A8. Shares of GNP and National Income
(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Fab.)
P
T

(Aug.)(Apr.)
P T

(Nov.)
P

(Mar.)
T

Percent

Percent of gross national product-

70-1

235. Personal consumption expenditures, Q

65-

VAT

60J
2Q-1

State and local government purchases
of goods and services, Q

15-

285. Federal Government purchases of goods and services, Q

10-

248. Nonresidsntial fixed investment, Q
5-

249. Residential fixed investment, Q

251. Net exports of goods and services, Q

247. Change in business inventories, Q

Percent of national incoitie-

64. Compensation of employees, Q

75-

70-

283. Proprietors' income with inventory vacation and
capital consumption adjustments, Q

287. Corporate profits with inventory valuation and
capital consumption aojustmelsTir

15-

\

10-

5-

285. Rental income of persons with capital consumption adjustment, Q
1993 54

59

56

57

98

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 82.




JUNE 1977

RCII

OTHER IMPORTANT ECONOMIC MEASURES
BJ

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements
(Nov )

(Dec.) (Nov.)
P
T

(Mar.)
T

P

Into 1972401-

^n
^

!'

,

(Mar.)
T

150-t
140130-

310. Implicit price deflator; GNP, ^/^
,

(Nov.)
P

(Dec.) (Nov.)
P
T

310c. Implicit price deflator,
GHPd-Qspan)

120-

y ,

nn-

311c. fixed weighted price index, gross
business product (1-Q span)

311. Fixed weighted price index,
gross business product,

Wholesale prices!

330c. All commodities

1967 68

69

70

71

72

73

74

75

76 1977

1967 68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on pages 83, 84, and 85.

BCII

JUNE 1977



49

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart Bl. Price Movements—Con.
(July) (May)
P
T

<Aug.)(Apr.)
P T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T
220-

Index: 1967=100
200180-

Consumer prices160-

322. Food140-

320. Ail items
120-

100-J

Percent changes at annual rate
+20-

320c. AH items (6-month span)

+10-

0-10+30-

+20+10-

0-10-

Chart B2. Wages and Productivity
220-

Index: 1967=100
200180-

345, Average hourly compensation, all employees,
nonfarm business sector (current dollars). Q

160-

140-

120-

340. Average hourly earnings of production workers, private
nonfarm economy (current dollars)1

100130120110100-

341. Real average hourly earnings of production workers.
private m\m\ economy

80-

346. Real average hourly compensation, all employees,
nonfarm business sector, Q
1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

90-

70-

69

70

71

72

73

74

75

76 1977

^Adjusted (or overtime (in matiufaeturtrtf; only) and interindustry employment shifts and seasonally.
Current data for these series are shown on pages 83, 86 and 87.

50'




JUNE 1977

KCII

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart B2. Wages and Productivity—Con.
(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Aug.)(Apr.)
P T

(Nov.)
P

(Mar.)
T

Percent change
+15-

Six-month spans (ann. rate)

Change in average hotirly earnings of production
workers, private nonfarm economyj-

, 1 JLJ>teM^

^j^^1
340c. Current dollar earnings /Y?y u ' * ' ^^'
*

-

-HO-

; ? H

+5-

•

*' > v

* ! ? i T < !ii <

*

u.i/

.

••

.

0+10-

One-month spai|s2

+5-

3410.: Real earnings
0-

2A
Change in average hourly compensation, a!) employees,
nonfarm business sector, Q345c. Current dollar compensation

2W^'i'—'*-

Six-month spans (ann. rate)

-5-

-10+15+10-

^One-quarter spans (ann, rate) [\
>^
».-*
JP*.

+5-

Four-quarter spans

0-

346c. Reai compensation

+10-

One-quarter spans (ann. rate)

,
0-5-

Negotiated wage and benefit decisions, all industries348, First year avg. changes, Q (ann. rate)
349. Average changes over life of
contract, 0 (ann. rate)

370, Output per hour, all persons,
358. Output per hour, all persons, nonfarm business sector, Q

; 370c. Change in output per hour, private business sector, 0

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally. 20ne-month percent changes have been multiplied by a constant (12) so that they may be shown against
the background of the annualized changes over 6-month spans. See basic data table for actual 1-month percent changes.
Current data for these series are shown on pages 86 and 87.

II

JUNE 1977




51

OTHER IMPORTANT ECONOMIC
C I

MEASURES

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart Cl. Civilian Labor Force and Major Components
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dee.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

441. Civilian labor force, total (millions)

442. Total employed (millions)

Later force participation rates (percent)-

453. Both sexes, 16-19 years of age

_ ^

452. Females 20 years and over

444, Males 20 years and over
N.
i

A. ^

446, Both sexes, 16-19 years of age
447, Number unloved, full-time
Number employed part-time for economic

1953 54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data lor these series are shown on page 88,

52



JUNE 1977

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
D

GOVERNMENT ACTIVITIES

Chart 01. Receipts and Expenditures
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T
450-j
400-

Annual rate, billion dollars (current)*

350300250200«

502. Federal Government expenditures, 8
501. Federal Government receipts. 8

150-

100J

500. Federal Government surplus or deficit, Q

511. State and local government receipts,i
512. State and local government
expenditures, 8

+30-

n

510. State and local government surplus or deficit, 8

+20+10-

-10-

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

1977

Current data for these series are shown on page 89.

BCII

JUNE 1977



53

OTHER IMPORTANT
D I

ECONOMIC MEASURES

GOVERNMENT ACTIVITIES—Con.

H^__^_<

Chart 02. Defense Indicators
(July) (May)
P
T

<Aug.)(Apr.)
P T

(Dae.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

1210-

51B. Defense Department obligations, total (bit. dol.; MCO moving avg.~-6-tenn)

6-

4-

876-

525. Military prime contract awards in U.S. (bil. dol.; MCD soving avg.--6-term)

54«

0«

2-

54«

548. Manufacturers' new orders, defense products
. dol.; MCD moviftf avg.-6-terra)

3-

2«

!'

'!

!i

>!I

!

110-j
908070-

60 50-

1953 S4

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 89.

54




JUNE 1977

£
*

OTHER IMPORTANT ECONOMIC MEASURES
El

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade
(Aug.)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

602. Exports, excluding military aid shipments (bil. dol.; MGD moving avg.-6-term)

604. Exports of agricultural products,
total (bil. dol.) :;

606. Exports of nonelectrical machinery (bil. dot.)

612. General imports (bil. dol.; MCO moving avg.-4-tenn)

614. Imports of petroleum and petroleum
products (bil. dol.)

616. Imports of automobiles and parts (bil. dot.)

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 90.

BCII JUNE




1977

55

OTHER IMPORTANT
E I

ECONOMIC MEASURES

U.S. INTERNATIONAL TRANSACTIONS-Con.

Chart E2. Goods and Services Movements
;Aug,)(Apr.)
P T

(July) (May)
P
T

(Dec.) (Nov.)
p
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

Annnal rate. Wlm (tallars]

fioods and services-

622. Merchandise trade balance, Q

651. iname on U.S. investments

652. Income m foreign investments in the U.S., 8
1953 94

55

56

97

58

59

Current data tor these series ire shown on page 91.

56




60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Annual totals are used prior to 1960.

JUNE 1977

BCII

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart Fl. Industrial Production
(July) (May)
P
T

(Aug.)(Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

240-|
220-

200*
180160-

728. Japan-^v

140120-

100-

122. United Kingdom
80-

60-

\

721. OECD European countries

1953

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76 1977

Current data for these series are shown on page 92.

BCII

JUNE 1977




57

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS—Con.

Chart F2. Consumer Prices

Chart F3. Stock Prices

(Nov.)
P

(Dec.;- (Now.)
P
T

(Mar.)
T

(Nov.)
P

(Dec.) (Nov.)
P
T

Consumer prices: percent changes over
6-month spaas (annual rate)-

(Mar.)
T

Stock prices-19. United States

3Z

80-

-f"

±

M. lapai

745. West Germany

\,rv_ r^^ /~ ^
^/^^
^ ."V.
"Vv

120=
100-

$

746. France

^^A7
742. United Kinifan
220200-

y\A>A
jj
V-1
/
^1
'
\
V^

/^N i
/ ^A>-j

y*/

„
/
AL/
A/ V

\ r

y

•ij
V

H

14010080-

60-

747. Italy
1008060-

743, Canada

^Aw^W

^^^^VX
j***\i
*r \f

V/7*^ ^v^"
V

100-1
140120100H(l-

1967 68

69

70

71

72

73

74

75

76 1977

1967 68

69

70

71

72

73

74

75

76 1977

Current data (or these series are shown on pages 93 and 94.

58



JUNE 1977

ItCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

j^l COMPOSITE INDEXES
910. Index of
12 leading indicators (series
1,3,8,12,19,
20,29,32,36,
92, 104, 105)

Year
and
month

(1967=100)

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

(1967=100)

930. Index of 6
lagging indicators (series
62, 70, 72,
91,95,109)

(1967=100)

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

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

915. Inventory
investment
and purchasing
(series 8, 32, 36,
92)

(1967-100)

(1967=100)

(1967=100)

916. Profitability (series
17,19,80)

917, Money
and financial
flows (series

940. Ratio,
coincident
index to
lagging index

104, 105, 110)

(1967-100)

(1967=100)

(1967=100)

1975

January
February
March

106.5
106.2
107.1

113.9
112.3
110.9

143.4
138.1
134.5

90.4
90.0
90.7

97.8
97.5
97.6

94.6
93.5
92.9

93.7
95.0
96.0

102.2
100.5
102.0

79.4
81.3
82.5

April
May
June

109.4
111.7
115.2

111.4
111.8
112.7

130.8
128.5
124.1

92.0
91.3
92.4

99.6

94.0
95.4
96.6

98.3

100.8
102.8

100.6
102.6

102.5
103.5
105.4

85.2
87.0
90.8

July
August
September

117.8
118.6
118.9

113.7
115.4
116.3

124.2
124.5
124.4

95.2
94.9
94.3

103.8
103.9
103.7

104.2
104.3
104.2

106.1
106.8
106.5

91.5
92.7
93.5

119.0
119.3
119.6

116.7
116.9
117.6

125.3
123.1
122.0

94.3
95.2
96.9

103.6
103.8
104.3

104.4
105.2
105.6

105.9
107.5
107.3

93.1
95.0
96.4

January
February
March

121.2
122.0
123.2

118.7
120.0
121.2

120.8
120.1
119.8

97.5
97.9
97.9

105.4
104.9
106.0

100.3
101.4

107.2
108.5
108.3

106.7
106.3
106.2

98.3
99.9

101.2

April
May
June

123.0
124.5
125.6

121.9
122.0
122.5

119.2
119.7
121.0

96.0
96.5
96.1

104.9
104.9
106.5

102.1
103.0
103.6

108.4
108.0
108.3

107.6
108.0
107.4

102.3
101.9
101.2

July
August
September

125.8
125.8
125.5

122.7
122.8
122.6

121.4
121.4
122.2

95.7
95.5
94.3

106.7
106.6
108.2

103.4
103.4
102.4

D108.6
108.1
107.7

107.7
107.7
107.9

101.1
101.2
100.3

October
November
December

rl26.2
r!27.1
r!28.1

122.2
123.6
125.5

122.1
121.3
rl20.5

94.5
96.0
97.0

109.6
109.3
109.4

101.4
102.1
102.3

106,9
106.6
H07.8

109.4
H09.6
E)rl09.8

100.1
101.9
H04.1

r!26.5
127.6
rl30.2

124.5
125.9
r!28.4

120.8
121.4
122.3

95.6
96.7

E>98.3

109.4
110.3
rill. 4

101.1
rlOl.8
H03.6

r!07.8
r!07.4
r!07.2

r!09.2
rlOS.l
rlOS.O

103.1
103.7
r!05.0

G>130.8
M30.6

128.7
DM29.7

122.4
E> 3 123.0

p97.3

rlll.O
Dpin.9

E)rl04.3
p!04.0

H07.8
P107.4

r!09.1
p!07.7

rlOS.l
!>P105.4

October
November
December

.

98.1
99.1

100.6
101.0
100.0
99.2

1978
99.3

1977

January ...
February
March
April
May
June
July
August ...
September .
October
November
December . .

97.4

...

...

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, current low values are indicated by [R). 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 "IMA", not available.
Graphs of these series are shown on pages 11 and 12.

Excludes series 12 and 36 for which data are not yet available.
Excludes series 57 for which data are not yet available,
Excludes series 70 and 95 for which data are not yet available.

2
3

JUNE 1977



CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

JJB EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process
Timing Class

L,l,L

1. Average
workweek of
production
workers,
manufacturing

Year
and
month

(Hours)

L, C, I

L, 1, L

L, C, L

21. Average
2. Accession
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing
(Per 100 employees)

(Hours)

5. Average
weekly initial
claims, State
unemployment
insurance1
(Thous.)

Comprehensive*
Employment

Job Vacancies

Marginal Employment Adjustments

I, L, L

L, Lg, U

3. Layoff rate,
manufacturing

4. Quite rate,
manufacturing

(Per 100 employees)

(Per 100 employees)

L, Lg, U

U, C, C

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

46. Index of
help-wanted
advertising
in newspapers

(Ratio)

(1907^100)

48. Employee
hours in nur>
agricultural
establishments
(Ann. rato,
bil. hours)

1975

January .
February
March

. . .

39.1
38.9
38 9

2A
2 4
2 3

3 1
3 2
3 2

521
533
526

2 9
2 9
2 6

1 4
1 3
1 2

0 315
0 307

77
76

147 79
Idfi id

0

900

7d

1 dR d7

1 2
1 3

n 977
n ?fi^

7d
7d

1/1C

££

1 d£

7^

1

"3

O

OQO

01
ol

1 AK 1/1
1 H-Q. ,54

1

April
May
June

39.0
39.1
39 3

2 3
2 5

3 7
3 6
3 7

July
August
September

39.4
39 7
39 8

2 6
2 7
2 8

4 0
3 9
3 8

41Q
4fi7

October , .
November
December .

39 8
39 9
40 3

2 8
2 9
3 0

3 7
"3 7
3 9

AAC

January
February
March

40 4
40 3
40 3

3 1
3 1
3 ]

4 1
d 9
4 4

?d7

April
May
June

39 4
40 3
40 2

2 5

A

1

^fin

9

A

qno

1 .C
1 0

A

1 *3
1 .0

1.7
/

"3

fl

007

i ^

1

Juty
August
September

40 ]
40 0
39 7

? 1
•3 n
^ n

0

0

dni

i /i

I

39 9
40 1
40 0

9 Q

. . .

2.4

510

^n^
Rn?

2 4
? R
9 ?
1 7
1 fi
1 ft

A.

n 31 n

QA

i d£ fin

i A
i ^

0 *3.1 9
O .ono
oUo

QO

IAC

oJ

1/17

i d
i.0
1 £
i fi

0 -5f\7
OO^
O . OOO

OO
oJ
Q"7
O/

•i A Q

?dft

1 7
1 ^
1 3

OO/tn

00

1 AQ G 1

-JCQ

1 1

i fi

in
i i

1 7

O OC7
OOO
O . OOQ
O . OQQ
jyy

07
O/
Q"3
9J
Q/I

/I 7
1 bO. 4/
IbO. T O
19
i en 50
IbO. en

O , Jo4
0.405
0 . -OQQ
jyy

m
91

94
or
96

149.81
151 .49
151 .08

O .394
0.384
17C
0 .376

98
97
94

151 . 74
151 .71
152.08

0.378
0 . *3QC
Job
/11 C
0 .416

96
99

152.70
152.62
153.61

dfi7

•3QO

t\Q

I4o. oo

00
OO

/IE
1 4/. 4b

1 /I fl » 1

1 4o. 4 1

r=f)

148,59

i^y . b i

OO

1976

October ...
November
December

...

^ ^
3 2

3 1
3 2

Q/10

1

3

O

0

C

d.9/1

i7

0

C

/ion

Af)Q

'HJo

I

n

.4

•j o

OQO

1 C
1 .D
1 3

d n

O/1Q

-i

A n
fH)d fi

OQC

1

• /I"?!

1

fl

fi

T
. /

.7
I/*
.b

1 - 7

•)

i .r b

1

R

-I

1

7

"5

1 Q
1 .O
1 Q

QQ/l

on/i

1 GA

1 CO

y4

106

1977

January
February . .
March
April
May
June

39 5
40 3
40 4
40 2
(FT) ndn d

3 2
•3

Q

3 3
3 d
fuS nt A
Lb/po.4

A

0

4

1

r\A 1
p4. 1

ID/ ^ y
[U\

-390

oco
Jbo
O7Q
p378

1. 4
in

1 Q

n

I .9
^l'i°
pl.l

B)pl .9

fl dd.Q

irm

i ^9 i E

0 /t^Q
*fob
0 . /1 C C

1 f\£

1 eyl ny

0.482
(H)p0.494

i no
108

109
!H)PH2

y*l RR K1

r155.84
jH)pl56.44

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, current low values are indicated by[R>. 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 "IMA", not available.

Graphs of these series are shown on pages 13,17, and 18.
Data exclude Puerto Rico which is included in figures published by the source agency.

60



JUNE 1977

Kill

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

^M EMPLOYMENT AND UNEMPLOYMENT-Con.

Minor Economic
Process

u,c,c

Timing Class

c, c,c

41. Employees
42. Persons
engaged in non- on nonagriculagricultural
tural payrolls,
activities, labor establishment
force survey
survey

Year
and
month

Comprehensive Unemployment

Comprehensive Employmen; Con.

(Thous.)

(Thous.)

L, C, U

U, Lg, U

L, Lg, U

L, Lg, U

L, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

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

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

37. Number of
persons unemployed, civilian
labor force

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate
State programs 1

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Thous.}

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

23,241
22 699
OO AC.?

55 62
55 27
RR 1Q

7 280
7 362
7 777

7 9
8 0
8 5

5 4
5 8
6 2

10 8
11 7
11 5

1975

1*7

January
February
March

81 ,336

April
May
June

80,963
80 940
81 135

76 491
76 577
76 444

22,372
22 379
22 279

55.12
55 19
55 13

7,964
8 314
8 099

8.6

6.4

9 0
8 7

6 6
6 5

12.9
13 5
15 3

2 9

July
August
September

81 421

76 719
77 n^Q
77 344

22 294
99 4Q1

55 25
55 33
55 25

8 061
7 921
8 01 1

8 7
8 5
8 6

6 3
6 1
6 0

14 9
15 4
16 1

3 1
3 0
3 1

October
November
December ,

81 698

55 16

8 048
7 AT*
7 705

8 6
8 4
8 3

5 8
5 3
4 8

15 5
16 8
16 9

2 9
3 2

7 247
7 126
7 m7

7 8
7 6

Ifi Q

7 R

4 4
4 2
4 1

16 3
Ifi n

3 0
2 7
? 5

7 n&?
6 911
7,* 171

7 5
7 3

4 1
4 3

1R R

15 1

2 2
2 2

7.6

4.4

16.9

2.3

on 07-3

77,300
7fi ftfU

on

-1C

01

QAO

CQ7

81 609

C1 Q

pQ7

77 RQfi
77 7^0

ft? "Iftft

7R m?

01

22 658
22 730
99 7ftft
9? ftQ?

EC

1£

55 23

2 0
2 2

2.6
2.8

3*2

1976
70 /me

0-2

Dfifi

cc cc

oq 07-3

70 eqc

91 119

po c'sn

55 75

70 qpn

OT

CC Ql

00

QO1

QA

January
February
March

ICiQ,

7Q Tl 9
70 T T Q

56 28
56 14

00

QO1

0/10

84 220

79 368

0-3 /irn
91 ^ftl
23 357

July
August
September

84,450
84 462
84 516

79 513
79 618
79 918

23 344
23 310
23 463

56 22
56 17
56 06

7,406
7 517

7.8

4.6

15.6

2.4

7 9

4 8

15 4

2 5

7,448

7.8

4.9

15.4

2.4

October
Novembsr
December

84 428
84 972
85 184

79 819

23 323
91 dRQ

55 96
56 19
56 27

7 564
7 651
7 519

7 9
8 0
7 8

5.1

15.3

2.5

an infi

4 7
4 4

15 5
15 6

2 6
2 6

R QRP,

7 3

4 1
4 i
i p

15 5

2 4

T P,1}

U

3 7
B> p3.7

April
May
June

Qf|

Q/l

A

90 cno

CC

1 C

1977
January
February
March

oc /ICQ

86 359

80 561
80,824
rftl '^Q1!

23 589
23,701
r24 005

86 763
rn\87 022

r81 605
tPf>o81 792

r24 163
[jj\o24 244

or

April
May
June
July
August
September

cc

07

re

/tc

.

7

56 71

7 064

7 R
7 -5

56 98
H>57 14

H)6 737
6 750

7 0
S> 6 9

[U\T

A

7
n

14 3
14.9

Q

0

9 n
1 9
(H)1.9

. ...

October
November
December

Q7O

....

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, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
1
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 15,16,18, and 19.
I
Data exclude Puerto Rico which is included in figures published by the source agency.

JUNE 1977




61

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROHFCC _Con.

MAJOR ECONOMIC
PROCESS

^9 PRODUCTION AND INCOME

Minor Economic
Process
Timint) Class

Year
and
month

Industrial Production

Comprehensive Output and Income

c,c,c

C, C, C

50'. Gross natitnal product
in 1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

c,c,c

51. Personal
income less
transfer payments in 1972
dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

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

Personal income
223. Current
dollars

c,c,c

52. Constant
(1972) dollars

c,c,c

c.c.c
73. Index of
industrial
production,
durable manufactures

74. Index of
industrial
production,
nondurable
manufactures

(1967=100)

(1967-100}

{1967^100)

47. Index of
industrial
production,
total

C, C, C

C, L, I

49, Valuuof
qtlUtis output
in 1972 dollars

(Ann, rate,
bil.dol.)

1975

January ...
February
March

1,161.1

1,199.4
1,201.6
1,208.3

972.0
971.4
973.6

843.1
837.7
839.3

214.0
208.5
208.2

115.2
112.7
111.7

109.0
105.6
104.7

119.8
118.4
116.1

612.2

April
May
June

1,213.5
1,223.7
1,253.7

973.9
978.2
995.8

838.9
842.9
845.5

207.2

l,177'.i

206. 9

105.4
105.5
107.0

118.8
120.8
125.5

522!5

206.1

112.6
113.7
116.4

July
August
September .

1,209*. 3

1,252.0
1,267.5
1,277.1

985.8
994.1
999.3

846.2
853.5
857.9

206.1
208.3
209.9

118.4
121.0
122.1

109.3
112.3
113.5

128.1
130.5
132.9

546 !o

October
November
December

1,219*2

1,290.8
1,300.2
1,308.2

1,004.5
1,007.1
1,007.1

862.8
866.1
865.9

210.9
211.9
213.0

122.2
123.5
124.4

112.7
113.4
114.4

133.6
136.2
136.9

549 '.9

January
February
March

1,246*3

1,320.8
1,331.4
1,341.9

1,012.9
1,021.0
1,029.1

870.8
875.9
882.4

215.1
216.4
218.5

125.7
127.3
128.1

115.8
117.9
119.0

138.4
140.2
140.7

569 !B

April
May ...... .
June

1,260!6

1,352.5
1,362.9
1,370.4

1,032.4
1,034.1
1,035.0

888.4
892.1
894.0

219.9
219.8
218.8

128.4
129.6
130.1

120.1
121.7
122.3

140.7
140.9
141.3

5?e!6

July
August
September

1,272*.2

1,380.8
1,385.5
1,391.7

1,039.8
1,037.1
1,037.0

895.7
892.7
893.3

'220.0
218.8
219.1

*130.7
131.3
130.8

124.2
125.1
122.4

141.1
140.9
142.6

579*1

October ...
November
December

1,280.4

1,404.2
1,421.4
1,439.5

1,041.7
1,050.6
1,059.2

897.5
904.7
913.5

219.6
222.4
223.5

130.4
131.8
133.1

121.5
123.8
125.2

142.2
143.5
143.7

S78*.7

(H)ri ,302.0

1,441.3
1,464.2
1,486.5

1 ,052.8
1,064.1
rl, 077.2

907.2
916.7
r927.7

220.5
223.5
228.3

132.1
133.2
H3S.2

123.0
r!24.0
H26.8

143.7
145.7
146.8

IB) 596.3

rl,497.7
|H>pl,507.2

rl,080.6
H>pl,082.8

r931.2
H>p936.1

r229.6
E)p230.9

H36.3
®pl37.8

rl28.3
jH)pl30.3

H47.5
[H)pl48.9

1976

1977

January
February
March .
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[H); for
series that move counter to movements in general business activity, 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. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15,20, 21, and 41.

62



JUNE 1977

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

H

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

PRODUCTION AND
1NCOME~Con.

|
Q CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization
L,C, U

Timing Class

83. Rate of
capacity
utilization,
manufacturing
(BEA)

Year
and
month

(Percent)

82. Rate of
capacity
utilization,
manufacturing
(FRB)
(Percent)

Orders and Deliveries
L, C, U

84. Rate of
capacity
utilization,
materials

(Percent)

L, L, L

L, L, L

L, L, L

L, Lg, U

L, L, L

7. Constant
(1972) dollars

8. New orders
for consumer
goods and
materials in
1972 dollars

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

32. Vendor
performance,
companies reporting slower
deliveries®

(Bil.dol.)

(Bil.dol.)

(Bil.dol.)

(Bil.dol.)

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

L, L, L

(Percent
reporting)

1975

70*.9

7i!s

40.16
40.16
38.59

29.97
29.75
28.52

26.65
26.76
26.45

-2.90
-2.70
-3.65

181.80
179.10
175.44

18
16
17

7K3

70 '.7

40.72
41.16
40.37

29.99
30.28
29.71

27.66
28.22
28.14

-2.68
-1.41
-2.59

172.76
171.35
168.76

22
24
26

75^3

74^9

43.53
43,37
44.18

32.01
31.79
32.20

29.67
30.00
30.50

-0.43
-1.18
-1.11

168.33
167.15
166.04

30
36
44

7o'.8

77^1

43.84
44.28
45.98

31.63
31.72
32.73

30.44
30.21
31.56

-1.40
-0.27
-0.79

164.63
164.37
163.58

45
44
39

79^6

January
February
March

79!6

45.90
47.93
51.11

32.51
33.75
35.84

31.31
31.87
33.45

-1.38
-0.50
0.73

162.20
161.70
162.43

42
50
52

*75

April
May
June

*75

July .
August
September

'79

October
November
December

*79

1976

January
February
March

*82

8CK2

soie

50.24
51.35
51.25

35.14
35.84
35.57

32.46
33.20
32.88

0.10
0.80
0.64

162.52
163.32
163.96

58
58
62

0)81 '.3

51.18
50.38
50.07

35.34
34.62
34.11

32.44
32.13
31.22

0.09

80.8

-1.27

164.06
162.79
162.80

60
H>64
60

80.2

50.99
52.42
57.26

34.43
35.18
38.18

30.56
32.12
34.66

164.52
165.52
167.26

50
48
45

rSO',3

54.94
55.16
0)r59.30

36.46
36.43
[H>r38.88

33.65
34.14
HX36.71

rO.25

168.96
169.39
r!69.64

44
55
56

r58.73
P59.05

April
May
June

r38.36
p38.52

r34.98
p35.39

r2.05
Dp2,21

r!71.69
DP173.90

58
56

'82

July
August
September

*80

October
November
December

80.*6
*81

0.01
1.73
1.00

1 .74

1977

January
February
March

H>81."6
E>83

April
May
June
July
August
.
September

1.70
0.43

...

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byH); for
series that move counter to movements in general business activity,current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are 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 13, 21, and 22.

JUNE 1977




63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC;
PROCESS

H

^H CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.

,.

Minor Economic
Process

Formation of Businoss f'Mtorprisus

Consumption and trade

c,c,c

Tinting Class

c,c,c

Manufacturing and trade sales
Year
and
month

56. Current
dollars
{Mil.dol.}

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

C.L.C

C,L,U

FIXED CAPITAL
INVE : STMHNT

U, L, U

75. Index of inSales of retail stores
dustrial production consumer
54. Current
59. Constant
goods
dollars
(1972) dollars
(1967-100)

(Mil.dol.)

(Mil.dol.)

i,c,c

I,, L, i.

55. Personal
consumption
expenditure's
automobiles

58. Index of
consumer
sentiment ®

(Ann. rate,
bil.dol.)

(IstQ
1966-100)

L, L, L

L, L, L

12. Index of
net business
formation

(1987-100)

13. Number of
new business
incorporations

(Number)

CO
1975

January
February
March

166,596
168,070
164,116

119,450
120,230
117,487

117.0
116.1
117.0

45,984
46,954
45,962

36,188
36,971
36,135

36^0

58^6

102.9
101.7
103.0

24,406
24,298
24,922

April
May
June

167,687
167,995
170,625

119,320
119,615
121,184

119.0
120.4
124.3

46,948
48,171
48,652

36,531
37,439
37,732

37*.i

72.9

103.4
104.8
110.7

26,506
26,634
26,231

July
August
September

173,802
176,001
177,475

122,436
124,135
124,746

126.6
127.5
129.0

49,411
49,774
49,644

37,778
37,953
37,838

42^8

7B'.B

113.7
112.6
113.1

28,571
28,632
29,000

October
November
December

178,621
178,119
181,442

124,971
123,941
125,656

128.7
131.1
132.3

49,995
50,552
51,734

38,004
38,185
38,844

45J

75^4

112.0
112.5
116.0

29,469
28,799
29,704

January
February
March

183,635
186,679
189,940

126,651
128,694
130,519

133.1
134.9
136.1

51,592
52,601
53,344

38,602
39,505
39,917

52^6

84^5

115.4
114.5
116.3

29,639
29,043
31,027

April
May
June

191,404
190,445
193,360

130,796
129,532
131,134

136.1
137.4
137.8

53,696
52,868
53,983

40,032
39,090
39 ,920

54.9

82^2

115.7
114.9
118.6

29,876
28,637
31,600

July
August
Sep to tuber

193,302
194,302
193,868

130,931
131,799
130,434

136.8
137.5
136.2

53,754
54,643
54,100

39,682
40,179
39,552

55^2

®88!8

117.8
117.8
118.3

30,114
32,746
32,368

October .
November
December

192,591
196,477
204,365

129,364
131,629
136,044

136.9
139.1
142.0

54,634
55,573
57,898

39,809
40,387
41,925

56^2

86^6

120.1
121.3
121.0

32,887
33,496
33,495

r202,066
r207,567
M)r214,844

133,666
136,010
g)rl39,773

140.2
r!41.Q
H43.0

56,660
58,175
r59,522

40,792
41,613
r42,334

[^64! 9

87^5

123.3
p!23.0
[H)pl24.1

34,508
p33,095
lH)p35,012

p213,883

p!38,074

H43.0
i)p!43.6

r59,572
H)p59,998

r42,220
H>42,401

.

1976

1977

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

(NA)

(NA)

e!23.0

(NA)

{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 ®. Currant high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [H>. Series numbers are for identification only and do not reflect series mlatiombips 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 13,15, 23, and 24.

64



JUNE 1977

IICII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

| l FIXED CAPITAL INVESTMENT-Con.
f

Minor Economic
Process
Timing Class

Business Investment Commitments
L,L,L

*.

'I, L,l

Contracts and orders for plant
and equipment
Year
and
month

10. Current
dollars
(Bil.dol.)

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

L, l,L

L, L, L

Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars
(Bil.dol.)

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

L, C, U

U, Lg, U

C, Lg, Lg

9. Construction contracts for commercial and industrial buildings, floor
space1

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

97. Backlog of
capital appropriations, manufactur-

(Bil.dol.)

(Bil. dol.)

Square feet

(Millions)

Square meters2

(Millions)

ing

1

1975

January
February
March

13.06
12.21
11.88

9.88
9.21
8.92

11.62
10.59
10.15

8.87
8.08
7.70

54.39
46.54
39.69

5.05
4.32
3.69

niag

April
May
June

13.36
14.07
13.87

9.93
10.44
10.23

10.75
10.56
10.30

8.09
7.98
7.74

56.90
44.79
50.54

5,29
4.16
4.70

10^98

July
August
September

13.19
14.47
12.75

9.73
10.66
9.42

11.32
10.92
11.07

8.43
8.17
8.24

52.60
43.25
50.12

4.89
4.02
4,66

lo.'is

October
November
December

12.64
12.68
12.37

9.25
9.21
9.02

11.19
11.37
11.05

8.23
8.29
8.10

54.10
41.99
50.71

5.03
3.90
4.71

12i87

14.38
14.43
15.39

10.77
10.50
10.92

11.66
11.90
12.17

8.55
8.75
8.69

44.27
50.95
52.32

4.11
4.73
4.86

11 '.34

r!4.91
13,89
15.63

rlO.83
9.93
11.00

12.48
12.67
12.61

9,15
9.09
8.95

52.83
52.65
53.85

4.91
4.89
5.00

12*.49

July
August
September

15.55
14.04
14.98

11.00
9.94
10.47

13.78
12.69
13.47

9.79
9.02
9.44

52.21
50.78
48.53

4.85
4.72
4,51

11. '54

October
November
December

17.39
14.52
16.00

12.17
10.11
11.12

14.30
12.88
14.11

10.08

51.47
52.53
54.81

4.78
4.88
5.09

E>H5!68

17.24
16.78
r!6.60

11.95
11.54
rll.40

14.78
14.34
H4.67

10.30

4.98
4.76

pi 4.'68

rlO.ll

53.56
51.27
,1)67,45

r!8.14
H>Pl9,59

r!2.49
E)pl3.32

EX14.93
p!4.83

E>H0.36
plO.16

55.88
63.20

49JO

47^59

45 .*34

46 .'45

1976

January
February
March
April
May
June

.

. . .

9.00
9.86

46! 05

46.' 65

45 '.72

r48.'l3

1977

January
February
March
April
May
June

9.91

P>6.27

i>p49.'72

5.19
5.87

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 (u). Current high values are indicated by®; for
series that move counter to movements in general business activity,current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphsof these series are shown on pages 13,24, and 25.
.
• • £ + * „ „ «««/.«-.
t
lr
rhis is a copyrighted series used by permission; it may not be reproduced without written permission from the source agency.
iraw-Hill Information Systems Company, F.W. Dodge Division (series 9) or The Conference Board (series 11 and 97).
Converted
McG:
to metric units by the Bureau of Economic Analysis.
IM Jl

JUNE 1977




65

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
,

^fl FIXED CAPITAL INVESTMtNT-Con.

Year
and
month

C, Lg( Lg

C, Lg, Lg

6!. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
eonstruction
expenditures

(Ann. rate,
bil.dol,)

Timing Class

Residential Construction
Commitments and Investment

Business Investment Expenditures

...

(Ann. rate,
bil.dol.)

C, Lg,U

C, Lg, C

Lg, Lg, Lg

C, Lg, C

76. Index of
Nonresidential fixed investment in 1972 dollars
industriai^ production, business
87. Structures
equipment
86. Total
88. Producers'
durable equip.
(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

L, L, L

28. New
private housing
units started,
total

(Ann. rate,
thous.)

L, L, L

L, L, L

29. Index of
new private
housing units
authorised by
local building
permits
(1967-100)

89. Residential
fixed investorient, total, in
1972 dollars
(Ann. rato,
bil.dol,)

1975

January . . . .
February
March

114.57

161.31
163.07
160.50

130.8
128.0
125.7

114*4

3?'. 5

76*.9

1,016
923
990

61.9
62.8
62.1

ss!i

April
May .
June

112^46

159.56
158.63
159.41

125.6
126.0
126.6

no'.e

36. 1

74*. 5

996
1,109
1,067

72.6
77.8
80.8

se'.a

July
August
September

112J6

160.36
161.73
161.85

127.3
129.9
129.2

no'.i

36*.6

73*.5

1,229
1,253
1,281

87.6
86.0
94.1

39 '.6

October
November
December

111 '.80

164.97
163.47
165.75

128.8
129.6
131.6

no'.s

36*.7

73*.8

1,368
1,370
1,336

95.7
97.1
94.0

41* '.9

January
February
March

114//2

165.63
171.08
172.10

131.0
132.6
134.0

mie

37J

75.5

1,259
1,478
1,426

100.4
102.4

April
May
June ....

118J2

175.09
174.64
171.82

134.1
134.6
135.0

114^9

37^9

77^6

1,385
1,435
1,494

93.2
99.8
99.1

45^7

July ...
August
September

122^55

176.12
178.19
175.94

136.9
137.7
137.5

117^5

38!i

79^2

1,413
1,530
1,768

104.7
111.7
129.6

47*.4

October
November
December

125.22

178.81
179.18
189.81

135.9
140.2
143.2

117*.9

79*.6

1,715
1,706
1,889

128.6
137.0
130.5

51 !l

January
February
March

B>130.*16

182.99
185.16
18)193.60

142,0
r!43.1
H44.4

B122.3

(H>84.5

1,384
1,802
|H>r2,089

112,6
131.8
1)147.5

[H}51.6

April
May
June

p!92.83
ra!34.46

r!46.7
[H)pl49.3

rl,899
pi, 929

134.7
138.2

1976

H>38'. 9

98.8

44J

1977

July
August .
September ,

al36.*91

October
November
December

(NA)

37.8

a139.'68

NOTE; Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are 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 14,25, and 26.

66



JUNE 1977

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

^H INVENTORIES AND I N V E N T O R Y INVESTMENT

Minor Economic
Process

Inventory Investment

L, L, L

L, L, I

Timing Class

L, L, L

36. Change in inventories on

Year
and
month

30. Change in
hand and on order in 1972
business invendollars
tories in 1972
Monthly
Smoothed
dollars

data1

data
(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Inventories on Hand and on Order

(Ann. rate,
bil.dol.)

L, L, L

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

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

(Ann. rate,
bil.dol,)

(Bil.dol.)

lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

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

65. Mfrs.'
inventories of
finished
70. Constant goods, book
(1972) dollars value
(Bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

L, Lg, Lg

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

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

(Ratio)

(Bil. dot.)

1975

.

3.9
-10.1
-14.8

-1.84
-1.70
-2.88

278.71
277.87
276.63

225.40
223.47
221.69

49.42
49.54
49.72

1.89
1.86
1.89

139.22
137.52
134.64

April
May
June

-38.51
-35.71
-29.68

-12.1
-17.9

-3.41
-1.40
-1.81

275.63
274.14
273.42

220.39
218.20
217.41

49.63
49.65
49.38

1.85
1.82
1.79

131.23
129.63
128.02

-21.84
-12.05
-4.85

-1.7
19.5

-0.58
-0.92
-0.75

273.28
274.91
275.58

217.05
217.43
217.15

48.90
49.24
49.61

1.77
1.75
1.74

127.43
126.51
125.76

0.12
0.24

277.68
276.80
275.48

218.02
216.74
215.08

49.89
49.81
49.87

1.74
1.75
1.71

125.88
126.12
125.66

277.06
279.01
281.26

215.78
216.42
217.05

49.83
49.97
50.07

1.70
1.68
1.66

125.80
125.29
126,78

283.06
285.69
289.14

217.46
218.26
220.01

50.52
50.96
51.71

1.66
1.68
1.67

126.78
128.52
128.94

0.59

290.87
293.31
296.54

220.58
221.72
223.05

51.96
52.74
53.36

1.69
1.68
1.70

129.19
128.23
128.82

1.13
1.53
0.24

298.18
298.94
299.12

223.42
223.09
222.66

53.60
53.78
53.75

E>1.73
1.69
1.64

129.95
131.48
131.72

P> 1.93

223.72
r224.12
r225.32

54.36
54.48
54.48

1.67
1.65
1.61

133.65
134.23
135.88

[H>p226.22

1)55.00

-35.36
-45.84
-38.53

-18. 99

-20*. 5

-21 '.2

January
February
March

-31.31
-28.75
-19.43
-3.37

July
August
September

-i.'o

October
November
December

-s!s

2.05

-7.01

-27.76
-35.38

-8.7

8.0

-11.93
-17.44

-0.87
-1.30
-5.36

5.33
7.52

-7.56
-4.77

10.84

3.18

18.9
23.4
27.0

2.78

7.47
8.66

21.7
31.6

11.77

H>41.3

8.06

25.2

-10.5
-15.8

-0.47

1976

January
February
March

lo.'i

April
May
June

H>ii!i

July
August
September

1CK2

17.18
i>19.86
4,57
6.60

D13.57
12.11

20.7
29.3
38.7

11. 11

October
November . .
December

4.94

0.9

8.88
7.49
6.04
2.17

19.7

1.99

34.2
24.2

-2.44
-3.11

9.1
2.2

0.15

-0.51
1.49

-0.01
1.74
0.42
0.26

-0.96

1977

April
May
June ....

