Full text of Business Conditions Digest : June 1979

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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
John E. Cremeans, Associate Director for National
Analysis and Projections
Fellks Tamm, Editor
This report is prepared in the Statistical Indicators Division, Bureau of Economic Analysis.
Technical staff and their responsibilities for the publication are—
Barry A. Beckman—Technical supervision and review
Morton Somer—Selection of seasonal adjustment methods
Betty F. Tunstall—Collection 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 under
the auspices of the Office of Federal Statistical Policy and Standards. The committee
consists of the following persons:
Beatrice N. Vaccara, Chairman, U.S. Department of the Treasury
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
J. Cortland Peret, Board of Governors of the Federal Reserve System

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

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.

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 labe
Make checks payable to the Superintendent c
Documents. Send to the U.S. Governmer
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 peak;
and troughs combined. These indicators have
been selected primarily on the basis of thei
cyclical behavior, but they also have prover
useful in forecasting, measuring, and in
terpreting short-term fluctuations in aggregati
economic activity.
Other Economic Measures provide additional ir
formation for the evaluation of current busines
conditions and prospects. They include selecte
components of the national income and produc
accounts; measures of prices, wages, an
productivity; measures of the labor force
employment, and unemployment; economi
data on Federal, State, and local government a<
tivities; measures of U.S. international transa<
tions; and selected economic comparisons wit
major foreign countries.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

ItCII

iii

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

'. .

1
1
1
1
4
5
5
6

GOVERNMENT DOCUMENTS
ALUMNI LIBRARY
DEPOSITORY ITEM

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

1.0
12
14
15

60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
_

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
B1
B2
B3
B4
B5
~B6~1
B7

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

DIFFUSION INDEXES
AND RATES OF CHANGE
~CT~"
~C2~
"C3~

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has
Deen FRASER
Digitized forapproved by the Director of the Office of Management and Budget through September 1, 1980.



ItCIt




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
A1
A2
A3
A4
A5
A6
A7
A8

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

40
41
42
43
44
45
46
47

80
80
81
81
82
82
82
83

48
49

84
87

51

89

52
53

90
90

56
57

92
93

58
59
59

94
95
96

PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity

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

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

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

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

PART III. APPENDIXES
A. MCD and Related Measures of Variability (April 1978 issue)
QCD and Related Measures of Variability (April 1978 issue)
B. Current Adjustment Factors (April 1979 issue)
C. Historical Data for Selected Series
D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions: 1854 to 1975 (June 1978 issue)
F. Specific Peak and Trough Dates for Selected Business IndicatorsfOcfc^e/- 1978 issue)
G. Experimental Data and Analyses
Alphabetical -Index—Series Finding Guide
Titles and Sources of Series

97

105
110
114

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
Changes in this issue are as follows:

other series, changes
in composition of

1. The series on U.S. international transactions
(series 618, 620, 622, 651, 652, and 667-669) have been
revised to reflect the source agency's annual updating
of the basic statistics. These revisions affect the data
for 1969, 1977, and 1978 for series 652; 1969 to date for
series 651 and 667-669; and 1976 to date for series 618,
620, and 622.
Further information concerning these revisions may
be obtained from the U.S. Department of Commerce, Bureau
of Economic Analysis, Balance of Payments Division.
2. Appendix C contains historical data for series
6, 7, 29, 54, 72, 77, 95, 112, 113, 742, 743, 745-748,
950-952, 963, and 19 (1967=100).
3. Appendix 6 contains cyclical comparisons for
series 1 , 3, 47, 77, 91, and 95.
The July issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on August 2.



indexes, etc.

BEA PROJECTS
for economic
analysis




BUSINESS CONDITIONS DIGEST A monthly report for analyzing economic fluctuations over a short span of years.
This report brings together many of the economic time series found most useful by
business analysts and forecasters. The dominant feature is the cyclical indicators
section in which approximately 110 business cycle indicators are each assigned a
three-way timing classification according to their cyclical behavior at peaks, at
troughs, and at all turns. This section also contains other valuable aids for the
analysis of business conditions and prospects, such as composite indexes of leading,
coincident, and lagging indicators and various diffusion indexes. A second section
contains other important economic measures such as prices, wages, productivity,
government activities, U.S. international transactions, and international comparisons.
Data are presented in charts and tables. Appendixes provide historical data, series
descriptions, seasonal adjustment factors, and measures of variability, A computer
tape containing data for most of the series is available for purchase.

LONG TERM ECONOMIC GROWTH A report for the study of economic
trends over a long span of years, 1860-1970.
This report has been developed from available statistics to provide a comprehensive,
long-range view of the U.S. economy. It is a basic research document for economists,
historians, investors, teachers, and students. It brings together under one cover, in
meaningful and convenient form, the complete statistical basis for a study of longterm economic trends. A computer tape file of the time series included in the report
is available for purchase.

COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS

The source

statements for FORTRAN IV programs used by BEA in its analysis of
time series are available on a single computer tape.
SEASONAL ADJUSTMENT PROGRAMS.-Two variants of the Census computer
program for measuring and analyzing seasonal, trading-day, cyclical, and irregular
fluctuations. They are particularly useful in analyzing economic fluctuations which
take place within a year. The X-11 variant is used for adjusting monthly data and
the X-11Q for quarterly data. These programs make additive as well as multiplicative
adjustments and compute many summary and analytical measures.
DIFFUSION INDEX PROGRAM.-A computer program for computing diffusion
indexes, cumulated diffusion indexes, and summary measures of the properties of
each index.

SURVEY OF CURRENT BUSINESS
current economic developments.

A

monthly report for analyzing

This report provides a useful combination of current data for more than 2,500
statistical series and significant articles analyzing economic developments. These
data and analyses include such areas as the national income and product accounts,
the balance of payments accounts, plant and equipment expenditures, regional
personal income, and the input-output accounts.

A
BUSINESS STATISTICS
biennial reference volume containing statistical series reported currently in the Survey of Current Business.

This report provides historical data back to 1947 for nearly 2,500 time series. The
series are accompanied by concise descriptions as to their composition, methods of
compilation, comparability, revisions, and availability. Also listed are the names and
addresses of organizations which provide the basic data for the series.

METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1955, but those for the composite
indexes and their components (part I, section A)
begin with 1948, and a few charts use a two-panel
format which covers only the period since 1968.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1977
Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal

adjustment process; however, a separate holiday


adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.

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

All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
c o n f o r m i t y t o business e x p a n s i o n s a n d
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
Reference Turning Dates
November 1975 issues of BCD.) The resulting
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to periodic review by NBER and on occasion are weights. Because they use series of historically
changed as a result of revisions in important tested usefulness and given timing characteristics
economic time series. The dates shown in this pub- (for example, leading at both peaks and troughs),
lication for the 1948-1970 time period are those with diversified economic coverage and a minimum
determined by a 1974 review. The turning dates for of duplication, composite indexes give more
the 1973-1975 period are detailed in NBER's 1976 reliable signals over time than do any of the
Annual Report.
individual indicators. Furthermore, much of the

Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
1.

II.

EMPLOYMENT
AND
UNEMPLOYMENT

PRODUCTION
AND
INCOME
(10 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

(13 series)

(18 series)

LEADING (L)
INDICATORS
(62 series)

III.
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES

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

V.
INVENTORIES
AND
INVENTORY
INVESTMENT

VI.
PRICES, COSTS,
AND PROFITS

(17 series)

Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

(8 series)

(26 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)

Duration of
unemployment
(2 series)

VII.
MONEY
AND CREDIT

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)
1 nterest rates
(I series)
Velocity of
money
(2 series)
Interest rates
(2 series)

Business
investment
commitments
(1 series)

Unit labor costs
and labor share
(4 series)

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

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

Inventories on
hand and on
order
(4 series)

Interest rates
(1 series)

VI.
PRICES, COSTS,

VII.
MONEY
AND CREDIT

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

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

TIMING

UNCLASSIFIED

(U)
http://fraser.stlouisfed.org/
(1 series)
Federal Reserve Bank of St. Louis

II.

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

PRODUCTION
AND
INCOME
(10 series)

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

Marginal
employment
adjustments
(2 series)
Comprehensive
employment
(4 series)

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

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

IV.

V.

FIXED
CAPITAL
INVESTMENT
(18 series)

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 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)

Inventory
investment
(4 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)

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

AND PROFITS

(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
(8 series)
Outstanding debt
(3 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
w e l l - e s t a b l i s h e d d i f f e r e n c e s i n 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 monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1977
Handbook of Cyclical Indicators.}
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are five indexes based on leading indicators which
have been grouped by economic process. Taken
together, these additional indexes include all 12
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident




indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. "L" denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the 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 type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November '70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1977
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES

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
This part is divided into six sections which cover
a wide range of quarterly and monthly time series private business. The former include all private
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
(A4) is the compensation of government employees
still others relate to U.S. international transactions
or to selected foreign countries. The represented and purchases from business and from abroad. It
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor r e s o u r c e s ; g o v e r n m e n t r e c e i p t s , investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts,
included in the components of GNP and are
compiled by BEA, summarize both receipts and t h e r e f o r e deducted. More detail on U.S.
final expenditures for the personal, business,
international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product,
originate in the production of goods and services
final sales, and personal and disposable personal attributable to labor and property supplied by
income. The four major components of the gross
residents of the United States. Thus, it measures
n a t i o n a l p r o d u c t — p e r s o n a l c o n s u m p t i o n the factor costs of the goods and services proexpenditures, gross private domestic investment, duced. It consists of the compensation of
government purchases of goods and services, and employees, proprietors' income, rental income of
net exports of goods and services—are presented in
persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market m a j o r e x p e n d i t u r e c o m p o n e n t s o f G N P
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the percentages of GNP, and the major income
United States, before deduction of allowances for components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
The important data on price movements include
all sources. It is the sum of wage and salary the monthly consumer and wholesale price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
less personal contributions for social insurance.
the GNP implicit price deflator (with weights
Disposable personal income is the personal reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business prodpayments to government.
uct. Data on both levels and percent changes are
Personal consumption expenditures (A2) is presented for the period since 1968.
The group of series on wages and productivity
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
Digitized forcluded.
FRASER
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. Also shown is a selection of series
from the discontinued Defense Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
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 1968) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1968) tend to be significant as
leading indicators.

HOW TO READ CHARTS
Basic Data

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

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

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.

Diffusion Indexes

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

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

Arabic number indicates latest
month used in computing
the changes.

. H>^^

J

;

[9

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 - o r 4-quarter spans.

Roman
number indicates
latest quarter used in computing the changes.

TT!;

:.

-..'V^ ? * ;

~ 'V•

-^^.-rl • ,; •' • 1—

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.

Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data'
Series title

Timing
classification3

Unit
of
measure

Percent change

Average
1977

1978

3d Q
1978

4th Q
1978

1st Q
1979

Mar.
1979

Apr.
1979

Mar.
to
Apr.
1979

May
1979

3d Q
to
4th Q
1978

Apr.
to
May
1979

4th Q
to
1st Q
1979

1
£

I. CYCLICAL INDICATORS
A. Composite Indexes
910. Twelve leading indicators
920 Four coincident indicators .
930 Six lagging indicators

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

1967=100 ..
do. . . .
do. . . .

136.4
131.3
125.4

141.8
140.1
143.2

142.0
141.2
144.8

143.6
144.4
152.2

143.1
145.5
158.5

143.6
146.7
159.4

140.7
144.2
162.3

141.2
144.6
162.2

-2.0
-1.7
1.8

0.4
0.3
-0.1

1.1
2.3
5.1

-0.3
0.8
4.1

91(
92(
93(

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

do.
do.
do.
do.
do.

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

97.2
113.4
103.8
108.2
145.1

98.2
115.9
106.1
107.8
148.8

97.7
115.9
105.4
109.9
149.3

99.2
116.9
106.3
109.4
149.9

98.9
114.9
108.4
109.3
143.6

98.5
115.9
109.4
109.6
140.6

95.0
114.6
109.0
110.5
140.0

97.6
114.2
109.0
111.1
138.4

-3.6
-1.1
-0.4
0.8
-0.4

2.7
-0.3
0.0
0.5
-1.1

1.5
0.9
0.9
-0.5
0.4

-0.3
-1.7
2.0
-0.1
-4.2

91.
91'
91.
91(
91

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 (inverted 4 )
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 ..
4 Quit rate per 100 employees, mfg 2

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

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

40.3
3.4
4.0
371
1.1
1.8

40.4
3.6
4.1
339
0.9
2.1

40.4
3.5
3.9
355
0.9
2.0

40.6
3.7
4.4
328
0.9
2.2

40.7
3.8
4.3
346
0.8
2.3

40.8
3.8
4.1
352
0.9
2.2

39.2
2.8
3.9
438
1.0
2.1

-3.9
-1.0
-0.2
-24.4
-0.1
-0.1

2.6
0.6
0.2
19.6
0.0
-0.1

0.5
0.2
0.5
7.6
0.0
0.2

0.2
0.1
-0.1
-5.5
0.1
0.1

Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed 2
46 Help-wanted advertising

L,Lg,U
L,Lg,U

Ratio
1967-100...

0.518
118

0.738
149

0.743
150

0.818
162

0.802
158

0.791
156

0.777
155

0 . 7 6 8 -0.014
153
-0.6

-0.009
-1.3

0.075
8.0

-0.016
-2.5

6
4

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

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

156.53
87,302
82,256
24,288

162.53
91,031
85,763
25,381

163.10
91,348
86,115
25,478

164.78
92,270
86,963
25,857

166.53
93,301
87,868
26,241

167.89
93,499
88,263
26,412

165.34
92,987
88,267
26,369

166.93
93,134
88,438
26,401

-1.5
-0.5
0.0
-0.2

1.0
0.2
0.2
0.1

1.0
1.0
1.0
1.5

1.1
1.1
1.0
1.5

4
4
4
4

U,Lg,U

Percent

57.10

58.60

58.71

59.01

59.39

59.45

59.00

59.00

6,855
7.0
3.9
14.3
2.0

6,047
6.0
3.2
11.9
1.4

6,027
6.0
3.3
11.6
1.3

5,908
5.8
3.0
11.2
1.2

5,878
5.7
3.0
11.4
1.2

5,871
5.7
3.0
11.7
1.3

5,937
5.8
3.1
11.0
1.2

5,929
5.8
2.8
11.1
1.2

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

B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment

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

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

40.2
3.4
4.1
352
1.0
2.0

-0.45

0.0

0.30

2

0.38

9

-1.1
-0.1
-0.1
6.0
0.1

0.1
0.0
0.3
-0.9
0.0

2.0
0.2
0.3
3.4
0.1

0.5
0.1
0.0
-1.8
0.0

3
4
4
9
4

-0.3
-0.4

-0.3
-0.3

1.7
1.7
2.0

0.2
0.2
0.3

5
5
5

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

1 3 3 2 . 7 1 3 8 5 . 7 1391.4 1414.7 1417.6
1 0 8 6 . 8 1136.3 1142.0 1161.4 1163.5 1166.4 1162.4 1159.0
9 9 0 . 0 1 0 0 9 . 5 1012.1 1014.9 1010.5 1 0 0 7 . 5
938.4
986.0

c,c,c
c,c,c

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

C,C,C

do

232.3

245.1

246.5

250.1

252.7

254.1

250.2

250.2

-1.5

0.0

1.5

1.0

5

C,C,C

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

137.1
129.5
148.1
608.4

145.2
139.3
154.8
629.7

147.0
142.0
155.9
630.2

149.7
145.1
158.5
649.1

151.5
146.5
160.9
650.1

152.3
147.3
161.5

150.2
144.0
160.9

152.1
147.1
161.6

-1.4
-2.2
-0.4

1.3
2.2
0.4

1.8
2.2
1.7
3.0

1.2
1.0
1.5
0.2

4
7
7
4

L,C,U

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

82.4
83
81.9

84.2
84
85.0

85.0
83
86.0

85.9
84
87.6

0.2
0
-0.2

8
8
8

Orders and Deliveries:
6. New orders, durable goods
7. New orders, durab'e goods, 1972 dollars
:
'8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods 2
96. Mfrs.' unfilled orders, durable goods 5
*32. Vendor performance 2 ©

L,L,L
L,L,L
L,L,L
L,L,L
L,Lg,U
L,L,L

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

77.22
78.98
70.80
6 9 . 8 0 7 7 . 4 2 8 2 . 3 7 84.16
59.78
45.81
42.90
44.30
46.45
42.13
40.81
41.85
38.48
39.71
38.74
37.16
38.66
39.90
37.46
37.60
35.27
5.63
7.37
2.12
3.81
2.20
6.42
5.14
1.53
1 8 4 . 8 3 2 3 0 . 5 5 213.65 2 3 0 . 5 5 2 5 2 . 6 8 2 5 2 . 6 8 2 5 7 . 8 2 2 5 9 . 9 4
62
67
64
75
55
78
76
76

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 ©
,.

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

Bil dol
do. . . .
1967=100...
Mil. dol
do. . . .
A.r., bil. dol.
1 0 1966=100

224.90
147.08
143.4
60,335
42,664
61.8
86.8

L,L,L
L,L,L

1967=100...
Number. . . .

132.9
126.5
133.1 1 3 4 . 2
131.6
131.4
131.2
3 6 , 5 0 9 3 9 , 9 8 5 4 1 , 2 7 8 41,991 4 2 , 3 0 4 4 2 , 0 8 7 4 2 , 5 6 3

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., BEA 2
84. Capacity utilization rate, materials, FRB 2 . . . .

c,c,c

C,L,L
C,C,C

L,C,U

86.1
84
87.4

0.9
1
1.6

B3. Consumption, Trade, Orders, and
Deliveries

254.78
155.14
147.4
64,972
44,193
67.8
79.4

257.79
155.88
148.4
67,204
44,358
67.9
80.4

270.28
159.62
149.8
70,016
45,434
69.6
73.5

278.49
159.60
151.3
71,341
44,963
73.3
71.5

286.66
161.90
152.4
72,045
44,972
68.4

NA
277.36
NA
154.93
151.3
148.6
71,217 71,108
44,015 43,571
66.0

-8.2
-9.3
-6.1
-1.28
2.0
_2

68.1

10.9
8.6
4.0
3.43
7.9
5

6.4
3.4
2.7
1.74
9.6
8

2
9
3

NA
NA
1.8
-0.2
-1.0
3.2

-3.2
-4.3
-2.5
-1.1
-2.1

2.3
1.8
3.4
-3.02
0.8
0

4.8
2.4
0.9
4.2
2.4
2.5
-8.6

3.0
0.0
1.0
1.9
-1.0
5.3
-2.7

5
5
7
5
5
5
5

NA
NA

0.8
1.7

-1.9
0.7

1
1

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




NA
NA

-0.2
1.1

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

Series title

Unit
of
measure

Percent change

Average
1977

1978

3d Q
1978

4th Q
1978

1st Q
1979

Mar.
1979

Apr.
1979

Mar.
to
Apr.
1979

May
1979

Apr.
to
May
1979

3d Q
to
4th Q
1978

£
4th Q
to
1st Q
1979

Series numt

Basic data1
Timing
classification3

I. CYCLICAL INDICATORS-Con.
B4. Fixed Capita! Investment-Con.
Business Investment Commitments:
1 0. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods indus., nondefense . . .
27. New orders, capital goods industries, nondefense 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
11 New capital appropriations mfg. . .
97. Backlog of capital appropriations, mfg.5
Business Investment Expenditures:
61. Business expend., new plant and equipment ..
69. Machinery and equipment sales and business
construction expenditures
76. Industrial production, business equip
86. Nonresid. fixed investment, total, 1972 dol. ..
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dol

18.16

22.45

22.68

25.18

26.66

27.74

25.90

22.98

-6.6

-11.3

11.0

5.9

L,L,L
L,L,L

do. . . .
do. . . .

12.13
15.20

13.87
18.81

13.87
18.85

15.05
21.20

15.92
23.31

16.87
24.43

15.07
21.29

13.32
21.44

-10.7
-12.9

-11.6
0.7

8.5
12.5

5.8
10.0

2
2

L LL

do. .. .

10.20

11.73

11.67

12.85

14.09

15.08

12.57

12.49

-16.6

-0.6

10.1

9.6

2

L,C,U Mil. sq.ft. . .
U,Lg,U Bil. dol
C,Lg,Lg Bil. dol., HOP

62.96
15.99
56.50

80.73
17.00
64.16

80.14
16.43
61.26

85.70
19.29
64.16

9 8 . 9 2 102.77
22.32
68.93

93.59

87.09

-8.9

-6.9

6.9
17.4
4.7

15.4
15.7
7.4

5.5

1.2

6

L,L,L

Bil. dol

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

1 3 5 . 8 0 1 5 3 . 8 2 155.41 1 6 3 . 9 6 1 6 5 . 9 4

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

196.20 2 3 3 . 4 4 2 4 2 . 1 2 253.14 2 6 4 . 8 8
149.2
162.0
167.6
165.0
170.8
140.2
129.8
144.9
141.7
146.7

1

1
9

276.42
172.1

265.36
170.5

NA
172.7

-4.0
-0.9

NA
1.3

4.6
1.6
2.3

4.6
1.9
1.2

6
7
8

1,786
130.9

1,735
122.5

1,827
130.7

-2.9
-6.4

5.3
6.7

1.7
2.5
1.0

-22.3
-17.7
-3.8

2
2
8

2.4

3

24.26
51.4
3.74

27.32
64.7
4.22

NA
NA
NA

3.06
13.3
0.48

NA
NA
NA

1.04
2.8
0.90

8.81
9.7
2.08

3
3
3

3 3 7 . 8 3 3 7 9 . 3 9 3 6 9 . 5 3 3 7 9 . 3 9 391.70 391.70 3 9 7 . 0 9
2 3 3 . 7 5 2 4 4 . 2 4 242.31 2 4 4 . 2 4 248.14 248.14 2 4 9 . 4 4
58.91
63.72
63.72
62.96
65.33
65.33
66.66

NA
NA
NA

1.4
0.5
2.0

NA
NA
NA

2.7
0.8
1.2

3.2
1.6
2.5

7
7
6

1.61

NA

0.08

NA

1 6 7 . 0 8 180.83 1 8 0 . 8 3 1 8 5 . 0 6

NA

2.3

NA

2.26
294.5

1.84
293.8

0.0
2.1

-0.42
-0.2

100.11 102.07

99.73

2.0

-2.3

1,987
144.9
57.7

2,018
145.4
59.8

2,044
143.2
59.7

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

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

2,078
146.8
60.3

L,L,L

do. . . .

8.9

10.6

9.0

8.2

do. . . .
. . . . . d o . ...
Bil.dol

9.76
27.4
0.88

16.09
41.6
2.02

11.51
36.7
1.61

12.55
39.5
2.51

1,615
120.8
58.0

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol.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, 1972 dol. 5
65. Mfrs.' inventories of finished goods 5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order 5

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

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

1.56

1.55

1.55

142.90 167.08 159.54

1.53

10.6
21.36
49.2
4.59

1.54

-0.8

1.53

-0.02

0.01

7

4.7

8.2

7

0.08
8.6

0.48
8.5

9
2

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23 Industrial materials prices®

L,L,L
U,L,L

Percent
1967=100...

0.69
210.4

1.22
231.0

Stock Prices:
*19 Stock prices 500 common stocks (§)

L,L,L

1941-43=10.

98.20

Profits and Profit Margins:
1 6. Corporate profits after taxes
18. Corp. prof its after taxes, 1972 dollars . . . . . . .
79. Corp. profits after taxes, with I VA and CCA . .
80
do
in 1972 dol. ...
1 5. Profits (after taxes) per dol. of sales, mfg,2 . . .
17. Ratio, price to unit labor cost, mfg

L,L,L
L,L,L
L,C,L
L,C,L
L,L,L
L,L,L

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

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

L,L,L
L,L,L

1.86
273.4

9 6 . 0 2 101.66

97.13

99.35

102.1
70.9
72.3
50.5
5.3
122.2

118.1
76.1
75.6
49.2
5.4
122.7

119.2
76.1
79.0
51.1
5.4
124.4

130.5
81.7
82.2
52.2
5.7
124.8

139.7
85.7
78.5
49.0
6.0
124.8

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

164.4
110.4

183.2
114.2

184.5
113.5

196.1
118.7

Lg,Lg,Lg 1967=100...

180.2

196.3

197.8

Lg,Lg,Lg Dollars
Lg,Lg,Lg 1967=100...

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, mfg
64. Compensation of employees as percent of
national income 2

1.38
252.0

0.952
155.6

1.029
166.4

1.038
165.5

76.4

Lg,Lg,Lg

1.30
232.1

2.26
288.5

2.3

1

9.5
7.4
4.1
2.2
0.3
0.3

7.0
4.9
-4.5
-6.1
0.3
0.0

1
1
7
8
1
1

205.3
122.2

6.3
4.6

4.7
2.9

3
3

201.1

208.8

1.7

3.8

6

1.053
168.9

1.087
174.1

1.4
2.1

3.2
3.1

6
6

76.2

75.7

76.5

0.8

6

-0.21

125.1

175.4

125.9

176.9

128.1

175.4

Percent

76.1

L,L,L

Percent. . . .

0.64

0.54

0.77

0.05

0.11

1.48

0.11

L,C,U
L,L,L
L,L,L
L LL

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

0.74
0.91
225.9
538.0

0.66
0.90
226.1
542.5

0.90
0.86
226.5
543.2

0.39
0.91
223.9
541.6

0.14
0.80
216.9
529.9

0.32
0.70
214.6
525.8

1.17
0.65
215.4
526.2

0.47
0.62
213.3
523.0

C,C,C
C,Lg,C

Ratio. . . . . .
.....do. ...

5.764
1.961

5.971
2.017

5.978
2.021

6.135
2.049

6.314
2.093

2.110

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

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

85.91
4.80
44.72

0.6

0.9

1.7

-0.8

-4.5

-0.5

B7. Money and Credit
Money:
85. Change in money supply (M1) 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 (M1), 1972 dollars
*106. Money supply (M2), 1972 dollars .
Velocity of Money:
107. Ratio, GNP to money supply (Ml) 2
108. Ratio, pers. income to money supply (M2) 2 ..
Credit
33.
1 1 2.
113.
1 10.

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




...

90.64
80.10
95.42
92.10
85.59
14.27
6.24
7.46
13.10
22.25
34.96
44.63
43.11
47.54
40.38
2 8 3 . 7 6 342.10 353.97 3 7 6 . 4 4 3 0 9 . 4 0

1.37

-1.37

-0.72

-0.26

0.85
-0.05
0.4
0.1

-0.70
-0.03
-1.0
-0.6

-0.51
0.05
-1.1
-0.3

-0.25
-0.11
-3.1
-2.2

10
10
10
10

2.094

2 . 0 9 9 -0.016

0.005

0.157
0.028

0.179
0.044 ,

10
10

NA
36.92
48.82

NA
30.83
NA

NA
-6.09
NA

3.32
-6.86
4.43
6.3

-9.83 ,
16.01<
-7.16J
-17.8^

3
1
1
1
1
tl

NA
32.12
4.10

8

1

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

Percent change

Average

of
measure
1977

1978

3d Q
1978

4th Q
1978

1st Q
1979

Mar.
1979

Apr.
1979

Apr.
to
May
1979

Mar.
to
Apr.
1979

May
1979

3d Q
to
4th Q
1978

Series number

Series title

4th Q
to
1st Q
1979

1. 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 5 . . . .

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 ®
1 1 5. Treasury bond yields 2 ®
116. Corporate bond yields 2 ®
117 Municipal bond yields 2 ®
1 1 8. Mortgage yields, residential 2 ®
67. Bank rates on short-term bus. loans 2 ®
*109. Average prime rate charged by banks 2 ®

L,Lg,Lg 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,Lg,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

2 5 7 . 9 4 196.33 188.41 183.60
2.42
2.45
2.45
2.36

NA
2.33

-738
952

-733
989

-742
999

9.58
8.68
8.20
9.25
6.27
10.03
11.44
10.81

10.07
9.36
8.44
9.55
6.37
10.18
12.27
11.75

10.09
9.46
8.45
9.65
6.33
10.19

10.01
9.49
8.44
9.69
6.28
NA

11.75

NA
NA

NA
NA

NA
NA

NA
NA

2.6
-0.03

NA
0.12

-899 -1,485
897
1,769

157
-102

586
872

-270
-215

-5
37

9
9

10.24
9.59
8.55
9.83
6.25
10.61

-0.08
0.03
-0.01
0.04
-0.05
NA

0.23
0.10
0.11
0.14
-0.03
NA

11.75

11.75

0.0

0.0

1.48
1.36
0.27
0.29
0.11
0.20
1.52
1.67

0.49
0.68
0.24
0.30
0.10
0.15
0.83
0.94

11
11
11
11
11
11
6
10

267.91 2 5 6 , 0 2 267.91 278.01 278.01 282.08

NA

1.5

NA

4.6

3.8

6

137.27 140.35 142.92
14.98
15.14
NA

2.2
0.16

1.8
NA

1.9
0.17

3.5
0.21

7
9

-253
462

- 6 7 9 -1,008
872
1,167

5.54
5.26
7.06
8.20
5.68
8.68
7.97
6.82

7.94
7.22
7.89
8.98
6.02
9.70
9.85
9.06

223.28

NA
2.33

8.10
7.32
7.93
8.96
6.16
9.83
9.92
9.14

113.13 126.31 1 2 9 . 0 5 131.52 136.12
14.42
14.57
14.74
14.95
13.48

1
3

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 CPI, all items, S/A 2
CPI food
Wholesale prices (WPI), all commodities® . . .
WPI, crude materials
WPI, intermediate materials
WPI, producer finished goods
WPI, consumer finished goods

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

141.6
181.5
0.5
192.2

152.1
195.4
0.7
211.4

153.5
197.9
0.7
214.8

156.6
201.9
0.7
219.5

159.9
207.0
1.0
227.7

209.1
1.0
230.5

211.5
1.1
232.7

214.1
1.1
234.3

1.1
0.1
1.0

1.2
0.0
0.7

2.0
2.0
0.0
2.2

2.1
2.5
0.3
3.7

31
32
32
32

do.
do.
do.
do.
do.

194.2
214.3
201.7
184.5
178.9

209.3
240.2
215.5
199.1
192.6

211.2
242.9
216.8
201.1
194.5

216.0
255.3
222.5
205.0
199.0

223.7
270.2
229.0
210.0
206.1

226.4
275.0
231.3
211.3
208.4

229.7
273.9
234.7
213.7
210.0

231.6
276.0
237.0
215.1
210.7

1.5
-0.4
1.5
1.1
0.8

0.8
0.8
1.0
0.7
0.3

2.3
5.1
2.6
1.9
2.3

3.6
5.8
2.9
2.4
3.6

33
33
33
33
33

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

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

do. . . .

196.8

212.6

214.9

219.2

224.0

225.3

226.8

227.1

0.7

0.1

2.0

2.2

34

do.
do.
do.
do.

108.4
209.1
115.2
118.3

108.9
228.3
116.8
118.6

108.8
230.6
116.6
119.1

108.6
235.5
116.6
119.6

107.9
241.3
116.3
118.2

107.3

106.9

105.9

-0.4

-0.9

-0.2
2.1
0.0
0.4

-0.6
2.5
-0.3
-1.2

34
34
34
37

-0.6
-0.7
1.1
0.3
-1.0
5.4

0.1
0.2
-0.1
-3.7
2.6
1.1

0.8
0.9
-2.0
-1.3
-4.4
0.8

0.9
1.0
-0.5
1.3
-0.4
-3.1

44
44
3
44
44
44

-0.3
-0.4
-0.6

0.0
0.2
-0.6

0.2
0.3
-0.2

0.4
0.2
0.2

45
45
45

4 8
4 .2
2 0
3.3
1 .8
^ .4

1 5
0.8
3.9
-0.1
0.4
1. 3

50
50
50
51
51
51

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

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, 1 6-19 years of age

Millions . . . .
do. . . .
Thousands. .
do. . . .
do. . . .
do. . . .

Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age 2

Percent
do. . ..
do. . . .

79.7
48.1
56.2

79.8
49.6
58.0

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

374.5
422.6
-48.1
296.2
266.6
29.6

431.4
461.4
29 9
328.1
299.7
28.3

Mil.dol
do. . . .
do. ...
A.r., bil. doi.

9 , 8 7 9 1 0 , 3 7 2 1 0 , 2 6 4 1 0 , 3 7 0 1 0 , 9 4 8 11,945
5,130
4,408
4,580
5,146
5,640
7,039
3,052
4,065
3,360
3,300
3,576
2,868
102.1
103.9
99.6
99.5
94.3

9 7 . 3 7 1 0 0 . 4 2 1 0 0 . 7 5 101.53 1 0 2 . 4 7 102.71 102.11 1 0 2 . 2 5
96.84
94.73
95.61
96.60
96.17
96.32
90.54
94 .38
6,047
6,027
5,908
5,878
5,937
6,855
5,871
5,929
2,252
2,180
2,727
2,15.1
2,178
2,180
2,187
2,105
2,236
2,291
2,190
2,181
2,201
2,180
2,486
2,237
1,555
1,642
1,559
1,568
1,519
1,490
1 , 5 7 0 1,587

79.6
49.8
58.7

79.8
50.1
58.5

80.2
50.3
58.7

441.7
463.1
464.5
483.8
22 8 • -20
8
329.2
340.1
305.8
311.3
23.4
28.8

470.7
487.7
16 9
339.9
312.4
27 .5

80.1
50.5
58.7

79.8
50.1
58.1

79.8
50.3
57.5

D. Government Activities
D1. Receipts and Expenditures
501.
502.
500.
511.
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

51 7.
525.
548.
564.

Defense Department obligations
Military prime contract awards
New orders, defense products
National defense purchases

D2. Defense Indicators

y ,37 .

IU'.

3 , 4 6 ;

MA i
1

NA
NA
14.C

1.0
16.7
33.2
2.5

5.6

1

,:.
51

1 .8

56

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




Mil.doi.
do.
do.
do.
do.
do.

..
...
...
...
. .,
...

10,117 11,959 12,410 13,211 1 3 , 6 9 7 1 4 , 4 5 2 1 3 , 8 8 3 1 3 , 8 6 2
1,985
2,483
2,559
2,561
2,481
2,682
2,547
NA
1,852
2,598
2,722
2,917
2,500
2,810
2,706
NA
12,308 14,337 14,499 14,903 1 5 , 4 3 7 15,273 16,036 1 6 , 3 4 2
3,264
3,274
3,462
3,593
3,506
3,795
NA
3,470
f
1,767
1,856
1,753
1,956
1,589
-i A
1,323
1,725

- 3. 9
-5.0
-7.2
5.C
8.2
23.1

-0.2
NA
NA
1.9
NA
NA

6.5
0.1
4.8
2.8
6.0
5.0

3.7
-3.1
3.2
3.6
3.5
-5.5

60
60
60
61
61
61

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Series title

Unit
of
measure

Average
4th Q
1977

1st Q
1978

_

Percent change

2d Q
1978

3d Q
1978

4th Q
1978

1st Q
1979

2d Q
to
3d Q
1978

3d Q
to
4th Q
1978

4th Q
to
1st Q
1979

1976

1977

1978

28,686
31,013
-2,326
7,322
3,328
42,940
40,540
2,400

30,204
37,922
-7,718
8,147
3,650
46,149
48,505
-2,356

35,471
44,018
-8,547
10,866
5,455
55,212
57,416
-2,203

29,665
38,869
-9,204
8,312
4,201
45,935
50,207
-4,272

30,811
42,710
-11,899
9,776
4,537
49,085
54,792
-5,707

35,267
43,174
-7,907
10,256
5,402
54,225
56,338
-2,113

36,491
44,503
-8,012
10,526
5,574
56,222
58,216
-1,994

39,315
45,684
-6,369
12,907
6,308
61,317
60,316
1,001

41,350
47,448
-6,098
13,877
7,101
64,399
62,913
1,486

3.5
3.1
-105
2.6
3.2
3.7
3.3
119

7.7
2.7
1,643
22.6
13.2
9.1
3.6
2,995

5.2
3.9
271
7.5
12.6
5.0
4.3
485

618
620
622
651
652
668
669
667

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

1271.0
1700.1
1264.4
1184.4
890.1
5,906
4,136

1332.7
1887.2
1323.8
1303.0
926.3
6,145
4,271

1385.7
2107.6
1375.2
1451.8
966.1
6,340
4,421

1354.5
1958.1
1347.1
1359.6
949.6
6,226
4,365

1354.2
1992.0
1341.8
1391.6
952.1
6,215
4,370

1382.6
2087.5
1369.9
1433.3
960.3
6,334
4,399

1391.4
2136.1
1382.4
1468.4
968.7
6,360
4,428

1414.7
2214.8
1406.5
1513.9
983.2
6,453
4,485

1417.6
2267.3
1407.0
1563.3
990.1
6,454
4,508

0.6
2.3
0.9
2.4
0.9
0.4
0.7

1.7
3.7
1.7
3.1
1.5
1.5
1.3

0.2
2.4
0.0
3.3
0.7
0.0
0.5

50
200
213
224
225
217
227

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

819.4
857.7
891.7
876.6
125.9
137.8
144.6
143.0
320.2
330.4
339.6
338.1
373.2
389.5
407.4
395.6
1 0 9 0 . 2 1206.5 1340.1 1 2 5 5 . 2
178. 4
187.2
156.6
197.5
442.6
479.0
496.9
526.5
491.0
549.2
616.2
571.1

873.5
886.3
895.1
911.8
913.5
137.8
145.8
150.1
144.8
148.7
333.3
336.3
340.4
348.5
345.3
402.4
404.2
410.0
413.1
419.5
1276.7 1322.9 1356.9 1403.9 1442.2
183.5
197.8
199.5
209.1
211.5
501.4
519.3
531.7
553.4
567.7
591.8
641.4
605.8
663.1
625.8

1.0
-0.7
1.2
1.4
2.6
0.9
2.4
3.3

1.9
3.7
2.4
0.8
3.5
4.8
4.1
2.5

0.2
-0.9
-0.9
1.5
2.7
1.1
2.6
3.4

231
233
238
239
230
232
236
237

I

II. OTHER IMPORTANT ECONOMIC
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618.
620.
622.
651
652
668
669
667

Merchandise exports
Merchandise imports
Merchandise trade balance 2
Income on U.S. investments abroad
Income on foreign investment in the U.S
Exports of goods and services
Imports of goods and services
Balance on goods and services 2

Mil. dol

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

A. National Income and Product
A1. GNP and Personal Income
50
200
213.
224.
225.
217.
227.

GNP in 1972 dollars
GNP in current dollars
Final sales, 1972 dollars
Disposable personal income, current dollars ...
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Per capita disposable pers. income, 1972 dol. . .

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

Total, 1972 dollars
Durable goods, 1972 dollars
Nondurable goods, 1972 dollars
Services, 1972 dollars
Total current dollars
Durable goods current dollars
Nondurable goods current dollars
Services current dollars
A3. Gross Private Domestic Investment

241
243
30.
240
242.
245

do
do
do
do.
do
do

173.4
166.8
6.7
243.0
232.8
10.2

196.3
187.4
8.9
297.8
282.3
15.6

210.6
200.1
10.6
345.6
329.6
16.0

200.3
192.8
7.5
313.5
300.5
13.1

205.7
193.4
12.3
322.7
306.0
16.7

213.1
200.4
12.7
345.4
325.3
20.1

210.4
201.4
9.0
350.1
336.5
13.6

213.4
205.2
8.2
364.0
350.5
13.5

215.3
204.7
10.6
370.4
355.1
15.3

-1.3
0.5
-3.7
1.4
3.4
-6.5

1.4
1.9
-0.8
4.0
4.2
-0.1

0.9
-0.2
2.4
1.8
1.3
1.8

241
243
30
240
242
245

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

262.8
96.6
166.2
359.5
129.9
229.6

269.2
101.6
167.6
394.0
145.1
248.9

275.0
100.3
174.7
433.9
153.8
280.2

274.5
103.6
170.9
412.5
152.2
260.3

272.1
101.2
170.8
416.7
151.5
265.2

271.9
97.1
174.8
424.7
147.2
277.6

276.7
100.4
176.3
439.8
154.0
285.8

279.4
102.5
176.9
454.5
162.5
292.0

276.4
102.0
174.4
458.4
164.5
293.9

1.8
3.4
0.9
3.6
4.6
3.0

1.0
2.1
0.3
3.3
5.5
2.2

-1.1
-0.5
-1.4
0.9
1.2
0.7

261
263
267
260
262
266

do
do
do
do
do
do

95.9
80.5
15.4
163.2
155.7
7.4

98.2
88.7
9.5
175.5
186.6
-11.1

107.0
98.6
8.4
204.8
216.8
-12.0

96.0
92.9
3.1
172.1
195.2
-23.2

99.1
96.2
2.9
181.7
205.8
-24.1

108.4
97.1
11.3
205.4
210.9
-5.5

109.0
99.7
9.2
210.1
220.8
-10.7

111.7
101.5
10.2
221.9
229.5
-7.6

115.2
102.8
12.5
235.0
238.7
-3.7

0.6
2.7
-2.1
2.3
4.7
-5.2

2.5
1.8
1.0
5.6
3.9
3.1

3.1
1.3
2.3
5.9
4.0
3.9

256
257
255
252
253
250

1 3 5 9 . 2 1515.3 1 7 0 3 . 7 1 5 7 6 . 9 1603.1 1688.1 1 7 2 8 . 4 1 7 9 5 . 2 1 8 3 8 . 7
1 0 3 6 . 8 1153.4 1301.4 1199.7 1241.0 1 2 8 7 . 8 1317.1 1 3 5 9 . 8 1 4 0 6 . 6
99.8
88.6
113.2
107.3
105.0
110.1
114.5
123.0
123.4
144.2
127.0
148.2
159.5
132.6
163.4
165.2
176.6
168.7
22.5
22.5
23.4
22.7
22.8
22.2
24.4
24.3
24.7
95.4
84.3
99.0
106.3
101.7
104.6
107.4
111.4
115.2

2.4
2.3
4.0
1.1
9.5
2.7

3.9
3.2
7.4
6.9
0.4
3.7

2.4
3.4
0.3
-4.5
1.2
3.4

220
280
282
286
284
288

0.0
2.5
-0.4
-5.6
-0.1

3.5
2.7
-3.9
7.4
-0.4

4.0
-0.2
13.8
2.6
0.5

290
295
292
298
293

Total 1972 dollars
Total fixed investment 1972 dollars
Change in business inventories, 1972 dol. 2 . . . .
Total current dollars
Total fixed investment, current dollars
Chg in bus inventories current dol 2
A4. Government Purchases
of Goods and Services

261
263.
267.
260.
262.
266.

Total, 1972 dollars
Federal Government, 1972 dollars
State and local governments, 1972 dollars
Total, current dollars
Federal Government, current dollars
State and local governments, current dollars . . .
A5. Foreign Trade

256
257.
255.
252
253
250

Exports of goods and services 1972 dollars
Imports of goods and services, 1972 dollars ...
Net exports of goods and serv., 1972 dol. 2 . . . .
Exports of goods and services, current dol
Imports of goods and services current doi
Net exports of goods and serv current dol 2

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 and CCA
Rental income of persons with CCA
Net interest
A7. Saving

290
295
292.
298.
293.

Gross saving (private and govt )
Business saving
Personal saving
Government surplus or deficit 2
Persona! saving rate 2

do
do
do
do
Percent

237.5
202.6
68.0
-33.2
5.7

272.2
223.9
66.9
-18.6
5.1

318.5
243.2
76.9
-1.6
5.3

274.7
73!7
-29.6
5.4

284.2
222.9
82.4
-21.1
5.9

326.1
243.6
76.3
6.2
5.3

326.2
249.8
76.0
0.6
5.2

337.6
256.6
73.0
8.0
4.8

351.0
256.2
83.1
10.6
5.3

NOTE: Series are seasonally adjusted except tor 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
rinerit 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. NA = not available, a = anticipated.
EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
2
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 annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed at the terminal month of the span.




CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
(Nov.) (Oct.)

P

T

(July)(May)

P

T

(Aug,)(Apr.)

P

T

(Apr.)(Feb)

P

T

(Dec.) (Nov.)

P

T

(Nov.)

(Mar.)

P

T

160150-

9lft Index of twelve leading indicators{series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, tt| 10g)

1401301201101009080-

160150140-

15

130120110-

920, Index of four roughly coincident indicators (series 41, 47, 51, 57)
v
'; /
^-''
^**

1009080-

170160150140130120110-

Index rf six lagging indicators (series 62, 70, 72, 91. 95, 109)

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980

NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
http://fraser.stlouisfed.org/ series are shown on page 60.
Current data for these
Federal Reserve Bank of St. Louis

1009080-

70-

60-

50 J

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart Al. Composite Indexes—Con.
(Nov.) (Oct.)

P

T

(July)(May)

P

T

(Aug.) (Apr.)

P

T

(Dec.) (Nov.)

(Apr.) (Feb.)

P

T

P

(Nov.)

(Mar.)

P

T

T

ndex: 1967=100

adjustments (series 1, 2, 3, 5)

commitments (series 12. 20. 29)

and purchasing (series 8, 32, 36, 92)

916. Profitability (series 17, 19, 80)

nows (series 104, 106, 110)

940. Ratio, coincident index to lagging i

\

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980

NOTE: Numbers entered on the chart indicate length of leads (-) and lags (+)
Current data for these series
http://fraser.stlouisfed.org/ are shown on page 60.
Federal Reserve Bank of St. Louis

in months from reference turning dates.

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A2. Leading Index Components
(Nov.) (Oct.)
P
T

(JulyXMay)
P T

(Aug.)(Apr.)
P T

(Apr.)(Feb.)
P T

(Dec.) (Nov.)
P
T

(Nov.) (Mar.)
P
T

1. Average workweek, production workers,
manrfacturing (jags)
| LLL

3. Layoff rate, manufacturing (per 100 employees—inverted scale)

32. Vendor performance, percent of companies reporting slower deliveries (percent)

20. Contracts and orders for plant and eauiDment,

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980

Current data for these series are shown on pages 61, 64, 65, and 66.


CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components—Con.
{ D e c ) (Nov.)

P

T

(Nov.)

iMar)

P

T

29. New building permits, private housing units (index: 1967=100)

80-

36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ana rate, fail, doi.)

92. Change in sensitive prices, smoothed1 (percent)

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

19. Stock pries, 500 common stocks
(index: 194143=10)

106. Money supply-M2-inl972_ dollars (brl. doi.)
_

MB 49 50 51 52 53

F

*4 55 56

57 58 59 60

-u

Digitized for iThis series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
FRASER
Current data for these
http://fraser.stlouisfed.org/ series are shown on pages 67, 68, 69, and 71.
Federal Reserve Bank of St. Louis

60-

CYCLICAL INDICATORS
A I

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A3. Coincident Index Components
<!i:%.;;te

8? •

KC-I

41. Employees on nonagricuttural payrolls (millions)

51. Personal income toss transfer payments,
1972 dollars (;

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


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


57. Manufacturing and trade sates, 1972 dollars (oil. dot)

CYCLICAL INDICATORS
AI

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A4. Lagging Index Components

91. Average duration of unemployment (weeks—inverted scale)
llg.Le.Lgl

70. Manufacturing and trade inventories, 1972 dollars flfl

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

109. Average prime rate charged by banks (percent)

iwi

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (bit. dol.)

Digitized for Current data for these series are shown on pages 62, 68, 70, and 73.
FRASER


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

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

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

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

[ Marginal Employment Adjustments]


Current data for
http://fraser.stlouisfed.org/ these series are shown on page
Federal Reserve Bank of St. Louis

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

42-|

41-4

40-

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

2. Accession rate, manufacturing (per 100 employees)

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

3. Layoff rate, manufacturing (per 100 employees—inverted scale)

4. Quit rate, manufacturing (per 100 employees)

031

61.

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

(Apr)ijeb.)
P
T

(Nov.)

P

T

(Mar.)

P

(Dec.) (Nov.)

T

[Job Vacancies|
60. Ratio, help-wanted advertising to number
persons unemployed (ratio)

175-1

46. Help-wanted advertising (index: 1967=100)

150-

/

125-

\^ -\

100-

75-

| Comprehensive Employment [
48. Employee-hours in nonagricultural establishments
(ann. rate, bi, hours)

in nonagricultural activities (millions)

41. Employees on nonagricultural payrolls (millions)

j[

-*=*

£.

i 935 5t

^




bz

59

uv

-,

6

Current data for these series are shown on pages 61 and 62.

urn

40. Employees in goods-produdng industries-mining,
manufacturing, construcnon

'-'-

,"=•

76

11

7S 1979

CYCLICAL
BJ

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.

[Comprehensive Employment-Con.|

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

|Comprehensive Unemployment]
37. Number unemployed, total (millions—inverted scale)

ESS

43. Unemployment rate, total (percent—inverted scale)

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

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

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

Current data
 for these series are shown on page 62.


CYCLICAL
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income
(Nov P

(Mar.)
I

Comprshcnsivc Output and Income


Current data
http://fraser.stlouisfed.org/ for these series are shown on page
Federal Reserve Bank of St. Louis

••—•_»_

_____
50. 6NP in 1972 dollars, Q (ann. rate, Ml. dol.)

l^l

•":

>^-*»^

^r

1500-

•"••

^y-*"4

^X*""

11
1

140013001200-

^^

1100-

^S~~~~^~~*

1000-

S~^~

900-

_s^

flnn1300'
12001100-

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

1000-

not -.

700-1

600"
11001000-

51. Personal income less transfer payments in 1972 dollars
(ann. rate, bil. dol.)
,
.

900^
800

700

600™

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

240-

200180-

161140-

71
63.

75

76

77

78 1S79

CYCLICAL
B I

»V>CA"~ORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income—Con.

[Industrial Production]

HJ
47. Industrial production, total (index: 1967=100)

:z

/

74. Industrial production, nondurable manufactures
(index: 1967=100)

73. Industrial production, durable manufactures
(index: 1967=100)

| Capacity Utilization |

. '??
 56 :- *
http://fraser.stlouisfed.org/these series are shown on pages 63 and 64.
Current data for
Federal Reserve Bank of St. Louis

83. Rate of capacity utilization, manufacturing (BEA), Q (percent)

82. Rate of capacity utilization, manufacturing (FRB), Q (percent)

84. Rate of capacity utilization, materials, Q (percent) |L,CyU

140-j

*2&- "'

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B3. Consumption, Trade, Orders, and Deliveries
(Aug. hAp;

| Orders art Deliveries

7. New orders, durable goods industries, 1972 dollars

(u.doL) nrn

*

6. New orders, durable goods industries,
current dotai'(HL dd)

25. Change in unfilled orders, durable foods industries
(bil. dd; MCD movir^ avg.—4-teim)

96. Manufacturers' unfilled orders, durable foods industries
(ULdoL)

32. Vendor performance, percent of
reporting slower deliveries (percent)

'* >5&

56

57

58

59

EC'

 data for these series are shown on page 64.
Current


6\

?€

7s

CYCLICAL
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B3. Consumption, Trade, Orders, and Deliveries—Con.
(Aug.HApr.)

P

T

(Apr )(Feb.'

P

T

300280260240-

[Consumption and Trade)

1955 56 57 58 59 60 61
 for these series are shown on page 65.
Current data


56. Manufacturing and trade sales in current dollars—*(bLdoL)
rc£c]
—-

140-

7. Manufacture and trade sates
m i^/z aoHare (Dti. 001.)

100-

fc^cl

160150140130120-

75. Industrial production, consumer goooT"
(index: 1967=100)_ ~~~r~r

1108580-

GSBO'

54. Sates of retail stores in current dollars (fag, dol.) 45

LU

59. Sates of retail stores in 1972 dollars (H. dol)

40
35908070-

m
55. Personal consumption expenditures, automobiles, Q y \
(ana rate, bil. dd)
^—x

605040-

20 J

58. Index of consumer sentiment (1st Q 1966-100)
80-

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

CYC* »-;,Al iN^J'. /
B

h

Vr

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B4. Fixed Capital Investment

[Formation of Business Enterprises!
12. Net business formation (index: 1967-100) IL,L,L

13. New business incorporations (thousands)

Business Investment Commitments
20. Contracts and orders for plant and equipment
in 1972 dollars (bil. dol.)

10. Contracts and orders for plant aid equipment
in current dollars (bil. dol.)

27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.)

nondefense, in current dollars (bil. dol.)

(mil. sq. ft of floor area; MCD moving avg.-5-term)1

1955 56

57

58

59

60

6i

62

63

64

65

66

67

69

7-J


'This is a copyrighted series used by permission; it may not be reproduced without written permission from Mcftraw-Hill Information
http://fraser.stlouisfed.org/ for these series are shown on pages 65 and 66.
Current data
Federal Reserve Bank of St. Louis

71

7-,

75

Systems Company, F.W. Dodge Division.

76

77

78 1979

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B4. Fixed Capital Investment—Con.
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

[ Business Investment Commitments—Con.

I. New capital appropriations, manufacturing, Q (bil. dol.)
I

97. Backlog of capital appropriations, manufacturing, Q
(bil. dol.)

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

Business Investment jyg&iditures |

1955
 56 57 58 59 60 61 62
Current data for
http://fraser.stlouisfed.org/ these series are shown on pages 66 and 67.
Federal Reserve Bank of St. Louis

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

76. Industrial production,
(index: 1967=100)

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment—Con.
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

I Businesppestment E^ftditures—Com]
§;|
fixed investment m 1972 dollars, Q (aim rate, bit

(Nov.)
P

(Mar.)
T

HI

160140120-

86. Total, Q

100-

S88.

Producers' durable equipment, Q

80-

60-

40-

20-J

Resldenijl Constfuctiomfmmitments and Investment!
New private housing units started, total (ann. rate, millions)
'

1955 56 57 58 59 60

Current data for these series are shown on page


permits, private housing units (index: 1967=

89. Residential fixed investment, total, in 1972
(ann. rate, Mi dol.) (777

61
67.

62

63

64

65

66

67

68

69

70

71

72

73

76

77

78 1979

Bl

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment

| Inventory Investment]
30. Change in business inventories, 1972 dollars, Q (ann. rate, bil. dol.)

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

k/yW

'"'

UN

31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. dol.; MCD moving avg.—5-term)

38. Change in stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.; MCD moving avg.—4-term)

WA /"A*.

1955 56 5? 58 59 80 61 62 63 64 65 S6 67 68 69
 is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
'This series
http://fraser.stlouisfed.org/ these series are shown on page 68.
Current data for
Federal Reserve Bank of St. Louis

70

71

72

73

74

75

76

77

78 1979

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment—Con.
(Aug.)(Apr.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T
450400-

(Inventories on Hand ai$ on Order]

1955 56 57 58 59 60 61
 data for these series are shown on page 68.
Current


350300250-

70. Book value, manufacturing and trade inventories,
1972 dollars (bil. doL) FiTh^l \
£

200-

150-

71. Book value, manufacturing and trade inventories,
dollars (UL doL)
—

75706560555045-

65. Book value of mantrfadmers' invenlortes

40-

of finished goods (bil. dol.)

353025-

20 J

77. Ratio, deflated inventories to sales, manyfapturing and trade
JLg.Lg.Lel
'

1.71.61.5200-

Z

180160140120-

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

100-

Z

manufacturing (bil, dol.)

80-

60-

40-J

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1 7
99

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B6. Prices, Costs, and Profits
•Nov.

| Sensitive Commodity Prices [

, 1*4

92. Change in sensitive prices (percent; moving avg.—4-term1)

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

[Stock Prices

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

[ Profits and Profit Margins |
18. Corporate profits after taxes, 1972 dollars, Q

16. Corporate profits after taxes, current dollars, Q
(ann. rate, bil. dol.)
iLLLl

80. Corporate profits after taxes with IVA.and £CA
1972 dollars, Q (ann. rate, bil.

79. Corporate profits after taxes with IVA and CCA,
current dollars, Q (ann. rate, bil. dol.)

63


'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
http://fraser.stlouisfed.org/ these series are shown on page 69.
Current data for
Federal Reserve Bank of St. Louis

CYCLICAL
B |

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits—Con.

I Profits and Profit Margins—Con. |
22. Ratio, corporate profits (after taxes) to total corporate domestic
14-

Incuine, Q vpwwail;

12-

10-

8612

T

10-

81. Ratio, corporate profits (after taxes) with inventory valuation and
<klji&wiGiih> lu Undl dorpu^dU; uuHHieslli; li

IS. Profits(after taxes) per dollar of sates, all manufacturing GMporations, Q (cents)

EB":1"

-— v^

V

<A s^s* vV^
>~^ V
LLJ
x
^^

r

\f\>~^<~*sm

17. Ratio, price to unit labor cost, manufacturing (index: 1967=100)

Cash Flows
35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bil. dol.)

:955 56

57

58

59

60

o!

5

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


64

65

66

67

68

69

71

CYCLICAL
B I

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B6. Prices, Costs, and Profits—Con.
(Aug.) (Apr.)

P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

[Unit Lafor Costs and labor Share!

230-1
220210200190180170
160-

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

150-

/

140130120110100-

i.ij1.101.051.000.950.90-

y

_.^_

,.r......

_S
S^

^ • '^ -**^

68. Labor cost (current doBars) per unit of gross domestic product
(1972 dollars), nonfinancial corporations, Q (dollars)
|Lg,Lg,Lg

r^

1,

0.850.80-

/
v/
X-

0.750.70-

n BR.

190
180-

170160150140-

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

130120110100-

80-1

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

70-1
1955

56

57

58

59

60

61


Current data for
http://fraser.stlouisfed.org/ these series are shown on page 70.
Federal Reserve Bank of St. Louis

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

CYCLICAL INDICATORS
B)

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

P

(Apr.) (Feb.)

T

P

(Nov.)

P

(Mar.)

P

(Dec.) (Nov.)

T

T

T

+1.6-

85. Change in money supply—demand deposits plus currency (Ml)
(percent; MCD moving avg.—6-term)

+1.2-

mhm!

MM

+0.8+0.40.0-0.4+1.6-

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

+1.2-

1

+0.8+0.40.0-0.4-

JIM. Charge in toM liquid assets (percent; momg avg.-44Brm1)

+1.2+0.8+0.40.0250-

105. Money supply-Ml-ln 1972 dollars (Ml. ijjjg

nm

240230220- %
210-

106. Money suppJy-M2-in 1972 dollars (bil. dol.)

108. Ratio, oefional income to money suoolv M2 (ratio
1955

56

57

58

59

60

61

62

63

64

65

66

67

68

series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
'This
Current data
http://fraser.stlouisfed.org/ for these series are shown on page 71.
Federal Reserve Bank of St. Louis

69

70

71

72

73

74

75

76

77

78 1979

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

P

T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

P

T

(Nov.)

(Mar.)

P

T

| Credit Flows


Current data for
http://fraser.stlouisfed.org/these series are shown on pages 71 and 72.
Federal Reserve Bank of St. Louis

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

II

**~

y

112. Change in bank loans to businesses (ana rate, bil. dol.;
MCD moving avg.—6-term) [777]

113. Change in consumer installment debt (ami. rate, bil. dol.)

fun

110. Total private borrowing, Q (mJ3le,_hLdQL)

CYCLICAL INDICATORS
BJ

CYCLICAL INDICATORS BY ECONOMIC PROCESS^Con.

Chart B7. Money and Credit—Con.
(Aug.! ( A p r . ^
P
T

(Dec.) (Nov.)
P
T

(Aprj^'eb
P
T

(Nov.)
P

(Mar.)
T

[Credit Difficulties |

 data for these series are shown on page
Current


14. Liabilities of business failures (mil. dol.-inverted scale;
MOD moving avg.-6-term)

39. Delinquency rate, 30 days and over, consumer installment loans
(percent—inverted scale) h L,Ll
1.41.6*

1 8»

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

94. Member bank borrowing from the Federal Reserve (bil. dd.)

-^-p.
72.

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

P

I

( A p r . ) (Feb.)

P

T

[interest Rates |

119. Federal funds rate (percent)

114. treasury Dill rate (percent)

116. Corporate bond yields (percent)

115. Treasury bond yields (percent)

118. Secondary market yields on FHA mortgages

(percert)

1955 56 57 58 59 60 61 62

Current data for
http://fraser.stlouisfed.org/ these series are shown on pages 72 and 73.
Federal Reserve Bank of St. Louis

63

J

r^

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)

P

T

(Mar.)
T

[interest fiates—Con.

67. Bank rates on short-term busii

109. Average prime rale charged by banks (percent)

66. Consumer installment debt (bit. doJ.)

^

f

JP

V-J

J

/" Commercial and industrial loans outstanding,
72.

;

^ —r/y
-*?
weekly reporting large commercial
x^
'~
banks (bil. doL) [^^] ^^
,

**SL

^~-^

^

LU

;

180-1
1601401201008060-

16-i
14- ,
12-

95. Ratio, consumer installment debt to personal income (percent)
10-

1955

56

57

58

59

60


Current data for these series are shown on page


61
73.

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes

950. Twelve leading indicator components (6-mo. span—, 1-mo. span—)

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

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

961. Average workweek, prtxludion workers, manufacturing-20 industries (9-mo. span—, 1-mo. span—)

96Z Initial daims, State unemployment insurance—51 areas (percent declining; 9-mo. span—, 1-mo. span—)

963. Employees on private nonagricuttural payrolls—172 industries (6-mo. span—, 1-mo. span—)


Current data for
http://fraser.stlouisfed.org/these series are shown on page
Federal Reserve Bank of St. Louis

74.

CYCLICAL
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart Cl. Diffusion Indexes—Con.

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

965. Newly approved capital appropriations, deflated-17 industries (44} iwing avg.~-., 1-Q span--)

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

967. Industrial materials prices-13 industrial materials (94m span—, 1-mo. span—)

968. Slock prices, 500 common stocks—55-82 industries (9-mo. span—, 1-mo. span—)

9. Profits, manufaduring-about 1000 corporations (4-Q span«-»-•, 1-Q span —-)

::955 56 57 58 59 60
":
 data for these series are shown on page 75.
Current


t?s

oo

b •'

75

76

78 lf.79

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

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

(Nov.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T

(Nov.)
P

(Mar.)
T

970. Business expenditures for new plant and
equipment—18 :rti^ries (1-Q span)
(a) Actual

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

975. Level of inventories, manufacturing and trade (4-Q span)1

971. New orders, manufacturing (4-Q span)1

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

9080706050-

971M profits, manufa^rtlj and trade (4-Q span)1

977. Selling prices, wholesale trade (4-Q span)1

90-

100-

8070-

70-

50-

1968 69 70 71 72 73 74 75 76 77 78 1979

This is a copyrighted series used by permission; it may not be reproduced without written permission
business executives.
http://fraser.stlouisfed.org/
Current data for these series are shown on page 76.
Federal Reserve Bank of St. Louis

80-

60-

973, Het sales, manufadtorhg and trade (4-Q span)1

90-

60-

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

100-1
9080-

S

1968 69

70

71

72

73

74

75

76

77

from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400

78 1979

CYCLICAL
C I

INDICATORS

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart C3. Rates of Change
(Aug.;-Apr.)
P
T

(Apr )(t
P

(Nov )
P

iDec ) ( N o v j

P

T

(Mar }
T

Percent changes at annual rate

1955 56 57 58



910c. Composite index of twelve leading indicators
(series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92,104, 106)

920c. Composite index of four roughly coincident indicators
(series 41, 47, 51, 57)\
;r ;^
•

+30+20+10-

0-10-20-30-J

930c. Composite index of six lagging indicators
(series 62, 70 72, 91, 95, 109)' ^"'

50c. 6NP in constant (1972) dollars (l-%iJ*n)

47c. Index of industrial production A|

48c. Employee-hours in nonagricultural

51c. Personal income less transfer payments in 1972 dollars

59

60

61

62

63

64

65

66

67

68

69

70

71

2

73

74

75

76

77

78 1979

ECONOMIC
NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal Income
(Aug.) (Apr.)

P

T

(Apr.) (Feb.)

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

2400-j
220020001800-

160014001200J

200. GNP in current dollars, Q (ann. rate, bit. doL)

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

personal income in current
Q (ann. rate, twl. dol.)

Q (ann. rate, bil. dol.)

in 1972 doflare, Q (ann. rate, bil. dol.)

225. Disposable personal income in 1972
dollars, g (ann. rate, oil. dol.)
217. Per capita GNP in 1972 dollars (ann. rate, thous.

1955 56 57 58 59 60 61 62
 for these series are shown on pages 63 and 80.
Current data


227. Capita disposable
ipg dollars, q (ann.

63

64

65

66

67

68

69

70

71

72

73

dor.)

74

75

76

77

78 1979

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

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.)(Nov.)
P
T

(Mar.)
T

Personal consumption expenditures-

1955 56 57 58 59 60 61 62
 data for these seriies are shown on pages 80 and 81.
Current


23Z Durable goods,

233. Durable pods,

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

OTHER
A

I

IMPORTANT ECONOMIC MEASURES

NATIONAL INCOME AND PRODUCT—Con.

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

(Apr.) (Feb.)
P I

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)

Gross private domestic investment—

120-

80 J

245. Change in business inventories, Q

- v*A ^ . ^

y\A
x/

1955 56 57 58 59 60 61

Current data for these series are shown on page 81.


v Y

4*+^f*~*

VV^

Annual rate, billion dollars (1972)
260240220200180160140120-

30. Change in business inventories, Q

/"Vv.
62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

OTHER IMPORTANT

ECONOMIC MEASURES

NATIONAL INCOME AND PRODUCT—Con.
Chart A4. Government Purchases of Goods and Services
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Government purchases of goods and services—

1955 56 57 58 59 60 61
 data for these series are shown on page 81.
Current


62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

OTHER IMPCWtV:
|A I

„

NATIONAL INCOME AND PRODUCT—Con.

Chart A5. Foreign Trade

1955 56 57 •:>$
59 60
6.i

Current data for these series are shown on page 82.


Annual rate, billion dollars (current)

I'S i 760
40

160-1
K !-

25Z Exports of goods and services, Q

\

253. Imports of goods and services, Q

250. Net exports of goods and services, Q

Annual rate, billion dollars (1972)

256. Exports of goods and services, 0

257. Imports of goods and service, 0

255. Net exports of goods and services, Q

S2

63

64

85

76

OTHER IMPORTANT ECONOMIC
A I

MEASURES

NATIONAL INCOME AND PRODUCT—Con.

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

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T

Annual rale, Won dollars (current)
2000180016001400-

12001000900800700-

220. National mcome,lT

600500-

280. Compensation of employees, Q
400300-

200180160140-

A,

120-

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

V

1009080706050-

28Z Proprietors' income with inventory valuation
and capital consumption adjustments,

V

40

288. Net interest, Q-^

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

-355 56

57

58


http://fraser.stlouisfed.org/
Federal Reserve Bank of St. IIIMC 10-70
IKIlt Louis

58

-SO

61

Current data for these series are shown on page 82.

62

63

64

85

68

87

88

89

71

72

73

76

77

78 1979

OTHER IMPORTANT ECONOMIC MEASURES
[A]

NATIONAL INCOME AND PRODUCT—Con.

Chart A7. Saving
(Aug.)(Apr.)
P
T

(Apr.)-Feb.)
P
T

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


(Nov.)
P

(Mar.)
T

400-j
360-

/

M .
*

290. Gross saving (private and government), Q S

XV. /

^1

320-

J_

280240-

^v/

298. Government surplus or deficit, Q

293. Personal saving rate, Q

74

7&

•MHI

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Con.

Chart A8. Shares of GNP and National Income
(Aug.) ( A p t . ;

P

(Dec.) (Nov.)
P
T

(Apr)(Feb)

T

P

T

(Nov.)

(Mar.)

P

T

Percent

Percent of GNP

235. Personal consumption expenditures. 0

65-

VAT

6G-J

268. State and local government purchases
of goods and services, Q

15-

265. Federal Government purchases of goods and services, Q
*-0-0-°~0-t>4-«-0-«n,

10-

248. Nonresidential fixed investment, Q
249. Residential fixed investment, Q

251. Net exports of goods and services, Q

247. Change in business inventories, Q

[Percent of National Income]
8CH

64. Compensation of employees, Q

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

287. Corporate nrofits with inventory valuation and

capital consumption adjustments, Q

\

iO-

289. Net interest, Q

m

285. Rental income of persons with capital consumption adjustment,
195P

56

57

58

59

60

Current data for these series are shown on page 83.


http://fraser.stlouisfed.org/
JUNE
Federal Reserve Bank of St. Louis 1979

BCII

61

62

62

64

65

65

87

68

69

70

71

72

73

74

75

76

77

78 1979

*>

s

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements
(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

ftfidex: 1972=

310. i l c t price deflator, 6NF. 0
li i

(Dec.) (Nov.)
P
T

170
160
150
140
130
120

(Nov.)
P

(Mar.)
T

I Percent changes at annual rate |
310c. Implicit price deflator/

+10-'
+5- .

0-

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

+15+10+5-

0-

333c. Producer finished goods
334. Consumer finished goods"
^^
334c. Consumer finished goods

69

70

71




™2

^3

-4

75

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

urn

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart Bl. Price Movements—Con.
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Consumer prices—

320c. AH items (6-month span)

Chart B2. Wages and Productivity
260240220200180-

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

160-

140-

120-

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

X

1955 56 57 58 59 60 61 62 63 64 65
67

1
Adjusted
http://fraser.stlouisfed.org/for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
Current data for these series are shown on pages 84, 87, and 88.
Federal Reserve Bank of St. Louis

100130-

346. Real average hourly compensation, all employees,
nonfarattasinesssector, y ^

120110100-

341. Real?

68

69

hourl earnings of production workers.
ptonfarm economy

70

71

72

73

74

75

76

77

90-

78 1979

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart B2. Wages and Productivity—Con.
(Aug.) (Apr.)

P I

(Apr.) (Feb.)

P

( D e c ) (Nov.)

T

P

T

| Wages-Con. |
Change in average hourly earnings of production
worker^ private nonfarm economy1-

6-month spans (ann. rate) ;

340c. Current-dollar earnings

i -p

| • u fn

i

y|
/

Change in average hourly compensation, all employees,
nonfarm business sector, Q345c. Current-dollar compensation

»

6-month spans (ann. rate)

346c. Real compensation

Negotiated wage and benefit decisions, all industries—
First year average changes, Q (ann. ratej-^
349. Average changes over life of
contract, Q (ann. rate)
370. Output per hour, all persons,
private business sector, Q

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

370c. Change in output per hour, private business sector, Q
1-quarter spans (arm. rate)

1955
56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 1979
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally.
One-month percent changes have been multiplied by a constant (12) so that they may be shown
http://fraser.stlouisfed.org/
aeainst the background of the anrtualized changes over 6-month spans.
See the current data table for actual 1-month percent changes.
Federal Reserve Bank of St. Louis
1

2

OTHER IMPORTANT ECONOMIC MEASURES
C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)

P

T

(Mar.)
T
105100-

in

9590-

441. Civilian tabor force, total (millions)
8580-

7

75-

442. Total employed (millions)

70-

Labor force participation rates (percent)—
9085807560-

453. Both sexes 16-19 years of age

555045-

452. Females 20 years and over

409-i
876-

Number wrtemployed (millions)—

54-'

34

3-

444. Males ZU years and over

2- .

hemales ZU years
and over

£

1-1

BOOI sexes:mm years or

7-i
6-

447. Number
wife \mitons)

448. Nuwfcec employed part-time for economic

5432-

1955 56

57

58

59

60

61


Current data for these series are shown on page 89.


62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

OTHER IMPORTANT ECONOMIC MEASURES
D I

GOVERNMENT ACTIVITIES

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

(Apr.) (Feb.)
P
T

1955 56 57 58 59 60 61

Current data for
http://fraser.stlouisfed.org/these series are shown on page 90.
Federal Reserve Bank of St. Louis

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)

550-1
500450400350300-

502. Federal Government expenditures, Q
250200-

501. Federal Government receipts, Q
150-

100

J

500. Federal Government surplus or deficit, Q

400350300250-

511. State and local government

200-

150-

512. State and local government
expenditures, Q
100-

50-J

510. State and local government surplus or deficit, Q
+30-

+10o-10-

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

OTHER

FCO\-OM$t

GOVERNMENT ACTIVITIES-Con.
Chart D2. Defense Indicators

| Advance Measures of Defense Activity |
12-

517. Defense Department gross obligations incurred
(U. dd; MCD moving avg.~6-term)

10-|

525. Defense Department military prime contract awards
(bil. dot.; MCD moving avg.-6-term)

548. Manufacturers'new orders, defense products
(bii. do!.; MCD moving avg.-6-term)

1955 56

57




58

59

60

61

Current data for these series are shown on page 90.

62

63

64

65

66

87

88

69

70

71

72

73

74

75

76

77

78 1979

OTHER IMPORTANT ECONOMIC MEASURES
D I

GOVERNMENT ACTIVITIES-Con.

Chart D2. Defense Indicators—Con.
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)

P

T

(Mar.)
T

| Intermediate and Final Measures of Defense Activity]
557. Output of defense and space equipment (index: 1967=100)
110-i
100908070-

10-1
559. Manufacturers' inventories, defense products (bil. dol.)

9-j
B-

561. Manufacturers' unfilled orders, defense products (bil. dol.)

580. Defense Department net outlays, military functions and military
assistance (bil. dol.; MCD moving avg.-4-term)

J

U

588. Manufacturers' shipments, defense products
(bil. dol.; MCD moving avg.-4-term)

1955 56

57

58

59

60

 for these series are shown on page 91.
Current data


61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

•tr

OTHER
D I

IMPORTANT

ECONOMIC MEASURES

GOVERNMENT ACTIVITIES—Con.

Chart D2. Defense Indicators—Con.
(Aug.) (Apr.)
P
T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Mar.)
T

Intermelfefe and Finai::ji|p$ure$ of Defense Activity—Con.|
:

570. Employment in defense products industries
1.81.61.41.21.00.8-

Defense Department personnel (millions)—
577. Military, active duty
3.53.02.52.0-

578. Civilian, direct hire employment
1.5-

1.0-

0.5J

I National;Oefense
564. Federal Government purchases of goods and sennces for national •
defense, Q (ana rate, bil. dot)
—"-

JLL

120 -,
110100908070605040-

565. National defense purchases as a percent of GNP, Q (percent)
"^^w^**^

iu-

"*W

^v^-— "^^w
^r
^^^^

^v,l(

9-

:

"w
\ ^s^^v

/.

1955 56

57

:. -

58

59

60

61


Current data for these series are shown on page 91.


62

63

64

65

66

67

68

69

70

—

, ^>
/~4^

I

^v^fipp*-*^^
\":^/;
71

72

73

74

75

76

^***
77

78 1979

7654-

E

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade

602. Exports, excluding military aid shipments
(bit. dol.; MCD moving avg.-5-term)

<

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

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

Digitized for Current data for these series are shown on page
FRASER


612. General imports (bil. dol.; moving avg.—4-term)

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

616. Imports of automobile and parts (_bil. dd)
. «, «„«*., .• ..*.. ,h,.*»».«.-«»^.jy,»-«

92.

E

U.S. INTERNATIONAL TRANSACTIONS—Con.

Chart E2. Goods and Services Movements

I Excess of receipts
I Excess of payments

Goods and services—

667. Balance on goods and services,

622. Merchandise trade balance,

651. Income on U.S. investments abroad, Q
~"V

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


65Z Income on foreign investments in the U.S., Q
1960.

OTHER IMPORTANT ECONOMIC
F I

MEASURES

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production
(Aug.) (Apr.)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

Index: 1967=100
240220-

Industrial production—

200-

728. Japan ~*y

LLL

721. OECD European countries x^

180160140120100-

80-

80-

47. United States

1955 56 57 58 59 60 61

Current data for these
http://fraser.stlouisfed.org/ series are shown on page 94.
Federal Reserve Bank of St. Louis

40-1

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 1979

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Con.
Chart F3. Stock Prices

Chart F2. Consumer Prices
(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

(Nov.)
P

(Dec.) (Nov.)
P
T

Percent changes at annual rate

(Mar.)
T

Stock prices—

Consumer prices—

19. United States

•i/^^W

/W~

^W

A/

\r
w

y^^^-vjAx*
6

i^u 100-

80-

60 «

500n
400H
350-|
300 -f

748. Jaoan

200

1 5 «'1-!
100-

745. West Germany

•^

746. France

' 1 1 -I
151-

742. United Kingdom

^v^M"7'

l <•

_

-x^?l^-

Italv

V^/x
x

«•!

+20-

743. Canada

]50-i
140120-

/ Sr V\

100-

0J

1968 69

70

71

72

73

74

75

Current
 data for these series are shown on pages 95 and 96.
1 Q-7O
II IMC

itru

76

77

78 1979

8QJ

1968

69

70

71

72

73

74

75

76

77

78 1979

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

I
H COMPOSITE INDEXES

and

month

910. Index of
12 leading indicators (series
1,3,8,12,19,
20, 29, 32, 36,
92, 104, 106)

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

(1967=100)

Year

(1967=100)

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

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)

(1967=100)

916. Profitability (series
17,19,80)

917. Money
and financial
flows (series
104,106, 110)

(1967=100)

(1967=100)

940. Ratio,
coincident
index to
lagging index

(1967=100)

1977

January
February
March

131.9
133.0
135.6

126.3
127.6
129.7

120.2
121.0
121.7

95.9
96.6
98.0

110.9
111.2
112.0

102.3
102.7
104.1

107.2
106.5
107.3

141.2
142.2
143.3

April
May
June

136.0
135.8
135.5

130.0
130.6
131.3

122.3
123.1
125.0

97.3
97.1
97.2

111.7
112.5
113.3

105.0
104.7
103.8

108.1
108.8
109.2

143.3
142.2
142.5

106.3
106.1
105.0

July
August
September

135.0
136.9
138.0

131.7
131.9
132.6

125.2
126.5
127.8

96.7
96.2
97.0

112.4
114.8
114.6

103.0
103.3
103.8

109.9
110.1
109.2

144.8
146.9
148.2

105.2
104.3
103.8

.

139.1
139.4
140.2

133.8
134.7
135.7

129.4
131.1
131.7

97.4
98.0
98.7

115.0
115.7
116.6

104.3
103.8
104.3

108.1
107.5
106.5

148.8
148.8
148.5

103.4
102.7
103.0

..

139.1
140.3
140.3

134.0
135.0
136.9

134.1
135.9
137.2

97.6
97.2
98.3

115.4
115.9
115.0

104.8
105.9
106.3

104.5
103.3
104.2

148.5
148.0
147.4

99.9
99.3
99.8

141.5
141.8
142.5

139.3
139.5
140.1

137.8
140.0
142.0

99.0
98.0
97.8

114.9
115.0
116.1

106.9
107.2
106.9

106.6
108.5
108.8

147.5
147.8
148.5

July
August
September

H41.2
r!42.0
r!42.8

140.4
141.6
141.5

143.6
144.6
146.2

97.4
97.3
98.5

115.5
115.8
116.3

105.2
105.5
105.4

108.8
110.3
110.7

H48.9
H49.1
r!49.9

97.8
97.9
96.8

October
November
December

[H)rl43.8
143.2
143.7

143.2
144.4
145.7

148.1
153.0
155.4

B>99.4
99.2

DH7.7
116.4
116.5

105.9
106.1
106.8

110.3
109.0
H09.0

rl50.2
[0)150.4
H49.1

96.7
94.4
93.8

145.0
r!44.9
[H}rl46.7

157.4
r!58.7
rl59.4

99.1
99.0
98.5

H14.2
H14.6
H15.9

rl07.5
108.4
DH09.4

H09.4
r!08.8
r!09.6

rl46.5
r!43.7
rl40.6

92.1
r9l .3

144.2
144.6

H>162.3
3
162.2

r95.0
p97.6

rl!4.6
pl!4.2

r!09.0
p!09,0

mo. 5

r!40.0
p!38.4

r88.8

0>plll.l

October
November
December

105.1
105.5
(0)106.6

1978

January
February
March
April
May
June

98.9

101.1
99.6
98.7

1979

January
February
March

r!42.9
r!42.9
ri43.6

April
May
June

140.7
"141.2

2

r92.0

p89.1

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 byEJ); 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 10 and 11.
1
Excludes series 12 and 36 for which data are not yet available.
2
Excludes series 57 for which data are not yet available.
3
Excludes series 70 and 95 for which data are not yet available.




60

JUNE 1979

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

B EMPLOYMENT AND UNEMPLOYMENT
B

Minor Economic
Process
Timing Class

Year
and
month

L,L,L

1. Average
workweek of
production
workers,
manufacturing
(Hours)

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

(Hours)

L, Lg, U

L,C,L

L, L, L

L,C, L

L, L, L

5. Average
weekly initial
claims, State
unemployment
insurance1

3. Layoff rate,
manufacturing

(Per 100 employees)

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

4. Quit rate,
manufacturing

(Per 100 employees)

L, Lg, U

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

46. Index of
help-wanted
advertising
in newspapers

(Ratio)

(1967=100)

U, C, C

48. Employeehours in nonagricultural
establishments
(Ann. rate,
bil. hours)

1977

January
February . ...
March

39.7
40.3
40.4

3.3
3.3
3.4

4.0
4.4
4.1

386
431
329

1.3
1.4
1.1

1.9
1.9
1.8

0.439
0.434
0.450

105
106
108

152.26
154.86
155.35

April
May
June

40.4
40.4
40.5

3.5
3.4
3.5

3.9
3.9
3.9

358
378
363

1.1
1.1
1.2

1.8
1.9
1.8

0.467
0.484
0.484

109
112
114

155.81
156.50
156.62

July
August
September

40.3
40 3
40.3

3.5

3.9

3 4
3 4

3 7

382
391
377

1.2
1.3

1.8
1.8

1 .1

1 .9

0 537
0 535
0 539

121
122
120

157.11
156.99
157.14

October . . .
November
December

40 5
40 5
40 5

3 5
3 6
3 6

4 0

1.1
1 .0
1 0

1.9
2.0

4 4

372
349
331

2 0

0 573
0 597
n fi?d

128
133
140

158.69
158.10
158.94

January
February
March

39 8
40 1
40 6

3 5
3 7
3 7

4 2
4 0
3 9

331
370
0)320

0 9
0 9
1 0

2 0
2 0
2 0

n
0
0

138
139
141

157.64
158 96
161 20

April
May
June

40 8
40 4
40 5

3 8
3 5
3 6

4 2
4 0
3 9

330
328
346

0 9
1 0
1 0

2 2
2 1
2 1

0 717
0 696

146
144
147

162 93
162 53
163 50

July
August
September

40 5
40 3
40.4

3 6
3 4
3.6

3 8
3 8
4.1

375
361

0 9
0 9
0.8

2 0
1 9
2.0

n 718
n 7^?
0.759

149
150
152

163.47
162 91
162.93

October
November
December

40 5
40.7
40 7

3 6

0 9
0 8
0 9

2 3

3 8

4 4
E> 4 5
4 4

325

3.7

2.2
2.2

fu\ U. QL \
[n/ n 89i
0 81 6
O pi 7

161
161
0)165

163 68
165.19
165 47

40.7
40.7
0)40.8

3.8
3.8
E>3.8

4.4
4.3
4.1

344
341
352

0 8
H> 0.8

0.9

2 3
(H)2.3
2.2

0 800
0 791

161
158
156

165 74
165 96
0)rl67 89

r39 2
p40 2

r2 8
o3 4

r3 9
n4 1
pn-. i

438
p352

rl.O
pl.O

r2 1
p2 0

0 777
pO 768

155

H65.34
pi 66. 93

3.9

4.1

1978

328

334
325

fi^
£7Q
/rpo

n 7dfi

1979

January .
February
March
April
May
June

..

0815

p!53

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 0); for
series that move counter to movements in general business activity, current low values are indicated by0). 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 12, 16 and 17.
Data exclude Puerto Rico which is included in figures published by the source agency.


http://fraser.stlouisfed.org/
JUNE 1979
Federal Reserve Bank of St. Louis

licit

61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS
. ...

^M EMPLOYMENT AND UNEMPLOYMENT-Con.

Minor Economic
Process

Comprehensive Unemployment

Comprehensive Employment-Con.

U, C, C

c,c,c

L, C, U

U, Lg,U

L, Lg, U

L, Lg, U

L, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultural payrolls,
establishment
survey

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.)

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

Timing Class

Year
and
month

1977

January
February
March

85 529
85 860
86 312

80 483
80 796
81 264

23 635
23 804
24 032

56 33
56 51
56 73

7

April
May
June

86 544
86 817
87 209

81 654

24 205

Ql

OA

82 277

24 403

Rfi RQ.
cc qp
R7 11

July
August
September

87 407

00 £CC

CM

A^A

R7 in

c 7n£

07 co/i

oo cno

0/1

O-JC

C7 91

6 7qc

Q7

qqq

po 070

OA AAl

R7

Q.1

P. £.9/1

6

October
November
December

88,136
88 839
89,257

83 199
83 549
83 719

24 507
24 617
24 626

57 35
57 so
57 95

6 654
6 635
6 187

6 8
6 7
6 3

4 o
3 8
3 7

iq c
1? 7

1 p

January
February
March

89 560
89 767
89 948

83 871
84 188
84 726

24 648
24 724
24 927

58 10
58 11
58 19

6 292
6 092
6 153

6 3
fi 1
6 2

3 5

13 0

i7

0

C.

I O C

1

C

3 4

10/1

1

C

April
May
June

90 430
90 710

85 418
85 618
QC qqc

25 313
25 341

cp op

c. ncq

C 1

0 1

io n

58 46

C

C 1

o n

100

1 R
i /i

OC AJ-l

cp pi

c pc/i

c p

O I

i9 n

1 0

6 1 76
5 940
5 964

fi i
5 9
5 9

0

n

o

i o

A

1 ?

11 5

1 3

...

qq£

qnZl

11 R

7

ZL

7 268

7 ^

7 i ci

7 4

C QAA

7 ?
7 i

c. pqc
7 nnp

7 9

6 q

7 n
P

A 1
A 1
0 p
o 7
o 7
o 7
o p

4 . r>
U
4 n

ir9
-\ A

Q

U

c

H

e

ib.U
1 Rn

U

q

U

2 .q
0
2 0
0

1

o n
ri
2 .0

iq

n

1 Q

10 Q
1 O. 0
10 Q

1.y

13 7

1 fi

Q

1 .0
0

i7

1978

Ql ?1fi

July
August
September

91 069
91 372
91 ,604

86 033
86 149
86,163

25 501
25 463
25 471

58 61
58 71
58 80

October . .
November
December

91 ,867
92,476
92 468

86 573
87 036
87 281

25 670
25 872
26 030

58 85
59 09
59 08

93 068
93 335

87 524

26 1 1 1

07 pi p

OfC

1 CC

IB) 5 836
5 877
c ni p

5 8
5 8
c q

0

3 5
3 2

n

3 0
3 0

11 R
n n
[u\ i n 7

0 1

1 °,
1 0

1 9

1979

January
February
March
April
May
June

[u\qq /inn
[H/yj,4yy
no 007
qq

1 q£

rPP ?c o

vPP OC7
fi~i\l~>Q.P A QQ
[H}p88,4J8

"I QQ

fjj\ r-OC A 1
[H;r^D,4U0

5 883

59 28
cq 40

c ppi

[TjXcq AC.

n P7i

v 9£ O,cn

c Q nr>

riOC. ,4UI
p^o A m

r Q nrv
by. uu

5

007

5 ,929

5 8
5 7

IH^R 7

q n

11 0

1 9

q n
q n

11 . 0
II
0

1 . <L

0

3 1

5 .8

fu\n? 8
[M/P^ -°

5

11 7

n o

n -\

0

1 q
1 .0

1 2

fwM ?

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 o r
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, 15, 17, and 18.
x
Data exclude Puerto Rico which is included in figures published by the source agency.


http://fraser.stlouisfed.org/
R?
Federal Reserve Bank of St. Louis

JUNE 1979

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

mSl PRODUCTION AND INCOME

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

c,c,c

C,C, C

Timing Class

50. Gross national product
in 1972 dollars

Year
and
month

Persona income
223. Current
dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

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

C.C.C

51. Personal
income less
transfer payments in 1972
dollars
(Ann. rate,
bil.dol.)

C,C,C

C,C,C

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

47. Index of
industrial
production
total

{1967=100)

C, C, C

C, L, L

73. Index of
industrial
production
durable manufactures

74. Index of
industrial
production,
nondurable
manufactures

(1967=100)

(1967=100)

C,C,C

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil.dol.)

1977

January
February
March

1 306 7

1,451 3
1 470 2
1 490 7

1 ,057 8
1 065 4
1 ,075 5

910 5
918 0
927 8

222.5
226.1
231.2

132.3
133 2
135 3

123.4
124 0
126.8

143.4
145 3
147.0

596.0

April
May
June

1 325 5

1 500 0
1 508 3
1 517 4

1 076 8
1 078 1
1 079 2

928 9
932 5
935 3

231.1
232.4
233.8

136 1
137 0
137 8

128 0
129 3
130 5

147 0
148 5
148 4

604.4

July
August
September

1,343.9

1 533 5
1,540.7
1 556 9

1 087 6
1,088.8
1 095 6

938 4
938.9
945 5

234 4
232.7
234 2

138 7
138.1
138 5

131 6
131.3
131 7

148 6
149.4
149 5

613.3

October
November
December

1 577 0

1 105 9

9

138 9

132 4

149 6

1 RQ? 7
1 fiDQ 9

1

1199

955 7
qci n

90C

1 "3RA R

1097

i en 1

1

1 1 Q 1

QCO n

1 615 5
1 ,625 0
1 ,646.3

1 112 6
1 ,111 5
1 ,119.9

962.4
961 7
970.1

907

o

i on q

OOC

1

1 ^Q 7

1 -3-3 A

i en Q

90C

A

OO7

1

7

131.1
131.5
134.4

149.8
150.6
151.4

611.8

9A1

138.8
139.2
140.9

C9H 1

1978

January
Februarv
March

,
1 ,354.2

April
May
June

1 ,382 6

1 ,669 4
1 682 1
1 ,695 7

1 ,127 2
1 126 7
1 ,128 2

978 9
978 4
981 3

245.9
245.4
246.2

143 2
143 9
144.9

136.9
137 6
139.0

153.2
154 0
154.9

627.7

July
August
September

1 ,391 .4

1 719 2
1,731 1
1 744 7

1 138 5
1 ,142 6
1 144 8

986 9
990 3
992 9

247.6
246.2
245 6

146 1
147.1
147 8

141 1
142.2
142 8

155.0
155.6
157 1

630.2

October
November
December

1 414 7

1 768 7
1 786 6
1 81 1 6

1 153 0
1 160 1
[H}1 171 0

1 001 6
1 008 4
H) 1 018 6

247 5
250 5
252 4

148 7
149 6
150 9

144 0
144 8
146 4

157 4
158 5
159 6

649 1

H)rl ,417 6

1 ,819.0
1 ,833.3
1 855 8

1 ,163.0
1,161.1
rl ,166.4

1,011 .0
1,010.3
rl ,014.9

251.6
252.5
[H)254 1

150.9
rl51.2
[FT)rlS? 3

146.0
H46.2
[H}rl47.3

160.4
H60.7
r!61.5

[H}r650.1

rl 863 3
(u\pl ,876 5

rl ,162 4
pi 159 0

rl,010.5
pi, 007. 5

r250 2
p250 2

r!50.2
p!52.1

r!44.0
p!47.1

H60.9
H)pl61 .6

1979

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 (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 "IMA", not available.
Graphs of these series are shown on pages 14, 19, 20, and 40.


 1979
JUNE

KCII

63

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

H

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Rl« CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization

L, C,U

Timing Class

Year
and
month

PRODUCTION AND
INCOME-Con.

83. Rate of
capacity
utilization,
manufacturing
(BE A)
(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

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

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

L, L, L

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

L, L, L

L, Lg, U

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil.dol.)

