Full text of Business Conditions Digest : June 1981
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1HS
If $
U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
William A. Cox, Acting Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Charles A. Waite, Acting Associate Director for
National Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication a r e Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Morton Somer—Seasonal adjustments
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and sources
at the back of this report.
This publication is prepared under the general guidance of a technical committee under the
auspices of the Office of Federal Statistical Policy and Standards. The Committee consists of
the following persons:
Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of
Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System
Charles A. Waite, Bureau of Economic Analysis, U.S. Department of Commerce
ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Develop-
ments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
Annual subscription price: $55.00 domestic,
$68.75 foreign. Single copy price: $4.75
domestic, $5.95 foreign. Foreign airmail rates
are available upon request. Address all
correspondence concerning subscriptions to the
Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional in-
formation for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402. Make
checks payable to the Superintendent of
Documents.
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
JUNE 1 9 8 1
Data Through May
Volume 21, Number 6
PART I.
CYCLICAL INDICATORS
Al
A2
A3
A4
COMPOSITE INDEXES AND
THEIR COMPONENTS
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
Chart
10
12
14
15
Table
60
—
—
—
16
19
21
23
26
28
31
61
63
64
65
68
69
71
36
—
39
74
77
—
CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Bl
B2
B3
B4
B5
B6
B7
Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit
DIFFUSION INDEXES
AND RATES OF CHANGE
Cl
C2
C3
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change
The Secretary of Commerce has determined
that the publication of this periodical is
necessary
in the transaction of the public
business required by law of this Department. Use
of funds for printing this periodical has been approved by the Director of the Office of
Management and Budget through September 1,
1983.
ItCII
PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
A3
AND PRODUCT
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income
Chart
40
41
42
43
44
45
46
47
Table
80
80
81
81
82
82
82
83
48
49
84
87
51
89
52
53
90
90
56
57
92
93
58
59
59
94
95
96
PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity
LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components
GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators
U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements
INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices
PART III. APPENDIXES
A. MCD and Related Measures of Variability (January 1981 issue)
QCDand Related Measures of Variability (January 1981 issue)
B. Current Adjustment Factors
C. Historical Data for Selected Series
97
D. Descriptions and Sources Of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions (October 1980 issue)
F. Specific Peak and Trough Dates for Selected Indicators (April 1981 issue)
G. Experimental Data and Analyses
105
Alphabetical Index—Series Finding Guide
110
Titles and Sources of Series
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,
Changes in this issue are as follows:
seasonal adjustment
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. The periods affected by these revisions
are as follows:
1969 to date: Series 618, 622, 651, and 667-669
1979 to date: Series 620
1969, 1970, and 1977 to date: Series 652.
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Balance of Payments Division.
2. The series on Net change in mortgage debt held by
financial institutions and life insurance companies (series
33) has been revised for the period 1979 to date to reflect
the annual updating of statistics on mortgage debt held by
weekly-reporting large commercial banks.
Further information concerning this revision may be
obtained from the Board of Governors of the Federal Reserve
System, Division of Research and Statistics, Banking Section.
3. Appendix C contains historical data for series 51-53,
62, 95, 223, and 330-335.
4. Appendix G contains cyclical comparisons for series
12, 21, 36, 48, 51, 72, 77, and 95.
The July issue of BUSINESS CONDITIONS DIGEST is scheduled for
release on July 31.
in
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.
SIX 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 most useful to business analysts and
forecasters. In the cyclical indicators section, each of about 110 business cycle indicators is assigned
a three-way timing classification according to its cyclical behavior at peaks, troughs, and all turns.
This section also includes important analytical measures, such as composite indexes of leading, coincident, and lagging indicators and selected diffusion indexes. A second section contains other important economic data on prices, wages, productivity, government and defense-related activities, U.S. international transactions, and international comparisons.
About 300 time series are shown in analytical graphs that help to evaluate business conditions and
prospects. Current data are shown in accompanying tables. Appendixes provide historical data,
seasonal adjustment factors, measures of variability, cyclical comparisons, and other useful information. A computer tape containing data for most of the series is available for purchase.
HANDBOOK OF CYCLICAL INDICATORS A reference volume containing valuable background information for users of Business Conditions Digest.
This recurrent report provides descriptive and analytical information on the economic time series
presented monthly in Business Conditions Digest. Included are series descriptions, historical
data, and measures of variability. For the cyclical indicators and composite indexes, special tables
show detailed scoring measures and average timing at cyclical peaks and troughs. Verbal and
algebraic explanations of the composite index methodology are also provided.
LONG TERM ECONOMIC GROWTH A report for the study of economic
trends over a long span of years: 1860-1970.
This report provides a comprehensive, long-range view of the U.S. economy by presenting relevant
statistical time series in easy-to-follow analytical charts and convenient data tables. It is a basic
research document for economists, historians, investors, teachers, and students, bringing together in
one volume a complete statistical basis for the study of long-term 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 A D J U S T M E N T PROGRAMS—Two variants of the Census computer program
measure and analyze seasonal, trading-day, cyclical, and irregular fluctuations. They are particularly
useful in analyzing economic fluctuations that take place within a year. The X - l l 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.
INDEX PROGRAM—This program computes composite and diffusion indexes and summary
measures of the properties of each index.
T I M E SERIES PROCESSOR—This program, through simple commands, performs a variety of
arithmetic, statistical, and manipulative operations on time series data.
SURVEY OF CURRENT BUSINESS
A monthly report for analyzing
current economic developments.
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.
For further information (including prices and ordering instructions) on any of these items,
please write to the Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C.
20230.
BUSINESS STATISTICS A 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 that provide the basic
data for the series.
METHOD OF PRESENTATION
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
This report is organized into two major parts.
which contain considerable variation due to the
Part I, Cyclical Indicators, includes about 150 time
number of working or trading days in each month.
series which have been found to conform well to
As used in this report, the term "seasonal
broad fluctuations in comprehensive measures of
adjustment" includes trading-day and holiday
economic activity. Nearly three-fourths of these are
adjustments where they have been made.
individual indicators, the rest are related analytical
Most of the series in this report are presented in
measures: Composite indexes, diffusion indexes,
seasonally
adjusted form and, in most cases, these
and rates of change. Part II, Other Important
are
the
official
figures released by the source
Economic Measures, covers over 140 series which
agencies.
However,
for the special purposes of this
are valuable to business analysts and forecasters
report,
a
number
of
series not ordinarily published
but which do not conform well enough to business
in
seasonally
adjusted
form are shown here on a
cycles to qualify as cyclical indicators. (There are a
seasonally
adjusted
basis.
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, MCD Moving Averages
such as real GNP and unemployment.) The largest
Month-to-month changes in a series are often
section of part II consists of quarterly series from
the national income and product accounts; other dominated by erratic movements. MCD (months for
sections relate to prices, labor force, government cyclical dominance) is an estimate of the approand defense-related activities, and international priate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
transactions and comparisons.
It is the smallest span of months for which the
The two parts are further divided into sections
average change in the cyclical factor is greater than
(see table of contents), and each of these sections
that in the irregular factor. The more erratic a
is described briefly in this introduction. Data are
series
is, the larger the MCD will be; thus, MCD is 1
shown both in charts and in tables. Most charts
for
the
smoothest series and 6 for the most erratic.
begin with 1956, but those for the composite
MCD
moving
averages (that is, moving averages of
indexes and their components (part I, section A)
the
period
equal
to MCD) tend to have about the
begin with 1948, and a few charts use a two-panel
same
degree
of
smoothness
for all series. Thus, a
format which covers only the period since 1969.
5-term
moving
average
of
a
series
with an MCD of 5
Except for section F in part II, charts contain
shading which indicates periods of recession in will show its cyclical movements about as clearly
general business activity. The tables contain data as the seasonally adjusted data for a series with an
for only the last few years. The historical data for MCD of 1.
The charts in this report generally include
the various time series are contained in the 1977
centered MCD moving averages for those series
Handbook of Cyclical Indicators.
In addition to the charts and tables described with an MCD greater than 4. The seasonally
above, each issue contains a summary table which adjusted data are also plotted to indicate their
variation about the moving averages and to provide
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors, observations for the most recent months.
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
Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.) The resulting
Reference Turning Dates
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
J_
Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
N. Economic
\Process
Cyclical
Timing
\
N.
LEADING (L)
INDICATORS
(62 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(18 series)
TIMING
UNCLASSIFIED
(U)
1.
II.
EMPLOYMENT
PRODUCTION
ill.
CONSUMPTION.
TRADE,
ORDERS, AND
DELIVERIES
(13 series)
IV.
FIXED
CAPITAL
INVESTMENT
(18 series)
AND
AND
UNEMPLOYMENT
(18 series)
INCOME
(10 series)
Marginal
employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)
Capacity
utilization
(2 series)
New and
unfilled orders
and deliveries
(6 series)
Consumption
(2 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(5 series)
Residential
construction
(3 series)
Com pre hen si ve
employment
(1 series)
Com pre hen si ve
output and
real income
(4 series)
1 ndustrial
production
(4 series)
Consumption
and trade
(4 series)
Backlog of
investment
commitments
( 1 series)
Business
Investment
expenditures
<5 series)
Duration of
unemployment
(2 series)
Business
Investment
expenditures
(1 series)
Comprehensive
employment
(3 series)
Trade
(1 series)
(8 series)
V.
VI.
INVENTORIES
PRICES, COSTS,
AND PROFITS
(17 series)
AND
INVENTORY
INVESTMENT
(9 series)
Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)
Stock prices
{I series)
Commodity
prices
(1 series)
Profits and
profit
margins
(7 series)
Cash flows
(2 series)
VII.
MONEY
AND CREDIT
(26 series)
Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
{2 series)
Bank reserves
(2 series)
Interest rates
( 1 series)
Velocity of
money
(2 series)
1 nterest rates
{2 series)
Unit labor costs
and labor share
(4 series)
I nterest rates
(4 series)
Outstanding
debt
( 3 series)
Commodity
prices
<1 series)
Profit share
(1 series)
Interest rates
(1 series)
V.
VI.
INVENTORIES
PRICES, COSTS,
AND PROFITS
(17 series)
VII.
MONEY
ANDCREDIT
(26 series)
Stock prices
(1 series)
Commodity
prices
(2 series)
Profits and
profit margins
(6 series)
Cash f IOWSJ
(2 series)
Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Profits
(2 series)
Money flow
(I series)
Velocity of
money
( 1 series)
Unit labor costs
and labor share
(4 series)
Velocity of
money
(1 series)
Bank reserves
(I series)
Interest rates
(8 series)
Outstanding debt
(3 series)
Inventories on
hand and on
order
(4 series)
Business
Investment
commitments
(1 series)
B. Timing at Business Cycle Troughs
N. Economic
\Process
cyclical x.
Timing
\.
LEADING (L)
INDICATORS
(47 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(40 series)
1.
II.
EMPLOYMENT
PRODUCTION
III.
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)
IV.
FIXED
CAPITAL
INVESTMENT
(18 series)
AND
AND
UNEMPLOYMENT
(18 series)
INCOME
(10 series)
Marginal
employment
adjustments
(3 series)
Industrial
production
(1 series)
New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 sertes)
Marginal
employment
adjustments
(2 series)
C o m pre hen si ve
employment
(4 series)
Comprehensive
output ami
real income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)
Consumption
and trade
(3 series)
Business
investment
commitments
(X series)
Unfilled orders
(1 series)
Business
Investment
commitments
(2 series)
Business
investment
expenditures
(6 series)
Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
AND
INVENTORY
INVESTMENT
(9 series)
Inventory
investment
(4 series)
Inventories on
hand and on
order
(5 series)
OT
unemployment
(5 series)
TIMING
UNCLASSIFIED
(U)
(1 series)
Bank reserves
(1 series)
independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 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
This part is divided into six sections which cover in the physical volume of inventories held by
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
and
purchases
from business and from abroad. It
or to selected foreign countries. The represented
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor resources; government receipts, 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 therefore 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
national product—personal consumption 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 major expenditure components of GNP
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 producer 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 1969.
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
rates of change for most of these measures.
cluded.
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 1969) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1969) tend to be significant as
leading indicators.
HOW TO READ CHARTS
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Basic Data
Arabic number indicates latest
month for which data are
plotted. ("9" = September)
Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)
Dotted line indicates anticipated data.
Broken line indicates actual
monthly data for series where
a moving average is plotted.
Roman number indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)
Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).
Diffusion Indexes
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.
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.
Solid line indicates percent
changes over 3- or 6-month
spans.
Various scales are used to
highlight the patterns of the
individual series. "Scale A "
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting
points indicates quarterly
data over 1-quarter spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
~f?—hrrt—fffeyifi :
Arabic number indicates latest
month used in computing
the changes.
Broken line indicates percent
changes over 1-month spans.
Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.
Solid line with plotting points
indicates percent changes over
3-or 4-quarter spans.
Roman number indicates
latest quarter used in computing the changes.
HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, o r
2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Percent change
Timing
classification3
Unit
of
3dQ
4th Q
1980
lstQ
1981
Mar.
1981
May
1981
Apr.
1981
Mar.
to
Apr.
1981
Apr.
to
May
1981
3dQ
to
4th Q
4th Q
lstQ
1981
I. CYCLICAL INDICATORS
A. Composite Indexes
910. Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators
Leading Indicator Subgroups:
913. Marginal employment adjustments ..
914. Capital investment commitments . . .
915. Inventory investment and purchasing
916. Profitability
917. Money and financial flows
L.L.L
C,C,C
Lg.Lg.Lg
1967=100 .
do. ..
140.1
145.1
166.4
131.5
140.4
176.8
131.5
137.2
163.2
136.8
141.2
178.1
136.5
143.2
185.2
137.2
143.6
180.7
137.7
142.6
178.6
135.2
142.7
194.2
0.4
-0.7
-1.2
-1.8
0.1
8.7
4.0
2.9
9.1
-0.2
1.4
4.0
96.8
113.5
105.9
91.7
145.5
93.
107.
101.
90.
135.4
92.9
107.2
99.9
91.2
136.5
95.5
107.9
103.4
92.1
138.7
95.2
106.3
103.3
NA
139.5
94.9
106.4
104.2
NA
139.1
95.0
106.1
104.6
NA
137.8
94.4
105.9
102.8
NA
135.7
0.1
-0.3
0.4
NA
-0.9
-0.6
-0.2
-1.7
NA
-1.5
2.8
0.7
3.5
1.0
1.6
-0.3
-1.5
-0.1
NA
0.6
39.7
2.8
3.5
485
1.7
1.5
39.3
2.6
3.6
513
1.7
1.3
39.9
2.9
3.7
415
1.2
1.4
40.1
3.0
3.5
413
1.4
1.5
40.0
2.9
3.5
421
1.4
1.4
40.1
2.9
3.2
408
1.2
1.3
40.2
3.1
3.0
411
1.4
1.3
0.2
0.
-0.3
3.1
0.2
-0.1
0.2
0.2
-0.2
-0.7
-0.2
0.
1.5
0.3
0.1
19.1
0.5
0.1
-0.2
0.5
-0.2
0.1
0.491
0.487
0.479
125
0.453
lib
0.430 •0.026
118
-5.6
0.023
0.
0.043
9.2
0.004
-2.3
L.L.L
L,L,L
L.L.L
UL.L
L,L,L
do.
do.
do.
do.
do.
Marginal Employment Adjustments:
* 1 . Average workweek, prod, workers, mfg
21. Avg. weekly overtime, prod, workers, mfg.2 .
2. Accession rate, per 100 employees, mfg.2 . . .
5. Avg. weekly initial claims (inverted4)
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 .
4. Quit rate, per 100 employees, mfg.2
UUL
UC.L
UUL
UC.L
UUL
ULg.U
Hours
do. ..
Percent. . . .
Thousands.
Percent. . . .
do. ..
40.2
3.3
4.0
381
1.1
2.0
Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
46. Help-wanted advertising
ULg.U
ULg.U
Ratio
1967=100...
0.786
158
U,C,C
U.C.C
C,C,C
UC,U
,bil. hrs..
Thousands. .
do. . . .
do. . . .
169.72
93,648
89,886
26,504
169.96
93,960
90,657
25,855
168.17
93,769
90,131
25,317
170.41
93,925
90,932
25,780
172.36
94,692
91,613
26,013
172.27
95,136
91,705
26,010
170.70
95,513
91,490
25,830
171.52
95,882
91,474
25,678
-U.9
0.4
-0.2
-0.7
0.5
0.4
0.
-0.6
1.3
1.8
1.1
0.8
0.7
0.9
59.25
58.51
58.27
58.18
58.43
58.61
58.89
58.97
0.28
0.08
-0.09
0.25
5,963
5.8
2.9
10.8
1.2
7,448
7.1
3.9
11.9
1.7
7,921
7.5
4.3
12.4
2.0
7,897
7.5
3.8
13.5
2.2
7,788.
7.3
3.3
14.3
2.1
7,764
7.3
3.3
14.0
2.1
7,746
7.3
3.3
13.7
2.0
8,171
7.6
3.3
13.2
2.0
0.2
0.
0.
2.1
0.1
-5.5
-0.3
0.
3.6
0.
0.3
0.
0.5
-8.9
-0.2
1.4
0.2
0.5
-5.9
0.1
1483.0 1480.7 1471.9 1485.6 1516.4
1197.4 1207.5 1207.6 1220.0 1230.6 1233.1 1233.5 1235.5
1043.8 1043.2 1035.6 1050.3 1061.1 1063.5 1064.5 1066.6
0.
0.1
0.2
0.2
0.9
1.0
1.4
2.1
0.9
1.0
2.2
1.0
4.9
6.8
3.9
0.8
1.8
2.0
1.3
3.9
3.5
2
5.1
0.7
0
1.7
-0.4
-1.2
-3.0
-0.97
0.3
-4
8.4
5.9
6.7
0.30
1.9
10
1.4
0.1
-1.8
-0.25
1.6
4
NA
NA
0.5
0.2
0.
4.5
1.4
0.
4.9
2.9
14.4
-5.3
-2.0
NA
B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment
119
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
U,Lg,U
Comprehensive Unemployment:
37. Total unemployed (inverted4)
43. Unemployment rate, total (inverted4)2
45. Avg. weekly insured unemploy-rate (inv. 4 ) 2 .
*91. Avg. duration of unemployment (inverted4) .
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 .
L.Lg.U
ULg,U
ULg.U
Lg.Lg.Lg
Lg.Lg.Lg
Thousands.
Percent. . . .
do. ..
Weeks
Percent. . . .
C.C.C
C.C.C
C.C.C
A.r., bil.dol.
do. ..
......do. ..
C.C.C
do. ..
247.2
231.0
226.0
231.0
233.3
232.5
231.7
230.9
C.C.C
C,C,C
C.UL
C.C.C
1967=100..
do. ..
do. ..
A.r., bil.dol.
152.5
146.4
164.0
674.5
147.1
136.6
161.1
665.2
142.1
129.8
157.3
657.5
149.1
138.6
163.4
662.9
151.8
141.4
165.6
688.9
152.2
142.2
165.5
152.3
142.7
166.1
152.8
143.5
166.6
UC,U
Percent. .
do.
85.6
82
87.4
79.0
78
79.8
75.7
76
74.9
79.2
78
80.0
79.9
78
81.7
srcent
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
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., FRB2
83. Capacity utilization rate, mfg., BEA2
84. Capacity utilization rate, materials, FRB2 . . .
UC.U
-0.3
0.1
0.4
0.4
0.3
0.6
0.3
B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars . . . .
*8. New orders, cons, goods and mtls., 1972 dol.
25. Chg. in unfilled orders, durable goods2
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance2 ©
UUL
UUL
UUL
UUL
L,Lg,U
UUL
Bil.dol
do. . . .
do. . . .
do. . . .
Bil.dol., EOP
Percent. .
77.20 76.34 75.14 81.46 82.59
84.21 84.29 83.94
41.40 36.86 35.98 38.09 38.14
38.75 38.44 37.96
36.46 32.80 32.13 34.29 33.68
34.07 34.16 33.14
1.41
3.26
0.99
1.71
1.46
2.16
0.72
1.69
267.88 279.75 274.62 279.75 284.11 284.11 285.80 286.52
35
52
63
40
45
49
56
52
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.UU
UC.C
UUL
Bil. dol
do. . . .
1967=100...
Mil. dol
do. . . .
A.r.,bil. dol.
IQ1966=100
288.22
159.46
150.8
74,529
45,172
65.3
66.0
331.39
155.77
147.4
82,586
43,781
66.1
72.1
346.20
157.91
147.4
86,627
45,039
75.6
68.3
346.58
159.36
148.2
87,608
45,182
66.5
72.4
UUL
UL.L
1967=100...
Number.
131.7 121.1 117.9 120.0
43,714 44,33 44,604 47,470
117.6
NA
117.6
NA
NA
NA
312.04
153.35
145.5
79,721
43,656
61.8
64.4
310.16
151.21
143.0
79,980
43,461
58.7
67.8
346.15
NA
156.43
NA
149.3 150.0
85,745 85,890
44,108 44,091
76.3
0.1
-0.8
0.3
-0.47
0.6
4
8.9
5.4
6.8
3.0
3.1
3.3
0.7
12.6
6.3
NA
NA
NA
NA
1.8
6.4
-1.
O.
-2.
B4. Fixed Capital Investment
Formation of Business Enterprises:
*12. Net business formation
13. New business incorporations
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Percent change
Series title
Timing
classification3
Unit
of
measure
Average
3dQ
1979
4th Q
1980
lstQ
1981
Mar.
1981
Apr.
1981
May
1981
Apr.
4th Q
to
1st Q
1981
Mar.
to
Apr.
1981
May
1981
-5.6
-1.5
7.1
1.7
-6.7
-1.8
-1.1
-0.5
4.0
3.7
0.
7.4
3dQ
to
4th Q
I. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment—Con.
Business Investment Commitments:
10. 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.
Bil. dol
25.47
24.66
24.23
25.96
26.39
28.04
26.48
14.65
21.64
13.25
21.30
13.06
20.61
13.58
21.38
13.58
22.96
14.24
23.79
13.28
23.37
12.68
11.72
11.42
11.51
12.07
12.37
11.92
11.89
-3.6
-0.3
0.8
4.9
90.52
22.20
76.66
77.96
26.36
91.87
69.50
24.29
89.72
85.24
25.81
91.87
84.37
29.88
96t48
90.00
77.53
82.86
-13.9
6.9
22.6
6.3
2.4
-1.0
15.8
5.0
C,Lg,Lg A.r., bil. dol.
270.46 295.63 296.23 299.58 312.24
1.1
4.2
do. . . .
CLg,Lg
C,Lg,U 1967=100...
C,Lg,C A.r., bil. dol.
271.93 298.01 294.14 304.95 317.69 323.48 320.10
171.3 173.3 170.3 174.9 179.2 180.5 182.2
163.3 158.4 155.5 157.0 162.0
NA
183.3
-1.0
0.9
NA
0.6
3.7
2.7
1.0
4.2
2.5
3.2
1,15:
94.3
3.3
2.9
-14.0
-1.6
10.4
-3.3
13.2
-9.4
-11.0
0.8
-2.2
5.8
-5.56
33.9
-0.83
2.3
-0.1
L,L,L
L,L,L
L,L,L
L,L,L
. .do. . . .
..do. . . .
do.
L.C.U Mil sq.ft. ..
U,Lg,U Bil. dol
C,Lg,Lg Bil. dol., EOP
L,L,L
L.L.L
L.L.L
A.r.,thous. .
1967=100...
A.r., bil. dol.
L,L,L
do.
1,745
123.6
59.1
1,292
96.6
48.1
1,390
110.5
44.7
-2.9
-5.0
-7.2
-1.4
-9.60 -13.69
30.0
30.1
0.42
0.25
-0.92
8.8
1.21
-6.48
42.7
0.38
1,535
106.8
50.6
1,391
95.1
51.0
13.13
23.25
1,297
93.1
1,340
95.8
-4.72
19.1
0.14
-0.28
30.5
1.38
4.44
11.4
1.24
NA
NA
NA
12.77
-21.3
0.96
426.80 461.72 454.57 461.72 472.39 472.39 474.93
265.44 262.9 264.24 262.97 262.64 262.64 263.03
75.58
78.71
76.76 75.58 78.57 IB.51
70.53
0.5
0.1
0.2
NA
NA
NA
1.6
-0.5
-1.5
0.03
NA
-0.06
0.7
NA
1.8
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 (smoothed6)2
31. Chg. in book value, mfg. and trade invent.2 ..
38. Chg. in mtl. stocks on hand and on order2 . . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total5
*70. Mfg. and trade invent., total, 1972 dol.5
65. Mfrs.' inventories of finished goods5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
orders
L,L,L
L,L,L
L.L.L
10.2
do.
do.
Bil. dol. .
10.49
46.2
2.56
Lg,Lg,Lg Bil. dol., EOP
do. . . .
Lg,Lg,Lg
do. . . .
Lg,Lg,Lg
Lg,Lg,Lg Ratio
1.73
L,Lg,Lg Bil. dol., EOP
1.75
1.66
204.2
199.20
B6. Prices, Costs, and Profits
1.69
L,L,L
U,L,L
Percent
1967=100..
Stock Prices:
*19. Stock prices, 500 common stocks®
L,L,L
194143=10.
Profits and Profit Margins:
16. Corporate profits after taxes
18. Corp. profits after taxes, 1972 dollars
79. Corp. profits after taxes with IVA and CCAdj . . .
80
do
in 1972 d o l . . . .
15. Profits (after taxes) per dol. of sales, mfg.2 . . .
26. Ratio, price to unit labor cost, nonfarm bus
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
1977=100..
167
99.6
109.2
65
5.7
96.8
163.
88.
100.
55.
4.
96.3
159
85
99
54
4.6
96.5
164
86
98
52.2
4.9
96.4
Cash Flows:
34. Net cash flow, corporate
35. Net cash flow, corporate, 1972 dollars
L,L,L
L,LL
A.r., bil. dol.
do. ..
257.1
265.4
141.8
262.9
138.6
Lg,Lg,Lg
119.9
132.4
Lg,Lg,Lg Dollars
Lg,Lg,Lg 1967=100...
1.092
175.8
1.196
195.1
74.4
75.3
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 income2
Lg,Lg,Lg Percent
1.49
298.0
1.65
1.68
200.63 204.27 205.41 205.41 206.79
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed6)2
23. Spot market prices, raw industrials <u)
1.98
293.0
1.66
1.14
289.3
2.28
301.3
2.83
288.5
3.36
289.8
2.84
293.0
4.0
-0.03
0.6
1.78
288.9
-0.52
1.1
-1.06
-1.4
1.14
4.1
0.55
-4.2
103.01 118.78 123.28 133.12 131.52 133.19 134.43 131.73
0.9
-2.0
8.0
-1.2
168.0
87.2
111.9
58.4
5.0
96.6
3.3
1.3
1.3
3.3
0.3
0.1
2 .3
0 .7
14 . 1
11 .9
0.1
0 .2
272.0
141.1
279.0
142.9
3.5
1.8
2 .6
1.3
133.9
137.0
139.5
2.3
1.203
200.9
1.230
200.1
1.244
203.9
2.2
-0.4
1.1
1.9
75.4
75.2
0.1
-0.2
-1.98
-0.69
-0.12
-1.0
-0.3
-1.00
-0.68
0.12
-0.3
-1.0
0.58
0.46
0.15
-0.9
-0.5
0.003
0.053
0.017
0.184
0.010
18.41
11.16
11.26
17.U
25.21
47.44
11.25
-0.9
204.6
206.9
0.6
B7. Money and Credit
Money:
85. Change in money supply (M1-B)2
102. Change in money supply (M2)2
*104. Chg. in total liquid assets (smoothed6)2
105. Money supply (M1-B), 1972 dollars
*106. Money supply (M2), 1972 dollars
L,L,L
L,C,U
L,L,L
L,L,L
L,L,L
Percent.
do.
do.
Bil. dol. .
do.
0.60
0.71
0.97
215.8
846.5
0.52
0.75
0.73
202.1
812.9
1.35
1.18
0.76
201.9
819.5
0.35
0.50
0.88
201.2
811.2
0.93
0.96
1.03
199.3
807.2
0.93
1.30
0.95
199.6
810.5
1.56
1.05
0.78
201.8
815.7
-0.42
0.36
0.66
199.7
813.1
Velocity of Money:
107. Ratio, GNP to money supply (M1-B)2
108. Ratio, pers. income to money supply (M2)2
C,C,C
C,Lg,C
Ratio
6.446
1.323
6.594
1.348
6.567
1.339
6.620
1.356
1.366
1.363
1.356
1.359
Credit
33.
112.
113.
110.
L,L,L
L,L,L
L,L,L
L,L,L
A.r., bil.
do.
do.
do.
85.26 61.25 61.70 80.11 54.90 4 3 . 7 4
22.88 19.60 24.38 35.54 - 1 1 . 9 0 - 2 3 . 0 4
38.69
2.90
1.38 12.64 23.89 3 7 . 3 0
356.98 286.18 286.77 335.65 332.51
52.61
30.68
27.97
NA
48.02
NA
Flows:
Change in mortgage debt2
Change in business loans2
Change in consumer installment credit2 . . . .
Total private borrowing
do.
dol.
..
..
..
0.63
-0.25
-0.17
1.1
0.6
8.87
53.72
-9.33
NA
17.34
NA
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data'
Timing
classification3
Series tittle
Unit
of
measure
Percent change
Average
1979
1980
3dQ
1980
4th Q
1980
lstQ
1981
• Mar.
1981
Apr.
May
1981
1981
Mar.
to
Apr.
1981
Apr.
to
May
1981
|
3d Q
to
4th Q
1980
4th Q
to
1st Q
1981
50.6
0.13
NA
0.04
14
39
8
M
1. C Y C L I C A L I N D I C A T O R S - C o n .
B7. Money and C r e d i t - C o n .
Credit Difficulties:
14. Liabilities of business failures (inv 4 ) @
39. Delinquency rate, instal. loans (inv. 4 ) 2 s
L,L,L
L.L.L
Mil.dol
Percent, EOP
222.28
2.64
386.26
2.57
3ank Reserves:
93. Free reserves (inverted 4 ) 2 ©
94. Borrowing from the Federal Reserve 2 ©
L.U.U
L,Lg,U
Mil.dol
do. . . .
-1,131
1,338
-1,141
Interest Rates:
119 Federal funds r a t e 2 ©
114. Treasury bill r a t e 2 ®
115. Treasury bond yields 2 ©
116. Corporate bond yields 2 ©
117. Municipal bond yields 2 ©
118. Mortgage yields, residential 2 ©
67. Bank rates on short-term bus. loans 2 ©
*109. Average prime rate charged by banks 2 ©
L,Lg,Lg
CLg,Lg
CLg.Lg
Lg,Lg,Lg
U,Lg,Lg
Lg,Lg,Lg
Lg Lg Lg
Lg.Lg.Lg
11.19
10.04
8.74
10.05
6.52
10.89
13.18
12.67
13.36
11.61
10.81
12.77
8.60
13.42
15.17
Outstanding Debt:
66. Consumer installment credit5
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
*95. Ratio, consumer install, credit topers, income2 .
Percent
do.
do.
do.
do.
do.
do.
do.
...
...
...
...
...
...
...
1,420
15.27
598.01
2.70
295.63
NA
NA
NA
NA
-872
1,229
-624 - 1 , 3 1 7 - 2 , 0 2 3
1,004 1 , 3 4 3
2,154
693
339
706
811
761
915
-397
-474
93
94
16.57
14.37
12.01
14.37
9.98
14.69
19.91
19.21
14.70
13.48
12.15
14.49
10.16
15.04
15.72
13.63
12.62
15.00
10.62
15.91
18.52
16.30
12.96
15.68
10.78
16.33
1.02
0.15
0.47
0.51
0.46
0.87
2.80
2.67
0.34
0.68
0.16
0.42
18.05
17.15
19.61
-0.90
2.46
6.01
4.47
1.21
1.70
1.04
0.91
4.15
5.12
0.72
0.66
0.37
0.49
0.36
0.38
4 20
2.48
119
114
115
116
117
118
67
0.7
NA
1.0
2.0
66
1.5
0.02
2.3
NA
5.0
-0.34
1.1
-0.17
72
95
NA
2.53
-508 -1,269
788 1,703
9.84
9.24
10.43
12.18
8.58
13.40
11.56
11.61
15.85
13.71
11.64
13.88
9.62
14.31
15.71
16.73
NA
NA
NA
NA
2.57
NA
2.53
Lg,Lg,Lg
Bil.dol., EOP
303.58 306.47 303.31 306.47 312.45 312.45 314.78
Lg,Lg,Lg
Lg,Lg,Lg
Bil.dol
Percent
147.06 163.76 162.81 170.91 172.87 171.22 173.77 177.78
14.79 14.14
13.86 13.52 13.35 13.35 13.37
• NA
NA
109
I I . OTHER I M P O R T A N T ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B 1 . Price Movements
310
320
320c
322
330.
331.
332
333
334.
Imnlicit nrice deflator GNP
Consumer prices (CPI) all i t e m s ©
Change in CPI, all items, S/A2
CPI food
Producer prices (PPI), all commodities©
PPI, crude materials
PPI intermediate materials
PPI caDital eouioment
PPI, finished consumer goods
1972-100
1967=100...
Percent
1967=100...
162.8
217.4
1.0
234.5
177.4
246.8
1.0
254.6
179.2
249.6
0.6
257.5
183. 8
256.2
1.0
267.4
188.1
262.9
0.8
270.7
265.1
0.6
271.6
266.8
0.4
271.6
269.0
0.7
271.0
0.6
-0.2
0.
0.8
0.3
-0.2
2. 6
2.6
0.4
3.8
2 3
2.6
-0.2
1.2
do.
do.
do.
do.
do.
...
...
...
...
...
235.6
282.2
242.8
216.7
215.7
268.8
304.6
280.3
239.8
248.9
272.9
314.3
283.3
242.9
253.5
279.2
328.7
290.4
249.5
258.6
287.0
329.1
298.8
255.7
264.3
289.6
327.0
301.1
257.7
267.2
292.8
331.8
304.3
260.1
269.3
293.7
330.1
305.9
262.4
269.9
1.1
1.5
1.1
0.9
0.8
0.3
-0.5
0.5
0.9
2.3
4.6
2.5
2.7
2.0
2.8
0.1
2. 9
2.5
2.2
330
331
332
333
334
do. . . .
229.8
250.6
253.8
260.2
266.5
268.6
269.8
271.5
0.4
0.6
2.5
2.4
340
105.6
118.6
99.1
99.4
101.7
130.1
95.7
99.1
101.9
131.6
95.9
99.2
101.2
134.7
95.1
98.9
101.0
138.3
95.1
99.8
101.1
101.2
101.2
0.1
0.
-0.7
2.4
-0.8
-0. 3
-0.2
2.7
0.
0. 9
341
345
346
370
0.5
0.6
-0.2
-1.3
-0.1
1.7
0.6
0.3
5.5
8.7
4.3
1.4
0.2
0.2
-0.3
-3.7
5.2
-1.3
0.6
0.8
-1.4
-4.9
-0.6
4.8
441
442
37
444
445
446
0.2
0.2
1.1
0.4
0.3
-0.3
-0.2
-0.1
0.
-0.3
0.5
0.5
451
452
453
6.0
4.2
6.3
4.3
2.3
8. 5
8.3
3.6
24.6
2.1
2.3
-0.1
501
502
500
511
512
510
0.2
310
320
320
322
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. . . .
1977=100...
do. . . . '
do
C. Labor Force, Employment, and
Unemployment
441.
442.
37.
444.
445.
446.
Labor
451
452.
453.
102.91 104.72 104.98 105.17 105.80 106.18 106.72 107.41
96.94 97.27 97.06 97.28 98.01 98.41 98.98 99.24
5,963 7,448 7,921 7,897 7,788 7,764 7,746 8,171
2,223 3,261 3,631 3,496 3,323 3,305 3,262 3,546
2,213
2,547 2,600 2,734 2,718
2,725 2,721 2,838
1,528 1,640 1,689 1,667 1,747 1,734 1,763 1,787
Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age
Millions . . . .
do. . . .
Thousands. .
do. . . .
do. . . .
do. . . .
Force Participation Rates:
Males 20 years and over2
Females, 20 years and over2
Both sexes, 16-19 years of age2
Percent
do. . . .
do. . . .
79.8
50.6
58.1
79.4
51.4
56.9
79.4
51.5
56.4
79.2
51.4
56.4
78.9
51.9
56.9
A.r., bil.dol.
do. . . .
do. . . .
do. . . .
do. . . .
do. . . .
494.4
509.2
-14.8
351.2
324.4
26.7
540.8
602.0
-61. 2
384.0
355.0
29.1
540.8
615.0
-74.2
386.8
358.2
28.6
573.2
641.1
-67.9
403.4
366.3
37.1
620.7
664.0
-43.3
411.8
374.7
37.0
79.2
52.1
56.6
79.4
52.3
57.7
79.8
52.6
57.4
D. Government Activities
D 1 . 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 deficit2'
517
525
548.
564
Defense Department obligations
Military prime contract awards
New orders, defense products
National defense purchases
....
D2. Defense Indicators
Mil.dol
do. . . .
do. . . .
A.r., bil.dol.
11,141 13,392 13,319 13,905 15,370 15,560
5,356 6,961 7,270 7,010
NA
NA
3,284 4,577 5,113 4,729 4,895 4,835
111.2
131. 7 131.4
141.6
145.2
NA
NA
4,790
NA
NA
5,810
NA
NA
-0.9
NA
NA
21.3
4.4
-3.6
-7.5
7. 8
10.5
NA
3.5
2 5
517
525
548
564
Mil.dol.
do
do.
do.
do.
do.
15,137 18,390 18,727 19,060 20,008 21,434 19,818
2,886 3,435 3,480 3,596 4,158 4,201 3,604
3,009 3,788 4,081 3,968 4,188 4,352 4,311
17,160 20,417 19,597 20,548 22,022 20,949 22,289
4,676 6,139 5,384 6,060 7,123 5,992 6,919
1,853 2,030 2,171 2,133
2,044 2,125
2,042
NA
NA
NA
NA
NA
NA
-7.5
-14.2
-0.9
6.4
15.5
-3.9
NA
NA
NA
NA
NA
NA
1.8
3.3
-2.8
4.9
12.6
-1.8
5.0
15.6
5.5
7.2
17.5
-4.2
602
604
606
612
614
616
E. U.S. International Transactions
E 1 . 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
...
...
...
...
...
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Unit
of
measure
Average
4th Q
1979
1st Q
1980
Percent change
2dQ
3dQ
1980
4th Q
1980
1st Q
1981
2dQ
to
3dQ
1980
3dQ
to
4th Q
1980
4th Q
1st Q
1981
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 balance2
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 services2
35,514
43,953
-8,440
10,816
5,466
55,256
57,508
-2,252
118
955
836
675
310
232
480
752
55,992
62,327
-6,335
18,985
10,794
86,168
83,472
2,696
51,367 54, 898
59,726 65, 024
-8,359 •10, 126
18,952 20, 465
9,203 10, 629
79,894 85, 764
78,582
981
1,312
217
55,667
62,411
-6,744
16,860
10,342
83,617
82,830
787
56,252
59,154
-2,902
18,850
10,697
86,655
80,177
6,478
57,149
62,719
-5,570
19,764
11,507
88,63b
84,902
3,734
61,117
65,719
-4,602
21,420
12,551
94,159
89,560
4,599
A.r., dollars.
....do. .
1436.9
2156.1
1422.9
1462.9
981
6,568
4,487
1483.0
2413.9
1472.9
1641.7
1011.5
6,721
4,584
1480
2626.1
1483
1821.7
1018.4
6,646
4,571
1490.6
2496.3
1491.3
1710.1
1017.7
6,731
4,596
1463.3
2564
1462.0
1784.1
1008.2
6,578
4,532
1471.9
2637.3
1476.9
1840.6
1018.5
6,597
4,565
1485.6
2730.6
1492.7
1897.0
1025.8
6,640
4,585
1516.
2853.0
1517.8
1947.8
1033.3
6,764
4,609
0.6
2.8
1.0
3.2
1.0
0.3
0.7
A.r., bil. dol.
..do.
..do.
..do.
..do.
..do.
..do.
..do.