9*.2

18.08
r8.57
r!5.88

r6.01
rll.Ol

r40.1

rl.65

301.97
303,98
r 307. 32

plO.45

January
February
March .... .

p!2.90

p35.6

pO.42

DP310.29

(NA)

(NA)

<NA)

(NA)

0.58

(NA)

(NA)

(NA)

pi. 64 (H>pl36.30
(NA)
\ ''A)

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®; for
series that move counter to movements in general business activity, current low values are indicated by(H). Series numbers are for identification only and do not re-fleet 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 14, 16, 27, and 28.
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.

JUNE 1977



67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

PHj PRICES, COSTS, AND PROFITS

Mirmr Economic
Process

Stock
Prices

Sensitive Commodity Prices

L, L, I,

Timincj Class

U, I, L

92. Change in sensitive prices
Year
and
month

Monthly
data

Smoothed
data 2

23. Index of
industrial
materials
prices©

L, I, L

19. Index of
stock prices,
500 common
stocks@

Prof its and Profit Margins

1, 1, L

L, L, L

Corporate prof its after taxes
IB. Current
dollars
(Ann. rate,
bil.dol.)

18. Constant
(1972) dollars
(Ann. rate,
bil.dol.)

l,C, L

L, C, I,

Corporate profits after taxes
with I V A a n d C C A '
79. Current
dollars
(Ann. rate,
bil.dol.)

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

L, 1, L

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

(Percent)

(Percent)

(1967-100)

(1941-43-10)

-1.03
-0.86
-1.00

-1.04
-1.36
-1.23

180.1
181.1
182.3

72.56
80.10
83.78

54*.6

42^3

28*8

23*4

y.2

(Percent)

1975

January
February
March
April
May . . .
June

0,96
1.68
0.45

-0.63
0.13
0.79

186.4
184.2
173.2

84.72
90.10
92.40

61 !6

47^8

4l!s

33^6

7*9

July
Autjust
September

-1,07

0.69
0.30
0.64

171.5
179.6
184.2

92.49
85.71
84.67

72 !l

55^5

50*5

39J

0!6

October
November
December

-0.86
-0.61

1.07
0,78
0.43

181.9
179.8
180.6

88.57
90.07
88.70

74J

55^6

48*4

36*9

g'i

0.73
0.74
0.45

183.6
186.6
193.2

96.86
100.64
101.08

79^7

59*6

53^7

4CK5

9^3

2.81

April
May
June

2.23
0.49
1.11

0.66
1.35
1.56

200.9
202.7
205.2

101.93
101.16
101.77

82^7

6K3

52^9

39^6

g!s

July
August
September

2.39
0.67

1.30
1.36
1.12

214.1
209.6
206.2

104.20
103.29
DlOS. 45

85J

62^4

[H)5^9

H>4K9

'H>9!e

1.06

201.6
201.0
203.2

101.89
101.19
104.66

86 '.8

62.8

210.2
216.4
88)222.8

103.81
100.96
100.57

[H)r91.*2

221.9
218.1
207.3

99.05
98.76
"98.80

1,35
2.84

2.67

1976

January
February
March

1.11

-2.49

-0.51

October
November
December

3.67
b
:

r3,51
r-2.14

rl.75
[H)rl.95

5(X4

36.9

9.5

r5l'l

r36.9

r9.5

1977
January

-1.20
»3.96

February
March

2.31

April
May
June ....

,

0.29
0.82

1.94
1.66
3

July
August . ,
September
October
November
December .

0.87

rO.13
rO.95

iDr65.*6

,

......

NOTR: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated: and "NA", not available.
J
Graphs of these series are shown on pages 14, 29, and 30.
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
2
Series is a weiighted A-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 9 Average for
June 7, 14, and 21. ''Average for June 1, 8, 15, and 22.

68



JUNE 1977

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS
... .

1 9 PRICES, COSTS, AND PROFITS-Con.
9

Minor Economic
Process .

Profits and Profit Margins-Con.

U,L, L

L, L, L

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

15. Prof its (after
taxes) per dollar
of sales, all
manufacturing
corporations

(Percent)

(Cents)

Timing Class

Year
and
month

Cash Flows

L, L, L

L, L, L

Unit Labor Costs and Labor Share

L, L, L

17. Ratio, price
Net cash flow, corporate
to unit labor
cost index,
manufacturing
34. Current
35. Constant
(1972) dollars
dollars
(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

(1967=100)'

Lg, Lg, Lg

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

Lg, Lg, Lg

Lg, Lg, Lg

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

64. Compensation of employees as a percent
of national
income

(1967=100)

(Percent)

1975

January
February
March

3/5

3.8

118.2
117.1
114.8

108*. 7

84*.8

162'.9

0.863

143.5
144.5
147.0

78i6

April
May
June

s.'i

i!i

117.2
117.4
119.0

117.'6

89."4

160.'?

0.847

144.6
144.7
143.2

77i2

July
August
September

e'.i

s'.o

120.5
120.4
121.5

iso'.o

97*. 6

159*.5

0.842

141.9
142.1
141.1

75*.8

October
November
December

5.*6

5.1

122.2
123.2
123.8

134".8

98*.2

163.3

0.860

142.4
141.8
141.5

76.2

5*.9

5*. 5

125.0
125.7
125.1

140*.9

102'.6

164 '.6

0.869

140.9
140.1
141,1

76*.2

5*.8

|H>5!6

125.4
125.0
124.8

144 '.6

103*.4

166\6

0.876

142.0
142.6
143.7

76*.i

E>o'.i

5*.3

124.2
122.7
122.2

147.9

104*.8

167*.8

0.884

144.4
145.5
146.7

76\2

5.1

5.0

122.9
123.8
r]25.4

149,5

104.5

171.1

0.904

147.2
147.1
r!46.5

i>76.6

4.7

$'.3

r!25.6
r!25.6
r!25.4

E>H56.'i

[HV108."6

E>173.'6

[H)0.923

H47.4
H48.2
r!49.4

r76.*S

1976

January
February
March

t

April
May
June
July
August
September

...

October .
November
December
1977

January
February
March
April
May
June

[HX127. 1
p126.4

r!49.5
[H)Pl50.9

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 (u). Current high values are indicated by|H); for
series that move counter to movements in general business activity, 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. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 16, 30,and 31.
1
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.

ItOI

JUNE 1977




69

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

Qj MONEY ANDCREDIT

Minor Economic
Process
L.L.L

Timing Class

85. Changs in
money supply
Year
and
month

(Ml)

(Percent)
2

1975

Velocity of Money

Money

C )

L,C,U

102. Change
in money
supply plus
time deposits
at commercial
banks (M2)
(Percent)

L, 1,1

UL.L

104. Change in total liquid assets

Monthly
data
{Percent)

Smoothed
data1
(Percent)

2

( )

105. Money
supply (Ml)
in1972
dollars

1, L, L

106. Money
supply (M2)
in 1972
dollars

C.C.C

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

(Bil.dol.)

(Bil.dol.)
2

(»>

C )

(Ratio)
(2)

Credit Flows

L, L, L

C, Lg, C

33. Not change
108, Ratio,
personal income in mortgage debt
to money supply held by financial
institutions and
(M2)
life insurance
companies
(Ann. rate,
(Ratio)
bil.dol.)
(»)

0.00
0,71

0.39
0.59
0.74

0.68
0.61
0.62

0.40
0.45
0.57

225.9
224.6
225.3

492.2
492.3
494,1

5.114

1,951
1.943
1.939

28.50
30.83
29.62

April
May
Juno

0.25
0.98
1.11

0.58
1.13
1.34

0,66
0.98
1.14

0.63
0.69
0.84

224.7
225.9
226.7

494.4
497.8
500.7

5.152

1,937
1.931
1.952

32.40
34.86
37.22

July
Auqust
September

0.34
0.38
0.27

0.81
0.45
0.40

0.92
0.77
0.74

0.97
0.98
0.88

225.4
225.6
225.2

500.1
500,8
500.7

5.289

1.934
1.949
1.956

34.90
40.06
47.90

October
November
December

-0.10

0.89

Dl.29

0.80
0.89
0.98

223.6
224.1
222.4

499.8
501.9
501,1

5.391

-0.27

0.44
0.96
0.33

1.968
1-964
1.969

56.75
42.60
48.92

January
February
March

0.17
0.51
0.44

0.90
1.18
0.65

0.81
0.91
0.70

221.4
222.3
222.7

502.6
507.9
510.0

5.515

1.970
1.963
1.966

44.46
50.27
58.14

April
May
June

1.24

1,17

0.56

1.01
0.78
0.74

0.84
0.85
0.84

224.6
224.3
223.2

513.8
514.3
514.0

5.532

-0.10

0.74
0.36

1.958
1.959
1.963

45.77
44.83
44.23

July
August
September

0.59
0.49
0.13

1.00
0.74
0.83

1.03
0.71
0.70

0.85
0.84
0,82

223.5
223.5
223.1

516.7
518.1
520.6

5.586

1.958
1.950
1.943

57.88
52.64
50.72

October
November
December

rl.14
rO.OO
rQ.64

B>rl.34
rO.88
rl.09

1.11
0.73
0.73

0.83
0.84
0.85

EV224.8
r£24.2
r224.7

r525.7
r528.9
T532.5

r5.609

rl.934
rl.941
rl.944

57.64
67.14
65.42

rQ.45

1.00
0.94

rO.65

0.84
0.86
rO.88

r223.9
r221.9
r221.5

r532,5
r530.5
r531.0

E$r5.723

rO.45

rO.81
rO.59
rO.72

rl.931
rl.950
[H)rl.966

56.14
58,62
70.75

LH>1.62
P0.06
3
0.12

rl.12
pO.39
3
0.52

rO.98
pO.64

rO.86
pO.81

r223,3
p222,l

[H>r532.8
P531.7

rl.959
pi. 964

[%76.64

January
February
March

-0.35

0.75

0.80

1976

i>0.98
0.90
0.82

1977

January
February
March
April
May
June

0.06

(MA)

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 bylH); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are fur identification only end 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 14, 32, and 33.
'Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. aSee "New
Features and Changes for This Issue," page iii. 'Average for weeks ended June 1, 8, and 15.

70



JUNE 1977

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS . .

^9 MONEY AND CREDIT-Con.

Minor Economic
Process

Credit Flows-Con.

L, L, L

L.L.L

Tinning Class

112. Net change
in bank loans
to businesses

Year
and
month

(Ann. rate,
bil.dol.)

113. Net
change in
consumer installment
debt
(Ann. rate,
bil.dol.)

L, L, L

L, L, L

110. Total
private
borrowing

14. Current
liabilities
of business
failures®

(Ann. rate,
mil.dol.)

(Mil.dol.)

L, L, L

L.U.U

39. Delinquency 93. Free
rate, 30 days
reserves©
and over, consumer installment loans
(Percent)

. Interest Rates

Bank Reserves

Credit Difficulties

(Mil.dol.)

L, Lg, U

94. Member
bank borrowing from the
Federal
Reserve ®
(Mil.dol.)

L, Lg, Lg

119. Federal
funds rate©

C, Lg, Lg

114. Treasury
bill rate®

(Percent)

(Percent)

1975

January
February
March

-11.59
-39.71
-17.42

April
May
June

-22.73
-22.70
-18.34

July

-7.32
-18.72

-1.75
97,252

391.14
384.76
343.35

109,644

372.08
357.79
175.92

2.74
2.65
2.63

15.43
10.06
11.92

128,060

242.03
222.44
205.53

2.60
2.65
2.59

165,696

10.14

14.17
15.89
17.88

1,295.39
252.87
E>136.88

January
February
March

-28.04
-0.68
r 39.37

13.24
13.48
17.68

171,816

April
May
June

-47.33
-1.98

17.12
17.69
15.96

July
August
September

-18.68
-4.94
10.72

October
November
December

-454

390
147
106

7.13
6.24
5.54

6.49
5.58
5.54

10
-61
277

110
60
271

5.49
5.22
5.55

5.69
5.32
5.19

-197

261
211
396

6.10
6.14
6.24

6.16
6.46
6.38

2.48
2.29
2.47

-35
229
135

191
61
127

5.82
5.22
5.20

6.08
5.47
5.50

257.07
211.76
247.55

2.49
2.46
2.45

130
-62
378

79
76
58

4,87
4.77
4.84

4.96
4.85
5.05

198,176

206.42
233.28
373.54

2.34
2.41
2.40

45
261
-3

44
121
120

4.82
5.29
5.48

4.88
5.18
5.44

15.64
16.84
17.77

201,528

305.55
263.96
250.32

2.39
2.39
2.36

-53
193
212

123
104
75

5.31
5.29
5.25

5.28
5.15
5.08

21.94
D28.00
10.25

18.77
14.92
21.88

0)237,948

183.57
277.60
200.44

2.53

EJ>2.19

123
280

66
84
62

5.03
4.95
4.65

4.93
4.81
4.35

-9.79
19.22
r7.48

23.02
24.26
E)-32.60

168.54
194.20
243.20

2.37
2.37
2.37

433

p226,796

61
79
110

4.61
4.68
4.69

4.60
4.66
4.61

r-6.80
p3.35
MO. 88

August
September

85
160

31.92

2.80

October
November
December

5.57
9.28

3.80

-3.19
0.20

-3.62

.

5.38

'

2.59
2.71
2.94

-293

6

1976

9.56

no

2.40

1977

January
February
March

.

..

April
May
June

(NA)

(NA)

(NA)

-114

155
r-62
p!35
2

-55

73
p200
237

2

4.73
5.35
2

5.37

4.54
4.94
3

5.01

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 byE); for
series that move counter to movements in general business activity, current low values are indicated by [H>. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are 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 33, 34, and 35.
1
Average for weeks ended June 1, 8, and 15. 2Average for weeks ended June 1, 8, 15, and 22. 3Average for weeks ended
June 2, 9, 16, and 23.

ltd! JUNE 1977



71

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

R9 MONEY AND CREDIT-Con.

Minor Economic
Process

Outstanding Debt

Interest Rates-Con.

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

11 6. Corporate
bond yields@

115. Treasury
bond yields©

117. Municipal
bond yields®

11 8. Secondary
market yields
onFHA
mortgages®

(Percent)

TiiminQ Class

(Percent)

(Percent)

(Percent)

Year
and
month

Lg, Lg, Lg

67. Bank rates
on short-term
business loans,
35 cities®

(Percent)

Lg, Lg, Lg

109. Average
prime rate
charged by
banks®

(Percent)

Lg, Lg, Lg

66. Consumer
installment
debt

(Mil.dol.)

Lg, Lg, Lg

72. Commercial
and industrial
loans outstanding, weekly
reporting large
commercial
banks

Lg, Lg, Lg

95. Ratio,
consumer installment duht
to personal
income

(Mil. dot.)

(Percent)

(0
1975

January
February
March

9.17
9.48

6.68
6.66
6.77

6.82
6.39
6.74

April
May
June

9.81
9.76
9.27

7.05
7.01
6.86

9.56
9.70
9.89

6.89
7.11
7.28

9.54
9.48
9 59

7 29
7 21
7 17

January
February
March

8.97
8.71
8.73

April

July
August
September , .

8.84

10.05

7 93

9.94

6.95
6.97
6.95

(NA)
9.16
9.06

8.16

7.07
7.17
7.44

9 13

152,051
152,368
152,10?

133,817
130, BOS
129,056

1 2 . 68
12.68
12 59

7.50
7.40
7.07

152,119
151,817
152,266

127,162
125,270
123,742

1 2 . 54
12.41
12.15

7 15

8.99
8.84
8.69

•

123,132
121 ,57?
121 ,805

12 26
12.18
12 17

8.96

8.22

7.66

9 74

7 88

153,551
154,389
155,382

7 39
7 43
7 31

9 53
9 4]
Q 3?

8 29

7 gg
7 53
7 26

156 561
157 887
159 377

122 269
123 042
123 887

12 13
1? 14
l? in

6.93
6.92
6.88

7.07
6.94
6.92

9.06
9.04
(NA)

7.*54

7.00
6.7B
6.75

160,480
161,603
163,076

121,550
121,493
118,212

12.15
12.14
12.15

6 73

6 60
6 87

8 82
9 03
9 05

7 44

June

8.68
9.00
8.90

6 75
6 75
7 20

164 503
165 977
167 307

114 268
114 103
114 900

12 16
12 IB
12 21

July
August
September

8.76
8.59
8.37

6.85

6.79

6 61

8 99
8 93

7 25
7 01

168,610

6 82

170 013

113 343
112 931

6.70

6.51

8.82

7.00

171,494

113,824

12 21
12 27
12.32

October
November
December

8.25
8,17
7,90

6.65

6.30

6 62

6 29

6.38

5.94

8 55
8 45
8 25

6 78
6 50
6 35

173 058
174 301
176 124

115 652
117 985
118 839

12 32
12 26
12 24

r7 96
8.18
8.33

6 68

5 87

8 40

7.16

5.89

8.50

7 20

5 89

8

CO

8 30
8 qo

7 13
7 1Q
2
7 nd

rR 71
c 7c

8

C7

c

or

/MA ^

6

A T

, . . ..
...

October
November
December

9.32

1976

May

7.01
6.92

6.87

7 80

7 28

1977

January
February . ,
March
April
May
June

23 09

3C

C-3

\NAJ

fi

6 82

?q

6 25
6 25

*fi 7^

1 78

fiA9

T0fi

r)fi/\

TOO

TOT

[u\1QC

AA1
/NA\

VNAJ

m

f|Q<3

^i 9f)

5flip

19 QE
1 £. Jb

i? ^n

119 62r)

v "I 1 Q fi £! 1

19 .Qfi
1 X JU
TLJ\ n 11 . 1 Q
H) p 1 9 Jo

n 1 1 Q Q £fl
p i ty ,you

[Lj\si?n PR?

/ 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 ®. Current high values urn indicated by[H); for
series that move counter to movements in general business activity,current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are sh'own 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 shawn on pages 16,35, and 36.
1
See "New Features and Changes for this Issue,'' page iii. 2Average for weeks ended June 3, 10, and 17. 9Average for weeks
ended June 2, 9, 16, and 23. ^Average for June 1 through 24. ^Average for weeks ended June 1, 8, and 15.
72




JUNE 1977

KCII

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

^J DIFFUSION INDEXES

Year
and
month

950. Twelve leading
indicator components
(series 1,3, 8, 12,19,
20,29,32,36,92, 104,

951. Four ro ughly
coincident in dicator
components (series
41,47,51,5 7)

952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109)

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

105)

1-month
span

6-month
span

1-month
span

6-month
span

1 -month
span

6-month
span

1-month
span

962. Initial claims for
State unemployment
insurance, week including the 12th
(47 areas)1

963. Number of employees on private
nonagricultural payrolls
(172industres)

9-month
span

1-month
span

9-month
span

1-month
span

6-month
span

0.0

55.3
29.8
55.3

6.4

26.2
19.0

12.8
36.2

16.9
16.9
27.3

13.7
12.8
18.9

44.7
66.0
46.8

70.2
68.1
57.4

44.2
51.2
39.8

29.1
40.7
59.0

1975

January
February
March . .

8.3

0.0
25.0
25.0

25.0
41.7
66.7

50.0
66.7

0.0
0.0
25.0

91.7

62.5
100.0
75.0

100.0
100.0

83.3
54.2
58.3

83.3
75.0
66.7

100.0
100.0
100.0

100.0
100.0
100.0

58.3
58.3
41.7

83.3
66.7
75.0

100.0
62.5
87.5

January
February
March

58.3
66.7
70.8

75.0
91.7
79.2

April
May
June

50.0
54.2
54.2

July
August
September

45.8
37.5
33.3

r45.8

October
November
December

50.0
58.3
58.3

April ...

0.0
0.0
0.0

16.7
T6.7
16.7

14.3
11.9
35.7

0.0
0.0
0.0

61.9
47.6

83.3.

57.1
61.9
73.8

50.0
33.3
33.3

16.7
16.7
50.0

83.3
88.1
76.2

90.5
90.5
95.2

68.1
42.6
28.7

80.9
97.9
97.9

57.3
72.4
81.4

63.4
66.6
72.4

100.0
100.0
100.0

83.3
33.3
33.3

8.3
16.7
50.0

66.7
73.8
88.1

95.2
90.5
45.2

61.7
61.7
89.4

97.9
85.1
70.2

64.0
59.6
69.2

78.8
79,4
77,6

100.0
100.0
100.0

100.0
100.0
100.0

50.0
33.3
75.0

16.7
66.7
58.3

66.7
31.0
31.0

90.5
66.7
61.9

68.1
36.2
42.6

76.6
78,7
76.6

76.7
74.4
77.9

82.8
83.1
77.0

75.0
66.7
62.5

100.0
62.5
100.0

100.0
100.0

75.0
75.0
83.3

83.3
83.3
83.3

16.7
90.5
21.4

47.6
14.3
11.9

55.3
27.7
48.9

53.2
23.4
14.9

77.9
63.4
47.1

77.0
71.5
70.9

58.3

100.0
100.0

75.0
66.7
75.0

100.0

75.0

75.0
75.0
50.0

66.7
83.3

42.9
23.8
23.8

40.5
54.8
52.4

51.1
27.7
38.3

29,8
63.8
44.7

52.9
49.1
68.9

55.2
55.2
61.9

50.0
54.2
66.7

25.0
100.0
100.0

100.0
100.0
100.0

75.0
16.7
16.7

83.3
83.3
66.7

71.4
78.6
57.1

52.4

r69.0

69.1
55.3
83.0

66.0
72.3
53.2

39.0
64.2
68.3

70.1
69.8

r76.7

83.3

25.0
100.0
100.0

100.0
100.0

66.7
75,0
83.3

71.5
61.6

r89.2
p86.6

r47.6

29.8
55.3
66.0

80,9

"75.0

r31.0
p54,8

29.8
42.6

91.7

100.0

June , .

83.3
87.5
91.7

July
August
September
October
November
December

May

16.7
25.0
33.3

75.0

1976

75.0
75.0

57.1

1977

January
February
March

16.7
50.0

June ...

60.0

r75.0

April

May

2

2

45.8

40.0

a

75.0

ioo.o

3

58,3

"75,0

83.3

4.8
97.6

p66.7

r79.7
r70,9
p64.2

July
August
September
October
November
December

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950,951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
Component data are not available for publication and therefore are not shown in table C2.
2
Excludes series 12 and 36 for which data, are not yet available.
3
Excludes series 57 for which data are not yet available.
''Excludes series 70 and 95 for which data are not yet available.

BUI JUNE 1977



73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

BB DIFFUSION INDEXES-Con.
964. Value of manufacturers' new orders,
durable goods industries (35 industries)

Year
and
month

965. Newly approved
capital appropriations,
deflated, The
Conference Board1
(17 industries)

966, Index of industrial
production (24
industries)

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

968. Index of stock
prices, 500 common
stocks© (62-65
industries) 2

969. Profits, manufacturing, Citibank
(about 1,000 cor
portions)

1 -month
span

6-month
span

1 -month
span

9-month
span

1 -month
span

9-month
span

1 -quarter
spun

8.3
16.7
54.2

53.8
42.3
. 38.5

11.5
15.4
15.4

95.4
93.8
86.2

62.0
98.5
100.0

48

*34

25.0
33.3
20.8

70.8
83.3
87.5

46.2
38.5
61.5

38.5
61.5
61.5

69.2
61.0
70.8

95.4
93.8
89.2

53

'43

70.8
62.5
85.4

87.5
95.8
91.7

57.7
65.4
76.9

53.8
53.8
46.2

64.6
6.2
40.0

80.8
66.2
90.8

70

'BO

87.5
79.2
75.0

91.7
91.7
95.8

46.2
42.3
50.0

46.2
61.5
69.2

70.8
64.6
26.2

87.7
80.0
80.0

58

*53

50.0
81.2
62.5

87.5
83.3
83.3

76.9
42.3
88.5

53.8
69.2
65.4

100.0
83.1
53.1

90.8
93.8
95.4

63

*56

70.8
83.3
52.1
52.1
62.5
56.2

66.7
70.8
62.5

53.8
61.5
84.6

69.2
69.2
61.5

31.5
41.5
50.8

89.2
93.8
64.6

57

r54

75.0
66.7
83.3

73.1
46.2
50.0

84.6
76.9
84.6

80.0
43.1
56.2

45.4
56.5
62.9

55

P 57

56.2
66.7
64.6

r59

52.1
62.5
54.2

68.8
r?9.2
r87.5

61.5
69.2
61.5

84.6
69.2
42.3

15.4
50.8
91.9

57.3
56.5
48.4

52

P71

37.5
79.2
r68.8

r83.3
p83.3

69.2
38.5
61.5

53.8
53.8

46.0
27.4
43.5

33.0

54

1 -month
span

9-month
span

1 -quarter
span

37.1
45.7
42.9

25.7
22.9
48.6

27

April
May
June

75.7
34.3
55.7

62.9
60.0
71.4

48

July
August
September

80.0
45.7
45.7

68.6
85.7
74.3

30

October
November
December

65.7
48.6
54.3

77.1
85.7
80.0

68

January
February
March

54.3
68.6
62.9

97.1
82.9
87.1

56

April , .
May
June . .

55.7
50.0
50.0

82.9
82.9
82.9

59

July
August
September

64.3
47.1
50,0

68.6
71.4
82.9

42

October
November
December

40.0
51.4
71.4

80.0
84.3
r74.3

54.3
54.3
65.7

p85.7

4-Q moving
avg.

4»qu,9rter
span ®

1975
January
February
March

,. .

"57

*68

'so
'75

1976
*69

r65

*64

1977
January
February
March
April .
May
June

,

r37.1
p48.6

r68.8
p85.4

3

30.8
34.6
30.8

9

49.2
37.0

July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1 st month of the 2d quarter, 3-quartor indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated by (3). The 'Vindicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
I
This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference
Board.
2
Based on 65 components through November 1976, and on 62 components thereafter. Component data are not shown in table C2
but are available from the source agency.
3
Average for June 7, 14, arid 21.

74



JUNE 1977

ltd*

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

DIFFUSION INDEXES-Con.

Year
and
quarter

971, New orders, manufacturing1©

970. Business expenditures for new plant and
equipment (18 industries)
a. Actual
expenditures

(1-Qspan)

b. Later
anticipations

c. Early
anticipations

(1-Qspan)

(1-Qspan)

Actual

Actual

973. Net sales, manufacturing
and trade 1 ®

972. Net profits, manufacturing
and trade 1 ®

Anticipated

(4-Qspan)

Anticipated

(4-Qspan)

(4-Q span)

(4-Q span)

(4-Qspan)

Anticipated

Actual

(4-Q span)

1974

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

77.8
86.1
61.1
63.9

72.2
77.8
61.1
55.6

75.0
86.1
69.4
61.1

84
82
74
59

86
80
85
80

74
76
71
63

80
74
79
77

82
84
80
70

86
78
86
82

38.9
44.4
38.9
36.1

36.1
41.7
50.0
61.1

66.7
52.8
66.7
61.1

50
54
64
71

72
59
70
73

52
53
58
66

68
58
66
67

57
58
66
70

75
62
73
74

66.7
80.6
72.2
47.2

61.1
77.8
72.2
63.9

75.0
61.1
66.7
83.3

80
80
78
78

82
84
88
86

76
74
72
74

76
80
84
82

82
81
80
80

82
84
90
87

66.7

61.1
72.2

66.7
66.7
66.7

(NA)

80
86

(NA)

78
80

(NA)

82
86

1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

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

DIFFUSION INDEXES-Con.
Year
and
quarter

974. Number of employees,
manufacturing and trade1 ®

975. Level of inventories,
manufacturing and trade1®

Actual

Actual

Anticipated

Anticipated

(4-Q span)

(4-Qspan)

(4-Qspan)

58
59
56

61
56
60
58

78
79
78
69

44
44
48
52

53
48
54
54

57
58
58
58

(NA)

(4-Q span)

976. Selling prices, manufacturing1 ®

977. Selling prices, wholesale
trade 1 ®

978. Selling prices, retail
trade 1 ®

Actual

Actual

Actual

Anticipated

Anticipated

Anticipated

(4-Q span)

(4-Qspan)

(4-Q span)

(4-Q span)

70
67
72
72

92
96
94
89

86
89
92
90

96
96
94
91

88
94
92
91

92
97
96
92

87
89
92
93

58
52
56
57

64
54
50
54

81
78
78
78

86
76
68
74

80
79
81
81

87
74
70
76

80
84
86
88

88
75
72
79

56
60
62
60

62
65
68
69

60
64
70
68

80
82
80
82

78
80
80

80
80
88

80
82
82
84

86
86
92
86

81
82
84
86

59
60

(NA)

65
68

(NA)

78
81

(NA)

80
86

(NA)

86
84

(4-Qspan)

(4-Qspan)

1974

First quarter ..
Second quarter
Third quarter.,
Fourth quarter
1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

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

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The 'Vindicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 39.

This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.

ItCII

JUNE 1977




75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

U SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Hirtictinns of Clump
|

Diffusion index components

1976

November

October

1977

December

February

January

Aprilr

March

Mayp

961. A V E R A G E W O R K W E E K OF PRODUCTION W O R K E R S , MANUFACTURING '
(Average weekly hours)

All tnarufacturinfj industries

+

Percent rising of 21 cornponsnts

. . . .

39.9

+

40.1

-

-

39.5

+

(5)

(57)

(79)

(71)

40.0

+

40.3

40.4

-

(48)

(98)

40.2

+

40,4
(55)

(31)

Durable goods industries:
Ordnance and accessories
Lumber and wood products
Furniture and fixturss
Stono clay and qlass products
Primary metal industries

.,

40.6
40.3
38.4

o
o
+

40.6
40.3
38.6

+
o
o

41.0
40.3
38.6

-

40.5
39.9
37.0

+
+
+

40.6
40.5
38.1

o
+

,..

.

+
+
+
+

41,4
40.8

+

41.2
40.3

o
-

41.2
40.1

-

39.9
40.0

+
+

41.4
40.6

r38.6

+
-

41.1
40,0
38,3

+

40.5
39,8
38.5

o
+

r41.4
r41,l

+
+

41.7
41.4

+
+

41.9
41.7

40,6
40,1

Fabricated metal products
Machinery, except electro!

+

40.4
41.2

+
+

40.8
41.5

-

40.5
41.2

-

39.9
40.6

+
+

40.8
41.3

+
+

41.0
41.5

-

40.7
41.4

+
+

41,0
41.7

Electrical equipment and supplies
Transportation equipment
.

+
+

40.0
41.2

+
+

40.3
42.0

-

40.2
41.1

+

39.4
41.4

+
o

40.6
41.4

+

40.3
42.8

-

40.0
41,9

+
+

40.2
42,8

Instruments and related products . . . .
Miscellaneous manufacturing industries

+
+

40.3
38.7

+
+

40.4
39.0

+
-

40.7
38.9

-

39.8
38.2

+
+

40.8
39.5

-

r40,4

-

40.0
38.8

+
+

40.3
39.0

+
+

40.3
37.5

+

40.4
36,9

+

40.1
37.5

-

39.5
36.1

+
+

40.3
39.4

-

-

40.1
38.3

-

39.9
38,1

+
+

39.4
35.0

+
+

39.8
35.1

+
+

40.1
35.3

-

39.7
34.2

+
+

40.5
35.7

+
-

r40.8
35.6

-

40.5
35.1

+

40.3
35.6

+

42.1
37.5

+
+

42.4
37.6

+
+

42.6
37.7

-

41.9
37.4

+
+

42.7
37.9

+
-

42.8
37.7

+
o

43.3
37.7

o

43,0
37.7

41.6
42,0

+

41.7
41.9

o
+

41.7
42.5

-

41.6
42.3

+ • 41.7
+
42.5

+
+

41.8

r43.0

o
-

41.8
42.7

-

41.5
42.1

41.1
36.4

+
o

41.2

+
+

41.5
36.5

-

40.9
35.3

+
+

-

r36.4

o
+

41.2
37,1

+
-

41,4
36.6

39.3

Nondurable goods industries:
Food and kindred products
Tobacco manufactures

. .

Textile mill products
.
Apparel and other textili products
Paper and allied products
Printing and publishing
Chemicals a n d allied products
Petroleum and coal products

..
.

.

Rubber and plastic products, n.e.c
I gather and leather products

.

.

+

36.4-

41.4
36.7

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES 1
(Millions of dollars)
All durable goods industries

+

Percent rising of 35 components
Primary metals
Fabricated metal products, . .

Transportation equipment .
Other durable goods industries

52,424

+ 57,265

(51)

- 54,943

+ 55,1,59

(54)

(71)

41.2

2

+r59,299

(54)

- 58,730

+ 59,050

(37)

(66)

(49)

+
..

.....
,. .

+

(40)

.....

Machinery except electrical
Electrical machinery

50,993

40.2

r38.4

7,019
6,425

+
+

7,529
6,805

+

7,252
7,072

+
-

7,987
6,924

+

7,974
6,960

+
+

+
+

9,413
6,463

-

9,336
6,408

+
+

9,629
7,139

+ 10,219
- 6,871

-

9,998
6,713

- r9,991
- 6,338

+ 10,060
+ 6,973

+ 10,111
o 6,974

+
+

11,431
10,242

+
-

12,191
10,155

+ 15,580
+ 10,593

- 12,340
+ 10,602

+ 12,540
+ 10,974

+r!4,604
+ 11,919

+ 15,054
- 11,525

- 14,354
- 11,263

8,615
7,832

-

7,755
7,363

+
-

9,055
7,293

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: {+) ~ rising, {o) s unchanged, and (-) " falling. The "r" indicator revised;
"p", preliminary; and "NA", not available.
*Data are seasonally adjusted by the source agency.
2
DaCa for most of the 35 diffusion index components are not available for publication; however, they are all included in the
totals and directions of change for six major industry groups shown here.

76



JUNE 1977

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

^H SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.

1976

Diffusion index components

October

1977

November

December

January

March1"

February

Mayp

Aprilr

966. INDEX OF INDUSTRIAL PRODUCTION '
(1967=100)
All industrial production

130.4

Percent rising of 24 components^ .
Durable manufactures:
Primary and fabricated metals
Primary metals
...
Fabricated metal products

+

+

(62)

(52)

...

131.8

133.1

-

(54)

132.1

+

(38)

133.2

+

(79)

135.2

+

(69)

136.3

+

137,8
(85)

(69)

-

109.9
123.5

+

107.3
126.7

+

102.7
128.2

-

100.0
125.7

+
+

rlOO.4
r!26,0

+
+

107.2
127.8

+
+

112.3
129.1

+
+

117.3
130.7

+
+
+

134.1
135.0
104.7
150.3

+
+
+
o

137.5
135.8
112.7
150.3

+
+
+

141.2
135.6
118.2
155.7

-

139.5
134.0
113.5
153.7

+
+

r!39.4
137.6
113.4
157.0

+
+
+
-

140.4
138.1
120.5
156.9

+
+
-

142.7
139.7
119.7
156.8

+
+
+
+

145.4
141.7
120.8
157.7

Lumber, clay, and glass
Clay, glass, and stone products
Lumber and products

o
+

138.4
130.7

+
-

142.2
129.0

-

142.0
127.5

+

137.3
132.7

+
-

139.0
132.2

+
-

143.7
132.1

+
+

143.8
132.5

+
+

144.3
134.0

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

+
-

134.5
142.2

+

134.0
143.7

+
+

135.7
146.8

- 135.1
+ 147.8

+
+

137,1
r!47.9

-

136.5
147.4

+
+

137.4
148.7

+
+

139.1
150.1

+

134.2
126.4
77.2

-

132.2
125.9
75.8

+
+

133.3
128.0
73.4

- 131.8
- 123.6
+
74.8

+
+
+

133.0
r!25.2
75.0

+
-

133.1
123.5
73.8

+
+

135.4
125.1
73.7

+
+
+

137.2
127.0
74.4

Paper and printing
Paper and products
Printing and publishing

+
-

132.3
119.2

+
+

132.5
119.3

+

131.8
123.1

- 130.6
+ 124.3

+
-

136.5
r!22.4

+
+

136.6
124.0

+
-

137.9
123.6

+
+

140.4
125.0

Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products

....

+
-

170.6
130.2
211.1

+
+
+

174.2
135.8
215.7

+
-

173.5
138.9
212.3

- 172.0
+ 141.0
+ 218.7

+
+
+

r!75.1
145.4
r220.4

+
+

177.5
145.1
225.8

+
+
+

177.6
146.2
226.9

+
+

178.9
145.2
230.5

Foods and tobacco
Foods
Tobacco products

....

... +

134.7
118.3

o
+

134.7
119.7

-

134.3
119.1

+
-

135.5
114.8

+
+

r!37.1
rlU.O

+
o

138.5
117.0

+
o

139.3
117.0

+
o

140.0
117.0

+
-

132.3
112.5

-

125.1
112.4

+
+

125.9
112.8

-

95.3
112.0

+
+

100.8
r!15.8

+
+

124.1
117.0

+

118.4
117.3

+
+

122.4
118.0

+
+

127.4
120.0

+
+

128.1
121.4

+
-

130.4
117.9

+ 135.6
+ 121.6

+

r!32.3
r124.9

+
+

133.8
126.4

-

127.5
124.9

-

126.0
124.4

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments

Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

...
..

Mining:
Coal
Oil and gas extraction
Metal, stone, and earth minerals
Metal mining
.
Stone and earth minerals

....

..

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+} = rising, (o) = unchanged, and (-) = falling. The "r " indicates revised;
"p", preliminary; and "NA", not available.
*Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

JUNE 1977



77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.

Diffusion index components

1976

October

November

1977

December

March

February

January

April

June1

May

967. INDEX OF INDUSTRIAL MATERIALS PRICES 2

Industrial materials price index (1967=100) . . . .

-

Percent rising of 13 components
Copper scrap

201.6

-

(62)

201.0

+

203.2

+

(62)

(69)

210.2

+

216.4

+

-

(62)

(38)

(69)

222.8

221.9

-

218.1

-

(35)

(31)

207.3
(31)

(pound). .
(kilogram). .

I ead scrap

..

Steel scrap

0.443
0.977

+

0.447
0.985

+

0.489
1.078

+

0.523
1.153

-

0.516
1.138

-

0.497
1.096

-

0.443
0.977

-

0,433
0.955

-

0.429
0.946

, (pound).
(kilogram). ,

..