(Bil.dol.)

L, L, L

32. Vendor
performance,
companies reporting slower
deliveries®
(Percent
reporting)

1977

soii

56.36
56.43
59.29

37.45
37.32
38.96

34.47
34.79
36.33

1.83
0.81
0.87

168.27
169.07
169.94

44
55
56

82!6

58.80
58.84
59.11

38.46
38.30
38.33

35.11
34.97
35.06

1.80
1.56
1.06

171.74
173.30
174.36

58
56
58

83!6

82*.3

56.37
59.27
60.36

36.20
37.85
38.23

34.40
35.56
35.17

-1.10
0.62
1.08

173.27
173.89
174.97

59
58
56

82^9

82!2

63.56
62.82
66.16

40.02
39.36
41.25

35.72
35.78
35.89

3.24
2.59
4.04

178.21
180.80
184.83

56
50
56

82J

81 ! 7

63.34
66.68
69.02

39.07
40.81
41.98

35.78
36.94
37.55

3.36
3.60
4.56

188.19
191.80
196.36

55
64
67

84^6

April
May
June

8K2

82^7

January
February
March

84 .'5

70.03
70.04
68.84

42.16
41.92
40.88

38.63
37.77
37.01

3.54
4.62
2.55

199.90
204.52
207.07

64
64
66

85.0

86.0

65.19
71.58
72.64

38.41
41.81
42.21

36.49
37.67
37.32

-0.04
2.90
3.73

207.03
209.92
213.65

56
65
66

85.9

H)87.6

76.98
76.65
78.62

44.42
43.83
44.65

38.47
38.28
39.24

6.69
5.02
5.19

220.34
225.36
230.55

68
66
68

Dr86J

r87^4

r80.58
r82.38
[H)r84.16

r45.17
r45.82
[H>r46.45

E)r39.94
r39.28
r39.90

7.48
@)r8.22
r6.42

238.04
r246.25
r252.e8

69
77
D78

r77.22
p78.98

r42,13
p42.90

r37.46
p38.74

r5.14
p2.12

T257.82
[H}p259.94

76
76

'83

*84

July
August
September
October
November
December

*82

'82

1978

January
February
March
April
May
June

*84

*84

July
August
September
October
November
December

'83

*84

1979

January
February
March
April
May
June

0)84

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 [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 12, 20, and 21.




64

JUNE 1979

ItO

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

H

Q[ CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.

Minor Economic
Process

Formation of Business Enterprises

Consumption and trade

C,C, C

Timing 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

U, L, U

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

(Mil. dol.)

FIXED CAPITAL
INVESTMENT

(Mil. dol.)

L, C, C

55. Personal
consumption
expenditures,
automobiles
(Ann. rate,
bil.dol.)

L, L, L

58. Index of
consumer
sentiment ©

(1stQ
1966=100)

L,L, L

12. Index of
net business
formation

(1967=100)

L, L, L

13. Number of
new business
incorporations

(Number)

1977

January
February
March

213,386
217,515
222,679

143,237
144,752
147,092

139.9
140.5
142.9

57,405
58,474
58,917

41,628
42,159
42,265

6K5

8^5

122.7
122.2
123.6

34,519
33,173
35,300

April
May
June

222,160
222,874
223,941

145,876
145,785
146,403

142.9
143.1
143.8

59,254
59,367
59,203

42,294
42,224
41,988

61 '.9

0}89J

121.7
122.6
125.1

33,394
34,442
37,229

July
August
September

223,498
225,793
226,866

146,287
147,711
147,628

145.4
144.7
144.9

60,176
60,566
60,973

42,618
42,773
42,969

60.4

87.' 6

125.7
129.6
128.7

35,749
39,525
37,812

October
November
December

229,709
232,762
237,684

148,760
149,635
151,806

144.9
145.2
145.8

61,979
62,862
62,480

43,555
43,990
43,510

63!2

83J

130.8
132.3
133.6

38,943
38,344
39,674

January
February
March

232,474
239,609
243,979

146,965
150,491
152,485

141.8
143.8
145.9

61,892
62,898
64,075

42,655
43,051
43,618

63.' 1

83.7
84.3
78.8

133.6
133.7
130.5

36,547
39,253
37,602

April
May
June

251,323
252,259
253,459

155,474
155,169
154,568

147.5
147.0
147.0

65,146
65,522
65,964

43,929
43,827
43,859

70.*5

81.6
82.9
80.0

130.7
131.0
132.9

38,498
38,320
39,796

July
August
September

252,755
260,068
260,535

153,552
157,591
156,491

147.7
148.4
149.0

66,224
67,303
68,085

43,886
44,483
44,705

67^9

82.4
78.4
80.4

133.4
133.0
133.0

39,403
42,605
41,827

October

266,946
270,134
273,776

158,820
159,550
160,485

149.2
149.7
150.6

68,971
70,158
70,918

44,991
45,557
H>45,754

69.6

79.3
75.0
66.1

0)135.5
133.6
133.5

41,945
41,568
42,461

273,444
275,352
[H)r286,665

159,258
157,648
[H)rl61,9Q3

150.6
H51.0
[fi>rl52.4

70,855
71,122
[H)r72,045

45,131
44,787
r44,972

M>r™-'3

72.1
73.9
68.4

131.3
r!32.1
r!31.4

E>42,777
42,048
r42,087

p277,361
(NA)

p!54,933
(NA)

H48.6
pi 51 .3

r71,217
p71,108

r44,015
p43,571

66.0
68.1

e!31 .2
(NA)

e42,563
(NA)

1978

November

December
1979

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 (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 12, 14, 22, and 23.


http://fraser.stlouisfed.org/ JUNE 1979
Federal Reserve Bank of St. Louis

65

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

^fl FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process

Business Investment Commitments

L, L, L

Timing Class

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

10. Current
dollars

20. Constant
(1972) dollars

(Bil.dol.)

(Bil.dol.)

L, L, L

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

97. Backlog of
capital appropriations, manufacturing

(Bil.dol.)

(Bil.dol.)

L, L, L

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

Square feet

(Millions)

Square meters2

(Millions)

1977

January
February
March

17.15
17.13
16.65

11.79
11.72
11.38

14.67
14.32
14.61

10.12

April
May
June

17.58
19.20
18.46

12.00
12.99
12.36

July
August
September

16.02
18.28
20.21

October
November
December

4.98
4.76
6.27

14'.58

10.01

53.56
51.27
67.45

14.69
14.89
15.49

10.08
10.16
10.42

55.88
63.20
61.12

5.19
5.87
5.68

i5!ob

10.68
12.19
13.22

13.94
14.53
16.12

9.32
9.76

5.43
6.60
6.30

17*.46

10.59

58.48
71.07
67.79

17.94
18.49
20.78

11.81
12.00
13.37

16.10
16.09
16.99

10.63
10.48
10.99

63.06
70.62
72.04

5.86
6.56
6.69

ie!92

21.24
22.78
20.80

13.54
14.47
13.27

16.51
17.88
17.51

10.58
11.41
11.22

83.03
67.86
71.94

7.71
6.30
6.68

17.52

19.17
r21.62
20.21

12.16
r!3.59
12.66

17.41
18.12
18.16

11.09
11.48
11.44

76.71
88.41
83.27

7.13
8.21
7.74

14.*76

21.05
23.51
23.47

12.99
14.35
14.27

17.07
19.34
20.15

10.66
11.96
12.38

74.82
79.21
86.38

6.95
7.36
8.02

16.*43

26.64
24.40
24.50

15.99
14.64
14.53

22.22
20.58
20.79

13.53
12.53
12.50

84.55
91.08
81.48

7.85
8.46
7.57

r!9.29

r25.52
r26.72
[H)r27.74

r!5.10
r!5.79
E>rl6.87

r21.91
r23.59
(H)r24.43

r!3.lO
r!4.09
DH5.08

88.51
0)105.49
102.77

(H)9.80

r25.90
p22.98

r!5.07
p!3.32

r21.29
p21.44

H2.57
p!2.49

93.59
87.09

9.83

49! 28

50.' 68

53.'94

56! 50

1978

January
February
March

. ..

April
May
June
July
August
September
October
November
December

60. '46

60.19

61 .'26

r64.16

1979

January
February
March
April
May
June

8.22
9.55

[H>p22.32
0)p68.'93

8.69
8.09

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 byB); for
series that move counter to movements in general business activity, current low values are indicated by 0). 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 12, 23. and 24.
^his is a copyrighted series used by permission; it may not be reproduced
without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Converted to metric units
by the Bureau of Economic Analysis.




66

JUNE 1979

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
. PROCESS

RM FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process

C, Lg, Lg

C, Lg, Lg

61. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Timing Class

Year
and
month

Residential Construction
Commitments and Investment

Business Investment Expenditures

C, Lg, U

C,Lg,C

Lg, Lg, Lg

C, Lg,C

76. Index of
Nonresidential fixed investment in 1972 dollars
industrial production, business
86. Total
87. Structures
equipment
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

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

L, L, L

89. Residential
fixed investment, total, in
1972 dollars
(Ann. rate,
bil.dol.)

1977

January
February
March

130J6

182.32
184.25
190.37

142.3
143.5
144.8

126!8

38!3

88 '.5

1,519
1,856
2,064

124.6
134.5
143.1

53^5

April
May
June

134.' 24

190.50
192.57
190.28

147.1
148.9
150.1

129*.!

40 ."6

89!6

1,883
1,985
1,907

143.1
143.8
151.0

ss'.o

July
August
September

140.*38

196.50
201.66
203.89

151.2
151.1
152.1

isois

4o!s

9C)!6

2,062
2,023
1,982

145.4
153.4
144.3

58.' 8

October
November
December

138!ll

206.68
206.37
209.06

152.6
153.5
154.0

132^5

41.6

9l!5

2,078
2,041
2,151

151.5
152.7
151.2

6(X3

January
February
March

144*.25

205.95
211.11
218.57

152.6
154.2
157.4

133!8

4l!6

92*.9

1,744
1,659
2,011

139.2
137.7
140.7

59^5

April
May
June

.

150^76

225.60
222.36
231.96

159.3
160.2
161.8

14CK5

44^6

95^9

E>2,176
2,037
2,093

154.6
141.8
0)160.2

59^9

July
August
....
September

155.'41

232.46
242.06
251.84

163.8
165.4
165.8

14K7

45!e

96J

2,104
2,004
2,024

142.6
138.6
148.5

59*.7

October ,
November
December

163!%

247.82
252.23
259.38

166.9
167.2
168.7

144.9

H>46.7

98.2

2,054
2,107
2,074

148.2
144.5
147.6

[H>6o!3

January
February
March

H>165*.94

r259.03
r259.19
H>r276.42

169.7
H70.6
r!72.1

B>rl46'.7

r46'.l

1,679
1,381
1,786

116.5
115.1
130.9

r58.0

April
May
June

p265.36
ra!70.30

r!70.5
E)pl72.7

rl,735
pi ,827

122.5
130.7

1978

1979

July
August
September

a!74!?4

October
November
December

(NA)

Driob',6

a!80. 98

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[fl); 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, 24, and 25.


JUNE 1979


67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

KH INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process

Inventory Investment

L,L, L

Timing Class

Year
and
month

L, L,L

L, L, L

36. Change in inventories on
30. Change in
hand and on order in 1972
business invendollars
tories in 1972
Monthly
dollars
Smoothed
data
data 1
(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Inventories on Hand and on Order

(Ann. rate,
bil.dol.)

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

L, L, L

38. Change
in stocks of
supplies on
hand and on
order, mfg.
(Bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

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

Lg, Lg, Lg

70. Constant
(1972) dollars

65. Mfrs.'
inventories of
finished
goods, book
value

(Bil.dol.)

(Bil.dol.)

Lg, Lg, Lg

77. Ratio,
constantdollar inventories to
sales, mfg.
and trade 2

L, Lg, Lg

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

(Ratio)

(Bil.dol.)

1977

5.*8

12.14
9.71
15.64

4.50
6.88
10.26

29.9
28.7
42.5

1.77
0.86
1.55

312.96
315.35
318.89

225.53
226.01
227.04

54.38
54.59
54.79

1.57
1.56
1.54

134.17
135.03
136.58

April
May
June

io!o

11.63
9.04
4.72

12.41
12.21
10.28

26.1
38.7
23.3

0.86
1.38
0.15

322.27
324.29
326.24

228.03
228.56
229.32

55.21
56.31
56.89

1.56
1.57
1.57

137.44
138.81
138.96

July
August
September

12!2

3.83
21.38
13.39

7.16
7.92
11.42

11.3
32.3
38.0

-0.78
0.92
1.10

327.18
329.86
333.03

229.81
231.30
232.36

57.49
57.57
57.97

1.57
1.57
1.57

138.18
139.10
140.21

October
November
December

7^5

1.43
17.77
9.14

12.47
11.46
10.15

6.7
27.9
23.0

0.60
0.62
1.48

333.60
335.92
337.83

232.31
233.33
233.75

58.50
59.07
58.91

1.56
1.56
1.54

140.80
141.42
142.90

12^3

20.87
12.38
35.36

12.69
15.03
18.50

40.1
33.1
63.2

1.33
1.60
2.34

341.17
343.93
349.20

234.55
235.01
237.28

59.68
59.57
59.88

1.60
1.56
1.56

144.23
145.83
148.17

0)12^7

28.38
22.06
5.39

24.12
26.99
23.60

61.6
36.8
35.4

1.82
2.54
2.17

354.33
357.40
360.36

238.87
239.97
240.32

60.50
61.06
61.62

1.54
1.55
1.55

149.99
152.53
154.70

July
August
September

g!6

6.10
14.92
10.37

14.90
9.99
9.63

36.9
43.3
29.8

0.89
1.52
2.43

363.43
367.04
369.53

240.83
242.10
242.31

62.18
62.87
62.96

1.57
1.54
1.55

155.59
157.11
159.54

October
November
December

8*. 2

9.98
19.03
16.22

11.11
12.44
14.10

37.4
47.5
33.5

2.45
2.68
2.41

372.64
376.60
379.39

242.67
243.92
244.24

62.68
63.50
63.72

1.53
1.53
1.52

161.99
164.67
167.08

rio.'e

r30.77
H4.71
E)r38.41

r!8.54
r21.29
r24.26

53.9
42.3
r51.4

0)6.10
3,92
3.74

383.89
387.41
r391.70

245.25
245.53
r248.14

64.47
65.17
65.33

1.54
1 .56
1.53

173.18
177.10
180.83

p26.94
(NA)

B"2^

0)p64.7
(NA)

p4.22
(NA)

0)P397.09
(NA)

[H)p249.44
(NA)

0)66.66
(NA)

pi. 61
(NA)

0)pl85.06
(NA)

January
February
March

1978

January
February
March
April
May
June

1979

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 by0); for
series that move counter to movements in general business activity,current low values are indicated by 0). 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, 15, 26, and 27.
1
2
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Series 77
reached its high value (l.62) in October 1976.




J U N E 1979

ItO

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

H PRICES, COSTS, AND PROFITS
B

Minor Economic
Process

Stock
Prices

Sensitive Commodity Prices

L, L,L

Timing Class

U, L, L

92. Change in sensitive prices
Year
and
month

Monthly
data

Smoothed
data 2

(Percent)

(Percent)

23. Index of
industrial
materials
prices©
(1967=100)

L, L, L

19. Index of
stock prices,
500 common
stocks 3 ®
(1941-43=10)

Profits and Profit Margins

L, L,L

L, L,L

Corporate profits after taxes
16. Current
dollars
(Ann. rate,
bildol.)

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

L, C, L

L,C, L

Corporate profits after taxes
with IVA and CCA 1
79. Current
dollars
(Ann. rate,
bil.dol.)

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

U L, L

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

1977

-1.76
i>4.40

January
February
March

0.71

1.57

0.69

210.2
216.4
222.8

0.43
1.04

221.9
218.1
206.4

99.05
98.76
99.29

102!s

7L9

-1.35

1.77
1.58
0.53

7i!i

50.' 3

io.'i

July
August
September

0.22
1.44
0.67

0.01
0.04
0.44

204.1
202.7
202.9

100.18
97.75
96.23

104^8

72!2

82^6

|H>56'.7

io!6

October
November
December

0.21
1.51
2.52

0.77
0.79
1.11

204.7
203.8
210.9

93.74
94.28
93.82

104!i

7o!s

74.' 3

BO.'s

10 J

January
February
March

0.67
0.03
1.27

1.49
1.32
0.87

219.7
219.9
219.8

90.25
88.98
88.82

102J

esio

62.'e

42.*2

9.*5

April
May
June

1.39
0.62
1.85

0.78
1.00
1.19

220.3
217.8
222.1

92.71
97.41
97.66

120.5

78!i

78.'i

5L5

IO.'B

July
August
September

1.59
0.44
1.62

1.32
1.32
1.26

224.7
232.6
239.1

97.19
103.92
103.86

119.2

76.1

79.0

51.1

10.3

1.44
1.85
1.16

1.19
1.40
1.56

249.4
254.8
251.8

100.58
94.71
96.11

130.5

81.7

52.2

11.0

rl.85
r2.68

rl.55
rl.76
r2.26

258.3
273.5
288.5

99.71
98.23
100.11

H>2.26

H>294.5
293.8
"294. 2

April
May
June

....

-0.14

103.81
100.96
100.57

96*.5

68.' 7

6L6

44!2

10.'6

1978

. .

October
November
December

0)82.2

1979

January
February
March

....

April
May
June

3.37

-0.38
2.40

1.84

5

H>rl39."7

0X85! 7

r78!5

r49.0

DHL 3

102.07
99.73
101.75

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (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.
2
Graphsof these series are shown on pages 13, 28, and 29. IIVA, inventory valuation adjustment; CCA, capital consumption adjustment.
Series
3
is a weighted 4-term moving average (with weights l,2,2,l) placed at the terminal month of the span.
Series 19 reached its
A
5
high value (105.45) in Sept. 1976. Average for June 5, 12, and 19.
Average for June 6, 13, and 20.


http://fraser.stlouisfed.org/ JUNE 1979
Federal Reserve Bank of St. Louis

110

69

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

JQ PRICES, COSTS, AND PROFITS-Con.
Profits and Profit Margins-Con.

Year
and
month

U, L, L

L, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income1

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

(Percent)

Timing Class

(Cents)

Unit Labor Costs and Labor Share

Cash Flows

L, L, L

U L, L

L,L, L

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

1977

January
February
March

e'.o

5.' 3

121.6
120.9
121.5

157!6

losii

ue'.b

0.932

151.5
153.4
153.8

76'. 5

April
May
June

e'.7

5'. 5

122.8
123.3
122.8

165J

nils

179!3

0.946

153.8
154.2
155.0

76*. 1

July
August
September

D7.*6

5.'6

122.8
123.0
122.7

168!2

ni.'s

18l!i

0.955

155.4
155.4
156.4

75*.8

October
November
December

e'.9

5.*4

122.2
121.7
121.1

167.'5

109. % 5

183.*9

0.973

158.0
159.2
160.7

7e!i

January
February
March

5^5

B'.O

119.6
119.1
119.2

166!5

107!2

19l!4

1.008

164.1
166.1
166.8

E>77'.4

April
May
June

6\4

5!5

121.5
122.3
123.1

185.*7

117^5

194^6

1.017

165.5
165.6
165.6

76'. 3

July
August
September

6.6

5^4

123.4
124.6
125.3

184 '.5

nais

197*.8

1.038

166.1
165.1
165.4

76^2

October
November
December

6.*6

5.' 7

125.4
124.5
124.5

196.1

118.7

201.1

1.053

167.2
169.2
170.3

75.7

r5.9

H>6.'6

124.7
H24.5
H25.1

E>r205'.3

[H>H22'.2

[H>p208:8

B>n.b87

172.4
H74.4
M75.4

r76'.5

1978

1979

January
February
March
April
May
June

H25.9
!H)pl28.1

»3?!.1

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 (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 15, 29, and 30.
1
IVA, inventory valuation adjustment; CCA, capital consumption adjustment.




70

JUNE 1979

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

Qj MONEY AND CREDIT

Minor Economic
Process

Velocity of Money

Money

U L, L

Timing Class

85. Change in
money supply
(M1)

Year
and
month

(Percent)

102. Change
in money
supply plus
time deposits
at commercial
banks (M2) 1
(Percent)

L, L, L

L, L, L

U C,U

104. Change in total liquid assets

Monthly
data

Smoothed
data 2

(Percent)

(Percent)

L, L, L

105. Money
supply (Ml)
in 1972
dollars

106. Money
supply (M2)
in 1972
dollars

(Bil.dol.)

(Bil.dol.)

C,C,C

107. Ratio,
gross national
product to
money supply
(M1)

(Ratio)

Credit Flows

C, Lg, C

L, L, L

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

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

(Ratio)

1977

January
February
March

0.73

1.13
1.11
0.74

0.82
0.90
0.98

225.4
224.5
224.4

533.1
532.1
532.9

5.684

0.57

0.93
0.78
0.78

1.942
1.952
1.964

51.70
57.72
69.95

April
May
June

0.88
0.34
0.53

0.84
0.56
0.73

0.85
0.64
0.79

0.95
0.82
0.75

224.7
224.5
224.5

533.5
534.2
535.1

5.766

1.959
1.959
1.957

79.81
82.10
94.26

July
August
September

1.05
0.58
0.76

1.08
0.73
0.75

1.11
0.97
0.94

0.80
0.90
0.98

226.0
226.4
227.2

539.1
540.6
542.6

5.794

1.956
1.951
1.957

74.11
83.71
96.79

October
November
December

0.69
0.33
0.65

0.72
0.50
0.52

1.15
0.96
0.75

1.01
0)1.02
0.98

227.9
227.4
227.8

544.4
544.2
544.4

5.812

1.968
1.978
1.988

87.62
87.00
96.48

0.94
0.15
0.23

0.82
0.42
0.39

0)rl.29
rO.73
rO.71

rO.98
rO.96
rO.92

0)228.4
227.2
226.0

0)545.0
543.8
541.6

5.816

1.980
1.983
2.001

76.91
78.12
91.43

1.37
0.80
0.51

0.94
0.77
0.71

rl.Ol
rO.94
rO.81

rO.86
rO.85
rO.90

227.2
227.1
226.3

542.1
541.8
540.9

5.957

2.011
2.010
2.012

84.68
96.77
97.27

Juiy
August
September

rO.54
rO.65
rl.12

0.72
rO.93
rl .06

rO.82
rO.79
rl.13

rO.89
rO.83
rO.86

r226.2
r226.3
r226.9

541.7
r543.4
r544.5

r5.978

2.026
r2.021
r2.016

80.90
0)101.60
93.80

October
November
December

0.14
-0.17
rO.17

rO.53
rO.40
rO.24

rO.70
rl .03
rO.90

rO.89
rO.91
rO.92

r225.4
r223.7
r222.6

r543.0
r542.0
r539.8

r6.135

r2.033
r2.045
r2.069

97.52
99.67
89.06

r-0.42
-0.31
rO.ll

r-0.09
0.19
rO.32

rO.75
rO.66
rO.47

rO.88
rO.83
rO.70

T219.7
r216.5
r214.6

r534.5
r529.4
r525.8

0)r6.3l4

2.078
r2.091
1X2.110

91 .44
79.43
p85.91

0)H.48
po.n
3

rl.17
pO.47
3
1.21

rO.87
pO.41

rO.65
pO.62

215.4
p213.3

526.2
p523.0

r2.094
p2.099

(NA)

0.57

1978

January
February
March

.

. .

April
May
June

1979

January
February
March
April
May
June

1.43

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 by0); for
series that move counter to movements in general business activity, current low values are indicated by 0). 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, 31, and 32.
Series 102 reached its high value (1.25) in February 1976. 2 Series is a weighted
4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 3 Average for weeks ended June 6 and 13.

http://fraser.stlouisfed.org/ JUNE 1979
Federal Reserve Bank of St. Louis

ItCIt

71

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

Ql MONEY AND CREDIT-Con.

Minor Economic
Process

Credit Fiows-Con.

L, L,L

L, L,L

Timing Class

112. Net change
in bank loans
to businesses

Year
and
month

(Ann. rate,
bil.dol.)

Credit D fficulties

L, L, L

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

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failures®

(Mil. dol.)

Bank Reserves

L, L,L

L, U, U

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

Interest Rates

L, Lg, U

94. Member
bank borrowing from the
Federal
Reserve®

(Mil. dol.)

(Mil. dol.)

C, Lg, Lg

L, Lg, Lg

119. Federal
funds rate®

114. Treasury
bill rate®

(Percent)

(Percent)

I
j

1977

January . . . .
February
March

-5.36
11.59
6.90

25.28
28.33
40.42

256,468

168.54
194.20
248.20

2.37
2.37
2.37

433
-114
155

61
79
110

4.61
4.68
4.69

4.60
4.66
4.61

April
May
June

0.54
4.16
11.33

37.07
34.80
30.77

262,804

207.27
473.89
305.86

2.40
2.43
2.38

-62
72
-149

73
200
262

4.73
5.35
5.39

4.54
4.94
5.00

July
August
September

6.59

13.61

28.88
35.22
34.14

310,520

577.82
338.25
H> 96.99

2.41
2.34
2.36

12
-872
-443

336
1,071
634

5.42
5.90
6.14

5.15
5.50
5.77

115 69
200 29
168.32

2 41
2 24

1 ,319
840
558

6.19

6 51

6 16

2.36

-980
-705
-384

6.47

305 232

9.72

38 48
43 15
42.95

6.56

6.06

January
February
March

9 76
17.21
19 97

29.24
34.34
48.91

309,996

168.31
205.01
324.41

2.42
2.48
2.51

-176
-272
-38

481
405
344

6.70
6.78
6.79

6.45
6.46
6.32

April
May
June

18 10
26 24
21 96

49.27
51.36
50 48

328,012

202.99
160.40
178.84

2.44
2.28
2.44

-475
-975
-974

539
1,227
1,111

6.89
7.36
7.60

6.31
6.43
6.71

July
August
September

1 3 61
11 78
13 92

41 59
43 58
44.16

231 82
353,972

2 42
2 37
2 42

1 146
-885
-993

1 286
1 147

7 g]
8 04
8 45

7 07
7 n/i
7 Q/i

October
November
December

10 90
8 77
-0 94

40 58
49 25
H)52 80

2. 34

1 049
-417
-749

1 pel

0)376,440

7.81

10.79
11 81

October
November
December
1978

.

one /in

1 27 02
175 34
178 93
196 54

2.45

1 068

722

8

QC

q 7c

8 1 "5
8 7Q
9 10

Q-JA

1 n no

QQ/I
yy4

in n7
ID .07
10.06

- 7/19
/4£

QQQ

10.09

9.27
9.46

r-899
[fT>n~l 485
2
- l 111

897
rn\Dl 769
2
1 321

10.01
[H)10 24
2
10 25

9.49
|H) 9 59
3
9 13

1979

January
February
March

.

. .

on nc
i

April
May
June

QC

oi

qn

A

on

39 7Q
44 7?

E>36.92
p30 83
M8.56

70

48.82
(NA)

(NA)

p309 396

[H> 2 . 1 2
2.31
2.33

(NA)

CQO

7CC

Q 7Q
y /o

9 . Or
OO

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 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.
2
Graphs of these series are shown on pages 32, 33, and 34. Average for weeks ended June 6 and 13.
Average for weeks ended June 6,
13, and 20. 3Average for weeks ended June 7, 14, and 21.




72

JUNE 1979

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

il MONEY AND CREDlT-Con.
l

Minor Economic
Process

Outstanding Debt

Interest Rates-Con.

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

116. Corporate
bond yields®

11 5. Treasury
bond yields®

117. Municipal
bond yields®

11 8. Secondary
market yields
onFHA
mortgages®

Timing Class

Year
and
month
(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

(Percent)

Lg, Lg, Lg

67. Bank rates
on short-term
business loans

109. Average
prime rate
charged by
banks®

®

(Percent)

Lg, Lg, Lg

66. Consumer
installment
debt

(Mil.dol.)

(Percent)

Lg, Lg, Lg

72. Commercial
and industrial
loans outstan ding, weekly
reporting large
commercial
banks
(Mil.dol.)

Lg, Lg, Lg

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

1977
January
February
March

7 96
8.18
8 33

6 68
7.16
7 20

5 87
5.89
5 89

8 40
8 50
8 58

7.50

6 25
6.25
6 25

190,426
192,787
196,155

109,531
110,497
111,072

13.12
13.11
13.16

April
May
June

8 30
8 38
8 08

7 13
7 17
6 99

5 73
5 75
5 62

8 57
(NA)
8 74

7.40

6 25
6 41
6 75

199 244
202 144
204 708

111,117
111,464
112,408

13 28
13 40
13 49

July
August
September

8.12
8.06
8 11

6.98
7.01
6 94

5.63
5.62
5 51

8.74
8 74
8 72

7.80

6.75
6 83
7 13

207 115
210 050
pip one

112,957
114,091
114 742

13 51
1 o cq

October
November
December

8 21
8 26
8 39

7 08
7 16
7 24

5 64
5 49
5 57

8 78
8 78
8 91

8 64

7 52
7 75
7 75

216,102
219,698
223 277

115 641
116 625
11 7 435

13 70
13 79
13 88

January
February
March

8 70
8 70
8 70

7 51
7 60
7 fi?

5 71
5 62

Q 11

7 <n
8 00

225 714
228 576

C

Q 9Q

ft nn

pOO CCp

118 248
119,682
121 346

13 97
14 07
14 13

April
May
June

Q

7 74
7 ftfi
7 94

c on
c. no
f\ 99

Q

122 854
125 041
126 871

•\A

Q nn
9 15

f.

q qp

14 47

256 023

128 005
128 987
130 147

i q c-j

1978

QQ

July
August
September

9 27

October
November
December

C1

CNA^

8 90

8 nn

pqc 7co

ft Qfi

ft 97
ft &1

241 038
245 245

q nn

9 qp

9 m
9 /n

?Aft 711
pep q/iq

c no

q 70
q 70

11 .44

9.94
10.94
11.55

259 405
263,509
267 909

131 ,055
131,786
131 ,708

14 67
14.75
14 79

12 27

11 75
1 1 75
1 1 75

270 970
274 278
278,009

134,212
136,870
137,270

14 90
14 96
14 98

11.75
0)1 1 75

0)282,077
\
(NA;

140,347
0)P142,916
4
144 463

Dpi 5. 14
(NA)

pQ

07

q C7
( 1\1A^
\nn)

D

00

Q

70

ft in
7 ftft
7 ft?

9.14
9.30
9 30

8.07
8.16
8 36

6.13
6.19
0)6.50

9.93
9.99
10.16

9 47

8 43
ft 4?
8 45

6 46
6 31
6 33

10 17
in 17

8.44
0)8.55
X
8.36

6.28
6.25
2
6 13

(NA)
0)10 61

C I O

1Q

14 33
14 46

1/1

CO.

14 67

1979
January
February
March
April
May
June ....

Q

Cp

Q

£R

9.69
0)9 83
i q CZA

in i Q

0)12 34

31 "I

/ M A

CO

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 by0); for
series that move counter to movements in general business activity, current low values are indicated by 0). 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 15, 34, and 35. Average for weeks ended June 1, 8, 15, and 22.
14, arid 21. 3 Average for June 1 through 25.
Average for weeks ended June 6 and 13.


http://fraser.stlouisfed.org/ JUNE 1979
Federal Reserve Bank of St. Louis

KUI

2

Average for weeks ended June 7,

73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

^J DIFFUSION INDEXES
950. Twelve leading
indicator components
(series 1,3, 8, 12,19,
20,29,32,36,92,104,
106)

Year
and
month

1-month
span

6-month
span

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

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

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

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

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

1-month
span

6-month
span

76.2
74.7

88.1
87.8
85.2

57.8
53.9
74.5

68.0
64.8
71.2

79.4
75.9
72.1

80.4
24.5
82.4

65.7
82.4
68.6

59.3
51.7
60.8

69.8
74.1
72.1

9-month
span

6-month
span

1-month
span

9-month
span

1-month
span

83.3
83.3

87.5
90.0
82.5

39.2
25.5
49.0

74.5
70.6
68.6

r66.0

100.0

12.5
97.5
40.0

100.0

100.0
100.0
100.0

50.0
47.5
80.0

77.5
77.5
90.0

68.6
23.5
37.3

1-month
span

6-month
span

25.0

100.0
100.0
100.0

66.7
75.0
91.7
75.0
83.3

1 -mo nth

span

1977

January
February
March

45.8
50.0
83.3

91.7
79.2
70.8

April
May
June

50.0
41.7
58.3

58.3
83.3
54.2

100.0

100.0
100.0
100.0

July
August
September

45.8
70.8
54.2

62.5
58.3
70.8

75.0
75.0
75.0

100.0
100.0
100.0

75.0
91.7
83.3

100.0
100.0
100.0

17.5
55.0
50.0

50.0
50.0

October
November
December

75.0
70.8
58.3

66.7
75.0
66.7

100.0
100.0
100.0

100.0
100.0
100.0

91.7

100.0

100.0
100.0
100.0

77.5
52.5
40.0

27.5
70.0
92.5

76.5
41.2
90.2

70.6
78.4
86.3

60.5
73.8
72.1

77.9
82.0
83.1

January
February
March

45.8
62.5
41.7

58.3
54.2
58.3

25.0
75.0

100.0
100.0
100.0

91.7

100.0
100.0
100.0

67.5
95.0

82.5
72.5
60.0

33.3
47.1
54.9

76.5
56.9
47.1

69.8
70.3
70.1

85.5
79.9
77.9

April
May
June

66.7
54.2
62.5

54.2
50.0
58.3

66.7

100.0

72.5

100.0

83.3
83.3

60.0

35.0
52.5
92.5

82.4
11.8
58.8

52.9
60.8
60.8

62.8
56.4
67.2

68.9
67.7
59.6

July
August
September

45.8
50.0
54.2

62.5
83.3
66.7

100.0
100.0
100.0

37.5
32.5
57.5

90.0
42.5
30.0

49.0
42.2
94.1

51.0
76.5
17.6

54.9
51.7
57.6

61.3
74.4
77.9

58.3
41.7
62.5

r66.7
r62.5

100.0
100.0

70.6
80.2
79.7

83.1
84.6

83.3

r77.5
r!2.5

25.5
29.4
86.3

r51.0

83.3

52.5
87.5
47.5

57.5

100.0

r86.0

r54.2
r50.0

100.0
100.0

62.5
40.0

(NA)

74.1
65.1

r81.4
p69.5

r70.0

13.7
72.5
68,6

r5.0

p7.8

p90.0

(NA)

100.0
100.0
75.0
75.0

75.0

7.5

1978

October
November
December

. .

100.0
100.0
50.0
75.0

100.0
100.0
100.0

62.5

100.0
100.0
100.0

50.0

100.0
100.0
100.0

100.0
100.0
100.0

33.3
40.0

37.5
50.0

75.0

100.0

100.0
100.0

91.7

100.0
83.3
83.3
75.0

0.0

7.5

66,7

p29.4

1979

January
February
March

.

...

April
May
June

66.7
29.2

'40.0

100.0

83.3
75.0
75.0

J2.5

3 91.7

2

66.7

275.0

66.7

37.5

3

p45.0

r62.5

r45.1
p47.7

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 36.
1
Excludes series 12 and 36 for which data are not yet available •
2
Excludes series 57 for which data are not yet available.
3
Excludes series 70 and 95 for which data are not yet available.




74

J U N E 1979

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

U DIFFUSION INDEXES-Con.
l

Year
and
month

964. Value of manufacturers' new orders,
durable goods industries (35 industries)

1 -month
span

9-month
span

966. Index of industrial
production (24
industries)

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

1 -quarter
span

4-Q moving
avg.

1-month
span

6-month
span

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

1-month
span

968. Index of stock
prices, 500 common
stocks© (,55-65
industries)!

9-month
span

1-month
span

9-month
span

969. Profits, manufacturing, Citibank
(about 1,000 corporations)

1-quarter
span

4-quarter
span®

1977

January
February
March

60.0
48.6
77.1

91.4
88.6
77.1

48

April
May
June

31.4
60.0
45.7

82.9
82.9
82.9

77

July
August
September

37.1
68.6
65.7

85.7
85.7
80.0

56

October
November
December

62.9
65.7
65.7

88.6
88.6
94.3

48

January
February
March

40.0
71.4
54.3

88.6
91.4
71.4

62

April
May
June

62.9
42.9
45.7

80.0
77.1
91.4

24

July
August
September

31.4
81.4
51.4

88.6
80.0
88.6

71

October
November
December

77.1
45.7
62.9

94.3
97.1
85.7

48

48.6

p91.4

p53

81.2
91.7
85.4

69.2
73.1
80.8

57.7
50.0
50.0

46.0
27.4
43.5

33.0
43.5
54.8

55

*60

37.5
75.0
58.3

83.3
75.0
83.3

34.6
34.6
15.4

50.0
46.2
46.2

49.2
37.0
46.0

54.8
29.0
17.7

60

'57

60.4
72.9
58.3

87.5
79.2
66.7

34.6
50.0
50.0

45.8
29.2
41.7

56.5
23.4
15.3

26.6
27.4
22.6

53

'ei

62.5
43.8
62.5

70.8
70.8
70.8

45.8
62.5
75.0

11.3
66.9
46.8

19.4
16.1
23.7

61

48

66.7
58.3
70.8

83.3
83.3
91.7

69.2
34.6
46.2

66.7
66.7
2
58.3

30.6
50.0

49.1
62.1
3
69.8

52

'si

45.8
50.0
75.0

89.6
91.7
91.7

50.0
61.5
80.8

69.2
80.8
84.6

90.7
90.7
59.3

3

82.8
86.2
87.7

63

'si

83.3
54.2
87.5

83.3
83.3
83.3

65.4
69.2
76.9

88.5
92.3
88.5

28.8
98.3
37.3

70.2
67.5
68.4

52

p49

58.3
58.3
79.2
58.3
75.0
83.3

83.3
83.3

88.5
80.8
42.3

88.5
88.5
92.3

•8.6

61.5
76.9
76.9

"96.2

50.0
2

37.5
57.7

2
2
2

2
2
2

'72

*73

'73

'79

1978

r83.3

2

2

8.1

0.0
69,0

3
3

3
3
3
3
3

39.1
47.3
67.3

'so

(NA)

(NA)

1979

January
February
March

r48.6

r54.2

68.6

70.8

April
May
June

r25.7
p60.0

p81.3

54.2

20.8

r66.7
p70.8

69.2
42.3

96.2

94.8
35.5
85.5

18.2

80.0
16.4

"53.8

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 1st month of the 2d quarter, 3-quarter 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 b y ® ' The "r" indicates Devised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
l
Based on 62 components through March 1978, on 59 components through September 1978, on 58 components through January 1979,
and on 55 components thereafter. Component data are not shown in table C2 but are available from the source agency.
2
Based on 12 components (excluding print cloth).
3
Based on 58 components for January 1978 through May 1978 and on 57 components through September 1978.
u
Average for June 5, 12, and 19.


http://fraser.stlouisfed.org/
JUNE 1979
Federal Reserve Bank of St. Louis

75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

DIFFUSION INDEXES-Con.

Year
and
quarter

a. Actual
expenditures

b. Later
anticipations

(1-Qspan)

(1-Qspan)

(1-Qspan)

(4-Qspan)

(4-Q span)

(4-Qspan)

(4-Q span)

(4-Qspan)

(4-Qspan)

Anticipated

Actual

Anticipated

Actual

Anticipated

Actual

c. Early
anticipations

973. Net sales, manufacturing
and trade 1 ®

972. Net profits, manufacturing
and trade 1 ®

971. New orders, manufacturing 1 ®

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

1976

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
78
78

66.7
75.0
88.9
44.4

61.1
72.2
69.4
58.3

66.7
66.7
66.7
72.2

61.1
88.9
61.1
66.7

77.8
69.4
63.9
72.2

61.1
66.7
61.1
69.4

66.7

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

66.7
72.2

55.6
72.2
69.4

82
84

76
74
72
74

76
80
84
82

82
81
80
80

82
84
90
87

80
83
82
82

80
86
88
84

71
74
74
76

78
80
84
82

80
81
84
85

82
86
90
86

83
86
86
86

82
83
88
86

73
76
78
78

1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978

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

84

87
92
90

1979

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

(NA)

80
84

(NA)

78
82

(NA)

85

DIFFUSION INDEXES-Con.

Year
and
quarter

974. Number of employees,
manufacturing and trade 1 ®

975. Level of inventories,
manufacturing and trade 1 ®

Actual

Actual

Actual

977. Selling prices, wholesale
trade 1 ®

976. Selling prices, manufacturing 1 ®

Anticipated

(4-Qspan)

(4-Qspan)

Anticipated

(4-Qspan)

(4-Qspan)

(4-Qspan)

Anticipated

Actual

Anticipated

(4-Qspan)

(4-Q span)

(4-Qspan)

978. Selling prices, retail
trade 1 ©
Anticipated

Actual

(4-Qspan)

(4-Qspan)

1976

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

57
58
58
58

56
60
62
60

62
65
68
69

60
64
70
68

80
82
80
82

75
78
80
80

84
80
80

60
59
61
62

59
60
61
59

74
72
74
75

65
68
72
70

86
86
87
87

78
81
86
82

62
64
64
63

59
60
62
62

76
76
76
78

87
88
90
91

(NA)

60
60

(NA)

(NA)

82
82
34

86
86
92
86

81
82
84
86

87
86
88
90

80
86
86
84

90
86
92
92

86
84
89

82
84
87
87

92
93
94

84
90
87
90

91
94
94
93

90
88
92
92

86

(NA)

(NA)

90
92

1977

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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

90

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 "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.

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.



76

J U N E 1979

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

RHj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

1979

1978

Diffusion index components

r

November

October

December

February

January

961. AVERAGE W O R K W E E K OF PRODUCTION WORKERS, MANUFACTURING
(Average weekly hours)

All manufacturing industries

+

Percent rising of 20 components

40.5

+

(52)

40.7

o

(88)

40.7

0

(48)

40.7

o

(62)

March

May P

April

l

40.7

+

(40)

40.8

39.2

(70)

+

40.2
(90)

(5)

Durable goods industries:
Lumber and wood products
Furniture and fixtures

+
+

40.1
39.0

o
+

40.1
39.2

o
o

40.1
39.2

o

40.0
39.2

-

39.5
38.8

+
+

r40.1
r39.4

39.2
38.2

+
+

39.6
38.3

Stone, clay, and glass products
Primary metal industries

o
+

41.8
42.1

+
+

41.9
42.3

+

42.0
42.2

+

41.4
42.4

+
-

41.5
42.3

+
-

r42.3
r41.9

41.2
41.6

+
+

41.7
42.4

Fabricated metal products
Machinery, except electrical

+

40.8
42.0

+
+

41.1
42.2

+
+

41.4
42.5

.
-

41.2
42.2

+
+

41.4
42.6

+
o

r41.5
42.6

39.0
40.4

+
+

40.2
42.1

Electrical equipment and supplies
Transportation equipment

+
+

40.3
42.6

+
+

40.4
42.9

+
o

40.5
42.9

+
+

40.7
43.0

+
-

40.9
42.7

o
-

r40.9
42.4

38.9
38.1

+
+

40.1
41.4

Instruments and related products
Miscellaneous manufacturing industries

o

40.9
38.8

o
o

40.9
38.8

o
o

40.9
38.8

+
+

41 .1
39.1

o
-

41.1
39.0

+
+

41.4
39.2

40.2
37.7

+
+

40.8
38.4

+

39.9
36.7

+
+

40.0
37.4

o
+

40.0
38.1

+
-

40.1
36.7

o

39.7
36.7

+
+

r40.1
r38.5

39.8
37.9

+

39.6
38.1

Textile mill products
Apparel and other textile products

40.3
35.2

+
+

40.4
35.7

o

40.4
35.6

+
-

40.9
35.3

+

40.0
35.5

+
o

40.6
35.5

39.0
34.3

+
+

39.8
35.1

Paper and allied products
Printing and publishing

42.6
37.7

+
+

43.1
37.9

42.7
37.6

+
+

42.9
37.7

o
o

42.9
37.7

o
+

42.9
37.8

42.4
36.9

+
+

42.8
37.2

41.8
43.7

+

42.0
43.4

o

41.9
43.4.

+
+

42.0
r44.2

41.9
44.5

+

42.0
43.3

41.2
36.7

+
+

41.5
37.0

o
-

41.5
36.3

-

41.4
r36.2

39.8
35.6

+
+

41.0
35.7

+

78,979

Nondurable goods industries:
Food and kindred products
Tobacco manufactures

Chemicals and allied products
Petroleum and coal products .

+
+

41.9
43.9

+
+

42.1
44.2

Rubber and plastic products, n.e c.
Leather and leather products

o

41.0
37.1

+

41 .1
36.8

+

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES
(Millions of dollars)

All durable goods industries

+

Percent rising of 35 components

76,984

-

76,654

+

(46)

(77)

78,623

+ r80,582

(63)

f

1

r82,385

Primary metals
Fabricated metal products

+
+

11,722
8,524

+

11,092
8,804

+
+

11,806
9,527

+
-

14,191
9,447

-

13,042
9,279

Machinery, except electrical
Electrical machinery . . . .