904.8 930.9 935.1 941.6 943.4 919
930.8 946.8 960
146.3 146.6 135.8 146.0 145.4 126.2 132.6 139.1 146.8
345.7 354.6 358
361
361.5 356.6 354.9 360.4 364
412.8 429.6 440.9 434
436.5 436.5 443.3 447.3 448
1348.7 1510.9 1672
1682.2 1751.0 1810.1
1582.3 1631.0 1626
199.3 212.3 211.9 216
220.9 194
208.8 223.3 238
529.8 602.2 675
639.2 661.1 664.0 674.2 703.5 726
619.6 696.3 785.2 727.0 749.0 768.4 799.2 824.2 845.8
Mil. doL
..do.
..do.
..do.
..do.
..do.
1.1
1.6
-5.2
6.0
3,842 -2,668
11.8
4.8
3.4
7.6
2.3
3.6
5.9
-3.2
5,691 -2,744
6.9
4.8
968
8.4
9.1
b.2
5.5
865
618
620
622
651
652
668
669
667
0.9
3.5
1.1
3.1
0.7
0.7
0.4
2.1
4.5
1.7
2.7
0.7
1.9
0.5
50
200
213
224
225
217
227
1.3
5.1
-0.5
1.6
3.4
7.4
1.5
4.0
1.7
4.9
4.1
6.9
4.3
3.1
1.4
5.5
1.1
0.4
3.4
6.7
3.2
2.6
231
233
238
239
230
232
236
237
A. National Income and Product
A 1 . G N P a n d Personal Income
50.
200.
213.
224.
225.
217.
227.
GNPin 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 dot..
A.r., bil. dol.
. . . .do. .
do. .
. . . .do..
1501.9
2571.7
1502.8
1765.1
1021.0
6,767
4,600
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.
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
. .do. .
. .do.
. .do. ,
..do.
..do.
229.7
215.8
14.0
375.3
353.2
22.2
232.6
222.5
10.2
415.8
398.3
17.5
203.6
206.6
-2
395.3
401.2
-5.9
221.5
222.2
-0.7
410.0
410.8
-0.8
218.3
219.2
-0.9
415.6
413.1
2.5
200.5
199.2
1
390.9
383.5
7.4
195.3
200.2
-5.0
377.1
393.2
-16.0
200.5
207.6
-7.2
397.7
415.1
-17.4
211.6
213.1
-1.4
437.1
432
4.5
-2.6
0.5
-6.3
-3.5
2.5
-23.4
2.7
3.7
-2.2
5.5
5.6
-1.4
5.5
2.6
5.8
9.9
4.2
21.9
241
243
30
240
242
245
..do.
..do.
..do.
..do.
..do.
..do.
277.8
99.8
178.0
432.6
153.4
279.2
281.8
101.7
180.1
473.8
167.9
305.9
290.0
108.1
181.9
534.7
198.9
335.8
285.3
103.1
182.2
496.4
178.1
318.3
290.1
107.6
182.5
516.8
190.0
326.8
291.9
110.
181.
530.0
198.7
331.3
288.2
106.9
181.3
533.5
194.9
338.6
289.8
107.4
182.4
558.6
212.0
346.6
293.6
111.
182.
576.
221.6
354.9
-1.3
-3.4
0.1
0.7
-1.9
2.2
0.6
0.5
0.6
4.7
8.8
2.4
1.3
3.5
0.1
3.2
4.5
2.4
261
263
267
260
262
266
do
127.5
103.0
24.6
219.8
220.4
-0.6
146.9
109.2
37.7
281.3
267.9
13.4
161.1
109.1
52.0
339.
316.
23.3
154.8
112.6
42.2
306.3
298.7
7.6
165.9
115.8
50.1
337.3
329.1
8.2
160.5
108.9
51.7
333.3
316.2
17.1
160.5
102.8
57.6
342.4
297.9
44.5
157.4
108.9
48.5
346.1
322.7
23.3
162.5
111.6
50
367.4
338.2
29.2
0.
-5.6
5.9
2.7
-5.8
27.4
-1.9
5.9
-9.1
1.1
8.3
-21.2
3.2
2.5
2.4
6.2
4.8
5.9
256
257
255
252
253
250
745.4 1963.3 2121.4 2031.3 2088.5 2070.0 2122.4 2204.8 2291.1
299.7 1460.9 1596.5 1518.1 1558.0 1569.0 1597.4 1661.8 1722.4
117.1 131.6 130.6 136.3 133.7 124.9 129.7 134.0 132
185.5 196.8 182.7 189.4 200.2 169.3 177.9 183.3 203.0
27.4
30.5
31.8
31.0
31.2
31.5
32.0
32.7
32.4
115.8 143.4 179.8 156.5 165.4 175.3 185.3 193.3 200.8
2.5
1.8
3.8
5.1
1.6
5.7
3.3
3.0
1.2
4.3
3.9
3.6
-1.4
10.7
0.9
3.9
220
280
282
286
284
288
1.9
2.7
1.3
-3.1
-0.1
1.2
1.4
-12.4
14.8
-1.0
8.9
5.7
-8.9
24.6
-0.5
290
295
292
298
293
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. Exports of goods and services, 1972 dollarss . . .
257. Imports of goods and services, 1972 dollarss
255. Net exports of goods and serv., 1972 dol. 2
252. Exports of goods and services, current dol.
253. Imports of goods and services, current dol.
I 22
250. Net exports of goods and serv., current dol.
do
do
do
do
do.
nts
A6. National Income and Its Components
220.
280.
282.
286.
284.
288.
National income
Compensation of employees
Proprietors' income with IVA and CCAdj
Corporate profits with IVA and CCAdj . .
Rental income of persons with CCAdj . .
Net interest
290.
295.
292.
298.
293.
Gross saving (private and govt.) .
Business saving
Personal saving
Government surplus or deficit 2 .
Personal saving rate2
do.
do
do
..do.
..do.
..do.
A7. Saving
do. ,
do.
do.
do.
t
355.2
279.1
76.3
-0.2
5.2
411.9
312.7
86.2
11.9
5.2
401.9
331.6
101.3
-32.1
5.6
402.0
315.7
80.7
4.4
4.7
404.5
326.7
86.4
-9.6
4.9
394.5
325.8
110.0
-42.5
6.2
402.0
334.6
111.4
-45.6
6.1
406.7
339.3
97.6
-30.8
5.1
442.7
358.
88.9
-6.2
4.6"
NOTE: Series are seasonally adjusted except for those indicated by <§), which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see 'Titles and Sources of Series" at the back of BCD. 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 peaJ^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 geneni business activity, signs of the changes we 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
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart A l . Composite Indexes
.Nov.HOet )
P T
(July) (May)
P T
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P T
(Dec.) (Nov.)
P
T
(Nov.) (Mar.)
P
T
Index: 1967=100
910. index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104 106)
.9
-4
TZ.
-11
-23
-2
\r
920. Index of four roughly coincident indicators (series 41, 47, 51, 57)
-1
930. Index of 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
NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags (+) in months from reference turning dates.
Digitized forCurrent
FRASER
data for these series are shown on page 60.
10
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
(Nov.) (Oct.)
P
T
(July) (May)
P
T
(Aug.) (Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P T
(Nov.) (Mar.)
P
T
913. Marginal employment adjustments (series 1, 2, 3, 5)
Index: 1967=100
1101009080-
914. Capital investment commitments (series 12, 20, 29)
-10
-30
120-
-8
-13
_
-3
A^l
Vv
11010090-
-3
-2
-2
"I
120-
915. Inventory investment and purchasing (series 8, 32, 36, 92)
110100-
916. Profitability (series 19, 26. 80)
5
917. Money and financial flows (series 104, 106, 110)
940. Ratio, coincident index to lagging index
III
110100908070-
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981
NOTE:
entered on the chart indicate length of leads ( - ) and lags (+) in months from reference turning dates.
Digitized
for Numbers
FRASER
Current data for these series are shown on page 60.
11
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR C O M P O N E N T S — C o n t i n u e d
Chart A2. Leading Index Components
(Nov.) (Oct.)
P
T
(July)(May)
P T
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P T
(Dec.)(Nov.)
P
T
(Nov.) (Mar.)
P
T
1. Average workweek, production workers,
manufacturing (hours) ] L.L.L
3. Layoff rate, manufacturing (per 100 employees—inverted scale)
8. New orders for consumer goods and materials, 1972 dollars (bil. dol.)
IXX
. Vendor performance, percent of companies receiving slower deliveries (percent)
LL
I
12. Net business formation (index: 1967=100)
20. Contracts and orders for plant and equipment,
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981
Current data for these series are shown on pages 61, 64, 65, and 66.
12
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
(Nov.)(Oct.)
P
T
(July) (May)
P T
(Aug.) (Apr.)
P T
(DecKNov.)
P
T
(Apr.) (Feb.)
P T
(Nov.) (Mar.)
P
T
29. New building permits, private housing units (index: 1967=100)
200180-
1U.LI
60 J
36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate. bit. dol.)
92. Change in sensitive crude materials prices, smoothed1 (percent) jt t L,L|
104. Change in total liquid assets, smoothed1 (percent) |L,L,L
1.20.8-
Z
0.40140-
19. Stock prices, 500 common stocks
(index: 1941-43=10)
irxn
jAI\±\
120100-
60 J
900-
106. Money supply-M2-in 1972 dollars (bil. dol.)
iLLLl
800700600-
500-
400-
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
data for these series are shown on pages 67, 68, 69, and 71.
Digitized Current
for FRASER
13
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A3. Coincident Index Components
(Nov.) (Oct.)
P
T
(July)(May)
P T
(Aug.) (Apr.)
P T
(Apr) (Feb.)
P T
(Dec.) (Nov.)
P
T
(Nov.) (Mar.)
P
T
41. Employees on nonagricultural payrolls (millions)
cxjc
51. Personal income less transfer payments,
1972 dollars (ann. rate, bil.
47. Industrial production, total (index: 1967-100)
/
57. Manufacturing and trade
1972 dollars (bil. dol.)
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981
Current
data for these series are shown on pages 62, 63, and 65.
for FRASER
Digitized
http://fraser.stlouisfed.org/
Federal AJL
Reserve Bank of St. Louis
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A4. Lagging Index Components
(July) (May)
P T
(Nov.) (Oct.)
P
T
(Aug.) (Apr.)
P T
(Nov.) (Mar.)
P
T
(Dec.) (Nov.)
P T
(Apr.) (Feb.)
P T
91. Average duration of unemployment (weeks-inverted scale)
70. Manufacturing and trade inventories, 1972 dollars (bil. dol.)
62. Labor cost per unit of output, manufacturing (index: 1967=100)
MX
109. Average prime rate charged by banks (percent)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (bil. dol.)
95. Ratio, consumer installment credit to personal income (percent)
1948 49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 62, 68, 70, and 73.
15
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart B l . Employment and Unemployment
(Aug.)(Apr,)
P
(Apr)(Feb.)
T
P
(Nov.)
P
( D e c ) (Nov.)
T
P
T
(Mar.)
I
I Marginal Employ j f | t Adjustments [
1. Average workweek, production workers manufacturing
38 J
21. Average weekly overtime hours, production workers, manufacturing (hours)
4-i
3-
2-
2. Accession rate, manufacturing (per 100 employees)
5-
4-
3-
5. Average weekly initial claims, Slate unemployment insurance (thousands-inverted scale)
A
200-
300-
400 -
5G0«
3. Layoff rale, manufacturing (per 100 employees—inverted scale)
4. Quit rate, manufacturing (per 100 employees)
":s
67
:i;;
z'i
60
nl
02
63
64
85
68
67
68
S9
70
71
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 6 1 .
16
IMHfc
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
t Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
[Job Vacancies[
1.4-
60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)
1.0-
0.6-
0.2-
200-1
175-
46. Help-wanted advertising (index: 1967=100)'
150125*
m
10075-
180-
170-
| Cottiprehensive E||feyment|
48. Employee-hours in nonagricultural establishments
(sin. rate, ML hours)
160-
150-
1401009590-
42. Persons engaged in nonagricultural activities (millions)
85-
4L Employees on nonagricultural payrolls (millions)
40. Employees in goods-producing industries-mining,
manutacturmg, construction (millions)
A/X
•!bu 5"
58
59
60
81
62
63
m
Current data for these series are shown on pages 61 and 62.
6$
67
38
70
71
72
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
B |
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart Bl. Employment and Unemployment—Continued
<Aut{ ) i A p r )
P
(Apr w F ^ b
(Dec ) ( N o v >
PI
T
P
T
P
T
[Comprehensive Employment—ConT]
6058-
90. Ratio, civilian employment to total population of working age (percent)
J_
5857-
te
U,Lg,U
56-
54-
1 Comprehensive Ufteijiployment]
37. Number unemployed, total (millions-inverted scale)
X
A
-TV
43. Unemployment rate, total (percent-inverted scale)
z
ZZ6-
Z
45. Average weekly insured unemployment rate (percent—inverted scale)
?J
91. Average duration of unemployment (weeks—inverted scale)
Lg.Lg.Lgl 1 ^ . . .
1618-
44. Unemployment rate, persons unemployed 15 weeks and over (percent-inverted scale)
0-1
2-
1956 57
58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981
Current data for these series are shown on page 62.
18
lliMr-
-icko
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income
, Aug./(Apr.)
P
T
(Apr)/Feb.)
PI
(Dec.) (Nov.)
P
(Nov.)
(.Mar.)
P
T
T
1600I Comprehensive Qjiftrt and Income
15001400-
50. GNP in 1972 dollars, Q (ann. rate, bil. doL)
1300120011001000-
8001300-
•
^ ^ ~
~ Is)
Personal income in 1972 dollar (aim.
12001100-
fc^ci
1000900800-
y
^
700-
^
^
60011001000-
51. Personal income less transfer payments in 19/2 dbllars
(arm. rate, bii. dot.)
900800700-
600-
500 53. Wages and salaries in mining, manufacturing, and
construction in 1972 dollars (ann. rate, bil. dol.)
260240220 -
HI
200180 160140 J
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 63.
1Q
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income—Continued
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec)iNov.f
(Mar.:
PI
T
I Industrial Production!
47. Industrial production, total (index: 1967=100)^
74. Industrial production, nondurable manufactures
(index: 1967=100) |CtL>L|
\
100-
73. Industrial production, durable manufactures
(index: 1967=100) r F F c l
700650600550500450-
49. Value of goods output in 1972 dollars, Q
(ann. rate, bit. dol.)
400-
350-
I Capacity Utilization!
100-
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)
90-
70 J
82. Rate of capacity utilization, manufacturing (FRB), Q (percent)
AA
70 J
84. Rate of capacity utilization, materials, Q (percent)
70-*
1956 57
58
59
60
61
62
63
64
Current data for these series are shown on pages 63 and 64.
_2L
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries
(Aug.)(Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
1 Orders and Deliveries 1
(Nov.)
P
(Mar.)
T
6. New orders, durable goods industries,
current dollars (bil. doU >;
X
fun
7. New orders, durable goods industries, 1972 dollars
7060-
z
50-
40-
30-
8. New orders for consumer goods and
in 1972doilai
25. Change in unfilled orders, durable goods industries
(bil. dd.; MCD moving avg.
96. Manufacturers' unfilled orders, durable goods industries
32. Vendor performance, percent of companies
receiving slower deliveries f$ercent)
full
1956 57
58
59
60
61
62
63
Current data for these series are shown on page 64.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
(Nov.)
P
(Mar.)
T
380340-
I Coemption and f rade 1
300260220-
ZZL
56. Manufacturing and trade sales in current dollars—,
180-
(bit, dot.) f c x x i
140-
57. Manufacturing and trade sales
in 1972 dollars (bit. dot.)
100170160150 140-
75. Industrial production, consumer goods
(index: 1967=100)
^
^
90807060-
54. Sales of retail stores in current dollars (bil. d o l . ) - ^
50-
lC,L,Ul
59. Sales of retail stores in 1972 dollars (bil. dol.)
fuXui
X
6050-
55. Personal ccwisumption expenditures,
automobiles, Q (ann. rate, bil dol.)
lLC.Cl
58. Index of consumer sentiment (1st Q 1966=100)
10090-
/
\
6050»
1956
57
58
59
60
61
62
63
Current data for these series are shown on page 65.
22
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
&ug 5 (Apr )
P
7
'ALT
P
;Pec i iNn,
) (Ft-c )
T
(Mar )
N'.v
P
T
160 -
I Formation of Business Enterprises!
140 -
11 Net business formation (index: 1967=100) 1 1 1 0
13. New business incorporations (thousands)
1 Business Investment Commitments|
20. Contracts and orders for plant and equipment
in 1972 dollars (bif. dol.)
10. Contracts and orders for plant and equipment
fet
dollars ( H L M ) l ^
27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dot.) X
L,L,L
24
- Manufacturers' new orders, capital goods industries,
9. Construction contracts, commercid and industrial buildings
sq. n. or noor area; muu moving avg.—o-ierm;*
LXAJ
1956 57
58
59
This is a copyrighted series
Current data for these series
1
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
are shown on pages 65 and 66.
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
(Aug.)(Apr.)
P
T
(Dec.) (Nov.)
P
T
(Apr,) (Feb.)
P
T
(Nov.)
(Mar.)
investment Commitments—Con.
11. New capital appropriations, manufacturing, Q (bil. dol.)
97. Backlog of capital appropriations, manufacturing, Q
61. Business expenditures for new plant and equipment, Q
(ann. rate, bil. dot.)
[Business Investment Expenditures
Machinery and equipment sales and business
construction expenditures (ann. rate, bil. dol.)
76. Industrial production, business equipment
(index: 1967=100)
^
1956 57
58
59
60
61
62
63
64
Current data for these series are shown on pages 66 and 67.
1L
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
(Aug.) (Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
29. New building permte, private bousing units (index:
1956
57
58
59
60
61
62
63
Current data for these series are shown on page 6 7 .
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B5. Inventories and Inventory Investment
(Aug.)(Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
1 Inventory Investment 1
30. Change in business inventories, 1972 dotes, Q (ann. rate, bit, dot*
full
36. Net change in inventories on hand and nn
H ° r , 1Q7? M m
1
(ann. rate, bil. dot.; moving avg.—4-fcmi )
•40 i
(ann. rate, bil. do!.; MCD moving avg.-&-tetm)
38. Change in stocks of materials and supplies on hamjand on
manufacturing (bil. dol.; MCD moving avg.-4t«ffl)
1956 57
1
58
59
60
61
62
63
64
65
66
67
68
69
This series is a weighted 4-tertn moving average (with weights 1,2,2,1) placed on the terminal
Current data for these series are shown on page 68.
http://fraser.stlouisfed.org/
Federal Reserve
9KBank of St. Louis
70
71
month of the span.
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment—Continued
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
500450400350-
71. Book'
current
300"
250-
70. Manufacturing and trade inventories, 1972 dollars
20090858075706560555045403530-
25-
77. Ratio, deflated inventories to sales, manufacturing and trade
1.8-1
1.71.61.5 220200180160140 -
Z
120-
Z
78. Slocks of materials and supplies on hand and on order,
manufacturing (bB. dol.)
[ L,Lg t lgj
100-
60-
40-»
1956
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
Current data for these series are shown on page 68.
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
ItCII
27
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
[Sensitive Commodity Prices |
92. Change in sensitive crude materials prices (percent; moving avg.-4-term1)
23. Spot market prices, raw industrials (index: 1967=100)
19. Stock prices, 500 common stocks (index: 194143=10)
L
16. Corporate profits after taxes, current
( O I L tifc UL doL) [j
[Profits and Profit Margins]
i a Corporate profits after taxes, 1972 dollars, Q
(ann. rate, bil. do!.)
80. Corporate profits after taxes with IVA and CCAdj,
1972 dollars. (Hann. rate. bil. doh
79. Corporate profits after taxes with IVA and CCAdj,
current dollars, Q (ann. rate, bil. doL)
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 69.
28
I IMC
mm
itr
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
•Aug.) (Apr.)
P
T
(Dec) (Nov 1
P
T
(Api.)iFeb.)
P
T
(Nov ) ( M a r )
PI
1 Profits and Profit jfergins—Con. 1
22. Ratio, corporate profits (after taxes) to Wat corporate domestic
income, Q
12-
10-
81. KabOi comorate DtGiits (after taxes) with inventory valuation and
capital comimiption adjustments to total corporate domestic income,
ID. rronts (alter taxes; per dollar of sales, an manufacturing corporations, t j (cents)
26.
Ratio,
price tounit
labor cost, nonfarm business sector,
7-
Q (index: iSW)
104-
—
W
Sri
I |
**\
10210098«
96943Z0280240-
[Cash flows!
:oo IbO -
35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, wi. CM.)
1 '0 -
34 Net cash flow, corporate, in current dollars, Q
(ann. rate, biL dot) | [ j n
J ,J
A^.
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 69 and 70.
_2S_
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
P
1
160
[Unit Labor Costs and Labor ShareJ
15C
140
/
LU
130
X
63. Unit labor cost, private business sector, Q
(index: 1977=100)
68. Labor cost (current dollars) per unit of gross domestic produa
(1972 dollars), nonfinancial corporations, Q (dollars)
1901301/0160150-
62. Labor cost per unit of output, manufacturing (index: 1967=100)
140 -
J30120 -
110100 J
64. Compensation of employees as a percent of national income, Q (percent)
7674-
LU
7270-
1956 57
58
59
60
61
62
63
Current data for these series are shown on page 70.
30
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec i (Nov.)
P
T
85. Change in money supply Ml-B t
if ^percent; MCD moving av&-6-term)~T
10Z Change in money supply M2
(percent; MCD moving avg.-6-tenn) 1 L,C,U
104. Change in total liquid assets (percent; moving avg.-4-term1)
1 <.-!
105. Money suppfy-Ml-B-in 1972 dollars (bil. dol.)
11 i i
-
210-
900-
106. Money supply-M2-in 1972 M r s (bil. dol.)
JAJ
11
^ y
1
107. Ratio, GNP to money supply Ml-B, Q (ratio)
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current
data for these series are shown on page 71.
for
FRASER
Digitized
31
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
/V* )
(Apr.)(Feb.)
I
P
(Dec.) (Nov.)
(Nov.)
(Mar
?
T
Pi
T
I Credit Flows!
33. Change in mortgage debt (aim. rale, bil. dol.)
112 Change in bank loans to businesses (ann. rate, bil. dol.; ; i
MCD moving avg.—6-term) | L X |
113. Change in consumer installment credit (ann. rate, bil. dol.)
LLL
110. Total private borrowing, Q (ann. rate, bil. dol.)
ILLLl
.
"> -
.;
5?
60
61
62
63
84
Current data for these series are shown on pages 7 1 and 72.
32
65
66
73
74
75
76
77
78
79
80 1981
- *«, <». , .*'
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
f NO; i
,'/•'".
1 Credit Difficulties!
14. Current lidbilities of business failures (JBA dol.—
inverted scale; MCD moving avg.-6-term)
^
ILJL.
39. Delinquency rate, 30 days and over, consumer installment loans
(percent—inverted scale)
||_
IBank Reserves]
93. Free reserves (bil. doL-inverted scale)
94. Member bank borrowing from
the Federal Reserve (bil. dol.)
7/
Current data for these series are shown on page 72.
7A
79
80 13!..
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
•A^-AD
t
(Apr.) (Feb.)
i
P
'.\-..!(NOV.)
I
P
T
2019*
18-
[interest Rates 1
••
116. Corporate bond yields (percent)
115. Treasury bond yields (percent)
118. Secondary market yields on FHA mortgages (percent)
117. Municipal bond yields (percent)
1956
b?
58
59
ftu
61
62
63
64
Current data for these series are shown on pages 72 and 73.
65
66
6?
(;S
69
70
/]
72
1
B
CYCLICAL INDICATORS BY E C O N O M I C P R O C E S S — C o n t i n u e d
C h a r t B7. Money and Credit—Continued
[Interest Rates—Con,
67. Bank rates on short-term business loans (percent)
109. Average prime rate charged by banks (percent)
[Outstanding Debt)
66. Consumer installment credit (bil. dol.)
72 Commercial and industrial loans outstanding,
weeklyreportingl^comnefdal
banks (hi. doL)
Z
80
16—i
95. Ratio, consumer installment credit to personal income (percent)
1412101958
57
58
59
60
81
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
Current data for these series are shown on page 73.
_35_
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE
Chart C l . Diffusion Indexes
950. Twelve leading indicator components (6-mo. span—-,\Una s p a n — )
Percent rising
951. Four roughly coincident indicator components (6-mo. span——, 1-mo. s p a n — )
ill
\l ifw I
?}it
HI
952. Six lagging indicator components (6-mo. s p a n — , 1-mo. s p a n — )
961. Average workweek, production workers, manufacturing—20 industries (9-mo. s p a n — , 1-mo. s p a n — )
962. Initial claims, State unemployment insurance—51 areas (percent declining; 9-mo. s p a n — , 1-mo. span — )
963. Employees on private nonagricultural payrolls—172 industries (6-mo. span——, 1-mo. s p a n — )
Current data for these series are shown on page 74.
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
Percent rising
964. New orders, durable goods industries—35 industries (9-mo. span-—, 1-mo. span—)
100 =
965. Newly approved capital appropriations, deflated—17 industries (4-Q moving a v g . - ^ , 1-Q span •—•)
SO'
70-
30
J
966. Industrial production—24 industries (6-mo. s p a n — , 1-mo. s p a n — )
1001
50-
967. Spot market prices, raw industrials—13 industrial materials (9-mo. s p a n — , 1-mo. s p a n — )
968. Stock prices, 500 common stocks-53-82 industries (9-mo. s p a n — , 1-mo. s p a n — )
960. Net profits, manufacturing-about 700 companies1 (4-Q span)
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.
FRASER
Digitized for
37
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
(Dec.) (Nov.)
PI
(Nov.)
(Mar.)
( D e c . ) (Nov }
P
7
PT
Percent rising
Actual •—<
Anticipated ••••••«
(Nov ) ( M a ? .
Percent rising
Actual
•
Anticipated*
970. Business expenditures for new plant and
equipment-18 industries (1-Q span)
(a) Actual expenditures
"A
974. Number of employees, manufacturing and trade (4-Q span)1
A r\ AA K
it?
* v^r
v a
M..
i
nilrT..,r...,_,.. ^, T _.,' ft v, ll ,
(b) Later anticipations*" *
975. Level of inventories, manufacturing and trade (4-Q span)1
(a) Actual expenditures
1
Srf
971. New orders, manufacturing (4-Q span)1
976. Selling prices, manufacturing (4-Q span)1
80-
972. Net profits, manufacturing andbade (4-Q spany
•••/'••.
80 -
V* V
A \ *s
977. Selling prices, wholesale trade (4-Q span)1
.
70-
8'j-
60-
\ *'/
50'
973. Net sales, manufacturing and trade (4-Q span)1
978. Selling pnces, retail trade (4•Qspan)1
100 —
90•
•v
*
;
;
:
.
•
!
j
\ :
'4
70-
4
60-
1969 70
71
72
1
73
74
75
76
77
78
79
80 1981
1969 70
71
72
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
1,400 business executives.
Current data for these series are shown on page 76.
73
74
75
76
77
78
79
80 1981
Dun & Bradstreet diffusion indexes are based on surveys of about
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change
h g if Apr )
P
T
(Apr / ( F e b )
P
T
(Dec)(Nov )
P
I
P
T
1-mo. span
3-mo. span
Percent changes at annual rate
910c. Composite index of twelve leading indicator,
(series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104,
920c. Composite index of
(series 41, 47, 51, 57)
coincident indicators
930c. Composite index of six lagging indicators
(series 62, 70 72, 91, &
50c. GNP in constant (1972) dollars (1-Q span)
47c. Index of industrial production
48c. Employee-hours in nonagricultural establishments
51c Personal income less transfer
payments in 1972 dollars
1956 57
58
59
60
61
62
83
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series
were published.
39
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT
Chart A l . GNP and Personal Income
200. GNP in current dollars, Q (ann. rate, bit. dol.)
223. Personal income in current dollars
'^—224. Disposable personal income in current
dollars, Q (ann. rate, bil. dol.)
50. GNP in 1972 dollars, Q (ana rate, bil. dol.
213. Final sales in 1972 dollars, Q (ann. rate, bil M )
225. Disposable personal income in 1972
rtohn Ofrffi. rafyNI M X — — 217. Per capita GNP in 1972 dollars (ann. rate, thous. dol.)
227. Per capita disposable personal ifKome in
1972 dollars, Q (ann. rate, thous. dol.)
1956 57
58
59
60
81
62
63
64
Current data for these series are shown on pages 63 and 80.
40
65
66
67
68
89
70
71
72
73
74
75
76
77
78
79
80 1981
OTK^ U" / ' : T 4 ^ LCX^'i^fC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
{Dec) (Nov )
P
T
(Nov.P
nVhi.
I
Annual rate, billion dollars (current)
Persona! consumption expenditures—
?30
•.-
_ J
237. Services, Q.
-236. Nondurable goods, Q
-J ™?V
J
M-'
Annual rate, billion dollars (1972)
;a 4
'00 4
80-
60 J
1956
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 80 and 81.
41
OTHER IMPORTANT ECONOMIC MEASURES
IA
I
NATIONAL INCOME AND PRODUCT—Continued
Chart A3. Gross Private Domestic Investment
(Aug.)(Apr.)
P
(Apr n F e
T
P
T
Annual rale, billion dollars (current)
Gross private domestic investment-
120-
gn J
+30 •
245. Change in business inventories, Q
— W^
wv
Annual rate, billion dollars (1972)
30. Change in business inventories, Q
W
V
3 356
57
58
59
80
61
62
83
Current data for these series are shown on page 8 1 .
42
64
65
66
67
68
69
70
71
72
73
74
75
75
77
78
79
SO 1981
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
Chart A4. Government Purchases of Goods and Services
Aug HAyr >
P
T
(Apr.)(Feb.)
p T
(Dec.) (Nov.)
P
T
(New )
P
(Mar.)
I
Annual rate, billion dollars (current)
660620-
Government purchases of goods and services—
580540*
5004604?0380-
•}!)() -
260. Total, Q
LLJ
X
266. State and local
governments, Q
100 —
26Z Federal Government Q
Annual rate, billion dollars (1972)
340300-
260-
?20»
180-
267. State and local governments, Q
140-
100-
60 J
1956
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
Current data for these series are shown on page 8 1 .
43
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade
^
itfiOi
P
I
i
(Dec ) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov )
(Mar.)
Annual rater billion dollars (current)
252. Exports of goods and services, Q
253. Imports of goods and sen/ices, Q
250. Net exports of goods and services, Q
Annual rate, billion dollars (1972)
200180 160140 -
256. Exports of goods and services, Q * ^
1956 57
58
59
60
61
62
63
Current data for these series are shown on page 82.
44
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
O'lHER WOHTAU;
ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A6. National Income and Its Components
(Aug.) ( A p r )
P
T
( D e c ) <N v
P
(Apr.) (Feb.)
P
T
v
<M<>v' ) ( M a r }
P
T
Annual rate, billion dollars (current)
24002200200018001600140012001000900800700 600-
^ - 2 8 0 . Compensation ^ firflqyees, Q
500400300-
200 180 160140-
286. Corporate profits with inventory valuation and capital consumption adj
120 •
10090-
z_
8070-
J
60-
-288. Net interest Q
ProonetofS income witn inv^rtoiv
m
and capital consumption adjustments, Q
V
4030-
20-4
284. Rental income of persons with capital
consumption adjustment, Q
ioJ
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 82.
http://fraser.stlouisfed.org/IIINE 1981
Federal Reserve Bank of St. Louis
Kill
45
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A7. Saving
(Aug )(Apr )
P
T
(Apr.)(Feb.)
P T
(Dec.) (Nov.)
P
T
(Nov.)
(Mar :
P
T
Annual rate, billion dollars (current)
290. Gross saving (private and pteroment), Q
298. Government surplus or deficit, Q
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 82 and 83.
46
II IMC
1OO1
Kill
OTHER iMPORFANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
_ _ J
Chart A8. Shares of GNP and National Income
(Aug.)(Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
i
• iVvv •
P
Percent
[Percent of GNP]
235. Personal consumption expenditures, Q
65-
6(H
20 n
268. Stats snd local fovetTHnent purchases
of goods and services, Q
265. Federal Government purchases of goods and services, Q
\
10-
248. Nonresidential fixed investment Q
5-
249. Residential fixed investment, Q
"247. Change in business inventories, Q
\
251. Net exports of goods and services, Q
Percent
1 Percent of National Income 1
64. Compensation of employees, Q
283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
287. Corporate profits with inventory valuation ;
capital consumption adjustments, Q
j
285. Rental income of persons with capital consumption adjustment, Q
1956
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
Current data for these series are shown on page 83.
IIJUI
47
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
; : ;<\ ) 'Nov.)
tr.'"v • >fru'
(Dec.) (Nov)
P
T
(Nov.)
P
(Mar.)
I
| Percent changes at annual rate [
Index: 1972=1001
310c. Implicit price deflator,
310. Implicit price deflator, GNP, Q
311c. Fixed-weighted price indexT^gmss..husin£ss
product (1-Q span)
311. Fixed-weighted price index,
gross business product, Q
Index: 1967=100^—^—1
335. Industrial commoditiffi
333. Capital equipment
334c Finished consumer goods
1969 70
71
72
73
74
75
76
77
Current data for these series are shown on pages 84, 85, and 86.
78
79
80 1981
1969 70
71
72
73
74
75
76
77
78
79
80 1981
C MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
C h a r t B l . Price Movements—Continued
it,*; 1
280 - |
Consumer prices-
A i
Percent changes at annual rate
C h a r t B2. Wages a n d Productivity
Index: 1967=100
340. Average hourly earnings of production workers,
private nonfarm economy (current
51 |
341. Real average hourly earnings of production
workers, private nonfarm economy1
Index: 1977=100
346. Real average hourly compensation, all employees,
nonfarm business sector, Q
• -I
345. Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
j
79
80 1981
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
Current data for these series are shown on pages 84, 87, and 88.
http://fraser.stlouisfed.org/
niMr ino-i
Federal Reserve Bank of St. Louis
49
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B2. Wages and Productivity—Continued
u\\ ) . A p r
]
Percent change)
[Wages—Con7|
Change in average hourly earnings of pioduction
workers, private nonfarm economy1 —
\
6-month spans (am. rate)
>
340c. Current-dollar earnings
*i
!
lf fiiin
(ttf !
Wtfw
\y\\x
',
T]
2
1-month spans
341c Real earnings
Change in average hourly compensation, all employees,
nonfarm business sector, Q—
345c Current-dollar compensation
, 1-quarter spans (ann. rate)
^ t s ^ ^ ^ ^
346c Real compensation
.
«___^_ra_JWy._^._-_1l.
Negotiated wage and benefit decisions, all industries—
348. First year average changes, Q (ann. rate)-— j
349. Average changes over life of
contract, Q (ann. rate)
Index: 1977=100
35S. Output per hour, all persons,
nonfarm business sector, Q
370. Output per hour, all persons,
private business sector, Q
370c Change in output per hour, private business sector, Q
1-quarter spans (ann. rate)
1956 57
58
59
60
61
62
63
64
65
66
67
68
39
70
71
72
73
74
75
76
77
78
79
80 1981
2
'Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
One-month percent changes have been multiplied by a constant (12) to make
them comparable to the annualized 6-month changes. See the current data table for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.
50
II IMC
1QQ1
DfHEK if/PC'fJIAfv El-ONOWiC MEASURES
C
I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart C l . Civilian Labor Force and Major Components
uf if Apr «
{Apr :.
/!
(Dec i -N-.v
V
(Mar
\
T
110105100™
95-
441. Civilian labor force, total (millions)
908580-
44Z Total employed (millions)
7570-
Labor force participation rates (percent)9085807560-
4 5 1 Both sexes 16-19 years of age
55504540-
9-t
Number unemployed (millions)—
87654-
343-
444. Males 20 yens and over
445. Females 20 years
and over
1j
w o . ooin sexes 10-13 years or
1
447. Number unemployed, rull-tim^
workers (millions)
448. Number employed part-time for economic
65-
3-
1956 57
58
59
60
61
62
63
Current data for these series are shown on page 89.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
(Aug.)<Apr)
P
T
Annual rale, billion dollars (current)
502. Federal Government expenditures, Q
501. Federal Government receipts, Q
100-
500. Federal Government surplus or deficit, Q
0-10-30-
511. State and local government receipts, Q
51Z State and local government expenditures, Q
510. State and local government surplus or deficit, Q
•30+20•10-10 J
1956
57
58
59
60
61
62
63
Current data for these series are shown on page 90.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
. A:j r
P
• •
I
18-
[Advance Measures of Defense Activity|
data for these series are
Digitized for Current
FRASER
16-
517. Defense Department gross obligations incurred
(bil. doL; MCD moving aift-6-temi)
141210-
6-J
9«j
8-
525. Defense Department military prime contract awards
(bil. dot MCD moving avg.~6-term)
765-
4-
3-
1009080™
7060-
543. Defense Department gross unpaid obligations outstanding (bil. dol.)
50 -
40-
30-
65-
548. Manufacturers new orders, defense products
(bil. dol.; MCD moving avg.-6-term)
4-
:J
64
shown on page 90.
k-fi
Hi
?!
72
73
74
75
76
77
78
79
80
1981
OTHfR
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
[Intermediate and Final Measures of Defense Activity]
557. Output of defense and space equipment (index: 1967=100)
559. Manufacturers' inventories, defense products (bil. dol.)
561. Manufacturers' unfilled orders, defense products (bil. dol.)
580. Defense Department net outlays, military functions and n g j b g ^
assistance (bil. dol.; MCD moving avg.—6-term)
588. Manufacturers' shipments, defense products
(bil. dol.; MCD moving avg.-4-term)
j,9a8
57
58
59
60
61
62
63
Current data for these series are shown on page 91.
54
84
6"
68
69
70
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Intermediate and final Measures of Defense Activity—Con.|
570. Employment in defense products industries (millions)
Defense Department personnel (millions)—
577. Military, active duty
578. Civilian, direct hire employment
National Defense Purchases
564. Federal Government purchases of goods and services for national
defense, Q (ann. rate, Ml. dot.)
565. National defense purchases as a percent of GNP, Q (percent)
Current data for these series are shown on page 9 1 .
55
OTHER IMPORTANT ECONOMIC MEASURES
E
I
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
( A u g . ; iAi:r )
P
1
602. Exports, excluding military aid shipments
(bil. dot.; MCD moving avg.-5-term)
<
604. Exports of agricultural products,
total (bil. dot.) '
1
606. Exports of nonelectrical machinery (Ml.
\
612. General imports (bil. dol.; MCD moving avg.-4term)
Current data for these series are shown on page 92.
http://fraser.stlouisfed.org/
Federal Reserve Bank
Rfi of St. Louis
614. Imports of petroleum and petroleum products (bil. dol.)
616. Imports of automobiles and parts (bil. dol.)
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
(Aug.)(Apr.)
P
T
(Dec.) (Nov ;
P
T
(Apr.) (Feb.)
PI
Annu3l rate, billion dollars
Excess of receipts
Excess of payments
Goods and services—
667. Balance on goods and services, Q
Merchandise, adjusted—
622. Merchandise trade balance, Q
618. Exports, Q
Investment income—
651. Income on U.S. investments abroad, Q
^ - 6 5 2 . Income on foreign investments in the U.S., Q
1956 57
58
59
60
61
62
63
64
65
56
87
68
6^
/O
71
72
73
74
75
76
77
78
79
80 198J
NOTE: Annual totals are shown for the period prior to 1960.
Current data for these series are shown on page 93.
http://fraser.stlouisfed.org/
IMC Louis
1Q81
Federal Reserve Bank ofII St.
Kill
57
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
(Ac r .) (Feb.)
PI
(Aug.) (Apr }
P
T
(Dec.)vNov.'i
P
T
(Nov } ' M a r
PI
Index: 1967=100
280 «i
Industrial production—
260240220-
728. J a p a n - ^ / ^
200-
\
180160-
721. OECD European countries ^
120-
722. United Kingdom
7. United States
60 ^
200180160 140 *
120-
100-
80-
200180160 140120-
3 00-
1956
57
58
59
80
61
62
63
64
65
68
87
68
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 94.
58
•i
mil-
mm
tun
OTHER IMPORTAN1 ECONOMIC M&ASURES
F I
INTERNATIONAL COMPARISONS—Continued
Chart F2. Consumer Prices
(Nov.)
P
(Dec) (Nov.;
P
T
Chart F3. Stock Prices
(Mar.
T
(Nov.)
P
tCeu (No
Percent changes at annual rate
(Mar,)
T
6-month spans
Index: 1967=100
Stock prices—
Consumer prices-
19. United States
!"