-

+

0.099
0.218

-

0.095
0.209

-

0.093
0.205

+

0.101
0.223

+

0.119
0.262

+

0.128
0.282

-

0.123
0.271

-

0.119
0.262

-

0.112
0.247

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

- 63.126
69.584

+ 64.024
70.574

+ 69.767
76.904

+ 73.375
80.881

- 69.170
76.246

- 66.667
73.487

- 64.748
71.372

- 62.644
69.052

- 60.637
66,840

Tin

(pound)
(kilogram). .

+

3.837
8.459

+

3.914
8.629

+

4.119
9.081

+

4.236
9.339

+

4.616
10.176

+

4.725
10.417

-

4.256
9.383

+

4.341
9,570

-

4.278
9.431

2inc

(pound). .
(kilogram). .

-

0.394
0.869

-

0.381
0.840

-

0.373
0.822

-

0.370
0.816

-

0.364
0.802

+

0.369
0.813

-

0.365
0,805

-

0.351
0.774

-

0.342
0.754

(yard). .
(meter). .

+

0.178
0.195

+

0.182
0.199

+

0,185
0.202

-

0.179
0.196

-

0.174
0.190

-

0.173
0.189

+ 0.176
0.192

o

0.176
0.192

+

0.181
0.198

(pound). .
(kilogram). .

+

0.744
1.640

+

0.777
1.713

-

0.738
1.627

-

0.679
1.497

+

0.741
1.634

+

0.814
1.795

-

0.744
1.640

-

0.710
1.565

-

0.602
1.327

(yard). .
(meter). .

+

0.588
0.643

-

0.574
0.628

-

0.566
0.619

+

0.575
0.629

-

0.573
0.627

+

0.577
0.631

+

0.587
0.642

-

0.586
0.641

+

0.593
0.649

Wool tops

. (pound)
(kilogram). .

+

2.574
5.675

+

2.666
5.877

+

2.669
5.884

+

2.699
5.950

+

2.738
6.036

+

2.758
6.080

-

2.726
6.010

-

2.616
5,767

+

2.619
5.774

Hides

(pound). .
(kilogram). .

-

0.366
0.807

-

0.333
0.734

+

0.378
0.833

+

0.456
1.005

-

0.430
0.948

+

0.434
0.957

-

0.389
0.858

+

0.415
0.915

-

0.381
0.840

Burlap

Cotton, 12< market average

Print cloth, average

Rosin

.

.

(100 pounds).
(100 kilograms). .

Tallow

.

..

..

.

+ 28.156
62.073

+ 28.934
63,788

- 27.886
61.477

+ 28.759
63.402

- 28.358
62.518

- 28.274
62.333

+ 29.261
64.509

+ 29.812
65.724

(pound). .
(kilogram). .

Rubber

+ 27.228
60.027
+

0.439
0.968

+

0.459
1.012

-

0.398
0.877

+

0.413
0.910

-

0.394
0.869

+

0.399
0.880

+

0.404
0.891

-

0.386
0.851

-

0.375
0.827

(pound).
(kilogram). .

-

0.137
0.302

+

0.149
0.328

+

0.162
0.357

+

0.163
0.359

-

0.160
0.353

-

0.159
0.351

+

0.179
0.395

+

0.185
0.408

-

0.167
0.368

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-} = falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
a
Average for June 7, 14, and 21.
2
Series components are seasonally adjusted by the Bureau of Economic Analysis. The industrial materials price index is not
seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.

78



JUNE 1977

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

G N P A N D PERSONAL INCOME

Year
and
quarter

a. Total

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil.dol.)

217. Per capita
GNPin1972
dollars

213. Final sales
in 1972 dollars

(Ann. rate,
dollars)

(Ann. rate,
bil.dol.)

-3.9
-3.1
-2.6
-6.8

5,821
5,767
5,718
5,606

1,219.1
1,211.4
1,207.8
1,183.7

-9.9
5.6

1,181.6
1,198.2
1,210.2
1,224.7

50. Gross national product in 1972 dollars

200. Gross national product in current ddllars

b. Difference

a. Total

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

c. Percent
change at
annual rate

(Ann. rate,
bil.dol.)

1974

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

1,372.7
1,399.4
1,431.6
1,449.2

17.6
26.7
32.2
17.6

5.3
8.0
9.5
5.0

1,230.4
1,220.8
1,212.9
1,191.7

-12.2

1,446.2
1,482.3
1,548.7
1,588.2

-3.0
36.1
66.4
39.5

-0.8
10.4
19.1
10.6

1,161.1
1,177.1
1,209,3
1,219.2

-30.6

1,636.2
1,675.2
1,709.8
1,745.1

48.0
39.0
34.6
35.3

12.6

9.9
8.5
8.5

1,246.3
1,260.0
1,272.2
1,280.4

27.1
13.7
12.2

r!3.0

rl,302.0

-9.6
-7.9

-21.2

1975

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

16.0
32.2

11.4

9.9

3.3

5,454
5,519
5,656
5,691

9.2
4.5
3.9
2.6

5,808
5,862
5,907
5,933

1,235.9
1,248.8
1,262.0
1,279.5

r6,023

rl,292.9

1976

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

8.2

1977

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

rl,799.3

r21.6

GNPAND PERSONAL INCOME-Con.

Year
and
quarter

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

Disposable personal income
224. Current dollars 225. Constant
(1972) dollars
(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

r6.9

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

227. Per capita in
1972 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil.dol,)

(Ann, rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1974

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

948.4
969.5
998.0
1,015.8

846.7
840.6
841.7
834.0

4,006
3,970
3,968
3,923

853.3
878.7
906.8
911.1

761.8
761.9
764.7
748.1

118.6
122.5
128.0
117.4

114.9
115.0
116.1
103.1

1,023.8
1,088.2
1,091.5
1,119.9

827.9
869.7
857.1
867.5

3,889
4,078
4,009
4,049

933.2
960.3
"987.3
1,012.0

754.6
767.5
775.3
783.9

122.1
127.0
136.0
141.8

106.0
108.4
115.1
118.0

1,147.6
1,172.5
1,190.2
1,216.5

880.4
890.5
892.0
899.6

4,103
4,143
4,142
4,168

1,043.6
1,064.7
1,088.5
1,122.0

800.7
808.6
815.7
829.7

151.4
155.0
157.6
162.0

124.3
125.2
126.2
127,6

1,245.8

907.0

4,195

1,159,1

843.8

174.0

134.9

1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

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 41 and 42.

ItCII

JUNE 1977




79

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT-Con.

Of PERSONAL CONSUMPTION EXPENDITURES Con.

Year
and
quarter

?38, Nondurable
goods in current
dollars

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

Hi
240. Total in
current dollars

GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1972 dollars

242. Fixed investment, total, in
current dollars

243. Fixed investmerit, total, in
1972 dollars

(Ann. rate,
bil.dol,)

(Ann. rate,
bil. do!.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

374,1
384,3
394.9
405.2

341.8
342.9
343.7
345.1

216.4
218.8
213.3
211.5

194.8
187.9
176.2
169.1

203.8
205.8
206.0
201.7

183.4
178.5
171.1
161.1

300.6
307.2
306.8
309.5

416.7
427.4
436.7
448.6

348,0
351.8
353.4
356.4

172.4
164.4
196.7
201.4

129.3
126.2
148.7
147.0

194.6
194.3
198,6
205.7

149,3
147.4
149,7
152,5

429.1
434.8
441.8
456,0

314.6
317.6
318.9
325.9

463.2
474.9
489.1
504,0

361.8
365.8
370.6
376,2

229.6
239.2
247.0
242,8

167.1
171.7
175.2
169.8

214.7
223.2
231.9
241.0

156,7
160.6
165.0
169.0

464.7

326.8

520.4

382.1

267.9

183.1

254.1

173.9

(Ann. rate,
bil.dol.}

(Ann. rate,
bil.dol.)

360.6
371.9
383.8
388.5

305.1
304.0
304.9
299.8

394.4
405.8
414.6
421.6

(Ann. rate,
bil.doU
1974

First quarter
Second quarter
Third quarter
Fourth quarter ....'.
1975

First quarter
Second quarter .....
Third quarter
Fourth quarter
1976

First quarter
Second quarter
Third quarter ...
Fourth quarter
1977

First quarter
Second quarter
Third quarter
Fourth quarter

B
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars
(Ann. rate,
bil.dol.)

JQ GOVERNMENT PURCHASES OF GOODS AND SERVICES

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

11.4

288. 0

261. Total in
1972 dollars

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bit. dol.)

(Ann. rate,
bil.dol.)

2Bfi. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rote,
bil.dol.)

1974

First quarter .
Second quarter . .
Third quarter
Fourth quarter

7.3
9.7

9.4
5.1
8.0

298.0
308.6
318.5

255.4
256.1
257.1
256.9

106.1
108.9
113.5
118.1

95.3
94.7
95.8
95.4

181.9
189.1
195.1
200,4

160.1
161.4
161.3
161.5

-22.2
-30.0

-20.5
-21.2

-2.0
-4.3

-1.0
-5.5

325,6
333.2
343.2
353.8

257.1
259.1
262,4
265.2

120.3
122.4
124.6
130.4

94.8
95.3
95.6
97.2

205.3
210.9
218.6
223.4

162.2
163.8
166.9
168.0

14.8
16.0
15.1

10.4
11.1
10.2

1.7

0.9

354.7
362.0
369.6
376.2

261,0
263.6
265.5
265.3

129.2
131.2
134.5
138.9

95.4
96.0
97.3
98,1

225.5
230.9
235.0
237.4

166.6
167.7
168.2
167.3

13.8

9.2

378.5

262.4

138.2

96,4

240.3

166.0

12.6
13.0

1975

First quarter .
Second quarter
Third quarter ....
Fourth quarter
1976

First quarter ....
Second quarter
Third quarter .
Fourth quarter
1977

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 42,43, and 44.

80



JUNE 1977

lt€l»

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

NATIONAL INCOME
AND ITS COMPONENTS

FOREIGN TRADE
Net exports of
goods and services

Year
and
quarter

250. Current
dollars

Imports of goods
and services

Exports of goods
and services

255. Constant
(1972) dollars

252. Current
dollars

256. Constant
(1972) dollars

253. Current
dollars

220. National income in current
dollars

280. Compensation of
employees

257. Constant
(1972) dollars
(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

3.9
2.9
8.1

18.4
14.9
14.9
17.7

133.2
142.2
148.4
153.8

97.8
98.7
96.4
95.9

118.2
138.3
145.5
145.7

79.4
83.8
81.5
78.2

1,113.5
1,125.6
1,147.6
1,156.3

846.3
866.3
888.8
901.8

15.0
24.4
21.4
21.0

20.1
24.3
22.8
23.1

147.5
142.9
148.2
153.7

90.3
87.7
90.7
93.9

132.5
118.5
126.8
132.7

70.2
63.4
67.9
70.8

1,149.7
1,182.7
1,233.4
1,264.6

904.0
912.9
935.2
963.1

8.4
9.3
4.7
4.2

16.6
16.0
15.7
15.5

154.1
160.3
167.7
168.5

93.6
95.4
98.0
97.4

145.7
151.0
163.0
164.3

77.0
79.4
82.3
81.8

1,304.7
1,337.4
1,362.5
1,389.3

994.4
1,017.2
1,037.5
1,064.5

r-6.2

r!2.6

H71.4

r98.2

r!77.6

r85.6

rl,435.2

1,097.7

(Ann. rate,
bil.dol.)
1974
15.0

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1975

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1976

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

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

NATIONAL INCOME AND ITS COMPONENTS-Con.

Year
and
quarter

282. Proprietors'
income with inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)

284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bil.dol.}

286. Corporate
profits with
inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)

SAVING

288. Net interest

(Ann. rate-,
bil.dol.)

290. Gross saving
(private and government)

(Ann. rate,
__ oil, dot.)

295. Business
saving

(Ann. rate,
bil.dol.)

292. Personal
saving

(Ann. rate,
bil.dol.)

1974

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

91.2
85.0
86.0
85.5

20.9
20.6
21.0
21.5

95.7
87.8
81.7
74.1

59.4
65.9
70.0
73.2

213.0
206.5
200.0
201.7

143.8
138.6
133.4
141.6

72.6
67.8
67.6
80.8

81.1
86.8
95.5
97.2

21.9
22.3
22.4
22.9

69.0
86.6
105.3
105.6

73.7
74.0
74.9
75.8

172.1
180.2
204.6
208.0

150.0
168.6
182.3
185.7

104.5
80.5
83.7

93.2
100.3
96.1
97.1

23.3
23.1
23.4
24.3

115.1
116.4
122.0
117.8

78.6
80.3
83,5
85.6

222.1
234.2
234.2
229.3

194.2
196.2
203.1
198.9

79.5
82.9
75.8
67.8

103.6

25.1

r!19.9

3.9

r244.3

r205.7

59.7

1975

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

67.2

1976

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977

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 45, 46, and 47.

ItCII

JUNE 1977




81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

Ml

Year
and
quarter

Q SHARES OF GNP AND NATIONAL INCOME
|

SAVING~Con.

298. Government
surplus or deficit,
total

(Ann. rate,
bil.dol.)

293. Personal
saving rate
(percent of disposable personal
income)
(Percent)

Percent of Gross National Product
235. Personal consumption expenditures, total
(Percent)

248. Nonresidential
fixed investment
(Percent)

249. Residential
fixed investment

247, Change in
business inventories

(Percent)

(Percent)

(Percent)

2b1. Not exports of
goads and seivico§

1974
First quarter
Second quarter
Third quarter
Fourth quarter

4,7
0.2
-1.0
-20.8

7.7
7.0
6.8
8.0

62.2
62.8
63.3
62.9

10.6
10.6
10.5
10.1

4.3
4.1
3.8
3.4

0.9
0.9
0.5
0.7

1.1
0.3
0.2
0.6

-45.0
-92.9
-68. 1
-61.5

6.6
9.6
7.4
7.5

64.5
64.8
63.8
63.7

10.2
9.8
9.4
9.4

3.2
3.3
3.4
3.6

-1.5
-2.0
-0.1
-0.3

1.0
1,6
1.4
1.3

-51.6
-44.9
-44.7
-37.4

6.9
7.1
6.4
5.6

63.8
63.6
63.7
64.3

9.4
9.4
9.5
9.5

3.7
3.9
4.0
4.3

0,9
1.0
0.9
0.1

0,5
0.6
0.3
0.2

r-21.0

4.8

r64.4

9.7

4.5

0.8

r-0.3

1975
First quarter
Second quarter
Third quarter
Fourth quarter

1976
First quarter
Second quarter
Third quarter . ,
Fourth quarter

1977
First quarter
Second quarter
Third quarter
Fourth quarter .....

M SHARES OF GNP AND NATIONAL INCOME-Con.

Year
and
quarter

Percent of GNP-Con.
265. Federal Govt.
purchases of goods
and services
(Percent)

Percent of National Income

268. State and
local govt. purchases of goods
and services
(Percent)

64. Compensation of
employees
(Percent)

283. Proprietors'
income with IVA
and CCA 1
(Percent)

285. Rental income
of persons with
CCA 1
(Percent)

289. Nat interest

287. Corporate
profits with IVA
and CCA 1
(Percent)

(Percent)

1974
First quarter
Second quarter
Third quarter ... .
Fourth quarter

7.7
7.8
7.9
8.2

13.2
13.5
13.6
13.8

76.0
77.0
77.4
78.0

8.2
7.6
7.5
7.4

1.9
1.8
1.8
1.9

8.6
7.8
7.1
6.4

5.3
5.9
6.1
6.3

8.3
8.3
8,0
8.2

14.2
14.2
14.1
14.1

78.6
77.2
75.8
76.2

7.1
7.3
7.7
7.7

1.9
1.9
1.8
1.8

6.0
7.3
8.5
8.4

6.4
6.3
6,1
6.0

7.9
7.8
7.9
8,0

13.8
13.8
13.7
13.6

76.2
76.1
76.2
76.6

7.1
7.5
7.1
7.0

1.8
1.7
1.7
1.7

8.8
8.7
9.0
8.5

6.0
6.0
6,1
6.2

7.7

13.4

r76.5

7.2

rl.7

r8.4

6.2

1975
First quart@r ... .
Second quarter
Third quarter
Fourth quarter

1976
First quarter
Second quarter
Third quarter
Fourth quarter

1977
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 47 and 48.
*IVA means inventory valuation adjustment; CCA means capital consumption adjustment.

82



JUNE 1977

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
B |

PRICES, WAGES, AND PRODUCTIVITY

HI
Implicit price deflator,
gross national product
Year
and
month

310. Index

310c. Change
over 1 -quarter
spans1

Fixed weighted price index,
gross business product
311. Index

31 1c. Change
over 1-quarter
spans1

PRICE MOVEMENTS

Consumer prices, all items
320. Index ® 320c. Change
over 1-rnonth
spans1

Consumer prices, food

320c. Change
over 6-month
spans1

322. Index

322c. Change
over 1 -month
spans1

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

(Percent)

(Ann. rate,
percent)

(1967=100)

(Percent)

9.1

156.1
157.2
157.8

0.8
0.6
0.4

8.0
7.1
7.1

171.1
171.2
171.0

0.6
0.1
-0.1

5.7
4.9
5.5

5.3

158.6
159.3
160.6

0.5
0.4
0.8

7.4
6.8
7.0

171.3
172.5
174.6

0.2
0.7
1.2

8,0
7.5
8.2

7.4

162.3
162.8
163.6

0.9
0.3
0.4

7.2
7.4
6.8

177.8
177.5
177.9

1,8
-0.2
0.2

9.8
9.2
7.5

6.2

164.6
165.6
166,3

0.6
0.5
0.5

6.1
5.7
5.3

179.5
180.3
181.0

0.9
0.4
0.4

3.7
2.3
0.7

3.7

166.7
167.1
167.5

0.6
0.1
0.2

4.9
5.1
5.0

181.1
179.5
178.5

0.1
-0.9
-0.6

5.2

168.2
169.2
170.1

0.4
0,7
0.4

4.7
5.5
5.7

179.4
180.8
181.2

0.5
0.8
0.2

0.3
2.6
3.8

4.3

171.1
171.9
172,6

0.5
0.5
0.3

5.5
4,8
4.8

181.4
181.8
181.9

0.1
0.2
0.1

3.1
1.0
0.8

4.9

173.3
.173.8
174.3

0.3
0.3
0.4

5.5
6.5
7.1

182.2
181.7
181.9

0.2
-0.3
0.1

2.3
5.9
7.0

6.5

(1972-100)

(1967=100)

175.3
177.1
178.2

0.8
1.0
0.6

8.0
8.7

183.5
187.1
188.2

0.9
2.0
0.6

12.1

179.6
180.6

(1972=100)

0.8
0.6

191.0
192.4

1.5
0.7

(Ann. rate,
percent)

(Ann. rate,
percent)

1975

January
February
March

124*6

April
May
June

125*9

July
August
September

128J

October .
November
December

13CL3

10.1

124^3

4.5
125*9

7.0
128*2

7.1

130*1

1976

January
February
March . .

131*3

April
May
June

133*0

July
August
September

134*4

October
November
December

136*3

3.2

13*'3

5.2

133!b
4.4

134!4
5.8
13o\C)

-0.1

0.6
0.2

1977

January
February
March

r5.7

r!38.2

April
May
June

138\2

9.9

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by <u). 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 49 and 50.
I
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month
changes are placed on the 2d month, and 6-month changes are placed on the 4th month,

JUNE 1977



83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Con.

Q PRICi MOVEMENTS- -Con.

Wholesale prices, all commodities
Year
and
month

330. Index©

(1967-100)

330c. Change
over 1 -month
spans1

(Percent)

" Wholesale prices, industrial commodities

330c. Change
over 6-month
spans'

(Ann. rate,
percent)

335. Index®

335c, Change
over 1 -month
spans1

(1967-100)

(Percent)

335c. Change
over 6-month
spans'

(Ann. rate,
percent)

Wholesale prices, crude materials
331. Index

(1967-100)

331 c. Change
over 1 -month
spans'

33 1c. Change
over 6'fTtmith
spans'

(Percent)

(Ann. rate,
percent)

1975

2.1
0.3
1.4

January
February
March

171.8
171.3
170.4

April
May
June .

172.1
173.2
173.7

0.9
0.5
0.1

2.8
5.4
7.6

169.7
170.3
170.7

0.3
0.2
0.3

2.8
3.5
4.8

192.6
198.8
196.5

July
August
September

175.7
176.7
177.7

0.8
0.8
0.6

8.2
7.2
7.2

171.2
172.2
173.1

0.2
0.6
0.8

6.4
7.3
7.9

199.9
200.2
203.0

October
November
December

178.9
178.2
178.7

1.2
0.0
0.1

6.0
4.0
3.2

174.7
175.4
176.1

1.0
0.6
0.6

9.0
8.1
7.3

205.3
202.9
201.6

0.3
0.2

2.6
3.0
3.9

177.4
178.1
179.0

0.7
0.2
0.4

5.9
5.0
5.0

201.9
202.4
199.4

0.9
0.2
0.5

4.2
4.2
5.1

180.1
180.5
181.5

0.4
0.2
0.6

4.8
5.6
6.4

208.9
208.2
209.7

-0.3

0.4
0.7

4.2
5,0
5.3

182.7
183.8
184.8

0.6
0.6
0.8

7.4
8.4
7.8

208.9
202.4
202.1

-0.4
-3.1
-0.1

-6.3
-1.1
-1,4

5.5
7.8
8.6

186.3
rl87.1
187.4

0.9
0.6
0.3

7.6
7.7
7.7

202.2
r207.1
208.2

0.0
2.4

-0.1
16.6
19.4

188.4
189.9
191.6

0.5
0.6
0.8

7.2
6.7

208.8
218.6
220.8

193.2
194.2

0.6
0.4

0.1
-0.5
-0.4

167.5
168.4
168.9

0.9
0.3
0.1

5.5
4.1
4.2

189.8
187.9
182.8

-2.5
-1.0
-2.7

5.4
3.2
-1.2

1.7
0.2
1.4
1.1
-1.2
-0.6

-7,3
-3,2

2.0
10,9
13.5
23.3
13.6

4.2
5.3
2,0
2.2
-3.5

1976

January
February
March

179.4
179.4
179.7

April
May
June

181.3
181.9
183.2

July
August ....
September

184.4
183.8
184.8

October
November
December

185.3
185.6
187.1

0.5
0.6
0.6

January
February . . .
March

188.0
190.0
191.9

0.5
0.9
1.1

April
May
June

194.3
195.2

1.1
0.4

-0.2

-0.2

0.1
0.2
-1.5

4.8
0.7

rO.5

3.5
5.3
8.2
7.1
0.0
2.7

1977
10.1

9.7

229.9
226.9

0,3
4.7
1.0

29.3
20.0

4.1
-1.3

July
August
September .
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ©, Series numbers are ft)r 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 page 49.
l
Fereent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes arc placed on
the 4th month.




JUNE 1977

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

Q PRICE MOVEMENTS-Con.
|

Wholesale prices, intermediate materials
Year
and
month

332. Index

(1967=100)

332c. Change
over 1 -month
spans1

(Percent)

332c, Change
over 6-month
spans1

(Ann. rate,
percent)

Wholesale prices, producer finished goods
333. Index

(1967=100)

333c. Change
over 1 -month
spans1

(Percent)

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

Wholesale prices, consumer finished goods
334. Index

334c. Change
over 1-month
spans1

(1967-100)

(Percent)

9.1

159.3
158.7
158.3

-0.4
-0.3

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

1975

0.4

January
February
March

179.6
179.4
178.6

-0.1
-0.4

Ap rf I
May
June

179.3
178.5
177.9

-0.4
-0.3

July
August
September

0.4

157.0
158.3
159.8

1.3
0.8
0.9

0.2
1.8

160.8
161.4
161.9

0.6
0.4
0.3

7.7
6.3
5.8

160.3
161.9
163.3

1.3
1.0
0.9

2.7
-0.7
-1.1
-0.9

12.8
10.3

0.4

5.7
3.8
6.0
6.8
8.5
10.9

178.8
179.6
180.2

0.5
0.4
0.3

3.3
4.8
6.0

162.9
163.2
164.4

0.6
0.2
0.7

6.4
6.9
7.3

164.6
165.3
166.7

0.8
0.4
0.8

9.8
7.7
6.1

182.2
182.7
183.2

1.1
0.3
0.3

6.5
6.6
6.9

165.9
166.9
167.7

0.9
0.6
0.5

7.6
8.3
7.8

168.0
168.0
168.2

0.8
0.0
0.1

4.4
2.1
0.0

184.5
185.4
186.3

0.7
0.5
0.5

5.3
5.4
6.1

169.0
169.8
170.7

0.8
0.5
0.5

6.9
6.0
5.8

168.2
167.0
166.7

0.0

1.0
1.6
1.6

April
May
June

187.0
187.6
188.7

0.4
0.3
0.6

5.9
4.8
5.9

171.5
171.8
172.5

0.5
0.2
0.4

4.9
4.5
4.5

168.8
169.3
169.5

July
August
September

189.9
189.8
191.7

6.2

0.3
0.3
0.5

5.7
r8.1

7.1

169.2
168.5
169.3

October
November
December

192.7
r!93.6
194.7

rO.4
rO.8

7.2
7.6
7.4
6.3
6.7

....

October
November
December
1976

January
February
March

....

1.0

6.5

173.1
173.6
174.5

0.5

6.2
7.9
8.0

176.3
H77.0
178.5

9.1
8.9

179.2
180.1
180.8

0.4
0.5
0.4

181.8
182.8

0.6
0.6

0.6
-0.1

rO.5

0.6

r6.5

1.0

-0.7
-0.2

1.3
0.3
0.1

1.2
1.8
3.1

0.5

1.0
0.7
2.7

169.6
169.9
171.8

0.2
0.2
1.1

4.4
7.1
8.1

172.9
174.4
176.0

0.6
0.9
0.9

178.3
180.2

1.3
1.1

-0.2
-0.4

1977

January
February
March

195.7
197.2
199.2

0.5
0.8
1.0

April
May
June

201.3
202.0

1.1
0.3

10.5
12.5

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 "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
Percent changes are centered within the spans; 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.

JUNE 1977



85

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Con.

B WAGES AND PRODUCTIVITY
l
Average hourly compensation, all employees,
nonfarm business sec tor

Average hourly earnings, production workers, privats nonfarm economy, adjusted 1
Year
and
month

Current dollar earnings
340. Index

(1967-100)

34Qc. Change
over 1 -month
spans 2
(Percent)

Current dollar compensation

Real earnings

340c. Change
over 6-month
spans2
(Ann. rate,
percent)

341. Index

(1967=100)

34 1c. Change
over 1 -month
spans2
(Percent)

34k. Change
over 6-month
spans2
(Ann. rate,
percent)

345. Index

(1967-100)

346c. Change
over 1-quarter
spans2
(Ann. rate,
percent)

345e. Change
over 4-quarter
spans2
(Ann. rate,
percent)

1975

166.2
167.5
169.1

0.6
0.8
1,0

8.1
8.2
8.4

106,2
106.4
107,0

-0.2

169,5
170,5
172.0

0.2
0.6
0,9

8.3
8.4
7.1

106.7
106.9
107.0

-0.3

July
Auyust . , ,
September

173.0
174.4
175.0

0.6
0.8
0.3

8.4
8.8
7.5

106.6
107.2
107.1

-0.4

October
November
December

176.5
177.8
178.3

0.9
0.7
0.3

7.8
7.2
7.4

107.3
107.6
107.3

0.2
0.3

January
February
March

179,6
180.5
181.4

0.7
0.5
0.5

6.8
6.6
6.9

107.5
107.9
108.2

April .
May
June

182.4
183.6
184.3

0.6
0.7
0.4

6.8
7.0
6.8

185.6
186.8
187.5

0.7
0.6
0.4

188.4
189.7
190.6

April
May
June

. .

173!6

0,8
1.4
0.2

175^9

1.1
1.3
0.6

.178*5

1.6
1.4
2.2

181 '.3

0.2
0.4
0.3

1,8
1.4
1.8

185*1

108.3
108.3
108.3

0.1
0.0
0.0

2.0
1.5
1.1

188*. 4

6,7
6.7
6.9

108,5
108,7
108.7

0.2
0.2
0.0

1.1
1.8
2.1

191*6

0.5
0,7
0.5

7.7
7.0
7,2

108.9
109.3
109.4

0.2
0.4
0.1

2.1
0.5
0,1

194*9

1.1
0.3
0.5

r7.5

109.7
109.0
108.8

0.3

P 7.1

r-0.5
p-1.5

r!95.3
p!96.3

. .. . I

0.1
1.1
1.2

192.7
193.2
194.1

January
February
March

pO.5

0.2
0.6
0.2
0.1
0.6
-0.1

-0.3

11.9

g!i

6.8
7*8

6.1
7*6

6.5

7*.i

1976

July
August
September

.. ,

October
November
December

8.8
7*3

7.3
7*5

6.8
8* 6

7.1

1977

January
February
March
April
May
June
July
August
September

0.6

108.6
p!08.5

-0.6
-0.2

10.8

200.6

-0.2

p-0.1

. .

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 "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 51.

^Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the
4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month
of the 3d quarter.




JUNE 1977

BCII

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

H | WAGES AMD PRODUCTIVITY-Con.
B
Average hourly compensation, all employees,
nonfarm business sector-Con.

Year
and
month

Real compensation
346. Index

(1967=100)

346c. Change
over 1-quarter
spans1
(Ann. rate,
percent)

346c. Change
over4-quarter
spans1
(Ann. rate,
percent)

Negotiated wage and benefit
decisions, all industries®
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1967=100)

370c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

370c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

358, Index of
output par hour,
all persons,
nonfarm
business sector

(1967=100)

1975

3.3

January
February
March

110.0

April
May
June

110*2

July
August
September

109.6

October
November
December

109*6

0.6

6!i
6!i

-2.1

12.9

8.9

7.3

4!7

8.7

109^6

6J

11K4

3!<3

nb'.e

2^6

11216

3*. 2

n'slz

2^7

nV.b

8.1

113.*4
14.0

ioe!6

12.0
11K2

11.3

i'.i

4^3

108J

6'.6
-0.2

1.4

7.7

8.7

-2.1

lizls

1976

January . ...
February
March

no'?

April
May
June

ni.'i

July
August
September

ni'e

October
November
December

112.2

4.1

10.5

8.0

V.8
2.6

8.9

7.2

2l 4
0.7

2.9

115.*5
10.0

7.4

2.'6

2.4

7,0
ni!?

2.9

116.'3
6.8

5.2

0.3

11*3.6

116.4

1977

January
February
March

2.5

112.*9

P8.5

4.7

p6.7

117l8

114.8

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 ®. 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 50 and 51.
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.

JUNE 1977



87

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

^^1 CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month

441. Total

442. Em-

ployed

(Thous.)

(Thous,)

January
February
March

91 ,953
91,621
92,020

April .
May
June

Labor force participation rates
451. Males
20 years
and over

452. Females 453. Both
20 years
sexes, 16-19
and over
years of age

44B, Mum-

Number unemployed
37. Total

444. Males
445. Females 446. Both
20 years and 20 years and sexes, 16-19
over
over
years of age

447. Hulltimo
workers

her employed
part-tims
for economic
masons

(Percent)

(Percent)

(Percent)

84,673
84,259
84,243

80.5
80.3
80.3

45.8
45.5
45.8

54.9
54.0
54.1

7,280
7,362
7,777

2,995
3,127
3,338

2,559
2,537
2,683

1,726
1,698
1,756

6,895
6,015
6,327

3,614
3,579
3,725

92,210
92,789
92,595

84,246
84,475
84,496

80.3
80.7
80.3

46.0
46.0
46.0

53.7
54.9
54.4

7,964
8,314
8,099

3,473
3,710
3,536

2,768
2,794
2,728

1,723
1,810
1,835

6,B94
6,936
6,636

3,750
3,676
3,479

July
August
September

92,917
93,035
93,126

84,856
85,114
85,115

80.6
80.4
80.4

46.0
46.1
46.1

54.2
54.2
54.0

8,061
7,921
8,011

3,604
3,470
3,683

2,648
2,638
2,597

1,809
1,813
1,731

6,658
6,472
6,685

3,381
3,344
3,320

October
November
December

93,135
93,025
93,148

85,087
85,212
85,443

80.2
80.0
79.7

46.2
46.1
46.2

53.5
53.2
53.9

8,048
7,813
7,705

3,663
3,538
3,334

2,648
2,618
2,628

1,737
1,657
1,743

6,685
6,484
6,263

3,352
3,322
3,290

93,473
93,597
93,862

86,226
86,471
86,845

79.5
79.5
79.5

46.5
46.5
46.7

54.2
54.1
54.5

7,247
7,126
7,017

3,003
2,938
2,874

2,519
2,493
2,444

1,725
1,695
1,699

5,813
5,702
5,637

3,336
3,201
3,173

April
May
June

94,376
94,551
94,704

87,329
87,640
87,533

79.7
79.9
79.8

46.8
46.7
47.0

55.4
55.5
54.3

7,047
6,911
7,171

2,822
2,893
3,049

2,467
2,328
2,477

1,758
1,690
1,645

5,626
5,573
5,830

3,194
3,287
3,150

July
August
September

95,189
95,351
95,242

87,783
87,834
87,794

80.0
79.9
80.0

47.3
47.3
47.2

54.9
55.3
53.8

7,406
7,517
7,448

3,131
3,060
3,150

2,634
2,679
2,634

1,641
1,778
1,664

5,878
6,085
6,098

3,136
3,178
3,376

October
November
Dscember

95,302
95,871
95,960

87,738
88,220
88,441

80.0
80.1
79.9

47.0
47.5
47.6

54.4
54.4
54.4

7,564
7,651
7,519

3,228
3,293
3,219

2,633
2,640
2,598

1,703
1,718
1,702

6,162
6,185
6,125

3,448
3,545
3,454

January
February
March

95,516
96,145
96,539

88,558
88,962
89,475

79.5
79.7
79.6

47.2
47.5
47.9

54.3
55.1
55.8

6,958
7,183
7,064

2,881
3,001
2,794

2,409
2,505
2,545

1,668
1,677
1,725

5,507
5,651
5,468

3,320
3,438
3,276

Aprjl
May
June .

96,760
97,158

90,023
90,408

79.5
79.6

48.0
48.2

56.0
56.1

6,737
6,750

2,624
2,751

2,470
2,346

1,643
1,653

5,343
5,389

3,174
3,290

(Thous.)

(Thous.)

(Thous.)

(Thous.)

(Thous.)

(Thous.)

1975

1976

January
February
March

,

1977

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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; V, anticipated; and
"NA", not available.
Graphs of these series are shown on page 52.




JUNE 1977

OTHER IMPORTANT ECONOMIC MEASURES
D|

GOVERNMENT ACTIVITIES

B | DEFENSE INDICATORS
J

R RECEIPTS AND EXPENDITURES
l

Year
and
month

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

548. Value
of manufacturers' new
orders, defense
products

(Mil. dol.)

(Mil. dol.)

(Bil.dol.)

516. Defense
Department
obligations,
512. Expendi- total, extures
cluding
military
assistance

State and local governments1

Federal Government 1

511. Receipts

564. Federal
purchases
of goods
and services
for national
defense

500. Surplus
or deficit

501. Receipts

502. Expenditures

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.}

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

January
February
March

-49 ".8

287.2

337*0

4*7

222.2

217.5

7,609
7,508
8,223

3,693
3,987
2,817

1.40
2.58
2.00

82'6

April
May
June

-99*9

254*4

354! 3

6.9

230*4

223.4

7,952
8,235
8,450

4,122
3,926
3,773

2.44
2.27
1.80

83*4

July
August
September

-66."6

297.7

363. * 7

7.*9

239.' 7

231." 8

8,718
9,077
7,791

3,842
5,072
3,080

2.37
2.13
2.56

84.' 6

October
November
December

-69"i

306 '.7

376 16

7.*9

245*6

237*2

8,623
7,533
8,135

2,961
2,872
3,130

1.61
2.10
1.94

87*1

January
February
March

-63*8

316.5

380*3

12*2

251*6

239*5

8,152
8,020
9,040

3,407
2,993
6,309

1.44
2.19
2.82

86*2

April
May
June

-54J

324^6

378*7

9.2

254*3

245.0

9,480
8,348
8,611

3,586
3,565
3,817

2.69
2.40
2.61

86*9

July
August
September ....

-5?!i

333.8

391 J

12*7

262*0

249*3

8,248
6,602
10,314

2,234
3,665
4,929

1.24
1.92
2.15

88\5

October
November
December

-59.3

346.3

405.6

21.9

273*6

251*8

11,908
10,387
11,496

5,942
5,175
5,198

2.90
3.19
4.00

9K3

r-4K2

r366.*4

407.6

r20.2

275.1

255.0

9,409
9,999
9,652

3,478
4,472
4,843

1-70
1.83
2.28

91.5

10,606
(NA)

5,513
(NA)

r3.57
p3.29

510. Surplus
or deficit

(Ann. rate,
bil.dol.)

1975

....

1976

1977

January
February
March
April
May
June
July
August
September

..

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). 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 53 and 54.
1
Based on national income and product accounts.

JUNE 1977



OTHER IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS

Q MERCHANDISE TRADE

Year
and
month

602. Exports, excluding
military aid shipments,
total

(Mil.dol.)

604. Exports of agricultural products

(Mil.dol.)

606-. Exports of nonelectrical machinery

(Mil.dol.}

612. General imports,
total

(Mil.dol.)

614, Imports of
petroleum and
petroleum products

(Mil.dol,)

BIB. Imports of
automobiles and ports

(Mil.dol.)

1975

9,374
8,756
8,681

2,369
1,830
1,703

1,672
1,632
1,626

9,632
7,927
7,466

3,080
1,781
1,211

742
654
823

8,649
8,222
8,716

1,723
1,575
1,480

1,760
1,720
1,772

7,959
7,263
7,102

2,387
1,746
1,354

776
731
782

July
August
September . ,

8,871
8,980
9,104

1,735
1,872
1,932

1,770
1,752
1,750

7,832
7,877
8,196

1,990
2,008
2,515

879
938
861

October
November
December ,

9,226
9,409
9,250

2,060
1,821
1,776

1,814
1,770
1,843

8,169
8,201
8,522

2,320
2,140
2,360

888
873
1,013

January
February
March

9,097
8,918
9,020

1,917
1,630
1,668

1,780
1,817
1,806

9,001
9,032
9,469

2,471
2,129
2,334

1,085
1,041
1,117

April
June

9,369
9,563
9,722

1,892
1,950
1,948

1,818
1,836
1,871

9,643
9,182
10,153

2,699
1,874
2,739

1,221
976
1,169

July
August
September

9,956
9,737
9,788

2,039
2,058
2,160

1,952
1,675
1,883

10,717
10,477
10,651

2,824
2,803
3,053

1,025
1,055
1,238

October
November
December

9,699
9,589
10,410

2,231
1,750
1,860

1,821
1,814
1,983

10,555
10,623
11,020

2,753
3,134
3,087

871
1,128
1,221

January
February
March

9,599
9,808
10,072

1,762
2,004
2,112

1,831
1,892
1,859

11,269
11,674
12,459

3,075
3,247
4,171

1,083
1,248
1,299

April
May
June

9,970
10,395

(NA)

(NA)

12,593
11,616

(NA)

(NA)

January
February
March
April
May
June

.

.

1976

May

1977

July
Auqust
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal 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 page 55.

90



JUNE 1977

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Con.