+

13,234
8,988

-

13,099
8,960

+
+

13,273
9,285

+ r!3,377
+
9,605

+
+

Transportation equipment
Other durable goods industries

+
+

20,553
13,963

+
-

20,916
13,783

+

20,167
14,565

-

+
-

20,121
13,841

2

+ r84,162

-

77,223

(60)

(26)

(69)

(49)

(49)

+

13,259
10,520

-

11,819
9,146

+

11,717
9,777

r!3,840
10,137

+ r!5,240
9,784

-

13,063
9,460

+
-

13,338
9,359

22,340
r!3,747

- 20,446
+ r!4,913

-

18,949
14,786

+
+

19,922
14,866

+
+

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2
Data 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.


http://fraser.stlouisfed.org/
JUNE 1979
Federal Reserve Bank of St. Louis

77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

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

1979

1978

Diffusion index components
October

November

January

December

Aprilf

March r

Feburary

MayP

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

+

Percent rising of 24 components^

148.7

+

(58)

149.6

+

(75)

150.9

o

150.9

+

(54)

(83)

r!51.2

+

(54)

152.3

-

150.2

+

(21)

(71)

152.1
(81)

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

+
-

128.6
146.0

+
+

129.0
146.9

+
+

130.4
149.0

+

122.0
151.0

+

r!21.3
152.2

+
-

121.7
151.3

-

119.2
150.5

+
+

121.6
151.0

Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments

+
+
+

160.3
157.9
137.0
175.3

o
+
+
+

160.3
159.0
139.3
176.2

+
+
+
+

161.8
161.9
139.5
179.5

+
+
+

163.6
163.9
137.7
180.4

+
+
+

164.6
r!65.3
136.3
181.0

+
+
+
+

166.7
166.1
140.1
182.7

-

165.2
163.5
128.9
182.1

+
+
+
+

166.6
165.1
139.9
182.8

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

+
+

162.1
141.2

+
+

166.3
142.5

+
+

167.7
146.0

+
-

168.6
142.0

-

166.9
r!40.6

+

166.1
140.7

-

163.9
138.1

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

+
-

160.9
153.9

-

157.6
152.1

+

156.7
153.7

+
+

161.7
154.8

+
+

163.6
H56.9

+
+

163.8
157.1

-

161.8
155.4

-

142.1
130.6
73.8

+
+

143.9
129.9
74.1

+
+

144.9
131.4
74.0

+
+

143.5
132.3
75.1

-

r!40.5
(NA)
73.3

+

-

+

142.6
(NA)
73.6

141.3
(NA)
71.0

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

(NA)
(NA)

+

(NA)
156.0

(NA)
(NA)
(NA)

Paper and printing
Paper and products
Printing and publishing

+
-

145.8
130.5

+

145.3
132.1

+
+

147.8
133.0

+

144.9
135.8

+
+

148.0
r!37.6

+
-

149.9
137.0

-

149.6
136.9

+
+

151.9
137.0

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

+
+
+

195.9
147.9
264.1

+
+
o

197.6
148.9
264.2

+
+
+

197.9
149.9
267.0

+
+

200.8
147.9
268.1

+
+

201.4
r!44.5
r270.1

+

200.9
144.3
272.1

+
+
-

202.1
145.7
269.0

-

(NA)
144.1
(NA)

Foods and tobacco
Foods
Tobacco products

-

143.2
119.0

+
+

144.2
121.5

+
+

145.7
122.0

145.5
120.0

+
-

146.5
118.8

+
+

147.7
121.8

-

-

146.3
(NA)

+
-

144.0
124.5

+
+

145.1
124.9

+
-

146.8
123.8

-

116.0
123.2

-

104.0
121.7

+
-

124.0
121.5

+
-

129.3
120.6

+
+

122.1
134.0

+
-

125.3
132.9

+

123.9
134.2

+

123.5
136.7

+
+

r!24.3
137.0

+
-

126.3
136.7

+
-

128.2
136.2

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

(NA)
(NA)

+
-

133.9
120.4
(NA)
(NA)

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.




78

JUNE 1979

ItCII

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE-Con.

Wm

Diffusion index components

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

1979

1978

October

November

December

January

February

April

March

June1

May

967. INDEX OF INDUSTRIAL MATERIALS PRICES 2

Industrial materials price index (1967=100) . . . . +
Percent rising of 13 components

249.4

+

(88)

254.8

-

251.8

+

(42)

(81)

258.3

+

(62)

273.5

+

(77)

288.5

f

294.5

(77)

-

(69)

293.8

+

294.2
(54)

(42)

Dollars

Copper scrap

(pound). . +
(kilogram). .

0.552 1.217

0.538
1.186

+

0.549 +
1.210

0.594 +
1.310

0.714 +
1.574

0.756 f
1.667

0.778 1.715

0.709
1.563

-

0.675
1.488

Lead scrap

(pound). . +
(kilogram). .

0.174 0.384

0.171
0.377

-

0.159 +
0.351

0.178 +
0.392

0.195 +
0.430

0.210 *
0.463

0.223 f
0.492

0.237
0.522

+

0.254
0.560

Steel scrap

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

72.000 +
79.366

80.000
88.184

+

87.000 + 94.000 + 104.000 + 122.500 - 102.500 - 92.000
101.412
112.986
135.032
95.900
114.639
103.616

Tin

(pound). . +
(kilogram). .

6.934 +
15.287

7.018
15.472

-

6.512 14.356

6.429 +
14.173

6.832 +
15.062

7.162 15.789

6.958 15.340

6.930
15.278

+

6.980
15.388

Zinc

(pound). . +
(kilogram). .

0.339 +
0.747

0.348
0.767

o

0.348 +
0.767

0.350 +
0.772

0.370 +
0.816

0.379 +
0.836

0.395 o
0.871

0.395
0.871

o

0.395
0.871

(yard). . (meter). .

0.174 +
0.190

0.180
0.197

o

0.180 +
0.197

0.181 o
0.198

0.181 o
0.198

0.181 o
0.198

0.181 o
0.198

0.181
0.198

o

0.181
0.198

(pound). . +
(kilogram). .

0.642 +
1.415

0.655
1.444

0.640 1.411

0.618 1.362

0.606
1.336

0.584 1.287

0.574 *1.265

0.612
1.349

+

0.639
1.409

0.594 +
0.650

0.610
0.667

o

0.610 0.667

0.604 o
0.661

0.604 0.661

0.595 +
0.651

0.670 +
0.733

0.721
0.788

-

0.720
0.787

2.596 +
5.723

2.600
5.732

o

2.600 o
5.732

2.600 o
5.732

2.600 +
5.732

2.638 +
5.816

2.838 +
6.257

2.850
6.283

o

2.850
6.283

0.630 +
1.389

0.686
1.512

+

0.689 +
1.519

0.754 +
1.662

0.898 +
1.980

1.075 +
2.370

1.098 2.421

1.093
2.410

-

0.980
2.161

28.500 o
62.831

28.500
62.831

o

28.500 o
62.831

28.500 o
62.831

28.500 o
62.831

28.500 o
62.831

28.500 o
62.831

28.500
62.831

o

28.500
62.831

0.578 +
1.274

0.582
1.283

-

0.556
1.226

0.546 +
1.204

0.579 +
1.276

0.623 +
1.373

0.670 1.477

0.657
1.448

+

0.676
1.490

0.199 +
0.439

0.202
0.445

-

0.191 +
0.421

0.199 +
0.439

0.205 +
0.452

0.230 +
0.507

0.248 0.547

0.247
0.545

-

0.215
0.474

Burlap

Cotton, 12-market average

Print cloth, average

(yard). .
+
(meter). .

Wool tops

(pound). .
+
(kilogram). .

Hides

(pound)
+
(kilogram). .

Rosin

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

Rubber

(pound). . +
(kilogram). .

Tallow

(pound). .
+
(kilogram). .

+ 108.667
119.784

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.
*Average for June 5, 12, and 19.
Series components are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.


http://fraser.stlouisfed.org/
Federal Reserve Bank of St.JUNE 1979
Louis

ItCII

79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

G N P A N D PERSONAL INCOME

Year
and
quarter

50. Gross national product in 1972 dollars

a. Total

a. Total

217. Per capita
GNP in 1972
dollars

b. Difference

c. Percent
change at
annual rate

b. Difference

c. Percent
change at
annual rate

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1,649.7
1,685.4
1,715.6
1,749.8

51.7
35.7
30.2
34.2

13.6
9.0
7.3
8.2

1,255.5
1,268.0
1,276.5
1,284.0

27.6

1,806.8
1,867.0
1,916.8
1,958.1

57.0
60.2
49.8
41.3

13.7
14.0
11.1
8.9

1,306.7
1,325.5
1,343.9
1,354.5

22.7
18.8
18.4
10.6

1,992.0
2,087.5
2,136.1
2,214.8

33.9
95.5
48.6
78.7

7.1
20.6
9.6
15.6

1,354.2
1,382.6
1,391.4
1,414.7

-0.3
28.4
8.8
23.3

rl,417.6

r2.9

213. Final sales
in 1972 dollars

(Ann. rate,
dollars)

200. Gross national product in current dollars

(Ann. rate,
bil.dol.)

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

9.3
4.0
2.7
2.3

8.5
7.5

5,850
5,899
5,927
5,949

1,248.0
1,258.0
1,267.3
1,284.2

7.3
5.9
5.7
3.2

12.5

6,044

1,300.9
1,315.5
1,331.7
1,347.1

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

6,119
6,191
6,226

1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter

8.7
2.6
6.9

6,215
6,334
6,360
6,453

1,341.8
1,369.9
1,382.4
1,406.5

r6,454

-0.1

rl,407.0

1979
First quarter ..
Second quarter
Third quarter..
Fourth quarter

r52.5

r2,267.3

GNP AND 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.)

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.)

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

1,152.5
1,170.6
1,192.8
1,221.5

881.8
886.3

891.5
900.9

820.9
836.2

152.2
154.7
156.7
162.8

124.8
125.2
125.3
128.5

1,167.7
1,188.6
1,214.5
1,255.2

846.6
849.5
858.0
876.6

173.2
175.6
177.4
187.2

134.9
136.2
136.9
143.0

873.5
886.3

137.8
145.8
144.8
150.1

r!48.7

4,109
4,124
4,139
4,174

1,053.8
1,075.1
1,098.4
1,133.7

4,185
4,241

806.3

814.0

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

1,248.0
1,285.3
1,319.1
1,359.6

904.8

918.6
931.9
949.6

4,293
4,365

1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter

1,391.6
1,433.3
1,468.4
1,513.9

952.1

4,370
4,399
4,428
4,485

1,276.7

960.3
968.7
983.2

1,403.9

895.1
911.8

183.5
197.8
199.5
209.1

rl.563.3

r990.1

4,508

rl.442.2

r913.5

r211.5

,322.9
,356.9

1979
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 40 and 41.




JUNE 1979

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT—Con.

Ml

H PERSONAL CONSUMPTION EXPENDITURES-Con.
I

Year
and
quarter

236. Nondurable
goods in current
dollars

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bil.dol.)

240. Total in
current dollars

(Ann. rate,
bil.dol.)

GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1972 dollars

(Ann. rate,
bil.dol.)

242. Fixed investment, total, in
current dollars

243. Fixed investment, total, in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

430.3
437.4
444.5
458.3

314.6
318.2
320.5
327.7

471.3
483.0
497.2
512.6

366.9
370.6
375.1
380.0

231.5
243.5
249.9
247.1

168.5
174.7
177.1
173.4

220.1
228.1
235.3
247.6

161.0
164.6
167.8
173.6

465.9
473.6
479.7
496.9

327.1
327.2
329.2
338.1

528.6
539.4
557.5
571.1

384.6
386.0
391.8
395.6

272.5
295.6
309.7
313.5

186.1
197.1
201.7
200.3

262.2
278.6
287.8
300.5

180.3
187.1
189.5
192.8

501.4
519.3
531.7
553.4

333.3
336.3
340.4
348.5

591.8
605.8
625.8
641.4

402.4
404.2
410.0
413.1

322.7
345.4
350.1
364.0

205.7
213.1
210.4
213.4

306.0
325.3
336.5
350.5

193.4
200.4
201.4
205.2

r567.7

r345.3

r663.1

r419.5

r370.4

r215.3

r355.1

r204.7

1976

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

First quarter
Second quarter
Third quarter
Fourth quarter
1978

First quarter
Second quarter
Third quarter
Fourth quarter . .
1979

First quarter
Second quarter
Third quarter
Fourth quarter

D
Year
and
quarter

l

D

GROSS PRIVATE
DOMESTIC INVEST.-Con.

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

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.)

7.5

354.0
357.2
360.4
366.3

264.3
263.2
262.5
261.3

127.1
127.8
129.9
134.6

96.2
95.9
96.8
97.5

226.9
229.4
230.5
231.7

168.1
167.3
165.7
163.8

375.0
388.8
399.5
412.5

262.8
267.9
271.7
274.5

138.3
142.9
146.8
152.2

98.7

101.3
102.9
103.6

236.7
245.9
252.7
260.3

164.1
166.6
168.8
170.9

272.1
271.9
276.7
279.4

151.5
147.2
154.0
162.5

100.4
102.5

265.2
277.6
285.8
292.0

170.8
174.8
176.3
176.9

276.4

164.5

102.0

r293.9

r!74.4

261. Total in
1972 dollars

(Ann. rate,
bil.dol.)

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1976

First quarter
Second quarter
Third quarter
Fourth quarter

11.4
15.4
14.5
-0.6

10.1

9.3
-0.2

1977

First quarter
Second quarter
Third quarter
Fourth quarter

10.3
17.0
21.9
13.1

5.8
10.0
12.2

7.5

1978

First quarter
Second quarter
Third quarter
Fourth quarter

16.7
20.1
13.6
13.5

12.3
12.7

9.0
8.2

416.7
424.7
439.8
454.5

H5.3

rlO.6

r458.4

101.2
97.1

1979

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, 42, and 43.


http://fraser.stlouisfed.org/
JUNE 1979
Federal Reserve Bank of St. Louis

IICII

R1

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

NATIONAL INCOME
AND ITS COMPONENTS

FOREIGN TRADE

Year
and
quarter

252. Current
dollars

255. Constant
(1972) dollars

250. Current
dollars

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

(Ann. rate,
bil.dol.)

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

253. Current
dollars
(Ann. rate,
bil.dol.)

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.)

10.4
9.7
6.9
2.8

16.5
16.1
16.1
13.1

154.4
160.7
168.2
169.4

93.2
95.2
98.0
97.3

144.1
150.9
161.3
166.6

76.7
79.2
81.9
84.2

1,319.8
1,347.9
1,372.1
1,397.0

1,001.7
1,026.0
1,046.1
1,073.3

-8.5
-5.9
-7.0
-23.2

11.2
11.0
12.5

170.9
178.1
180.8
172.1

97.1
98.9
100.8
96.0

179.4
184.0
187.8
195.2

85.9
87.9
88.2
92.9

1,447.5
1,499.3
1,537.6
1,576.9

1,107.9
1,140.5
1,165.8
1,199.7

205.8
210.9
220.8
229.5

96.2

1,603.1
1,688.1
1,728.4
1,795.2

1,241.0
1,287.8
1,317.1
1,359.8

r238.7

1976

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

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

3.1

1978

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

-24.1
-5.5
-10.7
-7.6

2.9

181.7

11.3

205.4

9.2
10.2

210.1
221.9

99.1
108.4
109.0
111.7

r!2.5

r235.0

rl!5.2

97.1

99.7
101.5

1979

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

r-3.7

rl,838.7

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.)

rl,406.6

SAVING

288. Net interest

(Ann. rate,
bil.dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil.dol.)

292. Personal
saving

295. Business
saving

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1976

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

88.6
88.8
87.4
89.5

22.5
22.4
22.4
22.8

126.8
128.6
130.0
122.5

80.1
82.0
86.2
88.9

230.1
240.9
243.5
235.6

95.6
98.9
97.2
107.3

22.5
22.4
22.4
22.7

129.9
143.7
154.8
148.2

91.7
93.7
97.3
99.0

251.8
276.8
285.5
274.7

105.0
110.1
114.5
123.0

22.8
22.2
24.3
24.4

132.6
163.4
165.2
176.6

101.7
104.6
107.4
111.4

r!23.4

24.7

H68.7

H15.2

201.4
200.9

206.1
202.1

73.6
69.9
68.1
60.7

1977

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

236.5
230.6

52.2
67.5
74.3
73.7

284.2
326.1
326.2
337.6

222.9
243.6
249.8
256.6

82.4
76.3
76.0
73.0

r351 .0

r256.2

r83.1

207.4

221.1

1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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 44, 45, and 46.




82

JUNE 1979

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Con.

M SHARES OF GNP AND NATIONAL INCOME
|

Qj SAVING-Con.

Year
and
quarter

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

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

1976

-44.9
-29.9
-30.6
-27.1

6.4
6.0
5.7
5.0

63.9
63.8
64.0
64.8

-7.8

-11.8
-25.2
-29.6

4.2
5.3
5.6
5.4

64.6
63.7
63.4
64.1

-21.1
6.2
0.6
8.0

First quarter
Second quarter
Third quarter
Fourth quarter

5.9
5.3
5.2
4.8

0.6
0.6
0.4
0.2

3.8
3.9
3.9
4.4

0.7
0.9
0.8
0.0

10.0
10.0
10.1
10.2

4.5
4.9
4.9
5.1

0.6
0.9
1.1
0.7

-0.5
-0.3
-0.4
-1.2

64.1
63.4
63.5
63.4

10.3
10.5
10.6
10.7

5.0
5.0
5.1
5.1

0.8
1.0
0.6
0.6

-1.2
-0.3
-0.5
-0.3

63.6

10.8

4.9

0.7

-0.2

9.6
9.6
9.8
9.7

1977

First quarter
Second quarter
Third quarter
Fourth quarter
1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

rlO.6

First quarter
Second quarter
Third quarter
Fourth quarter

r5.3

|
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)

287. Corporate
profitswith IVA
and CCA 1

289. Net interest

(Percent)

(Percent)

1976

First quarter
Second quarter
Third quarter .
Fourth quarter

7.7
7.6
7.6
7.7

13.8
13.6
13.4
13.2

75.9
76.1
76.2
76.8

6.7
6.6
6.4
6.4

1.7
1.7
1.6
1.6

7.7
7.7
7.7
7.8

13.1
13.2
13.2
13.3

76.5
76.1
75.8
76.1

6.6
6.6
6.3
6.8

1.6
1.5
1.5
1.4

7.6
7.1
7.2
7.3

13.3
13.3
13.4
13.2

77.4
76.3
76.2
75.7

6.5
6.5
6.6
6.9

1.4
1.3
1.4
1.4

7.3

13.0

r76.5

6.7

1.3

9.6
9.5
9.5
8.8

6.1
6.1
6.3
6.4

9.0
9.6
9.4

6.3
6.2
6.3
6.3

8.3
9.7
9.6
9.8

6.3
6.2
6.2
6.2

1977

First quarter
Second quarter
Third quarter
Fourth quarter

10.1

1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

First quarter
Second quarter
Third quarter
Fourth quarter

r9.2

r6.3

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 46 and 47.
X
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.


http://fraser.stlouisfed.org/
JUNE 1979
Federal Reserve Bank of St. Louis

ito

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Q PRICE MOVEMENTS
|
Implicit price deflator,
gross national product
Year
and
month

310. Index

(1972=100)

Fixed weighted price index,
gross business product

310c. Change 311. Index
over 1 -quarter
spans1

(Ann. rate,
percent)

(1972=100)

31 1c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

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

(1967=100)

(Percent)

Consumer prices, food

320c. Change
over 6-month
spans1

322. Index

(Ann. rate,
percent)

(1967=100)

322c. Change
over 1-month
spans1

322c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

1977

January
February
March

138.' 3

April
May
June

14CK9

July
August
September

142.'6

October
November
December

144^6

6.0

6.7

175.3
177.1
178.2

0.7
1.0
0.6

7.9
8.1
8.3

183.9
187.7
188.6

0.6
2.1
0.5

10.1
11.1
11.5

7.9

179.6
180.6
181.8

0.7
0.4
0.6

7.5
6.4
5.9

191.2
191.8
193.0

1.4
0.3
0.6

10.1

4.7

182.6
183.3
184.0

0.3
0.4
0.4

5.2
5.4
5.2

193.0
194.1
194.7

0.0
0.6
0.3

4.1
5.1
4.9

6.3

184.5
185.4
186.1

0.4
0.5
0.5

6.0
6.4
7.3

195.1
196.6
197.7

0.2
0.8
0.6

7.4
8.5
10.5

187.2
188.4
189.8

0.7
0.6
0.8

8.3
8.9
9.8

200.0
202.2
204.7

1.2
1.1
1.2

13.8
14.6
16.6

191.5
193.3
195.3

0.8
0.8
0.9

9.5
9.4
9.6

208.1
210.5
213.5

1.7
1.2
1.4

14.2
12.6
11.3

8.0

196.7
197.8
199.3

0.6
0.6
0.9

9.5
9.0
8.5

213.7
214.6
216.0

0.1
0.4
0.7

9.6
8.4
7.4

8.0

200.9
202.0
202.9

0.8
0.6
0.6

9.2

217.9
219.2
221.3

0.9
0.6
1.0

10.4
13.0
13.9

204.7
207.1
209.1

0.9
1.2
1.0

224.5
228.1
230.5

1.4
1.6
1.1

14.0
14.3

211.5
214.1

1.1
1.1

232.7
234.3

1.0
0.7

139!i
7.7
142.'o

5.1
143.'?

5.5
145*.9

6.9
6.6

1978

January
February
March

147J

April
May
June

15l!6

July
August
September

153!5

October
November
December

156.6

7.2

6.7

148.' 3

11.0

12.1

152'.6

6.9

155!e
8.2

158.6

10.4
10.7

1979

January
February
March

r8.9

. .

April
May
June

159^9

9.9
162L4

11.4
12.4

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 pages 48 and 49.
1
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 1979

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

^01 PRICE MOVEMENTS-Con.

Wholesale prices, all commodities
Year
and
month

330. Index©

(1967=100)

330c. Change
over 1 -mo nth
spans1

(Percent)

Wholesale prices, crude materials

Wholesale prices, industrial commodities

330c. Change
over 6-month
spans1

(Ann. rate,
percent)

'335. Index®

335c. Change
over 1 -month
spans1

(1967=100)

(Percent)

335c. Change
over 6-month
spans1

(Ann. rate,
percent)

331. Index

(1967=100)

331 c. Change
over 1-month
spans1

331c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

-0.4

16.4

1977

January
February
March

188.1
190.2
192.0

0.4
1.0
1.0

9.5
9.3
7.2

188.4
190.0
191.7

0.5
0.8
0.7

7.3
7.3
7.4

210.6
217.0
218.6

April
May
June

194.3
195.2
194.5

1.0
0.4

6.5
4.8
3.5

193.3
194.2
194.7

0.7
0.5
0.3

7.8
7.2
6.8

222.0
220.3
211.8

July
August
September

194.8
194.6
195.3

0.1
0.2
0.4

2.4
3.1
4.8

195.9
196.9
197.8

0.7
0.5
0.6

6.4
5.8
6.2

209.6
208.1
208.1

October
November
December

196.3
197.1
198.2

0.5
0.8
0.5

6.3
7.9
8.9

199.1
199.3
200.0

0.5
0.2
0.5

6.2
6.4
6.2

209.9
216.6
219.5

0.9
3.2
1.3

12.4
18.5
21.3

January
February
March

200.1
202.1
203.7

0.8
0.9
0.8

10.2
10.0
10.7

201.6
202.9
204.1

0.7
0.6
0.4

6.8
7.9
8.4

222.2
226.5
229.2

1.2
1.9
1.2

24.1
18.6
20.4

April
May
June

206.5
208.0
209.6

1.1
0.7
0.8

9.9
8.6
8.5

206.1
207.4
208.7

0.8
0.7
0.7

8.3
8.3
8.7

233.8
235.9
240.9

2.0
0.9
2.1

18.1
13.7
14.9

July
August
September

210.7
210.6
212.4

0.4
0.3
0.8

8.6
8.9
8.8

210.1
211.4
212.5

0.7
0.6
0.6

8.7
9.0
8.8

241.5
241.5
245.7

0.2
0.0
1.7

16.8
17.4
14.3

October
November
December

214.9
215.7
217.5

1.1
0.8
0.7

10.8
12.9
13.7

214.7
216.0
217.2

0.8
0.8
0.6

9.8

252.7
255.6
257,5

2.8
1.1
0.7

19.0
27.0
25.3

r220.8
223.9
226.4

1.3
1.3
1.2

14.0
13.6

r220.0
222.4
225.1

1.2
1.0
1.1

263.4
272.2
275.0

2.3
3.3
1.0

17.5

229.7
231.6

1.2
0.7

228.6
231.1

1.4
1.1

-0.4

3.0
0.7
1.6
-0.8
-3.9
-1.0
-0.7

0.0

9.4
0.3
-0.9
-8.0
-9.4

-10.6
-3.3

7.4

1978

10.8
11.8

1979

January
February
March
April
May
June

...

13.0
13.8

273.9
276.0

16.6

-0.4

0.8

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 48.
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.


http://fraser.stlouisfed.org/
JUNE 1979
Federal Reserve Bank of St. Louis

85

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

^M PRICE MOVEMENTS-Con.

332. Index

(1967=100)

332c. Change
over 1 -month
spans1

(Percent)

Wholesale pr ces, consumer finished goods

Wholesale prices, producer fin shed goods

Wholesale prices, intermediate materials
Year
and
month

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

333. Index

(1967=100)

333c. Change
over 1 -month
spans1

(Percent)

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

334. Index

(1967=100)

334c. Change
over 1-month
spans1

(Percent)

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

1977

January
February
March

195.9
197.3
198.9

0.5
0.7
0.8

8.6
8.3
6.8

178.9
179.9
180.7

0.3
0.6
0.4

6.0
6.5
5.8

173.2
174.9
176.7

0.5
1.0
1.0

9.5
10.1
7.8

April
May
June

200.7
201.5
201.4

0.9
0.4
0.0

6.4
5.7
5.0

181.7
182.7
183.5

0.6
0.6
0.4

6.4
6.6
6.4

177.6
179.0
178.9

0.5
0.8

7.2
5.9
4.5

July
August
September

202.1
20-2.8
203.8

0.3
0.3
0.5

3.6
3.9
5.0

184.5
185.7
186.4

0.5
0.7
0.4

8.1
8.0
8.5

179.3
180.0
180.6

0.2
0.4
0.3

4.2
4.1
5.0

October
November
December

204.3
205.4
206.4

0.2
0.5
0.5

5.9
6.8
7.1

188.9
189.9
191.1

1.3
0.5
0.6

8.6
8.5
8.8

181.3
182.6
183.3

0.4
0.7
0.4

6.0
7.0
7.8

January
February
March

208.0
209.6
210.9

0.8
0.8
0.6

7.7
7.8
7.9

192.3
193.4
194.4

0.6
0.6
0.5

7.3
7.8
8.1

184.6
186.2
187.5

0.7
0.9
0.7

9.5
9.2
10.1

April
May
June

212.0
213.3
214.4

0.5
0.6
0.5

7.2
7.0
7.0

195.7
197.2
198.7

0.7
0.8
0.8

8.3
8.0
8.1

189.7
190.8
192.3

1.2
0.6
0.8

10.1
8.6
9.0

215.4
216.8
218.2

0.5
0.6
0.6

8.5
8.9
9.4

200.1
201.0
202.1

0.7
0.4
0.5

8.0
8.2
7.9

193.7
194.0
195.8

0.7
0.2
0.9

8.3
8.3
9.3

220.8
222.6
224.2

1.2
0.8
0.7

rlO.8

203.4
205.1
206.4

0.6
0.8
0.6

r8.6

197.4
198.6
201.0

0.8
0.6
1.2

rlO.7

r226.7
229.0
231.3

1.1
rl .0
1.0

r208.5
210.1
211.3

1.0
0.8
0.6

10.4
10.0

234.7
237.0

1.5
1.0

213.7
215.1

1.1
0.7

-0.1

1978

July .
August
September

. . .

October
November
December

11.6
12.4

9.3
9.3

12.9
13.3

1979

January
February
March
April
May .
June

13.0
13.4

r203.8
206.1
208.4

210.0
210.7

rl.4
rl.l

13.2
12.6

1.1
0.8
0.3

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 48.
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.




J U N E 1979

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

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

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

Current dollar earnings
340. Index

(1967=100)

340c. Change
over 1-month
spans2
(Percent)

Current dollar compensation

Real earnings

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

341. Index

(1967=100)

341c. Change
over 1 -month
spans2
(Percent)

341c. Change
over 6-month
spans2
(Ann. rate,
percent)

345. Index

(1967=100)

345c. Change
over 1-quarter
spans2
(Ann. rate,
percent)

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

1977

January
February
March

191.1
191.9
193.0

0.8
0.4
0.6

7.9
7.6
7.4

108.7
108.2
108.2

April
May
Juno

194.4
195.5
196.4

0.7
0.6
0.5

7.1
6.7
6.9

108.1
108.2
108.1

July
August
September

197.8
198.2
199.6

0.7
0.2
0.7

7.4
7.2
7.4

108.6
108.3
108.6

-0.3

201.4
202.4
203.5

0.9
0.5
0.5

8.5
8.6
8.9

109.3
109.2
109.2

-0.1

January
February
March

206.0
206.6
208.3

1.2
0.3
0.8

8.9
8.7
8.8

109.8
109.4
109.5

-0.4

April
May
June

210.2
211.0
212.2

0.9
0.4
0.6

7.9
7.9
7.7

109.6
109.1
108.8

July
August
September

214.0
214.6
216.2

0.8
0.3
0.7

7.5
7.7
8.1

109.1
108.7
108.7

-0.4

October
November
December

218.0
219.0
220.7

0.8
0.5
0.8

8.3
8.9
8.6

108.7
108.5
108.6

-0.1

222.8
223.9
225.3

1.0
0.5
0.6

r8.3
P 7.5

108.6
107.8
107.3

-0.7
-0.5

H06.9
pi 05. 9

8.7

r-0.4
p-0.9

. ...

October
November
December

0.1
-0.5

0.0
-0.1

0.1
-0.1

0.5
0.3
0.6
0.0

0.0
-0.5
-0.8

6.7

-0.3

0.3
0.9

7^9

203!7

7.6

207'.0

7.8

2.2
1.8
2.0

210.9

2.3
2.0
1.6

214^7

8^5
7.4
8.9

1978

0.5
0.1
0.1
-0.5
-0.3

0.3
0.0
0.0
0.1

12.2

0.6
-0.1
-0.7

22l'.0

9-3
8.3

-1.3
-1.2
-1.5

225*. 4

-1.7
-1.1
-0.4

230.' 6

-1.0
-1.7
-2.4

235*.5

9^7

9.4
p9.2

8.9

1979

January
February

March
April
May
June

r226.8
p227.1

rO.7
pO.l

0.0

r-3.2
p-4.7

plO.2
p24K3

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 49 and 50.
''Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
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.


http://fraser.stlouisfed.org/
Federal Reserve Bank of St.JUNE 1979
Louis

R7

OTHER IMPORTANT ECONOMIC MEASURES
B

|

PRICES, WAGES, AND PRODUCTIVITY—Con.

^9 WAGES AND PRODUCTIVITY-Con.
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

370c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1967=100)

1977

January
February
March

114)9

April
May
June

114)5

July
August
September

115."3

October
November
December

115)3

0.5

9.0

7.5

l)2
8.9

-1.3

6.0

i)s
1.9

1)7

l)5

10.2

l'.5

6.2

115)2

-6)2

116)3

5.1

118)9
9.5

115)6

-1.7

117)5

6'.9

2.5

2.5

118)6

0.4

6.3

11916

6)5

116)4

6)i

115.'5

6'.4

116)6

p6)i

116)7

1978

January
February
March
April
May
June

117)6
.. .

115)5

4.1

1)2

6.8

-1.7

116)6

October
November
December

8.2

6.0

6)6
0.5

July
August
September

13.2

116*.6

p-d.'e
-0.3

7.2

6.1

5.9

5.2

117)7
ns.'o
119)1
119)5

-4.5

1.2

3.5

1.7

117.2

1979

January
February
March

piie'.s

p-0.7

P2.5

p-4.6

p5.2

piie'.o

pll8.*2

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 49 and 50.
'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.



RR

IIINF 1Q7Q

Kill

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
|
Civilian labor force
Year
and
month

441. Total

442. Em-

ployed

(Thous.)

(Thous.)

Labor force participation rates
451. Males
20 years
and over

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

(Percent)

(Percent)

(Percent)

448. Num-

Number unemployed
37. Total

(Thous.)

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

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

ber employed
part-time
for economic
reasons

(Thous.)

1977

January
February
March

95,774
96,316
96,654

88,659
89,048
89,503

79.7
79.9
79.8

47.3
47.6
47.8

54.4
55.3
55.7

7,115
7,268
7,151

2,983
3,059
2,877

2,453
2,539
2,582

1,679
1,670
1,692

5,663
5,731
5,605

3,312
3,451
3,288

April
May
June

96,749
97,062
97,508

89,805
90,166
90,500

79.6
79.6
79.8

47.9
48.2
48.0

55.7
55.4
57.4

6,944
6,896
7,008

2,776
2,802
2,686

2,515
2,441
2,541

1,653
1,653
1,781

5,545
5,477
5,466

3,177
3,273
3,369

July
August
September

97,311
97,698
97,811

90,605
90,903
91,187

79.6
79.6
79.4

48.0
48.1
48.6

56.3
57.2
56.0

6,706
6,795
6,624

2,660
2,667
2,488

2,443
2,489
2,476

1,603
1,639
1,660

5,385
5,448
5,256

3,445
3,256
3,283

October .
November
December

98,028
98,838
98,748

91,374
92,203
92,561

79.7
79.9
79.9

48.2
48.8
48.7

56.7
57.4
56.6

6,654
6,635
6,187

2,605
2,489
2,387

2,440
2,524
2,362

1,609
1,622
1,438

5,304
5,179
4,869

3,226
3,257
3,208

99,215
99,139
99,435

92,923
93,047
93,282

80.0
79.9
79.9

48.9
48.9
49.1

57.1
56.7
56.9

6,292
6,092
6,153

2,464
2,376
2,394

2,288
2,112
2,169

1,540
1,604
1,590

4,949
4,836
4,778

3,045
3,203
3,184

April
May
June

99,767
100,109
100,504

93,704
93,953
94,640

79.8
79.9
79.8

49.3
49.4
49.6

57.2
57.9
58.7

6,063
6,156
5,864

2,279
2,264
2,112

2,211
2,322
2,294

1,573
1,570
1,458

4,676
4,782
4,529

3,310
3,247
3,433

July
August
September

100,622
100,663
100,974

94,446
94,723
95,010

79.7
79.5
79.5

49.7
49.6
50.1

58.6
59.1
58.3

6,176
5,940
5,964

2,187
2,181
2,172

2,413
2,231
2,230

1,576
1,528
1,562

4,890
4,641
4,652

3,316
3,298
3,203

October
November
December

101,077
101,628
101,867

95,241
95,751
95,855

79.5
79.9
79.9

49.9
50.1
50.2

58.6
58.4
58.6

5,836
5,877
6,012

2,145
2,113
2,195

2,134
2,208
2,227

1,557
1,556
1,590

4,505
4,491
4,597

3,164
3,131
3,058

January
February
March

102,183
102,527
102,714

96,300
96,647
96,842

80.2
80.3
80.1

50.1
50.3
50.5

58.9
58.6
58.7

5,883
5,881
5,871

2,200
2,154
2,180

2,166
2,177
2,201

1,517
1,549
1,490

4,500
4,584
4,499

3,159
3,147
3,179

April
May
June

102,111
102,247

96,174
96,318

79.8
79.8

50.1
50.3

58.1
57.5

5,937
5,929

2,187
2,105

2,180
2,237

1,570
1,587

4,655
4,508

3,312
3,307

1978

January
February
March

1979

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 51.


http://fraser.stlouisfed.org/
Federal Reserve Bank of JUNE 1979
St. Louis

IK II

OTHER IMPORTANT ECONOMIC MEASURES
D

I

GOVERNMENT ACTIVITIES

E RECEIPTS AND EXPENDITURES
|
Federal Government1
Year
and
month

Q DEFENSE INDICATORS
|

State and local governments1

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

525. Defense
Department
military prime
contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1977

January
February
March

-37\3

366\6

403! 9

29^5

283. '6

253!5

9,804
9,763
9,873

3,354
4,369
4,819

49,258
50,229
50,761

2,104
2,055
2,538

April
May
June

-40 '.3

371 A

41K7

26L5

292*.6

263^5

9,671
9,919
9,835

4,303
4,654
4,300

51,236
52,170
52,625

3,279
2,888
2,590

July
August
September

-56.*4

374!s

430 1 7

3K2

301 !s

27CL7

9,498
10,486
9,143

4,624
4,623
4,255

53,383
54,262
52,697

2,064
2,508
2,110

October
November
December

-58.'6

385 .'5

144 J

29^6

307. *9

278.9

10,697
10,208
9,652

6,028
4,100
5,530

54,775
55,479
55,771

4,459
3,421
4,396

January
February
March

-52.6

396\2

448 ! 8

31 '.5

315.'7

284 '.2

10,959
10,410
10,272

4,552
4,071
5,878

57,304
58,401
58,986

2,871
2,656
4,485

April
May
June

-23!6

424!?

448 ! 3

29!8

327^4

297." 7

10,107
10,988
9,818

4,501
6,614
7,278

59,348
60,723
60,549

4,031
4,078
3,437

-22.Q

441 ! 7

464 '.5

23!i

329!2

305! 8

10,188
10,169
10,436

3,862
4,500
4,863

61,833
62,028
62,730

2,281
3,357
3,518

-20.8

463*. 1

483.8

28*8

340*. 1

311 ! 3

10,733
10,619
9,759

4,480
6,467
4,490

63,006
63,440
64,470

3,236
4,659
4,301

r-16*.9

r470.7

r487.7

r27.5

r339.9

10,833
10,065
11,945

5,527
4,354
7,039

65,120
48,267
67,128

2,762
4,018
3,300

9,377

(NA)

68,883

r3,461
p3,945

1978

July
August
September

. . .

October
November
December
1979

January
February
March

....

April
May
June

r312.4

(NA)

(NA)

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 pages 52 and 53.
1

Based on national income and product accounts.




90

JUNE 1979

OTHER IMPORTANT ECONOMIC MEASURES
D|

GOVERNMENT ACTIVITIES—Con.

Qj DEFENSE INDICATORS— Con.
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Output of 559. Manufacdefense and
turers' invenspace equipment tories, defense
products

(1967 = 100)

(Mil. dol.)

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

588. Manufacturers' shipments, defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

570. EmployDefense Department
ment in defense
personnel
products
industries
577. Military, 578. Civilian,
active duty © direct hire
employment ®
(Thous.)

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

1977

January
February
March

78.0
78.5
78.5

6,458
6,423
6,248

31,556
30,988
30,875

7,476
8,017
7,961

2,650
2,623
2,651

1,069
1,074
1,069

2,077
2,078
2,075

994
995
995

9K9

5J

April
May
June

79.9
80.0
80.3

6,227
6,242
6,311

31,659
31,936
31,873

8,069
8,404
8,023

2,495
2,611
2,653

1,084
1,086
1,095

2,071
2,070
2,075

995
997
1,009

93*.7

5!b

July
August
September

80.4
80.8
80.9

6,310
6,351
6,318

31,292
31,259
30,707

8,040
8,119
8,046

2,645
2,541
2,662

1,105
1,098
1,098

2,079
2,073
2,075

1,008
998
982

9A14

4!9

October
November
December

78.9
79.3
79.5

6,149
6,263
6,403

32,558
33,293
35,006

8,563
8,652
8,782

2,608
2,686
2,683

1,060
1,061
1,085

2,072
2,069
2,060

983
985
983

97J

s!o

January .
February
March

79.7
79.2
81.9

6,454
6,636
6,621

35,200
35,087
36,690

8,209
8,061
8,433

2,678
2,769
2,883

1,110
1,116
1,127

2,065
2,062
2,058

982
982
982

97^9

4.'9

April
May
June

82.9
83.6
84.6

6,738
6,863
6,816

37,782
39,058
39,625

9,338
8,303
9,113

2,938
2,801
2,871

1,131
1,150
1,160

2,054
2,046
2,057

982
988
1,000

98.6

4^7

July
August . .
September

85.9
87.1
87.1

6,885
6,877
6,761

39,151
39,697
40,281

8,426
9,810
7,934

2,755
2,811
2,933

1,171
1,180
1,181

2,062
2,062
2,062

1,002
994
980

99!6

4.' 7

October
November
December

86.7
87.2
87.9

6,932
6,968
7,171

40,755
42,508
43,812

9,428
8,645
9,658

2,762
2,907
2,995

1,193
1,203
1,220

2,058
2,050
2,041

981
981
978

102J

4'.6

January .
February
March .

88.7
89.1
r89.5

7,402
7,469
7,528

43,499
44,640
44,702

9,602
9,360
9,473

3,075
2,875
3,237

1,225
1,244
1,259

2,040
2,030
2,026

972
971
968

103^9

i'.e

April
May
June

r89.8
p90.5

7,520
(NA)

r44,978
p45,904

r9,566
p!0,155

r3,187
p3,019

pi, 266
(NA)

p2,022
(NA)

p968
(NA)

1978

.

1979

July
August
September

.

October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasona! 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 54 and 55.


http://fraser.stlouisfed.org/
JUNE 1979
Federal Reserve Bank of St. Louis

91

OTHER IMPORTANT ECONOMIC MEASURES
E I

U.S. INTERNATIONAL TRANSACTIONS

Qj MERCHANDISE TRADE
602. Exports, excluding
military aid shipments,
total

Year
and
month

(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

616. Imports of
automobiles and parts

(Mil.dol.)

(Mil.dol.)

1977

January
February
March

9,626
9,922
10,250

1,762
2,004
2,112

1,831
1,892
1,859

11,036
12,340
12,702

3,075
3,247
4,171

1,083
1,248
1,299

April
May
June

10,262
10,467
10,109

2,142
2,360
2,077

1,808
1,835
1,868

11,889
11,190
13,572

3,803
2,885
3,933

1,266
1,183
1,360

July
August
September

10,286
9,576
10,848

1,976
1,801
2,064

1,862
1,732
2,133

12,361
12,113
12,695

3,212
3,318
3,789

1,315
1,328
1,428

October
November
December

9,385
9,554
11,116

1,654
1,755
2,111

1,556
1,791
2,056

12,409
12,049
13,335

3,325
3,627
3,157

1,426
1,465
1,479

January
February
March

9,864
9,945
11,146

1,818
2,058
2,363

2,084
2,187
2,450

13,103
14,260
14,004

2,968
3,586
2,996

1,529
1,661
1,581

April
May
June

11,630
11,786
12,268

2,428
2,861
2,904

2,415
2,472
2,427

14,492
14,008
13,970

3,051
3,084
3,252

1,715
1,659
1,684

July
August .
September

11,662
12,294
13,274

2,392
2,774
2,512

2,451
2,528
2,815

14,545
14,133
14,820

3,082
3,291
3,448

1,812
1,666
1,822

October
November
December

12,901
13,451
13,282

2,596
2,533
2,555

2,625
2,718
2,824

14,852
14,825
15,032

3,454
3,539
3,417

1,872
1,875
1,822

January
February
March

13,132
13,507
14,452

2,338
2,424
2,682

2,682
2,832
2,917

16,231
14,806
15,273

3,773
3,501
3,506

1,963
1 ,706
1 ,589

April
May
June

13,883
13,862

2,547

2,706

1,956

(NA)

16,036
16,342

3,795

(NA)

(NA)

(NA)

1978

1979

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.




92

JUNE 1979

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

(Mil. dol.)
1977

Revised

(Mil. dol.)
2

Revised

669. Imports

622. Balance

620. Imports

(Mil. dol.)

(Mil. dol.)

Revised

618. Exports

Income on investments

2

(Mil. dol.)

(Mil. dol.)

Revised

Revised2

Revised2

651. U.S. investments abroad

(Mil. dol.)
Revised 2

652. Foreign
investments in
the U.S.

(Mil. dol.)
Revised 2

January
February
March

-2,320

44,850

47,170

-7,667

29,518

37,185

7,775

3,192

April
May
June

-1,173

46,914

48,087

-6,564

31,075

37,639

8,080

3,519

July
August
September

-1,659

46,897

48,556

-7,438

30,558

37,996

8,420

3,686

October
November
December

-4,272

45,935

50,207

-9,204

29,665

38,869

8,312

4,201

January
February . .
March

-5,707

49,085

54,792

-11,899

30,811

42,710

9,776

4,537

April
May
June

-2,113

54,225

56,338

-7,907

35,267

43,174

10,256

5,402

July
August
September .

-1,994

56,222

58,216

-8,012

36,491

44,503

10,526

5,574

1,001

61,317

60,316

-6,369

39,315

45,684

12,907

6,308

pi ,486

p64,399

p62,913

p-6,098

p41,350

p47,448

p!3,877

p7,l6l

1978

October
November
December
1979

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 ©. 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.
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.


http://fraser.stlouisfed.org/
JUNE 1979
Federal Reserve Bank of St. Louis

93

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS

|
R INDUSTRIAL PRODUCTION

Year
and
month

47. United States, 721.0ECD 1
index of indusEuropean countrial production tries, index of
industrial
production

(1967=100)

728. Japan,
index of industrial production

(1967=100)

(1967=100)

725. West
Germany, index
of industrial
production

(1967=100)

726. France,
index of industrial production

(1967=100)

722. United
Kingdom, index
of industrial
production

(1967=100)

727. Italy, index
of industrial
production

(1967=100)

723. Canada,
index of industrial production

(1967=100)

1977

January
February
March

132.3
133.2
135.3

152
152
153

191.4
188.8
191.4

153
152
154

157
155
157

122
123
123

153.6
153.4
153.8

149.6
149.4
150.2

April
May
June

136.1
137.0
137.8

149
150
149

190.4
189.8
191.1

152
152
153

152
151
157

122
124
121

144.0
147.1
137.3

149.2
149.5
151.3

July
August
September

138.7
138.1
138.5

149
149
150

187.9
191.6
191.2

152
152
153

152
152
152

123
124
123

139.7
140.9
144.5

150.5
151.1
151.6

October
November
December

138.9
139.3
139.7

149
149
150

190.1
193.4
194.9

152
152
156

150
152
148

122
121
123

140.9
142.0
137.9

152.6
153.0
153.7

January
February
March

138.8
139.2
140.9

153
150
150

196.9
197.0
201.2

157
152
152

152
152
155

123
124
123

143.8
146.1
145.9

152.6
155.8
156.7

April
May
June

143.2
143.9
144.9

153
152
153

201.3
202.0
202.1

153
152
154

161
157
154

128
126
128

143.4
143.8
145.3

157.2
155.9
157.9

July
August
September

146.1
147.1
147.8

153
153
156

200.3
203.5
205.1

157
156
159

155
155
158

129
129
126

144.3
143.7
146.2

158.7
157.7
163.3

October
November
December

148.7
149.6
150.9

156
156
157

204.8
207.1
210.1

159
159
159

158
158
159

124
126
129

153.4
153.9
151.6

162.7
163.7
165.7

January
February
March

150.9
H51.2
r!52.3

156
pi 57

210.6
p212,4

159
157
pi 59

161
pi 58

120
pi 30

151.5
p!58.9

(NA)

(NA)

166.6
167.7
p!68.1

April
May
June

H50.2
p!52.1

1978

1979

(NA)

(NA)

(NA)

(NA)

(NA)

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 58.