"J
A/
Yd
w
0-
748. Japan
/
v.
*
A/
745. West Germany
1969 70
71
72
73
74
75
76
77
78
79
80 1981
1S89 70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 95 and 96.
59
CYCLICAL INDICATORS
A
COMPOSITE INDEXES AND THEIR COMPONENTS
R H
Year
and
month
910. Index of
12 leading indicators (series
1, 3, 8, 12, 19,
20, 29, 32, 36,
92, 104, 106)x
920. Index of
4 roughly
(1967 = 100)
(1967 = 100)
coincident indicators (series
41, 47, 51, 57)
930. Index of
6 lagging indicators (series
62, 70, 72,
91, 95, 109)
940. Ratio,
coincident
index to
lagging index1
COMPOSITE INDEXES
Leading indicator subgroups
913. Marginal
employment
adjustments
(series 1, 2, 3,
5) 1
914. Capital
investment
commitments
(series 12, 20,
29) x
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
915. Inventory
investment
and purchasing
(series 8, 32, 36,
92)
(1967 = 100)
916. Profitability (series
19,26, 80)x
(1967 = 100)
917. Money
and financial
flows (series
104, 106, HO)1
(1967 = 100)
1979
January
February
March
142.6
142.3
143.2
144.8
144.9
0)146.6
157.4
158.5
158.4
92.0
91.4
92.6
98.5
98.4
98.0
113.9
113.9
115.5
107.4
108.3
0)108.8
93.2
92.2
92.2
148.6
145.6
144.5
April
May
June
140.3
141.4
141.6
144.1
145.6
145.0
161.8
162.5
163.6
89.1
89.6
88.6
94.6
97.3
96.7
113.6
113.3
113.9
107.8
107.3
106.6
92.3
91.7
91.8
146.1
146.9
148.4
July
August
September
141.2
140.1
140.1
145.4
145.0
144.9
164.8
166.4
170.6
88.2
87.1
84.9
96.4
96.0
96.4
113.6
112.9
114.0
106.1
105.7
104.6
91.7
92.0
91.8
148.6
148.3
146.2
October
November
December
137.8
135.6
135.2
145.1
145.0
145.2
175.9
179.1
177.9
82.5
81.0
81.6
96.6
96.1
96.3
112.7
112.0
112.4
103.3
102.3
102.3
90.8
90.3
90.6
143.9
140.4
138.3
January
February
March
134.7
134.1
131.5
146.1
145.2
143.5
178.4
180.8
190.0
81.9
80.3
75.5
96.3
96.4
94.5
111.6
109.9
107.8
102.7
102.1
101.6
90.9
91.6
89.6
137.2
138.7
136.4
April
May
June
126.2
123.0
123.9
140.5
138.0
136.7
0)196.2
183.5
168.5
71.6
75.2
81.1
90.3
88.3
89.6
104.3
103.2
104.5
100.3
98.8
97.7
88.7
88.5
89.7
131.8
126.4
H28.9
July
August
September
128.4
131.2
135.0
136.4
136.9
138.4
163.6
161.7
164.2
83.4
84.7
84.3
92.0
92.8
94.0
106.0
rlO6.9
108.8
98.5
99.6
101.7
90.6
91.4
91.5
H33.6
H37.4
rl38.6
October
November
December
135.8
137.3
137.2
140.2
141.4
142.0
168.3
175.3
190.6
83.3
80.7
74.5
95.0
r95.4
96.0
107.4
108.3
108.0
103.4
103.5
103.4
91.7
92.1
92.4
H38.5
rl39.1
H38.4
H36.5
r!35.8
137.2
142.9
143.0
rl43.6
188.9
186.0
H80.7
75.6
76.9
r79.5
r95.6
95.0
94.9
106.9
105.5
H06.4
rlO2.3
r!03.4
H04.2
92.9
92.9
(NA)
r!39.6
r!39.9
rl39.1
2
142.6
M42.7
5
178.6
194.2
r79.8
p73.5
r95.0
p94.4
106.1
p!05.9
H04.6
plO2.8
1980
1981
January
February
March
April
May
June
3
137.7
135.2
r!37.8
p!35.7
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Current high values are indicated by 0 ) ; 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 listed at the back
of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
1
The following series reached their high values before 1979: Series 910 (143.6) in October 1978, series 940 (106.6) in March 1977, series 913 (99.1) in December 1978, series 914 (117.2) in October 1978, series 916 (97.2) in August 1977, and series 917 (151.1) in November
1978.
2
Excludes series 12 for which data are not yet available.
3
Excludes series 12 and 36 for which data are not yet available.
^Excludes series 57 for which data are not yet available.
5
Excludes series 70 and 95 for which data are not yet available.
http://fraser.stlouisfed.org/
60
Federal Reserve Bank of St. Louis
JUNE 1981 K l J l
CYCLICAL INDICATORS
B
I CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
L, L, L
L, C, L
1. Average
workweek of
production
workers,
manufacturing1
21. Average
weekly overtime
hours, production workers,
manufacturing1
(Hours)
(Hours)
L, L, L
2. Accession
rate, manufacturing x
L, C, L
5. Average
weekly initial
claims, State
L, L, L
3. Layoff rate,
manufacturing1
L, Lg, U
4. Quit rate,
manufacturing
unemployment
insurancex 2
(Per 100 employees)
(Thous.)
Comprehensive
Employment
Job Vacancies
Marginal Employment Adjustments
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT
(Per 100 employees)
(Per 100 employees)
L, Lg, U
60. Ratio, helpwanted advertising to persons
unemployed1
(Ratio)
L, Lg, U
46. Index of
help-wanted
advertising
U, C, C
in newspapers
48. Employeehours in nonagricultural
establishments
(1967 = 100)
(Ann. rate,
bil. hours)
1979
January
February
March
40.6
40.6
40.6
3.7
3.7
3.7
4,2
4.1
4.0
344
334
347
0.9
0.9
0.9
2.2
R2.2
2.1
0.805
0.785
0.780
161
158
156
168.70
168.89
170.04
April
May
June
39.3
40.2
40.1
2.9
3.4
3.3
4.0
4.0
4.0
434
350
375
1.1
1.0
1.2
2.1
2.0
2.0
0.780
0.794
0.796
155
154
153
166.30
169.34
169.88
July
August
September
40.1
40.1
40.1
3.3
3.3
3.2
3.9
3.9
3.9
395
390
387
1.1
1.4
1.2
1.9
2.0
1.9
0.804
0.762
0.793
155
155
159
170.09
170.20
170.57
October
November
December
40.1
40.1
40.2
3.2
3.3
3.2
4.1
4.0
3.9
395
409
407
1.2
1.3
1.2
2.0
2.0
1.9
0.811
0.771
0.755
[H>167
158
159
170.50
170.81
171.34
January
February
March
40.3
40.1
39.8
3.2
3.0
3.1
3.9
3.9
3.6
r402
375
440
1.3
1.3
1.5
1.9
1.9
1.9
0.705
0.696
0.660
154
151
145
172.63
172.29
171.28
April
May
June
39.8
39.3
39.1
3.0
2.6
2.4
3.0
3.0
3.3
569
635
617
2.9
3.5
2.9
1.5
1.4
1.4
0.504
0.420
0.438
122
112
115
170.27
169.20
168.12
July
August
September
39.0
39.4
39.6
2.5
2.7
2.7
3.4
3.6
3.8
r535
502
501
1.7
1.9
1.5
1.3
1.3
1.3
0.438
0.439
0.466
118
117
122
167.12
168.28
169.12
October
November
December
39.7
39.9
40.1
2.8
2.9
3.1
3.9
3.6
3.6
439
r409
r396
1.4
1.2
1.1
1.3
1.4
1.5
0.475
0.502
0.497
127
134
130
169.78
170.22
171.22
40.4
39.8
40.0
3.1
2.9
r2.9
3.5
3.6
3.5
r417
402
421
1.3
1.4
1.4
1.5
1.5
1.4
0.486
0.495
rO.479
128
129
rl25
[H>173.03
rl71.79
H72.27
40.1
p40.2
2.9
P3.1
r3.2
p3.0
408
p411
rl.2
pi.4
1.3
pi.3
0.453
pO.430
118
p!18
H70.70
pi 71.52
1980
1981
January
February
March
April . .
May
June
July .
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x
The following series reached their high values before 1979: Series 1 (40.9) in April 1978, series 21 (3.8) in April 1978, series 2 (4.4)
in December 1978, series 5 (323) in October 1978, series 3 (0.8) in September 1978, and series 60 (0.827) in October 1978.
2
Data exclude Puerto Rico, which is included in figures published by the source agency.
JUNE 1981
61
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Comprehensive Employment—Continued
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT-Continued
Comprehensive Unemployment
U, C, C
C.C, C
UC, U
U, Lg, U
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
(Thous.)
(Thous.)
(Percent)
(Thous.)
L, Lg, U
L, Lg, U
37. Number of
persons unemployed, labor
force survey
43. Unemployment rate,
total
45. Average
weekly insured unemployment rate,
State programsl
91. Average
duration of
unemployment
44. Unemployment rate,
persons unemployed 15
weeks and over
(Thous.)
(Percent)
(Percent)
(Weeks)
(Percent)
L, Lg, U
Lg, Lg, Lg
Lg, Lg, Lg
1979
January
February
March
92,781
93,088
93,318
88,858
89,109
89,455
26,363
26,377
26,537
59.13
59.27
59.31
5,958
5,993
5,956
5.8
5.9
5.8
3.0
3.0
3.0
11.2
11.3
11.7
1.2
1.2
1.3
April
May
June
93,061
93,364
93,562
89,386
89,708
89,909
26,473
26,522
26,557
59.07
59.16
59.24
5,918
5,776
[H>5,718
5.8
5.6
5.6
2.9
2.8
2.8
11.0
10.9
10.5
1.2
1.2
1.1
July
August
September
93,995
93,706
94,189
90,054
90,222
90,283
26,582
26,528
26,554
59.43
59.21
0)59.43
5,738
6,057
5,971
0)5.6
5.9
5.8
H>2.8
2.9
2.9
0)10.3
10.6
10.6
0)1.0
1.1
1.1
October
November
December
94,153
94,123
94,458
90,441
90,552
90,678
26,554
26,504
26,590
59.24
59.21
59.30
6,132
6,104
6,272
5.9
5.9
6.0
3.0
3.1
3.1
10.5
10.6
10.6
1.1
1.2
1.2
January
February
March
94,421
94,488
94,291
91,031
91,186
91,144
0)26,715
26,623
26,476
59.18
59.18
58.99
6,500
6,454
6,543
6.2
6.2
6.3
3.2
3.2
3.4
10.6
10.7
11.0
1.3
1.2
1.3
April
May
June
93,963
93,764
93,548
90,951
90,468
90,047
26,121
25,745
25,422
58.68
58.54
58.26
7,202
7,944
7,811
6.9
7.6
7.5
3.7
4.2
4.6
11.2
10.6
11.7
1.5
1.6
1.7
July
August
September
93,732
93,793
93,781
89,867
90,142
90,384
25,163
25,312
25,476
58.30
58.23
58.27
8,021
7,942
7,800
7.6
7.6
7.4
4.4
4.3
4.3
11.8
12.5
13.0
1.8
2.0
2.2
October
November
December
93,887
93,999
93,888
90,710
90,961
91,125
25,636
25,811
25,892
58.21
58.22
58.11
7,961
7,946
7,785
7.6
7.5
7.4
4.1
3.8
3.5
13.3
13.6
13.5
2.2
2.2
2.3
94,294
94,646
95,136
91,481
91,652
[H)r91,705
26,041
25,987
26,010
58.30
58.38
58.61
7,847
7,754
7,764
7.4
7.3
7.3
3.4
3.2
3.3
14.4
14.4
14.0
2.2
2.1
2.1
95,513
1)95,882
r91,490
p91,474
r25,830
p25,678
58.89
58.97
7,746
8,171
7.3
7.6
3.3
p3.3
13.7
13.2
2.0
2.0
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
*Data exclude Puerto Rico, which is included in figures published by the source agency.
62
JUNE 1981
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
£ J
Minor Economic
Process
Industrial Production
Comprehensive Output and Income
Timing Class
Year
and
month
PRODUCTION AND INCOME
C, C, C
50. Gross national product
in 1972 dollars
(Ann. rate,
bil. dot.)
C, C, C
C, C, C
52. Constant
(1972) dollars
51. Personal
income, less
transfer payments, in 1972
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
53. Wages and
salaries in
mining, mfg.,
and construction in 1972
dollars
(Ann. rate,
bil. dol.)
C, C, C
Persona income
223. Current
dollars
(Ann. rate,
bil. dol.)
C.C.C
47. Index of
industrial
production,
total
(1967 = 100)
C,C,C
73. Index of
industrial
production,
durable manufactures
(1967 = 100)
C, L, L
74. Index of
industrial
production,
nondurable
manufactures
(1967 = 100)
C, C,C
49. Value of
goods output
in 1972 dollars
(Ann. rate,
bil. dol.)
1979
January
February
March
1,479.9
1,845.9
1,863.0
1,884.8
1,184.0
1,185.1
1,190.7
1,033.9
1,035.8
1,040.8
251.1
251.3
E>252.6
152,0
152.5
0)153,5
147.0
147,2
H)148.6
161.6
162.9
164.0
681! 8
April
May
June
1,473!4
1,891.9
1,903.4
1,923.5
1,188.4
1,188.1
1,193.2
1,037.1
1,037.5
1,043.3
251.4
249.5
248.2
151.1
152,7
153.0
144,5
147.6
147.6
162.6
163.6
163.7
669 ,'i
July
August
September
1,488^2
1,954.0
1,974.8
1,987.9
1,202.5
1,206.4
1,203.3
1,045.2
1,048.4
1,046.3
247.3
245.1
244.4
153.0
152.1
152.7
147.2
144.4
145.9
164.8
165.2
165.4
673^6
October
November
December
l,490. # 6
2,011.3
2,032.7
2,051.8
1,205,8
1,209.9
1,211,9
1,049.0
1,053.6
1,055.3
242.9
241.5
241.7
152.7
152,3
152.5
146.0
145.2
144.8
164.8
165.0
165.3
67^3
January
February
March
1,50119
2,077.2
2,086.4
2,101.0
1,216.2
1,207.4
1,199.2
1,056.5
1,050.9
1,044.0
240.6
239.2
236.3
152.7
152.6
152.1
144.7
144.1
143.4
166.0
165.9
164.7
682 J
April
May
June
I,463i3
2,102.1
2,114.1
2,127.1
1,194.4
1,195.1
1,195.0
1,037.6
1,036.0
1,035.1
231.9
228.2
225.1
148,3
144,0
141.5
138.4
133.3
129.9
161.6
158.0
155.3
658 J
July
August
September
1,47119
2,161.2
2,179.4
2,205.7
1,206.7
1,207.4
1,208.6
1,033.8
1,036.2
1,036.9
224.2
226.2
227.7
140.4
141.8
144,1
128.3
129.4
131.7
154.7
156.9
160.3
657^5
October
November
December
1,485.6
2,234.3
2,257.6
2,276.6
1,216.3
1,221.0
1,222.7
1,045.5
1,051.6
1,053.7
229.4
231.5
232.1
146.9
149,4
151.0
135.8
139.3
140.6
161.8
163.3
165.0
662 .*9
E>H,516.'4
2,300.7
r2,318.2
r2,340.4
1,227.7
rl,231.1
rl,233.1
1,057.8
rl,062.0
rl,063.5
234.9
232.6
r232.5
151,7
151.5
152.2
141.4
rl40.7
r!42.2
165.2
H66.1
r!65.5
r2,353.5
E>p2,367.2
rl,233.5
DPI .235.5
rl,064.5
E>pl,066.6
r231.7
p230.9
r!52.3
p!52.8
r!42.7
pl43.5
rl66.1
B>pl66.6
1980
1981
January
February
March
April
May
June
H>r688.9
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
63
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
| Q
Minor Economic
Process
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
Capacity Utilization
Timing Class
Year
and
month
U |
PRODUCTION AND INCOME-Continued
L, C, U
83. Rate of
capacity
utilization,
manufacturing
(BEA)
(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
25. Change in
unfilled orders,
durable goods
industries
(Bil. dol.)
L, Lg, U
96. Manufacturers' unfilled
orders, durable
goods industries
(Bil. dol.)
L, L, L
32. Vendor
performance,
companies receiving slower
deliveries ©
(Percent
reporting)
1979
January
February
March
H>88!4
78.68
80.43
81.65
44.23
44.76
H>45.06
ED 39.00
38.52
38.73
H>7.10
5.89
234.72
241.82
247.71
77
H>78
8^9
87*.5
75.93
77.04
76.03
41.44
41.73
40.90
36.81
36.90
36.39
4.73
1.52
3.23
252.43
253.96
257.19
76
76
70
8^3
8^2
74.58
74.76
77.65
39.82
39.81
40.82
35.92
35.39
35.86
0.71
0.40
3.45
257.90
258.30
261.74
60
55
51
84^4
86.3
76.52
75.90
77.20
39.63
39.06
39.49
35.55
34.30
34.15
0.98
2.15
3.01
262.72
264.87
267.88
50
47
49
83.4
85.5
81.47
81.02
77.55
40.69
40.05
38.35
36.16
36.09
33.62
3.52
1.86
1.62
271.40
273.26
274.88
48
42
45
77.9
78l7
72.42
67,33
66.45
35.69
33.07
32.32
30.41
28.99
29.03
0.21
-2.12
-2.60
275.10
272,98
270.38
40
32
28
B>86!9
H>*84
April
May
June
*83
July
August
September
October
November
December
*82
*81
5.91
69
1980
January
February
March
"80
April
May
June
'76
July
August
September
October
November
December
75^7
74^9
74.23
72,23
78.96
35.77
34.58
37.58
31.67
31.62
33.09
1.68
0.17
2.39
272.06
272.23
274.62
32
34
39
79.2
80.0
80,69
81.05
82.65
37.96
37.94
38.37
34.93
33.97
33.98
1.19
1.31
2.62
275.81
277.12
279.75
44
45
47
79.9
r81! 7
81.34
82.21
84.21
r37.66
38.01
38.75
r32.58
34.38
34.07
1.08
1.13
2.16
280.82
281.95
284.11
46
50
52
[H)r84.29
p83.94
r38.44
p37.96
r34.16
p33.14
rl.69
pO.72
r285.80
0>p286.52
56
52
*76
78
1981
January
February
March
p78
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
64
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
Q j
PROCESS
Minor Economic
Process
Timing Class
C, C, C
C, C, C
56. Current
dollars
(Mil. dol.)
57. Constant
(1972) dollars
(Mil. dol.)
C, L, C
75. Index of industrial production, consumer
goods
(1967 = 100)
C L, U
U, L, U
Sales of retail stores
54. Current
dollars
(Mil. dol.)
FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and Trade
Manufacturing and trade sales
Year
and
month
• •
l i l
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued
59. Constant
(1972) dollars
(Mil. dol.)
L, C, C
55. Personal
consumption
expenditures,
automobiles
(Ann. rate,
bil. dol.)
L, L, L
58. Index of
consumer,
sentiment' ®
L, L, L
12. Index of
net business
formation *
L, L, L
13. Number of
new business
incorporations
(1st Q
1966=100)
(1967 = 100)
(Number)
1979
71,402
71,702
72,590
45,421
45,152
45,312
69.2
E>162,650
151.3
151.8
[H>153.4
72.1
73.9
68.4
131.3
132.1
132.5
42,410
42,302
42,761
157,009
160,851
158 198
149.3
152.2
152.1
72,610
73,198
7^ dQfi
44,960
44,990
62*9
June
276,406
286,413
283,772
66.0
68.1
65 8
130.9
130.5
130 9
43,034
43,895
43 044
July
August
September
289,994
293,167
296,761
159,890
160,066
160,125
151.2
148.7
150.0
74,211
75,623
76,815
44,922
45,501
E>45,778
65*6
60.4
64.5
66.7
131.8
130.3
132.5
44,655
42,911
44,687
October
November
December
298,452
298,949
302,117
159,305
157,932
158,464
150.0
149.1
148.6
76,428
76,946
77,475
45,144
45,077
45,017
64! 2
62.1
63.3
61.0
131.9
131.4
133.9
46,478
44,811
43,579
January
February
March
312,458
315,394
310,300
161,386
158,817
154,642
147.9
148.4
148.6
79,561
78,899
77,603
45,751
44,931
43,524
71'.6
67.0
66.9
56.5
131.0
129.8
125.8
44,447
44,583
42,615
April
May
June
294,998
292,478
294,203
149,415
147,355
147,687
145.3
142.4
142.1
76,404
75,975
77,843
42,660
42,279
43,007
50*7
52.7
51.7
58.7
120.5
117.8
114.8
42,461
41,974
39,746
July
August
September
304,154
308,019
318,321
150,468
149,586
153,574
142.0
142.7
144.3
79,491
79,829
80,620
43,700
43,433
43,251
58*. 7
62.3
67.3
73.7
115.3
117.7
120.6
44,058
43,266
46,488
October
November
December
325,838
328,983
339,357
155,507
155,676
156,123
146.6
148.0
147.7
81,552
82,764
83,443
43,518
43,907
43,917
66.1
75.0
76.7
64.5
119.6
119.2
121.3
47,225
46,888
B>48,297
345,578
346,446
[H>r346,581
157,415
156,969
rl59,358
147.2
r!46,9
r!48.2
85,463
86,810
[H)r87 > 608
44,768
45,166
r45,182
71.4
66.9
fifi R
118.1
E>r75*6
P117.1
e117 6
r45 s 864
p47,662
(NA)
p346,147
(NA)
pl56,431
(NA)
rl49.3
pi 50.0
r85,745
p85,890
r44,108
p44,091
January
February
March
274,091
274,844
283,741
April . ,
May
160,037
158,967
AA 7Q7
1980
1981
January
February
March
April
May
72.4
76.3
(NA)
June
July
August
September
Octbber
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
x
Series 58 reached its high value (89.1) in 2d quarter 1977; series 12 reached its high value (134.8) in October 1978.
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
65
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Business Investment Commitments
Timing Class
L, L, L
L, L, L
Contracts and orders for plant
and equipment
Year
and
month
FIXED CAPITAL INVESTMENT-Continued
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.)
27. Constant
(1972) dollars
(Bil. dol.)
9. Construction contracts for commercial and industrial buildings1
Square feet of
floor space
(Millions)
C Lg, Lg
U, Lg, U
L, C, U
L, L, L
Square meters of
floor space2
(Millions)
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations
97. Backlog of
capital appropriations, 1,000
manufacturing
corporations
(Bil. dol.)
(Bil. dol.)
1979
January
February
March
26.16
25.48
S)28.10
15.40
15.17
D 16.99
21.23
22.48
23.60
12.72
13.56
0)14.60
85.78
0)104.38
94.15
7.97
H)9.70
8.75
2l!oi
April
May
June
25.36
22.67
24.66
14.76
13.14
14.32
20.60
21.13
21,70
12.24
12.34
12.78
96.06
89.32
86.61
8.92
8.30
8.05
2K20
July
August
September
25.82
23.83
24.52
14.55
13.38
13.69
21.23
21.08
21.58
12,20
12.00
12,21
92.79
84.75
91.05
8.62
7.87
8.46
22'.69
October
November
December
24.14
27.42
27.50
13.52
15.49
15.34
21.07
21.75
22,28
12,01
12.73
12.81
95.23
81.97
84.18
8.85
7.62
7.82
23!28
27.30
23.71
26.13
14.98
13.07
14.01
23.86
21.48
22.59
13,34
12.02
12.35
94.57
84.27
80.55
8.79
7.83
7.48
29! 50
24.14
r21.19
22.92
12.95
rll.53
12.60
22.16
19.59
19.95
12,02
10.79
11.26
73.39
67.09
71.39
6.82
6.23
6.63
25!86
July
August
September
24.86
23.96
23.87
13.71
12.58
12.89
21.61
19.37
20.86
12.24
10.50
11.53
71.40
68.63
68.47
6.63
6.38
6.36
24.29
October
November
December
23.82
27.47
26.60
12.37
14.48
13.88
20.62
21.85
21.67
10.92
11.95
11.67
72.12
86.15
97.45
6.70
8.00
9.05
25.81
27.39
23.74
28.04
14.17
12.34
14,24
H>24.51
20.59
23.79
12.89
10.95
12.37
78.70
84.41
90.00
7.31
7.84
8.36
E)p29.88
r26.48
p26.07
rl3.28
p!3.13
77.53
82.86
7.20
7.70
67*63
69^95
73!45
76! 66
1980
January
February
March
April
May
June
8 4 ! 09
8 7 ! 94
89.72
91.87
1981
January
February
March
April
May
June
r23.37
p23.25
rll.92
pll.89
E)P96.48
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems
Company, F.W. Dodge Division.
Converted to metric units by the Bureau of Economic Analysis.
66
JUNE 1981
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q | FIXED
Minor Economic
Process
Timing Class
Year
and
month
CAPITAL INVESTMENT-Continued
Residential Construction
Commitments and Investment
Business Investment Expenditures
C Lg, Lg
C Lg, Lg
C, Lg, U
61. Business
expenditures
for new plant
and equipment,
total
69. Machinery
and equipment
sales and business
construction
expenditures
76. Index of
industrial production, business
equipment
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(1967 = 100)
C, Lg, C
Lg, Lg, Lg
C, Lg, C
Nonresidential fixed investment i i 1972 dollars
86. Total
(Ann. rate,
bil. dol.)
87. Structures
(Ann. rate,
bil. dol.)
88. Producers'
durable equipment
(Ann. rate,
bil. dol.)
L, L, L
28. New
private housing
units started,
total1
(Ann. rate,
thous.)
L, L, L
29. Index of
new private
housing units
authorized by
local building
permits1
(1967 = 100)
L, L, L
89. Residential
fixed investment, total, in
1972 dollars1
(Ann. rate,
bil. dol.)
1979
January
February
March
255.55
256.93
256.86
268.78
168.2
169.3
171.0
161.4
45^8
115.6
1,672
1,444
1,817
118.0
120.5
138.9
6CL8
April
May
June
265!24
261.20
268.02
265.92
168.7
171.2
171.2
16113
48.'6
113*.2
1,760
1,867
1,891
129.0
136.0
132.5
59J
July
August
September
273.15
274.41
278.61
280.10
171.3
171.6
173.4
[H>16o\4
49^4
i>n7.'6
1,758
1,777
1,844
123.9
128.5
132.3
October
November
December
284.'30
285.29
279.46
287.54
172.3
172.6
174.1
164J
H>56.*7
113.5
1,697
1,502
1,563
119.6
103.1
101.3
58.'1
January
February
March
291!89
297.92
303.20
300.05
174.9
176.0
176.1
165.0
5CL5
11^5
1,389
1,273
1,040
105.2
96.6
80.6
54^2
April
May
June
294!36
291.99
293.49
292.17
174.2
171.9
169.8
156J
48.'7
107^4
1,044
938
1,184
66.6
69.8
88.4
43.'1
July
August
September
296.23
293.85
285.47
303.11
170.1
170.3
170.5
155.5
46\8
108.8
1,277
1,411
1,482
99.5
109.5
122.6
44.7
October
November
December
299.58
303.52
304.58
306.74
172.3
174.5
177.8
157.0
47.8
109.3
1,519
1,550
1,535
109.1
110.3
100.9
50.6
January
February
March
E>312.24
318.05
311.55
E>r323.48
178.9
H78.3
H80.5
162.0
r49.6
H12.4
1,660
1,215
H,297
98.1
94.1
93.1
r51.0
April
May
June
ra3TL87
P320.10
(NA)
H82.2
[R>pl83.3
r1,340
pi,152
r95.8
94.3
1980
1981
July
August
September
a322.88
October
November
December
a333.09
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
x
The following series reached their high values before 1979: Series 28 (2,197) in April 1978, series 29 (160.2) in June 1978, and series
89 (63.3) in 2d quarter 1978.
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
67
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Q
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Inventories on Hand and on Order
Inventory Investment
Timing Class
Year
and
month
INVENTORIES AND INVENTORY INVESTMENT
L, L, L
L, L, L
L, L, L
L, L, L
30. Change in
business inventories in 1972
dollars
36. Change in inventories on
hand and on order, 1972 dollars
31. Change
in book value
of mfg. and
trade inventories, total
38. Change
in stocks of
materials and
supplies on
hand and on
order, mfg.
(Ann. rate,
bil. dol.)
Monthly
data1
(Ann. rate,
bil. dol.)
Smoothed
data1 2
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Bil dol.)
Lg, Lg, Lg
Lg, Lg, Lg
Manufacturing and trade
inventories
71. Current
dollars
(Bil dol.)
70. Constant
(1972) dollars
(Bil dol.)
Lg, Lg, Lg
Lg, Lg, Lg
L, Lg, Lg
65. Manufacturers' inventories of
finished
goods, book
value
77. Ratio,
constantdollar inventories to
sales, mfg.
and trade
78. Stocks of
materials and
supplies on
hand and on
order, mfg.
(Bil dol.)
(Ratio)
(Bil dol.)
1979
January
February
March
April
May
June
July
August
September
October
November
December
15^4
32.51
18.43
16.04
20.32
23.34
22.92
56.8
47.2
39.8
0)5.09
3.70
2.98
385.38
389.31
392.63
259.85
260.51
261.52
64.70
65.51
65.88
1.62
1.64
1.61
173.60
177.30
180.29
E)18!4
25.91
-3.61
17.57
21.23
16.45
13.04
68.1
43.7
57.3
4.33
0.52
2.59
398.31
401.94
406.72
262.97
263.77
265.08
67.08
67.22
68.08
1.67
1.64
1.68
184.62
185.14
187.73
Y.'e
16.84
0.37
-15.23
11.78
10.93
6.13
[H>82.3
42.6
16.0
1.24
2.21
1.74
413.58
417.13
418.46
267.21
1)267.56
266.29
68.62
68.95
69.87
1.67
1.67
1.66
188.97
191.18
192.93
-0.7
-1.00
-13.30
-18.31
-2.31
-7.57
-10.36
51.0
38.9
10.1
2.24
2.52
1.51
422.71
425.95
426.80
267.02
266.63
265.44
69.75
69.94
70.53
1.68
1.69
1.68
195.16
197.69
199.20
-CK9
-17.33
-15.35
4.90
-13.59
-16.66
-13.13
55.5
44.8
47.5
2.48
2.54
1.21
431.42
439.70
442.96
264.77
264.14
264.60
71.78
72.76
73.94
1.64
1.66
1.71
201.67
204.22
205.43
-4.54
-27.35
-24.61
-7.13
-7.00
-13.92
72.7
7.6
14.8
-0.36
-2.85
-2.32
445.17
445.80
447.03
266.02
265.24
264.73
75.76
76.21
76.61
1.78
H>1.80
1.79
205.07
202.22
199.90
1980
January
February
March
April
May
June
July
August
September
-5*.O
-3.30
-6.23
-1.56
-18.63
-14.90
-7.54
29.7
29.3
31.4
1.37
-1.50
0.87
449.51
451.95
454.57
264.79
264.39
264.24
77.00
77.19
76.76
1.76
1.77
1.72
201.27
199.76
200.63
October
November
December
-7.2
7.45
-3.96
-12.14
-1.90
0.26
-1.12
23.6
17.4
-14.6
1.44
0.85
1.35
456.53
457.99
461.72
264.33
264.10
262.97
76.43
76.81
75.58
1.70
1.70
1.68
202.07
202.92
204.27
r-13.97
r6.59
40.7
68.4
r-1.39
r-6.45
r-8.26
r-4.72
rl9.1
0.11
0.89
0.14
465.11
470.80
r472.39
r262.81
r262.86
r262.64
75.38
76.62
78.57
1.67
rl.67
1.65
204.38
205.26
205.41
p i . 88
(NA)
p-0.28
(NA)
p30.5
(NA)
p i . 38
(NA)
H>p474.93
(NA)
p263.03
(NA)
H>p78.71
(NA)
p i . 68
B>p206.79
(NA)
1981
January
February
March
April
May
June
r-1.4
(NA)
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
"Series 36 (monthly) reached its high value (37.30) in March 1978; series 36 (smoothed) reached its high value (26.33) in May 1978.
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Sensitive Commodity Prices
Timing Class
L, L, L
Year
and
month
Smoothed
data 2
Monthly
data
(Percent)
Stock
Prices
U, L, L
92. Change in sensitive crude
materials prices
(Percent)
PRICES, COSTS, AND PROFITS
23. Index of
spot market
prices, raw
industrials (u)
L,L, L
19. Index of
stock prices,
500 common
stocks ©
(1967 = 100)
(1941-43=10)
99.71
Profits and Profit Margins
L, L, L
L, L, L
Corporate profits after taxes
16. Current
dollars
(Ann. rate,
bil. dol.)
18. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
L, C, L
L, C, L
Corporate profits after taxes
with IVA and CCAdjJ
79. Current
dollars
(Ann. rate,
bil. dol.)
80. Constant
(1972) dollars3
(Ann. rate,
bil. dol.)
L, L, L
22. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)
1979
January .
February
March . .
0.62
3.07
2.98
1.11
1.23
1.87
258.3
273.5
288.5
April
May
June
0.88
2.67
3.25
2.27
2.24
2.22
294.5
293.8
293.9
102.07
July
August
September . . .
1.18
0.38
3.39
2.32
1.98
1.63
297.3
298.1
297.3
October
November . . .
December . . .
79
98
2.11
1.92
2.45
2.51
January
February
March
2.99
2.43
-1.22
April
May
June
164.6
101.0
E>113.4
70.1
B)n.9
164.6
98.9
110.2
66.9
11.5
102.71
107.36
108.60
173.6
101.8
111.1
65.7
11.4
307.7
304.0
309.6
104.47
103.66
107.78
168.2
96.7
102.2
59.4
11.1
2.33
2.44
1.96
316.2
B>322.5
316.9
110.87
115.34
104.69
[H>182.9
(H>102.6
106.0
60.1
11.5
0.26
-0.09
0.02
0.94
0.07
-0.14
301.9
278.5
267.5
102.97
107.69
114.55
146.5
80.3
97.8
54.1
9.4
July
August . .
September
2.26
2.35
1.98
0.40
277.6
292.1
298.3
119.83
123.50
126.51
159.1
85.5
99.4
54.0
10.0
October . .
November
December
2.60
2.45
1.56
130.22
(H>135.65
133.48
164.3
86.6
98.1
52.2
10.3
2.27
300.8
304.7
298.4
r2.49
H>r7.06
-0.50
r2.18
r2.94
E>r3.36
291.6
284.2
289.8
132.97
128.40
133.19
H68.0
r87.2
rlll.9
r58.4
rlO.2
1.40
1.85
r2.84
1.78
293.0
288.9
134.43
131.73
"132.25
98.23
100.11
99.73
101.73
1980
1981
January .
February
March . .
April .
May .
June .
July
August . .
September
October . .
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
2
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
Series is a weighted 4-term moving average (with weights
3
1,2,2,1) placed on the terminal month of the span.
Series 80 reached its high value (71.0) in 3d quarter 1977.
^Average for June 3, 10,
17, and 24.
a
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
69
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS . .
B B
Minor Economic
Process
U, L, L
81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income' 2
(Percent)
Unit Labor Costs and Labor Share
Cash Flows
Profits and Profit Margins—Continued
Timing Class
Year
and
month
PRICES, COSTS, AND PROFITS—Continued
L, L, L
L, L, L
15. Profits (after
taxes) per dollar
of sales, all
manufacturing
corporations
26. Ratio, price
to unit labor
cost, nonfarm
business sector2
(Cents)
(1977 = 100)
(Ann. rate,
bil. dol.)
L, L, L
L, L, L
Net cash flow, corporate
34. Current
dollars
35. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
Lg, Lg, Lg
Lg, Lg, Lg
63. Index of
unit labor cost,
private business
sector
68. Labor cost
per unit of real
gross domestic
product, nonfinancial
corporations
(1977 = 100)
(Dollars)
Lg, Lg, Lg
62. Index of
labor cost per
unit of output,
manufacturing
(1967 = 100)
Lg, Lg, Lg
64. Compensation of employees as a percent
of national
income
(Percent)
1979
January
February
March
7.5
E>5*.9
97*.6
247.4
147.9
115*4
1.052
170.2
171.6
171.7
74.1
April
May
June
6*9
5*6
97.'0
252'.0
147*4
118*5
1.079
176.4
173.9
174.6
74*5
July
August
September
6.3
5*8
96*6
266.1
152.5
121 ! 4
1.104
175.7
177.3
177.7
74.3
October
November
December
5.7
5*.4
96*2
262*9
148*6
124*2
1.135
178.9
180.0
181.7
74*7
January
February
March
5.5
5*6
96^5
0)280*7
[H>155*.2
127*6
1.158
182.9
184.9
186.8
74*6
April
May
June
5.5
4.*4
95.8
246.'1
132.2
131**3
1.193
190.5
194.8
198.6
H>75*8
July
August
September
5*4
4*.6
96*5
262*9
138.6
133.9
1.203
200.6
201.4
200.6
75.* 3
October
November
December
5*3
4.9
96*4
272.0
141.1
137.0
1.230
199.9
200.0
200.3
75*4
r6.*2
5*6
p96'.6
r279.'6
rl42l9
Dpl39*5
E>rl.244
202.8
r204.4
r204.6
75.2
1980
1981
January
February
March
April
May
June
r205.9
B>p206.9
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
1
IVA, inventory valuation adjustment; CCAdj , capital consumption adjustment.
Series 81 reached its high value (8.8) in 3d quarter 1977; series 26 reached its high value (100.7) in 3d quarter 1975.
2
70
JUNE 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
MONEY AND CREDIT
Timing Class
L, L, L
85. Change in
money supply
(Ml-B)
L, L, L
L, C, U
102. Change
in money
supply (M2)1
Year
and
month
(Percent)
(Percent)
L, L, L
104. Change in total liquid assets
Monthly
data
Smoothed
data2
(Percent)
Credit Flows
Velocity of Money
Money
(Percent)
105. Money
supply (Ml-B)
in 1972
dollars1
(Bil. dol.)
L, L, L
106. Money
supply (M2)
in 1972
dollars1
(Bil. dol.)
C,C,C
107. Ratio,
gross national
product to
money supply
(Ml-B)
(Ratio)
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)
Revised 3
1979
0.19
0.89
0.41
0.46
0.91
0.60
0.81
1.18
1.02
0.92
0.85
219.7
217.9
217.8
858.1
853.3
853.2
6.469
1.312
1.318
1.321
100.76
82.08
88.07
1.57
-0.14
1.30
1.02
0.58
1.13
1.14
1.06
1.43
0.95
1.09
[H>1.17
219.1
216.6
217.2
853.8
850.0
850.8
6.397
1.313
1.313
1.312
74.04
91.75
94.55
July
August
September
0.94
0.66
0.60
0.85
0.91
0.74
0.74
0.89
216.7
215.9
214.6
848.3
847.0
843.4
6.430
E>1.43
1.14
1.05
1.02
1.322
1.324
1.323
87.29
85.08
87.31
October
November
December
0.16
0.37
0.62
0.49
0.44
0.59
0.44
0.27
0.69
0.97
0.82
0.59
212.7
211.1
210.0
838.5
833.0
828.1
6.487
1.332
1.340
1.345
E)103.60
77.03
51.55
January
February
March
0.36
1.06
-0.10
0.57
1.02
0.37
0.66
1.13
0.49
0.51
0.67
0.80
207.9
207.4
204 4
821.7
819.6
811 7
6.579
1.353
1.345
1 350
97.37
67.45
70 57
April
May
June
-1.40
0.10
1.06
-0.35
0.97
1.37
0.34
0.62
0.71
0.76
0.57
0.52
199.7
198.3
198.5
801.8
802.6
805.7
6.609
1.355
1.350
1.340
50.18
15.66
8.33
July
August
September
1.13
0)1.80
1.12
1.61
1.22
0.71
0.79
1.12
0.69
0.63
0.79
0.87
200.5
202.6
202.7
818.0
821.6
818.9
6.567
1.340
1.335
1.341
43.44
65.82
75.84
October
November
December
1.13
pO.75
p-0.82
0.57
pO.82
pO.10
0.71
pi.28
pO.79
0.85
p0.87
p0.91
202.9
p202.2
p!98.6
815.1
p812.8
p805.7
p6.620
1.351
pi.354
pi.364
95.27
77.40
67.67
p i . 14
p0.72
pO.93
p0.78
p0.81
rpl.30
rpl.40
rp0.88
pO.36
p i . 04
rpl.09
p0.95
pl99.4
pl99.0
pl99.6
p806.1
p805.0
rp810.5
[H)rp6.864
[H)pl.368
pi.367
rpl.363
58.14
62.82
43.74
rpl.05
pO.36
e0.82
eO.71
re0.78
e0.66
p201.8
p!99.7
rp815.7
P813.1
pi.356
pi.359
p52.61
(NA)
January
February
March
0.06
April
May
June
1980
1981
January
February
March
April
May
June
p i . 56
p-0.42
*-1.09
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
x
The following series reached their high values before 1979: Series 102 (1.64) in June 1975, series 105 (224.3) in January 1978, and series 106 (868.6) in January 1978. 2Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the
3
span.