Q GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
|
Merchandise, adjusted 1

Goods and services
Year
and
month

667. Balance

668. Exports

669. Imports

(Mil. dol.)

(Mil. dol.)

2

2

Revised

Revised

(Mil, dol,)
Revised

2

622. Balance

618. Exports

(Mil. dol,)

(Mil. dol.}
Revised

2

(O

1975

Income on investments
620. Imports

(Mil. dol.)
'(»)

651, U.S. investments abroad

(Mil. dol.}
Revised

2

652. Foreign
investments in
the U.S.

(Mil. dol.)
Revised2

January
February
March

2,708

36,907

34,199

1,455

27,018

r25,563

4,283

3,052

April
May
June

5,031

35,719

30,688

3,285

25,851

r22,566

4,306

2,799

July
August
September

4,135

36,780

32,645

2,079

26,562

24,483

4,403

2,784

October
November
December

4,289

38,195

33,906

2,226

27,657

25,431

4,338

2,741

January
February
March

1,569

38,589

37,020

-1,326

r26,998

28,324

5,298

2,86i

April
May
June

1,545

40,236

38,691

-1,535

r28,379

29,914

5,167

2,887

899

42,196

41,297

-2,784

r29,603

32,387

5,483

2,816

42,252

42,567

-3,572

r29,720

r33,292

5,421

2,997

p42,693

p45,865

rp-6,980

rp29,476

rp36,456

p6,067

1976

July
August
September
October
November
December

-315

1977

January
February .
March

p-3,172

April
May
June

p2,897

,

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal 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 page 56.
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).
2
See "New Features and Changes for This Issue," page iii.

licit

JUNE 1977




91

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS

^H INDUSTRIAL PRODUCTION

Year
and
month

47. United States, 721.0ECD 1
European counindex of industries, index of
trial production
industrial
production

(1967-100)

(1967-100)

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

(1967-100)

(1967-100)

(1967-100)

(1967=100)

(1967-100)

7?3. Canada,
index of industrial production

(1967^100)

1975

January
February
March

115.2
112.7
111.7

137
137
137

162.8
160.7
161.3

138.0
136.9
141.9

140
140
138

119
119
117

128. 5

131.9
125.8

140.4
140.4
139.6

April
May ....
June

112.6
113.7
116.4

134
132
133

166.0
164.9
168.4

134.7
136.7
134.4

138
133
137

113
111
111

127.7
120.5
127.1

139.8
138.8
139.4

July
August
Septum bor

118.4
121.0
122.1

132
132
134

170.6
168.7
171.2

130.4
138.0
137.2

134
134
137

111
110
112

129.0
114.4
120.1

138.9
139.2
138.0

October
November
December

122,2
123.5
124.4

137
138
139

171.3
169.5
173.0

140.1
143.1
143.5

139
138
144

113
113
112

130,6
132.0
125.8

138.0
141.3
142.1

January
February ...
March .

125.7
127.3
128.1

141
142
r!43

176.8
180.6
M86.3

145.6
147.0
144 ..8

149
148
150

113
116
115

130.9
138.9
139.2

143.5
144.6
145.9

April
May
June

128.4
129.6
130.1

r!46
r!46

H91.0
r!87.3
rl90.7

147.6
146.1
148.9

150
150
151

116
119
113

138.7
145.1
139.8

146.4
148.2
146.4

July
August
September

130.7
131.3
130.8

r!44
r!46

H93.2
H92.3
r!92.9

143.6
148.1
151.1

153
153
159

116
115
117

143.5
139.1
147.8

145.9
147.3
146.8

October
November
December

130.4
131.8
133.1

rl49
149

154.1
149.1
147.3

151

118

r!57
r!54

rl!8

r!49

H93.2
r!97.9
r!97.7

118

143.6
149.9
154.0

145.5
147.0
148.4

January
February
March . . . .

132.1
133.2
r!35.2

r!98.3
H94.8
p!99.1

157.7
r!52.3
p!49,3

r!59

r!49
p!48

119
119

152.2
r!52.9

April
May
June

r!36.3
p!37.8

1976

144

148

1977

152

(NA)

(NA)

(NA)

156
pi 59

pl!9

(NA)

(NA)

(NA)

149.9
H49.7
r!49.8
p!49.3
(NA)

July
August
September
October
November
December ...

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). 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 page 57.

Organization for Economic Cooperation and Development.

92



JUNE 1977

ICO

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

Q CONSUMER PRICES
United States
Year
and
month

Japan

West Germany

France

United Kingdom

320. Index® 320c. Change
over 6-month
spans1

738. Index® 738c. Change
over 6-month
spans1

735. Index® 735c. Change
over 6-month
spans1

736. Index® 736c. Change
over 6-month
spans'

732. Index® 732c. Change
over 6-month
spans'

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967-100)

(Ann. rate,
percent)

1975

9.4
8.8
8.8

January ...
February
March

156.1
157.2
157.8

8.0
7.1
7.1

195.5
196.2
198.2

April
May
June

158.6
159.3
160.6

7.4
6.8
7.0

203.1
205.3
205.3

July
August
September

162.3
162.8
163.6

7.2
7.4
6.8

205.6
204.8
208.9

October
November
December

164.6
165.6
166.3

6.1
5.7
5.3

212.2
211.0
210.6

January
February
March

166.7
167.1
167.5

4.9
5.1
5.0

215.1
217.7
218.8

April
May
June

168.2
169.2
170.1

4.7
5.5
5.7

223.9
223.9
223.2

July
August
September

171.1
171.9
172.6

5.5
4.8
4.8

224.5
222.2
228.3

October
November
December

173.3
173.8
174.3

5.5
6.5
7.1

230.4
231.2
233.7

11.5
12.5

January
February .
March

175.3
177.1
178.2

8.0
8.7

236.6
237.8
238.9

8.9
9.0

April
May
June

179.6
180.6

140.6
141.3
142.0

5.9
5.7
6.8

170.8
172.1
173.5

10.3
10.6
10.7

143.0
143.9
145.0

6.2
6.0
6.2

10.8

145.0
144.8
145.5

9.9

192.7
196.0
199.8

27.2
31.9
32.6

175.1
176.3
177.6

9.5
9.4
9.2

207.5
216.2
220.4

30.8
29.9
28.2

5.7
5.1
4.1

178.9
180.1
181.6

9.2
9.4
9.3

222.7
224.0
225.9

24.6
18.9
17.9

145.9
146.4
146.8

4.3
4.9
4.6

183.0
184.2
185.2

9.7
9.7

229.0
231.8
234.7

19.4
16.3
14.7

9.5
9.1
9.8

148.0
149.0
149.6

4.8
5.0
4.3

187.2
188.5
190.2

9.7
9.7
9.1

240.8
240.8
242.1

13.6
11.9

8.5
6.0
8.5

150.5
151.1
151.0

4.9
4.2
3.6

191.8
193.1
193.9

9.2
9.4
9.5

246.8
249.5
250.8

11.4
13.9

7.7

151.7
151.4
151.4

3.0
2.4
3.6

195.8
197.2
199.3

251.2
254.8
258.2

16.0
18.1
20.6

151.5
151.8
152.6

3.1
3.7
4.3

201.2
202.8
203.5

8.9
8.7
8.5

262.9
266.5
270.0

24.3
21.4
19.8

154.0
154.9
155.5

4.7
5.3

204.1
205.5
207.4

8.8

277.1
279.9
282.6

18.9
16.0

8.9
7.6
9.8
11.2
10.2

11.3
10.4

10.2

1976

10.0
12.3

9.9

10.3
10.5
10.6

9.8
6.6

1977

242.7
245.0

156.2
156.9

210.1
(NA)

(NA)

289.8
292.1

July
August
September
October
November
December
NOTE; Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare 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 page 58.

Changes over 6-month spans are centered on the 4th month.

ICO

JUNE 1977




93

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

Q

JQ STOCK PRICES

CONSUMER PRICES-Con.

19. United
States, index
of stock
737. Index® 737c. Change 733. Index® 733c. Change prices, 500
over 6-month
over 6-month common
stocks®
spans1
spans1
Italy

Year
and
month

(1967=100)

Canada

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967-100)

748. Japan,
index of
stock
prices®

745. West
Germany,
index of
stock
prices®

746. France,
index of
stock
prices®

742. United
Kingdom,
index of
stock
prices®

747. Italy,
index of
stock
prices®

743. Canada,
index of
stock
prices®

(1967=100)

(1967=100)

(1967-100)

(1907-100)

(1067-100)

(1967-100)

1975

178.2
180.8
181.0

14.5
11.9
11.5

153.0
154.2
154.9

April
May
June

183.4
184.9
186.4

10.1

155.7
157.1
159.4

10.7
10.1
10.0

July
August
September

187,1
188.3
189.8

10.6
10.9

161.6
163.0
163.4

11.3
12,0

191.9
194.1
195.6

11.9
14.4
18.2

January
February
March

197.7
202.1
206.1

April

May
June ....

July
August ...
Septsmber

9.6
8.5
9.3

October
November
December

. .

249.9
271.3
283.7

105.1
112.5
120.3

162.0
122.8
131.1

92.2
98.0

290.1
298.2
296.6

124.6
119.3
114.6

9.6

93.2
92.1

292.8
280.3
270.6

164.9
166.4
166.6

8.2
7.9
8.0

96.3
98.0
96.5

21.2
23.2
22.0

167.5
168.1
168.9

6.7
5.6
5.8

21.4
19,8
17.9

169.6
170.9
171.7

217.9
220.3
224.0

....

78.9
87.1
91.1

211.6
215.8
216.8

January
February
March

18.9
19.4
22.1

230.5
235.5
238.6

22.6

r21.1

9.3
9.7
9.7

108.8

71.4
79.4
81.7

103.0
111.3
109.8

141.8
130.2
126.6

114.7
125,7
126.7

78.4
77.4
72.9

112,6
116.6
116.7

117.5
119.7
115.7

131.3
136.9
134.0

118.7
115.3
127.8

66,1
64.2
64.1

119.5
116,3
113,1

279.3
285.8
285.8

119.0
126.3
128.4

135.9
141.1
139.6

132.4
141.6
140.1

60.2
58.9
61.0

107.2
107.3
105.9

105.4
109.5
110.0

305.2
304.9
309.2

132.0
135.0
136.7

143.5
150.8
146.7

150.7
152.6
152,6

60.1
62.6
58.2

112.1
121.8
123.6

5.2
4.9
5.1

110.9
110.0
110.7

302.7
308.7
318.9

132.7
126.8
127.3

•140,1
136.9
135.4

154.1
155.9
145.9

52.9
53.6
56.6

122.5
123.8
121.6

172.4
173.3
174.0

5.7
5.6
5.7

113.3
112.4
114.7

317.9
321.3
321.2

124.9
122.1
122.4

129.8
130.5
126.7

146.5
140.2
132.1

64.3
63.9
59,5

119,4
115.9
115.9

175.2
175.7
176.3

7.2
8.6
9.7

no. 8
110.1
113.8

318.2
313.9
330,2

116.0
115.8
117.2

112.5
108.4
115.3

116.7
121.5
132.8

51.6
50.3
55.7

108.9
104,0
103.2

112.9
109.8
109.4

343.5
344.4
341.1

119.6
118.3
118.1

116.0
109.7
pl!3.8

149.6
157.2
164,6

52.9
50.0
48,7

107.0
108.1
110.2

107.7
107.4
p!07.5

338.9
342.9
P336.7

124.1
rp!27.1
p!24.6

p!12.5
rpll2.6
pill. 2

rp!6B.3
rp!80.9
p!78.0

46.1
44.3

108.5
108.5
p!08.9

100.5
100.6

68.9
99.0

1976

October
November
December

.

21.4

1977

January
February
March
April
May
June

241,3
r243.4
246.5
(NA)

(NA)

177,9
179.4
181.3

H82.4
183.8

r9.5

9.7

p42.2

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal 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; "B", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
1
Changes over 6-month spans are centered on the 4th month.

94



JUNE 1977

APPENDIXES

B. Current Adjustment Factors
19} 7

19 76
beries
July

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

1

Sept.

Feb.

Nov.

Oct.

Dec.

Jan.

154.7

104 3

79.4

73 2

84.2

100 4

139.1

104 5

93 4

95.6

93.5

89.1

98.8

1 5. Profits (after taxes) per dollar of sales,
manufacturing2
17. Ratio, price to unit labor cost index,
manufacturing3

Aug.

98.1

101 2

102 5

102 2

101 1

100 5

99 5

98 2

821

725

-23

-430

-383

261

-1448

99 1

98 3

98 7

99 2

99 4

100 2

101.3

100.5

99.8

99.2

516. Defense Department obligations, total

116 3

m7

95 3

106 0

525 Military prime contract awards in U S .

116 0

108 3

100 1

604. Exports of agricultural products

88 2

85 5

606. Exports of nonelectrical machinery

95 5

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

33. Net change in mortgage debt held by financial
institutions and life insurance companies1 4
62. Index of labor cost per unit of output,
manufacturing3
72, Commercial and industrial loans outstanding. .

969. Profits, manufacturing (Citibank} 5

Apr.

May

113.5

97.0

89.5

79.9

85.3

91.7

112.5

105.2

106 2

107.2

94.5

99.8

100.2

Mar.

98 1

June

105.4

98 5

98 2

99 3

100 3

-1218

-196

110

672

1119

101 3

101 5

101 3

101 2

100 4

99 4

99.7

100.0

98.3

99.3

100.4

100.5

99.9

92 6

86 1

104 4

87 4

92 2

95 0

79 7

129 6

105 5

88 5

87 4

96 6

82 4

89 3

73 3

70 6

177 9

83 2

100 9

121 2

111 9

108 2

102 1

108 6

103 1

93 2

90 6

96 1

91 6

104 0

99 1

99 1

96 2

94 i

110 2

105 6

106 3

101 8

101 9

106 6

91 2

94 8

91 1

100 9

107 2

93 4

106 4

101 1

103 7

96 1

92 6

82 9

80 8

102 4

104 1

100 6

104 5

92 4

112 8

105 9

112 0

108 4

-10

100.3

]

-8

18

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc., rather than by the source agency. Seasonal adjustments
are kept current by the Bureau of Economic Analysis. Seasonally adjusted data prepared by the source agency will be used in Business Conditions Digest whenever they are available. Fora description of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, The X-11 Variant of the Census Method It Seasonal Adjustment Program.
1

Factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
This series is derived from seasonally adjusted components; it is further adjusted by these factors to remove residual seasonal variation.
4
These quantities; in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to yield the seasonally adjusted net change. These factors are
computed by the additive version of the X-11 variant of the Census Method II seasonal adjustment program.
3
1-quarter diffusion index; factors are placed in the first month of the quarter. The unadjusted diffusion index is computed and these factors, computed by the additive version of the X-11
variant of the Census Method II seasonal adjustment program, are subtracted to yield the seasonally adjusted index.
2

3




95

C. Historical Data for Selected Series
Quarterly

.Monthly
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

J35. I M U E X OF WHOLESALE P R I C E S , I N D U S T R I A L COMMODITIES'
(1967=100)
1945...
1946. , .
1947...
1949!!!
195U, , ,
1952!!,'
1953...
1954.. .
1955, , .
1956.,.
1957. , .
195B. , .
1959,.,
I960, ..
1961. ..

1963*.!!
1964. , .
1966.!!
1967,,.
196U..,
19o9...
1970...
1971.,,
1972.,.
1973...
1974...
1975.,.
1976...

52, t»
53.5

52. ?

?5! 8
77,9
74.6
86,6
U4.9
U4.0
85.1

75!a

64. U
84.9

85,6
89.5
93,0
93.7
94.7
95.7
95.2
95,0
94.7
95,3

86. U
89. 6
93,2
93. «
9 4 , k!
95. b
95.2
9 4 . fe
94, fe
95.2

95,9
97.4
99,5
101.5
104,3
108.3
112.2
115.9
120.0
135.3
167.5

74 !H
84. y

95, a
97,6
99.7
102.0
104,9
108.6
112.5
116.5
121,3
138,2
168.4

Annual

Oct.

Nov.

Dec.

IQ

52.8
54,8
69,8
75. 8
75,8
74.9
87,0
84.2
84.1
bS.O

52.9
55.2
69.7
75.8
74.9
75.4
86,7
83,9
84.4
85. U

52.9
Sb.l
69.8
76.2
74.4
75.9
86. 4
83.6
84.7
84,9

53.0
58.1
70.3
76.9
74.1
77.1
86. U
83,5
85,3
84.9

53.1
59.3
71.2
77.8
74.3
78.6
85.3
83.9
B5.3
84.9

53.1
59.5
72.0
78. 1
74.3
80.4
35.3
84.1
85.2
84.9

53.2
61,5
72.7
78.2
74.3
81.8
85.1
83.9
85.1
85,0

53.2
64.2
73.o
78,4
74,3
82,9
85.0
83,8
85,0
85.3

53.4
66.2
74. b
78.3
74.4
tJ4, 0
85.1
83,9
85,1
85,3

75*. 5
77.3
74,?
86.9
84.8
B4.1
B5.0

85,9
89.9
93.1
93.4
95,2
95.6
95.2
94,8
94,6

66.0
9U.3
93.1
93.2
95.3
95,6
95.1
94.9
94,4
95.1

85.8
90.4
93.0
93.1
95,4
95.2
94.8
94.9
94.5
95.1

85.9
90.3
93,0
93,1
95.2
95.2
94.6
94.7
94.7
94.9

86.5
90.2
93.4
93.3
95.4
95.2
94.6
94.8
94.8
95.1

87,3
91.0
93.6
93.7
95.4
95.2
94.6
94.6
94.8
95.1

88.1
91.4
93.6
93,8
95.4
95.0
94.7
94.8
94.7
95,1

88.4
91.8
93.5
93.9
95.4
95.1
94.5
94.7
94.9
95.5

88.7
92.3
93,5
94.2
95.5
9S.U
94.7
94.7
94,9
95.6

89.0
92,7
93,7
94.5
95.6
95,0
94.9
94.7
95.2
95.8

85,6
89,7
93.1
93. S
94.9
95.6
95.2
94,9
94.6
95.2

85.9
90.3
93.0
93.1
95.3
95.3
94. B
94.6
94.5
95.0

96.0
97.6
99,7
102.2
105. 4
108.6
113.0
116.8
122.8
14,2.4
168,9

96.0
98,1
99.6
102.4
105.5
109.3
113.4
117.3
124.2
146.6
169.7

96.2
98.5
99.7
102.3
105.5
109.6
113.8
117.6
125,3
150.5
170.3

96.4
98.7
99.7
1U2.4
105.6
109.9
114.0
117,9
126. U
153,6
170.7

96.4
99,0
99.7
102.4
105,7
110.1
114,6
118,1
126.1
157.8
171.2

96.6
99.0
100.0
102. b
106.1
110,2
115.3
118.5
126.7
161.6
172.2

96.6
99.0
100.2
102.8
106.5
110.4
115.1
118.7
127.4
162.9
173.1

96.7
99.1
100.5
1U3.3
1U7.1
111.2
115.1
118.8
128.5
164.8
174.7

97.1
99.2
100.8
103.4
107.4
111.3
115, U
119.1
130.1
165.8
175.4

97.1
99.2
101.1
103.8
107. b
111.7
115.5
119.4
13'2,2
166.1
176.1

95. 9
97.o

96.2
98.4
99.7
102.4
105.5
109. b
113.7
117.6
125,2
150.2
17U.2

52.7
53.9

I0l!9
104,9
1U8.6
112.6
116.4
121.4
138.6
168.3

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

lybl!!!
1963, ..
1964,,.

1965...
1966,,.
1967., ,
1968.. .
1969,. .
197U.,.
1971...
1972,,.
1973...
1974...
1975...
1976., ,

126 '.7
160.6
172.2

97,0
99.2
1U0.8
103.5
107.4
111.4
115. 2
119.1
130,3
165.6
175.4

96.4
98.5
1UO.O
102.5
106.0
110.0
114.0
117.9
125.9
153.8
171.5

0.3
0.5
-0.1
0.2
0.0
-0.2
0.1
-0,1
-U.I
U.O

0.2
0.3
0.1
U.2
0.0
-0.1
0.1
-0.1
0.2
0.1

0.3
0.4
U.2
-U.I
U.2
0.0
U.I
0.0
0.0
U.O

0.2
U.3
U.I
0,0
U.I
U.U
-0.1
0.0
U.I
0.0

0,7
0,3
U.I
U.2
0.0
-0.1
0.0
0.0
U.O
0.1

0.3
0.4
0.0
0.2
0.0

-0.1
0.1
0.2

0.4
0.1
0.4
0,2
U.5
0.3
0.1
0,4
1.5
0.8
0.6

0.0

0.0
U.2
0,1
0,2
U.4
U.2
0.3
0.2
O.U

0.2
0.4
0.1
0.1
0.1
0.3
0.3
0.2
0,8
2,4
0,3

0.1
0.1
U.2
0.2
0.4
U.3
0.4
U.3
0.5
2,1
0,5

0.1
0,0
0,3
U.3
0,5
0.4
0.2
0.3
1.5
0,6
0,7

0,6
0.8
-0,5
1,6
-0.5
-0.1
0.7
0.0

0.7
0.6
-0,2
1.4
-1.3
0.1
-0.4
-U.3

0.8
0.1
-0.3
2.0
-0.2
U.O
-0.3
-U.I

0.8
-0.1
-0.1
1.6
-U.3
-0.3
-0.2
0.1

1.0
0.0
-U.I
1,2
-0.2
-U.I
-U.I
0.3

0.3
o!2
-0.1
U.I
0.0
0,1
U.U
-U,l
0.0

0.5
0.2
0.3
-0.3
0.3
0.0
0.1
-U.I
0.0
0.0

0.0
0.4
0.0
0.1
0.3
O.U
0.0
U.O
0.0
-0,1

0.3
0,6
O.U
-0.2
U.I
0.1
-0.1
0.1
-0.2
0.1

0.0
U.3
0.1
U.I
0.3
-0.3
-0.2
0.1
0.2
0.0

0.3
0.1
0.2
0.2
0.0
0,1
-0.1
-0.1
0.3
-U.I

0.6
-0.2
0.3
0.1
0.1
-0.1
-0.1
0.0
0.1
0.2

0.6
0.7
0.0
0.3
-0.1
U.O
0,0
-0.2
U.I
0.1

u.b
0.4
0,0
0.1
0,0
-0.2
0.1
0,2
-0.1
0.0

0,4
0.4
-0.1
0.1
0.0
0.1
-0.2
-0.1
U,2
0,4

0,0
0,2
U.2
0,1
0. 4
0,4
0,4
0.2
0,3
2,1
0,9

0.0
0.2
U.I
0.4
0.3
0,1
0,2
0.3
0.9
1.9
0,3

0,1
0.2
0,0
0.2
0.5
0.2
0.3
0.2
1,1
2.9
0.1

0.1
0.4
0.0
0.1
0.1
0.4
0,3
0.2
0.9
2.7
0.3

0.2
0.4
U.I
0,0
0,1
0,3
0.4
0.2
0.9
2.5
0.2

0.3
0.3
U.I
0,3
0.2
0.3
U.3
0.3
0.6
2,1
0.3

O.U
U,3
0.1
0.2
0.3
0.3
0.5
0.3
0,2
2.7
0.2

U.3
0.0
0,4

0.0
0.1
0.1
U,2
0.4
0.4
0.0
0.3
0. B
1.1
0.8

0.0
0.0
0,2
0.4
0.4
0.6
U.O
0.3
1.1
1.4
1.0

1.1
-0.4
-0.1
2.0
-0.1
-U.I

o.u

o.u

0.4
0.4
0.5
0.4
0.6
0.3
l.d
0.2
0.6

o'.s

0.4

335-C, CHANGE IN INOblX OF WHOLESALE P R I C E S , I N D U S T R I A L C O M M O D I T I E S , OVER 6-MONTH SPANS 3
(COMPOUND A N N U A L RATE, PERCENT)

9U*.U
93,3

94,8
94.7

o!o

0.4
-0.4
1.1
0,0
-0,1
0,1
0.0
0.4
0.4
0.1
0.1
0.1
O.U
0.0
0.0
0.0
0.1
0.1
0.2

o.a

0.2
O.J
0,3
O.i
0.3
0,9
1.9
0,3

AVEKAUe FQH PERIOD

8.9
4,1
-3.7
19.b
-S.U
-1.1
0.7
-0.1

10.7
-2.4
-0.2
20,4
-2.9
-0.4
-1.6
1.5

4.5
-4.1
14.3
0.2
-1.1
1.3
0.6

6.0
3.B
U.7
1.9
0.1
-U.8
-0.4
-0.4
0.9
1.3

4,9
4.4
-0,6
2.3
U.O
-0.3
0,0
-0.6
0.5
1.3

4,3
3.9
0.9
1.1
1.1
-0.5
-0,3
-0,1
0.5
0.7

3.1

1.7
l.b
2.6
2.7
4.2
4.0

1.7
0,7
3.3
3,8
4.5
4.3

3,0
8.4
33,5
3,7

3.B
9.8
23,0
7.2

5,4
20.4
10.7
8.1

1.6
2.2
2,0
2,8
3.8
3.7
3,5
3.8
11.9
24,6
5.9

7.5

8.8

10.3

12.8

10.0

9.2

1949.. .
1950...
1951...
1952...
1953...
1954, ..

-5,4
2.3
13.8
-1.7
0.6
U.U

-6.8
4 .8
11.0
-1.5
2.2
0.7

-6.8
7.U
b,3
-1.6
3.6
0.9

-7.U
9.6
O.U
-1.4
4,9
U.9

8.5
-5.7
12.2
-2. »
-1.2
4.1
0.7

7,8
-6,0
16.0
-3.7
-U.8
2.4
0.3

-4.6
18.5
-4,7
-1,1
2,1
-0.1

-3.5
1B.9
-5.1
-1.2
0.7
0,0

-2.9
21.5
-5.1
-1.1
-0,6
-0.3

-1.2
23.1
-4.6
-0.8
-2.1
0.3

-0.3
21.1
-2.1
-0.6
-1.7
2.0

0.9
16.9
-2,0
U.2
-0.9
2.2

-6.3
4.7
10,4
-1.6
2.2
0.5

4.4
2.7
-O.b
2.U
0.2
-0,3
0.6
-0. b
0.3

2.3

4.4
2.0
-0.4
2,9
-0.4
-0.3
0.5
-0.4
U.4

4.0
4.0
1.7
-0.3
2.4
-0.1
-0.2
U.O
0.4
-0.4

2.6
1.8
U.U
2.3
-0.4
-0.7
U.I
0.7
O.U

3.6
1.3
1.1
1.5
-0.4
-0,9
0.0
U.8
0.2

4. 1

1957,'!!
19SB,.,
1959...
196U...
la&l. .,
1962...
1963. .,
1964,. ,

3.6
1.4
1.2
0.8
-0.9
-U.6
0.4
U.6
0.4

3.4
1.0
1.7
U.5
-0.8
-1.0
-0.2
1.3
1.1

3.8
0.6
1.9
-0.1
-0.6
-0.3
-0.5
0.8
1.1

4.3
0.5
2.U
0.0

-0.3

-0.9

-U.7

2.1

0.1
-0.4
0.7
1.6

-0.1
-0,6
0.3
-0.7
0.6
1.3

0.0
-0.4
0,0
-U,4
0,4
1.2

U.I
0.0
-U.2
-0.8
0.4
1.5

2,7
-0.1
-0.3
0.4
-0.3
0.1

1.5
U.b
1.5
-O.b
-0.7
0.2
0.7
0.2

1965...
196b. ,.
196?..,
196B, ..
1969...
1970, ..
1971...
1972..,
1973., .
1974,..
1975.. .

0.8
2,7
U.b
3,2
3,7
4.0
3.4
3.0
8.2
29,0
5,5

1.2
2.B
U.8
2.4
3.5
3.6
3.6
3.3
9.2
31.7
4.1

1.4
3.4
1.0
2.2
3.1
3.2
3.4
2.6
9.7
32.7
4.2

1.4
3.7
0,8
2,4
2.9
3.0
3.8
?,. 9
9.4
34.2
2.B

2,0
3.5
1.4
1.8
3,1
3.0
4.9
2.9
8,2
35.5
3.5

1.8
3.1

1.7
2.3

2.0
1,6

1.4
1.0

1.7
O.fa

1.5
0,8

1.9
0.6

1.8

2.4

2.B

3.U

3.7

4,3

1.7
3.4
1.3
2.0

3,3
4.3
3.3
7,6
30,7
4. a

3,9
3,7
3.4
8.1
27.2
6.4

3.9
3.2
4.0
9.3
23.1
7,3

4.1
3.9
3.9
12. U
18.6
7.9

3.3
5,0
4.2
3.2
4,1
16.4
14.5
d.O

1.1
3.0
0. U
2,o

4.4
2.3
5,3
19.9
9,8
B.I

4.2

3,6

6.9
25.0
7.8
7,3

3.0
9,U
31.1
4.6

'This series contains no revisions but is reprinted for the convenience of the user. 'This series contains revisions b e g i n n i n g with 1972.
changes are centered w i t h i n the spans. A n n u a l figures are averages of the centered changes.




99.0
100.0
102.6
106.1
110.2
115. U

85*.U

95. J
95.3

-0.1

-U.4
0,9
-0.1
-0.1
0.6
0.1

96

93!b
93.4
95.1
94.6
94.7
94.8
95.1

SJ.O
bli.O
70. U
76,9
7,4,3
78,0
86,1
84.1

88.7
92.3
93,6
94.2
95.5
95,0
94,7
94.7
95.0
95,6

1.0
-0.2
-0.1
1.6
-0.2
-0.2
-0,1
0.1

0,4
0,5
-0.7
1.1
0.0
-0,1
0.6
0.2

-1.1

B7.3
90.9

83*, 9
d5.1
85.2

U.7
0.5
-0.3
1.7
-0.7
0.0
0.0
-0.1

1.0
-0,9
0.6
0,2
-0.1
0.0
0.3

1945...
194fa. , .
1947...

74!2
78.7
85.5
83.8
85.3
84,9

53.3
64. U
73,6
7ti,3
74.3
83.2

O.B
-0.7
U.9
U.O
-0.1
U.4
0.2

0.4
-0,2
0.3
0.2
-0.2
0.5
0.1

0.4
0.1
0.7
0.3
0.4
2.4
u.6

53.1
59. U
71.2

-0.5
0.3
1.0
-U.I
0.2
0.0

-O.S
-0,9
0.2
O.b
0.0
0,0
-0,2

oa

52.9
55.4
69.8
75.9
75.U
75.4
86.7
B3.9
U4.4

Mt &h$ti FOR PERIOD

1,7
-U,4
0.4
2.2
-0.2
0,1
0.0

0.4

IV Q

AVt UAGfcl POK PBKIOO

52.8
54.3
t>9.5
75.4
76, B
74.8
87,1
84.6
84.3
84.9

o.a

III Q

®

335-C. C H A N G E I N I N D E X OP WHOLESALE P R I C E S , I N D U S T R I A L C O M M O D I T I E S , OVER 1-MONTH SPANS 2
(MONTHLY RATE, PERCENT)
1945. , ,
1946. . .
1947, ..
1948.. .
1949...
1950. , .
1951.,.
19S2...
1953...
19S4,..

II Q

-6.2
12.6
-1.9
-1.1
3.8
0.6

Percent

(JUNK 1977)

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

1 Q

II Q

602. EXPORTS, EXCLUDING MILITARY AID SHIPMENTS, TOTAL1
(MILLIONS OF DOLLARS)

ma

Annual
IV Q

TOTAL FOR PERIOD

1945. . .
1946. , .
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

1,110
1,190
795
970
1,250
1,041
962

1,102
1,072
792
1,022
1,236
971
1,047

1,U49
1,095
772
1,080
1,281
1,001
862

1,023
1,085
786
1,256
1,138
1,024
1,196

1,062
1,046
772
1,133
1,129
1,008
1,087

989
1,078
831
1,132
1,063
998
1,091

1,069
976
821
1,234
970
1,011
1,076

1,125
977
813
1,233
1,012
1,026
1,067

950
908
889
1,233
1,028
1,154
1,056

1,055
90b
893
1,101
1,004
951
1,111

855
868
940
1,273
1,026
1,035
1,147

1,188
858
915
1,309
1,016
1,073
1,130

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

1,168
1,289
1,653
1,423
1,314
1,534
1,622
1,667
987

1,198
1,290
1,577
1,322
1,256
1,554
1,708
1,819
2,143

1,159
1,348
1,881
1,385
1,326
1,541
1,755
1,664
1,954

1,132
1,413
1,560
1,379
1,320
1,644
1,578
1,764
1,899

1,170
1,442
1,674
1,337
1,357
1,643
1,621
1,877
1,837

1,235
1,586
1,605
1,354
1,528
1,661
1,669
1,898
1,964

2,067

2,076

2,080

2,095

2,237

1,260
1,509
1,546
,349
,328
,685
,809
,542
,943
2,150

1,215
1,360
1,534
1,401
1,376
1,673
1,738
1,717
1,946
2,183

1,226
1,836
1,493
1,339
1,493
1,631
• 1,70U
1,811

2,076

1,223
1,412
1,617
1,361
1,397
1,711
1,698
1,750
1,839
2,118

1,215
1,454
1,617
1,365
1,432
1,660
1,695
1,709
1,912

2,052

1,113
1,394
1,739
1,364
1,305
1,627
1,637
1,804
1,927
2,081

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

1,228

1,623

2,406

2,299

2,300
2,469

2,378

2,502
2,597

2,616
2,415
2,631

2,491
2,671

3,179

3,182

2,329
2,460
2,566
2,950
3,366

2,349

2,353
2,582
2,775
2,266
3,546
3,694
3,824
5,070
7,549
8,756

2,235
2,484
2,582
2,870

2,291

2,298
2,639

2,739
2,530
2,524
2,439

3,727
3,672

3,704
3,573
4,074
5,865
8,307

2,3t>2
2,467
2,677
2,977
3,280
3,569

2,814
2,161
3,406

3,601
4,074
4,955

7,150
9,374

3,188
3,375
3,790
3,868

2,316

2,416

2,608
2,855

2,549
2,740
3,268

3,318
3,410
3,631

5,311

3,820
5,494

7,625

8,108

8,681

8,649

3,661
3,746
3,882

3,971

5,561

5,728

7,652
8,222

8,317
8,716

2,601
2,858

8,871

3,211
3,341

3,666

3,553
4,487

3,342
3,688
2,669

4,196

4,176

4,316

6,042
8,379
8,980

6,420
8,399

6,585
8,673
9,226

3,591

604. EXPORTS OF AGRICULTURAL PRODUCTS
(MILLIONS OF DOLLARS)

9,104

2,972
3,398
3,499

2,059
2,394

3,196

3,881

4,473
6,879
8,973
9,409

4,558
6,949
3,862
9,250

3,2fal
3,357
2,359
3,072
3,7fa7

3,U13
2,871
3,52i

3,y27
5,111
4,130
3,b96
4,629
b,085

5,150
5,084

6,195
b,5yO

7,181
7,74b
8,02b
7,ulb
lu,J27
11 ,Ubi>
Il,7b6
15,336
2^,324
2b,811

3,074
3,209
2,389

3,144
2,861

3,521

2,523
3,700

3,330
3,030
3,374

3,010
3,191
3,199

3,415
,249
,973
,080
,982
,914
,836

3,673
4,452
4,839
4,080
4,357
5,032
5,062
5,357

5,445
5,663
6,237
6,940
7,21fa
7,739
6,4b5
9,7b5
10,7*8
11,U«H*

11,U?J
16,783
24,077
25,587

5,715
6,450
6,920

7,431
7,764

y ,019
9,889
10,848
11,726
12,44b
18,327
25,085
26,955

3,098
2,632
2,748
3,6b'3
3,046
3,059
3,388

12,653
12,051
9,993
13,968
13,203
12,262
12,854

3,701
4,705
4,573
4,089
4,197
4,989
5,247
5,070
5,948
6,727

14,291
17,333
19,495
16,367
16,407
19,626
20,190
20,973
22,427
25,690

7,089
7,574
7,763
d,580
10,020
10,756
9,74b
13,347
20,413
26,508
27,885

26,691
29,379
30,934
34,UbJ
37,332
42,6§y
43,549
49,199
70,b23
97,908
107,130

2

TOTAL FOR PE'KIOU

1945...
1946..,

1947. . .
1948. . .
1949. . .
1950. . ,

3,960
3,473
3,578
2,873
4,040

1951...
1952...
1953...

3,431
2,848
3,054

1954. . .
1955...

3,198
4,170

1956. . .
1957. . ,
1958. . ,
1959. ,,
1960. . .
1961. . .

4,506
3,855
3,955
4,832
5,024
5,034
5,584
6,348

1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

228
547
569
579
186
541
680
766
1,111
1,774
2,369

349
554
542
573
246
569
633
703
1,142
1,829
1,830

662
594
526
518
490
533
658
606
1,268
1,869
1,703

550
550
526
528
609
565
636
628
1,251
1,978
1,723

538
552
542
491
576
566
623
722
1,412
1,882
1,575

550
572
539
475
526
612
624
771
1,442
1,806
1,480

595
531
512
503
541
614
632
754
1,370
1,842
1,735

500
624
513
544
494
610
636
796
1,731
1,698
1,872

515
601
523
509
518
639
866
837
1,726
1,654
1,932

562
595
507
441
612
694
447
882
1,706
1,691
2,060

541
580
560
516
565
628
546
927
1,769
1,978
1,821

591
580
522
569
551
689
768
1,007
l,7tJS
1,922
1,776

1,239
1,695
1,637
I,b70

922
1,643
1,971

l,6Jb

1,674
I,b07

1,494
1,711
1,743
I,8d3

3,521

2,121
4,105

5,472
5,902

5,666
4,77b

2,075

606. EXPORTS OF NONELECTRICAL MACHINERY 2
(MILLIONS OF DOLLARS)

1,610
I,7b6
1,548
1,556
1,553
1,863
2,134
2,387
4,827
S,194
5,539

I,b94
1,755
1,589
1,526
1,728
2,011
1,761
2,816
5,260
5,591
5,657

6,229
6,874
6,380
6,227
5,936
7,247
7,698
9,407
17,681
21,999
21,886

TUTAL FOR PERIOD

1945. . .
1946. . .
1947
1948. .
1949. . .
1950. .
1951. . ,
1952...

1953. . .
1954. . .
1955. . .
1956. . .
1957. , .
1958. . .
1959. . .
1960. . .
1961. . .
1962. ,,
1963. . .
19b4
1965...
1966...
1967...
1968...
1969...
197U...
1971...
1972...
1973.,.
1974...
1975...
1976...

230
435
521
523
408
628
732
775
880
1,155
1,672

322
439
502
530
437
678
691
780
911
1,197
1,632

480
470
490
438
622
647
724
773
925
1,270
1,626

456
433
494
539
647
651
720
757
926
1,288
1,760

432
448
508
519
622
680
680
767
975
1,338
1,720

435
468
498
515
594
718
700
783
997
1,339
1,772

426
484
485
526
608
755
686
776
1,028
1,398
1,770

433
457
476
557
652
706
663
814
1,041
1,509
1,752

'This series contains no revisions but is reprinted for the convenience of the user.




414
473
497
573
616
718
871
318
1,090
1,481
1,750

472
491
458
512
678
785
582
781
1,115
1,552
1,814

450
475
510
586
657
701
672
862
1,107
1,624
1,770

463
486
520
518
630
720
783
860
1,111
1,523
1,843

1,032
1,344
1,513
1,491
1,467
1,953
2,147

1,323
1,349
1,500
1,573
1,863

2,328

2,307
2,898
3,965
5,252

2,716
3,622
4,930

2,049

2,100

'This series is shown in this appendix for the first time.