Organization for Economic Cooperation and Development.




94

JUNE 1979

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
spans1

732. Index® 732c. Change
over 6-month
spans1

(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)

1977

January
February
March

175.3
177.1
178.2

7.9
8.1
8.3

236.0
237.2
238.7

8.2
8.8
6.1

154.0
154.9
155.5

4.7
5.3
5.2

204.1
205.5
207.3

9.5
9.3
9.7

276.9
279.7
282.4

18.9

April
May
June

179.6
180.6
181.8

7.5
6.4
5.9

242.6
244.9
243.6

5.6
7.1
7.2

156.2
156.9
157.6

4.5
4.2
3.2

210.0
212.0
213.6

11.3
10.8
10.4

289.6
291.9
294.9

11.2
11.9
11.6

July
August
September

182.6
183.3
184.0

5.2
5.4
5.2

243.0
243.0
247.3

6.9
3.7
2.8

157.4
157.3
157.1

3.1
2.2
1.8

215.5
216.7
218.6

9.7
8.8
8.1

295.3
296.7
298.3

10.2

October
November
December

184.5
185.4
186.1

6.0
6.4
7.3

248.6
245.7
245.1

2.2
1.1
2.0

157.3
157.5
157.9

2.2
2.0
2.9

220.3
221.1
221.7

7.1
7.6
8.1

299.6
301.0
302.6

8.4
6.5
6.0

January
February
March

187.2
188.4
189.8

8.3
8.9
9.8

246.1
247.1
249.4

1.4
3.5
4.6

158.9
159.7
160.3

2.5
2.9
2.8

222.8
224.4
226.4

8.4
9.3
9.9

304.4
306.2
308.1

6.3
5.5
5.6

April
May
June

191.5
193.3
195.3

9.5
9.4
9.6

252.1
253.5
252.1

7.0
7.7
4.9

160.7
161.1
161.5

2.9
2.7
1.5

228.9
231.1
232.8

11.7
11.2
10.1

312.6
314.4
316.8

7.5
9.7
9.2

July
August
September

196.7
197.8
199.3

9.5
9.0
8.5

253.1
253.3
256.4

5.0
2.9
2.5

161.5
161.0
160.6

1.6
1.8
2.4

235.7
237.1
238.6

10.2

318.2
320.3
321.6

October
November
December

200.9
202.0
202.9

9.2

256.8
254.1
253.7

0.1
-2.1

160.6
161.1
161.8

3.1
3.4
5.0

240.8
242.1
243.2

253.9
253.1
255.1

(NA)

163.5
164.5
165.5

5.4
5.6

245.5
247.1
249.4

....

16.0
14.7

9.4
9.5

1978

10.4
10.7

0.0

9.8
9.6
8.7
9.1
10.4

10.1
11.0
10.7

323.1
325.3
328.0

11.2

332.9
335.6
338.3

10.6

9.3
10.3

1979

January
February
March

204.7
207.1
209.1

April
May
June

211.5
214.1

11.4
12.4

0.5

258.6
(NA)

166.4
167.0

251.8
(NA)

9.8
(NA)

10.1

344.1
346.8

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 59.

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


http://fraser.stlouisfed.org/ JUNE 1979
Federal Reserve Bank of St. Louis

95

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

Qj CONSUMER PRICES-Con.

QH STOCK PRICES

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
Canada

Italy

Year
and
month

(1967=100)

(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)

(1967=100)

(1967=100)

(1967=100)

1977

112.9
109.8
109.4

343.8
344.7
341.3

119.5
118.3
118.1

116.0
109.7
101.6

149.6
157.0
164.2

52.9
50.0
48.7

107.1
108.1
110.2

9.8
7.8
7.3

107.7
107.4
108.0

339.3
343.3
340.7

124.0
128.4
125.2

93.9
97.2

104.0

164.9
180.3
178.6

46.2
44.4
43.4

108.3
105.5
104.6

187.1
187.9
188.9

8.2
8.6
9.1

109.0
106.3
104.7

339.6
345.0
351.2

124.3
126.0
124.9

105.3
109.7

178.4
191.6
208.7

43.9
45.3
50.3

106.7
104.4
100.0

12.8
11.6
12.5

190.8
192.0
193.3

8.4
9.5

102.0
102.6
102.1

345.0
332.5
328.6

126.4
128.5
125.4

111.9
111.3
105.3

210.4
197.7
198.8

46.2
43.6
40.0

97.4
96.3

100.4

271.1
273.9
277.4

10.3
10.9
11.5

194.0
195.3
197.5

8.5
9.3
9.6

98.2
96.8
96.6

339.0
348.3
359.7

126.5
127.9
126.1

98.0

100.3
120.0

198.2
187.7
187.5

40.7
43.5
42.8

98.5
97.1
99.1

280.0
282.7
285.1

12.1
12.6
12.0

197.9
200.7
202.4

11.0

9.6
7.3

100.8
106.0
106.2

371.8
371.0
373.2

124.9
124.0
127.1

130.6
133.3
135.7

191.9
202.9
201.2

41.4
43.2
44.0

105.1
107.1
108.8

286.8
288.3
292.9

12.7
11.8
11.5

205.4
205.5
205.2

8.6
8.2
7.7

105.7
113.0
113.0

382.8
380.3
387.6

129.1
132.3
136.4

149.8
150.6
165.1

204.4
220.3
223.3

44.8
48.4
57.3

110.3
118.0
122.3

295.5
298.6
300.1

H2.7

207.3
209.0
209.6

6.8
8.7

109.4
103.3
104.5

395.0
398.9
404.9

138.7
134.8
133.9

158.7
155.4
158.7

217.4
208.1
213.3

57.5
51.6
51.2

126.8
123.0
128.4

January
February
March

r 305.1
r309.7
r313.4

H4.9
16.4

108.5
106.9
108.9

416.1
409.9
405.7

135.0
131.9
131.2

160.9
149.9

211.1
212.2
240.8

52.4
54.8
57.9

p!35.2
p!37.0
p!42.5

April
May
June

r318.4
322.5

111.0
108.5
pllO.7

402,9
rp416.2
p408.0

130.6
rp!26.0
p!21.0

255.7
rp254.4
p242.8

54.1

rp56.7
p57.5

p!46.3
rp!47.5
p!56.0

January
February
March

238.8
243.4
246.5

17.0
14.8
12.7

178.0
179.7
181.5

April
May
June

249.5
252.6
254.3

14.7
13.4
12.3

182.5
184.0
185.3

July
August
September

255.8
258.2
261.5

13.0
12.5
12.7

October
November
December .

265.0
267.6
268.9

January
February
March
April
May
June

...

9.3
9.5
10.0

10.0

99.8

1978

July
.
August
September

...

October
November
December

r!3.8
r!3.8

10.9

1979

211.2
213.2
215.7
217.2
219.3

10.9
10.1

(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 ®. 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 59.
1
Changes over 6-month spans are centered on the 4th month.




96

JUNE 1979

APPENDIXES
C. Historical Data for Selected Series
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

6. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES, IN CURRENT DOLLARS 1
(BILLIONS OF DOLLARS)

III

Q

IV Q

TOTAL FOR PERIOD

1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...

5.66
7.46
7.14
7.56
15.46
11.06
14.45
9.99
13.48
15.72
15.16

5.98
7.50
7.08
7.62
14.08
11.06
14.21
10.31
13.92
14.61
15.64

5.90
7.82
6.67
7.86
14.64
12.81
13.34
9.72
14.96
15.04
15.14

5.89
8.00
6.16
8.35
13.84
12.94
13.69
10.17
14.24
15.69
14.11

6.21
8.06
6.02
9.23
13.25
10.86
13.58
9.75
14.51
15.16
14.58

5.92
8.85
5.75
9.39
12.88
13.00
13.20
10.29
14.84
15.06
14.23

5.95
8.85
5.93
11.52
12.61
12.04
12.35
10.50
14.98
14.75
13.43

6.19
8.92
6.85
14.21
11.41
11.76
10.89
10.45
15.04
17.73
14.03

6.83
8.38
6.92
11.79
10.75
12.66
9.71
11.69
15.74
14.78
13.64

6.99
8.34
6.77
12.00
11.98
11.85
9.99
12.64
15.74
14.84
12.96

7.36
7.95
7.12
10.95
11.55
11.95
9.94
11.14
15.74
15.78
13.58

7.72
7.72
7.00
11.88
11.18
12.89
9.96
12.60
16.42
15.73
12.54

17.54
22.78
20.89
23.04
44.18
34.93
42.00
30.02
42.36
45.37
45.94

18.02
24.91
17.93
26.97
39.97
36.80
40.47
30.21
43.59
45.91
42.92

18.97
26.15
19.70
37.52
34.77
36.46
32.95
32.64
45.76
47.26
41.10

22.07
24.01
20.89
34.83
34.71
36.69
29.89
36.38
47.90
46.35
39.08

76.60
97.85
79.41
122.36
153.63
144.88
145.31
129.25
179.61
184.89
169.04

1958...
1959...
1960...
1961.. .
1962...
1963...
1964...
1965.. .
1966...
1967...
1968...

12.95
15.66
15.51
14.06
17.44
18.13
20.62
22.10
25.59
24.77
26.08

12.41
16.92
15.92
14.62
17.75
18.90
19.99
22.36
25.69
24.79
27.39

12.48
16.64
15.19
14.48
17.06
19.03
19.77
22.73
26.79
24.35
29.30

11.79
16.83
15.00
15.26
16.66
18.57
20.46
23.03
26.35
24.82
27.81

12.17
15.96
15.16
15.42
16.84
18.94
20.54
22.36
25.89
25.82
27.04

13.26
16.82
15.51
15.82
16.71
18.09
20.61
22.68
26.73
26.68
27.38

13.11
15.72
15.23
15.64
16.99
18.85
21.57
23.34
26.22
25.61
27.03

13.54
14.91
15.77
16.46
17.01
18.69
20.18
23.16
25.86
26.30
27.34

13.61
16.01
15.93
16.28
17.83
18.89
21.10
23.69
27.15
25.58
28.37

14.14
15.76
14.56
16.33
17.88
19.00
20.46
23.88
26.06
25.78
30.27

15.33
14.70
14.72
16.99
17.67
18.89
20.79
24.51
25.61
26.33
29.10

14.58
15.96
14.85
17.58
18.63
18.48
22.02
25.14
25.58
28.62
29.33

37.84
49.22
46.62
43.16
52.25
56.06
60.38
67.19
78.07
73.91
82.77

37.22
49.61
45.67
46.50
50.21
55.60
61.61
68.07
78.97
77.32
82.23

40.26
46.64
46.93
48.38
51.83
56.43
62.85
70.19
79.23
77.49
82.74

44.05
46.42
44.13
50.90
54.18
56.37
63.27
73.53
77.25
80.73
88.70

159.37
191.89
183.35
188.94
208.47
224.46
248.11
278.98
313.52
309.45
336.44

1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...

29.55
27.93
29.80
32.26
40.43
45.42
40.86
45.93
56.36

30.23
27.73
30.05
33.07
41.50
45.52
40.64
47.92
56.43

30.12
27.61
29.84
33.35
43.01
45.26
38.45
50.43
59.29

31.72
26.75
29.14
33.65
42.48
45.84
40.80
50.12
58.80

29.76
27.78
28.69
34.45
42.91
48.89
40.56
50.60
58.84

29.26
28.03
29.38
34.34
42.63
48.35
40.15
51.13
59.11

29.54
27.58
29.51
34.02
42.11
48.91
42.89
52.09
56.37

29.58
26.83
29.52
34.81
42.47
51.11
42.77
50.92
59.27

30.58
27.77
30.53
37.01
42.79
48.79
43.74
50.91
60.36

30.35
25.73
30.13
36.69
44.38
45.66
43.22
51.70
63.56

29.84
26.06
31.40
37.88
46.05
45.45
44.24
53.49
62.82

29.29
29.08
31.93
39.31
43.51
41.52
44.40
56.44
66.16

89.90
83.27
89.69
98.68
124.94
136.20
119.95
144.28
172.08

90.74
82.56
87.21
102.44
128.02
143.08
121.51
151.85
176.75

89.70
82.18
89.56
105.84
127.37
148.81
129.40
153.92
176.00

89.48
80.87
93.46
113.88
133.94
132.63
131.86
161.63
192.54

359.82
328.88
359.92
420.84
514.27
560.72
502.72
611.68
717.37

38.29
47.34
35.69
64.68
55.18
57.33
50.34
49.74
66.83
65.15
54.64

43.79
42.67
38.08
57.61
55.10
57.90
45.85
55.28
68.65
62.74
51.69

181.44
142.91
211.93
243.78
228.59
224.66
197.21
264.50
255.86
225.47

7. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES, IN 1972 DOLLARS 2
(BILLIONS OF DOLLARS)

1947. . .
1948...
1949...
1950.. .
1951...
1952...
1953...
1954...
1955...
1956...
1957...

14.60
12.66
13.72
24.73
17.55
22.71
15.33
20.39
22.33
20.43

14.59
12.55
13.80
22.43
17.50
22.31
15.81
21.00
20.66
20.99

1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...

17.06
20.34
19.89
18.19
22.62
23.54
26.57
28.12
32.15
30.24
31.00

1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...

33.78
30.66
31.57
32.69
39.88
40.99
30.49
32.58
37.45

TOTAL FOR PERIOD

16.43
20.94
17.13
21.03
14.91
21.66
21.08
19.49

12.08
16.60
10.34
16.54
20.31
20.50
20.25
15.69
22.09
20.88
19.02

12 .11
16.33
10.68
20.11
19.92
18.96
18.82
15.99
22.06
20.54
17.89

12.49
16.02
12.41
24.51
18.14
18.46
16.63
15.93
21.96
24.42
18.64

13 .69
14.99
12.60
20.06
17.12
19.91
14.89
17.82
22.81
20.19
18.11

13 .95
14.87
12.36
20.14
19.02
18.70
15.32
19.27
22.62
20.13
17.19

14 .58
14.11
12.98
18.19
18.33
18.87
15.25
16.91
22.54
21.35
17.96

15 .26
13.69
12.74
19.28
17.75
20.33
15.28
19.10
23.49
21.26
16.54

44.29
37.05
41.68
70.39
55.29
65.86
46.05
63.92
64.12
61.72

37.03
47.14
32.09
47.96
63.11
58.07
62.61
46.14
65.10
63.85
57.42

15.57
21.71
19.21
19.75
21.56
24.15
26.23
29.22
32.81
30.27
32.68

16.05
20.54
19.46
19.92
21.78
24.60
26.30
28.34
32.04
31.48
31.81

17.47
21.57
19.91
20.43
21.62
23.46
26.39
28.67
33.04
32.45
32.17

17.30
20.18
19.60
20.23
21.98
24.35
27.62
29.47
32.38
31.08
31.66

17.79
19.14
20.35
21.27
22.00
24.11
25.81
29.21
31.80
31.80
31.94

17.86
20.53
20.66
21.04
23.07
24.38
26.94
29.83
33.39
30.85
32.99

18.50
20.23
18.81
21.12
23.16
24.48
26.10
30.08
32.02
30.98
35.04

20.02
18.88
19.06
22.00
22.92
24.34
26.52
30.83
31.35
31.53
33.64

18.96
20.46
19.24
22.77
24.17
23.79
28.09
31.62
31.27
34.16
33.71

49.92
63.82
59.73
55.84
67.68
72.80
77.65
85.41
97.87
90.16
97.92

49.09
63.82
58.58
60.10
64.96
72.21
78.92
86.23
97.89
94.20
96.66

52.95
59.85
60.61
62.54
67.05
72.84
80.37
88.51
97.57
93.73
96.59

57.48
59.57
57.11
65.89
70.25
72.61
80.71
92.53
94.64
96.67
102.39

209.44
247.06
236.03
244.37
269.94
290.46
317.65
352.68
387.97
374.76
393.56

35.92
29.17
30.48
33.79
40.69
39.42
30.11
35.10
38.46

33.66
30.13
29.89
34.59
40.79
40.84
29.86
35.31
38.30

33.10
30.27
30.54
34.40
40.53
39.57
29.50
35.46
38.33

33.35
29.75
30.43
33.95
40.07
39.13
31.46
35.90
36.20

33.23
28.88
30.16
34.71
40.26
40.02
31.27
34.92
37.85

34.20
29.83
31.22
36.76
40.40
37.74
31.84
34.63
38.23

33.76
27.37
30.78
36.47
41.68
34.86
31.16
34.93
40.02

33.01
27.70
32.08
37.54
42.72
34.38
31.69
36.00
39.36

32.25
30.90
32.42
38.80
39.88
31.24
31.60
37.68
41.25

102.25
91.31
94.65
99.54
122.00
121.43
89.03
101.79
113.73

102.68
89.57
90.91
102.78
122.01
119.83
89.47
105.87
115.09

100.78
88.46
91.81
105.42
120.73
116.89
94.57
105.45
112.28

99.02
85.97
95.28
112.81
124.28
100.48
94.45
108.61
120.63

404.73
355.31
372.65
420.55
489.02
458.63
367.52
421.72
461.73

15.10
11.84
14.16
23.23
20.24
20.84
14.91
22.53
21.13
20.30

12.20
15.27
10.96
14.99
21.86
20.44
21.33
15.54
21.35
21.89
18.91

12.75
15.27
10.79

16.37
21.95
20.40
18.92
22.99
24.54
25.70
28.40
32.19
30.23
32.37

16.49
21.53
19.44
18.73
22.07
24.72
25.38
28.89
33.53
29.69
34.55

34.39
30.44
31.73
33.30
40.61
40.71
30.10
33.79
37.32

34.08
30.21
31.35
33.55
41.51
39.73
28.44
35.42
38.96

29 . INDEX OF NEW PRIVATE HOUSING UNITS AUTHORIZED BY LOCAL BUILDING PERMITS 3
(1967=100)

AVERAGE FOR PERIOD

1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...

80.1
109.4
80.4
157.4
146.3
99.6
104.9
101.9
136.4
109.8
86.5

85.8
100.4
81.9
159.2
114.8
115.3
110.7
100.4
151.0
106.8
90.9

83.9
104.0
86.8
159.1
104.5
105.5
111.6
105.8
129.3
109.8
91.7

77.5
116.5
96.6
161.9
96.9
103.5
106.2
106.9
132.9
109.5
86.7

80.5
106.7
104.2
161.3
99.3
101.2
106.4
108.8
133.6
101.9
90.5

91.6
103.1
106.4
160.7
96.9
101.6
103.5
116.9
126.2
100.1
92.5

96.6
102.2
110.2
182.8
92.9
107.9
99.9
119.9
126.7
99.4
86.2

108.1
94.8
112.3
158.2
94.8
107.6
98.4
118.9
122.2
97.0
92.1

111.2
84.8
136.2
133.7
122.2
115.5
94.6
121.9
120.4
94.5
92.4

118.2
89.4
135.6
126.2
93.2
116.8
99.6
126.2
117.9
93.1
91.1

117.5
86.2
141.9
123.6
90.9
117.2
100.1
135.9
107.5
93.7
88.5

117.4
82.8
146.6
158.6
94.1
108.3
102.4
132.1
107.0
92.8
89.3

83.3
104.6
83.0
158.6
121.9
106.8
109.1
102.7
138.9
108.8
89.7

83.2
108.8
102.4
161.3
97.7
102.1
105.4
110.9
130.9
103.8
89.9

105.3
93.9
119.6
158.2
103.3
110.3
97.6
120.2
123.1
97.0
90.2

117.7
86.1
141.4
136.1
92.7
114.1
100.7
131.4
110.8
93.2
89.6

97.4
98.4
111.6
153.6
103.9
108.3
103.2
116.3
125.9
100.7
89.9

1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...

91.5
114.7
102.7
91.2
105.5
113.0
117.4
114.5
120.0
87.2
103.3

78.7
119.6
102.3
90.4
112.3
109.7
130.6
107.3
104.9
79.5
117.6

87.2
125.0
89.8
94.0
106.7
113.9
118.8
109.6
111.8
83.7
120.0

91.9
119.4
95.6
94.2
116.2
116.6
114.5
105.2
103.7
90.8
112.8

96.2
117.4
98.9
96.6
107.4
122.2
117.6
109.3
97.7
94.3
113.7

102.7
115.5
90.1
100.6
108.5
121.8
115.8
112.4
86.6
102.5
114.0

111.9
112.6
93.9
101.9
111.9
119.6
118.1
112.0
84.4
103.2
117.9

111.7
113.7
93.5
109.0
112.8
118.6
118.3
113.1
79.4
107.8
118.9

114.5
109.5
92.6
103.2
114.9
127.9
114.5
111.1
70.2
112.1
128.4

118.2
105.3
91.4
105.6
111.1
128.1
111.5
115.8
66.9
112.2
124.6

134.1
100.7
92.1
108.3
116.2
122.9
113.5
118.3
66.6
113.7
125.8

115.8
108.2
89.3
109.2
116.2
128.8
105.3
119.1
67.2
115.3
121.8

85.8
119.8
98.3
91.9
108.2
112.2
122.3
110.5
112.2
83.5
113.6

96.9
117.4
94.9
97.1
110.7
120.2
116.0
109.0
96.0
95.9
113.5

112.7
111.9
93.3
104.7
113.2
122.0
117.0
112.1
78.0
107.7
121.7

122.7
104.7
90.9
107.7
114.5
126.6
110.1
117.7
66.9
113.7
124.1

104.5
113.5
94.4
100.4
111.6
120.3
116.3
112.3
88.3
100.2
118.2

1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...

127.9
93.1
144.0
192.9
195.7
114.7
62.6
103.0
124.6

131.0
98.0
139.2
186.9
191.8
117.2
62.8
102.6
134.5

126.0
99.2
154.2
181.4
177.7
124.1
61.1
100.3
143.1

126.3
107.3
153.0
184.3
164.5
108.1
74.6
97.6
143.1

116.5
116.5
172.9
178.1
166.4
98.1
78.8
102.9
143.8

118.3
115.8
166.8
188.1
176.7
93.6
81.5
102.4
151.0

112.0
116.1
181.3
189.2
156.8
86.3
87.9
107.3
145.4

115.4
122.2
175.7
195.1
155.9
79.0
85..?
112.8
153.4

110.7
125.0
175.0
206.2
146.8
72.4
91.7
127.6
144.3

106.6
137.2
177.5
202.9
121.6
71.0
94.4
122.8
151.5

104.4
131.7
182.2
192.6
120.8
67.4
95.6
132.0
152.7

101.3
154.8
186.9
208.5
111.0
74.9
94.0
130.2
151.2

128.3
96.8
145.8
187.1
188.4
118.7
62.2
102.0
134.1

120.4
113.2
164.2
183.5
169.2
99.9
78.3
101.0
146.0

112.7
121.1
177.3
196.8
153.2
79.2
88.4
115.9
147.7

104.1
141.2
182.2
201.3
117.8
71.1
94.7
128.3
151.8

116.4
118.1
167.4
192.2
157.1
92.2
80.9
111.8
144.9

2
3
This series contains no revisions but is reprint sd for the convenience of the user. This series contains revisions beginning with 1974. This series
with 1947.

contains revisions b e g i n n i n g



JUNE (1979)

97

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

54. SALES OF RETAIL STORES IN CURRENT DOLLARS1
(MILLIONS OF DOLLARS

IIIQ

IV Q

TOTAL FOR PERIOD

1947.. .
1948...
1949...
1950...
1951...
1952.. .
1953.. .
1954.. .
1955...
1956...
1957.. .

9,583
10,883
10,949
11,339
13,885
13,030
14,352
13,712
14,765
15,495
16,329

9,852
10,866
11,099
11,589
13,716
13,274
14,325
14,055
14,896
15,370
16,635

9,769
11,021
11,191
11,674
13,021
12,890
14,418
14,020
15,005
15,663
16,453

9,947
11,210
11,290
11,716
12,735
13,208
14,218
13,991
15,255
15,516
16,493

10,061
10,906
11,223
11,916
12,840
13,708
14,167
13,957
15,260
15,771
16,534

10,146
11,173
11,217
12,345
12,792
13,885
14,146
14,272
15,126
15,797
16,820

10,176
11,257
10,993
13,300
12,651
13,512
14,090
13,991
15,404
15,744
16,799

10,141
11,331
11,106
13,349
12,936
13,212
14,017
13,996
15,418
15,826
16,967

10,462
11,230
11,263
12,694
12,855
13,430
14,007
14,073
15,677
15,906
16,841

10,609
11,240
11,160
12,358
13,094
14,047
14,060
14,081
15,715
15,933
16,782

10,792
11,159
11,221
12,069
13,099
13,891
13,855
14,406
15,652
16,106
16,699

10,842
11,404
11,052
12,959
12,924
14,266
13,719
14,671
15,531
16,193
16,647

29,204
32,770
33,239
34,602
40,622
39,194
43,095
41,787
44,666
46,528
49,417

30,154
33,289
33,730
35,977
38,367
40,801
42,531
42,220
45,641
47,084
49,847

30,779
33,818
33,362
39,343
38,442
40,154
42,114
42,060
46,499
47,476
50,607

32,243
33,803
33,433
37,386
39,117
42,204
41,634
43,158
46,898
48,232
50,128

122,406
133,619
133,783
147,213
156,548
162,353
169,094
169,135
183,851
189,729
200,002

1958...
1959.. .
1960...
1961...
1962...
1963...
1964...
1965.. .
1966.. .
1967...
1968.. .

16,659
17,583
18,092
17,953
19,009
20,301
21,046
22,918
24,919
23,980
25,438

16,374
17,712
18,159
17,889
19,011
20,148
21,143
23,063
24,993
23,573
25,732

16,319
17,860
18,139
18,078
19,331
20,309
21,296
22,834
25,430
23,733
26,343

16,535
17,871
18,615
17,758
19,436
20,397
21,472
23,026
25,084
23,913
26,299

16,517
18,011
18,337
18,025
19,568
20,268
21,762
23,383
24,653
23,842
26,418

16,476
18,175
18,312
18,159
19,317
20,419
21,779
23,243
25,222
24,392
26,971

16,746
18,169
18,128
18,145
19,623
20,656
21,887
23,622
25,328
24,373
27,233

16,853
18,285
18,190
18,345
19,745
20,630
22,195
23,697
25,615
24,368
27,490

16,745
18,046
18,173
18,377
19,804
20,579
22,404
23,760
25,667
24,885
27,057

16,662
18,178
18,333
18,708
20,115
20,937
21,538
24,373
25,557
24,743
27,777

17,048
17,699
18,071
18,840
20,220
20,701
21,740
24,667
25,566
25,125
28,215

17,605
17,617
17,939
18,847
20,216
21,156
22,751
24,755
25,384
25,767
28,092

49,352
53,155
54,390
53,920
57,351
60,758
63,485
68,815
75,342
71,286
77,513

49,528
54,057
55,264
53,942
58,321
61,084
65,013
69,652
74,959
72,147
79,688

50,344
54,500
54,491
54,867
59,172
61,865
66,486
71,079
76,610
73,626
81,780

51,315
53,494
54,343
56,395
60,551
62,794
66,029
73,795
76,507
75,635
84,084

200,353
215,413
219,529
218,992
235,563
246,666
261,870
284,128
303,956
292,956
324,358

1969.. .
1970...
1971.. .
1972...
1973.. .
1974...
1975.. .
1976.. .
1977.. .
1978...

28,216
29,812
32,312
35,153
40,760
42,716
46,037
52,591
57,405

28,445
29,988
32,538
35,367
41,322
42,957
46,882
52,736
58,474

28,280
29,950
32,596
36,075
41,459
43,564
45,993
52,753
58,917

28,547
30,087
33,148
36,315
41,417
44,087
46,322
53,365
59,254

28,636
30,586
33,128
36,806
41,410
44,451
48,250
53,137
59,367

28,606
30,739
33,690
36,859
41,577
44,857
48,524
54,168
59,203

28,614
30,925
33,633
37,240
41,928
45,363
49,154
54,313
60,176

28,925
30,976
34,060
37,571
41,771
46,577
49,796
54,684
60,566

29,229
31,096
34,450
38,000
42,482
45,749
50,003
54,856
60,973

29,450
31,136
34,843
38,895
42,670
45,368
50,139
55,443
61,979

29,587
30,690
35,411
39,218
43,295
45,144
51,017
56,059
62,862

29,833
31,635
35,395
40,318
42,533
45,122
51,804
57,392
62,480

84,941
89,750
97,446
106,595
123,541
129,237
138,912
158,080
174,796

85,789
91,412
99,966
109,980
124,404
133,395
143,096
160,670
177,824

86,768
92,997
102,143
112,811
126,181
137,689
148,953
163,853
181,715

88,870
93,461
105,649
118,431
128,498
135,634
152,960
168,894
187,321

346,717
368,403
406,234
449,069
503,332
536,309
584,776
655,163
724,020

72. COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING, WEEKLY REPORTING LARGE COMMERCIAL E ANKS 2
(MILLIONS OF DOLLARS)

AVERAGE FOR PERIOD

1947.. .
1948...
1949.. .
1950...
1951. .
.
1952.. .
1953.. .
1954...
1955...
1956...
1957...

10,475
13,417
14,055
12,677
16,503
19,632
21,227
21,000
20,529
24,515
28,695

10,713
13,358
13,979
12,764
17,116
19,641
21,277
21,064
20,692
24,686
28,720

11,149
13,371
13,861
12,763
17,579
19,761
21,430
21,036
20,916
25,414
29,182

11,506
13,473
13,605
12,849
18,079
19,742
21,675
20,967
21,049
25,932
29,503

11,592
13,834
13,409
12,936
18,453
19,809
21,816
20,811
21,416
26,448
29,650

11,639
14,065
13,163
13,242
18,646
19,969
21,747
20,650
21,796
26,799
30,033

11,770
14,385
12,833
13,619
18,757
20,141
21,778
20,651
22,244
27,145
30,245

12,019
14,507
12,660
14,057
18,865
20,190
21,934
19,804
22,664
27,418
30,285

12,250
14,461
12,641
14,696
18,968
20,381
21,819
19,753
22,977
27,778
30,374

12,548
14,356
12,670
15,027
19,111
20,650
21,640
19,718
23,421
27,858
29,969

12,904
14,196
12,604
15,462
19,194
21,031
21,451
19,955
23,771
28,199
29,573

13,158
14,087
12,573
15,986
19,411
21,133
21,058
20,314
24,110
28,395
29,517

10,779
13,382
13,965
12,735
17,066
19,678
21,311
21,033
20,712
24,872
28,866

11,579
13,791
13,392
13,009
18,393
19,840
21,746
20,809
21,420
26,393
29,729

12,013
14,451
12,711
14,124
18,863
20,237
21,844
20,069
22,628
27,447
30,301

12,870
14,213
12,616
15,492
19,239
20,938
21,383
19,996
23,767
28,151
29,686

11,810
13,959
13,171
13,840
18,390
20,173
21,571
20,477
22,132
26,716
29,646

1958.. .
1959...
1960...
1961.. .
1962...
1963.. .
1964.. .
1965.. .
1966.. .
1967.. .
1968...

29,171
28,567
31,433
32,999
33,582
36,039
38,931
43,562
53,062
60,701
65,333

28,835
28,583
31,870
32,966
33,712
36,126
39,195
44,618
53,908
61,023
65,595

28,728
28,820
32,093
33,111
33,907
36,251
39,201
45,563
54,585
61,592
65,843

28,554
29,092
32,293
33,079
34,121
36,458
39,554
46,203
55,022
61,996
67,010

28,168
29,573
32,591
33,020
34,269
36,626
39,882
47,209
55,877
62,132
67,184

28,079
30,042
33,011
32,955
34,509
36,740
40,137
47,718
56,955
62,494
67,664

28,039
30,026
32,993
33,012
34,740
36,872
40,428
48,072
57,838
62,824
68,015

27,941
30,456
32,840
33,131
35,038
37,047
40,839
49,139
58,857
62,875
68,681

28,122
30,646
32,956
33,214
35,318
37,341
41,418
50,141
59,328
63,203
69,339

28,215
30,915
32,996
33,215
35,635
37,821
41,625
50,812
59,822
63,587
70,163

28,342
31,076
33,118
33,280
35,939
38,579
42,068
51,650
60,282
64,065
71,105

28,496
31,288
33,018
33,429
35,986
39,045
42,737
52,300
60,532
64,830
72,210

28,911
28,657
31,799
33,025
33,734
36,139
39,109
44,581
53,852
61,105
65,590

28,267
29,569
32,632
33,018
34,300
36,608
39,858
47,043
55,951
62,207
67,286

28,034
30,376
32,930
33,119
35,032
37,087
40,895
49,117
58,674
62,967
68,678

28,351
31,093
33,044
33,308
35,853
38,482
42,143
51,587
60,212
64,161
71,159

28,391
29,924
32,601
33,118
34,730
37,079
40,501
48,082
57,172
62,610
68,178

1969...
1970.. .
1971...
1972.. .
1973...
1974.. .
1975.. .
1976.. .
1977...
1978.. .

73,450
83,205
83,235
77,003
85,727
103,380
125,122
112,793
109,531

74,190
84,229
83,709
77,338
89,943
104,652
123,953
113,038
110,497

74,886
84,462
83,851
77,461
92,773
106,840
122,131
110,450
111,072

76,283
84,770
83,163
78,135
94,316
111,444
120,883
107,247
111,117

77,457
85,241
83,716
78,759
95,659
113,163
119,097
107,021
111,464

78,541
85,420
83,701
78,813
97,586
114,667
117,447
107,507
112,408

79,055
85,599
83,101
78,970
99,201
118,124
116,764
107,271
112,957

79,884
86,220
84,437
79,589
101 ,336
120,295
115,671
107,084
114,091

80,889
86,230
86,139
80,404
101,493
123,888
115,107
107,802
114,742

82,073
84,649
85,677
82,052
101,389
124,031
114,720
108,248
115,641

82,627
83,982
85,598
83,293
101,523
124,929
114,323
109,180
116,625

83,365
83,566
85,216
83,955
102,008
125,190
114,291
109,978
117,435

74,175
83,965
83,598
77,267
89,481
104 ,957
123,735
112,094
110,367

77,427
85,144
83,527
78,569
95,854
113,091
119,142
107,258
111,663

79,943
86,016
84,559
79,654
100,677
120,769
115,847
107,386
113,930

82,688
84,066
85,497
83,100
101,640
124,717
114,445
109,135
116,567

78,558
84,798
84,295
79,648
96,913
115,884
118,292
108,968
113,132

77. RATIO, INVENTORIES TO SALES, MANUFACTURING AND TRADE, TOTAL, IN 1972 DOLLARS3
(RATIO)

AVERAGE FOR PERIOD

1948.. .
1949.. .
1950.. .
1951 . . .
1952...
1953.. .
1954.. .
1955.. .
1956...
1957.. .

1.49
1.56
1.53
1 .44
1.69
1.60
1.70
1.52
1.50
1.55

1.50
1.57
1.49
1.49
1.67
1.58
1.67
1.51
1.53
1.54

1.50
1.57
1.48
1.54
1.69
1.57
1.67
1.49
1.53
1.55

1.50
1.57
1.47
1.59
1.67
1.59
1.65
1.47
1.54
1.58

1.52
1.59
1.45
1.60
1.64
1.60
1.67
1.48
1.55
1.58

1.52
1.55
1.41
1.63
1.65
1.63
1.64
1.49
1.55
1.57

1.53
1.60
1.29
1.68
1.68
1.62
1.64
1.49
1.63
1.58

1.53
1.57
1.30
1.66
1.65
1.65
1.64
1.51
1.58
1.58

1.53
1.55
1.41
1.67
1.62
1.66
1.63
1.48
1.58
1.61

1.53
1.59
1.45
1.67
1.58
1.66
1.62
1.49
1.56
1.60

1.54
1.56
1.52
1.68
1.60
1.69
1.58
1.48
1.56
1.62

1.52
1.55
1.45
1.71
1.57
1.71
1.54
1.49
1.55
1.66

1.49
1.57
1.50
1.49
1.68
1.59
1.68
1.51
1.52
1.54

1.51
1.57
1.44
1.61
1.65
1.60
1.66
1.48
1.55
1.58

1.53
1.57
1.33
1.67
1.65
1.64
1.64
1.49
1.59
1.59

1.53
1.57
1.48
1.69
1.58
1.69
1.58
1.49
1.56
1.62

1.52
1.57
1.44
1.61
1.64
1.63
1.64
1.49
1.55
1.58

1958.. .
1959.. .
1960...
1961...
1962...
1963.. .
1964. . .
1965...
1966. . .
1967. . .
1968.. .

1.64
1.54
1.52
1.64
1.53
1.56
1.52
1.50
1 .48
1 .60
1.60

1.66
1.52
1.54
1.63
1.54
1.54
1.53
1.50
1.49
1 .62
1.61

1.68
1.51
1.57
1.60
1.53
1.54
1.54
1.48
1.48
1.62
1.60

1.68
1.50
1.56
1.61
1.53
1.53
1.52
1.49
1.50
1.63
1.61

1.66
1.49
1.59
1.59
1.54
1.55
1.51
1.51
1.52
1.63
1.61

1.63
1.50
1.59
1.56
1.56
1.54
1.52
1.51
1.52
1.62
1.60

1.61
1.52
1.60
1.58
1.55
1.52
1.50
1.49
1.54
1.63
1.59

1.58
1.56
1.61
1.55
1.55
1.54
1.51
1.51
1.55
1.62
1.62

1.58
1.56
1.60
1.55
1.56
1.55
1.51
1.52
1.56
1.63
1.61

1.56
1.56
1.60
1.53
1.55
1.54
1.53
1.50
1.57
1.64
1.60

1.54
1.56
1.63
1.53
1.53
1.56
1.53
1.49
1.59
1.61
1.60

1.59
1.54
1.61
1.52
1.56
1.53
1.49
1.49
1.60
1.59
1.61

1.66
1.52
1.54
1.62
1.53
1.55
1.53
1.49
1.48
1.61
1.60

1.66
1.50
1.58
1.59
1.54
1.54
1.52
1.50
1.51
1.63
1.61

1.59
1.55
1.60
1.56
1.55
1.54
1.51
1.51
1.55
1.63
1.61

1.56
1.55
1.61
1.53
1.55
1.54
1.52
1.49
1.59
1.61
1.60

1.62
1.53
1.58
1.57
1.54
1.64
1.52
1.50
1.53
1.62
1.60

1969...
1970.. .
1971...
1972.. .
1973.. .
1974.. .
1975...
1976...
1977...
1978...

1.61
1.67
1.69
1.61
1.51
1.57
1.74
1.61
1.57

1.62
1.67
1.68
1.62
1.50
1.58
1.73
1.60
1.56

1.61
1.69
1.68
1.60
1.51
1.58
1.76
1.59
1.54

1.61
1.71
1.67
1.59
1.52
1.58
1.73
1.59
1.56

1.62
1.69
1.67
1.59
1.53
1.59
1.72
1.59
1.57

1.63
1.69
1.65
1.59
1.55
1.60
1.70
1.59
1.57

1.63
1.69
1.66
1.59
1.53
1.60
1.68
1.59
1.57

1.63
1.70
1.67
1.57
1.57
1.61
1.67
1.60
1.57

1.63
1.71
1.66
1.57
1.57
1.63
1.66
1.61
1.57

1.62
1.73
1.67
1.55
1.55
1.67
1.66
1.62
1.56

1.64
1.76
1.64
1.53
1.53
1.70
1.65
1.59
1.56

1.65
1.71
1.63
1.51
1.57
1.75
1.63
1.56
1.54

1.61
1.68
1.68
1.61
1.51
1.58
1.74
1.60
1.56

1.62
1.70
1.66
1.59
1.53
1.59
1.72
1.59
1.57

1.63
1.70
1.66
1.58
1.56
1.61
1.67
1.60
1.57

1.64
1.73
1.65
1.53
1.55
1.71
1.65
1.59
1.55

1.62
1.70
1.66
1.58
1.54
1.62
1.69
1.60
1.56

This series contains corrected annual totals for 1968-77. This series contains revisions beginning with 1972. This series contains revisions beginning

with 1967.



JUNE (1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
^lan.

Feb.

Apr.

Mar.

May

June

July

Sept

Aug.

Oct.

Nov.

Dec.

1 Q

II Q

III

IV Q

Q

95 . RATIO, CONSUMER INSTALLMENT DEBT TO PERSONAL INCOME 1
(PERCENT)

END OF PERIOD

1947...
1948.. .
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956.. .
1957...

2.42
3.57
4.51
5.64
6.29
6.12
7.31
8.32
8.36
9.36
9.61

2.55
3.71
4.59
5.70
6.24
6.09
7.43
8.29
8.46
9.43
9.58

2.67
3.79
4.62
5.67
6.17
6.12
7.56
8.30
8.57
9.49
9.60

2.84
3.90
4.75
5.92
6.09
6.20
7.67
8.32
8.65
9.48
9.66

2.95
3.98
4.90
6.06
6.04
6.31
7.77
8.30
8.75
9.54
9.66

3.00
3.97
5.05
6.20
5.99
6.48
7.82
8.30
8.87
9.54
9.66

3.09
4.06
5.21
6.35
5.99
6.65
7.94
8.31
8.87
9.62
9.71

3.18
4.11
5.27
6.39
5.96
6.57
8.05
8.27
9.03
9.53
9.70

3.02
4.21
5.30
6.49
6.00
<5.65
3.13
8.26
9.13
9.53
9.79

3.26
4.23
5.56
6.47
5.98
6.82
8.15
8.25
9.20
9.50
9.85

3.40
4.29
5.64
6.38
5.99
7.00
8.28
8.23
9.23
9.57
9.88

3.49
4.40
5.74
6.26
6.03
7.14
8.32
8.28
9.28
9.58
9.94

2.67
3.79
4.62
5.67
6.17
6.12
7.56
8.30
8.57
9.49
9.60

3.00
3.97
5.05
6.20
5.99
6.48
7.82
8.30
8.87
9.54
9.66

3.02
4.21
5.30
6.49
6.00
6.65
8.13
8.26
9.13
9.53
9.79

3.49
4.40
5.74
6.26
6.03
7.14
8.32
8.28
9.28
9.58
9.94

3.49
4.40
5.74
6.26
6.03
7.14
8.32
8.28
9.28
9.58
9.94

1958...
1959...
1960...
1961...
1962...
1963.. .
1964...
1965.. .
1966...
1967...
1968...

9.95
9.47
10.35
10.97
10.56
11.09
11.95
12.58
13.00
12.82
12.62

9.92
9.51
10.47
10.89
10.55
11.25
12.06
12.70
12.95
12.80
12.58

9.84
9.55
10.54
10.84
10.52
11.31
12.14
12.75
12.96
12.76
12.55

9.84
9.58
10.58
10.79
10.57
11.41
12.16
12.97
12.74
12.60

9.77
9.64
10.63
10.72
10.64
11.46
12.24
12.87
12.98
12.73
12.57

9.70
9.70
10.71
10.61
10.71
11.49
12.30
12.89
12.95
12.69
12.58

9.52
9.82
10.78
10.57
10.76
11.60
12.35
12.94
12.97
12.63
12.59

9.51
10.07
10.83
10.59
10.83
11.67
12.38
13.01
12.94
12.61
12.60

9.42
10.21
10.87
10.59
10.86
11.73
12.47
12.79
12.88
12,64
12.62

9.41
10.33
10.89
10.55
10.95
11.79
12.57
12.96
12.87
12.65
12.67

9.35
10.34
10.97
10.50
11.00
11.88
12.56
12.95
12.85
12.61
12.70

9.39
10.27
11.05
10.51
11.08
11.88
12.54
12.94
12.88
12.56
12.75

9.84
9.55
10.54
10.84
10.52
11.31
12.14
12.75
12.96
12.76
12.55

9.70
9.70
10.71
10.61
10.71
11.49
12.30
12.89
12.95
12.69
12.58

9.42
10.21
10.87
10.59
10.86
11.73
12.47
12.79
12.88
12.64
12.62

9.39
10.27
11.05
10.51
11.08
11.88
12.54
12.94
12.88
12.56
12.75

9.39
10.27
11.05
10.51
11,08
11.88
12.54
12.94
12.88
12.56
12.75

1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978.. .