See "New Features and Changes for This Issue," page iii. AAverage for weeks ended June 3 and 10.
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
licit
71
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q j
Minor Economic
Process
Credit Difficulties
Credit Flows—Continued
Timing Class
L, L, L
112. Net change
in bank loans
to businesses
Year
and
month
(Ann. rate,
bil. dol.)
L, L, L
113. Net
change in
consumer installment
credit x
(Ann. rate,
bil. dol.)
MONEY AND CREDIT-Continued
L, L, L
110. Total
private
borrowing
(Ann. rate,
mil. dol.)
L, L, L
14. Current
liabilities
of business
failures * ©
(Mil. dol.)
Bank Reserves
L, L, L
39. Delinquency
rate, 30 days
and over, consumer installment loans
(Percent)
Interest Rates
L, U, U
L, Lg, U
L, Lg, Lg
C, Lg, Lg
93. Free
reserves ®
94. Member
bank borrowing from the
Federal
Reserve @
119. Federal
funds rate ©
114. Treasury
bill rate ©
(Mil. dol.)
(Mil. dol.)
(Percent)
(Percent)
1979
January
February
March
39.31
33.07
5.76
50.57
50.64
40.20
347,904
182.22
177.09
187.76
E>2.12
2.31
2.33
-692
-764
-742
994
973
999
10.07
10.06
10.09
9.35
9.27
9.46
April
May
June
39.62
31.99
23.23
45.71
37.99
31.33
355,864
242.76
200.45
273.17
2.43
2.37
2.45
-899
-1,490
-1,175
897
1,777
1,396
10.01
10.24
10.29
9.49
9.58
9.05
July
August
September
40.55
30.54
43.36
33.79
32.77
48.10
|H>414,406
212.20
287.44
186.20
2.45
2.47
2.59
-989
-904
-1,339
1,179
1,097
1,344
10.47
10.94
11.43
9.26
9.45
10.18
October
November
December
3.72
-21.10
4.55
36.40
32.33
24.40
309,748
395.75
184.31
138.02
2.45
2.50
2.64
-1,750
-1,751
-1,079
2,022
1,906
1,473
13.77
13.18
13.78
11.47
11.87
12.07
E>55.48
35.83
-1.52
32.72
28.84
7.85
r351,404
243.15
190.79
274.24
2.37
2.32
2.53
-999
-1,465
E>-2,638
1,241
1,655
|H>2,824
13.82
14.13
17.19
12.04
12.81
15.53
2.47
-38.96
2.14
-20.05
-32.12
-24.54
rl70,880
428.15
381.15
436.68
2.53
2.64
2.74
-2,261
-835
-169
2,455
1,018
380
17.61
10.98
9.47
14.00
9.15
7.00
July
August
September
13.06
30.23
29.86
-14.39
5.87
12.66
r286,768
445.69
345.41
1,002.94
2.77
2.94
2.70
-111
-357
-1,055
395
659
1,311
9.03
9.61
10.87
8.13
9.26
10.32
October
November
December
29.81
35.66
41.15
8.42
10.07
19.43
r335,652
359.24
239.34
288.30
2.53
2.66
2.57
p-1,018
p-1,201
p-1,587
pi,335
p2,156
pi,617
12.81
15.85
18.90
11.58
13.89
15.66
0.66
r-13.32
r-23.04
10.43
23.95
37.30
p332,512
421.36
(NA)
2.42
2.51
2.53
p-916
p-1,076
p-624
pi,405
pi,278
pi,004
E>19.08
15.93
14.70
14.72
14.90
13.48
r30.68
p48.02
2
7.04
27.97
(NA)
(NA)
p-1,317
p-2,023
p i , 343
p2,154
3
2,090
15.72
18.52
19.01
D16.30
"14.56
1980
January
February
March
April
May
June
1981
January
February
March
April
May
June
3
-l,793
3
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 32, 33, and 34.
Series 113 reached its high value (51.37) in June 1978; series 14 reached its high value (96.99) in September 1977.
Average for weeks ended June 3 and 10.
Average for weeks ended June 3, 10, 17, and 24.
*Average for weeks ended June 4, 11, 18, and 25.
2
3
72
JUNE 1981
13.63
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
Q |
PROCESS
Minor Economic
MONEY AND CREDIT-Continued
Outstanding Debt
Interest Rates—Continued
Process
Timing Class
Lg, Lg, Lg
116. Corporate
bond yields ®
C, Lg, Lg
U, Lg, Lg
115. Treasury
bond yields ®
117. Municipal
bond yields @
Year
and
month
(Percent)
(Percent)
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
118. Secondary
market yields
on FHA
mortgages ®
67. Bank rates
on short-term
business loans
(Percent)
(Percent)
®
Lg, Lg, Lg
Lg, Lg, Lg
109. Average
prime rate
charged by
banks ®
66. Consumer
installment
credit
(Percent)
(Mil. dol.)
Lg, Lg, Lg
Lg, Lg, Lg
72. Commercial
and industrial
loans outstanding, weekly
reporting large
commercial
banks
(Mil. dol.)
95. Ratio,
consumer installment credit
to personal
income
(Percent)
1979
January
February
March
9.47
9.52
9.65
8.43
8.43
8.45
6.47
6.31
6.33
10.24
10.24
10.26
12'.27
11.75
11.75
11.75
269,107
273,327
276,677
134,984
137,740
138,220
14.58
14.67
14.68
April
May
June
9.69
9.82
9.51
8.44
8.55
8.32
6.29
6.25
6.13
(NA)
10.61
10.49
12^34
11.75
11.75
11.65
280,486
283,652
286,263
141,522
144,188
146,124
14.83
0)14.90
14.88
July . .
August
September
9.47
9.57
9.87
8.35
8.42
8.68
6.13
6.20
6.52
10.46
10.58
11.37
12.'31
11.54
11.91
12.90
289,079
291,810
295,818
149,503
152,048
155,661
14.79
14.78
14.88
October
November
December
11.17
11.52
11.30
9.44
9.80
9.58
7.08
7.30
7.22
(NA)
12.41
12.24
15.*81
14.39
15.55
15.30
298,851
301,545
303,578
155,971
154,213
154,592
14,86
14.83
14.80
January
February
March .
11.65
13.23
10.03
11.55
7.35
8.16
12.60
(NA)
15.25
15.63
306,305
308,708
U
rifi
1 t . UO
1 1 9.7
1 1 • O/
q 17
./. i /
1 O O1
10.01
orjq
It.DO
159,215
162,201
162 074
14.75
14.80
Id
7?/t
14.
April
May
June
13.36
11.61
11.12
10.83
9.82
9.40
8.63
7.59
7.63
13.45
11.99
11.85
17!75
19.77
16.57
12.63
307,691
305,014
302,969
162,280
159,033
159,211
14.64
14.43
14.24
July
August
September
11.48
12.31
12.74
9.83
10.53
10.94
8.13
8.67
8.94
12.39
13.54
14.26
11.56
11.48
11.12
12.23
301,770
302,259
303,314
160,299
162,818
165,306
13.96
13.87
13.75
October
November
December
13.17
14.10
14.38
11.20
11.83
11.89
9.11
9.56
10.20
14.38
14.47
14.08
15^71
13.79
16.06
0)20.35
304,016
304,855
306,474
167,790
170,762
174,191
13.61
13.50
13.46
14.01
14.60
14.49
11.65
12.23
12.15
9.68
10.10
10.16
14.23
14.79
15.04
19." 91
20.16
19.43
18.05
307,343
309,339
312,447
174,246
r!73,136
r!71,216
13.36
rl3.34
r-13.35
15.00
0)15.68
X
14.93
12.62
0)12.96
M2.32
10.62
0)10.78
2
10.65
15.91
0)16.33
0)19.*99
17.15
19.61
3
20.06
0)314,778
(NA)
r!73,773
0)pl77,775
*178,362
p!3.37
(NA)
1980
15!o7
ocp
1981
January
February
March
April . . .
.
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1
Average
Average
Average
"•Average
2
3
for
for
for
for
weeks ended June 5, 12, and 19.
weeks ended June 4, 11, and 18.
June 1 through 25.
weeks ended June 3 and 10.
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
Kill
73
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE
Q |
Year
and
month
950. Twelve leading
indicator components
(series 1, 3, 8r 12, 19,
20, 29, 32, 36, 92, 104,
106)
1-month
span
6-month
span
January
February
March
58.3
41.7
66.7
41.7
41.7
April
May
June
25.0
45.8
41.7
July
August
September
October
November
December
DIFFUSION INDEXES
952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109)
951. Four roughly
coincident indicator
components (series
41, 47, 51, 57)
961. Average workweek
of production workers,
manufacturing (20
industries)
6-month
span
1-month
span
6-month
span
1-month
span
9-month
span
25.0
75.0
100.0
75.0
87.5
50.0
83.3
75.0
75.0
100,0
100.0
100.0
52.5
37.5
67.5
15,0
10.0
15.0
41.7
33.3
29.2
12.5
75.0
75.0
75.0
50.0
25.0
91.7
75.0
83.3
83.3
100.0
100.0
0.0
92.5
32.5
45.8
29.2
54.2
37.5
33.3
45.8
100.0
50.0
50.0
100.0
50.0
75.0
66.7
83.3
75.0
100.0
83.3
75.0
16,7
20,8
41.7
41.7
45.8
16.7
62.5
50.0
100.0
75.0
75.0
25.0
83.3
41.7
50.0
January
February
March
41.7
29.2
33.3
0.0
16.7
8.3
100.0
25.0
0.0
25.0
0.0
0.0
April
May
June
12.5
33.3
50.0
16.7
41.7
45.8
0.0
0.0
25.0
July
August
September
83.3
75.0
91.7
75.0
100.0
95.8
October
November
December
58.3
75.0
50.0
962. Initial claims for
State unemployment
insurance, week including the 12th 1
(51 areas)
963. Number of employees on private
nonagricultural payrolls
(172 industries)
9-month
span
1-month
span
6-month
span
11,8
72.5
68,6
46.1
27.5
25.5
66.9
66.3
62.2
74.7
71.8
64.0
17.5
30.0
17.5
7.8
66.7
66.7
56.9
49.0
31.4
49.7
58.1
57.8
60.5
53.8
51.5
75.0
45.0
72.5
32.5
25.0
90,0
37.3
54.9
86,3
21.6
23.5
47.1
57.0
54.4
52.9
58.1
55.5
55.2
50,0
66.7
50.0
37.5
57.5
65.0
45,0
32.5
27,5
8.8
53.9
68.6
35,3
33.3
5.9
65.1
55.2
53.5
59.3
63.1
56.4
41.7
66.7
50.0
50.0
58.3
33.3
75.0
10.0
0.0
17.5
2.5
5,0
23.5
60.8
46.1
2.0
2.0
9.8
60.2
54.9
45.9
45.3
36.9
32.3
0.0
0.0
0.0
66.7
33.3
33.3
41.7
50.0
33.3
55.0
17,5
17.5
12.5
5,0
10.0
3.9
33.3
70.6
19.6
3.9
7.8
34.6
28.8
30.2
24.7
26.7
25.6
25.0
75.0
100.0
50.0
100.0
100.0
41.7
33.3
33.3
33.3
33.3
50.0
32,5
87.5
65,0
35.0
70.0
85.0
62.7
84.3
13.7
58.8
21.6
96.1
36.3
62.8
62.8
32.3
46.8
68.6
83.3
66.7
75.0
100.0
100.0
100.0
100.0
100.0
100.0
50.0
50.0
66.7
50.0
50.0
50.0
70.0
72.5
75.0
92.5
90.0
95.0
76.5
96.1
5.9
96.1
p90.2
(NA)
64.0
66.9
64.0
78.8
76.7
r74.4
72.7
30.0
100.0
50.0
100.0
100.0
*100.0
33.3
r33.3
50.0
50.0
100.0
92.5
7.5
r50.0
p97.5
86.3
39.2
P31.4
64.5
56.7
r71.8
p66.3
1-month
span
1-month
span
1979
33.3
1980
1981
33.3
33.3
70.8
January
February
March
April
May
June
2
3
72.7
10.0
2
3
50.0
*83.3
5
83.3
100.0
5
r57.5
p62.5
(NA)
r54.9
r57.0
P50.3
July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
1
Figures are the percent of components declining.
2
Excludes series 12 for which data are not yet available.
3
Excludes series 12 and 36 for which data are not yet available.
''Excludes series 57 for which data are not yet available.
5
Excludes series 70 and 95 for which data are not yet available.
74
II INF 1Q«1
Kill
CYCLICAL INDICATORS
C
I DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q
Year
and
month
964. Value of manufacturers' new orders,
durable goods industries (35 industries) x
965. Newly approved
capital appropriations,
deflated (17 manufacturing industries)
DIFFUSION NDEXES-Continued
966. Index of industrial
production (24
industries)
967. Index of spot
market prices, raw
industrials ®
(13 industrial materials)
968. Index of stock
prices, 500 common
stocks 2 ©
960. Net profits,
manufacturing3©
(about 700 companies)
9-month
span
1-month
span
9-month
span
61.5
76.9
76.9
96.2
96.2
88.5
94.8
35.5
85.5
18.2
32.7
57.4
'71
56.2
54.2
45.8
69.2
42.3
53.8
80.8
84.6
"91.7
80.0
16.4
90.0
90.7
88.9
75.0
*74
66.7
50.0
54.2
46.2
30.8
53.8
"66.7
"66.7
"58.3
64.8
92.6
53.7
63.0
68.5
68.5
*63
54
52.1
39.6
45.8
58.3
58.3
45.8
"62.5
61.5
76.9
"66.7
"58.3
"58.3
3.7
38.0
95.4
69.8
37.7
39.6
54
*47
64.6
52.1
58.3
16.7
16.7
12.5
50.0
73.1
61.5
"58.3
"50.0
53.8
74.1
52.8
3.8
39.6
47.2
77.4
"56
*45
75.0
37.5
35.4
16.7
12.5
12.5
11.5
15.4
0.0
50.0
46.2
46.2
26.4
92.5
89.6
90.6
94.3
86.8
56
*43
12.5
16.7
16.7
39.6
75.0
91.7
53.8
76.9
57.7
46.2
42.3
38.5
92.5
88.7
76.4
84.9
96.2
94.3
*60
p39
29.2
62.5
81.3
48
87.5
97.9
66.7
100.0
100.0
r91.7
65.4
53.8
46.2
61.5
65.4
65.4
43.4
55.7
15.1
90.6
88.7
86.8
p56
75.0
r64.6
r39.6
r83.3
p70.8
30.8
30.8
65.4
38.5
66.0
42.5
85.8
79.2
1-month
span
9-month
span
1-quarter
span
January
February
March
62.9
45.7
62.9
82.9
80.0
61.4
48
April
May
June
25.7
62.9
45
51.4
65.7
62.9
60.0
July
August
September
42.9
57.1
60.0
54.3
45.7
75.7
48
October
November
December
51.4
45.7
54.3
62.9
62.9
42.9
53
January
February
March
72.9
40.0
31.4
22.9
28.6
34.3
71
April
May
June
17.1
34.3
42.9
44.3
54.3
40.0
15
July
August
September
71.4
54.3
82.9
51.4
67.1
85.7
39
October
November
December
71.4
48.6
48.6
88.6
94.3
1-month
span
6-month
span
*48
62.5
54.2
70.8
62.5
66.7
50.0
48
16.7
62.5
56.2
4-Q moving
average
1-month
span
(4-quarter span)
1979
1980
r81.8
1981
54.3
51.4
50.0
January
February
March
April
May
June
r48.5
p48.5
p87.9
r58.3
p62.5
69.2
26.9
81.1
30.2
July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
1
Based on 35 industries through March 1981 and on 33 industries thereafter.
2
Based on 58 industries for January 1979, on 55 industries through June 1979, on 54 industries through January 1980, and on 53 industries
thereafter. Data for component industries are not shown in table C2 but are available from the source agency.
3
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.
A
Based on 12 components (excluding rosin).
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
75
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q
Year
and
quarter
970. Business expenditures for new plant and
equipment (18 ndustries)
DIFFUSION INDEXES-Continued
971. New orders, manufacturing * @
a. Actual
expenditures
b. Later
anticipations
c. Early
anticipations
(1-Q span)
(1-Q span)
(1-Q span)
Anticipated
Actual
972. Net profits, manufacturing
and t r a d e * ®
973. Net sales, manufacturing
and trade * ®
Actua 1
Actual
(4-Q span)
(4-Q span)
Anticipated
(4-Q span)
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
72.7
90.9
72.7
86.4
81.8
81.8
77.3
75.0
70.5
59.1
86.4
86.4
68.2
68.2
88.6
72.7
83
86
86
86
82
83
88
86
73
76
78
78
79
82
84
83
84
86
88
88
86
87
92
90
52.3
63.6
63.6
47.7
63.6
50.0
68.2
77.3
85
81
73
78
80
84
80
72
78
74
70
72
78
82
80
70
87
84
82
82
85
88
84
78
77.3
59.1
50.0
54.5
54.5
45.5
36.4
40.9
81.8
59.1
81.8
77.3
74
63
60
60
66
75
57
62
62
54
57
56
66
73
59
61
73
62
68
66
72
80
63
67
72.7
72.7
40.9
70.5
68.2
77.3
68
74
74
76
60
70
69
74
70
78
76
80
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
0 1 DIFFUSION
Year
and
quarter
NDEXES—Continued
974. Number of employees,
manufacturing and tradel @
975. Level of inventories,
manufacturing and tradel ®
976. Selling prices, manu
facturing i ©
977. Selling prices, wholesale
trade l ®
978. Selling prices, retail
trade l ®
Actual
Actual
Actua 1
Actual
Actual
Anticipated
Anticipated
Anticipated
Anticipated
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
62
64
64
63
59
60
62
62
76
76
76
78
67
70
73
74
87
88
90
91
82
84
87
87
89
92
93
94
84
90
87
90
91
94
94
93
90
88
92
92
62
60
60
58
60
60
58
56
80
76
73
75
70
74
71
68
92
93
92
94
86
88
88
86
96
95
95
96
88
90
92
90
94
95
94
96
90
92
92
90
58
54
53
51
54
56
48
50
67
61
64
60
62
70
53
56
90
88
90
90
87
90
83
86
92
90
92
90
90
92
87
88
92
91
94
90
90
93
84
90
51
56
54
56
62
63
61
66
88
88
90
89
90
90
89
89
94
90
90
92
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,
indicated b y ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
lr
rhis is a copyrighted series used by permission; it may not be reproduced without written permission from Dun $ Bradstreet, Inc.
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.
76
JUNE 1981
Dun 6
IICII
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
I H |
Diffusion index components
SELECTED DIFFUSION NDEX COMPONENTS Basic Data and Directions of Change
1981
1980
961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING
(Average weekly hours)
All manufacturing industries
+
Percent rising of 20 components
39 7
+
39.9
+
(72)
(70)
Aprilr
March
February
January
December
November
October
Mayp
l
40.1
40.4
39.8
(75)
(92)
(8)
+
40.0
+
(50)
40.1
40.2
(58)
(62)
39.2 +
38.8
39.3
38.6
Durable goods industries:
38.9
38.8
+
o
r39.4
38.8
40.6
40.8
+
+
40.9
41.1
41.1
41.3
0
41.1
41.1
40.4
40.8
+
+
r40.7 +
41.0
40.9
41.3
0
_
40.9
41.5
39.7
40.5
+
+
40.2
41.1 +
40.1
41.8
+
-
40.3
41.5
40.1
38.9
-
41.3
41.4
41.6
41.2
-
o
o
40.6
41.0
40.7
41.3
40.0
41.4
+
40.2
41.3
+
40.4
41.9
40.5
38 6
o
+
40.5
39 0
Q
Lumber and wood products
Furniture and fixtures
o
38.7
38 0
+
o
39.3
38 0
+
+
39.4
38 6
Stone clay and glass products
Primary metal industries
o
+
40.9
40.1
+
+
41.1
40.9
+
+
Fabricated metal products
Machinery, except electrical
o
40.4
40.7
+
+
40.6
41.0
Electric and electronic equipment
Transportation equipment
+
+
39.9
40.8
+
+
Instruments and related products
Miscellaneous manufacturing
+
40.2
38 7
+
+
o
41.0
39 0
-
40.6
38 8
40.4
38 7 o
40.2
38 7
0
40.2
39 2
40.3
39 7
-
39.9
39 4
39.6
37 2 o
40.0
37 2
-
39.8
37 6
40.1
35.7
39.9
35.7
39.8
35.7
Nondurable goods industries:
Food and kindred products
Tobacco manufacturers
39.6
on c
+
39.8
38 9
o
_j_
39.8
37 2
Textile mill products
Apparel and other textile products
+
+
39.9
35.3
+
40.0
35.0
+
+
40.3
35.6
40.5
36.0
-
Paper and allied products
Printing and publishing
o
+
42.2
37.1
+
42.6
36.8
+
+
43.0
37.4
43.1
37.7
-
42.8
37.2
42.7
37.0
Chemicals and allied products
Petroleum and coal products
+
+
41.4
43 1
+
+
41.7
43.2
o
o
41.7
43.2
41.8
43.4
0
41.8
43.5
r41.6
r42.9
41.5
43.2
Rubber and miscellaneous plastics products
Leather and leather products
+
+
40.4
36.5
+
40.8
36.2
+
+
40.9
36.6
41.3
37.1
-
40.1
37.0
40.6
r37.3
40.8 +
36.8
+
+
o
+
+
0
42.7
37.3
0
40.3
36.1
+
42.8
37.4
*
41.9
43.1
41.0
36.6
964. VALUE OF MANUFACTURERS1 NEW ORDERS, DURABLE GOODS INDUSTRIES 1 2
(Millions of dollars)
All durable goods industries
+
Percent rising of 35 components
80,693
+
81,047
+
(49)
(71)
Primary metals
Fabricated metal products
+
+
13,745
10,121
-
Machinery, except electrical
Electrical machinery
+
14,806
11,098
Transportation equipment
Other durable goods industries
-
15,007
+
15,916
82,654
-
(49)
13,029
9,884
+
12,899
10,514
+
+
14,822
11,459
+
-
15,100
10,565
+
-
15,957
15,896
+
+
17,169
16,407
81,336
+
(54)
-
10,977
9,705
16,545
11,420
I
16,164
16,525
82,209
+
+
12,412
10,124
+
12,070
10,507
15,281
11,542
+
+
15,636
11,624
15,828
17,022
+
17,719
16,657
84,291 3
(50)
(51)
+
84,213 +
+
(48)
83,937
3
(48)
12,179 9,856
10,909
9,830
15,652
11,515
+
12,161
+
19,367
16,740
18,325
16,764
14,930
NOTE: To facilitate interpretation, the month-to-month ejections of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( —) = falling.
The "r" indicates revised; " p " ,
preliminary; and "NA", not available.
1
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 included in the totals and directions of change for the six major industry groups shown here.
3
Based on 33 components.
http://fraser.stlouisfed.org/
IIIMC 1QQ1
Federal Reserve Bank of St. Louis
itrifc
77
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued
Diffusion index components
1980
October
1981
November
December
January
February
April'
March'
966. INDEX OF INDUSTRIAL PRODUCTION
(1967 = 100)
All industrial production
Percent rising of 24 components
146.9
2
...
+
(88)
149.4 +
151.0
151.7
151.5
152.2
152.3
(98)
(67)
(75)
(65)
(40)
(58)
(62)
+
152.8
Durable manufactures:
Lumber and products....
Furniture and fixtures . . .
122,2
147.2
+
o
124.9
147.2
122.0
149.0
126.3
150.5
126.3
153.0
125.4
153.0
125.0
155.5
(NA)
(NA)
Clay, glass, and stone products
Primary metals
145.2
100.6
+
+
147.8
113.4
151.4
112.1
154.9
113.9
154.8
114.2
152.9
114.0
151.3
112.3
(NA)
111.0
Fabricated metal products
Nonelectrical machinery
132.8
161.1
+
+
134.1
163.4
137.4
167.5
137.6
168.9
139.1
169.1
141.3
170.7
141.6
171.9
142.1
172.7
Electrical machinery
Transportation equipment . . .
170.0
118.8
+
+
173.0
121.7
174.9
120.6
177.9
117.3
174.6
114.9
177.1
119.3
178.4
120.4
179.6
123.5
Instruments
Miscellaneous manufactures
169.6
145.0
172.1 +
149.5 +
174.0
151.8
171.3
153.6
169.9
154.9
170.2
157.5
170.7
156.5
150.7
118,8 +
150.0
122,9
151.5
123.1
133.9
125.1 +
133.8
125.9
135.5
169.9
147.5
Nondurable manufactures:
Foods
Tobacco products
149.4
123,1
+
+
150.5 +
125,1
Textile mill products ..
Apparel products
133.8
127,5
+
+
135.0
128.0
Paper and products
Printing and publishing
153.0
141.5
+
+
154,4 +
142.7 +
156.8 +
144.9 +
157,2
145.5
156.7
145.8
Chemicals and products
Petroleum products
209.1
130,1
+
+
212.0 +
131.2 +
218.8 +
137,5
219.2
137.3
220.9
134.3
Rubber and plastics products
Leather and products
259,2
70.2
+
+
259,6
71.2
259.2
67,8 +
258.2
68,9
264,0
69.4
+
124.0
+
+
152.2
117.3
+
153.0
(NA)
(NA)
(NA)
134.0
123.6
+
135.1
(NA)
(NA)
(NA)
156.2
142.7
156.7
143.1
156.9
144.1
219.3
131.4
+
220.5
130.2
(NA)
128.6
266.9
69.1
+
272.7
67,5
(NA)
(NA)
Mining:
Metal mining
Coal
90.8
145,7
107.2 +
151.6 +
122.2
155,3
126.3
150,3
133.7
158.9
131.1
151.1
124.9
75.8
(NA)
71.1
Oil and gas extraction
Stone and earth minerals ,
135.4
129,0
137.4 +
133,0 +
139.1
137.8
141.5
140,0
142.7
138.9
145,0
138.4
147.1
135.3
147.6
(NA)
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling.
preliminary; and "NA", not available.
The "r" indicates revised; "p"
1
Data are seasonally adjusted by the source agency.
Where actual data for separate industries are not available, estimates are used to compute the percent rising.
2
78
MIME 1OO1
Kill
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
0 1
Diffusion index components
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change—Continued
1980
September
October
1981
November
967. INDEX OF SPOT MARKET
Raw industrials price index (1967 = 100)
+
Percent rising of 13 components
298.3 +
(58)
300.8 +
(65)
December
PRICES ,
304.7 (54)
January
February
Apri 1
March
May
RAW INDUSTRIALS1
293.0 -
288.9
(65)
(69)
(27)
0.676 *
1.490
0.682 1.504
0.664
1.464
+
0.233
0.514
+
0.249 o
0.549
0.249
0.549
+
106.600
117.505
+
109.000 120.151
99.000
109.128
6.372 14.048
6.280 13.845
6.248 13.774
5.945
13.106
298.4
291.6
284,2
289.8
(46)
(31)
(31)
+
Dollars
Copper scrap
(pound)..
(kilogram)..
Lead s c r a p . .
(pound)..
(kilogram)..
+
0.294
0.648
+
Steel scrap .
(U.S. ton).,
(metricton)..
+
89.000
98.105
+
Tin
(pound).,
(kilogram)..
+
7.974 17.579
Zinc
(pound)..
(kilogram)..
+
0.374
0.825
Burlap
(yard)..
(meter)..
Cotton
(pound)..
(kilogram)..
Print cloth...
0.716
1,578
+
(yard)..
(meter)..
+
0.732 1.614
.0.719 1.585
0.654 +
1,442
0.662
1.459
0.652
1.437
0.302 0.666
0.294 0.648
0.260
0.573
0.239
0.527
0.206
0.454
103.800 114.419
96.000 +
105.821
93.000
102.514
+
7.728 17.037
0.383
0.844
+
98.000
108.025
+
7.405 16.325
0.396
0.873
6.766
14.916
6.668
14.700
98.000
108.025
+
0.416 o
0.917
0.416 o
0.917
0.416
0.917
+
0.420
0.926
+
0.436
0.961
+
0.463
1.021
+
0.275
0.301
+
0.280 0.306
0.267
0.292
0.325 0.355
0.314 0.343
0.286 0.313
0.273 +
0.299
0.280
0.306
0.266
0.291
0.875 1.929
0.861
1.898
+
0.869
1.916
+
0.875
1.929
0.850
1.874
0.825 1,819
0.816 1.799
0.814 1.795
0.782
1.724
0.656
0.717
+
0.665
0.727
+
0.684
0.748
+
0.702
0.768
0.688 +
0.752
0.722
0.790
0.752
0.822
+
0.784
0.857
+
0.841
0.920
3.460
7.628
+
3.500 0
7.716
3.500 0
7.716
3.500 o
7.716
3.500 +
7.716
3.575
7.881
+
3.600 o
7.937
3.600
7.937
0
3.600
7.937
0.474
1.045
+
0.498
1.098
0.592
1.305
0.624
1.376
0.572
1.261
0.519
1.144
+
0.528
1.164
+
0.549
1.210
-
0.522
1.151
45.000 0
99.207
45.000 0
99.207
45.000
99.207
0
45.000
99.207
Wool tops ..
(pound)..
(kilogram)..
Hides
(pound)..
(kilogram)..
Rosin
(100 pounds)..
(100 kilograms)..
o
45.000 0
99.207
45.000 0
99.207
45.000 0
99.207
Rubber
(pound)..
(kilogram)..
+
0.756
1.667
0.802 1.768
0.796 1.755
0.722
1.592
0.704
1.552
0.684 1.508
0.652 1.437
0.603
1.329
-
0.590
1.301
Tallow
(pound)..
(kilogram)..
0.169
0,373
0.180 0.397
0.177 o
0.390
0.177
0.390
0.175 0.386
0.171
0.377
0.176
0.388
-
0.175
0.386
+
+
0.179 0.395
+
+
+
45.000 o
99.207
45.000 o
99.207
interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling.
not available,
Data are not seasonally a d j u s t e d . Components are converted t o m e t r i c u n i t s by the Bureau o f Economic A n a l y s i s .
NOTE: To facilitate
+
The "r" indicates revised; "p",
preliminary; and " N A " ,
x
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
79
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
ii
c. Percent
change at
annual rate
b. Difference
a. Total
(Ann rate,
bil. dol.)
(Ann. rate,
bil. dol.)
217. Per capita
GNP in 1972
50. jross national product in 1972 dollars
200. Gross national product in current dollars
Year
and
quarter
GNP AND PERSONAL INCOME
b. Difference
a. Tota
(Anr . rate,
bil dol.)
dollars
c. Percent
change at
annual rate
(Ann rate,
bil. dol.)
213. Final sales
in 1972 dollars
(Ann . rate,
bil. dol.)
(Ann. rate,
dollars)
1978
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
2, 032.4
2, 129.6
2, 1 9 0 . 5
2, 271.9
43 .8
97 .2
60 .9
81 .4
9. 1
20. 5
11. 9
15. 7
1 ,402
1 ,432
1 ,446
1 ,465
.3
.8
.7
.8
10
30
13
19
8
5
9
1
3.2
(hO
3.9
5.4
6,431
6,558
6,606
6,679
1 ,384
1 ,416
1 ,435
1 ,455
.6
.8
.2
.3
2, 3 4 0 . 6
2, 3 7 4 . 6
2, 4 4 4 . 1
2, 4 9 6 . 3
68.7
34 .0
69 .5
52 .2
12. 7
5. 9
12. 2
8. 8
1 ,479
1 ,473
1 ,488
1 ,490
.9
.4
.2
.6
14 1
-6 5
3.9
_ .7
4.1
(3.6
6,730
6,687
6,737
6,731
1 ,464
1 ,455
1 ,480
1 ,491
.4
.0
.6
.3
2, 5 7 1 . 7
2, 5 6 4 . 8
2, 637.3
2, 7 3 0 . 6
75 .4
-6 .9
72 .5
93 .3
12. 6
-1. 1
11. 8
14. 9
1 ,501
1 ,463
1 ,471
1,485
.9
.3
.9
.6
3.1
IA
3.8
6,767
6,578
6,597
6,640
1 ,502
1 ,462
1 ,476
1 ,492
.8
.0
.9
.7
r 2 , 853.0
rl22 .4
r!9. 2
r8.6
r6,764
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
14.8
2 4
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
11
-38
8
13
3
6
6
7
-9.9
1981
First quarter
Second quarter
Third quarter
Fourth quarter
r30. 8
r l ,516 .4
....
r l ,517 8
....
n
ia
GNP AND PERSONAL INCOME—Continued
Disposable personal incorm
Year
and
quarter
224. Current dollars
(Ann. rate,
bi . dol.)
225. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars
231. Total in 1972
dollars
232 . Durable goods
in current dollars
(Ann rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
233. Durable goods
in 1972 dollars
227. Per capita in
1972 dollars
(Ann. rate
dollars)
(Ann. rate,
bil. dol.)
1978
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1,398.
1,440.
1,482.
1,531.
0
7
1
0
966 .8
975 .5
985 .9
998 .0
4 j 434
4 3 465
43 502
4, 547
1 ,278
1 ,330
1 ,369
1 ,416
.3
.1
.9
6
884 ,1
900 .6
911 .2
923 .4
185,0
200,1
202.0
210.2
139 5
148 1
147.0
150. 7
1,580. 2
1,612. 8
1,663. 8
1,710. 1
1 005.7
1 006 .9
1 015.7
1 017 .7
4 s 574
4 3 570
4 3 598
4 , 596
1,454
1 ,478
1 ,529
1 ,582
1
0
1
3
925 .5
922 .8
933 .4
941 .6
212.5
207.4
213.3
216,1
149.6
144. 2
146, 7
146. 0
1,765. 1
1,784. 1
1,840. 6
1,897. 0
1, 021 .0
4 ? 600
4 9 532
4 , 565
4 , 585
1,631
0
1, 008 .2
1, 018 .5
1 , 025 8
1 ,626 8
1 ,682 2
1 ,751 0
943 ,4
919 .3
930 .8
946 .8
220.9
194.4
208.8
223.3
145. 4
126. 2
132, fi
139.1
r l , 033 3
4 , 609
r l ,810. 1
r 9 6 0 .2
r238,3
H46. 8
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1980
First quarter
Second quarter
Third quarter
Fourth quarter
1981
....
....
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
y- 1 , 9 4 7 .
8
NOTE: Series are seasonally adjusted except for those, indicated by (u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue. The " r " indicates revised; " p " , preliminary; " e " , estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 41.
JUNE 1981
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
JM
Year
and
quarter
236. Nondurable
goods in current
dollars
(Ann. rate,
bil. dol.)
i
Q
PERSONAL CONSUMPTION EXPENDITURES-Continued
238. Nondurable
goods in 1972
dollars
(Ann. rate,
bil. dol.)
237. Services in
current dollars
239. Services in
1972 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
240. Total in
current dollars
(Ann. rate,
bil. dol.)
GROSS PRIVATEDOMESTIC 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. doi.)
(Ann. rate,
bil. dol.)
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
380.4
392.6
224.9
232.9
229.3
231.8
325.8
350.7
361.3
374.9
207.2
216.9
217.8
221.3
424.8
428.0
431.3
434.3
408.3
423.2
421.7
410.0
237.7
238.7
232.6
221.5
384.0
390.1
408.3
410.8
222.3
220.4
225.0
222.2
749.0
768.4
799.2
824.2
436.5
436.5
443.3
447.3
415.6
390.9
377.1
397.7
218.3
200,5
195.3
200.5
413.1
383.5
393.2
415.1
219.2
199.2
200.2
207.6
r845.8
r448.9
r437.1
r211.6
r432.7
r213.1
504.0
520.4
536.3
558.3
339.8
342.4
347.2
353.5
589.3
609.5
631.6
648.1
404.8
410.1
417.1
419.2
571.8
586.4
611.5
639.2
351.1
350.6
355.4
361.3
669.9
684.2
704.3
727.0
661.1
664.0
674.2
703.5
361.5
356.6
354.9
360.4
r726.0
r364.5
350.7
317.7
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• •
• S I
Vaar
Tear
and
quarter
GROSS PRIVATE
DOMESTIC INVEST.-Con.
245. Change in
business inventories in current
dollars
(Ann. rate,
bil. dol.)
30. Change in
business inventories in 1972
dollars
(Ann. rate,
bil. dol.)
^ M
260. Total in
current dollars
(Ann. rate,
bil. dol.)
261. Total in
1972 dollars
(Ann. rate,
bil. dol.)
GOVERNMENT PURCHASES OF GOODS AND SERVICES
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
(Ann. rate,
bil. dol.)
267. State and
local government
in 1972 dollars
(Ann. rate,
bil. dol.)
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
24.9
27.0
19.1
415.7
425.1
438.3
451.3
274.6
276.3
280.0
280.1
149.5
149.1
154.1
160.7
99.4
98.0
100.8
17.7
17.7
16.0
11.5
10.6
24.3
33.1
13.3
-0.8
15.4
18.4
7.6
-0.7
458.2
465.1
475.4
496.4
280.6
280.3
281.1
285.3
2.5
7.4
-0.9
1.3
-5.0
-7.2
516.8
530.0
533.5
558.6
r576.5
101.0
266.2
276.0
284.2
290.6
175.3
178.3
179.2
179.2
164.8
163.6
165.1
178.1
102.9
100.8
99.9
103.1
293.4
301.6
310.4
318.3
177.7
179.4
181.2
182.2
290.1
291.9
288.2
289.8
190.0
198.7
194.9
212.0
107.6
110.7
106.9
107.4
326.8
331.3
338.6
346.6
182.5
181.2
181.3
182.4
r293.6
r221.6
rill. 2
r354.9
H82.5
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
-16.0
-17.4
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
r4.5
r-1.4
See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.
JUNE 1981
81
OTHER IMPORTANT ECONOMIC MEASURES
A
NATIONAL INCOME AND PRODUCT—Continued
• •
NATIONAL INCOME
M i l AND ITS COMPONENTS
0 1 FOREIGN TRADE
255. Constant
(1972) dollars
250. Current
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
256. Constant
(1972) dollars
252. Current
dollars
(Ann. rate,
bil. dol.)
220. National income in current
dollars
Imports of goods and services
Exports of goods and services
Net exports of goods and services
Year
and
quarter
257. Constant
(1972) dollars
253. Current
dollars
(Ann. rate,
bil. dol.)
280. Compensation of
employees
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1978
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
-12.3
-3.3
1.9
11.4
18.7
23.0
26.1
30.5
195.9
214.8
225.3
243.5
118.3
125.4
129.8
136.6
208.2
218.1
223.3
232.0
99.5
102.4
103.7
106.2
1,644.6
1,720.7
1,771.7
1,844.6
1,238.1
1,282.3
1,316.5
1,361.7
19.9
8.2
17.9
7.6
36.0
31.6
41.1
42.2
259.1
266.8
293.1
306.3
141.1
140.5
151.3
154.8
239.2
258,6
275.2
298.7
105.1
108.8
110.2
112.6
1,903.6
1,932.0
1,986.2
2,031.3
1,409.9
1,439.0
1,476.7
1,518.1
8.2
17.1
44.5
23.3
50.1
51.7
57.6
48.5
337.3
333.3
342.4
346.1
165.9
160.5
160,5
157.4
329.1
316.2
297.9
322.7
115.8
108.9
102.8
108.9
2,088.5
2,070.0
2,122.4
2,204.8
1,558.0
1,569.0
1,597.4
1,661.8
r29.2
r50.9
r367.4
H62.5
r338.2
rlll.6
r2,291.1
rl,722.4
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1981
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
E
282. Proprietors'
income with inventory valuation and
capital consumption adjustments
Year
and
quarter
(Ann. rate,
bil. dol.)