1,273
1,414
1,458
1,656
1,876
2,179
2,220
2,408
3,159
4,388
5,272

1,385
1,452
1,488
1,616
1,965
2,206
2,037
2,503
3,333
4,699
5,427

5,013
5,559
5,959
6,336

7,171
8,387
8,504
9,546
12,106
16,674
20,881
(JUNE 1977)

97

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year

Jan.

Feb.

Mar,

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

IQ

II Q

612, GENERAL IMPORTS, TOTAL1
(MILLIONS OP DOLLARS)

1945. , .
1946. . .
1947,..
1948...
1949..,
19 SO...
1951,..
1952...

526

sb?

1953...
ma...

592
939
856
904
855

1*55...

aati

1957...
1958..,
1959...
I960...
1961,.,
1962...
1963..,
1964...

1,045
1,057
1,053
l,lbb
1,247
1,154
1,320
1,089
1,421

1965,..
1966...
1967...
1968...
1969...
1970,..
1971...
1972...
1973...
1974...
1975...
1970...

1,199
1,966
2,317
2,687
2,002
3,222
3,599
4,436
5,244
t»,498
9,632

1956...

III Q

IV Q

TOTAL FOR PERIOD

582
548
577
997
904
923
762

510
534
6U6
1,005
870
998
945

590
548
636
986
839
931
848

620
523
684
967
882
913
935

610
515
78?
940
846
699
847

626
487
821
885
897
910
851

596
565
955
838
915
968
818

620
572
912
800
899
818
805

555
603
876
845
904
873
821

677
594
091
d!2
978
837
B74

1,697
1,702
1,775
2,d63
2,641
2,729
2,469

1,720
1,605
1,926
2,958
2,591
2,842
2,728

1,832
1,567
2,563
2,663
2,658
2,777
2,516

1,852
1,769
2,679
2,457
2,781
2,528
2,500

10,967
10,717
10,873
10,215

1,154
1,32!)
1,S1U
1,461!

907
1,034
1,118
1,051
1,220
1,291
1,164
1,339
1,485
1,518

902
1,019
1,100
1,051
1,218
1,353
1,158
1,368
1,412
1,525

939
1,040
1,060
1,066
1,330
1,278
1,162
1,396
1,409
1,535

928
1,069
1,058
1,037
1,301
1,276
1,180
1,355
1,432
1,525

953
1,063
1,111
1,023
1,227
1,268
1,359
1,341
1,447
1,576

952
1,065
1,099
1,046
1,289
1,245
1,243
1,347
1,507
1,585

992
1,132
1,074
1,083
1,411
1,210
1,266
1,479
1,455
1,559

1,045
1,055
l,G8b
1,091
1,184
1,197
1,298
1,316
1,459
1,550

1,045
969
1,065
1,156
,292
,162
,305
,419
,459
,688

971
1,050
1,080
1,139
1,353
1,142
l,32b
1,380
1,488
1,655

2,690
3,142
3,231
3,126
3,588
3,891
3,472
3,9B4
4,U84
4,401

2,769
3,128
3,218
3,154
3,849
3,907
3,500
4,119
4,253
4,585

2,897
3,260
3,284
3,152
3,927
3,723
3,868
4,167
4,40^
4,720

3,061
3,074
3,231
3,386
3,829
3,501
3,929
4,115
4,406
4,893

11,384
12,615
12,982
12,792
15,207
15,018
14,714
16,390
17,138
18,684

1 , 6 U ti
2,013
2,21d
2,591!
2,67i!
3,279
3,56<1
4,473
5,483
7,311)
7,927

1,661
2,OSO
2,166
2,588
2,982
3,219
3,629
4,515
5,414
7.742
7,466

1,811
2,090
2,198
2,604
3,183
3,2o2
3,774
4,417
a, 360
4J,025
7,959

1,797
2,060
2,118
2,755
3,256
3,337
3,908
4,486
5,703
8,264
7,263

1,848
2,102
2,184
2,792
3,152
3,265
4,037
4,468
5,775
8,577
7,102

1,742
2,216
2,245
2,725
3,074
3,254
3,832
4,565
5,829
8,922
7,832

1,825
2,137
2,145
2,872
3,163
3,346
3,913
4,726
6,U10
9,267
7,877

1,858
2,288
2,198
2,951
3,078
3,423
4,179
4,612
5,644
8,696
8,196

1,885
2,303
2,254
2,736
3,192
3,49U
3,469
4,738
5,996
8,773
8,169

1,941
2,195
2,396
2,883
3,180
3,428
3,456
5,148
6,684
8,973
8,201

1,911
2,196
2,493
2,908
3,078
3,402
4,169
5,002
6,291
9,257
8,522

4,666
6,029
6,699
7,867
7,656
9,720
10,792
13,424
16,141
21,558
25,025

5,456
6,252
6,500
8,151
9,591
9,864
11,719
13,371
16,838
24, 866
22,324

5,425
6,641
6,588
8,548
9,31S
1U,U23
11,924
13,903
17,483
26,8«5
23,905

5,737
6,694
7,143
8,527
9,450
10,328
11,094
14,888
18,971
27,003
24,892

5^11
56V
6lHi
92V

88;i
90;;
85^!
897
1,063
l,05li

1,02;:
i,2oa
1,35;)

614. IMPORTS OP PETROLEUM AND PETROLEUM PRODUCTS *
(MILLIONS OF DOLLARS)

7,124
6,622

a,as2

21,364
25,542
26,812
33,226
36,043
39,952
45,563
§5,583
69,476
100,251
96, IK)

TOTAL FOR PEHIOD

1945. . .
1946. ..
1947...
1948. . ,
1949. . .
1950. . .
19bl...
I9b2, . .
1953. . .
1954. . .
1955. . .
1956...
1957...
19S8. . .
1939. , .
1960. . .
1961...
1962, . .
1963...
1965...
1966...
1967...
1968...
1969...
1970...
1971.,.
1972...
1973...
1974...
1975..,
19Vb...

162
162
185
192
208
226
219
332
462
1,167
3,080

16 ti
17<3
172
IB?
20fc>
252
22lj
334
45b
1,512
1,781

171
183
172
179
102
237
249
342
492
1,560
1,211

18tt
162
183
182
235
237
250
324
487
2,299
2,387
616,

166
179
206
180
215
203
270
331
550
2,117
1,746

209
187
167
194
203
229
276
346
538
2,063
1,354

150
191
162
228
215
200
288
350
520
2,306
1,990

170
201
155
182
211
234
293
352
703
2,274
2,008

176
178
160
213
218
221
314
387
700
2,200
2,515

173
173
173
210
223
231
286
390
787
2,281
2,320

170
191
172
199
207
233
335
406
942
2,308
2,140

192
154
179
198
238
256
335
416
972
2,335
2,360

498
519
529
55*J
596
715
688
1,008
1,410
4,239
6,072

IMPORTS OP AUTOMOBILES AND PARTS2
(MILLIONS OF DOLLARS)

563
528
556
5S6
653
669
796
1,001
1,625
6,479
5,487

496
570
477
*i23
644
655
895
1,089
1,923
6,780
6,513

535
518
524
607
bbti
720
956
1,212
2,701
6,924
6,820

2,092
2,127
2,086
2,343
2,560
2,764
3,323
4,300
7,614
24,270
24,814

TOTAL FOR PERIOD

194S. . .
1946. . ,
1947...
1948...
1949...
1950. , ,
1951. , .
1952...
1953...
1954..,
1955, , ,
1956...
1957...
1958...
1959...
1960. , .
1961...
1962...
1963.,.
1964...
196S...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

31
106
176
299
293
417
482
589
780
862
742

54
114
161
273
31S
404
§41
662
731
87?
654

61
125
169
229
325
404
561
680
753
797
823

39
108
159
260
399
457
533
647
725
898
776

54
113
164
329
392
388
529
380
814
901
731

59
123
197
292
383
428
576
636
821
841
782

64
130
201
314
391
419
525
602
806
928
879

49
146
183
294
401
332
660
699
749
859
938

74
157
176
334
438
498
672
622
722
912
861

U4
139
206
346
443
446
549
681
858
809
888

93
144
211
371
421
438
579
768
840
812
873

95
213
231
365
428
426
642
694
631
814
1,013

146
345
5U6
801
933
1,225
1,584
1,931
2,264
2,536
2,219

"This series contains no revisions but is reprinted for the convenience of the user. 'This series is shown in this appendix for the first tim




202
344
540
881
1,174
1,273
1,638
1,963
2,360
2,640
2,2b9

187
433
560
942
1,230
1,249
1,857
1,923
2,277
2,699
2,678

272
496
648
1,082
1,292
1,310
1,770
2,143
2,329
2,435
2,774

810
1,618
2,266
3,712
4,618
5,t)68
6,776
7,946
9,252
10,264
9,921

(JUNK 1977)

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Jan.

Feb.

Apr.

Mar.

May

June

July

Sept.

Aug.

7 3 2 . UNITED KINGDOM — INDEX OF CONSUMER P R I C E S
(1967=100)

Oct.

Nov.

Dec.

1 Q

Annual
1! Q

AVERAGE FOR PERIOD

49.5
50.8
52.8
55.0
62.0
64.7
65.3

49.5
50.8
52.8
55.5
62.0
65.3
65.7

50.4
50.8
53.1
56.4
63.0
65.7
66.2

50.4
51.7
53,1
57.8
63.0
65.3
65.7

51.4
51.7
53.1
58.3
64.4
65.7
66.2

50. 4
51.7
53.1
58,8
64,4
65.7
67.7

50.4
51.7
52.8
59.2
63.9
65,3
67.1

5U.4
52.1
53.1
59.7
63,3
65.3
66.6

50.4
52,4
53.6
60.2
64.4
65.3
67.1

50.6
52.2
54.1
60.2
64.4
65.3
67.7

aU.d
52.6
54.2
60.6
64.4
65.3
67.7

49.1
Su.d
52.6
55. U
61.9
b4.y
65.4

5U.7
51.4
53.1
57.5
63.5
65.6
ofa.U

1955...
1956...
1957..,
1958...
1959...
1960...
1961...
1962...
1963...
1964...

68.0
71.3
74.5
77.1
78.7
78.4
80.1
83.8
86.1
87.8

68.0
71,3
74,4
76.7
78.7
78.4
80.1
83.9
86.8
87.9

68.0
72.3
74.3
77.3
78.7
78.3
80.4
84.3
87.0
88.1

68.5
73.7
74.5
76.1
78.1
78.7
30.8
85.4
87.2
89.0

68.5
73.2
74.6
77.9
77.9
78.7
81.1
65.7
87.1
89.7

69.9
73.2
75.4
78,6
77.9
79.1
81.7
86.3
87.1
90.0

69,9
72.7
76.0
77,3
77,8
79,3
81.7
85.9
86.6
90.0

69.4
73.2
75.9
77.3
77.9
78.7
82.6
85.2
86.4
90,0

69,9
73.2
75.7
77.3
77.6
78,7
82.4
85.1
86.6
90.4

70.9
73.7
76.4
78.0
77.9
79.4
82.6
85.0
87.0
90.5

71.8
73.7
76.9
78.3
76.5
79.8
83.4
85.3
87.2
91.2

71. d
74.1
77.2
78.6
76.6
60.0
83.5
85.8
87.3
91.3

66. U
71.6
74.4
77. U
76.7
78.4
60,2
64. U
80. b
67.9

73.4
74.8
7d,2
76.0
76. d
61.2
85.6
87.1
89.6

1965...
1966...
1967...
1966...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

91.8
95.8
99.3
101.9
108.2
113.5
123.3
133.3
143.6
160.8
192.7

91.8
95.9
99.4
102.5
108.8
114.1
123.9
134,0
144.5
163.5
196.0

92.1
96,0
99.4
102.7
109.2
114.8
124.9
134,3
145.4
165.0
199.8

93.9
97.2
100.1
104.6
110.3
116.6
127.6
135.6
148.1
170.5
207.5

94.2
97.9
100.1
104.7
110.3
116.9
128.4
136.3
149.2
173.0
216.2

94.5

94.5
97.8
99.9
105.2
109.9
118.1
130.1
137.6
150.6
176.4
222.7

94.6°
96.4
99. 9
105.4
110.5
118.0
130.2
138.7
151.0
176.5
224.0

94.7
96,1
99.6
105.4
110.9
118.6
130.3
139.5
152.4

94.8
96.4
99.6
106,0
111.6
119.9
131.1
141.4
155.3
182.0
229.0

95.2
96. 9
100.9
106.2
111.9
120.7
131.8
142.0
156.5
185,2
231.8

95.7
99.2
101.4
107.6
112.7
121.5
132.5
142.7
157.7
187.9
234.7

yi.9

732-C

1948
1949...
1950...
1951...
1952...
1953...
1954...

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1966...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

CHANGE

225.9

102.4
1U6.7
114.1
124.0
133.9
144.5
163.1
196.2

IN INDEX OF CONSUMER PRICES—UNITED K I N G D O M , OVER 6 -MONTH SPANS'
(COMPOUND ANNUAL RATE, PERCENT)

4.5
4.0
0.0
15.4
5,9
1,2

3.2
4.8
0.8
15.3
4.2
0.0

0.4
6.8
2.3
14.3
5.2
-0.6

2.4
2.7
4.2
8.9
4.5
-0.3

-1,6
5.5
5.4
9.5
1.3
0.0

2.4
5.1
6.5
10.9
2.2
0.3
2.4

0.8
4.3
6.9
10.0
2.8
0.6
3.0

2,0
3.1
9.6
8.2
6.4
0.9
3.t>

6.0
3.7
3.8
3.9
-1.5
1.0

4.2
3.1
3.2
0.3
-2.5
2.1

3.8
5.4
4.1
2.1
-1.5
1.3

6.6
3.3
4.9
1,0
-1.8
1.8
5.8

7.8
0.5

9.2
0.8

5,3
2.5

5.2
5.9

5.8
3.3

6.1
2.2

0.7
4.6

-0.7
4.8

-0.7
5.5

1.8
2.8
5.5
0.2
1.9
4.8

0.6
3.1
2.7

1.6
4.6

1.3
2.8
6.3
-0.2
1.6
4.8

1,8
2.5
5.7

3.1
4.4

0.3
2.8
6.1
0.5
1.4
5.3

3.5

3.9

4.1

0.8
5.8
6.1
7.1
11.0
4.7
7.7
18.8
31.9

1.2
6.0
4.3
6.7
11.5
5.0
7.5
18.7
32.6

0.8
6.2
2.6
7.5
10.3
5.2
8.4
18.1
30.8

1.2

0.8

1.0

3.4

3.2

3.5
7.3
10.7
7,3
9.2
16.1
29.9

3.9
7.4

4.6
7.9

4.8
8.6

5.3
9.1

8.3
10.1
15.2
28.2

11.0
12.1
16.4
24.6

10.9
12.7
18.2
18.9

10.7
13.9
19,9
17.9

2.8
3.1
13.8
9.5
3.1
1.5

2.4
0.0
14.5
11.5
2.8
1.8

3.6
7.5
1.6
4.0
-0.5
1.3

3.0
4.5
3.0
3.2
-0.5
0.5

3.5
2.8
5.6

733. CANADA — INDEX OF CONSUMER PRICES
(1367=100)

50,2
51.6
53.2
58.0
b3.4
65,3
66.5

73!o

73. a

69,6
73,0
75.5
77,7
78.2
79.0
61. 7
85.1
86.9
89.7

SU.4
51,8
53,0
59.2

63. y

75. y

77.3
77,6

78. y

82.2
85.4
90 !l

94.6
9d.l

ya.6

105.3
110.4
118.2
130.2
138. b
151.3
176.6
224.2

76.6
7d.3
78,3
79.7
83.2
85.4
87.2
91.0
95.2
96.8
100.6
106.6
112,1
120.7
131,8
142,0
156.5
185.0

231. a

94.0
97.6
100.0
104.8
110.4
117.5
128.6
137.7
150.4
174.4
216.7

AVERAGE ' P O K PERIOD

7.6
2.8
0.0
15.2
7.9
1.5

1.2
2.3
10.3
8.6
3.4
2.2

1.4
8.0
5.9
6.7
10.8
4.8
7.5
18.3
27.2

176. y

95. y

94.2
97.7
100.2
104. B
110.4
116.9
126.5
136.4
149.1
172.7
214.7

65,4
67.1

5U.7
52.5
54. U
CO. 3
64.4
65,3
67.5
71.5

48.4
50.8
52.8
54.5
61.6
64.7
65.3

105,1
110.7
117.3
129.4
137.3
149.9
174.7
220.4

IVQ

®

1948...
1949...
195U...
1951...
1952...
1953...
1*54...

ioo!s

III Q

5.1
3.9
0.3
15.3
6.0
0.9

0,4
5.0
4.U
10.9
3.7
-0.3
4.7

1.7
4,2
8.3
9.7
3.8
0.6
3.0

4.2
5-2

4.9
3.9
4.1

5.7
3,8

0.6
3.6
3.9

-0.8

3.5

3.2

2.7

-1.9
1.7
5.4
3.5
-0.2

7.6
1.3
5.1
0.2
1.1

3,2
3.5,
4.5

2.5
1.8
5.1

2.5
2,5
5,7

5.3
3.6
1.1

7.2
9.9
6.1
10.5
15.8
21.7
19.4

6.2
10.0
5,7
8,5

6.4
10.3
5.9
8.4

b.d
11.1
4.8

5.9
4,6
0.9
6.1
3.3
7.4
10.2
6.9

23.9
16.3

27.4
14.7

Id.b
30.6

16.5
29.6

2.1
l.d
12.9
3il
1.6

o.y
2.9

5-4

3.6
3.6
12.2
5.8
1.1
3.6

6.0
U.2
1.6
5.0

3.2
1.1
3,1
4.1
2.8
3.4
4.1

5.6
3.6
3.7
2.1
-0.1
2.1
4.6
3.0
1.9
4.5

4.0
3.9
2.5
5.3
4.9
8.5
7.3
10.9
12.9
16.2
20.5

2.7
2.6
5.1
6,3
6.6
10.1
5.9
9.1
16.9
24.3
16.8

4.5
3.7
2.4
6,1
5.1
8.2
8.6
7.9
11.6
19.4
24.4

2.y

<g)
A V E R A G E FOR

2. a

PERIOD

1945...
1946...
1948...
1949...
1950...
1951...
1952...
1953...
1954...

62.2
67.0
67.2
72.2
79.2
77.6
77.6

63.0
66.9
67.2
73.3
78.9
77.4
77.6

63.4
66.6
67.6
74.4
78.4
77.0
77.4

63.6
66.6
67.9
74.9
78.3
76.9
77.5

64.3
66.5
67.9
75.3
77.8
76.7
77.4

64.6
66.7
68.3
76.2
77.8
77.0
77.9

65.7
67.1
68.9
76.9
77.9
77.4
77.9

1955...
1956,..
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

78.1
78.3
80.7
82.7
84.6
85.5
86.6
87.0
88.5
90.0

78.0
78.1
80.8
83.0
84.3
85.3
86.4
87.1
88.7
90.2

77.8
78.1
80.8
83.4
84.2
85.1
86.5
87.0
88.7
90.2

77.9'
78.2
81.1
83.9
84.2
85.5
86.5
87.4
88.8
90.6

78.1
78.2
81. 1
83.8
84.2
85.4
86.5
87.2
88.8
90.6

77,8
79.0
81.6
83.8
84.5
85.6
86.5
87.5
89.1
90.7

77.8
79.4
81.8
83.6
84.5
85.5
86.5
87.9
89.4
91.3

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

91.8
94.7
97.9
102.4
106.2
111.0
112.9
118.4
125.2
136.5
153.0

92.0
95.3
98.0
102.4
106.2
111.5
113.4
119.0
125.8
137.9
154.2

92.1
95.5
98.2
102.7
106.7
111.7
113.7
119.0
126.2
139.3
154.9

92.4
96.1
99,1
103.4
108.0
112.4
114.5
119.8
127.6
140.2
155.7

92.5
96.2
99.3
103,5
108.2
112.2
114.9
119.8
128.5
142.6
157,1

93.3
96.4
99.8
103.8
109.1
112.6
115.2
120.0
129.7
144.4
159.4

93.6
96.7
100.8
104.3
109,6
113.0
116.2
121.5
130.8
145.5
161.6

66.1
67.3
69.6
77.4
77.8
77.6
78.5

66.6
67.3
69.9
78.1
77.9
77.9
78.3

67.0
67.5
71.0
78.5
77.8
78.2
76.3

67.0
67.8
71.3
79.1
77.9
77.9
78.3

66,6
67,4
71.5
79.2
77.6
77.6
76.2

62. y
66.8
67.3
73,3
73,8
77.3
77.5

64.2
66.6
68.0
75.5
78.0
7b,y
77.6

66.1
67.2
b9.5
77.5
77.9
77.6
78.2

66.9
67.6
71.3
78.9
77.8
77, y
76,3

65.0
67.1
69.0
76.3
78.1
77.4
77.9

78.1
82.2
83.9
84.7
85.7
86.5
88.1
89.9
91.3

73.3
79.8
82.7
84.2
85.3
86.1
86.5
87.9
89.4
91.0

76.4
80.3
82.7
84.5
85.8
86.9
B6.6
88,2
89.6
91.0

78.4
80.7
62.7
84.7
86.1
86.9
87.0
86.4
89.9
91.1

78.4
80.8
82.6
84.6
65.7
86.9
87.1
68.4
90.0
91.7

78. U
78,2
80.8
63.0
84.4
85.3
86.5
87.0
88.6
9U.1

77.9
78.5
81.3
83.8
84. J
dS.5
6b.b
87.4
68.9
9U.6

78.1
79.7
82,2
63.9

78.4
60.6
82.7
64. b
85.9
86. 9
86.9
8B.3

78.1
79.2
81.7
83.8
84,6
85.9
86.6
87.7,
89.2
90. d

93.5
97.2
101.2
104.6
109.9
113.0
117.0
122.4
132.6
147.0
163.0

93.3
97.3
101.1
104.9
109.7
112.8
116.7
122.8
133.4
147.8
163.4

93.4
97.4
100.9
105.2
109.9
112.9
116.9
123.0
133.7
149.2
164.9

94.0
97.5
101.2
105.6
110.3
112.9
117.3
123,3
134.7
150.8
166.4

94.4
97. d
101.8
106.4
110.8
112.5
lld.l
124.2
135.5
152.2
166.6

92.0
95.2
98,0
102,5
106.4
111.4
113.3
118.8
125.7
137.9
154.0

92.7
9b.2

93.5
97.1
101.0
104.6
109.7
112.9
116,6
122.2
132.3
14b.8
162.7

79. y

yy.4

103. b
108,4
112.4
114.9
119.9
126. b
142.4
157.4

Note: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user. ''This series is shown in this
appendix for the first time. Percent changes are centered on the 4th month of the span. Annual figures are averages of the centered changes.




64. a
85.8
66.5
66. 0
89.6
91.2

ay. a

91.3
93.9
97. b
101.3
105.7
110.3
112.8
117.4
123.5
134.6
150.7
166.0

93.0
96.5

yy.9

104.1
108.7
112.4
115.6
121.1
130.3
144.4
160.0

(JUNE 1977)

99

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Jan.

Feb.

Mar.

Apr,

Annual
May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

IQ

7 3 3 - G . CHANGE IN I N D E X OF C O N S U M E R P R I C E S — C A N A D A , OVER 6-MONTH SPANS 1
{COMPOUND A N N U A L RATE, P E R C E N T )

II Q

IIIQ

IV Q

A V S H A C J E FOR P E R I O D

1945. . .
1946...
1947...

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

ma...
i9t»j...
I960...
1961...
1962...
1963...
1964...
1965...
196(i...
1967,..
1968...

1969. . .
1970...
1971...
1972...
1973...
1974...

iy?5...

tj.rf

0.6
2.7
13.2

U.t
2.<i
14,3

0.9
3.6
14.8

10.9
0.0
4.8
13.1

9.4
0.9
7.0
11.2

9.0
0.9
5.4
8.5

9.0
1.2
7.5
8.4

6.3
1.8
7.8
7.8

5.0
1.2
8.3
6.9

4.6
0.6
10.1
6.1

3.1
0.0
11.2
4.2

1.2
2.1
15.2
2.3

2.9
14.1

-1.0
-0.5

-o.fc
i.i

-0,8
1.8

-0.3
1.3

0.3
2.1

0.8
0.8

2.1
0.8

0.8
0.3

0.5
-0,3

0.0
0.3

0.3
-0.8

0.3
0.3

-0.9
0.6

U.3
0.8
3,3
3.9
0.2
0.2
-0.2
2.3
1.4
2.0

us

-U.3
2.3
2.7
3,7
0.5
0.5
-0.2
1.6
1.8
1.8

-0.5
3.1
3.0
2.4
0.0
0.2
-0.2
1.8
1.6
2.0

-0,3
4.1
3.2
1.9
0.7
0.9
0.0
1.8
2.3
1.8

-0.3
2.8
3.7
1.0
1.9
1.9
-0.5
1.8
1.4
1.6

0.0
4.1
2.7
0.5
2.9
2.6
-0.2
1.6
2.0
1.1

-1.0
4.6
2.2
0.5
2.9
2.3
0.0
1.8
1.8
0.9

0.8
3.8
1.7
1.2
2.1
2.3
0.7
1.6
1.8
2.2

1.0
3.0
2.0
2.2
2,1
2.3
1.2
1.6
2.0
2.0

0.5
2.8
2.4
1.2
1.4
1.6
1.6
1.6
1.1

1.0
3.8
2.7
1.0
0.2
1.4
1.6
2.1
2.0

0.4
1.5
2.8
4.0
0.4
0.2
-0.1
1.6
1.7

-0.4
3.3
3.3
1.8
0.9
1.0
-0.2

-U.I

2.5
4.4
O.S
-0.2
0.2
l.fe
l.fc
2.0

2.7
5.2
2.7
4.2
4.6
4.0
2,5
4.8
8.U
10.6
9.6

3.3
4.5
3.S
4.2
4.6
3.3
3.4
4.1
8.6
12.2
8.5

3.5
4.3
4.1
3.6
4.7
2.9
4.5
2.9
8.7
13.3
9.3

3.1
3.2
4.7
2.6
5.3
2.5
4.8

2.6
3.2
5.6
3.1
5.9
1.4
5.U

2.2
3.4
5.6
3,7
4.9
1.3
4.4

2,8
3.4
.5
.3
.1
.4
.6

3.3
2.9
4.3
4.5
4,3
1.4
4.4

2°. 4
2.9
4.3
5.5
3.5
0.2
5.5

3.2
3.8
4.4
4.9
3.7
0.9
4.9

4.8
2.5
3.6
4,3
4.1
2.0
4.9

5.2
2.3
3.

8.3
12.?
10.7

9.8
12.1
10.1

10.9
11.3
10.0

9.3
12.8
11.3

9.7
11.8
12.0

9.3
11.5
9.6

9.7
11.5
8.2

9.5
11.7
7.9

3.2
4.7
3.4
4.U
4,b
3.4
3.5
3.9
tf .4
12.0
9.1

2.6
3.3
5.3
3.1
5.4
1.7
4.7
4.8
9.7
12. u
10,3

1948. . .
1949...
195U...
1951...
1954...
1953...
1954...

1976. ,,

735. WfiST GERMANY « INDEX OF CONSUMER PRICES 3
(1967=100)

4.
2.
4.
6.
10.0
11.1

d.o

oi?

9.8
U.6
5.7
10.9
-3.0
0.3
1.4

i.a
i.d

3.0
0.9
12.2
4.2
-U.8
0.2
-0.1

0.9
7,2
9.2
-1.7
0.2
U.6

4.2
2.2
0.7
2.6
2.4
0.2
1.7
1.9
1.4

0.8
3.2
2,4
1.5
1.2
1.8
1.5
1.8
1.7
2.3

0.2
3.0
2.7
2.0
1.3
1,3
0.3
1.8
1.8
1.9

2.8
3,1
4.4
4.8
4.0
1.0
4.8
6.3
9,4
12.0
11.0

4.4
2.9
3.9
4.4
4.1
1.8
4.9
6.9
9.7
11,4
8.0

3.3
3,5
4.3
4.1
4.5
2,0
4.5
5.5
9.3
11.9
9.6

1.4
7.9
7.7
-1,9
1.1
U.3

©
AVERAGE FOR P E R I O D

1945. . .
194b,, .

1947. . .
1943. ..
1949...
1950..,
1951...
1952...
1953...
1954...

76.2
7U,5
7k). 5
77.0
75.4
73.8

75.4
69.7
71.3
77.0
75.4
73.8

74.6
68.9
73. 0
76.2
75.4
74.6

73.8
68.9
73.8
76.2
74,6
74,6

73.8
68.1
73.8
75.4
74.6
74.6

67.3
73.8
68.1
74,6
75,4
74,6
74.6

70.5
73.0
68.1
74.6
75.4
74.6
74.6

72.2
72.2
68.1
74.6
75.4
74.6
74.6

73.8
72.2
68.9
74.6
75.4
73.8
74.6

77.0
72.2
68.9
76.2
75.4
73.8
75.4

76.2
73.0
68.9
77.0
75.4
73.8
75.4

77.0
72.2
69.7
77.0
76.2
73.8
75.4

69.7
71.6
76.7
75.4
74.1

73.8
68.4
74.1
73.7
74.6
74. b

72.2
72,5
68.4
74.6
75.4
74.3
74.6

76.7
72.5
&9.2
76.7
75.7
73. U
75.4

1955...
1956...
I9i>7...
1958...
1959...
196U...
1961...
1962...
1'JuJ...
I»b4...

75.4
77.0

75.4
77.0
7b.6
81.1
82,7
84.3
86.7
90. a
91.6

75.4
77.8
78.6
81.1
81,1
82.7
84.3
87. b
91,6
91.6

75.4
77.8
78,6
81.1
81.1
82.7
84.3
88.4
91.6
91.6

75.4
77.8
79,5
81.9
81.1
83.5
85.1
88.4
90.8
92.4

75.4
77.8
79.5
81.9
81.9
83.5
85.9
89.2
90. B
92.4

76.2
77.8
BO. 3
81.9
81.9
83.5
85.9

75.4
77.8
79.5
80.3
81.9
82.7
85.1
87.6
90.0
92.4

76.2
77.8
BO. 3
80.3
82.7
82.7
85.1
87.6
9U.8
92.4

77,0
78,6
80,3
81.1
82.7
83.5
85.9
88.4
90.8
93,2

77.0
78. 6
80.3
81.1
82.7
83.5
85.9
88.4
90.8
93.2

75.4
77.3
7d.b
81.1
dl.l
82.7
84.3
87.0
90.8
91.6

75.4
77.8
79.2
81.6
81.4
83.2
«5.1
88.7
91.1
92.1

75.7
77.8
79.8
81.1
82.2
83,0
85.6
88.4
90.3
92.4

76.7
78.3
HU.3
80.8
82.7
83.2
85.6

90.8
92.4

75.4
77.8
79.5
81.1
82,7
82.7
85.9
88.4
90.0
92.4

I9t»!j...
Ifcbto...
I9b7...
1968...
1S69...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

93. 2
97.3
99.7
101.8
104.0
105.7
110.1
116.1
123.3
132.4
14U.6

93.2
98.1
99.7
101.8
104.1
106.0
110.8
116,7
124.2
133.6
141.3

94.0
98.1
99.7
101.8
104.7
106.4
111.6
117.2
125.1
134,0
142.0

94.0
98,9
100.5
101.8
104.7
106,7
112.1
117.6
125.8
134.8
143.0

94.9
9d,9
100.5
101.9
104.8
106,9
112.3
117.9
126.6
135.7
143.9

95.7
98.9
100.5
102.4
103.0
107. 2
112.7
118,4
127.4
136.2
145.0

96.5
98.9
100.5
102.2
105.2
107.2
113.1
119.1
127.7
136.5
145.0

95.7
98.9
99.7
101.2
105,2
107.2
113.1
119.2
127.7
136,7
144.8

95.7
98.9
99.7
101. 2
105,3
107.2
113.5
120.3
127.8
137.2
145.5

95.7
98.9
99.7
102.2
105.5
107.6
113.9
120.9
128.8
137.9
145.9

96.5
98.9
99.7
102.7
105.7
1U8.1
114.3
121.4
130,4
138.9
146.4

97.3
99.7
99.7
103.3
107.0
108.7
114.8
122.1
131.6
139.3
146.8

93.5
97. b
99,7
101.8
104.3
106.0
110.8
116.7
124.2
133.3
141,3

94.9
98.9
100.5
102.0
104. b
106.9
112.4

96.0

96.5
99.2
99.7
102.7
106.1
108.1
114,3
121. S
130.3
138.7
146.4

7d.t>

81.1
81.1
82.7
84.3
86.7
9U,U
91. to

ai.i

<J9.2

75^4

735-C, C 1 I A N U B IN I N D E X OP C O N S U M E R P R I C E S — W E S T G E R M A N Y , OVER 6-MONTH SPANS 1
(COMPOUND A N N U A L RATE, P E R C E N T )

llb.O

126.6
135.6
144.0

9a,9
100.0
101.5
105.2
107.2
113.2
119.5
127.7
136.6
145.1

88.1

90.8
92.9

73.5
68.9
74.2
75.9
74.5
74.7
75.8
77. 8
79.5
81.2
81.8
83.0
85.2
88.0
90.7
92.3
95-2
98.7
100.0
102.0
105.1
107.1
112.7
118.9
127.2
136.1
144.2

A V E R A G E FOR PKKIQQ

194b. , .
1946.,.
1947,..

194U. . .
1949...

19^y. . .
1951...
1952...
1953...
1954...
1955...
195&...
1957...
1958...
1959...
i960...
1961...
1962...
1963...
1964...

1965- . .
1966...
1967...

1 9 6 8 ...
1969...
1970...
1971...
1972...
1973.,,
1974...

1975. ,,

-a. 2

-4.4
-11.2
16.3
-3.1
-1.3
2.7

-5.7
-9.0
17.2
-2.6
-3.1
3,0

-6.5
-5.3
13.8
-3.1
-1.3
2.5

-6.8
-3.1
11.0
-2.8
-1.1
3.0

-S.3
0.9
5.8
-0.5
-2.6
1.6

-4.0
0.3
7.2
-1.6
-1.6
2.7

-4.0
0.6
7.4
-1.1
-2.9
1.6

27,4
-6.6
2.7
4.6
1.1
-2.9
1.3

14,6
-8.3
5.6
S.I
-1.1
-2.7
1.9

7.3
-8.3
8.0
5.1
-1.3
-2.9
1.3

-0.5
3.7
1.5
1.2
1.0
-1.2
2.2

0.5
2.1
2.0
3.0
U.5
0.2
3.6
5.4
3.4
2.0

2.1
1.8

0.5
2.6

1.6
1.6

2.9
0.8

4.0
2.1

4.0
2.1

2.1

7.1
-0.4

0.3
2.1
2.1
3.5
-0.7
1.0
2.6
4.5
3.9
2.0

1.3

2.2

1.2
1.4
3.1
0.6
6.8
5.0
6.7
7.7
5.9

1.6
3.0
2.5
0.8
6.6
5.1
7.4
7.0
5.7

-9,2
14.4
-0.5
-2,6
1.9

5. a

1976...

O.B
4.5
2.5
-0.6
6.3
5.1
7.7
5.8
6.8

1.2
1.0
1.0
2.9
4.9
0.9
1.1

1.2
1.6
2.3
3.1
5.9
5.6
7.4
6.5
6.2

0.5
4.2
0.2
4.3
4.4
-1.1
2.6

o.a
0.8
3.1
3.2
5.3
5.4
6.9
5.9
6.0

-0.7
3.5
1.5
3.6
2.1
-1.5
3.8

1.4
1.2
2.7
3.2
5.1
7.0
6.0
6.2
6.2

-1.0
5.2
1.5
3.8
0.0
0.2
3.8
1.8
0.2
3.6
3.3
3.4
4.9
7.3
S.5
6.4
5.7

-1.2
5.0
1.2
3.3
1.6
1.6
3,3
1.6
0.0
3.2
3.3
3.6
4,9
7.3
7,3
6.3
5.1

-0.7
3,5
1.9
2.4
0.5
1.8
3.1
2.5
-0.6
2.8
4,8
4.0
5.0
7,6
7.9
6.0
4.1

1.1
-9.9
11,0
2.7
-1.6
0.5
0.5

-b!l
-9.8
• Ib.u
-2.1
-2.3
2.5

-6.2
-2.5
10.2
-2.1
-1.7
2,4

-4.9
1.2
6.4
-0.5
-2.5
1.9

7.7
-b.b
B.2
4.3
-1.3
-1.7
1,2

3.7

5.1

0.1

1.4

-1.2
3.0

-0.5
-0.2

2.8
0.7
0.5

1.9
2.6
0.3

3.4
U.3
2.9

2.8

1.4

3.8

2.8

3.7

3.6
1.7
3.3
-1.0
4.6
1.5
3.2
U.7
1.2
3.4

3.6
l.S
2.9
-0.3
1.1
2.8
2.7
4.9
2.3
1.7

2.2
2.0
2.9
0.4
2.2
1.3
3.1
3.7
1.9

5.2
2.0
-0.1
3.2
3.8
3.7
4.9
7.4
7.2
6.2
5.0

3.3
1.1
1.9
4.6
0.7
5.8
5.1
7.0
7.9
6.0
4.6

4.3
2.3
1.0
3.0
2.5
3.2
S.5
6.4
7.3
6.3
5.5

2.4

0.9

1.7

1.2

-0.6
2.5

2.3
2.2
1.8
3.6
1.0
5.1
5.0
7.0
7.2
S.3
4.3

4.0

3.6

2.5

6.2

2.2
4.8
0.6
5.7
5.4
7.5
8.1
5.8
4.9

1.8
5.4
0.4
6.6
5.0
b.6
8.3
5.9
4.6

1.2
3.0
2.7
0.3
6.6
5.1
7.3
b.8
6.1

1.1
1.2
2.7
3.2
.4
.0
.8
.2
.1

'This series is shown in thUs appendix for the first time. Percent changes are centered on the 4th month of the span, Annual figures are averages
of the centered changes. 'This series contains revisions beginning with 1970.

100



-6-i>
-0,7
9.2
-X.5
-2.0
2.0

2.2

(JUNK 1977)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Annual

Jan.

Feb.

Apr.

Mar.

May

June

July

736. FRANCS — INDEX OF CONSUMER PRICES
(1967=100)

Aug.

Sept.

Oct.

'Nov.

Dec.

1 Q

34.7
41.6
44.8
49.8
60.7
59.6
58.9

34.2
39.6
44.1
50.4
60.4
59.3
58.5

34.3
39.1
44,8
51.3
59.8
59.0
58.1

34.7
38.8
44.1
52.8
58.9
59.4
58,9

35.1
38.6
42.9
52.7
58.3
59.4
58.7

35.0
38,4
42.9
53. U
58.2
58.7
58.0

38.6
39.2
44.5
53.5
59.1
58.4
57.8

41.5
41,3
46.1
54.2
59.6
57.6
58.2

42.9
42, 9
47,3
55.5
59.1
57.6
58.3

42.2
43.4
47. b
57.1
5H.9
57.6
58.9

43.3
43.6
48.2
58.3
59,4
58.0
59.1

1955...
1956...
1957...
1958...
1959,..
1960...
1961...
1962...
1963...
1964...