12.78
13.02
12.64
12.85
13.25
13.71
13.32
12.70
13.12

12.83
12.99
12.69
12.79
13.29
13.74
13.27
12.71
13.11

12.82
12.94
12.67
12.86
13.35
13.71
13.18
12.78
13.16

12.87
12.65
12.68
12.92
13.41
13.68
13.10
12.81
13.28

12.92
12.77
12.69
13.00
13.49
13.63
12.95
12.86
13.40

12.96
12.84
12.47
13.26
13.55
13.59
12.67
12.91
13.49

12.95
12.81
12.65
13.11
13.60
13.51
12.78
12.90
13.51

12.94
12.79
12.67
13.10
13.60
13.54
12.70
12.93
13.63

12.98
12.75
12.75
13.16
13.58
13.53
12.68
13.00
13.67

13.00
12.82
12.83
13.07
13.61
13.42
12.66
13.03
13.70

13.02
12.79
12.87
13.05
13.62
13.40
12.67
12.99
13.79

12.97
12.75
12.86
13.14
13.64
13.32
12.74
13.01
13.88

12.82
12.94
12.67
12.86
13.35
13.71
13.18
12.78
13.16

12.96
12.84
12.47
13.26
13.55
13.59
12.67
12.91
13.49

12.98
12.75
12.75
13.16
13.58
13.53
12.68
13.00
13.67

12.97
12.75
12.86
13.14
13.64
13.32
12.74
13.01
13.88

12.97
12.75
12.86
13.14
13.64
13.32
12.74
13.01
13.88

5.04
3.28
0.48

2.77
'-0.55
-0.23
7.67
1.24
2.29
-1.38
-0.61
3.76
4.32
1.07

3.58
-1.26
0.35
3.97
1.72
3.23
-2.15
-0.42
5.33
0.96
-4.86

4.27
-1.92
-0.79
5.22
1.00
4.57
-2.27
2.84
4.20
4.09
-4.75

3.05
-1.31
-0.37
6.29
2.60
1.22
-4.72
4.31
4.07
2.35
-0.67

3.56
0.85
-0.90
0.76
6.37
1.40
1.19
-0.09
2.41
5.22
3.15

1.96
2.77
-2.79
1.91
4.27
0.83
1.27
-1.54
3.52
5.54
3.40

2.44
1.58
-2.09
5.82
1.29
1.65
0.29
-3.59
4.73
3.92
1.36

3.63
-1.50
-0.27
5.16
1.77
3.01
-3.05
2.24
4.53
2.47
-3.43

2.90
0.93
-1.51
3.41
3.43
1.72
-0.08
-0.74
3.80
4.28
1.12

1.12
3.23
0.48
0.01
3.80
5.76
2.48
8.05
5.93
4.61
9.89

1.52
1.93
1.46
0.78
3.65
9.10
5.32
10.06
5.52
5.74
11.30

1.85
2.54
-1.20
1.79
0.56
5.59
8.03
7.80
3.00
9.18
13.26

-3.15
1.29
2.85
0.37
1.91
1.06
0.62
11.30
9.14
4.24
4.05

-2.60
4.89
3.67
-0.62
2.41
1.96
3.75
8.25
9.48
3.61
7.28

0.17
2.42
-0.22
1.04
3.24
2.40
5.12
9.69
9.49
2.84
6.70

1.50
2.5?
0.25
0.86
2.67
6.82
5.28
8.64
4.82
6.51
11.48

-1.02
2.79
1.64
0.41
2.56
3.06
3.69
9.47
8.23
4.30
7.38

14.21

6.65
-8.00
-0.95
14.89
1.61
10.78
-4.76
11.18
11.81

8.86
-4.99
-4.58
7.94
5.82
3.13
-0.38
9.58
9.72

10.70
4.39
1.14

9.39
3.24
9.75
6.36
15.63

11.16
0.20
1.65

19.33

14.62
3.83
-0.60
5.41
19.25
31.31

9.91

-5.54
19.78
-1.25
1.72
-4.64
5.35
10.79

-12.24
-15.37

-18.74
-11.77

4.38

5.34

-9.36
1.18
9.34

12.8-3

112. NET CHANGE IN BANK LOANS TO BUSINESSES 2
(ANNUAL RATE, BILLIONS OF DOLLARS)

AVERAGE FOR PERIOD

1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...

2.58
3.11
-0.38
1.25
6.20
2.65
1.13
-0.70
2.58
4.86
3.60

2.86
-0.71
-0.91
1.04
7.36
0.11
0.60
0.77
1.96
2.05
0.30

5.23
0.16
-1.42
-0.01
5.56
1.44
1.84
-0.34
2.69
8.74
5.54

4.28
1.22
-3.07
1.03
6.00
-0.23
2.94
-0.83
1.60
6.22
3.85

1.03
4.33
-2.35
1,04
4.49
0.80
1.69
-1.87
4.40
6.19
1.76

0.56
2.77
-2.95
3.67
2.32
1.92
-0.83
-1.93
4.56
4.21
4.60

1.57
3.84
-3.96
4.52
1.33
2.06
0.37
0.01
5.38
4.15
2.54

1958.. .
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...

-4.15
0.85
0.64
-0.23
1.84
0.64
-1.37
9.90
9.14
2.03
6.04

-4.03
0.19
5.24
-0.40
1.56
1.04
3.17
12.67
10.15
3.86
3.14

-1.28
2.84
2.68
1.74
2.34
1.50
0.07
11.34
8.12
6.83
2.98

-2.09
3.26
2.40
-0.38
2.57
2.48
4.24
7.68
5.24
4.85
14.00

-4.63
5,77
3.58
-0.71
1.78
2.02
3.94
10.96
10,26
1.63
2.09

-1.07
5.63
5.04
-0.78
2.88
1.37
3.06
6.11
12.94
4.34
5.76

-0.48
-0.19
-0.22
0.68
2.77
1.58
3.49
4.25
10.60
3.96
4.21

-1.18
5.16
-1.84
1.43
3.58
2.10
4.93
12.80
12.23
0.61
7.99

2.17
2.28
1.39
1.00
3.36
3.53
6.95
12.02
5.65
3.94
7.90

1969...
1970...
1971...
1972...
1973...
1974.. .
1975...
1976...
1977...
1978...

14.88
-1.92
-3.97

8.88
12.29
5.69
4.02

8.35
2.80
1.70
1.48
33.96
26.26
-21.86
-31.06

14.09
5.65
6.64
7.49
16.12

55.25
-14.98
-38.44

20.63
-21.43

13.01
2.15
-0.18
0.65
23.12
18.05
-19.80

-2.71
4.16

5.83
11.33

6.17
2.15
-7.20
1.88
19.38
41.48
-8.20
-2.83
6.59

9.95
7.45
16.03
7.43

50.59

16.76
3.70
-8.26
8.09
18.52

12.06
0.12
20.42
9.78
1.88
43.12
-6.77
8.62
7.81

21.26
16.46
-0.82
-17.98

-5.36

15.26
-14.03

2.94
11.59

6.90

0.54

2.99
1.46
-2.08
5.26
1.30
0.59
1.87
-10.16

25.62
26.05
-13.12

-2.24
13.61

-18.97

35.27

113. NET CHANGE IN CONSUMER INSTALLMENT DEBT 1
(ANNUAL RATE, BILLIONS OF DOLLARS)

36.88

-10.65

-3.69
14.20
2.06
5.21
-3.26
8.70
10.77

18.05
23.18
-10.90

-4.31
7.46

AVERAGE FOR PERIOD

1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954.. .
1955...
1956...
1957...

2.84
3.40
1.03
3.20
1.61
1.28
6.46
-0.71
4.39
4.06
0.85

2.82
3.14
1.32
3.40
0.65
1.78
5.60
0.16
5.09
4.57
2.70

2.66
3.36
1.51
2.87
-0.05
1.62
6.82
-0.74
6.67
3.90
2.39

2.78
3.26
2.52
3.28
-0.58
2.06
4.08
-0.40
5.84
3.26
2.78

2.46
2.58
3.44
3.92
-0.29
5.72
4.63
0.08
6.30
2.52
2.27

2.21
1.86
2.42
4.67
-0.26
6.79
2.98
0.38
5.72
2.76
2.81

2.17
2.54
3.01
7.15
-0.58
4.49
3.65
0.62
5.00
1.96
3.74

2.16
2.50
2.60
4.31
1.38
3.26
3.08
0.44
6.24
2.32
1.82

1.91
2.58
2.80
4.31
1.54
4.99
2.89
1.21
5.96
2.32
2.62

2.52
1.00
4.01
2.17
1.25
6.46
2.53
1.64
4.38
2.71
2.33

3.70
0.98
3.66
-1.10
1.31
5.54
2.50
1.68
3.92
2.78
1.57

3.01
1.39
3.07
0.78
1.92
6.46
0.65
2.72
4.04
2.86
1.60

2.77
3.30
1.29
3.16
0.74
1.56
6.29
-0.43
5.38
4.18
1.98

2.48
2.57
2.79
3.96
-0.38
4.86
3.90
0.02
5.95
2.85
2.62

2.08
2.54
2.80
5.26
0.78
4.25
3.21
0.76
5.73
2.20
2.73

3.08
1.12
3.58
0.62
1.49
6.15
1.89
2.01
4.11
2.78
1.83

2.60
2.38
2.62
3.25
0.66
4.20
3.82
0.59
5.30
3.00
2.29

1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...

0.10
4.52
5.18
0.18
2.56
6.59
8.40
8.69
7.30
3.48
8.38

-1.87
4.08
6.00
-1.20
3.13
5.82
9.66
8.06
5.60
0.52
9.46

-1.16
5.42
3.85
-0.43
3.11
5.95
8.14
7.75
6.42
3.26
8.39

-0.91
4.69
6.11
-1.78
6.22
7.31
6.61
10.62
5.30
0.73
9.13

-1.44
5.83
4.66
0.44
4.91
5.72
9.26
10.14
4.74
2.59
8.99

-0.98
5.92
3.96
0.04
5.40
6.94
7.58
7.93
4.87
3.79
9.24

-0.28
5.84
3.94
0.66
4.93
7.55
6.85
7.56
6.71
3.00
9.97

-0.50
8.00
2.74
1.22
4.94
6.85
7.63
8.16
5.87
4.84
7.58

-1.37
7.60
2.80
1.24
4.87
7.33
9.77
8.27
3.41
5.64
9.08

0.25
6.74
2.93
2.33
5.75
7.92
6.92
6.77
4.75
3.42
11.14

2.08
5.59
2.99
2.62
5.95
6.37
4.61
6.77
4.73
5.99
9.82

3.67
3.29
0.94
4.06
6.68
6.52
7.75
6.68
4.64
7.01
10.32

-0.98
4.67
5.01
-0,48
2.93
6.12
8.73
8.17
6.44
2.42
8.74

-1.11
5.48
4.91
-0.43
5.51
6.66
7.82
9.56
4.97
2.37
9.12

-0.72
7.15
3.16
1.04
4.91
7.24
8.08
8.00
5.33
4.49
8.88

2.00
5.21
2.29
3.00
6.13
6.94
6.43
6.74
4.71
5.47
10.43

-0.20
5.63
3.84
0.78
4.87
6.74
7.76
8.12
5.36
3.69
9.29

1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...

7.30
6.54
5.74
15.85
25.81
10.13
-0.82
16.07

13.02
4.93
8.33
12.34

9.43
4.42
8.16
15.68

8.40
4.88
5.20
10.56

11.97
4.14
7.48
16.36

20.08

20.04

24.42

20.84

14.75
3.66
19.09

12.74
15.07
18.89

14.43
0.84

6.33
3.04
15.42
19.15
18.18
-0.40
16.64
24.67

28.88

35.22

20.84
32.75

9.34
4.44
9.98
15.72
20.18
9.13
7.58
21.06

30.77

10.35
-0.04
18.09
31.34

9.12
5.29
9.59
12.77
17.29
12.14
12.90

34.80

7.72
-0.32
16.31
17.50
17.86
-1.81
15.65
21.76
43.15

9.92
5.30
7.41
14.62

8.60
-3.66
17.86

10.84
5.40
12.89
13.91
15.52
9.42
12.40
23.72
34.14

3.26
5.96
15.79

22.75

8.12
5.59
10.68
13.85
16.32
14.26
11.23
19.91

8.02
3.48
14.15
16.96

24.70

12.84
4.31
9.08
15.60
21.04
14.87
-0.83
20.12

10.86
6.14
5.62
15.28

12.31
4.36

12.22
1.96
7.75
18.19
21.41
13.66
-0.31

41.53

34.96

25.28

20.35
28.33

40.42

22.75
37.07

22.64

2.56
13.57
23.87
38.48

'This series contains revisions beginning with 1947. 2 This series contains revisions beginning with 1972.




22.98

14.05
-1.94
20.70
28.39
42.95

20.65

34.21

JUNE (1979)

nn

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Mar.
19.

Apr.

May

June

Sept.

Aug.

July

INDEX OF STOCK PRICES, 500 COMMON STOCKS1
(1967=100)

Oct.

Nov.

Dec.

IQ

11 Q

IV Q

III Q

©
AVERAGE

FOR PERIOD

1947...
1948...
1949...
1950...
1951...
1952.. .
1953...
1954...
1955...
1956...
1957...

16.5
16.1
16.7
18.4
23.1
26.3
28.5
27.7
38.7
48.0
49.4

17.2
15.3
16.1
18.7
23.9
25.8
28.1
28.3
40.0
48.3
47.3

16.5
15.6
16.2
18.9
23.5
25.9
28.3
28.9
39.7
51.7
47.9

15.9
16.8
16.2
19.4
23.8
25.8
26.9
30.1
41.1
52.3
49.0

15.6
17.6
16.1
20.1
23.9
25.8
27.0
31.3
40.9
50.6
50.9

16.1
18.3
15.2
20.4
23.4
26.5
26.1
31.5
43.3
50.3
51.7

17.2
17.9
16.1
18.9
23.9
27.3
26.4
32.8
46.4
53.1
52.8

16.8
17.3
16.6
20.0
24.9
27.4
26.5
33.4
46.2
52.7
49.9

16.4
17.1
16.9
20.8
25.5
27.0
25.3
34.2
48.2
51.0
47.8

16.8
17.6
17.3
21.6
25.4
26.4
26.1
35.0
45.8
50.3
44.9

16.6
16.6
17.5
21.6
24.7
27.2
26.7
36.4
48.9
49.8
43.9

16.3
16.5
18.0
21.5
25.5
28.3
27.0
38.0
49.4
50.5
43.9

16.7
15.7
16.3
18.7
23.5
26.0
28.3
28.3
39.5
49.3
48.2

15.9
17.5
15.8
20.0
23.7
26.1
26.7
30.9
41.8
51.1
50.5

16.8
17.4
16.5
19.9
24.8
27.2
26.1
33.5
46.9
52.3
50.2

16.6
16.9
17.6
21.6
25.2
27.3
26.6
36.5
48.0
50.2
44.2

16.5
16.9
16.6
20.0
24.3
26.6
26.9
32.3
44.0
50.7
48.3

1958...
1959.. .
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968.. .

44.7
60.5
63.1
65.0
75.1
70.8
83.2
93.7
101.5
91.9
103.4

44.9
59.6
60.7
67.6
76,4
71.7
84.2
94.4
100.8
95.0
98.7

45.8
61.1
59.9
69.8
76.5
71.4
85.7
94.5
96.7
97.3
96.9

46.1
62.1
60.6
71.6
74.0
74.8
87.0
95.7
99.6
98.9
104.1

47.5
63.0
60.1
72.3
68.5
76.3
87.8
97.1
94.4
100.7
106.5

48.7
62.5
62.3
71.4
60.5
76.3
87.3
92.5
93.6
99.5
109.4

50.0
65.0
60.7
71.2
62.0
75.1
90.5
92.4
93.4
101.2
109.1

51.9
64.6
61.5
73.7
63.7
77.2
89.2
94.1
87.7
102.8
106.7

53.3
62.1
59.6
73.2
63.1
79.2
90.7
97.2
84.6
104.2
110.2

55.4
62.0
58.4
74.0
61.1
79.4
92.3
99.4
83.9
104.1
112.9

57.1
62.3
60.3
77.3
65.3
79.0
92.9
100.2
88.1
100.8
114.7

58.2
64.2
61.8
78.0
68.1
80.7
91.3
99.8
88.5
103.7
115.8

45.1
60.4
61.2
67.4
76.0
71.3
84.4
94.2
99.7
94.7
99.7

47.4
62.6
61.0
71.8
67.7
75.8
87.4
95.1
95.9
99.7
106.6

51.7
63.9
60.6
72.7
62.9
77.2
90.2
94.6
88.6
102.7
108.7

56.9
62.8
60.2
76.4
64.9
79.7
92.2
99.8
86.8
102.8
114.5

50.3
62.4
60.8
72.1
67.9
76.0
88.5
95.9
92.7
100.0
107.4

1969...
1970...
1971...
1972...
1973...
1974...
1975.. .
1976...
1977...
1978...

111.0
98,2
101.7
112.4
128,8
104.5
78.9
105.4
112.9

110.4
94.8
105.6
114.5
124.2
101.7
87.1
109.5
109.8

108.0
96.4
108.3
117.1
122.3
106.0
91.1
110.0
109.4

110.2
93.5
112.1
118.4
120.0
100.6
92.2
110.9
107.7

113.8
82.7
110.6
117.1
116.6
97.5
98.0
110.0
107.4

107.8
82.2
108.5
117.5
113.9
97.7
100.5
110.7
108.0

103.0
82.4
107.7
116.6
115.1
90.1
100.6
113.3
109.0

102.4
84.8
105.8
120.8
112.9
82.7
93.2
112.4
106.3

102.8
89.8
108.1
119.0
114.9
74.1
92.1
114.7
104.7

103.9
91.8
105.8
119.2
118.9
75.5
96.3
110.8
102.0

104.7
91.7
100.9
125.2
111.0
78.0
98.0
110.1
102.6

99.1
98.0
107.9
127.8
103.1
73.0
96.5
113.8
102.1

109.8
96.5
105.2
114.7
125.1
104.1
85.7
108.3
110.7

110.6
86.2
110.4
117.7
116.8
98.6
96.9
110.5
107.7

102.8
85.7
107.2
118.8
114.3
82.3
95.3
113.5
106.7

102.6
93.8
104.9
124.0
111.0
75.5
96.9
111.6
102.2

106.4
90.5
106.9
118.8
116.8
90.1
93.7
111.0
106.8

742. UNITED KINGDOM— INDEX OF STOCK PRICES 2
(1967=100)

©
AVERAGE FOR PERIOD

1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...

41.8
38.4
35.7
29.5
33.5
32.5
33.9
39.7
56.5
51.1
51.1

40.4
33.4
34.8
30.5
34.3
31.8
34.9
40.5
50.5
48.0
51.6

39.8
34.8
32.1
29.8
33.9
30.5
35.6
40.9
51.5
48.7
51.8

41.3
36.0
32.7
29.8
37.0
32.5
34.9
43.0
52.6
52.3
54.8

42.5
36.0
31.5
30.5
38.0
29.3
33.5
43.9
56.5
49.7
55.1

41.6
33.6
29.2
31.9
38.4
29.0
33.5
45.1
61.1
48.3
55.8

40.4
33.4
29.2
30.7
36.0
30.7
34.3
47.2
59.6
50.2
56.1

33.6
33.6
29.5
31.3
37.4
32.8
36.0
50.0
56.2
50.5
54.5

35.1
33.9
30.7
32.7
38.0
32.1
37.0
50.7
55.1
49.4
49.4

34.6
34.8
29.0
32.7
39.1
32.1
38.0
53.4
54.0
49.4
46.5

36.0
35.4
29.2
33.1
35.3
32.5
37.7
52.8
53.0
45.1
47.1

37.7
35.1
30.0
32.5
34.6
32.5
38.4
53.4
54.7
48.3
46.4

40.7
35.5
34.2
29.9
33.9
31.6
34.8
40.4
52.8
49.3
51.5

41.8
35.2
31.1
30.7
37.8
30.3
34.0
44.0
56.7
50.1
55.2

36.4
33.6
29.8
31.6
37.1
31.9
35.8
49.3
57.0
50.0
53.3

36.1
35.1
29.4
32.8
36.3
32.4
38.0
53.2
53.9
47.6
46.7

38.7
34.9
31.1
31.2
36.3
31.5
35.6
46.7
55.1
49.2
51.7

1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...

45.3
60.6
88.0
87.7
82.3
85.2
98.8
93.4
97.7
88.8
114.6

42.9
62.1
86.1
92.0
83.2
86.6
96.2
95.6
100.8
88.6
117.9

45.8
62.5
86.8
95.9
81.0
88.6
98.8
92.1
98.7
90.0
120.5

47.9
65.3
82.0
97.9
86.9
89.8
100.5
92.5
98.2
94.7
133.3

48.3
67.3
84.9
96.8
84.9
90.6
99.0
94.2
101.3
96.6
139.3

50.6
67.5
82.7
89.0
77.5
90.0
97.7
90.3
102.4
97.1
142.4

50.7
66.2
82.8
86.5
77.1
91.2
100.9
86.9
98.1
99.5
150.0

53.7
71.9
87.3
83.2
80.1
93.9
102.1
88.1
87.4
100.3
154.0

55.5
70.5
86.5
82.0
80.0
95.8
102.4
90.4
86.2
105.3
157.6

57.4
80.8
87.5
79.8
80.4
97.9
100.0
95.8
85.0
110.7
152.6

57.8
82.8
83.3
80.9
83.6
99.2
95.5
98.3
83.0
115.1
154.5

61.7
88.5
84.3
82.2
84.8
101.1
91.9
96.4
85.3
113.2
157.8

44.7
61.7
87.0
91.9
82.2
86.8
97.9
93.7
99.1
89.1
117.7

48.9
66.7
83.2
94.6
83.1
90.1
99.1
92.3
100.6
96.1
138.3

53.3
69.5
85.5
83.9
79.1
93.6
101.8
88.5
90.6
101.7
153.9

59.0
84.0
85.0
81.0
82.9
99.4
95.8
96.8
84.4
113.0
155.0

51.5
70.5
85.2
87.8
81.8
92.5
98.6
92.8
93.7
100.0
141.2

•1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...

164.5
139.3
123.5
175.2
182.2
126.1
68.8
150.7
149.6

159.5
135.0
121.6
180.0
168.3
123.5
99.0
152.6
157.0

152.6
131.4
120.1
185.8
164.3
115.6
108.7
152.5
164.2

150.7
128.8
130.6
190.9
168.0
111.7
114.7
154.0
164.9

143.2
115.6
146.6
194.5
166.8
112.4
125.7
155.9
180.3

133.1
112.7
147.0
184.1
171.3
103.1
126.7
145.8
178.6

128.5
115.0
156.6
187.1
161.1
93.6
118.6
146.4
178.4

128.0
118.1
158.5
195.5
156.4
81.6
115.3
140.1
191.6

129.6
120.5
163.6
183.2
154.5
74.3
127.9
131.9

127.3
128.3
159.7
179.9
159.1
70.9
132.4
116.6
210.4

128.6
120.3
156.0
185.6
151.2
65.3
141.5
121.5
197.7

132.4
121.0
165.5
190.8
126.4
58.2
140.1
132.7
198.8

158.9
135.2
121.7
180.3
171.6
121.7
92.2
151.9
156.9

142.3
119.0
141.4
189.8
168.7
109.1
122.4
151.9
174.6

128.7
117.9
159.6
188.6
157.3
83.2
120.6
139.5
192.9

129.4
123.2
160.4
185.4
145.6
64.8
138.0
123.6

139.8
123.8
145.8
186.0
160.8
94.7
118.3
141.7
181.7

743. CANADA— INDEX OF STOCK PRICES
(1967=100)

3

208.7

202.3

<8>
AVERAGE

FOR P E R I O D

1947. .
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...

19.8
21.1
22.0
29.8
36.1
33.8
30.3
40.9
51.4
54.8

18.4
19.8
21.8
32.6
35.9
33.0
31.5
42.4
51.2
52.5

18.4
19.3
21.8
31.9
35.2
33.0
31.9
42.1
55.0
53.4

20.0
19.3
23.3
32.8
34.8
31.1
33.8
43.1
56.1
56.0

21.6
19.1
24.0
32.6
33.4
30.7
35.0
44.0
54.8
58.3

17.8
24.4
31.7
33.8
30.0
34.8
47.4
54.6
58.2

21.6
18.9
23.1
32.1
34.6
31.1
35.0
48.9
57.5
57.4

20.9
19.6
25.7
33.8
34.8
31.3
36.3
48.9
59.3
52.2

20.9
19.8
27.0
35.9
33.8
29.4
37.1
51.4
56.5
48.6

21.6
20.9
27.7
36.7
31.9
29.2
37.1
48.0
54.4
44.2

22.0
21.8
27.7
34.6
32.8
29.7
39.2
49.3
52.5
44.3

21.6
21.8
27.9
34.8
32.8
29.4
40.6
49.9
53.5
43.9

18.9
20.1
21.9
31.4
35.7
33.3
31.2
41.8
52.5
53.6

21.3
18.7
23.9
32.4
34.0
30.6
34.5
44.8
55.2
57.5

21.1
19.4
25.3
33.9
34.4
30.6
36.1
49.7
57.8
52.7

21.7
21.5
27.8
35.4
32.5
29.4
39.0
49.1
53.5
44.1

20.8
19.9
24.7
33.3
34.2
31.0
35.2
46.4
54.7
52.0

1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...

44.0
57.4
57.9
61.8
74.6
71.3
80.2
99.3
102.6
93.8
101.5

44.4
58.7
55.2
64.1
75.1
70.8
80.3
99.8
102.4
96.7
94.8

45.5
59.1
53.3
67.1
76.1
70.8
81.9
101.6
99.7
97.3
91.7

44.7
58.6
55.2
69.7
74.9
73.9
86.7
102.7
101.5
98.8
98.1

46.7
58.7
56.0
72.9
71.5
76.6
90.1
104.5
97.3
99.5
99.3

48.8
59.1
56.3
71.6
63.3
75.3
89.9
98.8
97.4
99.6
100.1

50.4
62.1
54.6
73.7
62.4
72.9
92.7
93.8
96.6
101.5
103.8

52.3
60.6
56.3
75.9
66.2
71.6
92.2
96.7
91.7
103.8
103.0

53.2
56.1
56.1
75.8
64.4
74.6
93.5
99.1
86.8
104.4
106.1

55.1
56.1
53.8
72.8
62.4
75.5
96.2
99.8
84.8
102.6
108.7

55.8
56.4
56.1
74.0
66.5
74.8
97.6
100.7
87.0
100.7
109.2

55.3
59.1
58.4
75.1
68.0
76.4
94.8
98.1
88.7
101.2
112.6

44.6
58.4
55.5
64.3
75.3
71.0
80.8
100.2
101.6
95.9
96.0

46.7
58.8
55.8
71.4
69.9
75.3
88.9
102.0
98.7
99.3
99.2

52.0
59.6
55.7
75.1
64.3
73.0
92.8
96.5
91.7
103.2
104.3

55.4
57.2
56.1
74.0
65.6
75.6
96.2
99.5
86.8
101.5
110.2

49.7
58.5
55.8
71.2
68.8
73.7
89.7
99.6
94.7
100.0
102.4

1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...

114.5
115.6
109.9
116.9
147.1
139.0
103.0
112.1
107.1

114.3
113.6
108.6
119.9
145.0
141.2
111.3
121.7
108.1

111.2
115.8
111.2
121.1
143.4
145.4
109.9
123.6
110.2

114.0
112.8
111.3
116.4
142.7

119.9
97.4
107.9
124.6
135.9
122.5
116.6
123.9
105.5

112.1
94.1
109.8
125.9
134.7
121.7
116.7
121.6
104.6

106.8
93.5
107.1
127.3
140.4
120.3
119.5
119.4
106.7

106.4
95.7
107.7
135.2
144.5
114.7
116.6
117.4
104.4

110.2
99.3
106.5
133.6
147.0
100.8
113.0
115.8
100.0

110.2
101.4
97.7
132.3
156.2
101.0
107.2
108.9
97.4

114.7
99.8
97.4
133.0
149.3
99.0
107.3
104.1
96.3

114.3
104.8
108.8
140.5
136.8
92.8
105.9
103.2
100.4

113.3
115.0
109.9
119.3
145.2
141.9
108.1
119.1
108.5

115.3
101.4
109.7
122.3
137.8
126.6
115,3
122.7
106.1

107.8
96.2
107.1
132.0
144.0
111.9
116.4
117.5
103.7

113.1
102.0
101.3
135.3
147.4
97.6
106.8
105.4
98.0

112.4
103.6
107.0
127.2
143.6
119.5
111.6
116.2
104.1

-135.6
112.7
122.5
108.3

22.2

: is reprinted for the convenience 2of the user. To facilitate comparisons with foriegn stock price indexes,
'ihis series contains no revision
;rted this series to a 1967 base. This series contains revisions beginning with 1947. 3 This series conthe Bureau of Economic Analysis has conve
tains revisions beginning with 1957.




JUNE (1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Apr.

Mar.

May

June

July

Sept.

Aug.

745. WEST G ERMANY--INDEX OF STOCK PRICES 1

Oct.

Nov.

Dec.

1 Q

18.9
14.0
16.2
27.5
31.6
29.4

10.6
18.7
13.7
16.9
27.3
30.7
28.3

1958...
1959.. .
I960.. .
1961...
1962.. .
1963...
1964.. .
1965...
1966...
1967...
1968...

33.2
55.5
94.6
139.6
121.0
93.7
114.2
112.3
110.3
88.2
123.6

1969.. .
1970.. .
1971...
1972.. .
1973.. .
1974...
1975...
1976.. .
1977...
1978.. .

134.7
144.6
115.7
117.7
138.8
110.3
105.0
131.9
119.5

9.3
9.9

8.4
11.1

8.4

8.5

8.5

8.5

9.0

9.4

10.8
16.9
13.3
17.0
31.6
31.2
29.4

15.7
13.2
17.3
31.9
30.2
28.3

11.6
14.9
13.2
18.3
32.1
29.4
28.3

12.1
14.6
13.3
19.8
33.0
29.0
30.2

12.9
14.6
14.0
20.3
33.9
28.3
30.2

14.0
15.3
14.9
21.6
34.1
28.7
30.2

33.2
55.5
94.6
139.6
120.0
89.8
116.2
110.3
112.3
93.6
125.3

34.2
57.6
95.7
137.6
119.1
92.6
118.2
107.4
110.5
94.6
124.2

36.1
59.6
100.5
140.5
115.1
95.7
116.2
107.4
107.9
93.7
129.9

36.1
69.3
117.1
152.2
98.5
107.4
113.2
105.4
101.0
92.3
131.3

38.1
75.2
141.5
144.5
91.8
104.5
111.3
104.5
96.4
90.6
134.2

39.1
82.9
144.5
133.7
87.8
105.4
113.2
103.4
90.8
92.1
136.7

43.0
94.6
174.7
121.0
91.8
110.3
116.2
105.4
91.8
104.2
137.5

46.8
85.9
155.3
121.0
85.9
110.3
115.1
105.4
95.6
108.4
133.7

136.0
140.5
123.4
125.9
136.3
110.5
112.4
135.0
118.3

136.1
137.7
124.6
130.5
142.2
108.1
120.3
136.5
118.1

136.9
137.3
121.3
134.8
142.1
111.7
124.5
132.6
124.0

143.7
125.2
120.8
138.4
129.7
112.2
119.3
126.7
128.4

144.7
119.6
119.1
135.6
128.1
108.1
114.5
127.2
125.2

138.6
117.5
119.7
134.3
119.8
103.2
117.4
124.8
124.3

144.0
122.2
119.8
138.8
119.1
104.3
119.6
122.0
126.0

746.

IV Q

AVERAGE FOR PERIOD

10.9
17.2
13.3
17.2
28.7
30.7
29.4

9.3

III Q

©

(1967=100)
1947. . .
1948. . .
1949. . .
1950...
1951.. .
1952...
1953...
1954.. .
1955.. .
1956...
1957.. .

II Q

FRANCE — INDEX OF STOCK PRICES 2
(1967=100)

9.0

8.5

9.0

9.4

9.0

9.6

9.3

9.4

15.3
14.4
15.6
23.3
31.5
29.2
30.2

16.7
14.0
15.8
24.2
30.3
28.6
31.3

17.0
13.8
15.7
25.7
31.5
29.0
31.3

10.5
18.3
13.7
16.8
27.8
31.0
29.0

11.2
15.8
13.2
17.5
31.9
30.3
28.7

13.0
14.8
14.1
20.6
33.7
28.7
30.2

16.3
14.1
15.7
24.4
31.1
28.9
30.9

12.7
15.8
14.2
19.8
31.1
29.7
29.7

50.7
84.0
148.4
127.9
84.9
108.4
109.3
102.6
93.0
109.8
136.5

50.7
86.9
143.5
131.8
100.5
104.5
109.3
99.5
89.8
115.7
133.7

52.7
92.6
142.5
125.9
96.6
108.4
112.3
98.5
89.8
116.9
130.7

33.5
56.2
95.0
138.9
120.0
92.0
116.2
110.0
111.0
92.1
124.4

36.8
68.0
119.7
145.7
101.8
102.5
113.6
105.8
101.8
92.2
131.8

43.0
87.8
158.2
125.2
88.5
108.7
114.8
104.7
92.7
101.6
136.0

51.4
87.8
144.8
128.5
94.0
107.1
110.3
100.2
90.9
114.1
133.6

41.2
75.0
129.4
134.6
101.1
102.6
113.7
105.2
99.1
100.0
131.4

145.4
117.2
113.0
134.3
115.8
99.4
115.7
122.3
124.9

151.5
114.8
108.7
130.6
117.6
95.7
118.8
115.9
126.4

156.7
109.5
105.2
132.3
112.0
96.9
126.1
115.8
128.5

150.9
108.6
112.7
131.5
105.5
100.9
128.3
117.1
125.4

135.6
140.9
121.2
124.7
139.1
109.6
112.6
134.5
118.6

141.8
127.4
120.4
136.3
133.3
110.7
119.4
128.8
125.9

142.7
119.0
117.5
135.8
118.2
102.3
117.6
123.0
125.1

153.0
111.0
108.9
131.5
111.7
97.8
124.4
116.3
126.8

143.3
124.6
117.0
132.1
125.6
105.1
118.5
125.6
124.1

25.2
24.8
22.7
21.6
28.4
35.7
38.5
55.3
72.6
81.9
115.3

24.9
26.1
21.8
21.1
30.8
34.6
39.2
67.8
69.6
76.8
101.8

23.2
24.2
22.1
21.5
27.1
35.2
37.7
53.0
70.9
75.2
101.3

®

AVERAGE FOR PERIOD

1947...
1948.. .
1949.. .
1950...
1951...
1952...
1953...
1954.. .
1955...
1956.. .
1957.. .

21.6
24.4
24.5
22.4
22.3
35.2
37.1
41.9
68.1
67.5
77.8

20.6
23.3
22.8
21.0
24.5
37.1
37.1
41.2
68.1
65.8
84.2

22.0
23.5
21.3
21.6
24.8
34.9
36.2
43.0
75.7
69.6
93.8

20.5
23.3
21.7
21.4
25.2
34.9
36.0
45.5
76.7
72.7
95.9

20.5
22.0
20.9
21.4
25.2
32.9
36.2
47.9
67.5
73.4
104.0

23.0
21.4
20.9
22.3
26.2
36.0
37.1
46.8
68.5
76.7
108.3

23.3
24.1
22.0
20.5
25.8
36.0
37.7
50.8
71.3
83.7
117.3

26.0
24.1
23.0
21.6
28.8
36.2
38.5
55.7
71.3
81.2
117.9

26.3
26.2
23.0
22.6
30.5
34.9
39.4
59.3
75.3
80.9
110.8

25.1
27.6
22.4
21.9
31.1
34.8
39.5
61.5
71.3
80.9
102.3

26.0
25.5
21.0
21.6
30.1
34.2
39.0
68.6
67.8
71.3
103.9

23.5
25.3
21.9
19.9
31.2
34.9
39.0
73.2
69.6
78.1
99.1

21.4
23.7
22.9
21.7
23.9
35.7

36.8
42.0
70.6
67.6
85.3

21.3
22.2
21.2
21.7
25.5
34.6
36.4
46.7
70.9
74.3
102.7

1958.. .
1959...
1960...
1961.. .
1962...
1963...
1964...
1965...
1966.. .
1967.. .
1968.. .

99.4
94.0
120.1
149.2
158.2
155.9
141.4
123.2
125.8
98.0
105.3

89.0
94.4
125.3
157.6
174.9
150.8
132.2
119.4
121.2
101.4
103.2

83.0
94.4
122.4
163.7
183.8
151.2
126.5
124.6
116.3
97.1
111.9

84.1
100.6
130.1
165.2
184.0
145.5
126.8
123.0
112.7
94.4
116.1

84.7
108.1
132.6
166.1
167.6
141.8
120.1
121.2
109.5
98.2
109.9

80.6
106.7
137.8
160.8
158.6
137.8
112.8
115.6
108.7
96.6
105.9

79.5
113.6
142.3
152.3
163.7
144.5
128.1
112.1
106.5
92.8
101.4

80.9
116.9
149.1
153.0
162.4
150.3
128.5
116.3
107.3
98.2
104.4

84.1
116.7
140.7
148.2
163.5
142.9
121.2
115.2
100.4
108.8
104.0

82.5
125.4
135.8
149.0
155.1
139.1
123.6
112.0
99.4
107.9
102.4

81.4
132.2
142.1
158.8
164.4
133.4
126.5
110.9
106.3
105.2
104.4

81.4
132.7
138.3
163.5
159.1
133.8
126.0
115.5
102.7
101.5
107.5

90.5
94.3
122.6
156.8
172.3
152.6
133.4
122.4
121.1
98.8
106.8

83.1
105.1
133.5
164.0
170.1
141.7
119.9
119.9
110.3
96.4
110.6

81.5
115.7
144.0
151.2
163.2
145.9
125.9
114.5
104.7
99.9
103.3

81.8
130.1
138.7
157.1
159.5
135.4
125.4
112.8
102.8
104.9
104.8

84.2
111.3
134.7
157.3
166.3
143.9
126.1
117.4
109.7
100.0
106.4

1969.. .
1970...
1971...
1972.. .
1973...
1974...
1975.. .
1976...
1977...
1978.. .

111.9
152.8
135.7
127.7
159.0
157.8
162.0
143.5
116.0

119.2
148.7
139.3
130.2
158.2
152.2
122.9
150.8
109.7

128.5
145.7
136.9
140.3
168.8
139.4
131.0
146.6
101.6

127.0
140.3
137.0
147 .0
174.8
148.7
141.8
140.1
93.9

134.3
135.8
140.7
155.5
179.4
132.5
130.2
138.2
97.2

122.5
132.5
140.1
147.2
173.3
122.4
126.6
135.4
104.0

119.7
136.6
141.3
155.8
166.8
123.4
131.4
129.7
99.8

125.6
138.2
135.3
162.0
163.9
113.9
136.9
130.5
105.3

125.8
135.1
128.2
163.2
164.7
96.7
133.9
126.8
109.7

134.3
136.9
118.4
163.7
167.2
103.8
135.8
112.5
111.9

132.2
133.9
124.1
153.0
152.0
103.4
141.1
108.4
111.3

137.4
135.5
123.7
149.2
151.6
106.5
139.5
115.2
105.3

119.9
149.1
137.3
132.7
162.0
149.8
138.4
147.0
109.1

127.9
136.2
139.3
149.9
175.8
134.5
132.9
137.9
98.4

123.7
136.6
134.9
160.3
165.1
111.3
134.1
129.0
104.9

134.6
135.4
122.1
155.3
156.9
104.6
138.8
112.0
109.5

126.5
139.3
133.4
149.6
165.0
125.1
136.1
131.5
105.5

747.

ITALY— INDEX OF STOCK PRICES 1
(1967=100)

©

AVERAGE FOR PERIOD

1948 ...
1949.. .
1950...
1951.. .
1952...
1953.. .
1954.. .
1955.. .
1956.. .
1957.. .

26.2
24.6
25.3
28.2
38.9
36.8
52.5
57.0
60.2

27.8
24.3
26.3
29.5
38.3
38.1
53.0
57.6
61.1

27.2
23.1
27.0
30.1
36.6
38.1
50.5
55.8
61.6

26.4
23.8
25.5
28.5
34.7
36.2
50.2
53.1
61.3

23.8
22.9
25.6
28.2
35.4
37.3
51.6
54.5
62.7

21.8
22.3
25.3
29.2
35.0
37.9
55.6
51.9
63.9

22.8
21.4
25.5
30.3
36.1
40.2
59.5
53.8
62.6

23.7
23.3
26.2
31.3
37.7
41.7
63.3
57.2
64.3

23.6
23.6
26.7
31.8
38.0
42.6
64.7
55.9
64.7

23.5
25.9
26.9
33.7
37.5
44.1
63.2
55.9
63.7

23.2
26.0
27.0
35.6
37.3
45.7
61.9
56.5
62.8

23.6
24.8
26.8
36.2
37.4
48.2
58.6
57.9
61.1

1958...
1959.. .
1960...
1961.. .
1962...
1963...
1964...
1965...
1966.. .
1967...
1968...

61.5
75.0
121.0
157.2
151.8
130.8
110.3
82.3
108.7
105.4
98.9

61.7
77.8
119.2
166.6
151.0
121.0
104.2
87.9
113.2
104.6
96.5

60.7
81.7
117.1
163.6
153.2
118.8
98.5
98.0
115.1
94.4
98.4

59.8
89.5
121.4
164.2
147.3
123.3
89.3
96.9
106.2
95.3
100.4

60.6
90.9
128.3
174.2
148.6
123.5
95.3
95.0
105.4
98.0
99.7

59.3
94.1
143.2
178.3
138.2
128.1
86.4
90.3
106.0
96.4
98.0

59.8
101.9
149.3
165.1
136.1
123.9
84.5
88.2
107.6
95.7
99.9

61.7
110.4
175.9
165.8
136.6
120.3
83.8
92.5
108.6
98.5
101.3

63.0
103.8
188.7
158.2
131.2
115.5
92.6
91.1
107.4
102.7
100.3

65.2
103.5
170.6
163.6
120.0
111.1
92.7
90.7
110.2
105.8
96.5

68.9
111.1
153.7
165.0
126.9
115.7
89.6
90.7
108.7
103.1
93.4

1969...
1970.. .
1971.. .
1972.. .
1973.. .
1974...
1975.. .
1976...
1977.. .
1978.. .

99.2
115.3
90.7
77.8
82.4
106.3
71.4
60.0
52.9

98.1
115.2
93.4
75.4
84.0
108.5
79.5
62.6
50.0

100.1
115.5
93.0
73.5
92.7
111.9
81.7
58.3
48.7

111.8
119.5
88.3
78.5
96.4
116.1
78.3
52.9
46.2

112.9
111.6
84.4
79.2
108.8
106.1
77.5
53.6
44.4

110.7
106.0
82.8
77.7
124.5
96.5
73.0
56.7
43.4

107.8
102.8
82.8
80.1
117.7
90.5
66.1
64.3
43.9

111.8
106.7
81.7
80.1
104.8
88.0
64.3
63.9
45.3

112.4
102.5
77.7
78.8
106.1
76.3
64.1
59.5
50.3

119.6
100.8
77.8
80.3
108.6
73.7
60.2
51.6
46.2

120.3
95.5
74.9
85.4
107.3
79.4
58.9
50.3
43.6

52.0
56.8
61.0

24.0
23.0
25.5
28.6
35.0
37.1
52.5
53.2
62.6

23.4
22.8
26.1
31.1
37.3
41.5
62.5
55.6
63.9

23.4
25.6
26.9
35.2
37.4
46.0
61.2
56.8
62.5

24.5
23.8
26.2
31.0
36.9
40.6
57.0
55.6
62.5

70.7
114.9
143.0
155.4
136.3
117.7
85.4
98.0
106.9
99.9
98.4

61.3
78.2
119.1
162.5
152.0
123.5
104.3
89.4
112.3
101.5
97.9

59.9
91.5
131.0
172.2
144.7
125.0
90.3
94.1
105.9
96.6
99.4

61.5
105.4
171.3
163.0
134.6
119.9
87.0
90.6
107.9
99.0
100.5

68.3
109.8
155.8
161.3
127.7
114.8
89.2
93.1
108.6
102.9
96.1

62.7
96.2
144.3
164.8
139.8
120.8
92.7
91.8
108.7
100.0
98.5

114.8
94.1
76.7
85.3
96.5
72.3
61.1
55.6
40.0

99.1
115.3
92.4
75.6
86.4
108.9
77.5
60.3
50.5

111.8
112.4
85.2
78.5
109.9
106.2
76.3
54.4
44.7

110.7
104.0
80.7
79.7
109.5
84.9
64.8
62.6
46.5

118.2
96.8
76.5
83.7
104.1
75.1
60.1
52.5
43.3

110.0
107.1
83.7
79.3
102.5
93.8
69.7
57.4
46.2

'This series contains revisions beginning with the first year shown. 2 This series contains revisions beginning with 1952.




27.1
24.0
26.2
29.3
37.9
37.7

JUNE (1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Mar.

Apr.

May

June

July

7 4 8 . J A P A N — I N D E X OF STOCK PRICES 1
(1967=100)

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

III Q

IV Q

©
AVERAGE FOR PERIOD

1947 . . .
1948.. .
1949.. .
1950...
1951...
1952. . .
1953...
1954...
1955...
1956...
1957...

3.3
10.1
8.2
8.9
14.8
34.6
30.1
30.8
35.5
48.6

4.8
9.6
8.8
10.0
15.8
36.1
30.0
31.2
35.7
48.3

5.8
11.9
8.5
10.7
15.2
30.0
28.0
29.5
36.9
47.4

5.8
12.5
7.8
10.1
16.0
27.3
27.5
29.3
39.3
48.8

5.2
14.3
8.1
10.3
17.6
29.3
27.3
29.2
40.0
45.7

4.8
13.4
7.5
11.1
19.5
28.3
28.0
29.5
41.9
43.8

5.3
12.0
8.0
10.9
20.9
29.9
28.3
29.6
41.4
41.5

5.3
13.4
8.9
11.6
21.4
33.4
28.2
31.4
41.7
42.6

4.8
13.9
8.9
12.2
21.5
35.7
29.4
32.1
40.6
43.8

5.1
12.2
8.8
13.5
24.7
36.2
28.3
33.4
41.3
42.3

6.1
11.1
9.2
13.3
28.0
35.4
26.9
33.4
44.3
41.5

8.1
9.4
8.5
13.3
29.7
34.2
28.1
34.1
46.0
40.4

4.6
10.5
8.5
9.9
15.3
33.6
29.4
30.5
36.0
48.1

5.3
13.4
7.8
10.5
17.7
28.3
27.6
29.3
40 .4
46.1

5.1
13.1
8.6
11.6
21.3
33.0
28.6
31.0
41.2
42.6

6.4
10.9
8.8
13.4
27.5
35.3
27.8
33.6
43.9
41.4

5.4
12.0
8.4
11.3
20.4
32.5
28.3
31.1
40.4
44.6

1958.. .
1959...
1960...
1961...
1962. . .
1963.. .
1964.. .
1965.. .
1966.. .
1967.. .
1968.. .