I
Q
NATIONAL INCOME AND ITS COMPONENTS-Continued
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.)
288. Net interest
(Ann. rate,
bil. dol.)
290. Gross saving
(private and government)
(Ann. rate,
bil. dol.)
SAVING
295. Business
saving
(Ann. rate,
bil. dol.)
292. Personal
saving
(Ann. rate,
bil. dol.)
1978
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
110.3
115.5
118.2
124.6
25.3
25.4
28.7
30.0
163.6
185.2
190.5
202.7
107.3
112.3
117.8
125.7
326.9
354.0
359.4
380.4
260.1
275.5
284.9
295.8
84.6
73.6
73.4
73.8
127.8
129.4
132.9
136.3
30.7
30.1
30.3
31.0
201.9
196.6
199.5
189.4
133.4
136.9
146.8
156.5
407.4
416.2
422.3
402.0
304.4
310.3
320.5
315.7
83.8
90.9
89.3
80.7
133.7
124.9
129.7
134.0
31.2
31.5
32.0
32.4
200.2
169.3
177.9
183.3
165.4
175.3
185.3
193.3
404.5
394.5
402,0
406.7
326.7
325.8
334.6
339.3
86.4
110.0
111.4
97.6
rl32.1
32.7
r203.0
r200.8
r442.7
r358.8
r88.9
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1981
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.
82
JUNE 1981
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
Q
Year
and
quarter
SAVING-Continued
Q j
298. Government
surplus or deficit,
293. Personal
saving rate
total
(percent of disposable personal
income)
(Ann. rate,
bil. dol.)
SHARES OF GNP AND NATIONAL INCOME
Percent of gross national product
(Percent)
235. Personal consumption expenditures, total
248. Nonresidential
fixed investment
(Percent)
(Percent)
249. Residential
fixed investment
247. Change in
business inventories
(Percent)
(Percent)
(Percent)
251. Net exports of
goods and services
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1.2
-0,6
-0.2
0.1
0.5
10.8
6.0
5.1
5.0
4.8
62.9
62.5
62.5
62.4
11.0
11.2
11.3
11.4
5.1
5.2
5.2
5.1
18.1
13.9
11.3
4.4
5.3
5.6
5.4
4.7
62.1
62.2
62.6
63.4
11.4
11.5
11.8
11.6
5.0
4.9
4.9
4.8
-9.6
-42.5
-45.6
-30.8
4.9
6.2
6.1
5.1
63.4
63.4
63.8
64.1
11.6
11.3
11.1
11.1
4.5
3.6
3.8
4.1
-0.6
-0.6
0.3
0.7
1.7
0.9
r4.6
r63.4
11.1
4.1
r0.2
rl.O
-17.7
4,9
1.1
1,3
0.9
0.8
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1.0
1.4
0.5
0.0
0.9
0.3
0.7
0,3
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
0.1
0.3
1981
r-6.2
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
^ J
Year
and
quarter
SHARES OF GNP AND NATIONAL INCOME—Continued
Percent of GNP—Continued
265. Federal Government purchases of
goods and services
Percent of national income
268. State and local
government purchases
of goods and services
64. Compensation of
employees
(Percent)
(Percent)
(Percent)
283. Proprietors'
income with IVA
and CCAdj1
285. Rental income
of persons with
CCAdj»
(Percent)
(Percent)
(Percent)
287. Corporate
profits with IVA
and CCAdjl
289. Net interest
(Percent)
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
7,4
7.0
7.0
7.1
13.1
13.0
13.0
12.8
75.3
74.5
74.3
73.8
6.7
6.7
6.7
6.8
1.5
1.5
1.6
1.6
9.9
10.8
10.8
11.0
6.5
6.5
6.6
6.8
7.0
6.9
6.8
7.1
12.5
12.7
12.7
12.8
74.1
74.5
74.3
74.7
6.7
6.7
6.7
6.7
1.6
1.6
1.5
1.5
10.6
10.2
10.0
9.3
7.0
7.1
7.4
7.7
7.4
7,7
7.4
7,8
12.7
12.9
12.8
12,7
74.6
75.8
75.3
75.4
6.4
6.0
6.1
6.1
1.5
1.5
1.5
1.5
9.6
8.2
8.4
8.3
7.9
8.5
8.7
8.8
7.8
12.4
75.2
5,8
1.4
r8.9
r8.8
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 46 and 47.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
83
OTHER IMPORTANT ECONOMIC MEASURES
B
|
PRICES, WAGES, AND PRODUCTIVITY
Q j PRICE
Implicit price deflator,
gross national product
Year
and
month
310. Index
(1972 = 100)
310c. Change
over 1-quarter
spans l
(Ann. rate,
percent)
Fixed-weighted price index,
gross business product
311. Index
(1972 = 100)
311c. Change
over 1-quarter
spans1
(Ann. rate,
percent)
MOVEMENTS
Consumer prices, food
Consumer prices, all items
320. Index ©
320c. Change
over 1-month
spans'
320c. Change
over 6-month
spans l
(1967 = 100)
(Percent)
(Ann. rate,
percent)
(1967 = 100)
322. Index
322c. Change
over 1-month
spans1
322c. Change
over 6-month
spans l
(Percent)
(Ann. rate,
percent)
1979
158*2
April
May
June
161**2
July
August
September
164.2
October
November
December
167*5
204.7
207.1
209.1
0.8
1.0
0.9
10.6
11.4
12.2
225.2
228.2
230.1
1.3
1.3
0.8
12.0
12.0
10.6
9.7
211.5
214.1
216.6
1.0
1.0
1.0
12.9
13.0
13.6
231.5
233.2
233.9
0.6
0.7
0.3
9.0
6.3
7.0
9.5
218.9
221.1
223.4
1.2
1.1
1.2
13.9
14.0
14.4
235.1
235.3
238.0
0.5
0.1
1.1
7.6
7.7
9.7
10.0
225.4
227.5
229.9
1.1
1.1
1.2
14.9
15.4
15.8
240.1
242.0
245.0
0.9
0.8
1.2
8.9
8.3
7.7
10.1
233.2
236.4
239.8
1.4
1.3
1.3
15.3
14.8
14.3
245.3
244.9
247.0
0.1
-0.2
0.9
6.9
6.1
4.5
9.8
242.5
244.9
247.6
0.9
0.9
1.0
11.4
10.3
9.6
248.3
249.3
250.5
0.5
0.4
0.5
6.3
10.6
12.5
9.6
247.8
249.4
251.7
0.1
0.8
1.0
10.0
10.5
10.5
252.9
257.6
262.0
1.0
1.9
1.7
13.4
15.2
16.3
9.3
253.9
256.2
258.4
1.0
1.1
1.0
11.9
12.3
11.4
264.4
267.6
270.2
0.9
1.2
1.0
13.8
10.3
7.5
10.5
260.5
263.2
265.1
0.7
1.0
0.6
10.0
9.1
269.8
270.6
271.6
-0.1
0.3
0.4
5.5
2.6
266.8
269.0
0.4
0.7
271.6
271.0
0.0
-0.2
9.7
8.4
January
February
March
162.3
7.8
166.1
7.8
169.9
8.1
174.6
1980
January
February
March
17K2
April
May
June
175*3
July
August
September
179*2
October
November
December
18*3.8
9.3
178.2
9.8
182*4
9.2
186*7
10.7
190*9
1981
January
February
March
April
May
June
r188*.i
r9.8
195*7
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
x
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,
and 1-quarter changes are placed on the 1st month of the 2d quarter.
II IMC
1QQ1
itrn
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q I
330. Index ®
(1967 = 100)
330c. Change
over 1-month
spans' @
(Percent)
Producer prices, crude materials
Producer [jrices, industrial commodities
Producer prices, all commodities
Year
and
month
PRICE MOVEMENTS--Continued
330c. Change
over 6-month
spans' @
(Ann. rate,
percent)
335. Index ©
335c. Change
over 1-month
spans * ®
(1967 = 100)
(Percent)
335c. Change
over 6-month
331. Index
l
spans ©
(Ann. rate,
percent)
(1967 = 100)
331c. Change
over 1-month
spansl
(Percent)
331c. Change
over 6-month
spansl
(Ann. rate,
percent)
1979
January
February
March
220.8
224.1
226.7
1.5
1.5
1.2
14.5
15.7
15.3
220.0
222.5
225.4
1.3
1.1
1.3
13.8
15.0
16.1
255.3
261.4
266.5
2.2
2.4
2.0
21.1
20.2
20.7
April
May
June
230.0
232.0
233.5
1.5
0.9
0.6
15.1
13.1
14.0
229.0
231.6
234.0
1.6
1.1
1.0
16.5
16.9
17.4
271.2
271.4
274.6
1.8
0.1
1.2
18.1
8.6
11.3
July .
August
September
236.9
238.3
242.0
1.5
0.6
1.6
14.0
13.5
14.4
237.5
240.6
244.2
1.5
1.3
1.5
18.2
17.1
17.0
277.4
272.4
281.1
1.0
-1.8
3.2
9.4
12.0
12.2
October
November
December
245.6
247.2
249.7
1.5
0.7
1.0
15.8
19.2
17.1
249.0
250.6
253.1
2.0
0.6
1.0
20.4
22.1
21.0
283.7
287.2
290.9
0.9
1.2
1.3
8.4
17.4
5.3
January
February
March
254.9
260.2
261.9
2.1
2.1
0.7
14.5
14.2
13.1
260.6
265.9
268.6
3.0
2.0
1.0
18.7
17.7
16.8
288.8
295.1
288.4
-0.7
2.2
-2.3
-0.4
-0.8
-1.8
April
May
June
262.8
264.2
265.6
0.3
0.5
0.5
12.5
10.7
9.9
271.3
271.9
273.5
1.0
0.2
0.6
12.3
9.5
7.7
283.1
286.1
288.3
-1.8
1.1
0.8
10.5
15.8
24.5
July
August
September
270.4
273.8
274.6
1.8
1.3
0.3
11.7
11.6
11.8
276.2
278.2
278.8
1.0
0.7
0.2
8.0
8.6
9.8
303.6
317.5
321.8
5.3
4.6
1.4
33.6
33.6
29.5
October
November
December
277.8
279.1
280.8
1.2
0.5
0.6
rl0.8
9.8
11.2
282.0
283.4
286.6
1.1
0.5
1.1
rll.2
12.3
14.9
327.2
330.7
328.1
1.7
1.1
-0.8
r!7.3
8.9
3.3
r284.6
286,9
289.6
rO,8
0.9
11.1
10.7
r291.2
294.8
298.9
rl.6
rl.2
1.4
15.3
15.1
r328.8
331.4
327.0
r0.2
r0.8
-1.3
2.8
-0.4
292.8
293.7
1.1
0.3
302.8
304.1
1.3
0.4
331.8
330.1
1.5
-0.5
1980
1981
January
February
March
April
May
June
rl.4
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
x
Percent changes are centered within the spans:
month.
JUNE 1981
1-month changes are placed on the 2d month and 6-month changes are placed on the 4th
85
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q j
Producer prices, intermediate materials
Year
and
month
332. Index
(1967 = 100)
332c. Change
over 1-month
spans *
(Percent)
PRICE MOVEMENTS-Continued
Producer prices, finished consumer goods
Producer prices, capital equipment
332c. Change
over 6-month
spans*
(Ann. rate,
percent)
333. Index
(1967 = 100)
333c. Change
over 1-month
spans'
(Percent)
333c. Change
over 6-month
spans '
(Ann. rate,
percent)
334. Index
(1967 = 100)
334c. Change
over 1-month
spans l
(Percent)
334c. Change
over 6-month
spans'
(Ann. rate,
percent)
1979
January
February
March
227.0
228.9
231.6
1.1
0.8
1.2
13.3
13.8
14.7
208.1
210.0
211.4
0.7
0.9
0.7
10.0
9.2
9.2
206.1
208.3
210.3
1.3
1.1
1.0
13.0
12.7
11.3
April
May
June
235.2
238.0
240.4
1.6
1.2
1.0
15.9
16.9
17.9
213.3
214.7
215.9
0.9
0.7
0.6
9.2
7.7
7.9
212.3
213.5
214.7
1.0
0.6
0.6
11.1
11.2
13.5
July
August
September
244.4
247.5
251.5
1.7
1.3
1.6
18.0
17.4
17.5
217.5
217.9
219.6
0.7
0.2
0.8
7.7
8.0
8.4
217.2
219.7
224.0
1.2
1.2
2.0
13.9
16.1
16.7
October
November
December
255.5
257.9
260.6
1.6
0.9
1.0
19.6
20.8
18.7
221.4
223.1
224.8
0.8
0.8
0.8
10.1
11.4
11.7
226.6
230.0
231.9
1.2
1.5
0.8
17.9
18.6
16.8
January
February
March
267.3
272.0
274.0
2.6
1.8
0.7
15.6
14.9
14.1
228.2
230.0
232.1
1.5
0.8
0.9
13.4
12.5
12.3
235.8
239.3
242.1
1.7
1.5
1.2
15.3
13.0
13.1
April
May
June
274.7
276.4
278.4
0.3
0.6
0.7
10.5
8.8
8.3
235.8
236.6
238.2
1.6
0.3
0.7
11.6
12.2
10.4
243.3
244.5
246.6
0.5
0.5
0.9
13.5
12.9
11.0
July
August
September
281.0
283.7
285.2
0.9
1.0
0.5
9.6
10.2
11.1
241.1
243.6
243.9
1.2
1.0
0.1
10.7
11.4
10.9
251.2
254.3
255.1
1.9
1.2
0.3
11.7
12.1
10.9
October
November
December
287.6
290.2
293.5
0.8
0.9
1.1
rl2.0
10.3
11.5
248.1
249.7
250.8
1.7
0.6
0.4
no.6
257.1
258.9
259.7
0.8
0.7
0.3
r8.9
7.4
9.7
T297.4
297.9
301.1
rl.3
r0.2
1.1
12.0
11.1
r253.5
255.8
257.7
rl.l
r0.9
0.7
9.9
10.4
r262.1
263.6
267.2
r0.9
r0.6
1.4
9.7
8.7
304.3
305.9
1.1
0.5
260.1
262.4
0.9
0.9
269.3
269.9
0.8
0.2
1980
10.3
11.6
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Percent changes are centered within the spans:
month.
1-month changes are placed on the 2d month and 6-month changes are placed on the 4th
JUNE 1981
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q |
WAGES AND PRODUCTIVITY
Average hourly earnings, production workers, private nonfarm economy, adjustec
Year
and
month
Current-dollar earnings
340. Index
(1967 = 100)
340c. Change
over 1-month
spans2
(Percent)
Average hourly compensation, all employees,
nonfarm business sector
1
Real earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)
341. Index
(1967 = 100)
341c. Change
over 1-month
spans2
(Percent)
Current-dollar compensation
341c. Change
over 6-month
spans2
(Ann. rate,
percent)
345. Index
(1977 = 100)
345c. Change
over 1-quarter
spans2
(Ann. rate,
percent)
345c. Change
over 4-quarter
spans2
(Ann. rate,
percent)
1979
January
February
March
222.6
224.0
225.2
0.7
0.6
0.5
7.8
7.6
7.5
108.3
107.8
107.4
-0.2
-0.5
-0.4
-3.0
-3.8
-4.4
114.7
April
May
June
226.7
227.6
229.2
0.7
0.4
0.7
7.5
7.6
8.2
107.1
106.4
106.1
-0.3
-0.7
-0.3
-5.0
-4.8
-4.8
117.5
July
August
September
230.8
232.3
234.3
0.7
0.6
0.9
7.5
8.8
9.1
105.6
105.2
104.8
-0.5
-0.4
-0.4
-5.5
-4.5
-4.5
119^8
October
November
December
235.0
237.3
239.4
0.3
1.0
0.9
8.4
8.9
9.6
104.1
104.0
103.6
-0.7
-0.1
-0.4
-5.5
-5.5
-5.2
12^5
240.3
242.4
245.2
0.4
0.9
1.2
9.8
9.4
9.8
102.6
102.2
102.1
-1.0
-0.4
-0.1
-4.8
-4.6
-3.8
12^3
246.2
248.3
250.9
0.4
0.9
1.0
10.0
9.8
8.4
101.5
101.5
101.6
-0.6
0.0
0.1
-1.1
-0.3
-1.2
128.7
July
August
September
252.1
254.0
255.4
0.5
0.8
0.6
9.7
10.5
9.0
102.1
102.0
101.5
0.5
-0.1
-0.5
-0.2
-0.1
-1.7
131.6
October
November
December
257.9
260.9
261.9
1.0
1.2
0.4
10.0
10.2
rl0.6
101.4
101.5
100.8
-0.1
0.1
-0.7
-2.1
-2.2
r-0.7
134! 7
January
February
March
264.4
266.6
r268.6
1.0
0.8
r0.8
r9.5
p8,3
101,0
100.9
r-0.5
p-0.6
rlOl.l
0.2
-0.1
r0.2
April
May
June
r269.8
p271.5
r0.4
p0.6
rlO1.2
plO1.2
rO.l
pO.O
10.8
9^6
10.0
9^5
8.2
9^3
9.2
9!6
1980
January
February
March
April
May
June
9.6
9^9
11.4
10.6
9.3
pl6.4
9.5
1981
pll.2
pl38!3
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
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.
2
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
87
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
B f l WAGES AND
Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month
346. Index
346c. Change
over 1-quarter
spans!
(1977 = 100)
(Ann. rate,
percent)
Negotiated wage and benefit
decisions, all industries ©
348. First year
average changes
Real compensation
346c. Change
over 4-quarter
spans1
(Ann. rate,
percent)
PRODUCTIVITY—Continued
(Ann. rate,
percent)
349. Average
changes over
life of
contract
(Ann. rate,
percent)
Output per hour, all persons private
business sector
370. Index
(1977 = 100)
370c. Change
over 1-quarter
spansl
(Ann. rate,
percent)
370c. Change
over 4-quarter
spansl
(Ann. rate,
percent)
358. Index of
output per hour
all persons,
nonfarm
business sector
(1977 = 100)
1979
99.'7
100.3
April
May
June
99!6
July
August
September
98.5
October
November
December
97.5
-0.8
5.3
2.8
-0.4
January
February
March
10.5
-2.5
-4.6
99^6
-3.8
-h'.z
-1.5
6.1
9.0
99.'2
-4.3
8.5
99^5
-CK9
99J
-6! 4
98! 7
-0.8
98!6
-0.2
7.8
-2L8
-O.*7
-1.1
6.0
99!o
1980
January
February
March
8.8
-6.2
April
May
June
October
November
December
2.0
98.'8
11.4
7.2
8.5
6.1
-0.1
97^9
p6!5
98^8
1.5
99^2
p-6.*8
-3.0
9^6
-1.9
7.4
-2.3
95^9
1.3
99.3
10.2
-2.0
95'.5
July
August
September
6.7
-2!<5
95^9
-1.2
98.7
98.9
95.1
1981
January
February
March
p-0.2
p95.'l
pl0.4
P
p3.9
7,3
p99*.8
p99.6
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
Percent changes are centered within the spans:
placed on the middle month of the 3d quarter.
1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are
IMC
mm
urn
OTHER IMPORTANT ECONOMIC MEASURES
C
I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
D
1 CIVILIAN LABOR FORCE ANDMAJOR COMPONENTS
Civilian labor force
Year
and
month
441. Total
(Thous.)
442. Employed
(Thous.)
451. Males
20 years
and over
448. Number em-
Number unemployed
Labor force participatiorI rates
452. Females
20 years
and over
453. Both
sexes, 16-19
years of age
(Percent)
(Percent)
(Percent)
(Thous.)
37. Total
444. Males
20 years
and over
445. Females
20 years
and over
446. Both
sexes, 16-19
years of age
(Thous.)
(Thous.)
(Thous.)
(Thous.)
447. Fulltime
workers
ployed
part-time
for economic
reasons
(Thous.)
1979
January
February
March . .
102,014
102,393
102,578
96,056
96,400
96,622
80.0
80.1
79.9
50.1
50.3
50.5
58.8
58.9
58.7
5,958
5,993
5,956
2,201
2,188
2,188
2,205
2,251
2,246
1,552
1,554
1,522
4,573
4,692
4,602
3,234
3,209
3,248
April
May
June
102,213
102,366
102,556
96,295
96,590
96,838
79.8
79.7
79.7
50.2
50.3
50.4
58.4
57.9
57.8
5,918
5,776
5,718
2,165
2,083
2,097
2,178
2,147
2,177
1,575
1,546
1,444
4,621
4,450
4,422
3,279
3,252
3,267
July
August
September
103,015
103,105
103,492
97,277
97,048
97,521
79.9
79.8
79.9
50.7
51.0
50.9
57.6
56.6
58.1
5,738
6,057
5,971
2,177
2,235
2,232
2,122
2,303
2,180
1,439
1,519
1,559
4,484
4,661
4,670
3,243
3,286
3,155
October
November
December
103,566
103,605
104,053
97,434
97,501
97,781
79.7
79.5
79.5
50.9
50.9
51.2
57.7
57.9
58.5
6,132
6,104
6,272
2,333
2,385
2,435
2,240
2,214
2,276
1,559
1,505
1,561
4,785
4,814
4,911
3,289
3,405
3,541
January
February
March
104,208
104,271
104,171
97,708
97,817
97,628
79.5
79.6
79.4
51.3
51.3
51.2
58.0
57.5
57.4
6,500
6,454
6,543
2,629
2,581
2,736
2,314
2,311
2,295
1,557
1,562
1,512
5,130
5,114
5,265
3,549
3,454
3,470
April
May
June
104,427
105,060
104,591
97,225
97,116
96,780
79.5
79.9
79.4
51.4
51.5
51.4
56.5
57.9
56.7
7,202
7,944
7,811
3,192
3,569
3,558
2,501
2,593
2,569
1,509
1,782
1,684
5,825
6,586
6,430
3,803
4,276
3,969
July
August
September
105,020
104,945
104,980
96,999
97,003
97,180
79.4
79.4
79.4
51.5
51.6
51.3
57.1
55.5
56.7
8,021
7,942
7,800
3,630
3,612
3,652
2,655
2,633
2,513
1,736
1,697
1,635
6,631
6,553
6,516
4,086
4,143
4,183
October
November
December
105,167
105,285
105,067
97,206
97,339
97,282
79.3
79.2
79.0
51.4
51.5
51.4
56.8
56.5
56.0
7,961
7,946
7,785
3,532
3,532
3,425
2,732
2,720
2,750
1,697
1,694
1,610
6,559
6,632
6,549
4,220
4,176
4,218
January
February
March
105,543
105,681
106,177
97,696
97,927
98,412
78.8
78.7
79.2
51.8
51.9
52.1
57.0
57.0
56.6
7,847
7,754
7,764
3,352
3,312
3,305
2,750
2,680
2,725
1,744
1,762
1,734
6,460
6,396
6,407
4,474
4,145
4,227
April
May
June
106,722
107,406
98,976
99,235
79.4
79.8
52.3
52.6
57.7
57.4
7,746
8,171
3,262
3,546
2,721
2,838
1,763
1,787
6,293
6,690
4,044
4,143
1980
1981
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 51.
http://fraser.stlouisfed.org/
JUNE 1981
Federal Reserve Bank of St. Louis
OTHER IMPORTANT ECONOMIC MEASURES
£) I
GOVERNMENT ACTIVITIES
Q j
Federal Government
Year
and
month
500. Surplus
or deficit
(Ann. rate,
bil. dol.)
WM
RECEIPTS AND EXPENDITURES
l
State and local governments
1
DEFENSE INDICATORS
Advance measures of defense activit
501. Receipts
502. Expenditures
510. Surplus
or deficit
511. Receipts
512. Expenditures
(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.)
10,770
10,226
10,935
5,706
4,773
5,763
65,120
48,267
67,128
2,684
3,871
3,102
1979
January
February
March
-11.'5
477^6
488 .'4
29^5
34o! 9
-8J
485^9
494.'0
21^9
342.7
32CL 8
9,784
10,683
10,615
4,936
4,720
5,117
68,883
68,468
68,976
3,181
3,640
2,464
-15.*2
500! 6
515!8
26^5
355.*4
328.'9
11,792
11,022
12,278
6,135
5,282
6,364
70,252
81,542
71,886
2,332
3,029
4,237
514.6
538^6
28^9
365^6
33^7
12,081
11,505
11,997
4,318
5,670
5,489
64,325
68,634
68,525
3,048
4,033
3,787
April
May
June
July .
August
September
October
November
December
•
r
i
:
!
1980
January
February
March
-36.3
528.4
564!)
26*.6
372J
345! 4
12,578
12,399
13,806
5,515
7,152
5,781
70,088
68,497
72,961
3,352
3,680
4,594
April
May
June
-66.5
52CK9
587.3
23.9
37^9
35CL0
13,722
13,718
12,809
7,572
7,483
7,184
73,766
74,848
75,204
4,948
5,279
3,546
540.8
615^0
28^6
386\8
358'.2
12,677
13,728
13,552
6,768
7,633
7,410
76,366
76,506
79,260
4,366
4,515
6,458
-67.9
573.*2
641.1
37*1
403.'4
366.3
13,014
12,876
15,825
4,572
6,794
9,663
77,930
76,530
79,312
3,908
4,453
5,825
r-43.3
r620.7
r664.0
r37.0
r411.8
r374.7
14,808
15,741
15,560
7,430
7,598
(NA)
80,829
85,032
83,966
4,193
5,657
4,835
(NA)
r4,790
p5,810
July
August
September
October
November
December
-
7i: 2
.
1981
January
February
March
April
May
June
(NA)
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.
90
JUNF 1QR1
Kill
OTHER IMPORTANT ECONOMIC MEASURES
|£) I
GOVERNMENT ACTIVITIES-Continued
Q |
DEFENSE INDICATORS—Continued
National defense
purchases
Intermediate and final measures of defense activity
Year
and
month
557. Output of
defense and
space equipment
559. Manufacturers' inventories, defense
products
561. Manufacturers' unfilled
orders, defense
products
580. Defense
Department
net outlays
(1967 = 100)
(Mil.dol.)
(Mil.dol.)
(Mil.dol.)
588. Manufacturers' shipments, defense
products
570. Employment in defense products
industries
(Mil.dol.)
(Thous.)
Defense Department
personnel
577. Military,
active duty ©
578. Civilian,
direct hire
employment ®
(Thous.)
(Thous.)
564. Federal
purchases of
goods and
services
(Ann. rate,
bil. dol.)
565. Federal
purchases as
a percent of
GNP
(Percent)
1979
January
February
March
92.3
92.4
93.0
7,397
7,485
7,586
43,409
44,515
44,588
9,645
9,452
9,525
2,838
2,765
3,029
1,242
1,262
1,278
2,040
2,030
2,026
972
971
968
10616
4^5
April
May
June
92.1
92.4
92.2
7,573
7,806
7,953
44,854
45,670
45,138
9,299
9,781
9,425
2,915
2,824
2,996
1,283
1,289
1,299
2,022
2,018
2,024
968
972
979
108J
h'.h
July
August
September
92.9
91.9
93.8
8,048
8,178
8,553
44,656
44,697
46,000
10,499
10,103
9,982
2,814
2,988
2,934
1,310
1,312
1,324
2,027
2,024
2,027
982
974
960
112.'6
4,*6
October
November
December
95.4
96.4
96.7
8,871
9,275
9,462
46,010
46,893
47,492
9,982
10,206
11,182
3,038
3,150
3,188
1,336
1,349
1,356
2,030
2,029
2,020
964
967
967
118J7
4^8
January
February
March
97.0
97.2
97.1
9,592
9,619
10,075
47,769
48,196
49,401
11,341
10,632
11,235
3,076
3,253
3,389
1,359
1,366
1,377
2,029
2,032
2,033
964
965
966
125.0
4,9
April
May
June
97,6
97.2
96.8
10,277
10,451
10,588
51,061
52,902
53,011
11,356
11,061
11,480
3,286
3,440
3,435
1,373
1,375
1,373
2,028
2,031
2,034
969
975
988
12^7
5^6
July
August
September
97.2
96.9
97.4
10,908
11,177
11,310
53,922
55,112
57,771
11,303
11,135
11,648
3,453
3,324
3,798
1,371
1,379
1,384
2,044
2,049
2,051
990
973
971
13K4
5!6
October
November
December
98.5
99.8
100.7
11,647
11,833
12,038
57,904
58,501
60,599
12,371
11,209
13,055
3,776
3,858
3,726
1,394
1,398
1,401
2,053
2,056
2,051
971
972
973
141.6
January
February
March
101.0
H00.2
100.8
12,449
12,645
13,010
61,107
62,844
63,348
12,769
12,959
r!2,631
3,686
3,919
4,330
1,400
1,395
rl,398
2,056
2,061
2,062
973
972
p974
rl45.*2
April
May
June
rlOl.O
plOl.4
13,247
(NA)
r64,138
p65,956
p!2,609
(NA)
r3,999
p3,993
pi,394
(NA)
2,060
p2,065
(NA)
1980
1981
5.1
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.
JUNE 1981
91
OTHER IMPORTANT ECONOMIC MEASURES
E
I
U.S. INTERNATIONAL TRANSACTIONS
Q |
Year
and
month
602. Exports, excluding
military aid shipments,
total
(Mil.dol.)
604. Exports of agricultural products
(Mil.dol.)
MERCHANDISE TRADE
606. Exports of nonelectrical machinery
(Mil.dol.)
612. General imports,
total
(Mil.dol.)
614. Imports of
petroleum and
petroleum products
(Mil.dol.)
616. Imports of
automobiles and parts
(Mil.dol.)
1979
January
February
March
13,265
13,616
14,298
2,531
2,444
2,609
2,682
2,832
2,917
16,528
14,607
15,358
3,580
3,634
3,667
1,963
1,706
1,589
April
May
June
13,979
14,084
14,819
2,540
2,597
2,828
2,706
2,859
3,034
15,841
16,436
16,829
3,832
4,000
4,199
1,956
1,851
1,730
July
August
September
15,692
15,717
15,825
2,954
3,019
3,032
3,022
3,241
3,153
16,804
18,277
18,409
4,692
4,949
5,662
1,815
2,113
1,849
October
November
December
16,682
16,929
16,742
3,309
3,459
3,311
3,251
3,172
3,240
19,027
18,546
19,612
6,050
5,351
6,502
1,805
1,984
1,871
January
February
March
17,419
16,984
18,265
3,442
3,484
3,325
3,297
3,454
3,423
21,142
21,779
20,947
5,614
7,741
6,991
1,899
2,035
1,960
April
May
June
18,567
17,647
18,440
3,329
3,326
3,085
3,571
3,620
3,943
19,766
20,587
20,353
5,185
7,191
6,611
1,710
1,999
1,843
July
August
September
18,267
19,086
18,828
3,286
3,557
3,596
3,985
4,230
4,027
19,139
19,713
19,940
5,153
6,018
4,982
2,103
2,139
2,270
October
November
December
19,214
18,715
19,251
3,485
3,464
3,838
4,117
3,968
3,819
20,347
19,860
21,436
5,876
6,051
6,254
2,189
2,314
1,897
January
February
March
18,825
19,764
21,434
4,295
3,977
4,201
4,058
4,155
4,352
23,194
21,922
20,949
7,359
8,018
5,992
2,264
1,742
2,125
April
May
June
19,818
(NA)
3,604
(NA)
4,311
(NA)
22,289
(NA)
6,919
(NA)
2,042
(NA)
1980
1981
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 56.
92
JUNE 1981
Rill
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL
TRANSACTIONS—Continued
Q |
GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted x
Goods and services
Year
and
month
(Mil. dol.)
1979
Revised
January
February
March
669. Imports
668. Exports
667. Balance
2
622. Balance
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
2
2
2
Revised
Revised
Revised
620. Imports
618. Exports
(Mil. dol.)
Revised
Income on nvestments
651. U.S. investments abroad
(Mil. dol.)
2
Revised
2
(Mil. dol.)
Revised
652. Foreign
investments in
the United
States
(Mil. dol.)
2
Revised 2
2,539
65,424
62,885
-4,730
42,036
46,766
14,111
7,352
702
68,890
68,188
-7,283
43,834
51,117
15,582
7,949
July
August
September
2,453
74,718
72,265
-6,974
47,236
54,210
18,055
8,734
October
November
December
1,312
79,894
78,582
-8,359
51,367
59,726
18,952
9,203
-217
85,764
85,981
-10,126
54,898
65,024
20,465
10,629
787
83,617
82,830
-6,744
55,667
62,411
16,860
10,342
July
August
September
6,478
86,655
80,177
-2,902
56,252
59,154
18,850
10,697
October
November
December
3,734
88,636
84,902
-5,570
57,149
62,719
19,764
11,507
p4,599
p94,159
p89,560
p-4,602
p61,117
p65,719
p21,420
p!2,551
April
May
June
1980
January
February
March
April
May
June
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
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 1981
Federal Reserve Bank of St. Louis
93
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS
Q |
47. United States,
index of industrial production
Year
and
month
(1967 = 100)
INDUSTRIAL PRODUCTION
721. OECD1
European countries, index of
industrial
production
728. Japan,
index of industrial production
725. West
Germany, index
of industrial
production
726. France,
index of industrial production
722. United
Kingdom, index
of industrial
production
727. Italy, index
of industrial
production
723. Canada,
index of industrial production
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
1979
January
February
March
152.0
152.5
153.5
154
156
158
210.7
213.4
213.1
159
157
161
158
160
163
122
131
133
152.8
160.0
156,0
160.8
161.0
162.0
April
May
June
151.1
152.7
153.0
158
159
159
214.4
218.2
218.5
161
164
164
160
164
164
132
134
136
156.7
151.9
145.1
160.3
162.1
160.6
July
August
September
153.0
152.1
152.7
162
159
161
221.2
221.8
220.5
167
164
164
170
170
167
134
130
129
150.4
150.1
159.4
163.1
163.3
165.4
October
November
December
152.7
152.3
152.5
162
162
162
225.0
228.1
228.4
166
167
167
164
164
166
130
132
131
166.8
167.3
164.7
164.7
163.7
160.8
January
February
March
152.7
152.6
152.1
163
r!63
r!63
230.9
r241.0
235.0
168
rl67
rl66
166
167
166
130
126
125
168.9
176.1
174.6
160.9
161.2
164.2
April
May
June
148.3
144.0
141.5
r!62
158
159
r238.2
r235.7
r234.4
rl64
rl61
rl60
167
160
160
124
123
123
176.1
162.3
167.4
160.6
157.3
155.9
July
August
September
140.4
141.8
144.1
rl61
rl54
r!55
r234.5
r225.3
r233.4
rl61
rl57
H57
166
166
157
123
120
117
165.2
141.5
160.8
155.5
157.2
159.7
October
November
December
146.9
149.4
151.0
r!56
156
r!54
r235.7
r232.6
r236.4
r!6O
rl57
H54
160
153
161
117
117
116
162.9
169.7
159.5
160.7
161.3
161.5
151.7
151.5
152.2
154
158
pl56
r238.3
r239.8
p237.9
157
166
p!61
152
150
p!53
115
116
pi 1 5
157.7
169.4
pi 67.1
160.5
r!62.3
164.8
r!52.3
p!52.8
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
pl66.6
.
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.
94
JUNE 19R1
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL
COMPARISONS—Continued
Q
United States
Year
and
month
320. Index ©
(1967-100)
West Germany
Japan
320c. Change
over 6-month
spansi
(Ann. rate,
percent)
738. Index
(1967 = 100)
©
CONSUMER PRICES
738c. Change
over 6-month
spans 1
(Ann. rate,
percent)
735. Index @
(1967-100)
United kingdom
France
735c. Change
over 6-month
spansl
(Ann. rate,
percent)
736. Index ©
(1967 = 100)
736c. Change
over 6-month
spansl
(Ann. rate,
percent)
732. Index ©
(1967-100)
732c. Change
over 6-month
spans'
(Ann. rate,
percent)
1979
January
February
March
204.7
207.1
209.1
10.6
11.4
12.2
253.9
253.1
255.1
1.8
3.1
4.6
162.9
163.6
164.4
4.4
4.3
4.7
245.5
247.1
249.4
April
May
June
211.5
214.1
216.6
12.9
13.0
13.6
258.6
261.3
261.5
7.3
7.0
5.3
165.3
165.7
166.6
6.0
5.8
5.8
251.8
254.5
256.6
11.9
12.6
July
August
September
218.9
221.1
223.4
13.9
14.0
14.4
263.8
261.1
264.4
6.7
6.9
6.9
167.7
167.8
168.3
6.0
6.4
6.1
260.0
262.7
264.9
October
November
December
225.4
227.5
229.9
14.9
15.4
15.8
267.7
266.7
268.3
6.0
8.9
10.8
168.7
169.3
170.1
4.0
5.4
5,6
January
February
March
233.2
236.4
239.8
15.3
14.8
14.3
270.8
273.3
275.5
9.9
9.5
9.9
171.0
172.8
173.8
April
May
June
242.5
244.9
247.6
11.4
10.3
9.6
280.2
282.7
283.5
9.5
8.2
7.2
July
August
September
247.8
249.4
251.7
10.0
10.5
10.5
284.2
283.7
288.1
October
November
December
253.9
256.2
258.4
11.9
12.3
11.4
January
February
March
260.5
263.2
265.1
10.0
9.1
April
May
June
266.8
269.0
332.9
335.6
338.3
11.4
11.4
13.2
11.7
344.1
346.8
352.8
21.5
21.4
22.1
12.7
12.4
12.8
368.0
370.9
374.6
23.2
23.7
21.5
268.1
269.8
272.0
14.2
14.7
15.6
378.5
381.8
384.6
15.4
16.8
17.4
5.6
5.6
5.7
277.2
280.2
283.4
15.0
15.0
14.1
394.1
399.7
405.1
20.4
20.5
20.5
174,9
175.6
176.5
6.9
5.5
4.7
286.7
289.3
291.1
12,9
12.3
419.0
422.8
426.8
18.5
15.8
14.1
5.6
7.3
4.3
176.8
177.0
177.0
4.6
5.0
5.2
295.5
298.4
301.0
11.8
12.2
13.2
430.4
431.3
434.1
10.6
10.4
9.9
288.5
289.1
287.2
5.7
5.2
5.2
177.3
178.3
179.4
4.9
5.4
6.3
304.3
306.4
309.1
12.7
12.7
13.0
436.8
440,3
442.7
8.2
9.7
11.1
290.7
290.9
292.6
4.9
(NA)
180.9
182.3
183.5
6.6
6.3
312.7
315.6
318.8
13.6
(NA)
445.5
449.5
456.2
13.4
13.0
9.8
10.4
10.9
1980
11.6
1981
294.9
(NA)
184.7
185.4
323.1
(NA)
469.4
472.4
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
JUNE 1981
95
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS—Continued
1£ |
Year
and
month
CONSUMER
R l
PRICES-Continued
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 ©
over 6-month
spans1
19. United
States, index
of stock
prices, 500
common
stocks ©
(Ann. rate,
percent)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
Italy
Canada
737. Index © 737c. Change
over 6-month
spansl
733. Index ® 733c. Change
(1967 = 100)
(Ann. rate,
percent)
(1967 = 100)
STOCK PRICES
1979
January
February
March
305.1
309.7
313.8
14.5
15.6
15.6
211.2
213.2
215.7
10.9
10.1
9.9
108.5
106.9
108.9
416.1
409.9
405.7
135,0
131.9
131.2
160.9
149,9
155,4
211.1
212.2
240.8
52.4
54.8
57.9
138.4
141.1
150.7
April
May
June
317.8
321.3
323.9
14.9
15.5
17.8
217.2
219.3
220.3
9.5
8.5
8.5
111.0
108.5
110.7
402.9
411.1
402.3
130.6
127.8
121.7
164.5
162,0
171,7
255.7
255.0
241.0
54.1
56.8
58.0
149.5
154.8
168.9
July
August
September
326.7
330.6
339.2
19.2
19.4
21.7
222.1
222.9
224.9
7.9
8.8
9.5
111.7
116.8
118.1
400.6
408.0
412.5
122.0
124.3
125.7
173.7
188.6
207.4
232.8
233.9
236.3
58.8
61.7
63.0
159.4
178.6
191.7
October
November
December
345.5
350.3
356.6
25.8
26.1
23.1
226.5
228.7
230.1
10.0
10.4
9.9
113.6
112.8
117.2
408.2
403.4
410.8
123.5
118.3
118.8
187.5
189.1
186.8
238,9
215.6
217.1
62.6
58.6
55.4
175.2
189.3
199.5
January
February
March
367.9
374.3
378.2
23.0
22.6
20.4
231.3
233.3
235.8
10.3
9.9
10.6
120.6
125.5
113.9
420.1
425.5
413.0
117.2
123.3
118.1
203.8
207.4
185.4
224.3
239.4
231.6
59.8
61.1
61.1
224.7
256.3
203.2
April
May
June
384.3
388.2
391.7
18.4
18.1
19.6
237.2
240.0
242.7
10.0
11.0
11.5
112.0
117.1
124.6
417.6
422.9
423.8
116.5
118.8
120.6
189.0
201.1
201.4
228.1
230.3
240.7
61.0
61.5
64.8
212.8
216.4
227.5
July
August
September
398.7
403.5
411.6
19.1
21.6
r22.9
244.5
246.8
249.0
11.7
12.7
12.0
130.4
134.3
137.6
424.9
429.1
437.6
121.2
121.7
120.0
198.9
199.9
203.0
255.9
256.7
262.6
66.0
74.4
82.7
240.0
232.3
233.5
October
November
December
418.5
427.3
r432.5
r21.2
r21.4
r20.4
251.2
254.3
255.8
14.1
13.3
13.2
141,7
147.6
145.2
447.5
447.8
443.5
120.6
117,2
116.3
218.0
215.2
206.6
267.4
277.5
267.6
93.5
99.2
96.0
223.3
235.2
219.9
r440.7
r448.6
r454.9
20.8
19.6
259.1
261.7
265,2
13.6
12.0
144.6
139.7
144.9
457.9
458.2
467.3
115.3
114.0
116.3
191.1
201.1
209.4
259.0
269.0
273.2
110.0
122.1
125.9
223.7
218.6
233.9
146.2
143.3
p!43.9
494.6
rp493.2
p498.6
122.7
122.1
p!24.6
rp208.4
rpl84.7
p!57.6
293.2
rp295.8
p289.1
132.4
135.9
pl30.3
p243.8
rp240.5
p243.5
1980
1981
January
February
March
April
May
June
461.3
467.8
267.2
269.6
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
^•Changes over 6-month spans are centered on the 4th month.