59.3
59.8
60.8
69.3
74.8
78.6
80.3
84.0
87,5
91.6

59.1
60.4
61.0
70.1
75.9
78.7
80.4
84.0
87.9
91.6

59.1
60.4
60.7
71.1
75.6
78.7
80.3
84.3
88.2
91.7

59.1
60.2
60.5
71.7
75.6
78.8
80.2
84.3
88.4
91.8

59.5
60,7
60.4
71,8
75,2
78,7
80,1
84.9
88.6
91.8

59.0
60.1
60.8
72.0
75,4
78.6
79,9
85.2
89.3
92.0

58.4
59,8
61.7
72.4
75.6
78.9
80.6
85.6
89.6
92.3

58,3
60.1
62.4
72.5
76.0
79.6
81.0
85,4
89.9
92.5

5b. 9
60.5
63.2
72.8
76.3
79.7
81.5
85.7
90.5
92.9

59.6
60.4
64.2
73.0
77.0
79,9
82,3
86.1
90.7
93.1

59.6
60.4
65.7
72,8
77.5
80,1
83.1
86,8
91. U
93.1

59.7
6U.4
67. U
73.0
77.5
bO.2
b3.5
87.4
91.2
93.1

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

93.7
96.1
98,8
102.8
108.3
114,4
120.0
126,8
135,2
149,2
170.8

93.7
96.3
98.9
102.8
108.7
114.9
120.6
127.5
135.6
151.2
172.1

94.0
96.5
99.2
102.9
109.1
115.3
121.1
128.1
136.3
152.9
173.5

94,1
96.8
99.3
103.2
109.7
115.9
121.8
128.6
137.2
155.4
175.1

94.4
97.2
99.4
103.5
110,2
116,5
122.6
129.3
138.5
157.3
176.3

95.9
97.1
99.4
103.9
110.5
117.1
123.1
130.0
139.6
159.0
177.6

95.1
97.4
99.6
104.2
111.0
117.6
123.7
131,0
140,7
161.0
178.9

94.8
97.4
100.0
104.7
111.2
117.8
124.1
131.7
141.7
162.3
180.1

95.1
97.8
100.4
105.4
111.9
118.3
124.7
132.6
143.0
164.1
181.6

95.3
97.9
100.9
106.6
112.5
118.7
125.4
133.7
144,5
166.0
183.0

95.4
98.1
101,6
106.9
113.1
119.2
125.9
134.5
145.8
167.6
184.2

95. b
98.4

lUl.b
107.1
113.5
119.4
126.5
135.2
146.7
169.0
185.2

3J.7
41.5
44.3
49,6
6U.2
59.5
5b,6

34,7
38.8
43.9
52,3
59,0
59.3
58,6

38.4
39.6
44.5
53,6
59, U
58.2
5b,u

42.«
43.3
47.8
57,0
59.1
57.7
58,8

37.4
40. 8
45.1
53,1
59.3
58.7
58.5

5y,2

59,2
60,3
60. b
71,8
75,4
78.7
do.l
84. b
d8.b
91.9

5b,b
60.1
62.4
72.6
76.0
79.4
81. U
85.6
92.6

59.6
60.4
65.6
72.9
77.3
80.1
83.U
86.8
91.0
93.1

59,1
60. 3
62.4
71.9
76.0
79.2
81.1
85,3
89.4
92,3

94.8
97,0
99.4
103.5
11U.1
116.5
122.5
129.3
138.4
157.2

95.0
97.5
100.0
104.8
111.4
117.9
124.2
131,8
141. U
162,5
180.2

95.5
96.1
101.4
106.9
113,0
119.1
125.9
134.5
145.7
167.5
184.1

94.8
97.2
99.9
104.5
110.8
117,1
123.3
130,8
140,4
159.6
178,2

60.2

6u.d
70.2
7b.4
7b.7
8U.3
84.1

87. y

91.6
93. b
96.3
99,0
1U2.8

lUb.7
114.9
120.6
127.5
13^,7
151.1
172.1

736-C. CHANGE IN I N D E X OF CONSUMER PRICES—FRANCE, OVER 6-MONTH SPANS'
{COMPOUND ANNUAL RATE, PERCENT)

1955...
1956...
1957...
1958.,.
1959...
1960...
1961...
1962...
1963...
1964...
1965.,.
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

-9.0
10.1
27.6
8.7
2.1
3.9

-11.0
6.7
29.3
5.6
3.8
4.9

31.9
-12.7
4.2
27.9
2.1
2,4
2.8

IVQ

AVERAGE FOR PERIOD

32.3
43.4
44.1
48.7
59.5
59.5
58.4

-11.2
15.3
22.2
18.2
-0.3
0.7

III Q

®

1948...
1949...
1950...
1951...
1952...
1953...
1954...

1948. . .
1949...
1950...
1951...
1952...
1953...
1954...

11 Q

17to.3

yo,o

A V E R A G E FOR PERIOD

35.1
-3.9
6.0
23.3
0.3
1.0
1.0

44.3
7.2
7.8
15.6
-1.3
-4.0
1.4

45.9
13.1
6.8
14.5
-2.7
-3.7
2.1

36.9
16.4
11.1
13.2
-1.0
-5.7
1.0

35.0
14.5
15.5
14.2
-0.7
-7. 6
-0.7

37.6
18.3
17.9
16.8
-1.7
-5,6
0.7

6.7
21,1
17.0
20.9
-3,6
-3.0
0.0

-7.1
15.7

23.4
-2.7
1.0
0.7

-10,4
1U.7
26.4
10. d
1.'9
3.2

37.1
-3.1
6.0
22.3
0.4
-0.2
1.7

39.3
14,7
11,1
14.0
-1.5
-5.7
0.8

12.4
18.4
18.5
20.4
-2.7
-2.5
0.5

4.9
11.6
20.7
1.8
-1.6
1.5

1.1
2.9

1.7
1.2
12.3
9.6
5.2
2.9
4.2
4.6
4.6
2.4
2,7
2,8
3.6
5.5
5.7
5.2
5.8
6.7
9.8
14.5
9.8

2iJ.6

1.4

1.0

1.7

0.3

1.4

-1,3
23.3
6.1
3.7
0.2
4.9
5.4
2.4

-0.3
19.8
7.3

2.7
16.8
7.8

6.4
12.3
4.9

8.8
10.6
2.9

1.7
2.7
10,9
7.5
4.0

3.1
2.0
14.1
4.8
4.8

1.4
-0,3
18.7
2.5
5.4

0.7
-0.3
20.2

1.4
0,0
22.3

3.1
-1.0
21.7

2,7
-1.6
23.6

1.4
2.1
0.4

a. 7

4.3

1.0
5.4
5.1
2.4

0.2
5.4
5.3
2.4

2.8
5.3
5.8
2.4

3.3
4.8
5.5
2.6

4.3
4.1
5,8
2.6

5.6
4.3
5.3
2.9

6.6
3.6
4.8
2.2

7.9
4.0
3,4
2.0

5.3
1,3
6.8

4.8
0.0
6.0

4.5
0,0
6.0

7.1
3.9
0,5

10.1
3.9
4.2
3.5

1.7
0.5
17.7
3,0
4.8
3.0
6.7

3.6
2.4

3.1
2.0

2,4
2,4

5.3
2.4

5.7
2.5

4.5
2.4

2.4
-0.9
22.5
5,1
4.9
0.4
6.3
4.5
3.0
2.3

2.2
3.2
2.7
4.6

3.3
4.0
2.7
3.8

6.6
3.2
2.2
4.4

3.5
3.4
2.2
3.3

3.0
2.9
2.9
4.3

2.4
2.9
2.8
5,3

2.3
3.5
6.7

1.7
4,5
6,5

2.5
4.7
6.1
5,5

1.3
2.2

2,3
2.5

6,0

6.1

6.3

6.1

5.9

6,0
16.4
10.4

6.3
17.0
9.9

8.1
16.3
9.5

9.2
15.1
9.4

9.9
14,7
9.2

5.7
7.8
10.6
14.1
9.2

5.3
8.2
10.8
13.7
9,4

5.8
8.5
10.7
13.5
9.3

2.7
4,6
6.9
6.0
5.U
5.9
6.0
14.5
12,2
1U.2

3.1

5.5
15.8
11.3

2.5
5,1
7.2
6.2
4,5
5,4
6.0
13.8
12.6
9.7

3.5

5.6

2.3
5.9
7.4
5.7
3.9
5.1
6.7
12.5
12.8
9.7

4,3
6.3
6.2
5.9
5.5
5.9
16.4

4.3
5.4
5.7
6,1
b.8
9.1
15.4

6.4
5.3
4.4
5.6
8.2
10.7
13.8

7.2
6.U
4.5
5.5
6,2
13,6
12.5

737. ITALY — INDEX OF CONSUMER PRICES
(1967=100)

®
A V E R A G E FOR P E R I O D

1948...
1949...
1950...
1951...
1952...
1953...
1954...

54.9
56.4
53.7
57.6
60.9
63.6
64.3

54.4
56.4
53.7
58.7
62.0
63.6
64.7

55.8
56.4
53.1
58.7
62.0
63.6
64.7

56.0
57.2
53.8
60.4
62.7
64.3
64.7

55.2
57.2
53.9
60.4
62.7
64.7
65.9

54.8
56.6
54.6
60.9
63.1
64.7
66.4

52.1
55.0
54.6
60.9
63,1
63.6
66.4

54,4
55.7
55.6
60.9
63.1
63.6
66.4

55.7
55.5
56.8
60.9
63.6
63.6
66,4

54,8
54.1
56,1
60.9
63,6
64.3
66.4

55.2
54.3
56.7
61,5
63.6
64,3
66.4

55,7
53.8
56.8
61.5
63.6
64,3
66,4

55,0
56.4
53. b
5b,3
61.6
63.6
64. D

55.3
57.0
54.1
60.6
62.8
64.6
65,7

54.1
55.4
55.7
60,9
63,3
63,6
66.4

55.2
54.1
56.5
61.3
63.6
64.3
66,4

54,9
55.7
55.0
60.3
62.8
64.0
65.8

1955...
1556...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

67.5
68.6
70.9
72.3
72.3
74.1
75.1
77.2
82.8
88.2

67.5
69.3
70.5
72.2
72.2
73.9
75.1
77.6
84.0
88.2

67.5
69.8
70.3
72.2
71.9
73.8
75.1
78,1
84.2
88.5

67.5
70.1
70.2
72.8
71,8
73.7
75.2
78.7
84.7
88.6

67.5
70,2
70.2
73.4
72.2
73.9
75.4
78.7
84.7
89.4

67.5
69.9
70.2
73.5
72.2
73.9
75.4
78.5
84.8
90.0

67.5
69.9
70.6
73.4
71.8
74.2
75.7
79.3
84.7
90.5

67.5
70.0
70.6
73.4
72.1
74.2
75,8
79.5
65.0
90.7

67,5
70.1
70,9
73.1
72.4
74.2
75.9
79.8
85.7
91.2

68.1
70.0
71.2
72.6
73.1
74.2
76,0
80,0
86.6
91.5

68.1
70.2

68.7
70.5

b7,5
69.2

67.5
70.1

67. b
70,0

72,6
73.5
74.6
76.6
82.5
86.9
92.2

72.4
73.7
74.7
76.7
87.4
92.6

72,2
72.1
73.9
75.1
77.6
83.7
8b.3

73.2
72.1
73.8
75,3
78.6
84.7
89.3

73.3
72.1
74.2
75.8
79,5
85.1
90.8

68.3
70.2
71.6
72,5
73,4
74,5
76.4
81.4
87.0
92.1

67.7
69.9
70.8
72.8
72.4
74.1
75.7
79.3
85.1
90.1

1965...
1966...
1967...
19bb...
1969'...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

93.0
95.9
98.8

93.1
95.9
99.0
101.0
102.2
107.3
112.6
118.0
128.4
146.6
180.8

93.3
95.9
99.2
101,1
102.6
107.8
113.1
118,3
129.7
149.5
181.0

93.6
96.1
99.3
101.3
103.1
108.2
113,3
118.6
131.0
151.3
183.4

93.8
96.3
99.7
101.4
103.3
108.7
114.0
119.7
133.0
154.5
184.9

94.0
96.3
99.9
101.3
103,7
108.8
114.1
120.3
134,2
156.7
186.4

94.5
96.3
100.1
101.1
104.3
109.1
114,4
120.7
134,9
159.8
187.1

94,7
96.4
100,3
101.1
104.6
109.3
114.6
121.5
135.8
163.3
188.3

94.9
96,4
100.6
101.2
104.7
110.4
115.4
122.7
136.6
168.0
189.8

94.9

100.7
101.3
105.0
110.7
115,9
124.0
137.7
171.2
191.9

95.2
97.3
100.8
101.4
105.6
111.2
116.5
125.0
139.3
174.5
194.1

95.6
97.9
100. b
101.7
106.0
111,7
116.9
125.5
141.3
175,9
195.6

93,1
95.9
99.0
101.0
102.3
107.2
112.6
117.9
12b,3
146.6
180.0

93,8
96.2
99,6
101,3
103.4
1Gb. b
113.8
119,5
132,7
154.2
184.9

94.7
96.4
100.4
101.1
104.5
109.6
114.8
121.6
135.8
163.7
188.4

95.2
97.3
100.8
101.5
105,5
111.2
116.4
124.8
139.4
173.9
193.9

94.2
96.4
100,0
101.2
103.9
109,1
114.4
121.0
134,1
159.6
186.8

lul.o

102,1
106.4
112.1
117,4
126.9
143.6
178.2

ye,6

bi.b

Note: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user, 'This series is shown in this
appendix for the first time. Percent changes are centered on the 4th month of the span. Annual figures are averages of the centered changes.




(JUNE 1977)

101

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year
Jan.

Feb.

Mar.

Apr,

May

June

July

Aug.

Sept.

Oct.

Nov.

Annual
Dec.

IQ

737-C. CHANGE IN I N D E X OF CONSUMER PRICES — ITALY , OVER 6-MONTH SPANS'
(COMPOUND ANNUAL RATE, PERCENT)
1946. .
1947, .
1948 , , ,
1949...
1950...

mi...

1952...
1953...
1954., .
1955...
1956...
1957...

lysa...

1959...
19faU...
19bl...
1962,.,
19b3..,
1964...
1965...
1966...
1967...
1968...
19b9...
1970...
1971..,
1972...
1973...
1974...
1975..,
1976..,

II Q

HID

IV Q

AVERAGE FOR PERIOD

...
2.4
-1.5
11.6
4.6
4,2
0.7
3.5

9.1
-6,5
10.4
2,9
1.3
2.9
2,9

1.0
2.2
5.7

0.4
2.6
0.8
3.5
0.5
1.4
2.9
6.1

3.5
1.2
4.6
-1.7
3.9
1,9
3.0
7,4
5.S

4.7
1.3
3.9
-3.7
4.5
1,5
3.8
9.5
6.3

2.7
2,3
2.2
U.6
1.9
1.5
3.0
7.2
6.2
5.7

1.5
S.2
0.2
2.4
5.6
4.6

3.6
1.8
4.6
0.8
3.4
5.5

4.3
l.tt
3,6
0.7
4.9
5.1

3.2
2.5
2.6
U,6
4.6
5.2

11.6
19.6
16,2

5.U
12.7
21.9

7.0
12. b
25.0

9.4
10,5
27.8
10.4

1.8
4.7
0,7
1.9
4,b
5.1
5.0
10.8
16.0
20.8
14.8

3.2
2.7
2.9
1.0
4.4
5.2
4.7
8.1
12.9
23.9
11.9

-2.5
-5.2
11.9
5.8
4,2
-0.3
S.6

-0,7
-7.3
12.0
4.4
4.9
1.9
6.6

2.2
-7.9
12.3

5,6
-7.3
10.6

15.0
-6.0
10.4

7,5
-7,1
11.9

4.7
-b.4
9.0

4.2
0.0
3.1

3.5
0.3
0.9

1.6
2,5
3.3

1.6
2.8
2.7

0.6
3.5
2.7

T.6
-2.4
12.5
3.0
1.4
2.9

4.2
1.7
5.2
-3.2

3.3
2.9
4.6
-3.S

4.5
0.9
4.0
-3.8

6.3
0.0
3.1
-3,8

2.3
4.3
-O.b
4.2

1.6
2.9
8.0

1.6
3.2
8.0

1,3
3.7
10,6

1.6
4.5
10.0

1.7
4.6
0.8
1.6
4.6
5.4
5.1
10.6
15.4
21.7

5.1
-4.4
12.8
3.6
0.3
-U.3

5.1
-3.3
12.0
2,b
2.2
3.8

0.7
0.4
12.7
2,9
1.6
5.3

2.4
4.7
-0.3
4.0
-2.7
0.8
1.9
6.1
11.0
3.7

1.8
5.0
-0.9
4,5
-1.4
1.1
2.2
5.6
5.7
5,0

2,7
3.2
-0.6
4.2
0.0
1.1

-0.3
3.8
-O.b
3.4
-0,8
0.8

0.9
2.6
0.9
3.9
0,3
1.6

0.6'
1.4
2.3
3.1
2.0
1.9

3,0
0,9
3.7
0.0
4.5
2.2

3.3
0.9
4.9
-1.9
3.6
1.9

5.3
8,0
6.5

6.6
S.7
b.5

6.0
3.6

5.7
4.8

4.4
5.5

9.9

3.7
1.7
5.0
O.b
3,0
6.0
4.6
4.5
11.6
20,7
14.5

3.5
2.1
4.6
0.8
3.2
5.6
4.S
5.2
12,7
22.7
11.9

3.S
1.7
4.1
1,0
4.0
5,0
4.0
5,4
13,8
22.3
11.5

4.4
1.7
3,5
0.8
4.3
5.5
4.3
6,1
13.3
23.8
10.1

4.4

4.1

3.7

3.0

3.0

2.1

3.5
0.8
5.4
4.5
4.3
7.1
13.0
25,0
9.3

3.7
0.6
4.5
5,3
4.5
7.8
11,1
26.1
9.7

3.5
0.6
4.1
4.9
4.8
9.3
10,3
28.4
9.7

2.6
0.4
4.9
5.0
4.8
9.4
9.9
28,0
10.6

l.a

1.2
1.6
3.7
5.4
5.1
10,3
13.1
24.6

738.

-3.7
-3,6
7.9
8,5
5.0
-0.1
b.O

0.0
-2,5
7.2
7.6
3.6
0.3
6.0

-8.5
-3.2
4.5
12.1
7.3
-0.3
6.3

JAPAN — I N D E X OP CONSUMER PRICES 2
(1967=100)

0.8
4.7
5.8
5.5
9.4
11.3
26,9
10,9

-3.5
6.9

?.i

3.4
1.2
3.8

©
AVERAGE FOH PERIOD

1947.
1948...
1949...
1950, ,.
1951...
1952...
1953...
1*54...

30.7
48.3
4b.9
49.3
55.0
56,1
62,4

30.1
46.9
47.0
51.4
55,0
56.7
62.6

33.5
50.1
45.7
52.5
S5.4
56.9
62,6

35.3
50.8
44.5
52.8
55.5
57.9
62. B

36.7
52.0
45.0
52.4
54.8
S7.7
62.6

40.7
50.7
43.1
52.2
54.3
58.6
62.6

40,1
48.4
44.6
51.4
5S.3
59.0
62.9

43.8
47.7
45.0
53.2
55.0
59.4
62.2

45.9
48.2
45.5
54.2
54,9
60.5
62.2

42. B
47,5
44.3
54.5
54.8
62.9
62.9

43.8
46.7
45.0
55.0
54.8
62.0
61.6

45.5
47.8
46.7
54.8
54.9
62.0
61.0

31.4
49.1
47.2
51.1
55,1
56.6
62.5

37. b
51.2
44.2
52. 5
54.9
58.1
62,7

43,3
48.1
45.0
52,9
55.1
59.6
62.4

44. 0
47.3
45.3
S4.8
54.8
62,3
61.8

39.1
48.9
45.4
52, H
55.0
59.1
62.4

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962.,.
1963...
1964...

61.6
61.0
b3.3
63.8
65. 3
67.0
69. U
74.6
79.3
83.4

61.7
61.7
62.8
63.5
64.8
67.2
69.4
74. S
80.0
83.1

61.4
62.2
62.9
63.3
64.8
67.1
69.9
75.0
dO, 9
U4.0

62.4
61.8
63.5
63.8
65.2
67.6
70.6
75,8
81.8
85.4

61,7
61. 7
64. U
63.8
64.8
67.9
69.6
76,7
82.7
85,5

61.4
62.9
64.2
64.8
64.7
67.9
70.8
76.7
83.7
85.6

6U.8
60,9
64.2
64.0
64.8
67.8
71.4
77.3
84.1
85.5

61.4
61.7
64.7
64.8
65.9
68.5
71.9
76,1
81.9
85.6

61.0
62.2
64.5
64,7
65.6
68.5
72.2
75,7
82.7
86.1

62,1
63,2
64.8
66.4
66.4
68.5
73.8
77.0
83,4
87.8

60.9
62.3
63.8
65.7
66.4
68.1
74.0
76.9
83.3
87.1

60.9
62.9
t>3.8
65,4
66.4
68.2
74.3
78.0
82.9
87.0

61.6
bl.6
63.0
63.5
65.0
67.1
69.4
74.7
80.1
83.5

61,8
62.1
63.9
64.1
64.9
67.8
70.3
76.4
82.7
85.5

bl.l
61.6
64.5
64.5
63.4
68.3
71.8
76.4
82.9
85.7

61.3
62.8
64.1
65.8
66.4
68,3
74.0
77,3
8'3.2
87.3

61.4
62.0
63.9
64.5
65.4
67.9
71.4
76.2
82.2
8S.5

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

89.6
94.1
9d.9
103.8
107,7
116.1
124.6
129.5
138.4
167.1
195.5

89.6
94.9
99.4
104.2
108.1
117.1
124.4
130.1
139.6
172.5
196.2

90.9
95.3
i)9.B
104.7
1C9.2
118.4
124.3
131.0
142.8
173,8
19^.2

92.7
96.9
99.8
104.9
110.5
119.3
126.2
132.1
145.2
179.1
203. 1

91.4
95.6
98.6
105,4
110.3
117.9
126.1
132,9
147.8
179.3
205.3

91.4
96.3
98.1
103.9
110.3
117.3
127.3
132.9
148.3
18U.5
205.3

90.9
96.4
98. U
1U4.5
112.8
117.8
126,7
133,0
149,5
184.0
205,6

91.1
95.7
96.6
104.4
112.8
118.4
125.7
134,0
150.8
185.2
2U4.8

92.7
96.3
101.1
108,5
114.2
121.5
130.9
135.4
154,7
188.5
208.9

93,9
97.4
102.5
107.5
114.0
124.0
130.6
135.6
153. b
192.7
212.2

92.9
96.8
102.5
107.7
113,8
123.4
129.4
135.4
155.6
193.9
211,0

93.3
97.5
103.0
107.2
114.2
124.2
129.4
136.8
160.0
194.7
210.6

90.0
94.8
99,4
104.2
108.3
117.2
124.4
130.2
140.3
171.1
196.6

91.8
96.3
98.8
104.7
lit). 4
118.2
126.5
132.6
147.1
179.6
204.6

91, b
96.3
99,2
105.8
113.3
119.2
127.8
134,1
1S1.7
185.9
206.4

93.4
97.2
102.7
107.5
114.0
123.9
129.8
135.9
156.4
193.8
211.3

91.7
96.1
100,0
105.6
lll.S
119.6
127.1
133.2
148. 9
182.6
204.?

738-C. CHANGE IN I N D E X OF CONSUMER PRICES— J A P A N , OVER 6-MONTH SPANS'
(COMPOUND ANNUAL HATE, P E R C E N T )

1947. . .
1948. . ,
1949...
1950...
19bl...
1952.,.
1953...
1954.,,

AVERAGE FOR PERIOD

99.0
0,9
-4.3
11.9
3.3
13.8
1.3

46.6
-9.8
9.9
12.0
1.5
16.0
-2.4

23.1
-8.1
23.3
4.9
2.7
8.2
-3.8

2,7
3.0
14.5
1.4
12.2
-1.1

5.1
12.5
3.7

0.2
4.7
2.8
1.4
3.5
7.2
5.0
8.4
7.0

2.0
0.4
5.1
4.7
1.8
12.0
4,1
3.1
6.0

1.4
4,5
-2.8
1.6
3.2
3.3
7.8
9.1
0.2
8.4

-0.3
2.4
1,6
2.S
2.2
3.2
8.1
5.8
6.0
6,3

9.0
5.2
3.0
4.2
5.9
7.8
4.1
3.5
15.5
29.5
9.0

5.3
5.5
1.8
4.9
11.0
4.5
6,1
b.5
17.3
18.3
10.5

4.8
2.8
8.1
5.0
6.3
9.8
5.7
6.1
14.9
18.8
9.1

4.9
4.2
8.2
3.1
5.9
8.2
3,5
9.2
27.0
11.7
10.4

6.0
4.4
5.2
4.3
7,2
7.5
4,8
6.3
18.7
19.6
9,8

-1.3

28.8
-14.1
28.3
-3.9
8.9
1.3

22.0
-19.6
24.2
-1.8
13.9
1,3

84,1
7.8
-11.3
14.1
4.B
13.3
3.9

119.5
-1,2
-4.3
11.4
4.1
12.8
0,3

93.5
-4.0
2.7
10.3
1.1
15.4
-0,3

55,9
-7.4
4.6
10.6
0.4
19.3
0.3

56.8
-12.5
6.9
14.7
2.2
16.6
-2.9

27.1
-9.6
18.3
10.6
1.8
12.2
-4.7

34,5
-4.4
15.6
10,3
0.0
9.7
-5.9

20.0
-6.6
25.3
3.0
2.9
8.9
-2.5

14.9
-13,2
29.1
1.5
5,2
6.0
-2.9

1956...
1957...
1958...
1959..,
196U,..
1961...
1962...
1963...
19U4,.,

0.7
3.2
-1.2
-2.1
4.6

2,0
S.2
-0.3
-2.7
4,3

5,6
302
2,5
-3.0
3,3

1.3
4.5
1.9
-0.3
3.0

0.0
5.5
2.8
2.2
3.0

-0.6
4.2
3.8
2.2
4.5

3.2
-2.8
4.6

2.8
3.9
0.3
-2.6

13.2
5.1

13.0
6.1

5.6
7.8

6.5
7.0

1,0
-0.6
2.5
b.6
2.1
12.0
5.3
-0,2
4.7

3.9
-2.8
1.2
5.2

5.S
12,8
2.9

2.3
-0.3
6.0
5.0
1.2
14.6
2.9
4.2
6.2

6.3
-2.8
2.8
5.9

5,0
11.5
3,1

2.6
2.2
6.7
2.5
2.1
9.3
4.0
5.2
7.2

5.0
-2.4
8.6

10.2
2.0
7.6

12.2
1.0
9.0

1965,.,
1966...
1967...
1968...
1969...
1970,.,
1971,..
1972...
1973., .
1974...
1975...
1976...

9.8
5.0
4.0
4.0
5.1
9.4
3.1
1.5
13.5
33.8
9.4

7.9
4.3
3,1
5.7
5.3
7.3
3.9
4,0
16.7
29,4
8.8

9.4
6.3
1.3
2.9
7.2
b,-,
5.4
5.1
16,3
25,2
8,6

4.5
7,2
0.2
3.5
11.9
4.4
4.4
6.0
17.0
21.1
10.3

5.7
4,7
1.6
3.3

5.8
4.7
3,5
7.8

4.0
2.3
6.4
5.9

5.3
3.6
8.5
4.0

3,8
3.2
6.9
17.7
16.6
10.6

5.2
10.6
6.5
17.1
17.3
10.7

8.3
7.8
6.2
13,4
17.3
10.8

9.7
6.1
5.5
13.4
20.3
8.9

5.1
2.5
9.3
5.2
5.8
11.3
3,2
6.7
18,0
18.8
7.6

5.3
3,1
10.0
4.0
4.3
10.6
3.6
7.9
24.7
13.1
9.8

5.7
4.6
8.2
4.4
5.7
8.9
6,3
7,9
29.6
11.0
11.2

3.7
4.8
6.4
0.9
7.7
5,0
0.6
11.7
26.6
11.0
10.2

32.5
-17.4
35.1
-0.4

d.y

iy5S...

o.y

27,' 8
-17.0
29.2
-2.0
10.6
0.4

'This series is shown in this appendix for the first time. Percent changes are centered on the 4th month of the span. Annual figures are averages
of the centered changes. 2 TMs series contains no revisions but is reprinted for the convenience of the user.

102



( J U N E 1977)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Feb.

Jan.
93.

Mar.

Apr.

May

June

July

Aug.

Sept.

FKEE RESERVE'S (MEMBER BANKS EXCESS RESERVES M I N U S BORROWINGS) 1
(MILLIONS OF DOLLARS)

Oct.

250
70S

-189
-339
-471
382
-536
247
537
439
133
83

-286
-214
-466
95
-493
414
547
375
91
89

-359
-195
-344
96
-459
4bC
442
419
94
106

-492
-154
-293
20
-433
614
517
473
33
-34

-24s
-3b
-133
-41
-424
669

-134
-390
298
-190
-946
-682
-606
-183
-1,897
-3,173
6

-144
-368
268
-132
-831
-335
-295
-352
-1,624
-3,096
-197

-146
-431
160
-167
-992
-208
-153
-327
-1,267
-1,702
-35

-83
-222
270
-245
-988
-3U5
-144
-292
-1,195
-1,027
229

-2
-165
107
-310
-829
-49
58
-830
-1,036
-3o4
135

766
505
698
552
546
655
471
578
-614
503

571
631
707
700
603
593
672
283
-631
626

373
806
677
599
601
624
152
65
-353
561

749
816
650
752
658
700
664
130
365
711

1,056
807
689
722
910
623
562
-468
366
770

701
7fab
673
750
861
483
412
-383
-7
725

G75
736
798
756
847
669
383

1955...
195b...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

369
-255
116
122
-59
-375
696
555
375
175

270
-267
-126
324
-48
-365
517
434
301
89

122
-409
-316
495
-140
-219
486
382
269
99

95
-533
-504
492
-259
-194
551
441
313
167

212
-504
-444
547
-319
-33
453
440
247
82

168
-195
-508
484
-513
37
549
391
138
120

92
-139
-383
547
-556
120
530
440
161
135

1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974,..
1975.,.
1976...

106
-44
-16
144
-460
-799
-91
153
-823
-808
-454

36
-107
-4
38
-596
-819
-127
91
-1,388
-997
85

-75
-246
236
-315
-701
-781
-120
134
-1,563
-1,176
160

-105
-268
175
-413
-844
-704
-8
27
-1,564
-1,556
10

-180
-352
269
-326
-1,102
-795
-18
-15
-1,668
-2,386
-61

-182
-352
297
-341
-1,064
-701
-322
110
-1,730
-2,869
277

-174
-362
272
-226
-1,074
-1,217
-658
-55
-1,708
-3,131
-293

yb

41y
2b8
209
168

827

...
73. 7
87.5
98.7
76.9
71.2
93,1

2.5
17.5
66.2
85.0
25.6
43.7
79.4

81.2
71.2
66.2
21.9
56.2
80.6
80.6

93.1
47.5
47.5
49.4
21.2
5.6
85.6

95,6
29.4
75,0
40,0
38.1
41,2
86,9

80.0
1.9
33.1
20.0
78,1
0.0
71.2

1955...
1956...
1957...
1958...
1959...
I960..,
1961...
1962..,
1963...
1964...

72.5
41.2
57.5
91.9
86,2
27.5
86.9
25.6
97,5
74.7

87.5
41.9
13.7
77.5
62.5
12.5
96.2
75.0
78.7
65.2

47.5
88.7
81.2
73.1
80.6
34.4
85.6
47.5
43.7
78.5

83.7
33.7
74.4
59.4
53.1
51.9
72.5
8.7
91.2
75.6

33.1
23.1
78,7
91.2
53,7
35.0
81,9
1.2
85.0
52,6

88.7
20.0
42.5
86.2
41.9
76.2
40.0
1.2
51.9
35.3

1965..,
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...

92.2
74.0
90.9
64.5
12.0
43.3
95.8
89.6
26.8
85.8
95.4

81.8
48.7
92.2
10.5
43.3
23.3
87.5
70.1
14.5
50,7
93.8

64.3
14.3
61.0
21.1
13,3
82.7
71.5
76,4
19,6
91,0
86.2

70.8
63.6
76.0
94.7
54.0
16.4
84.0
71.5
- 21.7
9.7
69.2

66.9
3,9
74.0
83.6
74.7
2,7
41.7
21,5
14.7
27.3
61.0

0.0
23.4
51.3
80.3
1.3
47.9
27.8
43.1
15.4
39.4
70.8

DIFFUSION

III

Q

IVQ

564
751
t>78
664
622
639
490

aio

7S3
762
697
696
706
676
467
-66
-91
627

081
bb3
b05
723
461
b44
-b42
b59

-206
633

811
769
720
743
873
592
452
-252
203
734

254
-310
-109
314
-82
-320
5fat>
457
315
121

158
-411
-485
508
-364
-63
518
424
233
123

-128
-231
-440
341
-528
260
538
416
123
102

-365
-128
-257
25
-439
4s9
387
112
80

-20
-270
-323
297
-353
116
520
421
197
107

22
-132
72
-44
-592

-156
-324
247
-360
-1,003
-733
-116
41
-1,654
-2,270
75

-151
-373
279
-183
-950
-745
-520
-197
-1,743
-3,133
-161

-77
-273
179
-241
-936
-187
-80
-483
-1,166
-1,031
110

-90
-276
194
-20?
-871
-616
-207
-128
-1,455
-1,857
-11

al3

-aoo
-113
126
-1,258
-994
-70

DIFFUSION I N D E X OF STOCK PRICES, 500 COMMON STOCKS — 65-62 INDUSTRIES 2 (u)
(PERCENT RISING OVER 1-MOMTH SPANS)

1948...
1949...
1950...
1951...
1952...
1953...
1954...

II Q

AVERAGE FOR PERIOD
1,157
743
762
663
68b
88b
169
-670
252
457

720
807
602
560
600
614
298
330
-672
339

1 Q

©
575
643
57b
655
677
b8t>
3d9
-875
196
bSO

996
1,126
744
938
669
900
613
723
-640
836

968.

Dec.

699
756
783
706
816
775
821
-400
390
638

1945,,.
1946...
1947.,.
1948...
1949...
1950,,.
1951.,,
1952...
1953...
1954...

968.

Nov.

iby

714
707
675
726
749
460
-715
280
562

saa

AVERAGE FOR P E R I O D

3.7
95.0
94.4
92.5
53.7
76.9
83.1

31.9
72,5
90.0
93.1
13.7
0,0
51.9

61.9
95.0
92.5
41, y
13.7
75.6
60.6

1.2
65.6
31.9
6.2
90.0
81,2
91.9

41.2
86.2
52. b
71.2
90.0
67.5
96.2

...
b4.1
73.3
68.5
52.9
65.2
84.4

89.6
26.3
51.9
36.5
45.8
15.6
81.2

16.0
89,2
67,9
77.7
51.0
47.3
75.2

34.8
82.3
59,0
39.8
64.6
74.8
82.9

b3.7
95.0
51.9
85.6
80.6
35.0
42.5
69.4
29.4
89.7

23.1
56.9
7.5
88.7
42.5
76.2
81.2
7d.l
75.0
41,0

70.6
12.5
8.1
84.4
9.4
16.9
40.0
3fa.2
76.9
76,3

5.0
23.7
4.4
80.0
52.5
25.0
46.9
8.1
44.9
73.1

86.9
46,9
26,2
89,4
55. fa
90,0
87, b
98.7
44,9

69.2
57.3
80.8
7 0.4
24.8
89.6
49.4
73.3
72.8

68.5
25.6
65,2
78,9
49.6
b4,4
64.8
3.7
76,0
54, b

49.1
54.8
22.5
86.2
44.2
42.7
54.6
61.2
60.4
69.0

54.6

5y.6

71.9
45.6
49.4
82.5
71.9
81.2
5b.O
84.4
68.4
24.0

26.7
84.0
60.0
65.4
63.1
b3.7
52,7
52.2

60.4
44.1
41.3
82.5
57.5
46.8
68.0
44.5
65.6
62.1

24.7
38.3
81.6
48.7
4.0
41,7
44.4
30.6
66.2
4,5
64.6

79.9
6.5
77.6
17,8
34,7
77.8
23.6
76.4
41,9
7.6
6.2

81.2
3.9
57.2
86.7
61,3
96.5
71,5
33.8
88,2
1.5
40,0

66.9
25.3
32.2
82.7
72.7
72.2
18.1
33.8
89.0
66.2
70.8

70.1
88.3
7.9
77.3
68,0
4U.6
2.8
90.1
7.5
70.8
64.6

57.1
59.7
71.1
72.7
4.U
98.6
95.8
77.5
13.4
9.2
26.2

79.4
45,7
81.4
32,0
22.9
49.8
64.9
76.7
20.3
75.8
91.8

4b,9
30,3
67,1
66.2
43.3
22,3
51.2
45,4
17.3
25,5
67.0

61.9
16.2
72.1
51.1
33.3
72.0
46.5
46.9
65,4
4.5
36,9

64.7
57.8
37.1
77.6
48.2
73.1
38.9
67.1
36.6
48.7
53.9

63.0
37.5
64.4
61.7
36.9
54.3
55.4
59.5
34.9
38.6
62.4

12,5
100.0
19,4
47.5
85.6
65.0
90.6

INDEX OF STOCK PRICES, 500 COMMON STOCKS — 65-82 I N D U S T R I E S 2
(PERCENT RISING OVER 9-MONTH SPANS)

so. a

3a.7

63.0
63.0
55.6
53.6
50.7
80.9

®
AVERAGE FOR PERIOD

1945. . .
1947. .
1948. . .
1949...
1950...
1951...
1952...
1953...
1954...

27.5
90.0
96.2
42.5
59.4
63.7

18.7
87.5
83.7
35.0
38.1
91.2

27.5
62.5
68.7
52.5
55.0
92.5

53,7
68.7
80.0
67,5
48,7
97.5

63.7
71.2
86,2
58.7
16.2
97.5

61.2
70.6
71.9
70.0
42.5
17.5
96.2

61.2
83.7
67.5
45.6
64.4
30,0
96.2

55.0
85.0
65.0
62.5
74.4
31.2
97.5

32.5
96.2
78,7
61.2
80.0
53.7
100.0

11,2
97.5
80.0
52.5
81.2
65.6

9a,7

10,0
96.2
84.4
66,2
79.4
83,7
98.7

20. U
92.5
96,9
62.5
65,0
83.7
98.7

1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962 ...
1963...
1964...

91.2
56.2
51.2
47.5
95.0
30.0
97.5

97.5
51.2
59.4
60.0
85.0
41.2
97.5

96.2
72.5
65.0
95.0
85.0
42.5
97.5

95.0
67.5
50.0
100.0
84,4
42,5
97,5

88.7
55.6
36.9
100.0
67.5
36.9
95.6

70.0
48.7
20.0
98.7
61.9
38,7
81.2

81.2
31.9
23.7
100.0
56.9
57.5
73.7

63.7
33.7
31,2
100.0
50.6
68,7
71.2

95,0
78.2

98.7
86.5

95,0
85.9

89,1
84.6

84.6
84.6

73.7
41.2
30.0
96.7
32.5
90,0
70.0
93 7
71.2
76,6

60.6
33,1
30.0
9b.2
26.2
97.5
62.5

95.0
83.1

68.7
43.7
25.0
100.0
1 55.6
46.2
76.2
1.2
78.2
81.8

1965...
1966...
1967...
1963...
1969. ,,
1970...
1971...
1972...
1973...
1974...
1975...
1976...