41.8
56.2
76.5
102.8
93.7
93.2
88.1
86.4
96.3
100.8
92.9

43.5
58.4
78.5
107.6
98.0
97.1
88.4
86.4
98.5
103.3
94.6

43.2
61.5
81.0
104.4
93.2
101.9
86.1
82.1
101.6
103.0
94.8

44.3
62.7
86.9
108.1
86.9
109.5
83.8
79.6
101.1
101.1
98.2

45.4
64.6
85.0
107.6
88.4
109.2
88.4
79.0
102.5
104.2
101.9

46.9
67.5
83.6
107.3
89.5
108.1
91.2
76.5
99.9
105.3
105.0

46.3
69.4
88.1
112.4
90.9
102.8
92.0
75.1
99.4
105.3
109.0

47.1
70.9
90.3
106.7
89.2
94.6
89.5
82.1
100.5
99.1
114.0

47.7
74.2
94.6
97.4
85.3
94.0
86.4
87.2
99.6
96.0
123.4

50.0
77.9
98.0
70.0
79.0
92.0
82.4
84.4
98.5
96.5
122.8

51.4
79.0
99.4
88.9
87.8
88.1
80.7
88.1
98.2
94.6
117.7

53.4
76.8
96.3
85.8
91.2
84.1
81.3
91.7
97.1
90.9
118.3

42.8
58.7
78.7
104.9
95.0
97.4
87.5
85.0
98.8
102.4
94.1

45.5
64.9
85.2
107.7
88.3
108.9
87.8
78.4
101.2
103.5
101.7

47.0
71.5
91.0
105.5
88.5
97.1
89.3
81.5
99.8
100.1
115.5

51.6
77.9
97.9
81.6
86.0
88.1
81.5
88.1
97.9
94.0
119.6

46.8
68.3
88.2
99.9
89.4
97.9
86.5
83.2
99.4
100.0
107.7

1969.. .
1970.. .
1971.. .
1972.. .
1973.. .
1974.. .
1975.. .
1976.. .
1977...
1978...

124.2
160.6
139.4
187.2
372.1
282.0
250.1
305.4
343.8

125.6
158.4
145.1
195.6
350.0
296.1
271.6
305.2
344.7

126.7
165.1
154.4
206.1
349.2
291.6
284.0
309.4
341.3

131.5
164.6
164.0
221.0
330.8
293.0
290.5
302.9
339.3

136.6
142.0
165.4
232.0
326.0
303.2
298.7
309.1
343.3

138.3
142.8
174.7
246.7
325.2
306.0
297.0
319.3
340.7

135.8
143.7
182.6
262.5
341.3
295.3
293.0
318.1
339.6

133.2
144.5
171.9
278.6
337.3
270.7
280.6
321.8
345.0

140.9
141.7
163.2
288.2
320.1
261.1
271.0
321.5
351.2

144.5
139.7
159.2
297.2
312.2
239.7
279.5
318.4
345.0

149.3
139.4
160.9
314.7
300.9
245.0
286.0
314.2
332.5

155.0
134.4
171.1
339.9
273.8
255.5
286.2
330.6
328.6

125.5
161.4
146.3
196.3
357.1
289.9
268.6
306.7
343.3

135.5
149.8
168.0
233.2
327.3
300.7
295.4
310.4
341.1

136.6
143.3
172.6
276.4
332.9
275.7
281.5
320.5
345.3

149.6
137.8
163.7
317.3
295.6
246.7
283.9
321.1
335.4

136.8
148.1
162.7
255.8
328.2
278.3
282.4
314.7
341.2

963.

D I F F U S I O N INDEX OF N U M B E R OF EMPLOYEES ON P R I V A T E NONAGRICULTURAL PAYROLLS — 172 I N D U S T R I E S 2
( P E R C E N T R I S I N G OVER 1-MONTH SPANS)

AVERAGE FOR PERIOD

1947. . .
1949. . .
1950.. .
1951...

1958.. .
1959.. .
I960...
1961.. .
1962...
1963.. .
1964.. .
1965.. .
1966.. .
1967...
1968...
1969...
1970.. .
1971.. .
1972. ..
1973. . .
1974.. .
1975.. .
1976.. .
1977.. .
1978.. .

83.0
67.5
40.8
56.9
57.5
57.2
70.4
73.1
63.8
45.3

11.0
64.4
70.9
36.2
72.5
46.4
70.1
70.4
79.3
42.2
72.7

17.3
77.3
46.3
55.1
60.8
65.9
61.7
76.3
81.4
50.3
59.6

19.2
77.6
52.1
55.1
71.6
65.9
65.9
71.6
74.9
49.1
65.1

35.8
79.8
43.9
69.5
62.9
64.4
69.2
65.3
71.6
47.4
58.7

50.3
69.6
37.4
70.1
57.2
53.0
62.3
66.8
77.8
57.8
69.2

54.4
65.0
43.3
62.6
53.3
61.4
72.8
77.8
65.9
51.5
64.2

72.3
55.5
39.3
69.5
63.2
61.7
62.3
64.1
66.5
63.7
66.3

84.0
72.1
34.0
53.9
53.6
61.7
80.8
79.0
42.5
50.9
58.7

68.6
48.2
35.0
69.5
57.2
60.5
56.0
74.6
67.1
53.5
69.5

74.2
58.3
29.1
70.4
46.1
47.6
65.6
79.9
64.7
70.9
74.4

71.1
73.6
21.2
68.6
50.0
58.4
68.9
80.5
65.0
66.3
67.2

74 ".9
61.6
44.0
63.4
56.6
63.0
72.4
77.9
52.1
59.2

35.1
75.7
44.5
64.9
63.9
61.1
65.8
67.9
74.8
51.4
64.3

70.2
64.2
38.9
62.0
56.7
61.6
72.0
73.6
58.3
55.4
63.1

71.3
60.0
28.4
69.5
51.1
55.5
63.5
78.3
65.6
63.6
70.4

68 '.7
43.3
60.1
58.8
58.7
66.1
73.1
69.2
55.6
64.2

64.5
50.9
41.6
71.5
70.1
63.1
18.0
78.2
76.2

69.5
44.8
37.5
75.6
79.7
58.7
21.2
72.4
66.0

66.0
39.0
41.0
68.9
68.3
48.5
26.5
69.5
74.7

62.2
30.8
57.6
63.4
61.0
50.6
41.0
70.1
68.0

59.3
25.6
65.7
62.8
50.0
51.7
51.5
58.1
64.8

70.1
34.6
38.4
66.0
57.6
51.7
43.0
57.8
71.2

62.2
51.2
57.3
45.9
54.4
48 .0
56.1
58.4
59.3

58.7
31.4
49.1
61.6
53.5
40.4
73.3
49.1
51.7

42.2
48.0
77.0
62.8
51.7
33.4
67.4
64.8
60.8

55.8
28.5
46.8
66.3
65.1
34.6
68.3
47.1
60.5

54.4
28.2
63.1
73.5
76.7
26.5
60.5
67.4
73.8

59.3
41.9
62.5
73.5
70.1
20.1
71.5
66.6
72.1

66.7
44.9
40.0
72.0
72.7
56.8
21.9
73.4
72.3

63.9
30.3
53.9
64.1
56.2
51.3
45.2
62.0
68.0

54.4
43.5
61.1
56.8
53.2
40 .6
65.6
57.4
57.3

56.5
32.9
57.5
71.1
70.6
27 .1
66.8
60.4
68.8

60.4
37.9
53.1
66.0
63.2
43.9
49.9
63.3
66.6

9 6 3 . D I F F U S I O N I N D E X OF N U M B E R OF EMPLOYEES ON PRIVATE N O N A G R I C U L T U R A L PAYROLLS — 172 I N D U S T R I E S 2
( P E R C E N T RISING OVER 6-MONTH SPANS)

1958. ..
1959.. .
1960...
1961. . .
1962. . .
1963.. .
1964. ..
1965.. .
1966.. .
1967.. .
1968.. .

1969.. .
1970.. .
1971. ..
1972...
1973.. .
1974. . .
1975...
1976.. .
1 9 7 7 ...
1978. . .

AVERAGE FOR P E R I O D

92.1
70.2
24.2
77.5
58.4
66.5
80.8
88.3
61.1
73.5

89.9
66.9
28.2
77.2
63.8
71.9
78.4
85.9
53.6
70.9

89.3
54.6
55.8
75.4
64.4
74.3
81.1
85.9
52.1
75.0

15.4
83.4
46.6
59.0
71.3
66.8
78.1
80.5
81.7
48.8
77.9

23.9
81.3
38.3
73.7
68.0
74.3
74.9
82.3
79.0
52.3
73.5

49.4
77.3
36.5
71.6
67.4
71.3
80.5
85.9
74.3
51.7
75.3

66.4
66.0
26.7
78.1
61.1
68.6
78.7
86.8
77.2
59.6
78.5

76.4
60.4
24.5
76.9
50.9
61.7
82.6
87.4
74.9
66.0
78.5

80.8
63.5
21.5
75.7
49.7
65.9
82.6
89.2
71.3
67.7
77.6

87.4
66.6
19.9
70.4
52.4
64.7
79.3
87.4
68.0
64.2
77.0

90.3
72.4
20.2
73.1
45.5
65.6
82.0
89.2
65.0
66.9
76.5

86.8
63.5
20.9
72.5
54.2
67.7
82.0
90.7
65.0
70.9
76.7

90 .4
63.9
36.1
76.7
62.2
70.9
80.1
86.7
55.6
73.1

29.6
80.7
40.5
68.1
68.9
70.8
77.8
82.9
78.3
50.9
75.6

74.5
63.3
24.2
76.9
53.9
65.4
81.3
87.8
74.5
64.4
78.2

88.2
67.5
20.3
72.0
50.7
66.0
81.1
89.1
66.0
67.3
76.7

75.5
37.2
63.3
62.6
66.1
77.8
85.0
76.4
59.6
75.9

76.7
41.0
38.4
82.0
88.4
66.9
11.9
87.2
88.1

71.2
34.9
43.6
83.4
84.0
61.0
12.8
85.8
87.8

73.5
28.2
44.2
86.3
76.2
54.9
18.6
82.0
85.2

77.3
30.5
49.4
79.1
70.6
52.6
29.4
75.6
79.4

77.0
20.3
50.6
74.1
63.4
45.6
48.3
68.3
75.9

70.6
22.7
61.6
72.4
58.1
41.9
57.3
71.2
72.1

67.7
24.1
55.2
75.0
62.2
37.5
67.2
63.1
69.8

59.3
24.1
56.1
78.5
71.5
31.7
69.2
65.1
74.1

57.3
28.8
62.8
77.9
71.8
22.4
75.9
66.3
72.1

54.7
27.6
70.3
82.0
70.6
19.2
80.5
73.3
77.9

53.5
30.5
77.6
84.9
73.3
15.1
84.0
78.8
82.0

49.7
26.7
77.6
84.9
73.8
12.5
83.7
81.4
83.1

73.8
34.7
42.1
83.9
82.9
60.9
14.4
85.0
87.0

75.0
24.5
53.9
75.2
64.0
46.7
45.0
71.7
75.8

61.4
25.7
58.0
77.1
68.5
30.5
70.8
64.8
72.0

52.6
28.3
75.2
83.9
72.6
15.6
82.7
77.8
81.0

65.7
28.3
57.3
80.0
72.0
38.4
53.2
74.8
79.0

'"This series contains revisions beginning with 1948. zThis series contains revisions beginning with 1972.




JUNE (1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Annual

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

950. DIFFUSION INDEX OF 12 LEADING INDICATOR COMPONENTS
PERCENT RISING OVER 1-MONTH SPANS)

29.2
75.0
58.3
79.2
62.5
58.3
75.0
37.5
33.3

20.0
45.8
91.7
54.2
66.7
45.8
83.3
91.7
25.0
33.3

60.0
41.7
70.8
45.8
58.3
70.8
66.7
58.3
50.0
50.0

60.0
33.3
95.8
41.7
33.3
37.5
83.3
54.2
66.7
29.2

40.0
50.0
75.0
41.7
58.3
33.3
91.7
45.8
25.0
58.3

54.2
41.7
62.5
29.2
75.0
12.5
100.0
58.3
33.3
66.7

25.0
75.0
66.7
33.3
50.0
33.3
79.2
70.8
58.3
37.5

20.8
75.0
54.2
45.8
50.0
29.2
66.7
54.2
45.8
33.3

33.3
83.3
25.0
66.7
75.0

1958.. .
1959...
I960.. .
1961...
1962...
1963.. .
1964.. .
1965...
1966.. .
1967.. .
1968.. .

58,3
83.3
37.5
58.3
54.2
66.7
54.2
66.7
70.8
50.0
33.3

45.8
75.0
25.0
66.7
70.8
83.3
50.0
70.8
66.7
41.7
66.7

58.3
75.0
8.3
87.5
58.3
50.0
54.2
62.5
58.3
54.2
50.0

70.8
54.2
58.3
100.0
45.8
66.7
87.5
50.0
37.5
66.7
29.2

87.5
58.3
50.0
70.8
16.7
75.0
62.5
70.8
29.2
75.0
66.7

91.7
29.2
54.2
79.2
29.2
37.5
58.3
54.2
20.8
79.2
79.2

79.2
33.3
54.2
66.7
91.7
37.5
75.0
58.3
29.2
79.2
58.3

1969...
1970.. .
1971.. .
1972...
1973.. .
1974.. .
1975.. .
1976.. .
1977...
1978.. .

58.3
16.7
66.7
87.5
62.5
41.7
20.8
83.3
45.8

37.5
33.3
66.7
75.0
62.5
62.5
33.3
50.0
50.0

25.0
41.7
87.5
79.2
41.7
45.8
58.3
58.3
83.3

66.7
41.7
45.8
58.3
33.3
33.3
83.3
50.0
50.0

37.5
62.5
50.0
37.5
54.2
33.3
91.7
66.7
41.7

41.7
29.2
58.3
66.7
37.5
16.7
91.7
79.2
58.3

29.2
58.3
45.8
66.7
37.5
16.7
83.3
50.0
45.8

25.0
100.0
45.8
66.7
41.7
83.3
83.3
25.0
16.7

25.0
100.0
37.5
70.8
25.0
87.5
83.3
25.0
8.3

45.0
41.7
100.0
29.2
75.0
25.0
91.7
75.0
25.0
20.8

40.0
54.2
83.3
25.0
58.3
25.0
87.5
75.0
33.3
33.3

30.0
91.7
66.7
33.3
83.3
8.3
95.8
70.8
25.0
25.0

83.3
54.2
41.7
25.0

12.5
66.7
20.8
50.0
62.5
33.3
83.3
58.3
54.2
0.0

25.0
58.3
33.3
66.7
66.7
62.5
54.2
25.0
37.5
25.0

38.9
79.2
52.8
68.1
59.7
69.4
75.0
37.5
38.9

51.4
41.7
77.8
37.5
55.5
27.8
91.7
52.8
41.7
51.4

26.4
77.8
48.6
48.6
58.3
23.6
76.4
59.7
48.6
31.9

27.8
59.7
33.3
55.6
61.1
48.6
79.2
36.1
47.2
16.7

54 '5
.
59.7
48.6
60.8
39.9
79.2
55.9
43.8
34.7

91.7
41.7
50.0
70.8
70.8
41.7
66.7
45.8
33.3
100.0
50.0

100.0
41.7
58.3
41.7
75.0
79.2
75.0
37.5
29.2
54.2
83.3

66.7
25.0
25.0
83.3
45.8
79.2
58.3
66.7
29.2
37.5
66.7

87.5
41.7
33.3
75.0
54.2
41.7
75.0
70.8
33.3
70.8
66.7

45.8
50.0
37.5
62.5
62.5
58.3
50.0
62.5
41.7
75.0
62.5

54.1
77.8
23.6
70.8
61.1
66.7
52.8
66.7
65.3
48.6
50.0

83.3
47.2
54.2
83.3
30.6
59.7
69.4
58.3
29.2
73.6
58.4

90.3
38.9
54.2
59.7
79.2
52.8
72.2
47.2
30.6
77.8
63.9

66.7
38.9
31.9
73.6
54.2
59.7
61.1
66.7
34.7
61.1
65.3

73.6
50.7
41.0
71.9
56.2
59.7
63.9
59.7
39.9
65.3
59.4

41.7
41.7
37.5
75.0
29.2
16.7
62.5
37.5
70.8

50.0
79.2
50.0
87.5
45.8
25.0
62.5
45.8
54.2

33.3
58.3
75.0
79.2
70.8
12.5
62.5
37.5
75.0

20.8
45.8
66.7
75.0
66.7
8.3
62.5
75.0
70.8

25.0
66.7
91.7
79.2
33.3
25.0
41.7
50.0
58.3

40.3
30.6
73.6
80.6
55.6
50.0
37.5
63.9
59.7

48.6
44.5
51.4
54.2
41.7
27.8
88.9
65.3
50.0

40.3
59.7
44.4
76.4
37.5
19.5
69.4
44.4
56.9

26.4
56.9
77.8
77.8
56.9
15.3
55.6
54.2
68.0

38.9
47.9
61.8
72.2
47.9
28.1
62.8
56.9
58.7

8.3

1958.. .
1959.. .
I960.. .
1961.. .
1962.. .
1963.. .
1964.. .
1965.. .
1966.. .
1967.. .
1968...

41.7
91.7
25.0
70.8
62.5
87.5
83.3
54.2
83.3
41.7
62.5

54.2
83.3
41.7
100.0
20.8
100.0
83.3
54.2
66.7
41.7
50.0

95.8
83.3
8.3
91.7
29.2
83.3
91.7
62.5
45.8
62.5
50.0

91.7
54.2
16.7
91.7
41.7
83.3
91.7
45.8
25.0
70.8
83.3

100.0
3^.5
33.3
100.0
29.2
54.2
83.3
50.0
16.7
83.3
58.3

1969.. .
1970...
1971.. .
1972...
1973...
1974.. .
1975.. .
1976.. .
1977.. .
1978.. .

66.7
16.7
91.7
100.0
75.0
25.0
25.0
83.3
91.7

45.8
25.0
91.7
91.7
58.3
20.8
33.3
91.7
79.2

33.3
25.0
75.0
83.3
62.5
25.0
75.0
79.2
70.8

29.2
37.5
70.8
83.3
50.0
25.0
91.7
75.0
58.3

37.5
33.3
58.3
100.0
25.0
8.3
100.0
75.0
83.3

AVERAGE FOR PERIOD

100.0
58.3
20.8
16.7

16.7
91.7
62.5
33.3
83.3
8.3
100.0
75.0
58.3
0.0

16 .7
91.7
50.0
33.3
83.3
16.7
91.7
58.3
50.0

100.0
25.0
62.5
100.0
41.7
62.5
83.3
54.2
25.0
91.7
70.8

100.0
16.7
50.0
91.7
45.8
66.7
66.7
83.3
16.7
100.0
91.7

100.0
0.0
45.8
91.7
66.7
66.7
83.3
70.8
8.3
100.0
91.7

41.7
33.3
41.7
95.8
29.2
0.0
100.0
70.8
54.2

16.7
33.3
54.2
95.8
33.3

0.0
41.7
66.7
91.7
29.2
0.0
83.3
62.5
58.3

20 .0
91.7
66.7
33.3
75.0

8.3

8.3
91.7
50.0
62.5

16 . 7

8. 3

loo'.o

ioo!o

16.7
75.0
83.3
33.3
100.0
20.8
33.3

0.0

45.8
75.0
58.3
41.7
100.0
25.0
33.3
20 .R

100.0
16.7
41.7
91.7
83.3
70.8
87.5
87.5
12.5
91.7
91.7

91.7
25.0
41.7
83.3
91.7
70.8
83.3
91.7
20.8
70.8
91.7

91.7
25.0
37.5
83.3
87.5
87.5
75.0
83.3
33.3
70.8
83.3

0.0

16.7
66.7
91.7
91.7
25.0
0.0
83.3
50.0
66.7

66.7
66.7
91.7
29.2

0.0
66.7
58.3
70.8

0.0

91.7

0.0
37.5
87.5
79.2
79.2
66.7
83.3
50.0
70.8
66.7

8.3

8.3

75.0
91.7
91.7
33.3

100.0
100.0
83.3
25.0
16.7
83.3
66.7
66.7

8.3
83.3
62.5
75.0

25!o
98.6
41.7
65.3
43.1
76.4
86.1
27.8
11.1

38.3
62.5
83.3
29.2
72.2
19.4
91.7
73.6
27.8
26.4

17.8
91.7
59.7
33.3
80.5
11.1
97.2
63.9
43.0
5.6

13.9
94.4
33.3
69.4
75.0
33.3
97.2
34.7
40.3
9.7

68.4
68.8
43.4
73.2
26.7
90.6
64.6
34.7
13.2

63.9
86.1
25.0
87.5
37.5
90.3
86.1
57.0
65.3
48.6
54.2

97.2
38.9
37.5
97.2
37.5
66.7
86.1
50.0
22.2
81.9
70.8

100.0
11.1
45.8
91.7
65.3
68.1
79.2
80.5
12.5
97.2
91.7

91.7
16.7
38.9
84.7
86.1
79.2
75.0
86.1
34.7
70.8
80.6

88.2
38.2
36.8
90.3
56.6
76.0
81.6
68.4
33.7
74.6
74.3

48.6
22.2
86.1
91.7
65.3
23.6
44.4
84.7
80.6

36.1
34.7
56.9
93.0
34.7
11.1
97.2
73.6
65.3

5.6
47.2
62.5
93.1
30.6
2.8
80.6
56.9
63.9

11.1
80.6
94.5
88.9
27.8
8.3
83.3
59.7
69.5

25.4
46.2
75.0
91.7
39.6
11.4
76.4
68.8
69.8

16.7

8 3 '3
.
37.5
58.3
83.3
25.0
91.7
58.3
54.2
8.3

951. DIFFUSION INDEX OF 4 ROUGHLY COINCIDENT INDICATOR COMPONENTS
(PERCENT RISING OVER 1 -MONTH SPANS)
1947. . .
1948.. .
1949.. .
1950.. .
1951...
1952. .
.
1953...
1954.. .
1955.. .
1956.. .
1957.. .

0.0
75.0
75.0
75.0
100.0
25.0
100.0
50.0
25.0

75.0
0.0
50.0
50.0
100.0
100.0
50.0
100.0
50.0
100.0

75.0
25.0
100.0
75.0
50.0
100.0
0.0
100.0
62.5
62.5

50.0
0.0
100.0
62.5
50.0
75.0
25.0
100.0
100.0
12.5

75.0
25.0
100.0
50.0
62.5
50.0
50.0
100.0
25.0
0.0

100.0
37.5
100.0
50.0
50.0
50.0
75.0
75.0
75.0
75.0

1958.. .
1959.. .
I960.. .
1961.. .
1962.. .
1963.. .
1964...
1965.. .
1966...
1967...
1968.. .

0.0
75.0
100.0
50.0
25.0
62.5
100.0
75.0
100.0
100.0
25.0

12.5
100.0
25.0
50.0
87.5
100.0
100.0
100.0
100.0
37.5
75.0

0.0
100.0
0.0
100.0
100.0
100.0
62.5
100.0
100.0
75.0
100.0

0.0
100.0
75.0
75.0
100.0
100.0
100.0
100.0
75.0
100.0
75.0

75.0
100.0
37.5
100.0
62.5
75.0
100.0
75.0
75.0
62.5
100.0

100.0
100.0
25.0
100.0
50.0
100.0
75.0
100.0
100.0
75.0
100.0

100.0
25.0

1969...
1970.. .
1971...
1972.. .
1973...
1974.. .
1975.. .
1976.. .
1977...
1978...

100.0
0.0
100.0
100.0
100.0
50.0
0.0
100.0
25.0

100.0
75.0
25.0
75.0
100.0
25.0
25.0
100.0
100.0

100.0
62.5
87.5
100.0
75.0
50.0
12.5
100.0
100.0

75.0
25.0
100.0
100.0
62.5
25.0
75.0
100.0
75.0

50.0
25.0
100.0
100.0
75.0
75.0
100.0
75.0
75.0

100.0
25.0
62.5
75.0
75.0
75.0
75.0
87.5
100.0

NOTE: These series contain revisions beginning with 1948.




12.5
100.0
50 .0
75.0
50.0
25.0
100.0
100.0
75.0

0.0

0.0

100.0
25.0
25.0
62.5
50.0
100.0
100.0
87.5
75.0
75.0
87.5

100.0
50.0
25.0
100.0
100.0
100.0
12.5
100.0
100.0
50.0
100.0

100.0
75.0

87.5
50.0
87.5
75.0
100.0
50.0
100.0
50.0
75.0

100.0
0.0
62.5
100.0
100.0
25.0
100.0
25.0
100.0

50.0
100.0
50.0
25.0
100.0

75.0
100.0
62.5
100.0
100.0
75.0
75.0
75.0

75.0
0.0
0.0
100.0
100.0
75.0
75.0
75.0
100.0
100.0
75.0

100.0
100.0
75.0
75.0
75.0
50.0
100.0
100.0
75.0

100.0
25.0
37.5
100.0
37.5
12.5
100.0
100.0
75.0

0.0
0.0
62.5
50.0
100.0

0.0
62.5

0.0

AVERAGE FOR PERIOD

75.0
0.0
75.0
87.5
87.5
25.0
100.0
75.0
100.0
0.0

62.5
100.0
100.0
50.0
100.0
0.0
25.0
50.0
100.0
62.5

62.5

100.0
12.5

IV Q

45.8
54.2
45.8
50.0
54.2
50.0
100.0
25.0
50.0
25.0

950. DIFFUSION INDEX OF 12 LEADING INDICATOR COMPONENTS
(PERCENT RISING OVER 6-MONTH SPANS)

25.0
95.8
41.7
58.3
62.5
58.3
91.7
33.3
8.3

III Q

AVERAGE FOR PERIOD

1947. . .
1948.. .
1949.. .
1950.. .
1951...
1952...
1953.. .
1954...
1955...
1956.. .
1957.. .

1947. . .
1948. . .
1949.. .
1950.. .
1951.. .
1952.. .
1953...
1954. . .
1955...
1956...
1957.. .

II Q

0.0
100.0
100.0
100.0

0.0
100.0
100.0
37.5
100.0
100.0
50.0
100.0
100.0

0.0
0.0
100.0
100.0
100.0

0.0

s!3
75.0
66.7
75.0
100.0
25.0
100.0
54.2
62.5

75.0
20.8
100.0
54.2
54.2
58.3
50.0
91.7
66.7
29.2

58.3
66.7
83.3
29.2
66.7
20.8
58.3
83.3
66.7
41.7

37.5
58.3
75.0
79.2
79.2
16.7
100.0
91.7
91.7
0.0

38.5
83.3
57.3
68.8
49.0
58.3
91.7
69.8
33.3

75.0
100.0
25.0
100.0
37.5
75.0
100.0
100.0
87.5
100.0
75.0

4.2
91.7
41.7
66.7
70.8
87.5
87.5
91.7
100.0
70.8
66.7

58.3
100.0
45.8
91.7
70.8
91.7
91.7
91.7
83.3
79.2
91.7

91.7
16.7
8.3
79.2
83.3
79.2
91.7
87.5
83.3
83.3
79.2

91.7
75.0
16.7
100.0
79.2
70.8
70.8
100.0
79.2
83.3
91.7

61.5
70.8
28.1
84.4
76.0
82.3
85.4
92.7
86.5
79.2
82.3

75.0
100.0
100.0
100.0
25.0

100.0
45.8
70.8
91.7
91.7
41.7
12.5
100.0
75.0

75.0
25.0
87.5
91.7
70.8
58.3
83.3
87.5
83.3

95.8
58.3
66.7
83.3
70.8
37.5
100.0
83.3
75.0

58.3
33.3
87.5
100.0
75.0
8.3
91.7
75.0
100.0

82.3
40.6
78.1
91.7
77.1
36.5
71.9
86.5
83.3

25.0
75.0
100.0
75.0
100.0

0.0
100.0
100.0
100.0

0.0

0.0

100.0
100.0
100.0

75.0
100.0
100.0

JUNE (1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Annual

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

951. DIFFUSION INDEX OF 4 ROUGHLY COINCIDENT INDICATOR COMPONENTS
(PERCENT RISING OVER 6-MONTH SPANS;

1947 . . .
1948
1949.. .
1950.. .

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

1955. . .
1956. . .
1957.. .
1958.. .
1959.. .
I960.. .
1961...

1962. . .
1963...

1964. . .
1965..
1966..
1967..
1968..

.
.
.
.

1969 . . .
1970.. .

1971. . .
1972..
1973..
1974..
1975..
1976..
1977..

.
.
.
.
.
.

0.0

0.0

100.0
75.0
100.0
100.0

100.0
100.0
100.0
100.0

0.0

0.0

100 .0
100 .0
50.0

100.0
62.5
62.5

0 .0
100.0
75.0
62.5
100.0
25.0
100.0
50.0
50.0

0.0

0.0

0.0

100.0
100.0
25.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0

100.0
100.0
75.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0

100.0
50.0
100.0
100 .0
100.0
100.0
100.0
100.0
75.0
100.0

100.0
50.0
100.0
100.0
100.0
50.0

100.0
50.0
100.0
100.0
100.0
25.0

100.0
25.0
100.0
100.0
100.0
75.0

0.0

0.0

0.0

100.0
100.0

100.0
100.0

100.0
100.0

100.0
0.0
100.0
50.0
50.0
100.0
50.0
100.0
25.0
62.5

100.0
0 .0
100.0
50.0
100.0
62.5
25.0
100.0
62.5
25.0

100.0
50.0
100.0
50.0
100.0

0.0

0.0

0.0

50.0
100.0
100.0
25.0

100.0
100.0
100.0
12.5

37.5
100 .0
50.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0

75.0
75.0
25.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

100.0
50.0
25.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0

100.0
12.5
25.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

100.0
25.0

100.0
50.0

0.0

0.0

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

100.0
25.0
100.0
100.0
100.0
50.0
75.0
100.0
100.0

100.0
25.0
100 .0
100.0
75.0
50.0
100.0
100.0
100.0

100.0
50.0
100.0
100.0
75.0
50.0
100.0
100.0
100.0

100.0

100.0

0. 0
100 .0
75.0
100.0
100.0
0.0
100.0
100.0
100.0
0.0

100.0
100.0
100.0

0.0

75.0
50.0
100.0
75.0
100.0

50 .0
50.0
100.0
50.0
100.0

0.0

0.0

100.0
100.0
100.0

0.0

0.0

100.0
100.0
100.0

0.0
100.0
100.0
100.0

0.0

100.0
100.0
100.0

100.0
100.0

50.0
50.0
100.0
100.0
50.0
0.0
100.0
100.0
100.0

0.0

100.0
100.0
100.0

0.0
75.0
75.0
100.0
100.0

100.0
100.0
0.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

87.5

0.0
100.0
100.0
100.0
25.0
100.0
100.0
100.0

III Q

IV Q

AVERAGE FOR PERIOD

0.0

62.5
100.0
100.0
25.0

100 .0

100.0
50.0
100.0

II Q

50.0
50.0
100.0
100.0
50.0

0.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

0.0
100.0
100.0
100.0

0 .0
100.0
75.0
100.0
100.0
0.0
100.0
75.0
100.0
0.0
100.0
100.0
25.0
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0
50.0
75.0
100.0
100.0
50.0
0.0
100.0
100.0
100.0

100.0

0.0

le'.i

100.0
83.3
87.5
100.0

100.0
50.0
83.3
54.2
45.8
100.0
62.5
37.5

8.3
100.0
70.8
54.2

0.0
100.0
83.3
66.7
100.0
100.0
100.0
100.0
100.0
75.0
100.0
100.0
41.7
100.0
100.0
100.0
50.0

0.0
100.0
100.0

75.0
33.3
100.0
58.3
100.0

0.0
91.7
75.0
100.0
100.0

0.0

0.0

83.3
100.0
100.0
12.5

100.0
91.7
100.0

70.8
75.0
33.3
100.0
100.0
100.0
100.0
100.0
91.7
91.7
100.0

100.0
29.2

100.0
100.0

8.3

8.3

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0
91.7
100.0
100.0

100.0
33.3
100.0
100.0
83.3
50.0
91.7
100.0
100.0

95.8
0 .0
100.0
100.0
100.0

50.0
58.3
100.0
100.0
50.0

0.0

8.3

0.0

100.0
100.0
100.0

100.0
100.0
100.0

35.4
93.8
72.9
92.7
38.5
59.4
97.9
83.3
26.0
67.7
76.0
33.3
91.7
100.0
100.0
100.0
100.0
95.8
91.7
100.0
86.5
33.3
100.0
100.0
83.3
27.1
72.9
100.0
100.0

1978. . .
952. DIFFUSION INDEX OF 6 LAGGING INDICATOR COMPONENTS
(PERCENT RISING OVER 1-MONTH SPANS)

1947. . .
1948. . .
1949.. .
1950...

1951. . .
1952...
1953.. .

1954. . .
1955. . .
1956.. .
1957.. .
1958.. .
1959...
I960.. .
1961.. .
1962.. .
1963.. .
1964.. .

1965. . .
1966.. .
1967.. .

1968. . .
1969.. .

1970. . .
1971. . .
1972...

1973 . . .
1974.. .
1975.. .
1976.. .

1977 . . .

50.0
75.0
100.0
75.0
58.3
41.7
66.7
91.7
75.0

58.3
58.3
41.7
66.7
50.0
91.7
41.7
75.0
75.0
25.0

75.0
41.7
41.7
75.0
91.7
75.0
25.0
75.0
91.7
58.3

75.0
41.7
58.3
58.3
50.0
100.0
16.7
41.7
83.3
91.7

58.3
41.7
75.0
75.0
75.0
66.7
8.3
66.7
100.0
83.3

33.3
58.3
58.3
25.0
91.7
58.3
41.7
75.0
83.3
66.7
75.0

16.7
75.0
91.7
41.7
41.7
58.3
91.7
66.7
75.0
66.7
75.0

25.0
83.3
91.7
25.0
75.0
58.3
66.7
75.0
83.3
66.7
75.0

16.7
75.0
75.0
16.7
91.7
66.7
75.0
75.0
100.0
50.0
66.7

0.0
83.3
91.7
25.0
75.0
66.7
66.7
75.0
83.3
75.0
83.3

83.3
58.3
33.3
16.7
100 .0
75.0
25.0
41.7
66 .7

83.3
41.7
83.3
50.0
100 .0
66.7
16.7
66.7
75.0

75.0
50.0
50.0
75.0
83.3
50.0
16.7
58.3
91.7

91.7
41.7
33.3
66.7
100.0
58.3
0.0
75.0
75 .0

83.3
41.7
58.3
100.0
66.7
83.3
0.0
75.0
83.3

AVERAGE FOR PERIOD

41.7
75.0
66.7
66 .7
75.0
41.7
25.0
83.3
75.0
41.7

66.7
25.0
75.0
83.3
58.3
41.7
75.0
100.0
91.7
58.3

25.0
41.7
66.7
100.0
91.7
41.7
41.7
58.3
50.0
66.7

50.0
52.8
80.6
72.2
75.0
36.1
72.2
86.1
52.8

69.4
41.7
63.9
69.4
72.2
75.0
11.1
66.7
88.9
80.6

83.3
38.9
75.0
72.2
55.6
63.9
22.2
86.1
63.9
83.3

44.5
47.2
69.5
83.3
75.0
41.7
47.2
80.5
72.2
55.6

44.5
65.3
76.4
68.8
63.9
29.2
76.4
77.8
68.0

66.7
75.0
66.7
66.7
75.0
75.0
91.7
66.7
50 .0
66.7
66.7

58.3
91.7
50.0
58.3
83.3
75.0
58.3
75.0
41.7
41.7

91.7
50.0
50.0
75.0
66.7
75.0
58.3
66.7
75.0
83.3
83.3

25.0
72.2
80.6
30.6
69.5
58.3
66.7
72.2
80.5
66.7
75.0

8.3

66.7

66.7
50.0
75.0
50 .0
58.3
91.7
41.7
75.0
75.0
58.3
83.3

80.5
83.3
16.7
86.1
75.0
75.0
75.0
88.9
63.9
75.0

33.3
75.0
47.2
61.1
75.0
77.8
80.6
69.5
63.9
63.9
72.2

72.2
63.9
58.3
61.1
69.4
80.6
52.8
72.2
63.9
61.1
77.8

34.7
72.9
67.4
42.4
75.0
72.9
68.8
72.2
74.3
63.9
75.0

75.0
33.3
58.3
83.3
83.3
75.0
16.7
83.3
83.3

91.7
33.3
33.3
75.0
83.3
50.0
66.7
58.3
91.7

75.0
33.3
33.3
83.3
75.0
50 .0
16.7
58.3
100.0

66.7
16.7
50.0
91.7
91.7
50.0
33.3
66.7
75.0

80.5
50.0
55.5
47.2
94.4
63.9
19.5
55.6
77.8

63.9
55.5
72.2
72.2
80.5
75 .0
33.3
63.9
83.3

77.8
27.8
38.9
83.3
83.3
50.0
38.9
61.1
88.9

78.5
46.5
52.8
68.8
86.8
64.6
22.9
64.6
84.0

91.7
41.7
58.3
58.3
50.0
75.0
33.3
75.0
75.0
83.3

8.3
91.7
83.3
66.7

8.3
83.3
83.3

8.3
91.7
91.7
83.3
75.G
83.3
66.7
75.0

83.3
33.3
75.0
83.3
41.7
41.7
25.0
100.0
50.0
83.3

75.0
41.7
91.7
75.0
75.0
75.0

25.0
75.0
41.7
41.7
75.0
83.3
58.3
66.7
75.0
66.7
58.3

75.0
41.7
58.3
75.0
91.7
58.3

8.3
75.0
33.3
75.0
75.0
75.0
91.7
75.0
66.7
58.3
91.7
58.3
75.0
91.7
66.7
83.3
83.3
33.3
58.3
91.7

58.3
58.3

100 .0
75.0
41.7
50.0
100.0
66.7

66 . 7
66.7
75.0
66.7
50.0
50 .0
75.0

0.0
83.3
100.0

8.3
83.3
66.7
83.3

91.7
52.8
44.4
72.2
88.9
69 .4

0.0
77.8
86.1

1978.. .

9E 2. DIFFUSION INDEX OF 6 LAGGING INDICATOR COMPONENTS
AVERAGE FOR PERIOD

(PERCENT RISING OVER 6-fONTH SPANS)

1947 ...
1948
1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. ..
1956.. .

1957. . .
1958. . .
1959.. .
I960. . .

1961. . .
1 9 6 2 ...
1 9 6 3 ...
1964.. .
1965.. .

1 y 6 6 ...
] 9 6 7 ...
1968. . .
1969 . . ,
1970...

1971. ..
1 9 7 2 ...
1 9 7 3 ...
1974.,.
1 975 ...
l a 76.. .

1 9 7 7 ...

75.0
41.7
83.3
83.3
100.0
33.3
58.3
100.0
91.7

41.7
58.3
83.3
100.0
100.0
33.3
58.3
100.0
91.7

41.7
58.3
83.3
100.0
100.0
16.7
66.7
100.0
91.7

16.7
75.0
75.0
33.3
91.7
58.3
91.7
75.0
100.0
66.7

16.7
83.3
75.0

83.3
91.7

7 5. 0
100.0
50.0
33.3
83.3
100.0
100.0
16.7
50.0

8 3. 3

91.7
41.7
58.3
83.3
83.3
100.0
0.0
58.3
100.0
91.7

83.3
25.0
58.3
75.0
91.7
100.0
0.0
83,3
100 .0
100 .0
0.0
100.0
83.3
41.7
91.7
75.0
91.7
75.0
100.0
66.7
83.3

83.3
91.7
r
50.0
'O.C
66.7
33.3
83.3
83.3
100.0
100.0
83.3
66.7
0.0
0.0
83.3
83.3
! 0 0 . 0 100.0

58.3
56.3
75.0
100.0
66.7
83.3

58 .3
75.0
100.0
66.7
83.3

0.0
100.0
91.7
25.0
91.7
58.3
75.0
75.0
100.0
66.7
83.3

100.0
50.0
33.3
66.7
100.0
100.0
16.7
66 .7
83,3

100.0
50 .0
50.0
66.7
100.0
66.7
16.7
50 .0
100.0

100.0
50.0
33.3
100.0
100.0
66.7
0.0
83.3
1 0 0. 0

0.0

8.3

8.3
91.7
r

-> 8 . 3

1978.. .
NOTE: These series contain revisions beginning with 19




8.3

8.3

100 .0
66.7
83.3

100.0
75.0
75.0
50.0
100.0
66.7
41.7
75.0
91 .7
58.3
75.0
83.3
50.0
83.3

50. 0
100.0
41.7
58.3
75.0
91.7
75.0
100.0
83.3
50.0
83.3

100.0
50.0
66.7
83.3

83.3
41.7
66.7
83.3
100.0
58.3
16.7
66,7
JOG. 0

75.0
33.3
83.3
66.7
100.0
50.0
41.7
83.3
100.0

83.3
25.0
100.0
83.3
75.0
83.3

0.0
100. 0
83.3
100.0

0.0
100.0
83.3
41.7
91.7
75.0
83.3
75.0
83.?
66.7
33.3

i

83.3
25.0
83.3
83.3
75.0
41.7
25.0
100.0
66.7
50.0

100.0
25.0
100.0
83.3
58.3
58.3
8.3
100.0
75.0
50.0

16.7
100.0
66.7
41.7
75,0
91.7
75.0
75.0
83.3
75.0
8?. 3

100.0
41.7
83.3
75.0
91.7
83.3

8 3. 3
75.0
16.7
100.0

1 0!J , < •

100.0
25.0
100.0
83.3
58.3
50.0

i

75.0
41.7
83.3
100 .0
75.0
41.7
58.3
83.3
100.0
33.3

58.3
41.7
83.3
100.0
75.0
33.3
58.3
100.0
91.7
25.0

1QO.Q

83.3
75.0
41.7
75.0
58.3
75 . 0
91.7
83.3
75.0
75.0
100.0
83.3
66.7
66 .7
66.7
83.3
100.0
10 0. G

75.0
33.3
50.0
100.0
100.0
50.0
16 .7
83.3
100.0

75.0
33.3
50.0
100.0
83.3
33.3
33.3
66 .7
100.0

50.0
83.3
41.7
58.3
75.0
75.0
75.0
83.3
83.3
50.0

83.3
83.3
50.0
58.3

50.0
33.3
50.0
100.0
66.7
16.7
50 .0
66 .7
100.0

52 ".8
52.8
83.3
94.4
100.0
27.8
61.1
100.0
91.7
11.1
80.5
80.6
16.6
91.7
53.3
69.4
75.0
100.0
66.7
80.5

100.0
50.0
38 .9
72.2
100.0
88.9
16.7
55.6
88 .9

0.0

8.3

80.5
94.4
97.2

100.0
72.2
69.4

72.2
36.1
83.3
94.4
75.0
38.9
47.2
94.4
86.1
36.1

0.0

38.9
100.0
58.4
47.2
75.0
91.7
69.4
83.3
83.3
58.3
33.3

72.2
80.5
44.5
63.9
69.4
83.3
75.0
88.9
72.2
66.7
100.0

30.6
90.3
67.4
41.0
82.0
75.7
74.3
80.6
87.5
64.6
86.8

86.1
41.7
72.2
77.8
94.4
61.1
25.0
83.3
100.0

66.7
33.3
50.0
100.0
83.3
33.3
33.3
72.2
100.0

86.1
43.7
55.6
84.7
94.4
63.9
18.8
73.6
97.2

91.7
36.1
66.6
77.8
88.9
94.4

100.0
86.1
36.1
91.7
69 .4
83.3
75.0
94.4
66.7
83.3
91,7
50.0
61.1
88.9
100.0
72.2

0.0
8 3. 3
100.0

94.4
25.0
100.0
83.3
63.9
63.9

37.5
75.7
84.7
80.6
74.3
20.8
84.0
88.2
73.6

G. Experimental Data and Analyses

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index

Basic data
(and

Series title
unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing 1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies reporting
slower deliveries (percent)
12. Net business formation
(index- 1967=100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index- 1967=100)
36. Change in inventories on hand and on order in
1972 dol . , smoothed 2 (ann. rate, bil. do! . ) .
92. Change in sensitive prices, smoothed 2
(percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid assets, smoothed 2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators 3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagri cultural payrolls
(thousands) . . .
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars). . . .
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars) . . .
920. Composite index of 4 roughly coincident
indicators 3 (index- 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
(index- 1967=100)
. .
109. Average prime rate charged by banks
(percent)
.
72. Commercial and industrial loans outstanding
(million dollars)
95. Ratio, consumer installment debt to
personal income (percent)
930. Composite index of 6 lagging indicators 3
(index: 1967=100)

Feb.
1979

Mar.
1979

40.7

40.8

Feb.
to
Mar.
1979

May

Apr.
1979

1979

Mar.

to
Apr.
1979

Apr.
to
May
1979

r39.2

p40.2

0.08

-1.34

1.02

rl.O

pl.O

-0.10

-0.10

0.0

0.8

0.9

r39.28

r39.90

r37.46

P38.74

0.08

-0.33

0.21

77

78

76

76

0.04

-0.07

0.0

r!32.1

r!31.4

e!31.2

NA

-0.08

-0.02

r!5.79

r!6.87

r!5.07

p!3.32

0.15

-0.26

115.1

130.9

122.5

130.7

0.38

-0.19

r21.29

r24.26

P27.32

rl.76

r2.26

98.23

100.11

rO.83

NA
-0.34
0.23

0.19

0.19

NA

1.84

0.21

0.0

-0.21

102.07

99.73

0.12

0.12

-0.17

rO.70

rO.65

pO.62

-0.43

-0.17

-0.12

r529.4

r525.8

526.2

P523.0

-0.29

0.03

-0.31

r!42.9

r!43.6

r!40.7

p!41.2

0.49

87,818

r88,263

r88,267

p88,438

1,010.3

rl,014.9

rl,010.5

rl51.2

r!52.3

r!50.2

157,648

r!61,903

r!44.9

r!46.7

11.3

11.7

2.26

NA

-2.02

0.36

0.40

0.00

0.20

0.22

-0.21

-0.19

p!52.1

0.20

-0.38

p!54,933

NA

0.58

-0.95

r!44.2

p!44.6

1.24

-1.70

11.0

pi, 0 0 7 . 5

11.1

-0.22

0.38

0.45

NA
0.28

-0.08

245.53

r248.14

P249.44

NA

0.50

0.25

r!74.4

r!75.4

r!76.9

P175.4

0.18

0.27

11.75

11.75

11.75

11.75

0.0

0.0

0.0
0.60

136,870

137,270

140,347

p!42,916

0.06

0.49

14.96

14.98

p!5.14

NA

0.07

0.55

r!58.7

r!59.4

r!62.3

P162.2

0.44

1.82

NA
-0.40

NA
-0.06

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
x
This
2
This
3

series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.