96
JUNF 1QR1
Kill
C. Historical Data for Selected Series
Year
Jan.
Apr.
Mar.
Feb.
June
May
July
Aug.
Sept
Oct.
Nov.
Dec.
IQ
AVERAGE FOR PERIOD
490.5
488.4
510.5
521.4
530.1
558.6
575.2
610.1
354.5
340.9
382.3
402.1
423.7
432.5
432.5
467.7
487.0
489.2
491.2
504.9
520.5
538.7
560.3
583.8
617.9
353.8
343.6
385.1
402.1
421.9
432.8
435.7
470.0
487.0
487.1
497.7
510.0
517.5
544.2
562.4
583.8
622.7
349.8
347.1
389.2
402.4
423.4
430.1
438.3
472.8
487.3
483.5
498.7
518.0
514.4
546.5
564.5
587.4
628.9
339. 7
344. 6
353. 3
385. 7
404. 2
428. 8
425. 1
441. 6
472. 8
486. 8
479. 0
499. 6
518. 4
519. 9
547. 9
565. 3
593. 1
648.6
687.7
710.6
750.2
781.2
793.3
799.8
845.9
898.6
889.9
865.3
910.1
955.5
1007.5
1045.2
1033.8
651.2
688.7
714.1
752.9
784.9
794.7
803.5
853.1
894.8
884.7
872.3
913.0
958.6
1012.0
1048.4
1036.2
655. 7
689. 4
715. 2
755. 0
786.0
794. 5
803. 5
854. 0
902. 1
880. 0
876. 6
914. 7
963. 9
1015. 0
1046. 3
1036. 9
661.9
692.4
713.8
756.8
786.7
786.8
806.2
862.4
905.1
880.2
879.7
915.8
972.7
1021.4
1049.0
1045.5
666.7
695.1
719.3
759.8
785.0
785.8
808.9
869.4
907.6
872.4
882.7
922.8
975.8
1027.8
1053.b
1051.6
669.7
695.1
724.8
762.8
787.0
787.7
817.2
874.9
904. 8
866. 7
881.4
926.7
981.2
1038.4
1055.3
1053.7
632. 1
673. 4
701. 3
728. 4
767. 1
787. 3
796. 3
829. 6
884. 3
889. 0
858. 1
896. 0
932.6
982. 6
1036. 8
1050. 5
9
792. 8
800. 0
837. 5
890. 5
886. 4
862. 2
906. 5
945. 4
997. 9
1039. 3
1036. 2
360 5
365 2
391 4
405 9
424. 3
450 6
449. 1
468. 3
500. 9
517 0
514 5
537 6
557 2
564 4
593 4
613 7
642 6
366. 3
364. 7
390. 3
416. 0
429. 9
456. 3
447. 7
479. 7
506. 2
520. 4
514. 6
546. 8
561. 3
571. 8
600. 7
619. 2
653. 7
370.7
365.7
397.5
420.1
438.5
454.2
453.1
489.8
507.5
522.8
527.0
544.6
561.2
577.9
604.8
625.4
663.8
371.7
367.2
406.3
422.8
454.9
462.4
497.8
516.1
520.6
533.8
550.0
559.3
588.2
608.9
633.2
672.7
367.3
365.7
396.4
416.2
434.4
454.0
453.1
483.9
507.7
520.2
522.5
544.7
559.7
575.6
602.0
622.9
658.2
692. 4
735. 3
769. 7
811. 1
850. 0
881. 2
899. 5
939. 4
1003. 1
1006. 0
1007. 0
1052. 3
1092. 2
1145. 6
1189. 9
1194. 8
706.7
744.8
778.4
824.7
859.7
882.5
901.4
953.5
1011.8
1008.3
1017.0
1061.4
1108.9
1162.8
1204.1
1207.6
719.3
754.4
785.1
832.4
862.8
878.2
910.8
981.1
1019.7
999.4
1026.8
1070.2
1126.9
1179.4
1209.2
1220.0
700.4
740.6
774.5
816.0
853.4
876.9
900.2
951.4
1007.9
1004.7
1010.6
1056.8
1102.2
1155.1
1197.4
1207.5
337.6
344.2
350.3
383.8
406.1
428.0
425.7
440.7
473.4
487.1
479.3
498.6
518.2
519.2
548.0
565.1
594.0
345.3
345.0
356.3
387.4
407.7
432.1
423.2
444.5
473.1
488.2
478.7
503.7
516.5
521.4
551.1
567.1
597.2
343.3
343.6
360.0
393.9
405.6
432.6
421.2
448.7
478.6
488.4
474.4
507.0
519.9
522.9
554.4
569.4
601.5
343. 8
344. 1
364. 8
394. 1
410. 5
434. 8
423. 3
453. 4
47b. 8
487. 2
476. 1
509. 4
522. 5
525. 8
555. 0
571. 7
604. 9
350.6
341.0
366.5
398.0
412.4
435.4
423.6
455.6
478.3
489.6
479.3
510.5
522.3
529.8
556.7
574.5
607.7
349.0
339.6
371.8
396.9
408.5
434.2
423.7
461.5
1965...
1966.. .
1967.
. .
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
630.3
670.2
700.7
723.6
763.1
785.2
794.8
824.9
878.7
894.3
860.7
890.0
926.1
978.2
1033.9
1056.5
632.4
674.0
700.7
729.3
767.4
786.7
795.5
830.1
886.0
888.1
857.3
897.4
932.8
981.5
1035.8
1050.9
633.5
676.0
702.5
732.4
770.7
790.0
798.5
833.7
888.3
884.7
856.4
900.6
938.9
988.2
1040.8
1044.0
637.1
677.5
704.0
735.5
773.0
793.2
799.0
839.2
888.7
883.4
856.7
905.2
940.6
997.6
1037.1
1037.6
642. 9
680. 9
705. 1
740. 5
774. 6
793. 2
801. 4
841. 6
890. 0
886. 6
863. 9
907. 6
946. 1
995. 6
1037. 5
1036. 0
646.4
685.4
707.5
745.3
777.0
792.1
799.5
831.6
892.7
889.2
866.1
906.7
949.6
1000.4
1043.3
1035.1
473.1
PERSONAL INCON E, TOTAL IN 197 2 DOLLARS
(ANNUAL RATE / BILLIONS OF DOLLARS)
356.1
364.1
385.7
406.7
419.3
448.1
449.6
466.0
500.0
514.9
514.2
534.3
558.9
562.4
590.0
615.3
639.4
357.9
364.4
389.7
403.8
426.0
449.7
449.8
467.2
501.4
517.3
514.4
536.7
556.9
564.5
593.4
611.8
642.5
367.4
367.0
398. 8
407.2
427.7
454.1
448.0
471.7
501.2
518.8
514.9
541.8
555.7
566.3
596.9
614.1
645.9
364.7
365.4
390.4
414.0
425.7
454.6
446.2
475.7
506.8
519.6
512.1
544.9
559.2
567.3
599.7
616.5
650.5
363. 7
365. 8
389. 9
414. 9
431. 2
456. 6
448. 3
480. 5
505. 2
519. 6
514. 6
547. 1
562. 1
571. 4
600. 3
618. 9
654. 0
370.5
362.9
390.5
419.2
432.9
457.8
448.6
482.9
506.7
521.9
517.2
548.3
562.5
576.6
602.2
622.1
656.6
368.6
362.2
393.2
417.7
429.2
456.3
449.4
488.8
501.5
522.7
526.8
548.5
561.6
577.4
60.4.3
622.6
659.4
371.5
3b5.2
399.5
422.6
440.5
453.8
453.1
489.2
508.6
523.6
525.7
542.7
561.2
577.9
605.2
624.8
664.6
371. 9
369. 6
399. 7
420. 0
445. 7
452. 4
456. 7
491. 3
512. 3
522. 1
528. 6
542. 5
560. 7
578. 4
605. 0
628. 7
667. 4
373.4
363.9
403.6
423.3
445.3
456.0
459.7
495.3
516.0
522.9
529.8
543.5
561.7
583.5
607.3
631.8
667.3
372.6
366.8
405.8
422.7
443.5
455.4
462.3
497.5
515.9
520.9
535.2
549.4
559.4
589.1
608.8
631.7
672.0
369.2
370.9
409.4
422.3
445.4
453.2
465.1
500.6
516.4
517.9
536.3
557.2
556.9
591.9
610. 6
636.2
678.9
1965...
1966...
1967...
1968.. .
1969.
. .
1970. . .
1971.
. .
1972.
. .
1973.
. .
1974.
. .
1975.
..
1976.. .
1977.
. .
1978.
. .
1979.. .
1980. . .
1981.. .
683.6
724.4
763.1
789.8
836. 8
862.7
886.5
924. 9
990. 9
1010.3
990.7
1036.9
1074.4
1128.7
1184.0
1216.2
682.4
728.7
764.2
795.8
841. 9
865.1
888.2
932.9
998.9
1004.1
992.1
1045.5
1080.5
1131.6
1185.1
1207.4
683.5
730.7
767.4
801.9
845.4
868.9
892.0
93b. 8
1000.9
1000.5
992.4
1047.3
1087.3
1137.9
1190.7
1199.2
687.5
731.9
768.0
805.8
848.1
886.4
892.6
940.7
1001.3
1002.7
995.1
1051.4
1089.3
1145.9
1188.4
1194.4
693. 1
734. 9
7b9. 3
811. 3
849. 8
879. 0
895. 0
943. 6
1002. 8
1006. 2
1004. 1
1052. 8
1092. 8
1143. 4
1188. 1
1195. 1
696.6
739.1
771.9
816.1
852.0
878.2
910.9
933.8
1005.2
1009.2
1021.9
1052.8
1094.4
1147.5
1193.2
1195.0
699.4
741.8
775.8
821.6
856.7
880. 3
898.1
948.3
1011.4
1013.6
1010.7
1059.5
1104.9
1158.8
1202.5
1206.7
701.2
744.5
779.3
825.2
860. 6
882. 8
902.1
955.8
1007.9
1008.2
1017.9
1061.8
1108.3
1163.6
1206.4
1207.4
719. 4
748. 1
780. 1
827. 2
8bl. 7
884. 5
904. 0
956. 5
1016. 2
1003. 1
1022. 5
1062. 8
1113. 5
1165. 9
1203. 3
1208. 6
714.7
751.2
779.3
829.2
863.1
878.3
905.6
972.8
1019.4
1004.6
1025.9
1063.2
1122.5
1171.5
1205.8
1216.3
719.9
755.4
785.1
832.3
861.3
876.7
909. 5
983.3
1021.4
997.7
1027.5
1071.8
1126.6
1177.7
1209.9
1221.0
723.3
756.5
790.8
835.7
863.9
879.6
917.4
987.3
1018.2
995.8
1027. 0
1075.6
1131.6
1189.0
1211.9
1222.7
683
727
764
795
841
865
888
931
996
1005
991
1043
1080
1132
1186
1207
2
9
9
8
4
6
9
5
9
0
7
2
214. 2
208. 1
232. 2
258. 3
279 0
288 6
290 9
315 9
337 6
354 5
365 8
385 7
404 8
421 1
448 3
471 5
507 2
215.1
204.5
235.3
261. 2
280.1
290.5
292.8
317.5
341.1
354.5
366.6
386.4
,406.1
424.8
449.4
474.5
507. 8
213.9
206.9
237.4
262. 1
279.4
288.7
295.4
319.9
341. 0
354.7
370.9
390.6
405. 6
428.9
451.7
475.7
511.4
211.2
208.1
242.8
263. 1
281.5
287. 8
296.3
321.9
342.9
353.7
372.7
396.2
403. 2
431.5
453.7
480.3
517.3
202
207
220
246
263
284
287
299
324
345
354
376
397
408
434
457
485
1
7
1
6
9
5
6
7
2
5
2
0
6
554.6
602.5
639.8
710.6
773.3
823.0
882.1
982.5
1098.9
1204.5
1307.0
1422.6
1589.4
1787.7
2011.3
2234.3
559.4
606.6
646.1
715.8
776.0
825.0
888.6
996.1
1110.3
1204.2
1315.2
1440.5
1604.3
1807.8
2032.7
2257.6
564.2
608.2
653.2
720.4
781.8
831.2
900.0
1004.1
1115.9
1209.9
1321.7
1452.
1
1618.2
1832.3
2051.8
2276.6
7
7
6
6
223. PERSONAL INCOME IN CURRENT DOLLARS
(ANNUAL RATE . BILLIONS OF DOLLARS)
1948.
. .
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
201.2
207.9
216.4
244.0
261. 2
282.3
287.3
297.8
322.5
342.9
353.8
373.5
397.4
406. 6
431.3
457.8
483.4
200.8
207.0
219.4
246.7
265.0
284.2
288.3
299.5
324.4
346.1
353.4
375.7
397.6
408. 7
434.4
455.8
485.7
204.3
208.1
224.5
249.2
265.6
287.0
287.2
301. 9
325.8
347.b
355.3
378.7
397.9
410.0
438.1
457.5
488.3
205.3
207.2
219.8
252.1
265.2
287.3
286.0
304.9
328.9
348.1
354.4
382.0
401. 5
410.7
440.8
459.3
491.8
206. 6
206. 7
220. 3
253. 5
268. 2
288. 6
286. 9
307. 5
329. 4
349. 7
355. 6
384. 6
403. 0
413. 7
441. 8
461. 7
495. 1
210.8
204.7
221.4
255.3
269.7
289.8
287.1
308.6
331.4
352.3
357.4
387.1
403.3
418.0
443.2
465.3
497.7
211.6
203.2
225.7
254.8
268.7
289. 3
287.6
313.3
330.5
353.9
364.0
387.8
403. 8
419.8
444. 8
466.3
500. 5
214.0
204.9
230.1
257.8
276.2
288. 6
289.1
313.6
335.2
355.5
363.8
384.8
404. 1
420.1
446.0
468.6
504. 4
1965.. .
1966. . .
1967.
. .
1968...
1969...
1970.. .
1971.
. .
1972...
1973...
1974...
1975...
1976.
. .
1977...
1978...
1979...
1980...
1981...
521.6
566.5
613.5
656.3
723.8
783.3
840.4
910.1
1011.7
1118.4
1208.7
1338.6
1459.0
1623.0
1845.9
2077.2
522.0
572.0
614. 4
663.7
729.9
788.1
843.8
921.7
1025.9
1124.6
1214.3
1350.8
1477.0
1635.1
1863.0
2086.4
524.9
575.8
618.5
671.2
736.3
793.3
850.1
927.4
1034.9
1131.6
1219.7
1356.2
1492.9
1655.6
1884.8
2101.0
528.7
578.2
619.8
676.1
742.1
812.8
854. 2
933.2
1042.4
1142.1
1228.0
1365.8
1503.3
1678.8
1891.9
2102.1
533. 7
580. 6
622. 4
683. 1
747.
808. 7
859. 2
938. 9
1049. 9
1157. 1
1242. 1
1375. 0
1513. 5
1690. 0
1903. 4
2114. 1
537.8
585.4
626.8
688.8
752.3
809.7
879.0
931.0
1058.5
1168.6
1272.3
1380.2
1524.5
1707.5
1923.5
2127.1
540.6
589.0
631.5
695.1
759.0
814.3
869.4
948.3
1068.0
1181.9
1269.5
1394.3
1545.7
1732.4
1954.0
2161.2
542.7
594.1
635.9
700.6
765.1
819.2
875.9
958.7
1077.4
1186.6
1285.6
1404.8
1557.2
1747.8
1974.8
2179.4
These series contain revisions beginning with 1948.
345. 9
342. 9
363. 8
395. 3
409. 5
434. 3
422. 7
452.
477.
488.
476.
509.
521.
526.
555.
571.
604.
6
9
4
642.
681.
705.
740.
774.
1
3
5
4
6
0
6
2
4
9
7
351.2
342.7
376.8
399.2
416.8
432.0
427.4
462.4
478.7
490. 7
488.5
506.5
520.5
532.2
559.1
577.8
614.4
352.7
343.9
385.5
402.2
423.0
431.8
435.5
470.2
487.1
486.6
495.9
511.0
517.5
543.1
562.4
585.0
623.2
347.4
343.5
369.8
395.6
413.4
431.7
427.7
456.7
479.1
488.1
485.0
506.5
519.5
530.4
556.2
575.0
608.8
651.8
688.6
713.3
752.7
784.0
794.2
802.3
851.0
898.5
884.9
871.4
912.6
959.3
1011.5
1046.6
1035.6
666.1
694.2
719.3
759.8
786.2
786.8
810.8
868.9
905.8
873.1
881.3
921.8
976.6
1029.2
1052.6
1050.3
648.0
684.4
709.9
745.3
778.0
790.3
802.3
846.7
894.8
883.4
868.3
909.2
953.5
1005.3
1043.8
1043.2
AVERAGE FOR PERIOD
1948.
..
1949...
1950.
. .
1951...
1952...
1953.. .
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
NOTE:
Annual
352. 6
346. 2
379. 7
399. 2
423. 8
430. 3
430. 8
463. 8
483. 3
490. 0
490. 0
504. 1
519. 5
533. 7
559. 4
580. 9
617. 9
336.1
344.5
353.3
386.0
398.7
426.2
426.3
439.6
471.9
485.0
479.1
496.6
520.4
519.2
544.5
563.6
588.1
6
IV Q
351.9
342.4
378.8
401.6
418.2
431.4
427.6
461.8
479.7
491.5
487.0
504.9
520.6
532.7
559.2
577.3
615.3
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960.
. .
1961.
. .
1962.
..
1963.. .
1964...
52.
III Q
II Q
51 . PERSONAL INCOME, LESS TRANSFER PAYMENTS , IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
444.7
AVERAGE FOR PERIOD
557
599
638
705
769
824
878
964
1088
1193
1295
1413
1571
1762
1987
2205
5
2
1
6
5
4
7
2
3
7
5
5
2
9
9
7
0
9
0
8
6
6
1
9
1
9
213.3
205.4
229.3
257.0
274.6
288.8
289.2
314.3
334.4
354.6
364.5
386.1
404.2
420.3
446.4
468.8
504.0
213.4
206.5
238.5
262.1
280.3
289.0
. 294.8
319.8
341.7
354.3
370.1
391.1
405.0
428.4
451.6
476.8
512.2
209.1
206.4
227.1
254.8
271.6
287.7
289.6
310.2
332. 6
351.1
361.1
384.4
402. 4
417.8
443.6
466.2
499.2
4
4
0
7
1
4
1
4
3
9
5
7
8
1
3
4
546.9
594.1
635.2
700.4
764.5
819.3
874.7
957.1
1077.9
1187.4
1283.5
1404.2
1558.0
1747.7
1972.2
2182.1
559.4
605.8
646.4
715.6
777.0
826.4
890.2
994.2
1108.4
1206.2
1314.6
1438.4
1604.0
1809.3
2031.9
2256.2
540.6
588.2
630.0
690.6
754.7
811.1
868.4
951.4
1065.2
1168.6
1265.0
1391.2
1538.0
1721.7
1943.8
2160.2
6
2
5
6
7
6
6
0
8
207
206
220
253
267
288
286
307
329
350
355
384
402
414
441
462
494
522 8
571 4
615 5
663 7
730.0
788 2
844 8
919 7
1024 2
1124 9
1214 2
1348 5
1476 3
1637 9
1864 6
2088 2
533
581
623
682
747
810
864
934
1050
1155
1247
1373
1513
1692
1906
2114
4
7
(JUNE 1981)
97
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb
Mar
Apr.
June
May
July
Sept
Aug
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964.. .
99
101
98
115
120
135
129
134
148
153
142
149
158
150
159
166
171
8
6
0
5
8
1
1
6
8
0
9
3
9
1
0
99
100
96
115
121
136
129
135
148
154
139
150
159
149
161
165
174
1965...
1966. . .
1967.
. .
1968.. .
1969.. .
1970...
1971.
. .
1972...
1973...
1974.
. .
1975. ..
1976...
1977.. .
1978.
. .
1979.
. .
1980.
. .
1981.
. .
184
19b
207
210
221
220
210
216
232
233
213
216
221
235
251
240
7
7
3
5
1
6
1
6
3
3
2
6
5
1
1
6
186 4
198.4
205 2
213 4
221 2
219 7
209 7
21b 4
234 7
232 2
208 3
218 0
225 0
236 7
251 .3
239 .2
1
7
4
9
9
1
9
5
7
4
2
4
4
1
1
8
3
9
3
101. 3
98. 7
100 7
116 9
122 9
137 7
129 0
137 4
148 9
153 8
138 3
152 6
158 3
150 5
162 6
166 2
175 3
98
97.
103
118
121
137
128
138
151
152
136
154
157
151
164
167
176
3
2
1
7
1
8
6
6
3
7
0
4
5
8
5
1
6
99
96
105
118
122
138
128
141
149
151
136
156
158
153
164
168
177
6
6
4
3
0
0
6
1
8
6
0
2
0
2
0
5
0
100. 6
94. 9
106. 7
119. 4
120. 6
137. 0
128 2
141 8
150 2
152 1
137 5
156 9
156 7
155 3
164 4
169 1
177 b
100
96
109
119
115
137
127
142
147
151
139
156
156
155
165
169
178
8
0
4
6
9
6
6
7
1
3
2
1
4
4
0
1
8
102. 2
95. 3
112. 0
119 4
124 6
136 6
127 7
142 9
150 9
151 3
141 3
152 0
155 2
156 4
164 7
169 1
180 4
9
8
8
7
6
4
1
6
9
2
8
1
1
4
6
3
185
201
205
214
223
217
210
221
234
230
205
220
230
245
251
231
9
5
5
6
0
b
b
6
2
5
9
2
0
1
4
9
Ib7
202
204
216
223
215
212
221
234
231
207
221
231
244
249
228
5
0
9
4
9
2
3
9
2
2
0
0
7
2
5
2
188
204
205
21b
224
215
211
222
235
230
206
220
233
244
248
225
0
1
b
4
4
188
204
206
216
224
215
210
221
237
230
205
221
233
245
247
224
5
3
1
6
7
7
9
1
2
1
8
2
9
9
3
2
189
205
207
21b
225
214
210
223
233
229
208
221
234
246
245
226
186
199
205
213
222
220
210
220
233
231
206
219
228
240
252
236
3
3
0
9
9
2
5
9
2
1
9
1
8
3
1
b
3
7
4
3
9
6
0
0
1
2
Nov.
Oct.
53. WAGE AND SALARY INCOME IN MINING, MANUFACTURING, AND CONSTRUCTION IN
BILLIONS OF DOLLARS)
(ANNUAL RATt
102.
96
112
119
129
134
127
143
152
149
142
151
154
154
165
170
181
0
3
1
0
4
2
190
205
206
217
225
212
210
224
235
227
210
221
235
246
244
227
5
b
3
L97 2
4
5
8
8
6
1
7
2
5
5
b
1
1
5
9
0
6
1
8
4
3
4
7
Dec
IQ
5
1
2
7
1
6
4
2
3
9
0
6
4
5
8
5
9
1948.
. .
1949.. .
1950.. .
1951.
..
1952...
1953...
1954.. .
1955...
1956...
1957.. .
1958.
. .
1959...
1960.
. .
1961. . .
1962.
..
1963...
1964...
78 .6
81 . 7
79 .4
81 .7
89 .2
90 . 5
94 . 5
91 .4
92 .1
96 .4
101 .2
98 .5
97 .5
103 .1
99 .7
99 .3
97 . 4
78 . 4
82 .0
79 .2
83 .0
89 .2
90 . 6
94 .5
91 .7
92 .5
95 .9
101 . b
97 . 8
98 .7
103 .4
99 .1
98 . 8
97 .8
79 3
81 .1
78 .5
83 .8
89 .7
91 .2
94 . 7
90 . b
93 .2
96 . 2
102 . 6
97 .8
99 .9
102 . 7
99 .3
98 .5
98 .5
78 8
81 • 2
77 .8
85 .3
89 . 8
91 .3
94 .5
90 .1
93 .1
97 .1
102 . 8
97 .1
100 .0
101 .4
100 . 3
97 .2
97 . 6
78 .3
81 . 8
78 .3
85 . 6
90 . 6
91 . 0
94 .1
90 .1
93 .7
97.2
101 . 7
97 .0
100 . 8
101 .1
100 .4
97 .1
97 . 6
78
81
77
86
91
91
93
90
94
96
100
97
101
100
100
97
97
1965...
1966.. .
1967...
1968.
..
1969.. .
1970.. .
1971.. .
1972.
. .
1973. . .
1974.
. .
1975.
. .
1976.
. .
1977.
..
1978.
. .
1979.. .
1980.. .
1981.. .
96 .3
95 .8
99 .3
100 .9
104 .7
111 .8
113 .1
112 .5
115 .0
122 .4
144 .1
143 .9
149 .1
161 .8
170 .2
182 .9
96 .3
96 .8
99 .5
101 .5
104 .6
111 .5
113 .3
113 .7
115 .7
123 .2
145 . 6
143 . 0
151 .2
163 .8
171 .6
184 .9
95 .8
96 .4
100 .3
101 .8
105 .2
112 .4
113 .6
114 .1
115 . 7
123 .5
147 .7
143 .4
150 .8
163 .6
171 .7
186 . 8
95 .2
97 .0
99 .5
102 .2
106 .0
112 .2
113.3
113 .3
116 .8
124 . 4
145 . 9
144 .0
151 .9
162 . 7
176 . 4
190 .5
95 .0
97 .0
100 .0
102 .1
106 .9
112 .1
113 .4
113 . 7
116 . 3
125 .2
145 .7
144 .3
152 .8
163 .2
173 .9
194 .8
95 .3
97 .4
100 .3
102 . 2
106 .8
112 .6
113 .1
113 . 7
116 . 9
125 . 7
143 .3
144 .2
153 . 7
163 .3
174 . b
198 . 6
4
6
0
9
6
3
1
0
8
8
1
6
7
7
8
0
9
103. 2
93. 7
116. 3
118. 6
132. 3
133 0
132 7
146 9
153 2
147 5
147 1
152 2
151 9
160 0
165 4
171 4
181 5
102.
95.
116.
119
134
131
133
147
155
145
147
156
148
160
165
172
184
7
9
0
8
4
5
3
3
1
3
7
8
9
8
8
6
3
100
100
98
115
121
136
129
135
148
153
140
150
158
150
161
166
173
192
205
205
21b
224
206
211
227
235
22b
210
221
236
247
242
229
5
b
7
7
8
8
1
4
5
6
7
2
7
2
9
4
194
20b
20b
219
222
205
211
22b
236
219
211
224
236
249
241
231
195
206
210
220
223
20b
214
230
236
21b
213
224
236
250
241
232
b
2
5
b
0
8
4
1
1
9
9
b
3
5
8
2
7
1
0
8
2
5
5
0
2
4
0
9
0
6
7
1
5
2
1
8
2
6
5
5
4
1
5
8
4
4
3
2
1
101
95
111
119
123
136
127
143
150
150
141
Ib3
155
155
165
lt>9
180
186 0
198 3
206 1
212 5
221 6
220 2
210 0
218 5
233 .6
232 2
209 .4
217 .9
224 9
237 . 4
251 .7
238 .7
187
202
205
215
223
216
211
221
234
230
206
220
231
244
249
228
1
5
3
8
8
2
5
9
5
9
6
5
7
7
7
4
189 6
205 0
206 7
216 8
225 0
214 2
210 6
223 .2
235 2
229 0
208 3
221 .5
234 . 4
246 .1
245 .6
226 .0
3. 57
4. 50
5.
6. 26
6. 09
7. 27
8. 27
8. 32
9. 32
9. 56
9. 90
9. 42
10. 28
10. 89
10. 49
11. 02
11. 87
3. 70
4. 57
5. 67
6. 21
6. 06
7. 39
8. 25
8. 42
9. 38
9.54
9. 86
9. 45
10. 40
10. 81
10. 48
11. 18
11. 98
1965.. .
1966.. .
1967.
. .
1968...
1969.. .
1970.. .
1971.
. .
1972.
..
1973.
. .
1974.. .
1975.. .
1976. ..
1977.
. .
1978.
..
1979.. .
1980.
..
1981...
12. 49
12. 91
12. 75
12. 54
12. 64
12. 86
12. 51
12. 74
13. 10
13. 54
13. 20
12. 57
13.06
13. 91
14. 58
14. 75
12. 61
12. 87
12. 73
12. 52
12. 6b
12. 84
12. 54
12. 69
13. 12
13. 55
13.17
12. 58
13. 08
13. 99
14. 67
14. 80
N O T E :
T h e s e
s e r i e s
c o n t a i n
4. 61
5. 65
6. 15
b. 09
7. 52
8. 26
8. 53
9. 44
9. 55
9. 78
9. 50
10. 47
10. 77
10. 45
11. 25
12. 05
3. 89
4. 73
3. 97
4. 88
5. 03
6. 06
6. 17
7. 63
8. 28
8. 61
9. 43
9. 61
9. 79
9. 52
10. 51
10. 71
10. 50
11. 33
12. 08
6. 01
6. 28
7.73
8. 26
8. 71
9. 48
9. 62
9. 72
9. 58
10. 57
10. 64
10. 57
11. 38
12. 15
5. 96
6. 45
7. 78
8. 26
8. 83
9. 50
9. 61
9. 65
9. 65
10. 64
10. 54
10. 64
11. 41
12. 22
12.
12.
12.
12.
12.
12.
12.
12.
13.
13.
13.
12.
13.
14.
14.
14.
12.
12.
12.
12.
12.
12.
12.
12.
13.
13.
12.
12.
13.
14.
14.
14.
12. 78
12. 92
12.66
12. 49
12. 7b
12. 62
12. 56
12. 90
13. 33
13. 44
12. b4
12. 72
13. 38
14. 23
14. 90
14. 43
12.
12.
12.
12.
12.
12.
12.
13.
13.
13.
12.
12.
13.
14.
14.
14.
66
88
69
48
bb
80
53
75
19
53
08
63
17
04
68
72
r e v i s i o n s
74
90
68
50
72
51
54
84
26
51
99
68
28
08
83
64
b e g i n n i n g
w i t h 1 9 4 8 .
80
88
b2
49
81
67
33
14
38
41
56
78
47
33
88
24
102. 8
94. 1
115. 8
118 8
132 4
132 9
132 0
146 4
154 0
147 2
145 6
153 2
151 5
159 5
Ib5 3
171 7
181 6
101. 0
96. 6
107. 6
118 2
124 7
135 8
129 4
141 4
150 8
151 0
140 8
153 2
155 7
154 7
Ib4 0
16b
178 1
1
0
4
7
5
0
3
7
0
9
6
4
5
0
0
0
189
203 0
206 6
216 2
223 5
214 4
211 1
223 1
234 8
228 2
209 0
220 8
231 9
244 .3
247 . 2
231 .0
81 . b
79.1
bO . 9
88 . 9
90 .2
79 . 9
80 . 5
78 . 7
86 .5
90 . 0
91 . b
93 .7
91 .0
94 .7
97 .5
100 . 6
99 .0
100 .6
100 .5
99 .9
98 .0
97 .8
194
206
208
219
223
207
212
228
236
220
211
223
236
249
242
231
AVERAGE FOR PERIOD
80 9
79 8
76 6
88 7
89 9
90 9
93 5
91 0
95 7
97 b
99 . b
100 . 6
100 . b
99 . 3
100 . 0
97 . 8
98 .0
81 4
79 4
77 .8
88 .7
90 .1
91 .1
92 .6
91 . 2
95 .4
97 .1
100 . 0
101 .1
lol .1
9b .8
99 . 7
97 . 9
98 .5
80 .8
79 .6
79 . 8
88 . 3
90 .2
92 .1
93 . 0
91 . O
9b .1
98 . 2
9b . 8
101 . 6
101 . 4
98 . 8
99 . 9
97 .5
98 .3
b2 3
7b 5
bl 3
88 8
89 7
93 0
93 7
92 3
9b 4
100 2
9« b
101 b
102 .4
98 8
99 . b
97 .8
97 . 0
81 7
79 3
81 .6
89 5
90 7
94 4
92 . 9
91 b
96 5
100 7
99 . 2
9b . 5
102 . 4
9b .1
99 . b
98 . b
96 .9
78 . b
81 . b
79 . 0
82 . b
89 .4
90 . b
94 .6
91 .3
92 .6
96
101 '.9
98 .0
98 . 7
103 .1
99 .4
98 .9
97 .9
78 . 5
81 . 4
77 . 8
85 . 9
90 .5
91 . 3
94 . 0
90 .1
93 . 7
97 .1
101 .5
97 .2
100 .7
101 .0
100 .5
97 . 3
97 .7
80 .7
80 .0
77 . 1
88 . 4
89 .7
91 . 1
93 .1
90 .9
96 .3
97 .2
100 .0
100 .3
100 .9
99 .3
99 .9
98 .0
98 .1
94 .4
97 .3
100 .9
102 .8
106 .9
112 .8
112 . 8
113 . 2
117 . 2
126 .8
141 .3
144 .5
154 .3
163 . 6
175 .7
200 . b
94 .8
98 .3
101 .0
102 .9
107 .7
112 .9
114 . 2
113 .1
117 . 6
127 .6
141 . 0
145 . 3
155 .3
163 . 8
177 . 3
201 .4
94 .9
98 .2
100 .4
103 .6
108 .0
112 .9
112 . 4
113 .2
117 . 8
128 .4
140 .8
146 . 7
156 . 2
164 . 6
177 .7
200 . b
95 .3
97 .9
99 . 7
104 .5
108 .2
112 .9
112 .0
113 .1
118 . 9
131 .6
142 .4
147 .1
157 . 0
165 .4
178 .9
199 .9
9b .0
99 . 2
99 . 7
104 . 0
108 . 6
112 . 8
111 .9
113 .5
119 .9
135 .5
141 .9
148 .1
158 . 0
167 . 0
180 . 0
200 . 0
95.6
98 . 7
100 . 0
104 . 9
109 . b
112 . b
113 .3
113 .5
120 .8
140 .8
143 .1
148 .5
159 . 2
167 . 8
181 . 7
200 .3
96 .1
96 .3
99 . 7
101 . 4
104 . 8
111 .9
113 . 3
113 . 4
115 .5
123 . 0
145 . b
143 . 4
150 . 4
163 .1
171 .2
184 . 9
95 .2
97 .1
99 .9
102 . 2
106 . 6
112 .3
113 .3
113 . b
lib . 7
125 .1
145 . 0
144 . 2
152 . 8
163 .1
175 .0
194 .6
94 .7
97 .9
100 .8
103 .1
107 .5
112 .9
113 .1
113 .2
117 .5
127 . b
141 . 0
145 . 5
155 . 3
164 .0
176 . 9
200 .9
3. 96
5. 03
6. 17
5. 96
6. 45
7. 78
8. 26
8. 83
9.50
9. 61
9. 65
9.65
10. 64
10. 54
10. b4
11. 41
12. 22
4. 20
5. 28
6. 45
5. 97
6. 62
8. 09
8. 22
9. 08
9. 48
9. 74
9. 38
10. 14
10. 79
10. 52
10. 79
11. 65
12. 39
12.
12.
12.
12.
12.
12.
12.
13.
13.
13.
12.
12.
13.
14.
14.
14.
12.
12.
12.
12.
12.
12.
12.
13.
13.
13.
12.
12.
13.
14.
14.
13.
9
3. 2
93
91 .6
96 .3
99 . 7
98 .9
100 .6
102 .1
98 .6
99 . 7
98 .0
97 .4
95 .6
98 .6
99 .8
104 . 5
108 .9
1 1 2 . 8
112 . 4
113 . 4
119 .9
136 . 0
142 . 5
147 . 9
158 .1
166 . 7
180 .2
200 . 1
95 .4
97 .5
100 .0
102 .8
107 .0
112 .5
113 . 0
113 .4
117 . 4
127 .9
143 . 6
145 . 2
154 .1
164 . 2
175 .8
195 . 1
INCOME
END OF PERIOD
(PERCENT)
1948. ..
1949...
1950...
1951. ..
1952...
1953.
..
1954.. .
1955.. .
1956.
..
1957.. .
1958.
..
1959...
1960...
1961.
..
1962.. .
1963.
. .
1964.. .
7
9
2
3
3
1
7
0
2
8
1
2
2
5
0
6
4
5
8
9
4
5
6
4
9
2
6
b
2
3
1
5
99
96
105
118
121
137
128
140
150
152
13b
155
157
153
164
168
177
2
79 .8
80 .9
76 .8
87 . 8
89 . 2
91 . 3
93 . 1
90 . 6
97 .7
96 . 9
iou . 2
99 . 2
100 .9
99 . 8
100 .1
98 . 3
97 .8
EDIT TO
95. RATIO
Annual
AVERAGE FOR PERIOD
102
92
115
117
130
134
130
145
153
148
142
150
153
157
164
171
178
INDEX OF LABOR COST PER UNIT OF OUTPUT, TOTAL MANUFACTURING
(1967=100)
62.
IV Q
III Q
II Q
DOLLARS
5. 25
20
5. 28
5. 54
5. 62
39
5. 71
5. 96
6. 61
7. 9C
8. 2"
8. 8:
9. 5"
9. 6fc
9. 4"
9. 75
10. 7J
10. 5C
10. 6S
11. 5:
12. 26
5. 93
6. 53
8. 01
8. 24
8. 99
9. 49
9. 66
9. 46
10. 00
10. 76
10. 52
10. 76
11. 59
12. 29
5. 97
6. 62
8. 09
8. 22
9. 08
9. 48
9. 74
9. 38
10. 14
10. 79
10. 52
10. 79
11. 65
12. 39
5. 94
6. 78
8. 11
8. 21
9. 15
9. 45
9. 8C
9. 36
10. 2"
10. 82
10. 4"
10. 8"
11. 71
12. 4k
5. 96
6. 97
8. 23
8. 19
9. 18
9. 52
9. 83
9. 30
10. 28
10. 89
10. 42
10. 93
11. 80
12. 47
6. 00
7. 10
8. 2b
8. 24
9. 23
9. 54
9. 90
9. 34
10. 20
10. 98
10. 44
11. 00
11. 80
12. 45
3. 78
4. 61
5. 65
6. 15
6. 09
7. 52
8. 26
8. 53
9. 44
9. 55
9. 78
9. 50
10. 47
10. 77
10. 45
11. 25
12. 05
12.
12.
12.
12.
12.
12.
12.
13.
13.
13.
12.
12.
13.
14.
14.
13.
12. 93
12. b7
12. 54
12. 49
12. 77
12. b3
12. 52
12. 98
13. 43
13. 40
12. 61
12. 81
13. 53
14. 38
14. 78
13. 87
12.