80.5
51,9
85,7
61.8
73.3
5.5
9S.6
62.5
26.5
28.8
62.0

58.4
43,5
90.3
63,2
40,0
5.6
95.1
59.0
19,1
10.6
98.5

58.4
22,1
93.4
76.3
12,0
6.9
97,2
84.7
19.1
6.1
95,4

72.7
11.7
92.1
82.7
6.7
25.0
77.8
67,6
17.6
10,6
93.8

67.5
6.5
86.2
85.3
21.3
27.8
56,9
43.7
30.9
4.6
89.2

67.5
58.4
46.1
52.0
2b.3
97.2
59.7
36.2
53.7
38.5
80.0

51.9
37.7
97.4
71.1
14.7
5.6
91.0
68.1
25.0
6.1
100.0

61.0
9.7
68.4
93.3
25.3
31.9
31.9
54.9
23.9
4.6
80.8

79*5
68.8

77,6
65.6

72,5
27,5
26.2
100.0
33.7
83.7
67.5
67 5
69. '2
75.3

59.1
22.1
65.8
97,3
21,3
46.5
43,1
54.9
16,4
3,1
66.2

63,6
20,1
71.1
81.3
20.0
72.2
44.4
47.9
26.9
10.8
90.8

60.4
47.4
52.6
71.3
14.7
95.8
50.7
42.0
35.8
23.1
87.7

49. b
88.3
70.4
56.4
72,9
38.3
97.9

13,7
95,4
87,1
60.4
75.2
77,7
98.7

67.7
77.0
69.6
61.9
48.6
95.7

84.6
57,3
35.6
99.6
71,3
39.4
91.4
3 1
89^6
85.0

71.2
36.4
26.6
100.0
54.4
57. b
73,7
7 9

68,9
33,9
28.7
9b,3
30.8
90,4
66.7

79.9
46.9
37.4
91,3
61.2
56,3
82,3

?2a

74^9
76,2

84,8
79,0

66.2
13.4
90.6
81.4
13.3
19.9
77.3
65.3
22.5
7.1
92.8

61.2
17.3
68.4
90.6
22.2
50.2
39.8
52.6
22.4
6.2
79.3

66.0
57.3
49.6
19,8
23.8
97.2
58.6
37.7
41.8
44.1
82.6

64.3
33,1
74,9
74,3
25,5
43,2
67,6
54,7
27.6
18.1
85.4

60.0
82.9
43.3
50.6
89.1

62.7
70.6
78.7
56.2
27,5
97,1

84. '4
76.6

95.0
60.0
58.5
t>7.5
US. 3
37.9
97.5
10 4
96^2
82. b

70.1
66.2
50,0
56.0
31. b
96.6
65.3
34.8
35.8
70.8
80.0

63.6
44.4
91.1
65.4
42,7
b.t>
94.9
63.2
23.5
15,2
8b.b

24. *b

Note: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user. 'This series contains revisions
beginning with 1973. 'Diffusion index is based on 82 component industries from 1948 throu gh February 1963. Since then the number of components has




(JUNE 1977)

103

G. Experimental Data and Analyses
Recovery Comparisons: Current and Selected Historical Patterns

HOW TO READ CYCLICAL COMPARISON CHARTS

These charts show graphically, for selected indicators,
the path of the ourrent business recovery. To sat the current
cyclical movements into historical perspective, cyclical
paths over generally similar historical periods are also
shown. The selected periods are superimposed so as to compare the current business recovery with corresponding
historical patterns and to facilitate critical assessment of the
amplitude, duration, and severity of the indicators'current
movements.

1. Two cyclical comparison charts are shown for each
indicator. The left panel shows a comparison based on
reference peak levels and reference trough dates; in the
right panel, a chart is aligned according to both the levels
and the dates of the specific troughs in each indicator. (See
charts on the following pages.)

The three-part timing code indicates the
timing classification of the series at
peaks, at troughs, and at all turns: L n
leading; C = roughly coincident; Lg s
lagging;and U = unclassified.

This number indicates latest calendar
month of data plotted (1 - January).

I I I | I I I 1 I | I I I I 1 | \ I I I I 1 M II

Deviations

Series number, series title

2. The vertical line represents trough dates: reference
trough dates in the left panel and specific trough dates in
the right panel. The current recovery and the corresponding
historical periods are positioned so that their reference
trough dates (left panel) and specific trough dates (right
panel) are on this vertical line.

• 135

•130

3. The horizontal line re presents the level of data at reference cycle peaks (left panel) and at specific cycle troughs
(right panel). The current recovery and the corresponding
historical periods are positioned so that their reference
peaks (left panel) and specific troughs (right panel) are on
this horizontal line.

1125

4. For most series, deviations (percent or actual differences) from the reference peak end specific trough levels
are computed and plotted. For series measured in percent
units (e.g., the unemployment rate), these units (actual data)
are plotted rather than deviations. The numerical values of
these deviations for the current cycle are shown in the
tables accompanying the charts.

•120

5. For series that move counter to movements in general
business activity (e.g., the unemployment rate), an inverted
scale is used; i.e., declines in data are shown as upward
movements in the plotted lines, end increases in data, as
downward movements in plotted lines.
6. In each chart, several curve;; are shown. The heavy
solid line H describes the current recovery. The dotted
line (•••) represents the median pattern of the five postWorld War II recoveries. The remaining lines represent
selected business recoveries. In the left panel, each line
is labeled according to the year of the reference trough.
In the right panel, the label for each line indicates the
month and year of the specific trough.
7. The business cycle (reference) peaks and troughs used
in these charts are those designated by the National Bureau
of Economic Research as follows: peaks, Nov. 1948
(IVQ 1948), July 1953 (IIQ 1953), Aug. 1957 (IIIQ 1957),
Apr. 1960 (IIQ 1960), Dec, 1969 (IVQ 1969), Nov. 1973
(IVQ 1973); troughs, Oct. 1949 (IVQ 1949), May 1954
(IIQ 1954), Apr. 1958 (IIQ 1958), Feb. 1961 (IQ 1961),
Nov. 1970 (IVQ 1970), Mar. 1975 (10 1975).

This scale measures time in months before
(•) and after (+) reference trough dates
(left" panel) and specific trough dates
(right panel).

104



Actual
data
for
current
cycle

-HO

• 110
-J-15

-12

-6

0

+6

+12

+18

Months from troughs

This scale shows deviations (percent or
actual differences) from reference peak
levels (left panel) and specific trough
levels (right panel).

This scale shows actual series units and
applies only to the current business cycle
(heavy solid line).

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
...J..M,,..... n , U | M I I I ] I M I I | M , M ] , . M >

12. Net business formation

Deviations
from
ref.

n

i

••

Actual
data
current
cycle

peak

[L,L,L|

for

MONTHS DEVIFROM ATIONS CURRENT MOLMTH
AND
REF.
FROM ACTUAL
TROUGH 11/73
DATA YEAR

•HO
13
14
15
16

+8

SERIES 12
1967=100
-1.6
115.7
-2.3
114.9
118.6
0.9
0.2
117.8

4/76
5/76
6/76
7/76

*125

+4
+2

9120

17
18
19
2u

0.2
U.6
2.1
3.1

117.8
118.3
120.1
121.3

8/76
9/76
10/76
11/76

21
22
23
24

2.9
4.8
4.6
5.5

121.0
123.3
123.0
124.1

12/76
1/77
2/77
3/77

25

+6

4.6

123.0

4/77

0

~2

• 115

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
SPEC.
AND
TROUGH
2/75
DATA YEAR

-4
-6

• 110

14
15
16

19
20

117.8
117.8
118.3
120.1

7/76
8/76
9/76
10/76

21
22
23
24

19.3
19.0
21.2
20.9

121.3
121.0
123.3
123.0

11/76
12/76
1/77
2/77

25
26

22.0
20,9

124.1
123.0

3/77
4/77

ib

-10
> 105

-12
-14

29. New building permits, private housing
units

Percent
-|+5°

• 180

+40
• 160

+30

14
15
16

+10

• 120

-7.5
7.3
6.5
13.4

111.7
129.6
128.6
137.0

8/76
9/76
10/76
11/76

21
22
23
24

8.0
-6.8
9.1
22.1

130.5
112.6
131.8
147.5

12/76
1/77
2/77
3/77

25
26

11.5
14.4

134.7
136.2

• 100
16

-40

• 60

19
20

107.8
121.3
110.8
81.9

128.6
137.0
130.5
112.6

10/76
11/76
12/76
1/77

25
26
27

112.9
138.3
117.6
123.3

131.8
147.5
134.7
138.2

2/77
3/77
4/77
5/77

28
+12

+18

+24 +30

Months from reference troughs




5/76

6?76
7/76
8/76
9/76

21
22
23
24

• ao

+6

SERIES 29
1967=100
61.2
99.8
99.1
104.7
111.7
129.6

la

-30

0

4/77
5/77

60.1
69.1
80.5
109.4

17

-6

• 14-0

5/76
6/76
7/76

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
DATA YEAR
TROUGH
1/75

-10

-12

SERIES 29
1967=100
-17.4
99.8
-18.0
99.1
104,7
-13.3

• 120

• 140

-20

29. New building permits, private housin
units

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
TROUGH 11/73
DATA YEAR

17
IB
19
20

+20

0

4/76
5/76
6/76

15.8
15*8
16,3
18.1

17

-8

1975

SERIES 12
1967=100
13.8
115.7
13.0
114.9
16.6
118.6

• 80

• 60

.l.m.li.m m . , I m , . ! , , , , , ! , , m l , m ,

-12-6

0

+6

+12 +18 +24 +30

Months from specific troughs

105

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
MONYHo DhVIF«OM ATIOrtS CUMhENT MONTH
KEF.
FROM ACTUAL
AND
THOUGH 11/73
DATA YEAR

Ib
16

n
1 II 1 1 1 1 1 1 1 1 1 1 1 1 i

M 1 1 1 1 1 1 j 1 1 n 1 1 1 1 1 ( i U 1 1 1 1 ORVIfffltll

E[J]

Q

SEklfcS 19
1941-43=10
-0.3 101.77
b/7b
2.1 104.20
7/76

Actual
dim*
for

irauijh

19. Stock price

Teto*

Pereent

+ 100
130

-o.l
-O.b

103.29
105.45
101.69
101,19

8/76
9/76
10/76
11/76

21
22
23
24

2.b
1.7
-1.0
-1.4

104.66
103.01
lUU.9b
100.57

12/76
1/77
2/77
3/77

25
2o
27

-2.9

99.05
9U.76
9U.UO

4/77
5/77
6/77

+ 60

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FKOM ACTUAL
AND
DATA *EAR
THOU Li H 12/74

+ 50

17

id

1.2
3.4

19
20

-3.2
-3.2

18
19
20

57.2
51.9
50. 9
5b.O

105.45
101.89
101.19
104. 66

54.6
50.5
49.9
47.7

103.81
100.96
100.57
99.05

1/77
2/77
3/77
4/77

29

47.2
47.3

9b.7b

5/77
6/77

30
48. Employee hours in nonagricultural
establishments

+ 40

9/76
10/76
11/76
12/76

23
26
27
2d

• .no

SERIES 19
1941-43=10
51.7 101.77
6/76
bb.4 104.20
7/76
103.29
54.0
b/76

21
22
2J
24

+ 70

98.80

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR

14
15
16

• 90

+ 30

+ 20 • 80
+ 10
70

0

48. Employee hours in nonagricultural
establishments

Percent

-!+ 10

SERIES 48
ANN. RATE
BIL. HOURS
-0,1 151.49
5/76
-0.4
151.08
6/76
0.0 151.74
7/76

17
IB
19
20

0,0
0.3
0.7
0.6

151.71
152. Ob
152.70
152.62

21
22
23
24

1,3
0.3
2.1
2.5

153.61
152.15
154.92
155.51

12/76
1/77
2/77
3/77

25
26

2.7
3.1

155.84
156.44

+ 8

8/76
9/76
10/76
11/76

4/77
5/77

+ 6

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
DATA YEAR
TROUGH
6/75

11
12

SERIES 4«
ANN. RATE
BIL. HOURS
4.2 151.49
5/76
3.9 151.08
6/76

+ 2

13
14
15
16

-6

0

+6

+12 +18 +24 +30

Months'from reference troughs

106




4.4
4.4
4.6
5.1

151.74
151.71
152.08
152.70

7/76
d/76
9/76
10/76

17
18
19
20

-12

+ 4

5.0
5.7
4.7
6.6

152.62
153.61
152.15
154.92

11/76
12/76
1/77
2/77

21
22
23

7.0
7.2
7.6

155.51
155.84
156.44

3/77
4/77
5/77

_J

-12-6

0

+6

+12+18

+24 +30

Months from specific troughs

o

*16°

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
HI I I I I M I I 1 I I I 1 I I M M I I I II M I I II j H I I I I I I I I I

MONTHS
FROM

95. Ratio, consumer installment debt to

CURRENT MONTH
ACTUAL
AND
DATA YEAR

REF.

TROUGH

SERIES 95
PERCENT
12.16
12.18
12.21
12.21

12/76
1/77
2/77
3/77

17
18

19
20

21
22
23
24

12.38

> 13.2
> 13.0

4/77

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH 10/75
DATA YEAR
SERIES 95
PERCENT
0.03
12.16
0.05
12.18
0.08
12.21

6
7
H

» 12.6

0.08
0.14
0.19
0,19

12.21
12.27
12.32
12.32

0.13
0.11
0.22
0.17

12.26
12.24
12.35
12.30

11/76
12/76
1/77
2/77

17
18

0.17
0.25

12.30
12,38

3/77
4/77

MONTHS DEVIFROM ATIONS CURRENT MONTH0
AND
FROM ACTUAL
REF.
DATA YEAR
THOUGH 11/73
SERIES 72
MIL. DOL
3.1 114900
1.7 113343

15
16

• 130,000

17
16
19
20

1.3
2.1
3.7
5.8

112931
113824
115652
117985

21
22
23
24

6.b 118839
5.9 118023
7.3 119625
7.y 120248

25
26
27

7,3 119681
7.6 119960
8.4 120867

110,000

-2
-1

SERIES 72
MIL. DOL
1.7 114900
0.4 113343

+18 +24 +30

Months from reference troughs




» 160,000

+40

150,000

+30

• 140,000

+ 20

1130,000

6/76
7/76

0.0 112931

8/76

1
2
3
4

0.8
2.4
4.5
5,2

113824
115652
117985
118839

9/76
10/76
11/76
12/76

5
6
7
8

• 105,000

+12

Percent

-.+50

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH
DATA YEAR
.8/76

0

+6

72, Commercial and industrial loans
outstanding

4/77
5/77
6/77

115,000

0

H2.0

12/76
1/77
2/7?
3/77

• 120,000

-6

»12.2
-J+0.0

8/76
9/76
10/76
11/76

• 125,000

-12

f-0.2

6/76
7/76

• 135,000

H i ] 1 I I I III I I 1 1 H I 1 1 1 M 1 1 1 I H I 1 1 I 1 1 1 1 t 1 1 1 1 1 1

• 12.4

7/76
8/76
9/76
10/76

13
14
15
Ib

HO, 000

• 12.8

4/76
5/76
6/76

9
10
11
12

72. Commercial and industrial loans
outstanding

for

current
cycle

8/76
9/76
10/76
11/76

12.24
12.35
12.30
12.30

95. Ratio, consumer installment debt to
personal income

Actual
data

4/76
5/76
6/76
7/76

12.27
12,32
12.32
12.26

13
14
15
16

Deviations
from
spec.
trough

4.5
5.9
6.5
b.O

118023
119625
120248
119681

1/77
2/77
3/77
4/77

6.2 119960
7.0 120867

5/77
6/77

9
10

+10
» 120,000

nl.m.l.m.li.ml.m.lm.ii.m.lnm
-12 -6
0 +6
+12 +18 +24 +30

• 110,000

Months from specific troughs

107

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
TT FT i in n i n n 1 1 1 1 1 1 1 1 r HI i T IT n r i TTTT y 111 n

MONTHS D£VIFRGw ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR

36. Net change in inventories on hand and
on order, 1972 dollars, smoothed*

SERIES 361
ANN. RAT B
BIL. DOL
-13.60
7.47
-12.41
8.66
-9.30
11.77
-7.50
13.57

13
14
15
16

36. Net change in inventories on hand and
on order, 1972 dollars, smoothed 1

4/7b
5/76
6/76
7/76

17 -8.96
18 -12.19
19 -13.58
20 -15.03

12.11
8.8b
7.49
6.04

8/76
9/76
10/76
11/76

21
22
23
24

-18.90
--19.08
-15.06
-10.06

2.17
1.99
6.01
11.01

12/76
1/77
2/77
3/77

25

-8.17

12.90

4/77

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
SPEC.
FROM ACTUAL
TROUGH
DATA YEAR
4/75

12

47.17
50.28
52.08
50.62

8.66
11.77
13.57
12.11

5/76
6/76
7/76
8/76

17
18
19
20

47.39
46.00
44.55
40.68

8.88
7.49
6.04
2.17

9/76
10/76
11/76
12/76

21
22
23
24

57, Manufacturing and trade sales, 1972
dollars

SERIES 3 6 l
A N N . RATE
BIL. DOL.
7.47
4/76
45.98

13
14
15
16

40.50
44.52
49.52
51.41

1.99
6.01
11.01
12. 90

-10

1/77
2/77
3/77
4/77

-J
57. Manufacturing and trade sales, 1972
dollars
|
Q

13
14
15
16

, 000

• 135,000

• 125,000

• 140,000

• 120,000

-12

-6

0

+8

+12

+18 +24 +30

+18
+16
• 1,15,000

4/76
5/76
6/76
7/76

+14
+12

-4.2
-5.2
-5.9
-4.3

131799
130434
129364
131629

8/7t>
9/76
10/76
11/76

21
22
23
24

-1.1
-2.b
-1.1
1.6

136044
133666
136010
139773

12/76
1/77
2/77
3/77

+8

0.4 138074

4/77

+6

• 1.10,000

+10

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
3/75
DATA YEAR

13
14
15
16

SERIES 57
MIL. DOL
11.3 130796
10.3 129532
11.6 131134
11*4 130931

•1.20,000
4/76
5/76
6/76
7/76

17
16
19
20

12.2
11.0
10.1
12.0

131799
130434
129364
131629

15. 6
13.8
15.8
19.0

136044
133666
136010
13*773

12/76
1/77
2/77
3/77

25

17.5 138074

-2

8/76
9/76
10/76
11/76

21
22
23
24

-J-12

4/77

-4

I M I I I I 1 1 1 1 I I t I I I I I 1 1 1 1 1 1 i t I I I 1 I I I I III 1 1 1 1 1 1

-12-6

Months from reference troughs
'This series 1s a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

108




ftrcent

17
IB
19
20

25

• 130,000

-40

+20

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR
SERIES 57
MIL. DOL
,-4.9 130796
-5.8 129532
-4.6 131134
-4.8 130931

0

0

+6

+12 +18 +24 +30

Months from specific troughs

• n §, poo

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
lescriptions
(issue date) issue date)

A

Accession rate, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, 01
Consumer sentiment index
Employees, manufacturing and trade, 01
Inventories, manufacturing and trade, 01
New orders, manufacturing, Dl j
Prices, selling, manufacturing, 0)
Prices selling, retail trade 01
Prices, selling, wholesale trade, 01
Profits net manufacturing and trade 01
Sales net manufacturing and trade 01
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts

2
604

17
55

60
90

61
970
58
974
975
971
976
978
977
972
973

25
39
23
39
39
39
39
39
39
39
39

66
75
64
75
75
75
75
75
75
75
75

55
616

23
55

64
90

12/76

8/68

6/77
2/76

2/76*
1/77

3/76*
3/76*
3/76*
3/76*
3/76*
3/76*
3/76*
3/76*
1/77
6/77

11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
10/69*

B
Balance of payments-See International transactions.

72
112
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Business formation
Business incorporations
Business inventories- See Inventories.
Business loans-See Sank loans.
Business saving

16,36
33

72
71

7/76

93
94

34
34

71
71

6/77
1/77

12/76

29
76
61
970
14
12
13

14,26
25
25
39
34
13 24
24

66
66
66
75
71
64
64

2/76*

295

47

81

11/72
11/72
11/72

2/77

12/76
1/77
2/76

4/69

11/68
11/68*

7/76

12/76
1/77

C
Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved 01
Capital in vestment -See Investment, capital.
Capital investment commitments Cl
Cash flow corporate, constant dollars
Cashflow corporate current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
,
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions first year
Wage and benefit decisions life of contract
Wages and salaries, mining, manufacturing, and
construction

83
82
84

21
21
21

63
63
63

12/76
12/76
12/76

97
11
965

25
25
38

65
65
74

10/76
10/76

914
35
34

12
30
30

59
69
69

5/77

Current issue
(page numbers)

Series
number

Charts

Composite indexes
Coincident indicators
920
Four coinciders
920c
Four coinciders rate of change
940
fiatio to lagging indicator index ...
Lagging indicators
930
Six taggers
930c
Six 1 aggers rate of change
Leading indicators
914
Capital investment commitments
915
Inventory investment and purchasing
913
Marginal employment adjustments
917
Money and financial flows
916
Profitability
910
Twelve leaders
Twelve leaders rate of change
910c
Construction
Building permits new private housing . ,
....
29
Contracts awarded, commercial and industrial bldgs. . . 9
Expenditures, plus machinery and equipment sales
69
Gross private domestic fixed investment
Non residential as percent of GNP ...
248
Nonresidential structures, constant dollars , . . :
87
Nonresidential total, constant dollars
86
Residential as percent of GNP
.
249
Residential, total, constant dollars
89
Housing starts
28
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
8
75
Consumer installment debt
Debt outstanding
66
Net change
,. ,
....
113
Ratio to personal income
95
Consumer installment loans, delinquency rate
39
Consumer prices-See also International comparisons.
AH items index
320
AH items, percent changes
32Qc
322
Food, index
Food, percent changes
...,.....;
322c
58
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. . 20
Contracts and orders, plant and equipment, current dol. . . 10
Corporate bond yields
116
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
112
Bank loans to businesses net change
110
Borrowing total private
Commercial and industrial loans outstanding
72
Consumer installment debt
Debt outstanding
66
Net change
113
Ratio to personal income
....
95
Consumer installment loans delinquency rate
39
Mortgage debt net change
33
Crude materials-See Wholesale prices.

Tables

Historical Series
data descriptions
(issue date) issue date)

11
40
12

59

11/76
7/76*
11/76

11/75*

59

n

59

11/76

11/75*

12
12
12
12
12
11
40

59
59
59
59
59
59

11/76
11/76
11/76
11/76
11/76
11/76

5/75*

14,26
24
25

66
65
66

12/76
10/76

4/69

2/77

9/68*

48
26
26
48
26
26

82
66
66
82
66
66

8/76*

10/69*

13,22
23

63
64

4/77

36
33
16,36
34

72
71
72
71

9/76
9/76

12/76
10/76

11/72

50
50,58
50
50
23

83,93
83,93
83
83
64

3/77
3/77
3/77
3/77
1/77

5/69*
5/69*
5/69*
5/69*
11/68*

13,24
24
35

65
65
72

4/77
4/77
2/76

9/68*

33
33
16,36

71
71
72

7/76

11/72

12/76
12/76

11/72

36
33
16,36
34
33

72
71
72
71
70

9/76
9/76

525
564
548
516

54
54
54
54

89
89
89
89

39
32

34
13,22

71
63

10/76
12/76

11/72
12/74

970
965
951
974
963
967

39
38
37
39
37
38

2/76*

11/68*

966

38

962
975
952
950
964

37
39
37
37
38

971
968
976
978
977
969
972
973
961

39
38
39
39
39
38
39
39
37

75
74
73
75
73
74
78
74
77
73
75
73
73
74
76
75
74
75
75
75
74
75
75
73
76

40

1/77

Mil
8/76*

1*6/69*

1/77
4/77

6/72

Mil

12/76
10/76

10/72
10/72

7/64

7/64

'

10/72
10/72
ii/72

4/77

11/76
8/76
8/76

442
90
441
37

52
19
52
19,52

88
61
88
61,88

920
920c
951
940
9
72
U2

11
40
37
12
24
16,36
33

59

11/76
7/76*

73
59
65
72
71

1/72
1/72

1/77

345

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

4/77
4/77
4/77
4/77

11/76
10/76
12/76
7/76

4/72*
4/72*
4/72*
11/75*

11/72
11/72

50

86

6/76*

10/72*

345c
280

51
46

86
81

6/76*
9/76

10/72*
10/69

64

31,48

69,82

1/77

10/69*

346

50

87

6/76*

10/72*

346c

51

87

6/76*

10/72*

340

50

86

2/77

6/72*

340c

51

86

2/77

6/72*

341

50

86

2/77

6/72*

341 c
348
349

51
51
51

86
87
87

2/77

6/72*
6/72*
6/72*

53

20

62

3/77

7/76*
7/76*

D
Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
New orders, defense products
Obligations incurred total
.
. . .
Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
:
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations manufacturing
....
Coincident indicators
Employees manufacturing and trade
Employees on private nonagricultural payrolls
Industrial materials prices . .
Industrial materials prices components
Industrial production
.
....
Industrial production components
Initial claims State unemployment insurance
Inventories, manufacturing and trade . . . . ^
Lagging indicators
Leading indicators
.,
...
....
New orders durable goods industries
. •
New orders, durable goods industries, components ....
New orders manufacturing ,
Prices 500 common stocks
Prices selling manufacturing
Prices selling retail trade
Prices selling wholesale trade
...
....
Profits manufacturing
Profits net, manufacturing and trade
Sales net manufacturing and trade ...
Workweek mfg production workers
Workweek mfg production workers components
Disposable personal income-See Income.

5/77

9/76*

10/69*

2/77
5/77

5/77

Mil
3/76*
12/76
1/76*

11/68*
4/69*

i/77*
10/76*
3/76*

6/69;
11/68*

1/77
1/77
2/77

3/76*
6/77

3/76*
3/76*
3/76*

il'/68*
5/69*
11/68*
11/68*
11/68*

5/77

3/76*
3/76*

il/68*
11/68*

1/77

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series/' following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical Series
data descriptions
(issue date) (Issue date)

E

Earnings-See Compensation.
Employment and unemployment
Accession rate manufacturing
2
44t
Civilian labor force total
Employee hours In nonagricultural
establishments
48
Employee hours in nonagricultural
48c
establishments rate of change
Employees in mining, mfg., and construction
40
Employees manufacturing and trade 01
974
Employees on nonagriculturaf payrolls
41
963
Employees on private nonag payrolls 01
Employment, ratio to population
90
Employment total civilian
442
Help-wanted advertising in newspapers
46
Hefp-wanted advertising, ratio to unemployment
60
Initial claims State unemployment insurance .
5
Initial claims, State unemployment insurance, 01
962
Layoff rate manufacturirvg
3
Marginal employment adjustments Cl
. .
913
Overtime hours mfg production workers
,.,..
21
Participation rate both sexes 16-1 9 years old
453
Participation rsto females 20 years tnd over
452
Participation rate males 20 years and over . .
451
Part-time workers for economic reasons
448
Persons engaged in nonagricultural activities
42
Quit rate, manufacturing
.
4
Unemployed both sexes 16-19 years old
446
Unemployed females 20 years and ovsr
445
Unemployed full-time workers
447
Unemployed males 20 years and over .
444
Unemployment, average duration ..,,..
, 91
44
Unemployment rate 1 5 weeks and over
Unemployment rate insured, average voeokly
45
Unemployment rsto total
43
Unemployment total civilian
,
37
Workweek mfg production workers
. . .
1
Workwofik mfg production workers 01
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions.

961

17
52

60
88

12/76
4/77

18

60

5/77

40
18
39
15,18
37
19
52
18
18
17
37
13,17
12
17
52
52
52
52
18
17
52
52
52
52
16,19
19
19
19
19,52
13,17
37

61*"
75
61
73
61
88
60
60
60
73
60
59
60
88
88
88
88
61
60
88
88
88
88
61
61
61
61
61,88
60
76
73

7/76
12/76
3/76*
12/76
12/76
4/77
4/77
7/76
4/77
10/76
10/76*
12/76
11/76
12/76
4/77
4/77
A/77
4/77
4/77
12/76
4/77
4/77
4/77
4/77
4/77
4/77
7/76
4/77
4/77
12/76

Gross business product
Fixed weighted price index
Fixed weighted price index pBrcont changes
Gross domfistic product labor cost psr unit
Gross national product
8/68
GNP constant dollars
4/72*
GNP constant dollars differences
'
GNP constant dollars, percent changes
8/68*
GNP current dollars
,
8/68*
GNP current dollars differences .
GNP current dollars porcflfit chances
..
il/68*
G NP ratio to money supply . .
8/68
Goods output in constant dollars
...
Implicit price deflator
Implicit price dsflator, percent changes
4/72*
Per capita GNP constant dollars ...
12/74 Gross private domestic invest.-Sie Investment, capital.
6/69

6/69*
8/68*

12/74

4/72

4/72
6/69
4/72

4/72*
8/68

1/77*

35

71

2/76

34
41
12

71
79
59

1/77
9/76*
11/76

49
49

83
83

8/76*
8/76*

11

91

2/77
2/77
2/77
6/77
6/77
2/77
9/76
2/77
6/77
2/77
6/77
6/77
2/77
9/76
2/77
6/77
2/77
9/76
9/76*

56
55
55
45
45
56
55
56
55
55
45
45
56
55
45
45
48
34

91
90
90
81
81
91
90
91
90
90
81
81
91
90
81
81
82
71

6/77

G

Goods output in constant dollars
Government budget, NtPA
Federal expenditures
Federal receipts
,
Federal surplus or deficit
State and local expenditures . ...
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
....
federal, percent of GNP
National defense . , , , ,
State and local constant dollars
...
State and local current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars

49

21

62

1/77

502
501
500
512
511
5)0
298

53
53
53
53
53
53
47

89
89
89
89
89
89
82

8/76*
8/76*
8/76*
2/77
2/77
2/77
9/76

263
262
265
, 564
267
266
,. 268
261
260

44
44
48
54
44
44
48
44
44

80
80
82
89
80
80
82
80
80

9/76
9/76
9/76*
9/76*
9/76
9/76
9/76*
2/77
9/76

Charts




Tables

Historical Series
data descriptions
{issuo date) (issue dote)

311
3t1c
68

49
49
31

83
83
69

8/76*
8/76*
8/76

50
5Gb
50c
200
200b
200c
107
49
310
310c
217

20,41

8/76*
8/76*
8/76*
8/76
8/76
8/76
5/77
1/77
8/76*
8/76*
8/76

10/69*
10/69*
10/69*
10/69
10/69
10/69

32
21
49
49
41

62,79
79
79
79
79
79
70
62
83
83
79

46
60

18
18

60
60

7/76
4/77

12/74

21
1

17
13,17

12/76
12/76

12/74
8/68

961

37

60
60
76
73

1/77'

28
29
89
249

26
14,26
26
48

66
66
66
82

4/77
12/76
1/77
8/76*

6/72
4/69

310
310c

49
49

83
83

8/76*
8/76*

10/69*
10/69*

345

50

86

6/76*

10/72*

51
46
31,48

86
81
69,82

6/76*
9/76
Mil

10/72*
10/69
10/69*

40***
41

7/68'

10/69*
10/69*
10/69

H

Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime
...
Average workweek components
Average workwe@k Dl
...
Housing
Housing starts
Housing units authorized by local bldg permits
Residential GPDI, constant dollars . , . i
Residential GPDI percent of GNP
...

11/73

Implicit price deflator GNP percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, avsrage hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
no nfarm businfiss sector pp.rcf.nt changes
Compensation of employees .
. ^ ,.,.....,
Compensation of employees, pet. of nat'l. income —
Compensation, real average hourly, all employees,

345c
280
64
346

Compensation, real average hourly, all employees,

346c
Consumer installment debt, ratio to personal income . . 95
Corporate profits with 1 VA and CCA ...,;,,...,.,. 286
Corp. profits with IVA and CCA, pet. of nat'l, income ". 287
Disposable personal income constant dollars
225
224
Disposable personal income current dollars .
Disposable personal income, per capita, constant dol. . . 227
Earnings, average hourly, production workers,
340
private nonfarm economy ,
Earnings, average hourly, production workers,
5/69*
private nonfarm economy percent changes
..
34Qc
5/69*
Earnings, real average hourly, production
341
workers privats nonfarm economy
. .
Earnings, real average hourly, production
5/69
workers, private nonfarm economy, percent changes . 341 c
5/69*
Income on foreign investment in the U.S. ....'..
652
Income on U S investments abroad
651
5/69*
Interest, net
., .
288
5/69*
Interest net percent of national income
289
National income
..
. .' . .
..... 220
52
Personal income constant dollars
..
5/69 "
Personal income, current dollars
i ..... 223
5/69*
Personal income, less transfers, constant dollars
51
Personal income, less transfers, constant dols. rate of chg. 51c
108
Personal income ratio to money supply
. ..
5/69*
Proprietors' income with 1 VA and CCA
.,,,.,.,. 282
10/69* Proprietors' income with IVA and CCA, percent
283
of national income
11/72
Rental income of persons with CCA
.
284
Rental income of persons with CCA, pet. of nat'l. income 285
348
Wage and benefit decisions first year
'".',' ....
349
Wage and benefit decisions life of contract
53
Wages and salaries, mining, mfg., and construction
13
Incorporations new businesses
. . .
7/68*
23
Industrial materials prices
7/68*
Industrial materials prices components
. . ' .....
7/68*
967
Industrial materials prices Dl
.
Industrial production - See also International comparisons.
Business etjuipment
. ..... 76
75
Consumer goods
.
10/69
Durable manufactures
.' . .... ....,'...,.. 73
Nondurable manufactures
..»
.... 74
11/73
47
Total
10/69
Total components
10/69*
966
Total Dl
Total rate of change
.
47c
10/69*
11/73 Installment debt-See Credit.
10/69 Insured unemployment
5
Avg. weekly initial claims, unemploy. insurance
10/69*
Avg. weekly initial claims, unemploy. insurance, Dl . . . 962
Avg. weekly insured unemployment rate
45
10/69

NOTE: The following abbreviations a re usad in this intJex: Cl, composite index; 01, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication data shown.

110

Current issue
(page numbers)

Series
number

10/69*

1

F

Federal funds rate ...
119
Federal Government-See Government.
Federal Reserve, member bank borrowing from
94
Final sales in constant dollars
. . ,,
213
917
Financial flows, and monay, Cl
Fixed investment-See Investment, capital.
Fixed weighted price index NIPA
311
Fixed weighted price index, percent changes, NIPA
311c
Food-See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
,
667
Balance on merchandise trade
622
Exports, merchandise adjusted, exc, military
618
Exports merchandise total exc* military aid
602
604
Exports of agricultural products
Exports of goods and services, constant dol., NIPA
256
Exports of goods and services, current dol., NIPA
252
Exports of goods and services, exc, military
, 668
Exports of nonelectrical machinery
606
Imports, merchandise, adjusted, exc. military „
620
Imports, merchandise, total
612
Imports of automobiles and parts
616
Imports of goods and services, constant dol., NJPA
257
Imports of goods and services, current do)., NIPA
253
Imports of goods and services total ....
. . . 669
Imports of petroleum and products .
614
Net exports, goods and services, constant dot,, NIPA . . 255
Net exports, goods and services, current dol., NIPA . . . 250
Not exports, goods and services, percent of GNP, NIPA
251
Franco-See International comparisons.
93
Free reserves

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

50

87

6/76*

10/72*

51
16,36
46
48
41
41
41

87
72
81
82
79
79
79

6/76*
12/76
9/76
9/76*
8/76
8/76
8/76

10/72*

50

86

2/77

6/72*

51

86

2/77

6/72*

10/69
10/69*
10/69
10/69
10/69

50

86

2/77

6/72*

51
56
56
46
48
46
20
41
15,20
40
32
46

86
91
91
81
82
81
62
62
62

2/77
2/77
2/77
9/76
9/76*
8/76
1/77
8/76*
12/76

6/72*
5/69*
5/69*
10/69
10/69*
10/69

70
81

5/77
9/76

48
46
48
51
51
20
24
29

82
81
82
87
87
62
64
68
78
74

9/76*
9/76
9/76*
7/76*
7/76*
3/77
1/77
1/77

10/69*
10/69
10/69*
6/72*
6/72*

i/76*

4/69*

66
64
62
62
62,92
77
74

1/77
1/77
1/77
Mil
12/76

li/68

60
73
61

10/76
10/76*
7/76

38
25
23
21
21
15,21,57
38
40
17
37
19

7/68*

10/69

4/69

i/77'
2/76

6/69
6/69*
6/69

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Interest, net
288
Interest, net percent of national income . . . .
289
Interest rates
Bank rates on short-term business loans
67
Corporate bond yields .
116
Federal funds rate
119
Mortgage yields secondary market
118
Municipal bond yields
;
117
Prime rate charged by banks
'
109
Treasury bill rate
•
114
Treasury bond yields
115
Intermediate materials-See Wholesale prices,
international comparisons
Consumer prices
Canada index
733
Canada, percent changes
733c
France index
'. . .
736
France percent changes
736c
Italy index
'
737
Italy, percent changes
.....
737c
Japan index
. . .
......
738
Japan percent changes
..
. .
738c
United Kingdom, index
. ......
732
United Kingdom percent changes
732c
United States, index
......;
320
United States percent changes
• •
^
320c
West Germany, index
735
West Germany, percent changes
.
....
735c
Industrial production
Canada
723
France . .
726
Italy
727
Japan
....
728
OECO European countries
721
United Kingdom
722
United States
47
West Germany
....
725
Stock prices
Canada
'„'..
743
France
746
Italy . . .
747
Japan
748
United Kingdom ...
.....
742
United States
19
West Germany . .
,,
....
745
International transactions-See also Foreign trade.
Balance on goods and services .
. ' ' ' . . ' ' 667
Balance on merchandise trade
622
Exports merchandise adjusted exc military
618
Exports merchandise, total exc. military aid
.'.'... ' 602
Exports of agricultural products
604
Exports of goods and services, exc. military
. 668
Exports of nonelectrical machinery
606
Imports merchandise, adjusted, exc military
....
620
Imports merchandise total
612
616
Imports of goods and services, total
....
669
Imports of petroleum and products
614
Income on foreign investments in U.S. . , . . ..'..,... 652
Income on U S investments abroad
' '. '
651
Inventories
Business inventories, change constant dollars ' ' . " . . ' 30
Business inventories, change, current dollars . . '. . . ', ^ '. . 245
Business inventories, change, percent of GNP
247
Finished goods manufacturers'
65
Inventories on hand and on order net change
.' . . .' ' 36
Inventories to sales ratio, mfg. artd trade (deflated) . . ; . 77
Inventory investment and purchasing, Cl . . . . . . . . .
915
Manufacturing and trade constant dollars
70
Manufacturing and trade current dollars
71
Manufacturing and trade, current dollars, change
31
Manufacturing and trade, Dl
. ; . . . . , . : . . 975
Materials and supplies on hand and on order, mfg. .... 78
Materials and supplies on hand and on order, mfg.,
change
38
Investment, capital
Capital appropriations, manufacturing, backlog . . . . ; . 97
11
Capital appropriations, manufacturing, new . . . . . . '. . .
Capital appropriations, manufacturing, new Dl
965
Capital investment commitments Cl
914
Construction contracts, commercial and industrial . . . . 9
Construction expenditures, business and machinery
and equipment sales
. . '. , . .
69
Gross private domestic investment
Fixed investment, constant dollars . . . . '
243
242
Fixed investment current dollars
'.
Inventories, business, change in-See Inventories. '
Nonresidential, total constant dollars
86
Nonresidential, total percent of GNP . .
....
248
88
Producers' durable equip,, nonresid., constant dol. . .
89
Residential total constant dollars
Residential, total, percent of GNP ...
.
... 249
Structures, nonresidential, constant dollars . . . . . .
87
241
Total constant dollars
.
240
Total current dollars
New orders, capital goods, nondefense, constant
27
dollars .
..
..
. ' . . . '
New orders, capital goods, nondefense, current
24
dollars .
.... .
. . . . . '. .
. . ;..