G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns

HOW TO READ CYCLICAL COMPARISON CHARTS

These charts show graphically, for selected indicators, the path of
the current business cycle. To set the current movements in historical
perspective, cyclical paths over generally similar historical periods also
are shown. The selected periods are superimposed to compare the
current business cycle with corresponding historical patterns and to
facilitate critical assessment of the amplitude, duration, and severity of
the indicators' current movements.

1. For most indicators, two cyclical comparison charts are shown.
In the left panel, comparisons are based on reference peak levels and
reference trough dates; in the right panel, comparisons are based on
both the levels and the dates of the specific troughs in each indicator.
(See the charts on the following pages.)

The three-part code indicates the timing
classification of the series at peaks, at troughs,
and at all turns: L=leading; C = roughly coincident; Lg=lagging; and U = unclassified.

This number indicates the latest month (or
quarter) of data plotted. (l = January)

I I I | I I I I I | I I I I1

Series number, series title

2. The vertical line represents trough dates: reference trough
dates in the left panel and specific trough dates in the right panel. The
current cycle and the corresponding historical periods are positioned so
that their reference trough dates (left panel) and specific trough dates
(right panel) are on this vertical line.

3. The horizontal line represents the level of data at reference cycle peaks (left panel) and specific cycle troughs (right panel). The
current cycle and the corresponding historical periods are positioned so
that their reference peak levels (left panel) and specific trough levels
(right panel) are on this horizontal line.

4. For most series, deviations (percent or actual differences) from
the reference peak and specific trough levels are computed and plotted.
For series measured in percent units (e.g., the unemployment rate),
these units (actual data) are plotted rather than deviations. The deviations (if plotted) and actual data for the current cycle are shown in the
tables accompanying the charts.

5. For series that move counter to movements in general business
activity (e.g., the unemployment rate), an inverted scale is used; i.e.,
declines in data are plotted as upward movements, and increases in
data are plotted as downward movements.

6. Several curves are shown in each chart. The heavy solid line
(•••») describes the current cycle. The dotted line (•••) represents
the median pattern of the five post-World War II cycles. The remaining
lines represent selected business cycles. In the left panel, each line is
labeled according to the year of the reference trough; in the right panel,
each line is labeled according to the date of the specific trough.

7. These charts use the business cycle (reference) peak and trough
dates designated by the National Bureau of Economic Research, Inc.

Peaks: Nov. 1948 (IVQ 1948), July 1953 (IIQ 1953), Aug. 1957
(IIIQ 1957), Apr. 1960 (IIQ 1960), Dec. 1969 (IVQ 1969), Nov. 1973
(IVQ 1973).

• 110

-12

-6

0

+6

+12

+18

Months from troughs

Troughs: Oct. 1949 (IVQ 1949), May 1954 (IIQ 1954), Apr. 1958
(IIQ 1958), Feb. 1961 (IQ 1961), Nov. 1970 (IVQ 1970), Mar. 1975 (IQ
1975).

This scale measures time in months before (-)
and after (+) reference trough dates (left
panel) and specific trough dates (right panel).




This scale shows deviations (percent or actual
differences) from reference peak levels (left
panel) and specific trough levels (right panel).

This scale shows actual series units and applies
only to the current business cycle (heavy solid
line).

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
Deviations
from
ref.
peak

1. Average workweek, production workers,
manufacturing
B

Actual
data
for

current
cycle

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
TROUGH 11/73
DATA YEAR
SERIES
1
HOURS
40.4
40.5
40.5

38
39
40

-0.7
-0.5
-0.5

41
42
43
44

-1.0
-0.7
-0.5
0.0

40.3
40.4
40.5
40.7

0.0
0.0
0.0
0.2

40.7
40.7
40.7
40.8

12/78
1/79
2/79
3/79

49
50

-3.7
-1.2

39.2
40.2

Deviations
from
spec.
trough

8/78
9/78
10/78
11/78

45
46
47
48

1. Average workweek, production workers,
manufacturing

4/79
5/79

5/78
6/78
7/78

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
3/75
DATA YEAR

• 40.0

38
39
40

SERIES
1
HOURS
4.1
40.4
4.4
40.5
4.4
40.5

5/78
6/78
7/78

41
42
43
44

3.9
4.1
4.4
4.9

40.3
40.4
40.5
40.7

8/78
9/78
10/78
11/78

45
46
47
48

4.9
4.9
4.9
5.2

40.7
40.7
40.7
40.8

12/78
1/79
2/79
3/79

49
50

1.0
3.6

39.2
40.2

4/79
5/79

MONTHS
FROM
REF.
TROUGH

3. Layoff rate, manufacturing (inverted)

mi

38
39
40

CURRENT MONTH
AND
ACTUAL
DATA YEAR
SERIES
3
PER 100
EMPLOYEES
1.0
1.0
0.9

5/78
6/78
7/78

41
42
43
44

2.0

8/78
9/78
10/78
11/78

45
46
47
48

- 1.5

0.9
0.8
0.9
0.8
0.9
0.8
0.8
0.9

12/78
1/79
2/79
3/79

4/79
1.0
49
1.0
5/79
50
MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
SPEC.
DATA YEAR
TROUGH
2/75

2-5

-

->
-12-6

0 +6 +12 +18 -1-24 +304-36+42+48
Months from reference troughs




3-0

3.5

39
40

SERIES
3
PER 100
EMPLOYEES
5/78
-1.9
1.0
6/78
-1.9
1.0

41
42
43
44

-

3. Layoff rate, manufacturing (inverted)

-2.0
-2.0
-2.1
-2.0

0.9
0.9
0.8
0.9

7/78
8/78
9/78
10/78

45
46
47
48

-2.1
-2.0
-2.1
-2.1

0.8
0.9
0.8
0.8

11/78
12/78
1/79
2/79

49
50
51

-2.0
-1.9
-1.9

0.9
1.0
1.0

3/79
4/79
5/79

- 0.0

-I +0.5

-12-6

0 +6 +12+18+24+30+36+42+48
Months from specific troughs

Actual
data
for
current
cycle

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
REF.
DATA YEAR
TROUGH 11/73

7. Industrial production index

I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I I I I I I I|IIIII|IIIII|IIIII|IHM|IIIII|IIIIIII

Devi-

SERIES 47
1967=100
38
39
40

9.3
10.1
11.0

143.9
144.9
146.1

11.8
12.3
13.0
13.7

147.1
147.8
148.7
149.6

8/78
9/78
10/78
11/78

45
46
47
48

14.7
14.7
14.9
15.7

150.9
150.9
151.2
152.3

12/78
1/79
2/79
3/79

49
50

14.1
15.6

150.2
152.1

current
cycle

5/78
6/78
7/78

41
42
43
44

data
for

spec,
trough

47. Industrial production index

Actual

ations
from

4/79
5/79
• 135

MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
SPEC.
AND
TROUGH
3/75
DATA YEAR

130

SERIES 47
1967=100
38
39
40

143.9
144.9
146.1

5/78
6/78
7/78

41
42
43
44

31.7
32.3
33.1
33.9

147.1
147.8
148.7
149.6

8/78
9/78
10/78
11/78

45
46
47
48

• 115

28.8
29.7
30.8

35.1
35.1
35.4
36.3

150.9
150.9
151.2
152.3

12/78
1/79
2/79
3/79

49
50

34.5
36.2

150.2
152.1

4/79
5/79

MONTHS
FROM
REF.
TROUGH

CURRENT MONTH
AMD
ACTUAL
DATA YEAR

37
38
39
40

SERIES 77
RATIO
1.54
1.55
1.55
1.57
1.54
1.55
1.53
1.53
1.52
1.54
1.56
1.53

- +5
• 115

-I

77. Ratio, deflated inventories to sales,
mfg. and trade
D

12/78
1/79
2/79
3/79

- 1.55

13
14
15
16

SERIES 77
RATIO
1.54
0 .0
0 .01
1.55
1.55
0 .01
0 .03
1.57

2/73

+.20

.16

-12 -6

0 +6 +12 +18 +24 +30 +36 +42 +48
Months from reference troughs




•1.70

+.12

+•0

4/78
5/78
6/78
7/78

• 1.

17
18
19
20

0 .0
0 .01
-0 .01
-0 .01

1.54
1.55
1.53
1.53

21
22
23
24

-0 .02
0 .0
0 .02
-0 .01

1.52
1.54
1.56
1.53

12/78
1/79
2/79
3/79

0 .07

1.61

+•04

8/78
9/78
10/78
11/78

25

-I 1.50

Actual

+.24

4/79
1.61
MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
SPEC.
FROM ACTUAL
DATA YEAR
3/77
TROUGH

- 1-60

0

+.28

8/78
9/78
10/78
11/78

45
46
47

M20

4/78
5/78
6/78
7/78

41
42
43
44

7. Ratio, deflated inventories to sales,
mfg. and trade

• 125

4/79

-.04

-12-6

0 + 6 + 1 2 + 1 8 +24 +30 +36 +42 +48
Months from specific troughs

•1.50

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
91. Average duration of unemployment
(inverted)

llll|lllll|lllll|lll!l|lllll|lllll|lllll

MONTHS
FROM

Actual
data

CURRENT MONTH
AND
ACTUAL
DATA
YEAR

KEF.
TROUGH

91. Average duration of unemploymen
(inverted)

Deviations
from
spec,
trough

SERIES 91
WEEKS

lg,Lg,Lg|

10

11
12
13
14
15
16

38
39
40

12.2
12.0
11.8

5/78
6/78
7/78

41
42
43
44

11.4
11.5
11.8
11.0

8/78
9/78
10/78
11/78

45
46
47
48

10.7
11.2
11.3
11.7

12/78
1/79
2/79
3/79

49
50

11.0
11.1

4/79
5/79

• 11

• 12

H3

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA
1/76
YEAR

• 14

• 15

SERIES

91
riEEKS

17
28

95. Ratio, consumer installment debt to
personal income
I

-i 16

lg,Lg,Lg

15

-4.4

12.2

5/78

29
30
31
32

-4.6
-4.8
-5.2
-5.1

12.0
11.8
11.4
11.5

6/78
7/78
8/78
9/78

33
34
35
36

18

-4.8
-5.6
-5.9
-5.4

11.8
11.0
10.7
11.2

10/78
11/78
12/78
1/79

-5.3
-4.9
-5.6
-5.5

11.3
11.7
11.0
11.1

2/79
3/79
4/79
5/79

37
38
39
40
MONTHS
FROM
REF.
TROUGH

• 16

• 17

+1
+2
• 19

+3
• 20

CURRENT MONTH
AND
ACTUAL
DATA YEAR
SERIES
95
PERCENT

14

+4

95. Ratio, consumer installment debt
to personal income
I

37
38
39
40

14.18
14.33
14.46
14.47

4/78
5/78
6/78
7/78

41
42
43

14.58
14.67
14.67
14.75

8/78
9/78
10/78
11/78

+ 2.4

45
46
47
48

14.79
14.90
14.96
14.9b

12/78
1/79
2/79
3/79

+ 2-0

15.14

12

4/79

Actual
-1+2.8

+ 1.6

DEVIMONTHS
FROM ATIONS CURRENT MONTH
SPEC.
AND
FROM ACTUAL
YEAR
DATA
TROUGH
10/75

+ 1.2

SERIES
95
PERCENT

30
31
32




4/78
5/78
6/78

+ 0-8

1 .81
1 .92
2 .01
2 .01

14 .47
14 .58
14 .67
14 .67

7/78
8/78
9/78
10/78

+ 0-4

2 .09
2 .13
2 .24
2 .30

14 .75
14 .79
14 .90
14 .96

11/78
12/78
1/79
2/79

-I 0.0

41
42
Months from reference troughs

14 .18
14 .33
14 .46

37
38
39
40

0 +6 +12+18+24 + 30 +36+42+48

1 .52
1 .67
1 .80

33
34
35
36

-12 -6

Actual
data
for
current
cycle

2 .32
2 .48

14 .98
15 .14

3/79
4/79

-12-6

0 +6 +12+18+24+30+36+42
Months from specific troughs

015.4

• 15.0

• 14.2

• 13.8

• 13.4

• 13.0

• 12.6

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Curren issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
escriptions
(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, Dl
Consumer sentiment, index
Employees manufacturing and trade Dl
Inventories, manufacturing and trade, Dl
New orders manufacturing Dl
Prices, selling, manufacturing, Dl
Prices selling retail trade Dl
Prices selling wholesale trade, Dl
Profits, net, manufacturing and trade, Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures personal consumption
Imports of automobiles and parts

2
604

16
56

61
92

4/79
12/78

8/68

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

2/79
2/79
8/78
2/79
2/79
2/79
2/79
2/79
2/79
2/79
2/79

11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*

55
616

22
56

65
92

9/78
12/78

10/69*

B
Balance of payments-See International transactions.
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, D 1 . . . .
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving

72
112

15,35
32

73
72

6/79
6/79

93
94

33
33

72
72

12/78
2/78

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

6/79
2/78
2/79
2/79
2/79
5/79
7/78

295

46

82

11/78

C
Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved Dl
Capital investment-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

20
20
20

64
64
64

1/78
1/78
1/78

97
11
965

24
24
37

66
66
75

1/78
1/78
2/79

914
35
34

11
29
29

60
70
70

3/79
9/78
9/78

11/72
11/72

1/72*
1/72

51
18
51
18,51

89
62
89
62,89

4/79
3/79
3/79
4/79

4/72*

920
920c
951
940
9
72
112

10
39
36
11
23
15,35
32

60

11/75*

74*"
60
66
73
72

3/79
7/78
6/79
3/79
1/78
6/79
6/79

345

49

87

6/76*

10/72*

50
45

87
82

6/76*
11/78

4/72*
4/72*

11/72
11/72

10/72*
10/69

64

30,47

70,83

9/78

10/69*

346

49

88

6/76*

10/72*

346c

50

88

6/76*

10/72*

87

8/78

6/72*

340

49

Composite indexes
Coincident indicators
Four coinciders
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders . .
Twelve leaders rate of change
Construction
Building permits new private housing
Contracts awarded, commercial and industrial bldgs. . .
Expenditures, plus machinery and equipment sales ....
Gross private domestic fixed investment
Nonresidential as percent of GNP
Nonresidential structures, constant dollars
Nonresidential, total, constant dollars
Residential as percent of GNP
Residential, total, constant dollars

Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
11/72 Consumer goods, industrial production
Consumer installment debt
Debt outstanding
,
Net change
Ratio to personal income
Consumer installment loans delinquency rate
4/69
Consumer prices-See also International comparisons.
All items index
ii/68
All items, percent changes
11/68*
Food, index
„
Food percent changes
Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol. . .
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt net change
Crude materials-See Wholesale prices.

442
90
441
37

345c
280

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

340c

50

87

8/78

6/72*

341

49

87

8/78

6/72*

341c
348
349

50
50
50

87
88
88

8/78
8/78
8/78

6/72*
6/72*
6/72*

53

19

63

4/79

Charts

Tables

Historical
Series
data
descriptions
(issue date) jssue date)

3/79
7/78
3/79

11/75*

60

3/79
7/78

11/75*

60
60
60
60
60
60

3/79
3/79
3/79
3/79
3/79
3/79
7/78

13,25
23
24

67
66
67

6/79
1/78
9/78

4/69

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67
83
67
67

11/78
'9/78
9/78
11/78
9/78

10/69*

8
75

12,21
22

64
65

5/79
2/78

66
113
95
39

35
32
15,35
33

73
72
• 73
72

5/79
6/79
6/79
2/79

10/72
10/72

320
320c
322
322c
58

49
49,59
49
49
22

84,95
84,95
84
84
65

5/79
5/79
5/79
5/79
8/78

5/69*
5/69*
5/69*
5/69*
11/68*

20
10
116

12,23
23
34

66
66
73

9/78
6/78
1/79

9/68'
7/64

112
110
72

32
32
15,35

72
72
73

6/79
2/79
6/79

11/72
7/64
11/72

66
113
95
39
33

35
32
15,35
33
32

73
72
73
72
71

5/79
6/79
6/79
2/79
7/78

10/72
10/72

525
564
548
517

53
55
53
53

90
91
90
90

8/78
9/78
8/78
8/78

39
32

33
12,21

72
64

2/79
1/78

11/72
12/74

970
965
951
974
963
967

38
37
36
38
36
37

2/79
2/79
6/79
2/79
6/79
4/78

11/68*

966

37

962
975
952
950
964

36
38
36
36
37

971
968
976
978
977
969
972
973
961

38
37
38
38
38
37
38
38
36

76
75
74
76
74
75
79
75
78
74
76
74
74
75
77
76
75
76
76
76
75
76
76
74
77

920
920c
940

10
39
11

60

930
930c

10
39

914
915
913
917
916
910
910c

n
n
n
n
n

29
9
69

10
39

60

5/79

5/75*

9/68*

10/69*
6/72

il/72

11/72

D
Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
New orders defense products
Obligations incurred
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.

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.




Current issue
(page numbers)

Series
number

io/69*

11/68*
4/69*

12/77
6/78'
2/79
6/79
6/79
7/78

6/69*
11/68*

2/79
6/77
2/79
2/79
2/79
8/78
2/79
2/79
12/78

11/68*
5/69*
11/68*
11/68*
11/68*
ii/68*
11/68*

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Curren t issue
(page n jmbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) issue date)

E
Earnings— See Compensation
Employment and unemployment
Accession rate manufacturing
Civilian labor force, total
Employee hours in nonagricultural
establishments
Employee hours in nonagricultural
establishments rate of change
Employees in mining, mfg., and construction
Employees manufacturing and trade Dl
Employees on nonagricultural payrolls
Employees on private nonag payrolls Dl
Employment, ratio to population
Employment total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate manufacturing
Marginal employment adjustments, Cl
Overtime hours, mfg. production workers
Participation rate, both sexes, 16-19 years old
Participation rate females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Quit rate manufacturing
Unemployed, both sexes, 16-19 years old
Unemployed, females 20 years and over
Unemployed full-time workers
Unemployed, males 20 years and over
Unemployment average duration
Unemployment rate, 1 5 weeks and over
Unemployment rate insured average weekly
Unemployment rate total
Unemployment total civilian
Workweek, mfg. production workers
Workweek mfg production workers, Dl .
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions

Gross business product
Fixed weighted price index
Fixed weighted price index percent changes
Gross domestic product, labor cost per unit
Gross national product
8/68
GNP constant dollars
4/7?*
GNP constant dollars differences
GNP, constant dollars, percent changes „
8/68*
GNP, current dollars
8/68*
GNP current dollars differences
GNP current dollars percent changes
11/68*
GNP ratio to money supply
8/68
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
4/72*
Per capita GNP constant dollars
12/74
Gross private domestic invest.— See Investment, capital.

2
441

16
51

61
89

3/79

48

17

61

3/78

48c
40
974

39
17
38

62
76

41
963
90
442
46
60
5
962
3
913
21
453

14,17
36
18
51
17
17
16
36
12 16
11
16
51

62
74
62
89
61
61
61
74
61
60
61
89

452
451
448

51
51
51

89
89
89

4/79

42
4

62
61
89
89

4/79

446
445

17
16
51
51

4/79

447

51

89

4/79

444
91
44
45

51
15 18
18
18

89
62
62
62

43
37
1

18

62

18 51
12,16

62,89
61
77

4/79

4/72*

12/7.8

8/68

961

36

3/78

74

12/78
2/79

12/78
6/79
3/79
4/79

Charts

311
3l1c

68

Tables

Series
Historical
descriptions
data
(issue date) (issue date)

84
84
70

48
48
30

9/78
9/78
9/78

63,80

10/78
10/78
10/78
10/78
10/78
10/78
2/79
9/78
9/78
9/78
10/78

10/69*
10/69*
10/69*

7/68

12/77

119

34

72

94
213
917

33
40
]-]

72
80
60

311

48
48

84
84

311c

667
622

57
57

93
93

618
602
604
256
252
668

57
56
56
44
44
57

93
92
92
82
82
93

606
620
612
616
257
253
669
614

56
57
56
56
44
44
57
56

92
93
92
92
82
82
93
92

255
250
251

44
44
47

82
82
83

93

33

72

49

20

12/77
6/78
4/79

6/69"
6/69*
8/68*

3/79

12/78

12/74

4/79
4/79
4/79
4/72

4/79
4/79

3/79

6/69
4/72

12/78

1/79

512
511

52
52

90
90

510
298

52
46

83

263
262
265
564
267
266

43
43
47
55
43

81
81
83
91
81

A-3

01

268
261

47
43

83
81

260

43

81

on

11/73

2/78

10/78
3/79
9/78
9/78

11/78
11/78
11/78
12/78
12/78
11/78
11/78
11/78
12/78
11/78
12/78
IP/78

11/78
11/78
11/78
12/78
11/78
11/78
11/78
12/78

10/78
10/78
10/78
10/78
10/78
10/78
11/78

90
90
90

39
40

107

31
20
48
48
40

80
80
80
80
80
71
63
84
84
80

17
17

61
61

12/77
3/79

12/74

16
12 16

12/78
12/78

12/74
8/68

49
310
310c

217

10/69
10/69
10/69

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
Average workweek, components
Average workweek Dl
Housing
Housing starts
Housing units authorized by local bldg. permits
Residential GPDI, constant dollars
Residential GPDI percent of GNP

46
60
21

961

36

61
61
77
74

28

25
13,25
25
47

67
67
67
83

5/79
6/79
9/78
1 1/78

6/72
4/69

310c

48
48

84
84

9/78
9/78

10/69*
10/69*

345

49

87

6/76*

10/72*

345c
280
64

50
45

87
82

6/76*

10/72*

70,83

11/78
9/78

10/69

30,47

88

6/76*

10/72*

88
73

6/76*

10/72*

1

29
89

249

12/78

10/69*

4/72

12/77
4/79

9/78

52
52
52

19,40

50c
200
200b
200c

I

3/79

63

502
501
500

50
50b

3/79

G
Goods output in constant dollars
Government budget, NIPA
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 G NP
Total, constant dollars
Total, current dollars

Currer t issue
(page n jmbers)

Series
number

4/79

4/7Q

F

Federal funds rate
Federal Government-See Government.
Federal Reserve member bank borrowing from
Final sales in constant dollars . .
Financial flows and money Cl
Fixed investment-See Investment, capital.
Fixed weighted price index, NIPA
Fixed weighted price index, percent changes, NIPA
Food-See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, constant dol., NIPA
Exports of goods and services, current dol., NIPA
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports merchandise, adjusted, exc. military
Imports merchandise total
Imports of automobiles and parts
Imports of goods and services, constant dol., NIPA ....
Imports of goods and services current dol NIPA
Imports of goods and services total
Imports of petroleum and products
Net exports, goods and services, constant dol., NIPA
Net exports, goods and services, current dol., NIPA . . .
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Free reserves

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

11/78
1 1/78
11/78
9/78
11/78
11/78
11/78
11/78
11/78

5/69*
5/69*

5/69*
5/69*
5/69*
5/69*

Implicit price deflator GNP
Implicit price deflator GNP percent changes
Imports See Foreign trade and International transactions
Income
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector percent changes
Compensation of employees
Compensation of employees, pet. of nat'l. income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector percent changes
Consumer installment debt ratio to personal income
Corporate profits with IVA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable personal income constant dollars
.. ..
Disposable personal income, current dollars
Disposable personal income, per capita, constant dol. . .
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 .
Income on foreign investment in the U S

Interest net
Interest net percent of national income
National income
Personal income constant dollars
5/69
Personal income current dollars
5/69*
Personal income less transfers constant dollars
Personal income less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
5/69'
Proprietors' income with IVA and CCA
10/69*
Proprietors' income with IVA and CCA, percent
of national income
11/72
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions first year
Wage and benefit decisions life of contract
Wages and salaries, mining, mfg., and construction ....
Incorporations new businesses
.
....
7/68*
Industrial materials prices
7/68*
7/68*
Industrial materials prices Dt
Industrial production - See also International comparisons.
Business equipment
Consumer goods
10/69
Durable manufactures
„
Nondurable manufactures
11/73
Total
10/69
Total components
10/69*
Total Dl
10/69*
Total rate of change
11/73
Installment debt-See Credit
Insured unemployment
10/69
10/69*
Avg. weekly initial claims, unemploy. insurance ......
Avg weekly initial claims unemploy insurance Dl
10/69
Avg. weekly insured unemployment rate

310

10/69*

346

49

346c

en

95
286

1C

287
225
227

47
40
40
40

83
80
80
80

6/79
11/78
11/78
10/78
10/78
10/78

340

49

87

8/78

6/72*

340c

50

87

8/78

6/72*

341

49

87

8/78

6/72*

50
57
57
45
47
45
19
40
14 19
39
31
45

87
93
93
82
83
82
63
63
63

8/78
11/78
11/78
11/78
11/78
10/78
9/78
9/78
9/78
1/79
3/79
11/78

6/72*
5/69*
5/69*

47
45
47
50
50
19
23
28

11/78
11/78
11/78
8/78
8/78
4/79
7/78
1/78

10/69*

4/78

4/69*

2/78
2/78
2/78
2/78
12/77

11/68

224

341 c
652

651
288
289
220
52
223
51
51c
108
282

OC

nr

89

71
82

967

37

83
82
83
88
88
63
65
69
79
75

76
75
73
74
47

24
22
20
20

67
65
63
63

283

284
285
348

349
53
13

23

14,20,58

966
47c

37
39

5
962

16
36
18

45

63,94

78
75

61
74
62

10/69
10/69*

10/69
10/69
10/69

10/69
10/69*

10/69
7/68*

ib/69

10/69
10/69*
6/72*
6/72*

4/69

12/77
12/77
12/77
6/78
12/77

6/69
6/69*

6/69

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," following this index)

Interest net
'nterest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks ..
Treasury bill rate
Treasury bond yields
Intermediate materials— See Wholesale prices.
International comparisons
Consumer prices
Canada index
Canada percent changes
France, index
France, percent changes
Italy index
Italy, percent changes
Japan index
Japan, percent changes
United Kingdom index
United Kingdom, percent changes
United States, index
United States, percent changes
West Germany, index
West Germany, percent changes
Industrial production
Canada
France
Italy
Japan
OECD European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
. . . .
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports merchandise total exc military aid
Exports of agricultural products
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports merchandise total
Imports of automobiles and parts
Imports of goods and services, total
Imports of petroleum and products
Income on foreign investments in U S
Income on U.S. investments abroad
Inventories
Business inventories change constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Finished goods manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated)
Inventory investment and purchasing Cl
Manufacturing and trade constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade Dl
.
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.,

Current issue
(page numbers)

Series
number

Charts

288
289

67
116
119
118
117
109
114
115

Tables

Series
Historical
data
descriptions
[issue date) issue date)

45
47

82
83

11/78
11/78

10/69
10/69*

35
34
34
34
34
35
34
34

73
73
72
73
73
73
72
73

7/78
1/79
1/79
1/79
1/79
1/79
1/79
1/79

12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64

Plant and equipment
Business expenditures new
Business expenditures, new, Dl
Contracts and orders constant dollars
Contracts and orders current dollars
Investment, foreign
Income on foreign investments in U.S
Income on U.S. investments abroad
Italy— See International comparisons.

Charts

Tables

Series
Historical
data
descriptions
(issue date) issue date)

61
970
20
10

24
38
12,23
23

67
76
66
66

2/79
2/79
9/78
6/78

9/68'

652
651

57
57

93
93

11/78
11/78

5/69*
5/69*

68
62
63
17

30
15,30
30
29

70
70
70
70

9/78
9/78
1/77
9/78

7/68
11/68
10/72
11/68

930
930c
952
3

10
39
36
12,16

60

3/79
7/78
6/79
4/79

11/75*

910
910c
950
14
104

10
39
36
33
13,31

60
74
72
71

3/79
7/78
6/79
2/79
3/79

913
78

11
27

60
68

3/79
6/78

38

26

68

6/78

8
84

12,21
20

64
64

5/79
1/78

917

11

60

3/79

104
105
85
106
102
107
108
33
118
117

13,31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

3/79
3/79
3/79
3/79
3/79
9/78
3/79
7/78
1/79
1/79

27
24
8
20
10
548
7
6

23
23
12,21
12,23
23
53
21
21

6/78
6/78
5/79
9/78
6/78
8/78
6/79
6/79

964
971

37
38

66
66
64
66
66
90
64
64
77
75
76

7/78
2/79

11/68*

88
87
86
248

25
25
25
47

67
67
67
83

9/78
9/78
9/78
11/78

10/69*

517
721

53
58

90
94

8/78
2/79

49
62
358
370
370c
83
82
84
21

20
15,30
50
50
50
20
20
20
16

63
70
88
88
88
64
64
64
61

9/78
9/78
6/76*
6/76*
6/76*
1/78
1/78
1/78
12/78

11/68
11/68*

J

59*"

96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95

723
726
727
728
721
722
47
725

58
58
58
58
58
58
14,20,58
58

94
94
94
94
94
94
63,94
94

2/79
2/79
2/79
2/79
2/79
2/79
12/77
2/79

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

6/79
6/79
6/79
6/79
6/79
6/79
6/79

667
622
618
602
604
668
606
620
612
616
669
614
652
651

57
57
57
56
56
57
56
57
56
56
57
56
57
57

93
93
93
92
92
93
92
93
92
92
93
92
93
93

11/78
11/78
11/78
12/78
12/78
11/78
12/78
11/78
12/78
12/78
11/78
12/78
11/78
11/78

30
245
247
65
36
77
915
70
71
31
975
78

26,42
42
47
27
13,26
27
11
15,27
27
26
38
27

68,81
81
83
68
68
68
60
68
68
68
76
68

9/78
11/78
11/78
6/78
5/79
6/79
3/79
10/78
5/79
5/79
2/79
6/78

26

68

6/78

97
11
965
914
9

24
24
37
11
23

66
66
75
60
66

1/78
1/78
2/79
3/79
1/78

69

24

67

9/78

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

59
59*"
59*"

59
59
49
49,59

1/79
1/79
1/79
1/79
1/79
1/79
1/79
1/79
1/79
1/79
5/79
5/79
1/79
1/79

9/72*

L

9/72*

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
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.

9/72*
9/72*
9/72*
5/69*
5/69*
9/72*

M
10/72*
11/68
10/72* Man-hours-See Employment and unemployment.
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 Ml, percent changes
Money supply M2
.
. . .
5/69*
Money supply M2 percent changes
Ratio, GNP to money supply M1
5/69*
Ratio personal income to money supply M2
Mortgage debt, net change
5/69*
Mortage yields secondary market
Municipal bond yields
5/69*
5/69*
N
National defense-See Defense.
10/69
10/69* National Government— See Government.
National income-See Income.
9/68
New orders, manufacturers'
Capital goods industries, nondefense, constant dol
Capital goods industries, nondefense, current dol
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol. . .
2/69
Contracts and orders, plant and equip., current dol. . . .
2/69
Defense products
.
11/68*
Durable goods industries constant dollars
Durable goods industries, current dollars
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total percent of GNP

74
61

8/68*
5/75*

10/72
10/72

7/64
7/64

9/68

9/68 '

9/68'

9/68*

O
243
242

42
42

81
81

11/78
10/78

86
248
88
89
249
87
241
240

25
47
25
25
47
25
42
42

67
83
67
67
83
67
81
81

9/78
11/78
9/78
9/78
11/78
9/78
10/78
10/78

27

23

66

6/78

24

23

66

6/78

Obligations incurred, Defense Department
OECD European countries industrial production
Orders-See New orders and Unfilled orders.
io/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 ....

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.




Current issue
(page numbers)

Series
number

Japan-See International comparisons.

38
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments Cl
Construction contracts, commercial and industrial
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment current dollars
Inventories, business, change in-See Inventories.
Nonresidential total constant dollars
Nonresidential, total, percent of GNP
Producers' durable equip., nonresid., constant dol. . .
Residential, total, constant dollars
Residential, total, percent of GNP
Structures, nonresidential, constant dollars
Total constant dollars
Total, current dollars
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

11/68
6/68*
10/72*
10/72*

12/74

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
lescriptions
(issue date) (issue date)

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, index
Implicit price deflator, GNP, percent changes
Industrial materials
Industrial materials components
Industrial materials, Dl
Labor cost, price per unit of
Stock prices-See also International comparisons.
500 common stocks
500 common stocks Dl
Wholesale prices
All commodities index
All commodities, percent change
Consumer finished goods, index
Consumer finished goods percent changes
Crude materials, index
Crude materials percent changes
Intermediate materials, index
Intermediate materials percent changes
Producer finished goods, index

453
452
451

51
51
51

89
89
89

4/79
4/79
4/79

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78

46
46
56

82
83
92

11/78
11/78
12/73

10/69
7/68*

61
970
20
10
90

24
38
12,23
23
18

67
76
66
66
62

2/79
2/79
9/78
6/78
3/79

11/68
11/68*

320
320c
322
322c

49
49,59
49
49

84,95
84,95
84
84

5/79
5/79
5/79
5/79

5/69*
5/69*
5/69*
5/69*

311
311c
310
310c
23

48
48
48
48
28

9/78
9/78
9/78
9/78
1/78

ib/69*
10/69*
4/69

967
17
92

37
29
13,28

84
84
84
84
69
79
75
70
69

4/78
9/78
4/79

4/69*
11/68

19
968

13,28
37

69
75

12/77
6/77

5/69
5/69*

330
330c
334
334c
331
331c
332
332c
333
333c
17

48
48
48
48
48
48
48
48
48
48
29

85
85
86
86
85
85
86
86
86
86
70

4/79
4/79
5/79
5/79.
4/79
4/79
4/79
4/79
5/79
5/79
9/78

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

2/79
2/79
2/79
8/78
1/79

88

25

67

9/78

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 sales, current dollars
Saving
Business saving
Government surplus or deficit ,
Gross saving, private and government
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices, change in
State and local government-See Government.
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Stocks of materials and supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

ib/69
10/69
10/69
10/69*

9/68'

33
25
47

72
67
83

12/78
9/78
11/78

59
54

22
22

65
65

5/79
6/79

213

40

80

10/78

69
57
56
973
77
59
54

24
14,22
22
38
27
22
22

67
65
65
76
68
65
65

9/78
5/79
5/79
2/79
6/79
5/79
6/79

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/78
11/78
11/78
11/78
11/78

92

13,28

69

4/79

19
968
78

13,28
37
27

69
75
68

12/77
6/77
6/78

38

26

68

6/78

34
34

72
73

1/79
1/79

7/64
7/64

91
60
5
962
3

15,18
17
16
36
12,16

62
61
61
74
61

3/79
3/79
12/77
6/78
4/79

6/69
6/69*
3/68*

446
445
447
444
37
4

51
51
51
51
18,51
16

89
89
89
89
62,89
61

4/79
4/79
4/79
4/79
4/79
4/79

44
45
43

18
18
18

62
62
62

3/79
12/77
4/79

4/72
6/69
4/72

96
25

21
21

64
64

6/78
6/78

9/68
9/68

107
108
32

31
31
12,21

71
71
64

2/79
3/79
1/78

i2/74

330
330c
334
334c
331
331c
332
332c
333
333c
92
1

48
48
48
48
48
48
48
48
48
48
13,28
12,16

85
85
86
86
85
85
86
86
86
86
69
61

4/79
4/79
5/79
5/79
4/79
4/79
4/79
4/79
5/79
5/79
4/79
12/78

36'"

77
74

12/78

11/72
10/69*

88
88
88
60

6/76*
6/76*
6/76*
3/79

18
16

28
28

69
69

9/78
9/78

1/72
7/68

80
79
286
287
972
969
15
916
22

28
28
45
47
38
37
29
11
29

69
69
82
83
76
75
70
60
69

9/78
9/78
11/78
11/78
2/79
8/78
1/78
3/79
9/78

81
282
283

29
45
47

70
82
83

9/78
11/78
11/78

16

61

4/79

284

45

82

11/78

47

83

11/78

10/69
10/69*
11/68*

9/68*
2/69
11/68*

6/72
10/69
10/69
10/69
7/68*

5/69
5/69*

U

50
50
50
11

285

6/72'

T
Treasury bill rate
Treasury bond yields

358
370
370c
916

R
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

93
89
249

s

10/69

Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, Dl . . .
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age
Females, 20 years and over
Full-time workers
11/68
Males, 20 years and over
Total unemployed
11/68*
Quit rate, manufacturing
11/68*
Unemployment rates
11/68*
1 5 weeks and over
Insured, average weekly
ii/73
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries, change in
United Kingdom-See International comparisons.
6/68*
10/72*
10/72*
V

Q
Quit rate, manufacturing

Tables

6/69*

10/69

4

Price to unit labor cost, manufacturing
Prices, selling
Manufacturing Dl
Retail trade, Dl
Wholesale trade, Dl
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers' durable equipment, nonresid., GPDI
Production-See Industrial production and GNP.
Productivity
Output per hour, nonfarm business sector
Output per hour private business sector
Output per hour, private business sector, pet. changes .
Profitability, Cl
Profits
Corporate, after taxes, constant dollars
Corporate, after taxes, current dollars
Corporate, after taxes, with 1 VA and CCA,
constant dollar
Corporate, after taxes, with IVA and CCA, cur. dol. . . .
Corporate, with IVA and CCA
Corporate, with IVA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, Dl
Manufacturing Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCA to corporate domestic
income
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc. .

Charts

Series
Historical
data
descriptions
(issue date) (issue date)

10/69*

292
293
614

Current issue
(page numbers)

Series
number

114
115

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

P
Participation rates, civilian labor force
Both sexes, 1 6-1 9 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods constant dollars
Durable goods current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products, imports
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 as percent of
Price indexes
Consumer prices-See also International comparisons.

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Velocity of money
GNP to money supply M1, ratio
Personal income to money supply M2, ratio
Vendor performance

4/72*

W

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
ib/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
Workweek of production workers, manufacturing,
10/69
components
10/69* Workweek of production workers, manufacturing, Dl . . . .

961

6/69*

8/68'

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.




110

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1-U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.

Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).—Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).-The Conference
Board
(24,66)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).—
Source 1
(29,70)

12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(29,70)

Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

13. Number of new business incorporations (M).-Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

I-A. Composite Indexes

14. Current liabilities of business failures (M).—Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series 17,19,

80) (M).-Source 1

(11,60)

917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).—Source
1
(10,39,60)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(11,60)

1-B. Cyclical Indicators
1. Average workweek of production workers,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)
3. Layoff rate, manufacturing (M).-Source 3 (12,16,61)
4. Quit rate, manufacturing (M).—Source 3

(16,61)

5. Average weekly initial claims for unemployment
insurance, State programs (M).-U.S. Department of
Labor, Employment Training Administration; seasonal
adjustment by Bureau of Economic Analysis (16,61)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).—Sources 1, 2, and
3
(21,64)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).—Sources 1, 2, and
3
(12,21,64)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of



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
(29,70)

36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(26,68)
39. Percent of consumer installment loans delinquent 30
days and over ( E O M ) . — A m e r i c a n Bankers
Association
(33,72)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)

16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)

41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)

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, 3r and 4 (29,70)

42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)
44. Unemployment rate, 15 weeks and over (M).—Sources 2
and 3
(18,62)

18. Corporate profits after taxes in 1972 dollars (Q).—
Source 1
(28,69)

45. Average weekly insured unemployment rate, Mate piugrams (M).-U.S. Department of Labor, Employment
Training Administration
(18,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,64)

47. Index of industrial production, total (M).-Source
4
(14,20,39,58,63,78,94)

21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(16,61)
22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
23. Index of industrial materials prices (M).—Source
3
((28,69,79)
24. Value of manufacturers' new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)
28. New private housing units started, total (M).-Source
2
(25,67)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26,42,68,81)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies reporting
slower deliveries (M).-Purchasing Management
Association of Chicago
(12,21,64)

48. Employee-hours in
(M).-Source 3

nonagricultural

establishments
(17,39,61)

49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)
52. Personal income, total, in 1972 dollars (M).-Source

1

(19,63)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)
56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1972 dollars (M).—
Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).-University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
and 3
(22,65)

TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).—Sources 1, 2, 3, and The Conference
Board
(17,61)

84. Rate of capacity utilization, materials (Q).-Source
4
(20,64)
85. Change in money supply Ml (demand deposits plus
currency) (M).-Source 4
(31,71)

1-C. Diffusion Indexes

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)

86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)

87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)

951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

63. Index of unit labor cost, private business sector (Q).—
Source 3
(30,70)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1 (25,67)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).—Source
2
(27,68)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)

66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)

67. Bank rates on short-term business loans (Q,M).—Source
4
(35,73)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).-Source 1
(30,70)

95. Ratio, consumer installment debt to personal income
(EOM).-Sources 1 and 4
(15,35,73)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)

96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations,
(EOQ).-The Conference Board

manufacturing
(24,66)

119. Federal funds rate (M).-Source 4

(34,72)

961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M).—Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).—Source 1
and U.S. Department of Labor, Employment Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations, deflated—17 industries (Q).—The Conference
Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of industrial materials prices—13
industrial materials (M).-Sources 1 and 3 (37,75,79)

70. Manufacturing and trade inventories, total book value,
in 1972 dollars (EOM).-Sources 1, 2, and 3(15,27,68)

102. Change in money supply M2 (demand deposits and
currency plus time deposits at commercial banks other
than large CD's) (M).-Source 4
(31,71)

968. Diffusion index of stock prices, 500 common stocks—
58-82 industries (M).-Standard & Poor's Corporation
(37,75)

71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)

104. Change in total liquid assets (smoothed) (M).—Sources
1 and 4
(13,31,71)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(15,35,73)

105. Money supply Ml (demand deposits plus currency) jn
1972 dollars (M).-Sources 1, 3, and 4
(31,71)

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.
(37,75)

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, 4 (13,31,71)

970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).-Source
1
(38,76)

107. Ratio gross national product to money supply Ml (Q).Sources 1 and 4
(31,71)

971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Sourrfl 4

nondurable
(20,63)

75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)

108. Ratio, personal income to money supply M2 (M).Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to business (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)

79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(28,69)

113. Net change in consumer installment debt (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(28,69)

115. Yield on long-term Treasury bonds (M).—U.S.
Department of the Treasury
(34,73)

81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).-Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).(20,64)
Digitized forSource 1
FRASER


116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

TITLES AND SOURCES OF SERIES- Continued
977. Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)

292. Personal saving (Q).-Source 1

248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(47,83)

295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)

249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

II-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

(40,80)

255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)

217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(40,80)

257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (44,82)

220. National income in current dollars (Q).—Source
1
(45,82)

260. Government purchases of goods and services, total in
current dollars (Q).-Source 1
(43,81)

223. Personal income in current dollars (M).—Source
1
(40,63)

261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)

224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)

262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)

225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)

263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)

227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)

200. Gross national product in current dollars (Q).—Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars

(Q).-Source 1

230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)

266. State and local government purchases of goods and
services in current dollars (Q).-Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)

http://fraser.stlouisfed.org/
11R
Federal Reserve Bank of St. Louis

311. Fixed weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).-Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of wholesale prices, all commodities (M).-Source
3
(48,85)
331. Index of wholesale prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of wholesale prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of wholesale prices, producer finished goods
(M).-Source 3
(48,86)
334. Index of wholesale prices, consumer finished goods
(M).-Source 3
(48,86)
335. Index of wholesale prices, industrial commodities
(M).-Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)
341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).—Source
3
(49,87)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source
3
(50,88)

(45,82)

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)

310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)

280. Compensation of employees (Q).-Source 1

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)

II-B. Prices, Wages, and Productivity

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)

298. Government surplus or deficit, total (Q).—Source
1
(46,83)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

II-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

(45,82)

441. Total civilian labor force survey (M).—Sources 2 and
3
(51,89)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)

290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

288. Net interest (Q).-Source 1

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).-Sources 2 and

3

(51,89)

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)

453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)

II-D. Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

II-E. U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)

502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)

604. Exports of agricultural products (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)
511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department obligations incurred (M).-U.S.
Department of Defense, OSD, Comptroller, Directorate
for Program and Financial Control; seasonal adjustment
by Bureau of Economic Analysis
(53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).-U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
(M).- Source 2
(53,90)
557. Output of defense and space equipment (M).- Source

(56,92)

614. Imports of petroleum and petroleum products (M).Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants

(Q).-Source 1
620. Merchandise

imports, adjusted, excluding

(Q).-Source 1

(57,93)
military

(57,93)

622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).—Source
1
(57,93)
652. Income on foreign investments in the United States

(Q).-Source 1

(57,93)

667. Balance on goods and services (Q).—Source 1(57,93)

(54,91)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

669. Imports of goods and services, total (Q).-Source
1
(57,93)

4

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).—Institute
Centrale di Statistica (Rome)
(58,94)

606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

II-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

728. Japan, index of industrial production (M).-Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).-Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices
(M).Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).—Institute Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).-Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-The
Financial Times (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Institute Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)

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