12.
12.
12.
12.
12.
12.
13.
13.
13.
12.
12.
13.
14.
14.
13.
12. 87
12. 78
12. 54
12. 58
12. 88
12. b3
12. 7b
12. 8b
13. 45
13. 2"
12. 5fc
12.
13. 7L
14. 44
14. 8Z
13. 5C
12.
12.
12.
12.
12.
12.
12.
12.
13.
13.
12.
12.
13.
14.
14.
13.
12.
12.
12.
12.
12.
12.
12.
12.
13.
13.
13.
12.
13.
14.
14.
14.
5.
85
9i
5"
51
7i
65
5,
OC
4/
3.
bc
7fc
4^
3.
79
96
71
80
57
51
82
60
bl
02
41
38
59
87
59
45
88
75
12.
12.
12.
12.
12.
12.
12.
12.
13.
13.
12.
12.
13.
14.
14.
13.
86
tit
5k
55
84
b6
6S
It
46
2k
56
y:
b.
4(
b6
6]L
86
81
49
62
82
59
74
98
49
20
63
94
78
46
80
46
66
88
b9
48
68
80
53
75
19
53
08
63
17
04
68
72
80
88
b2
49
81
67
33
14
38
41
56
78
47
33
88
24
71
80
57
51
82
60
61
02
41
38
59
87
59
45
88
75
4 . 3 9
5 . 7 1
6. 2 3
6. 00
7. 10
8. 28
8. 24
9. 23
9. 54
9. 90
9. 34
10. 20
10. 98
10. 44
11. 00
11. 80
12. 45
12.
12.
12.
12.
12.
12.
12.
86
81
49
62
82
59
74
1 2 . 9 8
13.
13.
12.
12.
13.
14.
14.
13.
49
20
63
94
78
46
80
46
4. 39
5. 71
6 •2 3
6. 00
7. 10
8. 28
8. 24
9. 23
9. 54
9. 90
9. 34
10.20
10. 9b
10. 44
11. 00
11. 80
12. 45
12.
12.
12.
12.
12.
12.
12.
12.
13.
13.
12.
12.
13.
14.
14.
13.
86
81
49
62
82
59
74
98
49
20
63
94
78
46
80
46
( J U N E 1 9 8 1 )
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
330.
Apr.
May
June
July
Aug.
INDEX OF PRODUCER P R I C E S , ALL COMMODITIES
(1967=100)
1948...
1949...
1950...
1951...
1952. . .
1953. . .
1954. . .
1955. ..
1956. . .
1957. . .
1958. . .
1959. . .
1 9 6 0 . ..
1961. . .
1962. . .
1963. . .
1964. . .
82.9
81.6
77.6
91.2
89.7
87.2
88.0
87.4
88.8
92.7
94.3
94 .8
94.7
95.2
95. 0
94.7
95.2
81.3
80.3
78.0
92.5
89.3
87.0
87.7
87.7
89. 2
92.8
94.4
94. 8
94.7
95.2
94. 9
94.4
94 .7
81.3
80.1
78.1
92.5
89.2
87.3
87.7
87.3
89.5
92.7
95.0
94.9
95.2
95.2
94.9
94.2
94.6
82.0
79.3
78.1
92.3
88.7
86.8
88 .1
87.7
90.2
93.0
94.7
95.2
95.2
94.7
94.6
94 .0
94.5
82.4
78.6
79.1
92.0
88.6
87.2
88.0
87.2
90.8
92.9
94.8
95.2
95.0
94.3
94 .4
94.3
94.3
83.0
77.9
79.5
91.3
88.2
86.9
87.3
87 .6
90.7
93.2
94.6
95.0
94.8
93.8
94.3
94.5
94.3
83.7
77.8
81.7
90.7
88.7
88.0
87.7
87.7
90.5
93.8
94.6
94.8
95.0
94 .2
94.6
94.8
94.6
1965. . .
1966. . .
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981. . .
95.2
98.6
100.1
101.1
104.3
109. 3
111.8
116. 3
124.5
146.6
171.8
179.4
188.1
200.1
220.8
254 . 9
95.4
99.3
99.9
101. 9
104.8
109.7
112.8
117.3
126.9
149 .5
171.3
179.4
190.2
202.1
224.1
260 .2
95.5
99.3
99.6
102.1
105.4
109. 9
113.1
117.4
129.8
151.4
170.4
179.7
192.0
203.7
226.7
261.9
95.9
99.4
99.2
102.1
105.5
110.0
113.4
117.5
130.5
152.7
172.1
181.3
194.3
206.5
230.0
262.8
96.2
99.5
99.7
102.4
106.3
110.0
113.9
118.2
133.2
155.0
173.2
181.9
195.2
208.0
232.0
264 .2
96.9
99.6
100.2
102 .5
106.8
110.4
114.4
118.8
136.0
155.7
173.7
183.2
194.5
209.6
233.5
265.6
97.0
100.3
100.3
102.8
107.0
110.9
114.7
119.7
134.3
161.7
175.7
184.4
194.8
210.7
236.9
270.4
84.3
77.9
83.5
90.2
89.1
87.7
87.7
88.0
91.0
94.0
94.5
94.5
94.6
94 .3
94.7
94.6
94.5
97.0
100.7
100.0
102.5
106.9
110.4
115.1
119.9
142.1
167.4
176.7
183.8
194.6
210.6
238.3
273.8
Sept.
Oct.
Nov.
Dec.
IQ
II Q
97.1
100.7
100.1
102.9
107.1
111.0
114.6
120.2
139.7
167.2
177.7
184.8
195.3
212.4
242.0
274.6
83.1
77.7
86.7
90.2
87.8
87.2
87.3
88.2
92.0
93.7
94.6
94.3
94.9
94.3
94.9
94.9
94.9
82.6
77.6
89.0
90.1
87.0
87.4
86.9
88.3
92.3
94.1
94.6
94.3
94.8
94.6
94.6
94.5
94.9
81.8
80.7
77.9
92.1
89.4
87.2
87.8
87.5
89.2
92.7
94.6
94.8
94.9
95.2
94.9
94.4
94.8
82.5
78.6
78.9
91.9
88.5
87.0
87.8
87.5
90.6
93.0
94.7
95.1
95.0
94.3
94.4
94.3
94.4
84.1
77.9
83.4
90.3
88.8
87.9
87.6
88.1
91.1
93.8
94.5
94.8
94.7
94.3
94 .9
94.6
94.7
83.0
77.7
87.1
90.2
87.7
87.4
87.1
88.4
92.0
93.8
94.5
94.4
94.9
94.4
94.8
94.7
94.9
82.8
78.7
81.8
91.1
88.6
87.4
87.6
87.8
90.7
93.3
94.6
94.8
94.9
94.5
94.8
94.5
94.7
97.2
100.1
100.1
102.9
107.4
110.9
114.5
120.0
138.7
170.2
178.9
185.3
196.3
214.9
245.6
277.8
97.5
99.8
100.1
103.3
108.1
110.9
114.6
120.7
139.2
171.9
178.2
185.6
197.1
215.7
247.2
279.1
98.1
99.8
100.8
103.6
108.6
111.0
115.6
122.9
141.8
171.5
178.7
187.1
198.2
217.5
249.7
280.8
95.4
99.1
99.9
101.7
104.8
109.6
112.6
117.0
127.1
149.2
171.2
179.5
190.1
202.0
223.9
259.0
96.3
99.5
99.7
102.3
106.2
110.1
113.9
118.2
133.2
154.5
173.0
182.1
194.7
208.0
231.8
264.2
97.0
100.6
100.1
102.7
107.0
110.8
114.8
119.9
138.7
165.4
176.7
184.3
194.9
211.2
239.1
272.9
97.6
99.9
100.3
103.3
108.0
110.9
114.9
121.2
139.9
171.2
178.6
186.0
197.2
216.0
247.5
279.2
96.6
99.8
100.0
102.5
106.5
110.4
113.9
119.1
134.7
160.1
174.9
183.0
194 .2
209.3
235.6
268.8
®
AVERAGE FOR PERIOD
1.8
-1.2
0.
2.5
-0.4
0.2
0.7
0.6
0 .6
0 .4
0.2
0 .2
0 .4
0 .4
0.4
0.1
0.7
-1.9
-1.6
0 .5
1.4
-0.4
-0.2
-0.3
0.3
0.5
0.1
0.1
0.
0.
0.
-0.1
-0.3
-0.5
0.
-0.2
0.1
0.
-0.1
0.3
0.
-0.5
0 .3
-0.1
0.6
0.1
0.5
0.
0.
-0 .2
-0.1
0.9
-1.0
0.
-0. 2
-0.6
-0.6
0.5
0.5
0.8
0.3
-0.3
0.3
0.
-0. 5
-0 . 3
-0 .2
-0.1
0.5
-0.9
1.3
-0.3
-0.1
0.5
-0.1
-0 .6
0.7
-0.1
0.1
0.
-0.2
-0.4
-0.2
0.3
-0.2
0.7
-0.9
0.5
-0.8
-0.5
-0.3
-0.8
0.5
-0.1
0 .3
-0.2
-0.2
-0.2
-0.5
-0.1
0.2
0.
0.8
-0.1
2.8
-0.7
0.6
1.3
0.5
0.1
-0.2
0.6
0.
-0.2
0.2
0.4
0.3
0.3
0.3
0.7
0.1
2.2
-0.6
0.5
-0.3
0.
0.3
0.6
0.2
-0.1
-0.3
-0.4
0.1
0.1
-0.2
-0.1
-0.1
0.1
1.8
-0.2
-0.4
0.5
-0.5
0.8
0.8
-0.3
0.
0.5
0.
0.
0.7
-0.1
0.4
-1.1
-0.4
0.6
0.2
-0.6
-0.7
-0.2
-0.1
0.
-0.2
-0.1
-0.5
0.3
0.
-0.6
0.2
0.1
-0.2
0.
1.4
0.
-0.5
-0.3
0.2
-0.5
0.3
0.2
0.2
-0.2
0.
0.
0.1
0.2
-0.1
-0.6
-0.1
2.7
-0.1
-0.9
0.2
-0.5
0.1
0.3
0.4
0.
0.
-0.1
0.3
-0.3
-0.4
0.
0.
-1.0
0.2
1.3
-0.3
0.1
0.1
0.1
0.5
0.1
0.3
0.1
0.3
0.1
0.1
-0.1
0.
0.7
-0.9
0.6
-0.4
-0.4
-0.1
-0.1
0.1
0.5
0.2
-0.1
0.
-0.1
-0.5
-0.2
0.1
-0.1
1965. . .
1966. . .
1 9 6 7 . ..
1968. ..
1969. . .
1970. ..
1 9 7 1 . ..
1972. . .
1973. . .
1974. . .
1975. . .
1976. . .
1977. . ,
1978. ..
1979. . .
1980. . .
1981...
0.3
0.5
0.3
0.3
0.7
0 .6
0.7
0.6
1.3
3.4
0.2
0 .4
0.5
1.0
1. 5
2.1
0.2
0.7
-0.2
0.8
0.5
0. 4
0.9
0.9
1.9
2.0
-0 . 3
0.
1.1
1.0
1.5
2.1
0.1
0.
-0.3
0.2
0.6
0. 2
0.3
0.1
2.3
1.3
-0.5
0.2
0.9
0.8
1. 2
0.7
0 .4
0.1
-0.4
0.
0.1
0.1
0.3
0.1
0.5
0.9
1.0
0.9
1.2
1.4
1. 5
0.3
0.3
0.1
0.5
0.3
0.8
0.
0.4
0.6
2.1
1.5
0.6
0.3
0.5
0.7
0.9
0.5
0.7
0.1
0.5
0.1
0.5
0.4
0.4
0.5
2.1
0.5
0.3
0.7
-0.4
0.8
0.6
0.5
0.1
0.7
0.1
0.3
0.2
0.5
0.3
0.8
-1.3
3.9
1.2
0.7
0.2
0.5
1.5
1.8
0.
0.4
-0.3
-0.3
-0.1
-0.5
0.3
0.2
5.8
3.5
0.6
-0.3
-0.1
0.
0.6
1.3
0.1
0.
0.1
0.4
0.2
0.5
-0.4
0.3
-1.7
-0.1
0.6
0.5
0.4
0.9
1.6
0.3
0.1
-0.6
0.
0.
0.3
-0.1
-0.1
-0.2
-0.7
1.8
0.7
0.3
0.5
1.2
1.5
1.2
0.3
-0.3
0.
0.4
0.7
0.
0.1
0.4
l.C
-0.4
0.2
0.4
0.4
0.7
0.5
0.6
0.
0.7
0.3
0.5
0.1
0.9
1.8
1.9
-0.2
0.3
0 .8
0.6
0.8
1.0
O.b
0.2
0.4
-0.1
0.4
0.6
0.4
0.6
0.5
1.8
2.2
-0.2
0.2
0.8
0.9
1.4
1.6
0.5
0.1
0.2
0.1
0.5
0.2
0.4
0.4
1.6
1.0
0.6
0.6
0.4
1.0
1.0
0.4
-5.0
-0.5
24.b
-2.2
-3.4
0.
-0.7
2.5
4.9
1.1
0.4
-0.2
0.4
1.7
0.2
0.8
1.3
-9.3
0.3
22.7
-2.0
-4.7
0.
0.
2.7
4.0
0.9
0.6
0.4
1.3
1.3
-0.6
0.2
1.9
-9.5
0.3
18.4
-1.8
-3.1
-0.9
0.
1.8
2.2
2.8
0.8
0.4
1.3
1.3
-2.5
0.2
1.3
6.0
-10.3
3 .2
11.4
-3.7
-1.6
1.0
0.9
5 .0
2.3
2.0
1.3
1.4
-1.3
0.1
-1.1
-0.7
3.3
-0.4
1.6
4.8
-1.6
3.6
4.6
-2.2
4.0
3.0
3.9
-0.4
4.3
1.6
2.8
8.2
19.2
12.9
4.3
4.1
5.5
9.8
15.8
10.8
5.3
4.4
3.9
12.0
10.7
4.7
3.1
7.1
7.9
13.2
19.2
9.8
5.3
3.8
4.9
16.6
17.5
3.9
2.3
7.9
8.8
13.9
17.1
11.2
5.8
3.9
5.4
5.8
20.9
21.9
2.1
4.0
9.5
11.3
15.2
13.9
P R I C E S , ALL COMMODITIES, OVER 6-MONTH SPANS
A N N U A L RATL , PERCENT)
1948...
1949...
1950...
1951...
1952...
1953...
1954. . .
1955...
1956. ..
1957. . .
1958...
1959. ..
1960. . .
1961. . .
1 9 6 2 . ..
1 9 6 3 . ..
1964. . .
7 .5
-9.4
1.0
16.5
-3.3
-3.1
1.4
1.4
3.6
2.9
2.6
1.7
1.5
-0.4
0.6
-1.7
-0.4
6.4
-10.5
3.6
12.6
-3.5
-1.4
1.8
-0.2
6.0
2.0
2.4
1.3
1.5
-1.3
0 .2
-1.3
-1.3
4.0
-11.1
5.0
5.2
-4.2
-0.2
-0.2
1.6
5.5
2.0
1.1
0.8
1.1
-2.1
-0.6
-0.2
-0.4
1.9
-9.1
10.8
-1.1
-2.2
1.8
-0.7
0.7
3.9
2.4
0.6
0.
0.6
-2.1
-0.8
0.2
-1.3
7.5
-5.9
14 .6
-4.9
-0.4
1.6
0.
0.7
4.1
2.6
0.2
-0.6
-0.2
-1.9
-0.4
0 .4
-0.4
7.3
-5. 2
18.5
-5.3
-1.1
1.8
-0.9
3.2
5.0
2.2
-1.0
0. 2
-1.3
-1.9
1.1
0.6
0.6
3.2
-4.0
19.8
-4.5
-1.1
1.6
-2.3
2.1
3.4
1.1
-0.6
-1.5
-0.6
-0.8
0.4
1.5
1.1
1.7
-2.3
20.1
-3.9
-1.8
0.
-1.6
2.3
2.7
1.7
-0.4
-1.9
-0.2
0.
1.1
1.3
1.3
-1.0
-0.8
25.3
-2.6
-2.7
1.2
-0.9
1.6
3.6
1.9
0.
-1.5
0.
1.7
0.6
0.
1.3
1965. . .
1966...
1967. . .
1968...
1969...
1970...
1971...
1972. . .
1973. ..
1974...
1975...
197 6...
1977...
1978...
1979...
1980...
1981. . .
1.9
4 .6
-1.8
4.0
5.1
4.9
4.6
5.3
18.3
21.2
2.2
2.7
9.9
10.7
14.5
14.5
2.8
4.1
-0.2
4.6
5.9
3.5
5.5
6.4
21.8
24.0
1.5
4.2
10.6
11.4
15.7
14.2
4.3
3.1
0.8
3.4
6.3
3.3
6.2
5.6
22.5
20.6
2.6
5.1
8.1
11.8
15.3
13.1
3.8
3.5
0.4
3.4
5.2
2.9
5.3
5.9
16.4
21.7
4.6
5.7
7.3
10.9
15.1
12.5
2.8
0.2
1.2
4.0
1.3
4.1
4.5
25.4
25.4
6.4
5.0
4 .7
8.6
13.1
10.7
2.8
1.0
1.6
3.3
2.0
2.7
4.8
15.8
22.0
8.8
5.8
3.5
8.7
14 .0
9.9
1.4
1.8
0.6
0.8
0.4
1.2
3.6
1.6
1.9
4.3
13.0
24.2
8.1
4.5
2.1
8.3
14.0
11.7
3.4
1.6
1.2
4.3
9.2
23.0
5.9
4.1
2.0
7.5
13.5
11.6
3.4
1.1
2.1
7.0
8.7
21.3
5.8
4.3
3.8
7.7
14.4
11.8
NOTE:
These series contain no revisions but are reprinted for the convenience of the user.
Annual
83.3
77.7
85.5
90 .2
88.2
87.5
87.1
88 .6
91.7
93.5
94 .4
94.5
94.9
94.3
94 .8
94.7
95.0
1948. . .
1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962. . .
1963. ..
1964. . .
C H A N G E IN INDEX OF PRODUCER
(COMPOUND
IV Q
AVERAGE FOR PERIOD
84.2
78.0
85.0
90.0
88.7
88.1
87.3
88.7
91.7
93.7
94.5
95.0
94.6
94 .3
95.4
94.5
94.9
330-C . CHANGE IN INDEX OF PRODUCER PRICES, ALI COMMODITIES, OVER 1-MONTH SPANS
(MONTHLY R A T E , P E R C E N T )
330-C .
III Q
©
o.e
©
0.5
0.
2.3
-0.5
0.2
0.5
0.
0.4
0.4
0.2
0.
0.
-0.1
0.2
0.4
0.
0.2
-0.6
-0.2
1.6
0.
-0.7
-0.3
-0.2
-0.2
0.2
0.1
0.
-0.2
0.1
0.1
-0.3
0.
0.
0.1
-0.5
1.2
0.1
-0.3
0.
0.
0.1
0.4
0.2
0.
0.
0.
0.
0.
0.
0.
0.1
0.4
0.
0.1
0.1
0.2
0.1
0.4
0.9
2.4
0.8
0.3
0.2
0.5
1.2
1.1
0.3
-0.3
0.2
0.2
0.5
0.
0.3
0.7
0.5
0.9
0.2
0.4
0.5
0.8
1.1
0.8
0.3
0.1
0.1
0.2
0.4
0.2
0.3
0.5
1.2
1.6
0.4
0.4
0.5
0.8
1.2
1.0
AVERAGE FOR PERIOD
5.6
-6.7
14.6
-3.8
-1.2
1.7
-0.5
1.5
4. 3
2.4
-0.1
-0.1
-0.3
-2.0
0.
0.4
-0.4
1.3
-2.4
21.7
-3.7
-1.9
0.9
-1.6
2.0
3.2
1.6
-0.3
-1.6
-0.3
0.3
0.7
0.9
1.2
-7.9
0.
21.9
-2.0
-3.7
-0.3
-0.2
2.3
3.7
1.6
0.6
0.2
1.0
1.4
-1.0
0.4
1.5
1.2
-4.8
15.4
0.5
-2.6
0.2
-0.3
1.7
4.1
2.0
0.6
-0.1
0.4
-0 .4
-0.1
0.2
0.4
3. 5
3.0
0. 5
2.1
4.2
2.1
4.0
5.1
19.2
23.0
6.6
5.5
5.2
9.4
14.1
11.0
2. 6
0.8
1.3
1. 9
3.5
1.4
1.7
5.2
10.3
22.8
6.6
4.3
2.6
7.8
14.0
11.7
4.2
-1.4
3.1
4 .1
5.0
3.3
3.9
12.3
15.8
7.2
3.2
6.4
7.4
12.3
17.4
10.6
3 .4
1.6
1.1
3 .0
4.6
2.7
3.8
7.1
16.5
18.7
4 .6
5.0
6.2
10.2
15.1
11.8
(JUNE 1981)
99
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb
331.
Apr.
Mar
May
June
July
Sept.
Aug.
Dec.
Nov.
Oct.
IV Q
III Q
II Q
IQ
INDEX OF PRODUCER PRICES, CRUDE MATERIALS FOR FURTHER PROCESSING1
(1967=100)
Annual
AVERAGE FOR PERIOD
1948...
1949...
1950...
1951...
1952...
1953.. .
1954. ..
1955...
1956.. .
1957...
1958...
1959...
1960...
1961...
1962.
. .
1963...
1964...
115.
102.
94.
121.
114.
104.
102.
99.
94.
100.
100.
100.
97.
97.
97.
96.
95.
9
1
6
8
5
1
5
3
1
1
3
9
1
1
9
9
1
109.
99.
97.
126.
113.
103.
102.
98.
95.
99.
101.
100.
97.
97.
97.
95.
94.
9
0
4
4
3
4
3
9
5
0
9
4
2
5
7
7
0
107.
98.
96.
125.
111.
103.
102.
98.
95.
98.
103.
100.
98.
96.
97.
94.
94.
1
1
8
0
7
7
6
0
1
5
3
6
1
9
4
4
4
109.3
96.5
97.3
124.8
111.5
101.0
103.0
98.8
96.7
98.3
101.8
101.3
98.1
96.5
96.3
95.0
94.3
112.9
96.1
100.9
122.9
111.3
101.8
102.6
96.2
98.0
98.0
103.6
100.5
98.3
95.5
96.1
94.7
94.0
115.5
95.0
102.6
121.7
110.7
100.3
100.7
98.1
97.4
100.5
102.2
100.0
97.3
94.0
95.7
95.5
92.9
115.
93.
106.
117.
110.
103.
100.
97.
97.
102.
102.
99.
97.
95.
96.
95.
93.
1
2
4
4
6
4
2
2
3
2
6
0
2
0
6
9
4
113.
93.
108.
115.
110.
101.
99.
96.
99.
102.
101.
98.
95.
97.
97.
95.
93.
5
4
5
6
8
4
9
1
0
4
9
2
2
3
3
5
8
111.
94.
110.
114.
108.
102.
99.
97.
99.
99.
101.
98.
95.
96.
99.
95.
96.
3
2
3
7
2
2
0
3
1
7
2
8
7
6
7
3
1
108.
94.
110.
117.
107.
100.
99.
97.
98.
99.
101.
98.
96.
96.
98.
95.
95.
0
4
3
4
8
3
7
0
9
1
8
0
6
9
3
7
3
107.
94.
113.
116.
107.
99.
100.
94.
99.
99.
102.
97.
96.
96.
98.
96.
95.
0
8
1
3
6
8
3
0
3
5
7
5
5
6
9
5
5
105.
94.
117.
116.
105.
101.
98.
94.
101.
100.
101.
97.
96.
97.
98.
93.
95.
5
8
1
7
1
2
6
2
0
6
0
0
9
8
0
8
3
111.
99.
96.
124.
113.
103.
102.
98.
94.
99.
101.
100.
97.
97.
97.
95.
94.
0
7
3
4
2
7
5
7
9
2
8
6
5
2
7
7
5
112.
95.
100.
123.
111.
101.
102.
97.
97.
98.
102.
100.
97.
95.
96.
95.
93.
6
9
3
1
2
0
1
7
4
9
5
6
9
3
0
1
7
113.
93.
108.
115.
109.
102.
99.
96.
98.
101.
101.
98.
96.
96.
97.
95.
94.
3
6
4
9
9
3
7
9
5
4
9
7
0
3
9
6
4
106.
94.
113.
116.
106.
100.
99.
95.
99.
99.
101.
97.
96.
97.
98.
95.
95.
8
7
5
8
8
4
5
1
7
7
8
5
7
1
4
3
4
110.9
96. 0
104. 6
120. 1
110. 3
101. 9
101. 0
97. 1
97. 6
99. 8
102. 0
99. 4
97. 0
96. 5
97. 5
95. 4
94. 5
1965. . .
1966. . .
1967.
. .
1968.
..
1969. . .
1970.
. .
1971.
..
1972.
. .
1973. ..
1974.
. .
1975.
. .
1976. . .
1977.
. .
1978. . .
1979. ..
1980...
1981...
94.
105.
102.
100.
104.
112.
111.
120.
143.
202.
190.
201.
204.
214.
255.
288.
4
5
9
2
0
2
3
6
8
3
3
4
9
8
3
8
95.
107.
100.
100.
103.
112.
114.
121.
150.
205.
185.
198.
209.
218.
261.
295.
6
6
5
5
2
3
6
8
5
5
0
4
6
4
4
1
95.
107.
99.
101.
104.
113.
113.
121.
157.
198.
182.
196.
212.
222.
266.
288.
9
0
2
0
6
6
1
7
4
9
4
6
7
3
5
4
97.0
106.4
98.1
101.4
105.8
113.5
115.1
123.7
159.9
193.6
190.1
204.1
218.5
231.0
271.2
283.1
98.5
105.6
99.2
100.7
108.7
111.7
115.0
125.4
167.8
186.1
195.4
203.2
216.3
232.5
271.4
286.1
100.9
105.5
100.2
100.1
110.1
111.8
115.5
126.0
175.6
176.9
196.4
208.3
209.5
239.1
274.6
288.3
99.
106.
99.
101.
109.
112.
114.
127.
167.
190.
199.
207.
206.
237.
277.
303.
7
7
9
1
0
1
6
9
6
9
4
1
8
5
4
6
100.
107.
100.
101.
110.
111.
114.
128.
204.
200.
201.
203.
203.
234.
272.
317.
6
3
0
3
0
0
4
8
8
8
3
2
4
5
4
5
100.
10b.
99.
102.
109.
113.
113.
129.
194.
194.
206.
202.
203.
240.
281.
321.
4
8
6
0
8
4
9
3
4
6
0
6
6
4
1
8
101.
105.
100.
102.
111.
113.
116.
130.
186.
202.
208.
201.
204.
246.
283.
327.
3
1
1
4
1
4
3
7
9
0
0
3
8
4
7
2
102.
103.
99.
1U4.
112.
112.
118.
134.
188.
205.
205.
202.
209.
247.
287.
330.
5
2
5
b
5
0
3
2
6
0
6
5
0
5
2
7
104.
102.
100.
103.
112.
110.
118.
140.
188.
196.
204.
205.
212.
249.
290.
328.
6
3
6
5
1
3
9
0
9
6
6
9
7
9
9
1
95.
106.
100.
100.
103.
112.
113.
121.
150.
202.
185.
198.
209.
218.
261.
290.
3
7
9
6
9
7
0
4
6
2
9
8
1
5
1
8
98.
105.
99.
100.
108.
112.
115.
125.
167.
185.
194.
205.
214.
234.
272.
285.
8
8
2
7
2
3
2
0
8
5
0
2
8
2
4
8
100.
106.
99.
101.
109.
112.
114.
128.
188.
195.
202.
204.
204.
237.
277.
314.
2
9
8
5
6
2
3
7
9
4
2
3
6
5
0
3
102.
103.
100.
103.
111.
111.
117.
135.
188.
201.
206.
203.
208.
247.
287.
328.
8
5
1
6
9
9
8
0
1
2
1
2
8
9
3
7
99.
105.
100.
101.
108.
112
115
127.
173
196
196.
205
214
240
282
304
3
7
0
6
4
3
0
6
9
1
9
1
3
2
2
6
331-C. CHANGE IN INDEX OF PRODUCER PRICES, CRUDE MATERIALS FOR FURTHER PROCESSING,
(MONTHLY RATE PERCENT)
OVER 1-MONTH SPANS 1
AVERAGE FOR PERIOD
-0. 9
0. 4
2 5
-0. 9
-0. 2
-0. 5
0 .6
-3. 1
0. 4
0 4
0. 9
-0. 5
-0. 1
-0. 3
0 6
0 8
u 2
-1. 4
0.
3. 5
0. 3
-2. 3
1. 4
-1. 7
0. 2
1. 7
1. 1
-1. 7
-0. 5
0. 4
1. 2
-0. 9
-2. 8
-0. 2
-1. 7
-2. 4
0. 7
2. 2
-1. 4
-0 5
0. 5
-0 2
0. 3
-0 8
0 9
-0 1
0 4
0
-0 1
-1 2
0 2
2. 6
-I. 0
2. 0
-0. 9
-0. 3
-1. 1
-0. 6
0. 1
0. 8
0. 7
-0. 4
-0. 2
-0. 3
-1. 0
-0. 6
0. 4
-0 5
-1. 2
-0. 3
2. 5
-1. 9
-0. 7
0. 7
-0. 6
-0. 3
0. 6
-0. 2
-0. 3
-0. 4
-0. 6
0. 9
1. 4
-0. 1
1. 1
-1
0
2
0
-1
-0
-0
-1
0
0
-0
-0
0
0
-0
-0
-0
8
2
0
6
0
3
1
1
6
3
1
b
4
4
6
5
3
-0
-0
1
0
-0
-0
-0
-0
0
0
0
-0
0
0
0
-0
0
5
9
8
7
6
5
7
5
2
5
-3. 0
0. 2
0.
2. 4
-0. 4
-1. 9
0. 7
-0. 3
-0. 2
-0. 6
0. 6
-0. 8
0. 9
0. 3
-1. 4
0. 4
-0 8
2
5
4
7
2
2
4
4
1
1
3
3
1
5
2
4
0. 9
-1 6
0. 5
0. 4
1 2
0
2 1
1 1
-3 9
3 8
1 0
-0 6
0 6
2 5
0 9
1 7
1
-1
-0
2
1
-1
1
2
0
1
-1
0
2
0
1
1
2. 0
-0. 9
1. 1
-1. 2
-0. 4
-1. 5
0. 5
4. 3
0. 2
-4 1
-0 5
1 7
1 8
1 0
1 3
-0 8
0
0
-1
0
0
0
0
0
4
1
-2
-1
1
1
2
-0
2
8
0
1
4
5
9
8
0
8
5
3
1
5
2
3
1 7
-0. 5
0. 3
-0. 3
1 7
-0 5
0 7
1 2
3. 7
-3 8
2 5
2 0
-0 5
2 4
1 0
0
-0. 2
0. 4
-0. 2
0. 6
-0. 1
0. 5
-0. 5
0. 9
4. 2
3. 3
1. 6
-0. 9
-0. 9
0. 2
0. 8
3. 8
1
-1
0
0
0
-0
1
2
-0
0
-0
0
1
1
1
0
4
4
3
5
7
9
4
7
9
4
2
6
5
3
1
7
0
-0
-0
0
0
-0
0
1
2
0
0
0
0
1
1
1
8
2
1
2
7
1
6
4
7
4
4
1
3
4
3
0
5 8
-19 5
12 2
18 0
-9 4
-10 5
3 4
-3 6
5.0
-1 6
5 7
-2 4
0 8
-2 7
-2 1
-6 6
-3 3
4 4
-11 8
26.8
-13 1
-5 8
-2 7
-5 3
-3 7
7 7
4 6
0 2
-3 8
-2 9
-1 8
0 5
-0 2
-0 1
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
2. 7
-3. 2
-0. 2
4. 0
-1. 9
-1. 0
1. 3
0. 7
-0. 1
-0. 9
-0. 3
-0. 1
0. 1
0. 2
0. 1
-1. 1
1. 4
-5. 2
-3.0
3. 0
3. 8
-1. 0
-0. 7
-0. 2
-0. 4
1. 5
-1. 1
1. 6
-0. 5
0.1
0. 4
-0. 2
-1. 2
-1. 2
-2. 5
-0. 9
-0. 6
-1. 1
-1. 4
0. 3
0. 3
-0. 9
-0. 4
-0. 5
1. 4
0. 2
0. 9
-0. 6
-0. 3
-1. 4
0. 4
2.1
-1.6
0.5
-0.2
-0.2
-2.6
0.4
0.8
1.7
-0.2
-1.5
0.7
0.
-0.4
-1.1
0.6
-0.1
3.3
-0.4
3.7
-1.5
-0.2
0.8
-0. 4
-2.6
1.3
-0.3
1.8
-0.8
0.2
-1.0
-0.2
-0.3
-0.3
2.3
-1.1
1.7
-1.0
-0.5
-1.5
-1.9
2.0
-0.6
2.6
-1.4
-0.5
-1.0
-1.6
-0.4
0.8
-1.2
-0. 3
-1. 9
3. 7
-3. 5
-0. 1
3. 1
-0. 5
-0. 9
-0. 1
1. 7
0. 4
-1. 0
-0. 1
1. 1
0. 9
0. 4
0 5
-1. 4
0. 2
2. 0
-1. 5
0. 2
_1 9
-0. 3
-1 1
1. 7
0 2
-0. 7
-0. 8
-2. 1
2. 4
0. 7
-0 4
0 4
-1
0
1
-0
-2
0
-0
1
0
-2
-0
0
0
-0
2
-0
2
9
9
7
8
3
8
9
2
1
1965...
1966...
1967.
. .
1968...
1969.. .
1970.
. .
1971.. .
1972.
. .
1973. ..
1974.
. .
1975. ..
1976.. .
1977.
. .
1978.. .
1979. ..
1980.. .
1981...
-0. 9
0. 9
0. 6
-0. 4
0. 5
0. 1
0. 9
1. 4
2. 7
7.1
-3. 2
-1. 6
-0. 5
1. 0
2. 2
-0. 7
1. 3
2. 0
-2. 3
0. 3
-0. 8
0. 1
3. 0
1. 0
4. 7
1. 6
-2. 8
-1. 5
2. 3
1. 7
2. 4
2. 2
0 3
-0 6
-1 3
0 5
1 4
1 2
-1 3
-0 1
4 6
-3 2
-1 4
-0.9
1 5
1 8
2 0
-2 3
1.1
-0.6
-1.1
0.4
1.1
-0.1
1.8
1.6
1.6
-2.7
4.2
3.8
2.7
3.9
1.8
-1.8
1.5
-0.8
1.1
-0.7
2.7
-1.6
-0.1
1.4
4.9
-3.9
2.8
-0.4
-1.0
0.6
0.1
1.1
2.4
-0.1
1.0
-0.6
1.3
0.1
0.4
0.5
4.6
-4.9
0.5
2.5
-3.1
2.8
1.2
0.8
-1. 2
1. 1
-0. 3
1. 0
-1. 0
0 3
-0 8
1 5
-4 6
7 9
1 5
-0 6
-1 3
-0 7
1 0
5 3
0
0
0
0
0
-1
-0
0
22
5
1
-1
-1
-1
-1
4
9
6
1
2
9
0
2
7
2
2
0
9
6
3
8
6
-0
-0
-0
0
-0
2
-0
0
-5
-3
2
-0
0
2
3
1
2
8
6
3
3
2
7
7
9
5
2
6
1
4
2
1
331-C. CHANGE IN ]NDEX OF PRODUCER PRICES, CRUDE MATERIALS FOR FURTHER PROCESSING,
COMPOUND ANNUAL KATE, JERCENT)
OVER 6-MONTH SPANS2
1948.
. .
1949.
. .
1950.
..
1951.. .
1952.
..
1953...
1954...
1955.
..
1956.. .
1957...
1958.
..
1959...
1960.
. .
1961...
1962...
1963.
. .
1964...
3. 6
-20. 2
6. 2
28. 0
-9. 8
-12. 2
5. 5
-1.8
-0. 6
-1. 2
5. 5
-1. 0
0. 2
-0 2
-1. 2
-6 6
-2 9
1965...
1966.
..
1967.
. .
1968.. .
1969. . .
1970.
..
1971.. .
1972...
1973.
. .
1974...
1975...
1976. ..
1977.
..
1978.. .
1979...
1980...
1981...
3
10
-12
2
6
4
3
13
49
7
-11
-3
17
27
21
-0
1
6
6
-7
2
7
-1
5
12
56
-2
-9
-2
14
23
20
-0
4
1
6
4
6
4
4
4
3
6
1
3
1
8
2
8
4
-18
17
8
-10
-8
-1
-1
6
-1
3
-2
0
-5
-4
-5
-1
7
9
1
0
0
9
0
0
9
0
2
0
6
9
2
0
9
12 1
1 7
-4 1
-1 0
13 2
-0 5
9 7
12 3
57 3
-12 3
-0 2
3 6
3 .5
26 4
20 . 7
-1 .8
-1.4
-16.7
26.5
-7.1
-6. 7
-1.3
-4.4
-4.2
6.9
4.2
4.6
-3.7
0.2
-4.3
-2.6
-2.1
-3.5
6.7
-11.U
24.1
-16.4
-4.4
-3.8
-4.6
-5.6
7.5
7.0
0.
-4.3
-4.1
-0.4
-0.8
-0.4
-0.4
11.5
2.3
-5.7
1.8
9.8
-0.2
6.0
12.5
35.8
-11.0
9.8
5. 7
1.9
22.3
18.1
10.5
10.7
-0.6
-1.0
1.6
13.6
-2.3
-0.3
11.8
85.2
-4.5
18.4
4.9
-5.8
15.3
8.6
15.8
This series contains revisions beginning with 1976.
100
6
3
9
6
8
4
0
1
7
3
4
7
8
2
1
4
9. 1
-19. 3
13. 3
18. 1
-8. 4
-10. 5
5. 7
-8. 0
8. 7
-2 6
8. 4
-4 2
1 6
-2 1
-1 0
-8 3
-5 1
2
8.0
-7.8
29.8
-15.8
-6.2
-2.9
-6.9
-1.4
8.6
2.5
-4.0
-3.5
-4.8
-0.6
4.8
1.9
3.6
9.6
-0.4
0.8
2.0
10.2
-0.4
1.4
12.9
52.5
-4.3
27.6
6. 2
-8.4
16.9
11.3
24.5
-2
-4
28
-11
-6
-1
-6
-3
4
1
0
-6
-3
0
4
1
2
4
3
5
5
5
4
3
6
6
6
4
0
8
2
5
1
9 1
-2 4
4 1
2 0
10 3
-0 2
2 1
11 6
36 .6
8 .9
19 .7
-2 .7
-12 .1
13 .8
9 .4
33 .6
-10
-2
25
-10
-6
-3
-4
-4
2
3
-1
_5
-3
2
5
3
3
2
7
6
5
5
9
4
5
7
1
7
9
6
3
9
8
2
8 3
-4 .5
0 .6
8 3
7 .1
0 5
5. b
14 .5
26 .3
21 .3
10 . 7
-0 .7
-6 .6
13 .3
12 .0
33 . 6
-16 6
-0 4
30 3
-8 0
-9 9
1 8
-4 1
-7 8
7 5
0 2
-2 3
-5 9
-0 8
8 2
4 .9
-3 .5
5. 2
7. 5
-6 .0
0. 8
6 .9
3. 7
-2 . 7
6 .0
23 .5
15 .7
23 .5
8 .5
-2 .3
3 .1
9 .2
12 .2
29.5
-21
3
31
-4
-11
-1
-1
-6
5
-3
_3
-3
-0
6
0
-1
2
3
0
0
9
4
7
8
3
8
7
3
8
2
2
6
7
2
12 0
-7 0
0 6
5 8
t> 0
-1 4
10 7
26 4
45 7
-0 .6
2 .0
-2 .1
7. 9
15 .6
8. 4
17 .3
This series contains revisions beginning with 1975.