Charts

Tables

Historical
Series
data descriptions
(issue date) (issue date)

46
48

81
82

9/76

36
35
35
35
35
36
35
35

72
72
71
72
72
72
71
72

5/77
2/76
2/76
2/76
2/76

7/64
7/64

12/76

11/73

2/76
2/76

7/64
7/64

9/76*

10/69
10/69*
12/74
7/64

11/73

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Plant and equipment
Business expenditures new
' ;; .
Business expenditures, new, Dl . . J .... '.'. ... '. , ', . .
Contracts and orders constant dollars ... ' ' ' . ' . .
Contracts and orders current dollars
Investment, foreign
Income on foreign investments in U S
Income on U.S investments abroad . . . . . . . . . " . , . '
Italy-See International comparisons.

Current issue
(page numbers)

Series
number

Charts

Tables

Historical Series
data descriptions
{issue date) (issue date)

61
970
20
10

25
39
13,24
24

66
75
65
65

2/76*

11/68
11/68*

4/77
4/77

9/68"

652
65 1

56
56

91
91

2/77
2/77

5/69*
5/69*

68
62
63
17

31
16,31
31
30

69
69
69
69

8/76
5/77
1/77
5/77

7/68
11/68
10/72
11/68

930
930c
952
3

11
40
37
13,17

59

11/76

11/75*

73
60

1/77

12/76

8/68*

910

59

11/76

5/75*

950
14
104

11
40
37
34
14,32

73
71
70

1/77
7/76
5/77

913
78

12
28

59
67

11/76

38

27

67

5/77

8
84

13,22
21

63
63

12/76

917

12

59

11/76

104
105
85
106
102
107
108
33
118
117

14,32
14,32
32
32
32
32
32
33
35
35

70
70
70
70
70
70
70
70
72
72

5/77
5/77
5/77
5/77
5/77
5/77
5/77
4/77
2/76
2/76

2/76

J

Japan-See International comparisons.
6/77
6/77
6/77
6/77
6/77
6/77
6/77
6/77
6/77
6/77
3/77
3/77
6/77
6/77

9/72*

L

9/72*

58*"

94
94
93
93
94
94
93
93
93
93
83,93
83,93
93
93

57
57
57
57
57
57
15,21,57
57

92
92
92
92
92
92
62,92
92

9/75*
9/75*
9/75*
9/75*
9/75*
9/75*
12/76
9/75*

10/72*
10/72*
10/72*
10/72*

Labor cost per unit of gross domestic product
.'
Labor cost per unit of output manufacturing . . . . '. .' '. . . .
Labor cost per unit of output, private business sector
Labor cost price per unit of manufacturing . . . " , . ' . ' . . ' '.
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index ..... i; . . " . . . . ; . ; . . . ^ .;..:.;
Composite index rate of change
' ':.
Diffusion index . ...
..............'....
Layoff rate manufacturing
Leading indicators, twelve
Composite index
'
',
Composite index, rate of change . . . . . , ' . . ; . .' . .' .' ." . .' .'
Diffusion index
Liabilities of business failures
. . . . • • . - •
••_
Liquid assets change in total
Loans-See Credit.

58
58
58
58
58
58
58

94
94
94
94
94
94
94

5/76*
5/76*
5/76*
5/76*
5/76*

56
56
56
55
55
56
55
56
55
55
56
55
56
56

91
91
91
90
90
91
90
91
90
90
91
90
91
91

2/77
2/77
2/77
6/77
6/77
2/77
6/77
2/77
6/77
6/77
2/77
6/77
2/77
2/77

27,43
43
48
28
14,27
28
12
16,28
28
27
39
28

67,80
80
82
67
67
67
59
67
67
67
75
67

27

67

58*"

58
58
58
58
50
50,58

5/76

5/76*

1/77
8/76

9/72*
9/72*
9/72*
5/69*
5/69*
9/72*

M
10/72*
11/68
Man-hours-See Employment and unemployment.
10/72*
Marginal employment adjustments Cl
Materials and supplies on hand and on order, mfg
«','. . .
Materials and supplies on hand and on order, mfg.
change
' .' "
^
Materials, crude and intermediate-See Wholesale prices.
Materials, industrial-See Price indexes.
Materials, new orders for consumer goods and . . . ' . , ' , ' . .
Materials rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows Cl
; '..:;.;.".;..;
5/69*
Money supply
5/69*
Liquid assets, change in total . . . . . . . . ' . , . .......
Money supply Ml
'
5/69*
Money supply M1 percent changes
' . " . . ' ' ';",'..
Money supply M2
5/69*
Money supply M2, percent changes
.. . ; ' ;.;...'
5/69*
Ratio GNP to money supply M1
Ratio personal income to money supply M2 ...'.'. , .' .
Mortgage debt n e t change
• • • • • • • • • • • •;•••;;;;
5/69*
Mortage yields secondary market
5/69* Municipal bond yields . . . ' , . . . ' . . . ' ' . ' . . . ' . . . ' . ' . ' .' . . .' . .
5/69*
N

11/76

10/69 National defense-See Defense.
10/69* National Government -See Government.
National income-See Income,
9/68
New orders, manufacturers'
Capital goods industries, nondefense, constant dot. . . . ;
Capital goods industries nondefense current dol .,.'.''

5/77
2/77
5/77

2/69
2/69

3/76*

11/68*

8/76*
2/77
5/77
5/77

2/77
5/77

25
25
38
12
24

65
65
74
59
65

5/77

25

66

2/77

10/76
10/76
11/76
10/76

910c

2/77

4/77

4/77
4/77
4/77
4/77
4/77
2/77
5/77
5/77

38
39

65
65
63
65
65
89
63
63
76
74
75

26
26
26
48

66
66
66
82

54
57

89
92

5/77

49
62
358
370
370c
83
82
84
21

21
16,31
51
51
51
21
21
21
17

62
69
87
87
87
63
63
63
60

1/77
5/77

7/64*
7/64

1/77
1/77
1/77

516
721

10/72
10/72

27
24
8
20
10
548
7
6

Contracts and orders, plant and equip., constant dol. . .
Contracts and orders, plant and equip., current dol. .'. .
Defense products .
' '
Durable goods industries constant dollars
Durable goods industries, current dollars . . . ' '. '.'. . '. . .' '
Components
964
Diffusion index
'
New orders, manufacturing, 0 1 . , . , . . ' . . . . ; .' ; ; .' .' ; .' ; ; ;971
Nonresidential fixed investment, GPDI
Producers' durable equipment constant dollars
88
Structures constant dollars
•••••
87
Total, constant dollars ' ; ; ; ; ; ' ' ",i::'.y ' l , ' . . ' . . ' 86
Total percent of GNP ' ' ' ;
;
J
248

9/68*

24
24
13,22
13,24
24
54
22
22

2/77*
3/76*

8/76*

9/68
9/68
9/68
11/68*

10/69*

O
43
43

80
80

2/77
2/77

26
48
26
26
48
26
43
43

66
82
66
66
82
66
80
80

1/77

24

65

4/77

24

65

4/77

8/76*
1/77
1/77

8/76*
1/77
2/77
8/76

Obligations incurred Defense Department
OECD, European countries, industrial production . . '. .I .' '. ',
Orders-See New orders and Unfilled orders.
10/69* Output-See also Gross national product and
Industrial production.
Goods output constant dollars
Labor cost per unit of
..'.'''..".:;"'.';.:."
10/69*
Per hour nonfarm business sector
''" ''
,'
Per hour private business sector
10/69
Per hour, private business sector, percent changes
.
Ratio to capacity, manufacturing (BEA) . ' " ' . " ; . ' ; . '
Ratio to capacity manufacturing (FRB)
•- • •
Ratio to capacity, materials
' . ' . ' . . ' ;;','. '. . '. . . . .
9/68
Overtime hours, production workers, manufacturing —

9/75*

6/76*
6/76*
6/76*
12/76
12/76
12/76
12/76

11/68
6/68*
10/72*
10/72*

12/74

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




111

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series/' folSowing this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data descriptions
(issue date) (issue data)

P
Participation rates, civilian ktbor force
Both sex 0s 16-19 years of age
Females 20 years flnd over
....
Mates 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods current dollars
Nondurable goods constant; dollars
Nondurable goods current dollars
Services, constant dollars
.
Services current dollars
Total, constant dollars
«
Total current dollars
Total percent of GNP .
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products import!
Plant and equipment-See also Investment, capital.
Business expenditures for
Business expenditues for Dl
Contracts and orders for constant dollars
Contracts and orders for current dollars
Population civilian employment us percent of
Price indexes
Consumer prices-See also International comparisons.
All items index
All items percent changes
....
Food, index
,
Food percent changes
Deflators NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator GNP irdsx
Implicit price deflator, GNP, percent changes
Industrial materials
<,
Industrial materials, components
Industrial materials, 01
Labor cost, price per unit of
...
Sensitive prices change in
Stock prices-See also International comparisons.
jBOO common stocks .
... , „
500 common stocks, Dl ..;....,
Wholesale prices
All commodities index
All commodities percent change

453
452
451

52
52
52

88
88
88

23
42
42
42
42
42
42
42
42
48

64
79
79
80
80
80
80
79
79
82

V77

Reserves free
Residential fixed investment, constant dollars, GPDI
Residential fixed investment, percent of GNP
Residential structures-See Housing.
Retail sales, constant dollars
Retail sales current dollars

4/77
4/77
4/77

55
233
232
238
236
239
237
231
230
235

2/77
8/76
2/77
8/76
2/77
8/76
8/76
8/76

8/76*

292
293
614

47
47
55

81
82
90

9/76

61
970
20
10
90

25
39
13,24
24
19

66
75
65
65
61

2/76

10/76*

4/77
4/77
4/77

10/69
10/69
10/69
10/69
10/69*
10/69
7/68*
11/68
11/68*
9/68

50
50,58
50
50

83,93
83,93
83
83

3/77
3/77
3/77
3/77

311

10/69*
10/69*

1/77

38
30
14,29

1/76*

4/69*
11/68

19
968

14,29
38

68
74

12/76
6/77

5/69*

330
330c
334
334c
331

49
49
49
49
49
49
49
49
49
49
30

84
84
85
85
84
84
85
85
85
85
69

3/77
3/77
3/77
3/77

93
89
249

34
26
48

71
66
82

6/77

11/72

Mil
8/76*

10/69*

59
54

23
23

64
64

10/76
10/76

6/72*

39
39
39
54
36

75
75
75
89
72

3/76*
3/76*
3/76*

26

66

1/77

Salaries-See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, mfg. and trade
Retail sales constant dollars
Retail salss current dollars
Saving
Business saving
Government surplus or deficit
Gross saving, private and government
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices change in
State and local govern ment-See Government.
Stock prices-See also International comparisons.
500 common stocks
...
500 common stocks, 01
Stocks of materials and supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

213

41

79

9/76*

69
57
56
973
77
59
54

25
15,23
23
39
28
23
23

66
64
64
75
67
64
64

2/77

295
298
290
292
293

47
47
47
47
47

81
82
81
81
82

2/77
9/76
9/76
9/76

92

14,29

68

3/77

19
968
78

14,29
38
28

68
74
67

12/76

5/69

6/77
2/77

5/69*

38

27

67

5/77

114
115

35
35

71
72

2/76
2/76

91
60
5
962
3

16,19
18
17
37
13,17

61
60
60
73
60

4/77
4/77

10/76
10/76*
12/76

6/69*
8/68*

446
445
447
444
37
4

52
52
52
52
19,52
17

88
88
88
88
61,88
60

4/77
4/77
4/77
4/77
4/77

4/72*

44
45
43

19
19
19

61
61
61

4/77
7/76
4/77

4/72
6/69
4/72

96
25

22
22

63
63

2/77
5/77

9/68
9/68

107
108
32

32
32
13,22

70
70
63

5/77
5/77

12/76

12/74

330
330c
334
334c
331

49
49
49
49
49
49
49
49
49
49
14,29
13,17

84
84
85
85
84
84
85
85
85
85
68
60

3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77

6/69*

12/76

8/68*

37

76
73

310
310c

5/77
3/77

3>77
3/77
3/77
3/77
3/77
3/77
5/77

5/77

12/76

51
51
51
12

87
87
87
59

6/76*
6/76*
6/76*
11/76

29
29

68
68

8/76
8/76

29
29
46
48
39
38
30
12
30

68
68
81
82
75
74
69
59
68

12/76
12/76

8/76

30
46
48

69
81
82

9/76*

9/76

9/76*
3/76*

5/69*
5/69*
5/69*
5/69*

3/76*

2/69'
11/68*

5/77

10/76
10/76

10/76*

6/72*
10/69
10/69
10/69
7/68*

T
Treasury bill rate
Treasury bond yields

. ..

U

Unemployment
Duration of unemployment, average
Help -wanted advertising to unemployment, ratio
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, 01 ...
Layoff rate manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age
Females, 20 years and over
Full-time workers
.
li/68
Males 20 years and over
Total unemployed
11/68*
11/68* Quit rate, manufacturing
Unemployment rates
11/68*
1 5 weeks and over
Insured, average weekly
11/73
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries change in
United Kingdom-See International comparisons.
6/68*

10/72*
10/72*
1/72
7/68

10/69
10/69*
11/68*

Velocity of money
GNP to money supply M1 ratio
Personal income to money supply M2 ratio
Vendor performance
,

60

12/76

284

46

81

9/76

285

48

82

9/76*

10/69* Workweek of production workers, manufacturing, 01

1/77
9/76

12/76

W

17

11/76

6/69

V

Wages and salaries-See Compensation.
West Germany-See International comparisons.
3/69
Wholesale prices
All commodities, index
7/68*
All commodities percent changes
Consumer finished goods, index
Consumer finished goods, percent changes
10/69
Crude materials index
10/69*
Crude materials percent changes
Intermediate materials index
.
Intermediate materials percent changes
Producer finished goods, index
Producer finished goods, percent changes
Sensitive prices change in
. . . .
Workweek of production workers, manufacturing
10/69 Workweek of production workers, manufacturing,

5/77
4/76

7/64
7/64

5/69

4

331c

332
332c
333
333c
92
1
961

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has btsen changed since the publication date shown.




9/68*

12/76
2/77

6/69*

311c

R

112

Tables

4/69

967
17
92

83
83
83
83
68
78
74
69
68

8/76*
8/76*
8/76*
8/76*

23

49
49
49
49
29

Q

Rental income of persons with CCA
Rental income of persons, with CCA, percent of national
income
.
. .

Charts

Historical Sorios
doty descriptions
(issue dato) (issuii date)

S

10/69

320
320c
322
322c

Consumer finished poods percent changes
Crude materials index
Crude materials percent changes ....
....
331c
Intermediate materials index
332
Intermediate materials, percent chf nqes
...
332c
Producer finished goods index
333
333c
Producer finished goods percent changes
Price to unit labor cost manufacturing
17
Prices, selling
Manufacturing Dl
976
Retail trade 01
. . . . .
978
Who lesale trade, Dl .
977
Prime contracts military
525
Prime rate charged by banks
109
Producer finished goods-See Wholesale prices.
Producers' durable equipment, nonresid., UPDI
88
Production -See Industrial production and GNP.
Productivity
Output per hour nonfarm business sector
358
Output per hour, private business sector ..,...'..' ', . . 370
Output per hour, private business sector, put. changes .
370c
Profitability Cl
916
Profits
Corporate after taxes, constant dollars . ,
16
16
Corporate, after taxes, with 1 VA and CCA,
constant dollar
80
Corporate, after taxes, with 1 VA and CCA, cor. dol — 79
Corporate with IVA and CCA .
286
Corporate, with IVA end CCA, pet. of nat'l. income . . . 287
Manufacturing and trade 01
972
Manufacturing, Dl ,
. ...
969
Per dollar of sales manufacturing
15
916
Profitability, Cl
22
Ratio, profits with IVA and CCA to corporate domestic
81
income
' '
Proprietors' income with IVA and CCA
282
Proprietors' income with IVA and CCA, pet. of nat'l. inc. 283

Quit rate manufacturing

Current issue
(pap numbers)

Series
number

10/69*

6/77

2/76*

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

1/77*

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1-Department of Commerce, Bureau of Economic
Analysis;
Source 2-Department of Commerce, Bureau of the Census;
Source 3-Department of Labor, Bureau of Labor Statistics;
Source 4-Board of Governors of the Federal Reserve System.
Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each series.

5. Average weekly initial claims for unemployment insurance, State programs (M).-Department of Labor,
Employment Training Administration; seasonal adjustment by Bureau of Economic Analysis
(17,60)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2
(22,63,76)

8. Value of manufacturers' new orders for consumer
goods and materials in 1972 dollars (M).-Sources 1,2,
and 3
(13,22,63)

27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).-Sources 1,
2, and 3
(24, 65)

9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).-McGraw-Hill
Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. {Used by permission. This
series may not be reproduced without written permission from the source.)
(24,65)

28. New private housing units started, total (M).-Source 2
(26,.66)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105)
(M).-Source!
(11,40,59)

11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).-The Conference Board. (Used
by permission. This series may not be reproduced without written permission from the source.)
(25,65)

915. Composite index of inventory investment and purchasing (includes series 8, 32,36,92) (M).-Source 1
(12,59)
916. Composite index of profitability (includes series 17,
19,80)(M).-Source1
(12,59)
917. Composite index of money and financial flows (includes series 104,105,110 ) (M).-Source 1 (12, 59)

12. Index of net business formation (M).-Source 1; seasonal adjustment by Bureau of Economic Analysis and
National Bureau of Economic Research, Inc.
(13,24,64)
13. Number of new business incorporations (M),-Dun and
Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc.
(24,64)
14. Current liabilities of business failures (M).-Dun and
Bradstreet, Inc.
(34,71)

920. Composite index of four roughly coincident indicators
(includes series 41,47, 51,57) (M).-Source 1
(11,40,59)

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 Economic Analysis (30,69)

930. Composite index of six lagging indicators (includes
series 62, 70, 72,91,95,109) (M).-Source 1(1 i,40,59)

16. Corporate profits after taxes in current dollars (Q).Source 1
(29,68)

940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).-Source 1
(12,59)

24. Value of manufacturers' new orders, capital goods industries, nondefense, in current dollars (M).-Source 2
(24, 65)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(22, 63)

I-A. Composite Indexes

914. Composite index of capital investment commitments
(includesseries 12,20,29) (M).-Source 1
(12,59)

23. Index of industrial materials prices (M).-Source 3
{29, 68,78)

7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1,2, and 3
(22, 63)

10. Contracts and orders for plant and equipment in current dollars (M).-Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by Bureau
of the Census and Bureau of Economic Analysis
(24,65)

913. Composite index of marginal employment adjustments
(includes series 1,2,3,5) (M).-Source 1
(12, 59)

22. Ratio of profits (after taxes) to total corporate domestic income (Q).-Source 1
(30,68)

29. Index of new private housing units authorized by local
building permits (M).-Source 2
(14, 26, 66)
30. Gross private domestic investment, change in business
inventories,all industries, in 1972 dollars (Q).-Source 1
(27,43,67,80)
31. Change in book value of manufacturing and trade inventories, total {M).-Sources 1 and 2
(27, 67)
32. Vendor performance, percent of companies reporting
slower deliveries (M).-Purchasing Management Association of Chicago
(13,22,63)
33. Net change in mortgage debt held by financial institutions and life insurance companies (M).-American
Council 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 source 4; seasonal
adjustment by Bureau of Economic Analysis (33, 70)
34. Net cash flow, corporate, in current dollars (Q).Sourcel
{30,69)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source 1
(30,69)
36. Net change in inventories on hand and on order in
1972 dollars (smoothed) {(vl).-Sources 1,2, and 3
(14,27,67)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(19, 52, 61, 88)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(27, 67)
39. Percent of consumer installment loans delinquent 30
days and over (EOM).-American Bankers Association
(34,71)

1. Average workweek of production workers, manufacturing (M).-Source 3
(13,17, 60,76)
2. Accession rate, manufacturing (M).-Source 3 (17,60)

40. Number of employees in nonagricultural goods-producing industries—mining, manufacturing, and construction {M).-Source 3
{18, 61)

18. Corporate profits after taxes in 1972 dollars (Q).Source!
(29,68)

I-B. Cyclical Indicators

17. Index of price per unit of labor cost, manufacturingratio, index of wholesale prices of manufactured goods
(unadjusted) to seasonally adjusted index of compensation of employees in manufacturing (sum of wages,
salaries, and supplements to wages and salaries) per unit
of output (M).-Sources 1,3, and 4
{30, 69)

41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(15,18,61)

19. Index of stock prices, 500 common stocks (M).Standard and Poor's Corporation (14, 29, 58, 68,94)

42. Number of persons engaged in nonagricultural activities, labor force survey (M).-Sources 2 and 3 {18, 61)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company
(13,24, 65)

43. Unemployment rate, total {M).-Sources 2 and 3
(19,61)

21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(17,60)

44. Unemployment rate, 15 weeks and over (M).-Sources
2and3
(19,61)

3. Layoff rate, manufacturing (M).-Source 3 (13,17,60)
4. Quit rate, manufacturing (M).-Source 3




(17,60)

113

TITLES AND SOURCES OF SERIES-Continued
45. Average weekly insured unemployment rate, State programs (M).-Department of Labor, Employment Training Administration
(19,61)
46. Index of help-wanted advertising in newspapers (M).The Conference Board;
(18,60)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfmancial corporationsratio of current-dollar compensation of employees to
real gross corporate product (Q).-Source 1
(31,69)

47. Index of industrial production, total (M).-Source 4
(15,21,40,57,62,77,92)

69. Manufacturers' machinery and equipment sates and
business construction expenditures (industrial and commercial construction put in place) (M).-Source 2
(25,66)

48. Employee hours in nor agricultural establishments (M).~
Sources
(18,40,60)

70. Manufacturing and trade inventories, total book value,
in 1972 dollars (EOM)-Sources 1,2, and 3(16,28,67)

49. Value of goods outpyt in 1972 dollars (Q).-Source 1
(21,62)

71. Manufacturing and trade inventories, total book value,
• in current dollars (EOM).-Sources 1 and 2
(28,67)

50. Gross national product in 1972 dollars (Q).-Source 1
(20,40,41,62,79)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).-Source 4; seasonal adjustment by Bureau of Economic Analysis
(16,36,72)

51. Personal income, less transfer payments, in 1972 dollars (M). -Source 1
(15,20,40,62)
52. Personal income, total, in 1972 dollars (M).-Source 1

{20,62)
53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).-Sources 1 and 3
(20,62)
54. Sales of retail stores in current dollars (M).-Source 2

(23,64)
55. Personal consumption expenditures, automobiles (Q).Source 1
(23,64)
56. Manufacturing and trade sales in current dollars
(M).-Sources 1 and 2
(23,64)
57. Manufacturing and trade sales in 1972 dollars (M).~
Sources 1,2, and 3
(15,23,64)
58. Index of consumer sentiment (Q).-University of
Michigan, Survey Reseorch Center
(23,64)

73. Index of industrial production, durable manufactures
(M).-Source4
(21,62)
74. Index of industrial production, nondurable manufactures (M).-Source 4
(21,62)
75. Index of industrial production, consumer goods (M).Source 4
(23,64)
76. Index of industrial production, business equipment
(M).-Source4
(25,66)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).Sources1,2,and3
(28,67)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).-Source 2

(28,67)

82. Rate of capacity utilization, manufacturing (Q).Source4
(21,63)
83. Rate of capacity utilization, manufacturing (EQQ).Source!
(21,63)
84. Rate of capacity utilization, materials (Q).-Source 4
(21,63)
85. Change in money supply M1 (demand deposits plus
currency) (M).-Source 4
(32,70)
86. Gross private domestic fixed investment, total n on residential, in 1972 dollars (Q).-Source 1
(26, 66)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(26, 66)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars
(Q).-Source 1
(26,66)

66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(36,72)

89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1
(26,66)

67. Bank rates on short-term business loans, 35 cities
(Q).-Source4
(36,72)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1,2, and 3
(19,61)

114



95. Ratio, consumer installment debt to personal income
(EOM).-Sources 1 and 4
(16,36,72)
96. Manufacturers' unfilled orders, durable goods industries
(£QM).-Source2
(22,63)
97.

Backlog of capital appropriations, manufacturing
(EOQ).-The Conference Board. (Used by permission.
This series may not be reproduced without written permission from the source.)
(25, 65)

102. Change in money supply M2 (demand deposits and currency plus time deposits at commercial banks other
than large CD's) (M).~Souree 4
(32,70)
104. Change in total liquid assets (smoothed) (M), --Sources
land 4
(14,32,70)
105. Money supply Ml (demand deposits plus currency) in
1972 dollars (M).-Sources 1,3, and 4
(14,32,70)

107. Ratio, gross national product to money supply M1
(Q).~Sourees 1 and 4
(32,70)

81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(30,69)

64. Compensation of employees as a percent of national
income (QK-Source 1
(31,48.69,82)

94. Member bank borrowings from the Federal Reserve
(M).~Source4
(34,71)

79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(O).-Source 1
(29,68)

60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources 1,2,3, and The Conference Board
(18,60)

63. Index of unit labor cost, private business sector
(Q).-Source3
(31,69)

93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(34,7t)

106. Money supply M2 (demand deposits and currency plus
time deposits at commercial banks other than large
CD's) in 1972 dollars (M).-Sources 1,3, and 4 (32,70)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Sourcel
(29,68)

62. Index of labor cost per unit of output, total manufacturing-ratio, index of compensation of employees in
manufacturing (sum of wages, salaries, and supplements
to wages and salaries) to index of industrial production,
manufacturing (M).-Sources 1 and 4
(16,31,69)

92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).Sources land 3
(14,29,, 68)

78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(28,67)

59. Sales of retail stores in 1972 dollars (M).-Sources 1
and 3
(23,64)

61. Business expenditures for new plant and equipment,
total <Q),~Source 1
(25,66)

91. Average (mean) duration of unemployment in weeks
(M).-Sources2and3
(16,19,61)

108. Ratio, personal income to money supply M2 (M), -Sources 1 and 4
(32,70)

109. Average prime rate charged by banks (M).-Source 4
(36,72)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(33,71)
112. Net change in bank loans to businesses (M).-Source 4;
seasonal adjustment by Bureau of Economic Analysis
(33,71)
113. Net change in consumer installment debt (M). Source 4
(33,71)
114. Discount rate on new issues of 91-day Treasury bills
(M).~Source4
(35,71)
115. Yield on long-term Treasury bonds (M).-Department
of the Treasury
(35,72)

116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and Department of the Treasury
(35,72)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(35, 72)
118. Secondary market yields on FHA mortgages (M).Department of Housing and Urban Development, Federal Housing Administration
(35,72)
119. Federal funds rate (M).-Source 4

(35,71)

TITLES AND SOURCES OF SERIES-Continued
I-C. Diffusion Indexes
950. Diffusion index of twelve leading indicator components
(M).-Sourcel
(37,73)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(37,73)
952. Diffusion index of six lagging indicator components
(M).-Sourcel
(37,73)
961. Diffusion index of average workweek of production
workers, manufacturing-21 industries (M).-Sources 1
and 3
(37,73,76)
962. Diffusion index of initial claims for unemployment
insurance, State programs-47 areas (M).-Source 1 and
Department of Labor, Employment Training Administration; seasonal adjustment by Bureau of Economic
Analysis
(37,73)

975. Diffusion index of level of inventories, manufacturing
and trade-about 1400 businessmen reporting (Q).Dun and Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written permission from the source.)
(39,75)
976. Diffusion index of selling prices, manufacturing-about
700 businessmen reporting (Q).-Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced without written permission from the source.)
(39,75)
977. Diffusion index of selling prices, wholesale tradeabout 450 businessmen reporting (Q).-Dun and Bradstreet, Inc. {Used by permission. This series may not be
reproduced without written permission from the
source.)
(39,75)
978. Diffusion index of selling prices, retail trade-about
250 businessmen reporting (Q).-Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced without written permission from the source.)
(39,75)

963. Diffusion index of number of employees on private
nonagricultural payrolls-172 industries (M),-Source 3
(37,73)

II-A. National Income and Product

964. Diffusion index of value of manufacturers'new orders,
durable goods industries-35 industries (M).-Sources 1
and 2
(38,74,76)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source 1
(27,43,67,80)

965. Diffusion index of newly approved capital appropriations, deflated—17 industries (Q).—The Conference
Board. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,74)

50. Gross national product in 1972 dollars (Q).-Source 1
(20,40,41,62,79)

966. Diffusion index of industrial production-24 industries
(M).-Sources 1 and 4
. (38,74,77)
967. Diffusion index of industrial materials prices-13 industrial materials (M).-Sources 1 and 3; seasonal adjustment by Bureau of Economic Analysis
(38,74,78)
968. Diffusion index of stock prices, 500 common stocks62-82 industries (M).-Standard and Poor's Corporation
(38,74)
969. Diffusion index of profits, manufacturing-about 1,000
corporations (Q).-Citibank; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc.
(38,74)
970. Diffusion index of business expenditures for new plant
and equipment, total-18 industries (Q).-Source 1
(39,75)
971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).-Dun and Bradstreet,
Inc. (Used by permission. This series may not be reproduced without written permission from the source.)
(39,75)
972. Diffusion index of net profits, manufacturing and
trade-about 1400 businessmen reporting (Q).-Dun
and Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(39,75)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).-Dun and Bradstreet, Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(39,75)
974. Diffusion index of number of employees, manufacturing and trade-about 1400 businessmen reporting
(Q).-Dun and Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written permission from the source.)
(39,75)




64. Compensation of employees as a percent of national
income (Q).-Source 1
{31,48,69,82)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(42, 80)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(42,80)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(42, 80)
240. Gross private domestic investment, total, in current
dollars (CD-Source 1
(43,80)
241. Gross private domestic investment, total, in 1972
dollars (Q).-Source 1
(43,80)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(43, 80)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q) -Source 1
(43,80)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).Source 1
(43, 80)
247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Sourcel
(48,82)
248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).-Source 1
(48, 82)

249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).-Source 1
(48,82)

200. Gross national product in current dollars (Q).-Source 1
(41,79)

250. Net exports of goods and services in current dollars;
national income and product accounts (Q).-Source 1
{45,81)

213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Sourcel
(41,79)

251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(48,82)

217. Per capita gross national product in 1972 dollars
(Q).-Sources 1 and 2
(41,79)

252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source 1
(45,81)

220. National income in current dollars (Q),-Source 1
(46,81)
223. Personal income in current dollars (M).-Source 1
(41,62)
224. Disposable personal income in current dollars (Q).Sourcel
(41,79)
225. Disposable personal income in 1972 dollars (Q).Sourcel
(41,79)
227, Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(41,79)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source!
(42,79)
231. Personal consumption expenditures, total, in 1972
dollars (Q).-Source 1
(42,79)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(42,79)

253. Imports of goods and services in current dollars;
national income and product accounts (Q).-Source 1
(45,81)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).-Source 1
(45,81)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (45,81)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (45,81)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(44, 80)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(44,80)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(44,80)

233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(42,79)

263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(44,80)

235. Personal consumption expenditures, total, as a percent
of gross national product (Q).-Source 1
(48, 82)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).-Source 1

236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(42, 80)

266. State and local government purchases of goods and
services in current dollars (Q).-Source 1
(44, 80}

(48, 82}

115

TITLES AND SOURCES OF SERIES-Continued
267. State and local government purchases of goods and
services in 1972 dollars (QK-Source 1
(44,80)

335. Index of wholesale prices, industrial commodities (M) Source 3
(49,84)

502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(53,89)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).Source!
(48,82)

340. Index of average hourly earnings of production workers, private nonfarm economy-adjusted for overtime
(in manufacturing only), interindustry employment
shifts, and seasonality (M).-Source 3
{50, 86)

510. State and local government surplus or deficit; national
income and product accounts (Q).-Source 1 (53,89)

280. Compensation of employees (Q).-Source 1

(46,81)

282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).-Source 1 (46,81)
283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national
income (Q).-Source 1
(48,82)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(46,81)
285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).-Source 1
(48,82)
286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).-Source 1
(46,81)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(48,82)

341. Index of real average hourly earnings of production
workers, private nonfarm economy-adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M).-Source'3
(50,86)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(50, 86)
346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).-Source 3
(50,87)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source 3
(51,87)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).~
Sources
(51,87)

(46,8V)

358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(50,87)

289. Net interest as a percent of national income (Q).Sourcel
(48,82)

370. Index of output per hour, all persons, private business
sector (Q).-Source3
(50,87)

288. Net interest (Q).-Source 1

290. Gross saving-private saving plus government surplus or
deficit (Q).-Sourcel
(47,81)
292. Personal saving (Q).-Sourcs 1

(47,81)

293. Personal saving rate-personal saving as a percent of
disposable personal income (Q).- Source 1
(47, 82)
295. Business saving-undistributed corporate profits plus
capital consumption allowances with inventory valuation and capital consumption adjustments (Q).Source!
(47,81)
298. Government surplus or deficit, total (Q),-Source 1
(47, 82)

II-C. Labor Force, Employment,
and Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources2and3
(19,52,61,88)
441. Total civilian labor force, labor force survey (M).Sources2and3
(52,88)
442. Total civilian employment, labor force survey (M).Sources2and3
(52,88)
444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(52,88)
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(52, 88)

II-B. Prices, Wages,
and Productivity
310. Implicit price deflator, gross national product (Q).Source!
(49,83)
311. Fixed weighted price index, gross business product
(Q).-Sourcel
(49,83)

446. Number unemployed, both sexes 16*19 years of age,
labor force survey (M).-Sources 2 and 3
(52,88)
447. Number unemployed, full-time workers, labor force
survey (M).-Sources2and 3
(52,88)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).-Sources 2 and 3
(52, 88)

320. Index of consumer prices, all items (M).-Source 3

(50,58,83,93)
322. Index of consumer prices, food (M).-Source 3 (50,83)
330. Index of wholesale prices, all commodities (M).Sources
(49,84}

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
{52, 88)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(52, 88)

511. State and local government receipts; national income
and product accounts (Q).-Source 1
(53,89)
512. State and local government expenditures; national
income and product accounts (Q).-Source 1 (53,89)
516. Defense Department obligations incurred, total, excluding
military assistance (M).-Department of Defense, OSD(
Comptroller, Directorate for Program Financial Control;
seasonal adjustment by Bureau of Economic Analysis

(54,89)
525. Military prime contract awards to U.S. business firms and
institutions (M).-Department of Defense, OSD,
Comptroller, Directorate for Management Information
Operation and Control; seasonal adjustment by Bureau of
Economic Analysis
(54,89)
548. Value of manufacturers' new orders, defense products
(M).-Source2
(54,89)
564. Federal Government purchases of goods and services
for national defense (Q).-Source 1
(54,89)

II-E. U.S. International
Transactions
602. Exports, excluding military aid shipments, total
(M).-Source2
(55,90)
604. Exports of agricultural products (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis
(55,90)
606. Exports of nonelectrical machinery (M).-Source 2;
seasonal adjustment by Bureau of Economic Analysis
{55,90)
612. General imports, total (M).-Source 2

(55, 90)

614. Imports of petroleum and petroleum products
(M).-Source 2; seasonal adjustment by Bureau of
Economic Analysis
(55,90)
616. Imports of automobiles and parts (M).-Source 2;
seasonal adjustment by Bureau of Economic Analysis

(55,90)
618. Merchandise exports, adjusted, excluding military
grants <Q).-Source 1
(56,91)
620. Merchandise imports, adjusted, excluding military
(Q).-Soureel
(56,91)
622. Balance on merchandise trade (Q).-Source 1
(56,91)
651. Income on U.S. investments abroad (Q).-Source 1
(56,91)

453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(52, 88)

652. Income on foreign investments in the U.S. (Q).Source 1
(56,91)

332. Index of wholesale pr CBS, intermediate materials,
supplies, and components (M).-Source 3
(49,85)

II-D. Government Activities

667. Balance on goods and services (Q).-Source 1 (56, 91)

333. Index of wholesale prices, producer finished goods
(M).-Source3
(49,85)

500. Federal Government surplus or deficit; national income
and product accounts {Q).-Source 1
(53,89)

334. Index of wholesale prices, consumer finished goods
(M).~Source 3
(49, 85)

501. Federal Government receipts; national income and
product accounts (Q).-Source 1
(53, 89)

331. Index of wholesale prices, crude materials for further
processing (M).-Source 3
(49,84)

116




668. Exports of goods and services, excluding transfers
under U.S. military grants (Q)-Source 1
(56, 91)
669. Imports of goods and services, total (Q).-Source 1
(56,91)

TITLES AND SOURCES OF SERIES-Continued
II-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M},-Standard and Poor's Corporation -(14,29,58,68,94)

726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(57,92)

737. Italy, index of consumer prices (M).-Institute Centrale
di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(58,94}

727. Italy, index of industrial production (M).-lnstituto
Centrale di Statistica (Rome)
(57, 92)

738. Japan, index of consumer prices (M).-Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
158, 93)

47. United States, index of industrial production, total
(M).-Source4
(15, 21, 40, 57, 62, 77, 92)

728. Japan, index of industrial production (M).-Ministry of
international Trade and Industry (Tokyo)
(57,92)

320. United States, index of consumer prices, all items

732. United Kingdom, index of consumer prices (M).Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (58,93}

(M).-Source3

(49,58,83,93)

721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).-Organization for Economic Cooperation and
Development (Paris)
(57,92)

722. United Kingdom, index of industrial
(M).-Central Statistical Office (London)

production
(57,92)

723. Canada, index of industrial production (M).-Statistics
Canada (Ottawa)
(57,92)
725. West Germany, index of industrial production
(M)-Statistisches Bundesamt (Wiesbaden); seasonal
adjustment by OECD
(57,92)




733. Canada, index of consumer prices (M).-Statistics Canada
(Ottawa); percent changes seasonally adjusted by Bureau
of Economic Analysis
(58,94)

735. West Germany, index of consumer prices (M),Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis
(58,93)
736. France, index of consumer prices (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(58,93)

742. United Kingdom, index of stock prices (M).-The
Financial Times (London)
(58,94)
743. Canada, index of stock prices (M).-Statistics Canada (Ottawa)
(58,94)

745. West Germany, index of stock prices (M).-Statistisches
Bundesamt (Wiesbaden)
(58,94)
746. France, index of stock prices (M).-lnstitut National de
la Statistique et des Etudes Economiques (Paris)
{58,94)
747. Italy, index of stock prices (M).-lnstituto Centrale di
Statistica (Rome)
(58,94)
748. Japan, index of stock prices (M).-Tokyo Stock Exchange (Tokyo)
(58,94)





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