-23
b
35
-3
-12
1
-2
-1
0
-1
-2
-2
4
0
-3
-3
3
9
3
2
4
6
3
1
4
1
AVERAGE FOR PERIOD
9
7
7
9
9
8
0
2
0
9
0
9
8
3
1
9
14 4
-12 .3
1 0
3 .8
4 .2
6 b
13 . 4
36 .5
0 .7
-15 .1
-2 . 9
6. 4
15 .3
24 .3
17 .4
8 .9
-22
5
2b
-5
-8
0
-2
-4
-1
7
-1
-1
2
1
-10
-1
-0
3
6
4
2
1
8
0
5
2
4
2
4
5
7
3
9
4
13 6
-13 7
2 8
5 2
7 0
-0 5
14 2
48 2
4 7
-12 1
-8 9
10 2
19 2
22 .9
5 .3
3 .3
7 4
6 0
-8 2
1 3
9 2
0 8
6. 0
12 .6
54 4
-2 .5
-6 .9
-0 .8
11 .8
25.8
20 . 7
-1.0
10 6
0 4
-2 0
1 8
11 2
-1 0
2 4
12 4
57 8
-6 6
18 6
5 6
-4 1
18 2
12 7
16 .9
-9. 7
-2 5
28 1
-10. 0
-7. 6
-1 2
-4 9
-5 3
4 9
1 6
-1 3
-6 1
-2 5
3 8
5.0
0 6
3 5
8
-4
1
5
7
-0
4
16
26
17
13
-1
-5
12
11
32
3
3
8
7
0
8
6
5
2
9
0
9
2
1
2
2
-22 5
5 8
31 7
-4 7
-10 8
0 3
-1 9
-4 0
1 5
0 9
-2 5
-2 4
2 4
2 9
-4 3
-2 .2
1 9
-5 5
-7 0
24 7
-2 4
-8 4
-3 5
-2 .2
-4 .2
4 .8
1 .4
0 .5
-3 .7
-0 .5
0. 5
-0 .2
-2 .1
0 .5
13 .3
-11 . 0
1 .5
4 .9
5 .7
1 .6
12 .8
37 .0
17 .0
-9 .3
-3 .3
4 .8
14 .1
20 .9
10 .4
9 .8
9 .9
-2 .2
-1 .7
3. 4
8 .3
0 .2
6 .4
19 .6
38 .9
-0 .1
5 .4
1 .9
4. 2
19.2
13 .7
14 .5
(JUNE 1981)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
33i .
Mar.
Apr.
INDEX OF PRODUCER
May
PRICES,
June
July
Aug.
Sept.
Oct.
INTERMEDIATE MATERIALS, SUPPLIES AND COMPONENTS
(1967=100)
Nov.
Dec.
IQ
II Q
III Q
IV Q
Annual
1
AVERAGE FOR PERIOD
1948...
1949...
1950...
1951.
. .
1952.. .
1953.
. .
1954.
. .
1955.. .
1956.. .
1957...
1958...
1959...
1960...
1961...
1962...
1963. ..
1964...
77.5
78.0
74.0
88.5
86.2
84.9
86.5
86.5
90.2
93.8
94.3
95.0
95.8
95.2
94.8
94.7
95.7
76. 8
77. 2
74.4
89.2
86.0
84.9
86.4
86.9
90.4
94.1
94.0
95.2
95.8
95.3
94.8
94.7
95.6
77.0
76.7
74.7
89.3
85.5
85.3
86.4
86.8
91.1
94.0
94.0
95.3
95.9
95.4
94.9
94.6
95.4
77.7
75.8
75.1
89.4
85.4
85.3
86.5
87.0
91.6
93.9
94.0
95.5
95.8
95.3
95.0
94.5
95.4
78.1
75.4
76.2
89.3
85.2
85.9
86.6
87.2
92.0
93.8
94.0
95.9
95.6
95.0
95.1
95.2
95.3
78.8
74.9
76.7
89.0
85.5
86.2
86.4
87.4
92.1
94.0
94.1
95.8
95.8
94.8
95.0
95.4
95.1
78.9
74.7
78.3
88.1
85.3
86.8
86.6
88.1
91.3
94.2
94.2
95.8
95.7
94.7
95.1
95.3
95.2
79.2
74.3
79.5
86. 9
85.5
86.5
86.4
88.4
92.3
94.5
94.3
95.7
95.6
94. 7
95.0
95.3
95.2
79.3
74.0
81.2
86.7
85.6
86.4
86.3
89.2
92.6
94.4
94.4
95.6
95.6
94.7
95.0
95.3
95.4
78.9
73.9
82.7
86.5
85.4
86. 4
86.2
89.6
93.1
94.2
94.5
95.7
95.5
94.5
94.9
95.6
95.8
78.9
73.7
83.6
86.6
85.1
86.3
86.5
89.7
93.2
94.3
94.6
95.8
95.3
94.7
94. 8
95.6
95.8
78.3
73.7
86.1
86.4
84.8
86.4
86.4
89.9
93.4
94.4
95.0
95.7
95.1
94.9
94.8
95.7
96.0
77.1
77.3
74.4
89.0
85.9
85.0
86.4
86.7
90.6
94.0
94.1
95.2
95.8
95.3
94.8
94.7
95.6
78.2
75.4
76.0
89.2
85.4
85.8
86.5
87.2
91.9
93.9
94.0
95.7
95.7
95.0
95.0
95.0
95.3
79.1
74.3
79.7
87.2
85.5
86.6
86.4
88.6
92.1
94.4
94.3
95.7
95.6
94.7
95.0
95.3
95.3
78.7
73.8
84.1
86.5
85.1
86.4
86.4
89.7
93.2
94.3
94.7
95.7
95.3
94.7
94.8
95.6
95.9
78.3
75.2
78.6
88.1
85.5
86.0
86.5
88.1
92.0
94.1
94.3
95.6
95.6
95.0
94.9
95.2
95.5
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972.
. .
1973.
..
1974.
..
1975...
1976.
. .
1977.
.'.
1978...
1979. . .
1980.. .
1981...
96.0
97.7
99.9
101.1
104.2
108.6
111.8
116.3
123.4
142.6
180.0
184.4
195.6
207.9
227.0
267.3
96.0
98.1
99.7
101.6
104.6
108.5
112.0
117.0
125.3
145.2
179.5
184.9
196.6
209.1
228.9
272.0
96.1
98.3
99.6
101.7
105.1
108.4
112.6
117.2
127.5
149.3
178.3
185.5
198.3
210.5
231.6
274.0
96.3
98.7
99.5
101.8
105.0
108.9
112.8
117.5
128.2
152.2
178.6
186.1
200.2
211.7
235.2
274.7
96.5
99.2
99.5
101.9
105.2
109.3
113.2
117.9
131.1
156.9
177.9
187.1
201.4
213.5
238.0
276.4
96.9
99.3
99.8
102.2
105.4
109.7
113.8
118.1
133.5
160.0
177.7
188.6
201.6
214.9
240.4
278.4
96.9
99.8
99.9
102.3
105.5
110.1
114.6
118.4
131.3
165.7
178.4
189.7
202.0
215.5
244.4
281.0
97.1
100.3
100. 0
102.4
106.0
110.3
115.4
118.6
135.1
173.3
180.0
190.3
202.7
217.0
247.5
283.7
97.2
100.1
100.2
102.7
106.3
110.6
115.4
119.4
133.4
173.5
180.6
192.1
203.8
218.7
251.5
285.2
97.3
99. 8
100.3
102.9
106.9
111.2
115.3
120.2
134.7
177. 4
182.4
192.3
204.2
221.0
255.5
287.6
97.6
99.9
10U.7
103.1
107.4
111.3
115.6
121.2
136.1
179.5
183.1
193.6
205.6
223.1
257.9
290.2
97.5
99.9
101.1
103.7
107.8
111.4
116.2
122.8
139.0
179.4
183.8
194.9
206.5
224.5
260.6
293.5
96.0
98.0
99.7
101.5
104.6
108.5
112.1
116.8
125.4
145.7
179.3
184.9
196.8
209.2
229.2
271.1
96.6
99.1
99.6
102.0
105.2
109.3
113.3
117.8
130.9
156.4
178.1
187.3
201.1
213.4
237.9
276.5
97.1
100.1
100.0
102.5
105.9
110.3
115.1
118.8
133.3
170.8
179.7
190.7
202.8
217.1
247.8
283.3
97.5
99.9
100.7
103.2
107.4
111.3
115.7
121.4
136.6
178.8
183.1
193.6
205.4
222.9
258.0
290.4
96.8
99.2
100.0
102.3
105.8
109.9
114.0
118.7
131.6
162.9
180.0
189.3
201.7
215.5
242.8
280.3
-0.8
0.
3.0
-0.2
-0.4
0.1
-0.1
0.2
0.2
0.1
0.4
-0.1
-0.2
0.2
0.
0.1
0.2
0.5
-0.7
0.4
1.2
-0.3
0.2
0.
0.2
0.4
0.2
-0.1
0.1
0.1
0.1
0.
-0.1
-0.1
0.8
-0.8
0.9
-0.1
0.
0.3
0.
0.2
0.3
0.
0.
0.2
0.
-0.2
0.
0.3
-0.1
-0.1
0.
0.4
0.6
0.4
0.1
0.5
1.3
2.1
-0.1
0.4
0.7
0.4
0. 6
1.0
1.1
0.
0.3
-0.1
0.2
0.5
0.2
0.4
0.3
1.3
2.4
-0.2
0.3
0.6
0.7
1.0
1.7
0.3
0.3
0.1
0.2
0.1
0.4
0.4
0.3
1.5
2.3
-0.1
0.5
0.6
0. 7
1.3
0.5
-5.0
0.3
25.9
-2.1
-1.4
-0.2
1.2
4.6
3.9
-1.1
1.9
0.2
-0.6
0.2
-0. 6
0.6
1.7
-6.4
1.9
20. 9
-2.7
-0.7
0.
1.2
4. 3
3.0
-0.8
1.9
0.6
-0.4
0.4
-0. 8
0.2
1.5
8.3
-8.3
6.2
12.6
-2.6
1.7
0.3
1.9
4.9
1.4
-0.5
2.2
0.
-0.5
0.7
0.4
-0.8
5.3
-7.5
14.8
-3.9
-1.0
3.6
0.
4.3
3.3
0.9
0.4
1.1
-0.4
-1.3
0.4
1.4
-0.6
2.1
-1 2
3.2
4.3
4.8
3.1
2.8
11.6
15.5
7.3
5.5
6.7
6.4
11.3
20.8
10.3
2.3
— 1.0
3.0
4.7
4.0
3.6
3.1
14.0
25.3
5.6
5.5
6.6
6.7
12.1
18.7
11.5
1.5
2.2
1.9
2.0
1.9
3.3
-0.5
2.5
3.8
3.7
3.6
3.7
16.3
31.0
-0.8
4.6
7.9
7.9
13.9
14.9
4.2
0.6
2.0
2.5
3.4
5.4
3.4
13.0
37.5
0.5
6.3
6.2
7.7
16.9
9.2
1. 6
2.2
2.5
4.2
3.7
4.4
6.1
8.9
30.8
5.7
6.9
4.4
9.1
17.6
10.3
— 0. 7
2.9
4.2
4.9
3.3
3.0
11.4
19.6
10.3
5.9
6.5
6.3
11.5
19.7
11.3
2.1
1.3
2.8
3.9
3.5
4.1
6.2
14.4
27.4
2.8
6.1
6.2
9.0
17.0
11.4
CHANGE IN INDEX OF PRODUCER PRICES , INTERMEDIATE MATERIALS, SUPPLIES AND COMPONENTS,
OVER 1-MONTH SPANS 1 (MONTHLY RATE , PERCENT)
3 32-C.
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961.
..
1962.. .
1963.
..
1964.
. .
2.0
-0.4
0.4
2.8
-0.2
0.1
0.1
0.1
0.3
0.4
-0.1
0.
0.1
0.1
-0.1
-0.1
0.
-0.9
-1.0
0.5
0.8
-0.2
0.
-0.1
0.5
0.2
0.3
-0.3
0.2
0.
0.1
0.
0.
-0.1
0.3
-0.6
0.4
0.1
-0.6
0.5
0.
-0.1
0.8
-0.1
0.
0.1
0.1
0.1
0.1
-0.1
-0.2
0.9
-1.2
0.5
0.1
-0.1
0.
0.1
0.2
0.5
-0.1
0.
0.2
-0.1
-0.1
0.1
-0.1
0.
0.5
-0.5
1.5
-0.1
-0.2
0.7
0.1
0.2
0.4
-0.1
0.
0.4
-0.2
-0.3
0.1
0.7
-0.1
0.9
-0.7
0.7
-0.3
0.4
0.3
-0.2
0.2
0.1
0.2
0.1
-0.1
0.2
-0.2
-0.1
0.2
-0.2
0.1
-0.3
2.1
-1.0
-0. 2
0.7
0.2
0.8
-0. 9
0.2
0.1
0.
-0.1
-0.1
0.1
-0.1
0.1
0.4
-0.5
1.5
-1.4
0. 2
-0.3
-0.2
0.3
1.1
0.3
0.1
-0.1
-0.1
0.
-0.1
0.
0.
0.1
-0.4
2.1
-0. 2
0.1
-0.1
-0.1
0.9
0.3
-0.1
0.1
-0.1
0.
0.
0.
0.
0.2
-0.5
-0.1
1.8
-0.2
-0.2
0.
-0.1
0. 4
0.5
-0.2
0.1
0.1
-0.1
-0.2
-0.1
0.3
0.4
0.
-0.3
1.1
0.1
-0.4
-0.1
0.3
0.1
0.1
0.1
0.1
0.1
-0.2
0.2
-0.1
0.
0.
1965...
1966...
1967...
1968.. .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
0.
0.2
0.
0.
0.5
0.7
0.4
0.1
0.5
2.6
0.3
0.3
0.4
0.7
1.1
2.6
0.
0.4
-0.2
0.5
0.4
-0.1
0.2
0.6
1.5
1.8
-0.3
0.3
0.5
0.6
0.8
1.8
0.1
0.2
-0.1
0.1
0.5
-0.1
0.5
0.2
1.8
2.8
-0. 7
0.3
0.9
0.7
1.2
0.7
0.2
0.4
-0.1
0.1
-0.1
0.5
0.2
0.3
0.5
1.9
0.2
0.3
1.0
0.6
1.6
0.3
0.2
0.5
0.
0.1
0.2
0.4
0.4
0.3
2.3
3.1
-0.4
0.5
0.6
0.9
1.2
0. b
0.4
0.1
0.3
0.3
0.2
0.4
0.5
0.2
1.8
2.0
-0.1
0.8
0.1
0.7
1.0
0.7
0.
0.5
0.1
0.1
0.1
0.4
0.7
0.3
-1.6
3.6
0. 4
0. 6
0.2
0.3
1.7
0.9
0.2
0.5
0.1
0.1
0.5
0.2
0.7
0.2
2.9
4.6
0.9
0.3
0.3
0.7
1.3
1.0
0.1
-0.2
0.2
0.3
0.3
0.3
0.
0.7
-1.3
0.1
0.3
0.9
0.5
0.8
l.fa
0.5
0.1
-0.3
0.1
0.2
0.6
0.5
-0.1
0.7
1.0
2. 2
1.0
0.1
0.2
1. 1
1.6
0.8
0.3
0.1
0.4
0.2
0.5
0.1
0.3
0.8
1.0
1.2
0.4
0.7
0.7
1.0
0.9
0.9
3 32-C.
1948...
1949. . .
1950.
. .
1951.
..
1952...
1953...
1954.
. .
1955...
1956...
1957.. .
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1967...
1968...
1969...
1970...
1971...
1972.
..
1973...
1974...
1975...
1976.. .
1977.
..
1978.
..
1979...
1980...
1981...
CHANGE IN INDEX OF PRODUCER PRICES , INTERMEDIATE MATERIALS, SUPPLIED
OVER 6-MONTH SPANS2
(COMPOUNL ANNUAL RATE, PERCENT)
9.4
-7. 7
3.3
16.9
-2.5
-0.2
0.2
1.9
4. 5
1.7
-0.4
2.1
0.2
-0.4
1.1
-0. 8
-0.4
7.9
-8.7
6. 9
14.1
-3.2
1.9
0.7
1.6
5.2
1.3
-0.6
2. 8
-0.4
-0.6
0. 8
0. 8
-0.6
7.5
-8.5
8.3
6.8
-2.1
3.3
0.
2.3
5.0
1.3
-0.6
1.7
0.2
-0.6
0.2
1.3
-1.3
3.6
-8.3
12.0
-0.9
-2.1
4.5
0.2
3.7
2.5
0.9
-0.2
1.7
-0.2
-1.0
0.6
1.3
-1.0
6.3
-7.4
14.2
-5.1
-1.2
3.8
0.
3.5
4.2
0.9
0.6
1.1
-0.4
-1.3
0.4
1.3
-0.8
6.1
-6.9
18.2
-5.7
0.2
2.6
-0.2
5.6
3.3
0.9
0.9
0.6
-0.6
-1.5
0.2
1.5
0.
3.1
-5.0
21. 3
-6.4
0.
2.6
-0.7
6.1
3.3
0.6
1.1
0.4
-o.e
-1."
-0.2
2.:
0. 8
-2.3
-1.9
27.8
-4.3
-0.9
-0.7
-0.2
4.8
5.6
0.2
1.0.
-l.C
0. 2
1.2
1 2
2.6
3.0
4. 6
3.1
4.3
8.1
8.4
25.7
7.0
6.8
4.9
9.1
17.5
11.1
1."
1.9
1.9
2.3
2.3
2.1
2.3
-0.6
3.0
4.1
3.8
2.9
3.9
13.8
27.7
1.4
4.1
8.4
7.5
13.3
15.6
-0.8
2.4
4.1
3.6
3.4
4.0
17.0
32.9
-1.8
4.4
8.2
7.8
13.8
14.9
-0.2
2.2
3.3
3.6
4.4
3.3
18.2
32.5
-1.9
5.3
7.0
8.3
14.7
14.1
0.
2.4
2.5
2.8
5.1
3.6
13.2
35.0
-1.8
5.8
6.7
7.4
15.9
10.5
0.6
1.6
2.7
3.3
6.2
2.8
16.3
42.4
0.6
5.9
6.3
7.7
16.9
8.8
1.2
2.0
2.3
4.1
5.0
3.8
9.5
35.0
2.6
7.2
5.6
7.9
17.9
8.3
i.e
2.4
2.4
4.2
3.7
4.3
5.7
7.8
30.9
5.9
7.1
4.2
9.2
17.4
10.2
This series contains revisions beginning with 1976.
-0.4
-0.1
2.0
-0.1
-0.3
0.
0.
0.2
0.3
0.
0.2
0.
-0.2
0.1
-0.1
0.1
0.2
0.2
-0.5
1.3
0.
-0.1
0.2
0.
0.3
0.3
0.1
0.
0.1
0.
0.
0.
0.1
0.
0.1
0.3
0.1
0.2
0.3
0.3
0.5
0.4
0.
2.8
0.5
0.6
0.3
0.6
1.5
0.8
0.1
-0.1
0.3
0.3
0.5
0.2
0.2
0.9
1.4
1.1
0.6
0.5
0.4
0.9
1.2
0.9
0.1
0.2
0.1
0.2
0.3
0.3
0.4
0.5
1.0
2.2
0.2
0.5
0.5
0.7
1.2
1.0
AVERAGE FOR PERIOD
-1.3
-3.2
26.0
-5.8
-1.6
0.5
0.
5.8
2.8
0.9
1.9
-0.2
-1.5
0. 2
-0.4
0.6
1.9
1.5
0.2
-0.4
1.9
-0.9
0.
0.1
0.
0.7
0.2
0.1
0.1
-0.1
-0.1
0.
0.
0.
0.1
COMPONENTS,
2.1
-4.5
20.4
-6.0
-0. 2
0.9
-0.2
5.8
2.6
1.1
1.3
-0.2
-0.6
-0.6
-0.6
0. 8
1.1
1.0
2.2
3."
4.:
4.5
4.6
10.4
35. S
4.:
6.E
4.C
9.C
18.C
9.6
AND
AVERAGE FOR PERIOD
-o.e
0. £
1.-
2.A
3."
6. I
3.]
3.C
8.6
18.C
18.C
6.E
6.:
5.S
11.C
19.6
12. C
This series contains revisions beginning with 1975.
1.3
-4.2
22.6
-6.1
-0.6
1.3
-0.3
5.9
2.9
0.9
1.4
0.
-0.9
-0.7
-0.4
1.2
1.3
-4.6
0.1
24.9
-3.0
-1.0
-0.3
0.7
4.6
4.2
-0.6
1.8
0.3
-0.7
0.3
-0.7
0.5
1.6
2.6
-5.0
17.1
-0.1
-1.3
1.6
0.2
4.2
3.8
0.7
0.8
0.9
-0.5
-0.6
0.
0.9
0.4
(JUNE 1981)
101
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
333. INDEX 0 "" P R O D U C E R P R I C E S , CAPITAL EQUIPMENT
(1967=100)
Oct.
Nov.
Dec.
IQ
III Q
HQ
IV Q
Annual
]
AVERAGE FOR PERIOD
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
57.6
63.2
62.8
70.1
71.8
72.4
74.2
75.0
79.4
85.9
89.4
90.7
91.6
91.8
92.0
92.2
92.6
57.9
63.6
62.8
70.4
72.4
72.4
74.3
75.1
79.9
86.3
89.5
90.8
91.7
91.7
92.0
92.2
92.7
58.1
63.8
63.0
71.0
72.5
72. 7
74.3
75.3
80.4
86.6
89.5
91.2
91.8
91.8
92.1
92.2
93.0
58.4
63.9
63.3
71.2
72.5
73.0
74.5
75.5
81.2
86.8
89.6
91.3
91.7
91.8
92.2
92.2
93.1
58.8
63.8
63.6
71.4
72.6
73.3
74. 6
75.8
81.7
87.0
89.7
91.6
91.6
91.8
92.2
92.2
93.4
59.6
63.7
63.8
71.5
72.7
73.9
74.6
76.1
82.0
87.1
89.7
91.9
91.7
91.9
92.1
92.3
93.3
60.7
63.7
64.4
71.5
72.8
74.2
74.7
76.4
82.1
87.7
89.7
91.8
91.8
91.8
92.3
92. 3
93.5
61.8
63.3
65.4
71.3
72.5
74.1
74.5
77.1
82.8
88.0
89.6
91.8
91.9
91. 8
92.3
92.3
93.b
62.4
63.0
66.1
71.4
72.5
74.2
74.5
77.9
84.0
88.4
89.6
91.9
91.1
91.9
92.3
92.5
93.6
62.8
63.0
66.8
63.0
62.9
67.4
63.2
62.8
69.3
57.9
63.5
62.9
58.9
63.8
63.6
61.6
63.3
65.3
63.0
62.9
67.8
72.3
74.2
74.5
78.7
84.8
88. 7
89.8
91.8
91.7
92.0
92.2
92.6
93.6
72.3
73.9
74.5
78.6
85.5
89.0
90.2
91.5
91.6
91.9
92.2
92.6
93.6
72.3
74.0
74.9
79. 0
85. 6
89.3
90. 5
91.5
91.6
91.9
92.3
92.8
93.5
72.2
72.5
74.3
75.1
79.9
86.3
89.5
90.9
91.7
91.8
92.0
92.2
92.8
72.6
73.4
74.6
75.8
81.6
87.0
89.7
91.6
91.7
91.8
92.2
92.2
93.3
72.6
74.2
74.6
77.1
83.0
88.0
89.6
91.8
91.6
91.8
92.3
92.4
93.6
72.3
74.0
74.6
78. 8
85.3
89.0
90.2
91.6
91.6
91.9
92.2
92.7
93.6
60.4
63.4
64.9
71.2
72.4
73.5
74.5
76.7
82.4
87.6
89.7
91.5
91.6
91.8
92.2
92.4
93.3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975. ..
1976...
1977...
1978.. .
1979...
1980...
1981...
93.9
95.0
98.8
101.9
105.1
109.8
115.3
118.1
120.2
128.1
157.0
168.8
178.9
192.2
208.1
228.2
94.0
95.4
99.1
102.2
105.4
110.2
115.7
118.7
121.1
129.2
158.3
169.6
179.8
193.4
210.0
230.0
94.2
95.6
99.1
102.4
105.6
110.6
115.9
118.9
121.7
130.9
159.9
170.6
180.6
194.5
211.4
232.1
94.4
95.9
99.4
102.9
105.8
110.8
116.2
119.3
122.3
132.4
160.8
171.3
181.5
195.4
213.3
235.8
94.3
9b.3
99. 7
103. 3
106.2
111.2
116.5
119.5
123.2
136.0
161.4
171.8
182. 5
196.9
214.7
236.6
94. 4
96.7
99.8
103. 4
106.5
111.4
116.6
119.7
123. 5
138.9
162.0
172.7
183.5
198.6
215.9
238.2
94.5
97. 0
99. 9
103.7
107.0
111.9
117.1
119.9
123.7
141.8
163.1
173.5
184.5
199.9
217.5
241.1
94.6
97. 2
100. 2
104. 0
107.2
112.2
117.4
119.9
124.1
145.5
163.4
174.5
186.1
201.5
217.9
243.6
94. 8
97.4
100. 4
104. 2
107.7
112.7
117.2
120.2
124.6
148.3
164.7
175. 8
187. 2
202.9
219.6
243.9
94.6
97.8
100.9
104.5
108.1
114.0
116.9
119.6
124.9
151.5
165.6
176.4
188.9
203.4
221.4
248.1
94. 8
98.3
101.2
104.7
108.9
114.6
116.9
119.8
125.5
153.7
166.8
177.2
190.3
205.5
223.1
249.7
94. 9
98. 6
101.6
104.7
109.4
114.9
117.7
120. 2
126.6
155.1
167.7
178.7
191.5
206.6
224.8
250.8
94. 0
95.3
99.0
102.2
105.4
110.2
115.6
118.6
121.0
129.4
158.4
169.7
179.8
193.4
209.8
230.1
94. 4
96.3
99.6
103.2
106.2
111.1
116.4
119.5
123.0
135.8
161.4
171.9
182.5
197.0
214.6
236.9
94. 6
97.2
100. 2
104.0
107.3
112.3
117.2
120. 0
124.1
145.2
163.7
174.6
185.9
201.4
218.3
242.9
94. 8
98. 2
101.2
104.6
108. 8
114.5
117.2
119.9
125.7
153.4
166.7
177.4
190.2
205.2
223.1
249.5
94.4
96. 8
100. 0
103.5
106.8
112.0
116.6
119.5
123.5
141.0
162.5
173.2
184.5
199.1
216.7
239.8
3 3 3-C. CHANGfc IN INDEX OF PRODUCER PRICES, CAPITAL EQUIPMENT, OVER 1-MONTH SPANS 1
(MONTHLY R A T E , P E R C E N T )
AVERAGE FOR PERIOD
0.4
-0.1
1.6
0.1
-0.1
-0.1
0.2
0.5
0.6
0.3
0.3
-0.1
0.2
0.
0.
0.1
0.
1948...
1949.. .
1950.. .
1951.. .
1952.
. .
1953.. .
1954.
. .
1955. . .
1956. . .
1957.. .
1958.
. .
1959...
1960...
1961...
1962...
1963...
1964...
0.7
0.
0.
1.2
0.1
0.1
0.3
0.1
0.5
0.4
0.1
0.2
0.1
0.2
0.1
-0.1
-0.2
0.5
0.6
0.
0.4
0. 8
0.
0.1
0.1
0.6
0.5
0.1
0.1
0.1
-0.1
0.
0.
0.1
0.3
0.3
0.3
0.9
0.1
0.4
0.
0.3
0.6
0.3
0.
0.4
0.1
0.1
0.1
0.
0.3
0.5
0.2
0.5
0.3
0.
0.4
0.3
0. 3
1.0
0. 2
0.1
0.1
-0.1
0.
0.1
0.
0.1
0.7
-0. 2
0.5
0.3
0.1
0.4
0.1
0. 4
0.6
0.2
0.1
0.3
-0.1
0.
0.
0.
0.3
1.4
-0.2
0.3
0.1
0.1
0.8
0.
0. 4
0. 4
0.1
0.
0.3
0.1
0.1
-0.1
0.1
-0.1
1.8
0.
0.9
0.
0.1
0. 4
0.1
0. 4
0.1
0.7
0.
-0.1
0. 1
-0.1
0.2
0.
0.2
1.8
-0. 6
1.6
-0.3
-0.4
-0.1
-0.3
0. 9
0. 9
0.3
-0.1
0.
0.1
0.
0.
0.
0.1
1.0
-0. 5
1.1
0.1
0.
0.1
0.
1.0
1.4
0.5
0.
0.1
-0.9
0.1
0.
0.2
0.
0.6
0.
1.1
0.4
-0.3
0.
0.
1.0
1.0
0.3
0.2
-0.1
0.7
0.1
-0.1
0.1
0.
0.3
-0.2
0.9
0.
0.
-0.4
0.
-0.1
0.8
0.3
0.4
-0.3
-0.1
-0.1
0.
0.
0.
0.3
-0. 2
2.8
0.
0.
0. 1
0.5
0. 5
0.1
0.3
0. 3
0.
0.
0.
0.1
0.2
-0.1
0.5
0.3
0.1
0.8
0.3
0.2
0. 1
0.2
0.6
0.4
0.1
0.2
0.1
0.1
0.1
0.
0.1
0. 9
-0.1
0. 4
0.2
0.1
0.5
0.1
0. 4
0.7
0. 2
0.1
0.2
0.
0.
0.
0.
0.1
1.5
-0. 4
1.2
-0.1
-0.1
0.1
-0.1
0.8
0.8
0.5
0.
0.
-0.2
0.
0.1
0.1
0.1
1965...
1966.. .
1967...
1968...
1969...
1970.
. .
1971.. .
1972.. .
1973...
1974. . .
1975.. .
1976...
1977.. .
1978...
1979.. .
1980.. .
1981.. .
0.4
0.1
0.2
0.3
0.4
0.4
0.3
0.3
0.
1.2
1.2
0. 7
0.1
0.4
0.7
1.5
0.1
0.4
0.3
0.3
0.3
0.4
0.3
0.5
0. 7
0.9
0.8
0. 5
0.5
0.6
0. 9
0. 8
0.2
0.2
0.
0.2
0.2
0.4
0.2
0.2
0.5
1.3
1.0
0.6
0.4
0.6
0.7
0.9
0.2
0.3
0.3
0.5
0.2
0.2
0.3
0.3
0. 5
1.1
0.6
0. 4
0.5
0.5
0.9
1.6
-0.1
0.4
0.3
0.4
0.4
0.4
0.3
0. 2
0.7
2.7
0.4
0.3
0. 6
0. 8
0.7
0.3
0.1
0.4
0.1
0.1
0.3
0.2
0.1
0. 2
0.2
2.1
0.4
0.5
0.5
0.9
0. 6
0.7
0.1
0.3
0.1
0.3
0.5
0.4
0.4
0. 2
0.2
2.1
0.7
0.5
0.5
0.7
0.7
1.2
0.1
0.2
0.3
0.3
0.2
0. 3
0.3
0.
0.3
2.6
0.2
0. 6
0. 9
0. 8
0.2
1.0
0.2
0.2
0.2
0.2
0.5
0. 4
-0.2
0.3
0.4
1.9
0.8
0.7
0. 6
0.7
0.8
0.1
-0.2
0.4
0.5
0.3
0.4
1.2
-0.3
-0.5
0.2
2.2
0.5
0.3
0.9
0.2
0.8
1.7
0.2
0.5
0.3
0.2
0.7
0.5
0.
0.2
0.5
1.5
0.7
0.5
0.7
1.0
0.8
0.6
0.1
0.3
0.4
0.
0.5
0.3
0.7
0.3
0.9
0.9
0. 5
0. 8
0.6
0.5
0. 8
0.4
0.2
0.2
0.2
0.3
0.3
0.4
0.3
0.3
0.4
1.1
1.0
0.6
0.3
0.5
0.8
1.1
0.1
0.4
0.2
0.3
0.3
0.3
0.2
0.2
0.5
2.0
0.5
0.4
0. 5
0. 7
0. 7
0. 9
0.1
0.2
0.2
0.3
0.4
0.4
0.2
0.2
0.3
2.2
0.6
0.6
0.7
0.7
0.6
0. 8
13.4
-0.6
7.9
2.6
1.0
4.7
0.8
5.4
7. 8
4.1
0. 4
2.0
-0.2
0.1
0.6
0.4
1.8
14.3
-2.8
13.9
0.9
-0.8
1.7
0.2
8.0
9.2
4.7
1.1
0.
-0.1
0.2
0.1
1.0
0.6
6.3
-1.5
16.6
2.3
-0.3
0.3
1.5
7.3
8.1
3.3
2.8
-0.3
0.4
0.4
-0.2
0.9
1.0
10.2
-0.6
10.1
4.1
0. 6
2.4
1.0
6.0
8.1
4.0
1.4
1.2
0.
0.3
0.3
0. 6
1.2
333-C. CHANGE IN INDEX O F PRODUCER P R I C E S , C A P I T A L E Q U I P M E N T , OVER 6-MONTH S P A N S 2
(COMPOUND A N N U A L R A T E , P E R C E N T )
0.
0.4
0.4
0.2
0.5
0.7
0.1
0.
0.5
1.5
0.6
0.5
0.7
0. 6
0.8
0. 9
0.8
-0.1
0. 8
0.3
0.
0.2
0.1
0. 4
0.7
0.3
0.1
0.1
0.
0.
0.
0.
0.1
0.1
0.3
0.2
0.3
0. 4
0.4
0.2
0.2
0.4
1.7
0. 6
0.5
0.6
0.6
0.7
0.9
AVERAGE FOR PERIOD
1948. . .
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960.. .
1961...
1962.
..
1963...
1964. . .
6.1
3.5
1.0
13.6
2.2
1.9
0. 8
2.7
6.5
4.8
2.0
3.4
-0.2
0.2
0.4
0.
1.1
6.4
2.6
2.2
12.2
2.5
2.8
1.9
3.5
8. 0
3.5
1.6
3.1
0.2
0.4
0.7
0.
1.7
8.6
1.6
3.2
6.4
2.8
4.5
1.6
3.2
7. 7
3.5
0.9
3.1
0.4
0.7
0.4
0.
1.1
11.1
1.6
5.2
4.0
2.8
5.0
1.4
3.8
6.9
4.2
0.7
2.4
0.4
0.
0.7
0.2
2.C
13.9
-0.9
8.5
2.6
0.3
4.8
0.5
5.4
7. 4
4.0
0.2
2.2
0.4
0.2
0.7
0.2
2.0
15.3
-2.5
10.1
1.1
0.
4.2
0.5
7.0
9.2
4.2
0.2
1.5
-1.5
0. 2
0.4
0.7
1.3
15.6
-2.8
11.4
1.4
-0.6
3.3
0.
8.7
9.1
4.4
0.4
1.1
0.
0. 4
0.
0.9
1.1
14.8
-2. 8
12. 3
0. 8
-0.8
1.6
-0.3
7.5
9.5
4.7
1.1
-0.2
0.
0. 2
0.
0.9
0. 4
12.4
-2.8
18.0
0.6
-1. 1
0. 3
0.8
7.8
9.0
5.1
1.8
-0.9
-0.2
0.
0.4
1.1
0.4
8.4
-2.8
18.5
0.8
-1.1
0.
0.8
8.0
9.5
3.9
2.2
-0.4
0.
0.4
-0.2
0.7
0.9
5.9
-1.6
15.9
3.1
-0.3
0.5
1.6
7.4
8.6
3.4
2.7
-0.2
-0.4
0.4
-0.2
0.9
0.9
4.5
0.
15.4
3.1
0. 6
0. 3
2.2
6.5
6.3
2. 5
3.6
-0.2
1.5
0. 4
-0. 2
1.1
1.3
7.0
2.6
2.1
10.7
2. 5
3.1
1.4
3.1
7. 4
3.9
1.5
3.2
0.1
0.4
0.5
0.
1.3
1965.. .
1966.. .
1967.. .
1968.. .
1969...
1970.. .
1971.. .
1972.. .
1973. . .
1974.
. .
1975. . .
1976. . .
1977.. .
1978...
1979...
1980...
1981...
1.7
2.8
3.3
4.0
2.5
5.1
3.9
4.1
4.6
12.4
12.7
7.0
5. 9
7.0
10.0
13.4
1.5
3.2
2.9
4.2
2.9
4.3
3.3
4.5
5.8
17.4
10.3
6.1
6.1
7.1
9.2
12.5
1.9
3.8
2.4
3.6
3.5
3.7
3.0
3.4
5.6
20. 4
9.1
6.1
5.4
7.6
9.2
12.3
1.3
4.3
2.2
3. 6
3. 6
3.9
3.1
3.1
5.S
22.;
7.S
5.6
6.A
8.2
9.:
11.6
1.3
3.8
2.2
3. 6
3.4
3.7
3.0
2.0
5. 0
26.8
6.5
5.9
7.1
8.6
7.7
12.2
1. 3
3.8
2.6
3.5
4.0
3.8
2.3
2.2
4.8
28.4
6.1
6.2
7.4
8.8
7.9
10.4
0.4
4.L
3.1
3.1
4.4
5.9
1.2
O.h
4.:
30.£
6.1
6.C
8.:
8.4
1. '
10."
1.1
4. 2
3. 0
2.7
5.1
1.1
4. 0
3. b
2. 5
5.5
1.1
3.7
4.0
2.7
5.3
1.7
3.9
4. U
2.7
5.7
1.7
3.3
2.9
3.9
3.0
1.3
4.0
2.3
3.6
3. 7
0.9
4.1
3.2
2.8
5.0
1.5
3.7
4.0
2.7
5.5
1.3
3.8
3.1
3.2
4.3
0.7
0.5
3.8
27.7
6.8
6.4
8.7
8.9
8.0
11.4
1.9
0. 8
5.1
24. 7
7.2
7.1
8.9
8.2
8.4
10.9
1.7
0.5
7.2
22.6
7.1
6.3
8.5
8.4
10.1
10.6
2.2
2.1
8.4
18.4
7.7
6.2
8.C
8.6
11.4
10.:
1.7
3. 5
4.0
2.7
5. 5
5 8
2.9
2.5
10.4
16.3
7. 3
5.5
8.0
8. 6
11.7
11.6
4. 4
3.4
4.0
5.3
16.7
10.7
6.4
5.8
7.2
9.5
12.7
3 . fc
2.8
2.4
5.2
25.9
6.8
5.9
7.0
8.5
8.3
11.4
6. 2
1.3
0.6
4. 4
27.8
6.7
6.5
8.6
8.5
8.0
11.0
6.1
2.3
1.7
8.7
19.1
7.4
6.0
8.2
8.5
11.1
10.8
5.1
2.4
2.2
5.9
22.4
7.9
6.2
7.4
8.2
9.2
11.5
This series contains revisions beginning with 1976.
102
This series contains revisions beginning with 1975.
(JUNE 1981)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
334.
1948.. .
1949...
1950...
1951...
1952...
1953...
1954...
1955...
195b...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967. . .
1968.. .
1969. ..
1970. ..
1971.. .
1972...
1973. . .
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
Apr.
May
June
July
Aug.
Sept.
INDEX OF PRODUCER PRICES, FINISHED CONSUMER G O O D S
(1967=100)
Oct.
Nov.
Dec.
IQ
II Q
III Q
IV Q
Annual
]
AVERAGE FOR PERIOD
86.4
84.9
80.8
90.8
91.2
89.3
89.5
88. 8
88. 4
91.3
94.1
93.9
93.3
95.0
94.8
94.4
94.7
85.6
83.9
81.1
92.3
91.2
89.1
89.0
89.0
88. 6
91.7
94.1
93.8
93.3
95.4
94. 9
94.2
94.0
85.6
83.7
81.1
92.1
91.3
89.0
89.0
88. 6
89.1
91.6
95.2
93.6
94.2
94.9
94.6
93.6
94.1
86.2
83.3
81.1
92.4
91.0
88.7
89. 5
88.8
89. 0
91.8
94.6
93.9
94.4
94.4
94.3
93.7
94.1
86.7
82.9
81.7
92.6
90. 8
88. 9
89. 6
88.3
89.8
91.9
94.9
93.7
94.3
93.9
94.3
94.2
94.0
87.1
82. 8
82.1
92.3
90. 6
89.0
89.1
88.9
90.2
92.3
94.7
93.7
94.4
93.8
94.0
94.4
94.2
87.4
82.0
83.8
91.4
91.0
89.2
89.3
88.0
89.9
92.6
94.5
93.4
94.7
94.0
94.0
94.4
94.3
87.6
81.8
85.4
91.2
90.9
89.1
89.2
88.2
89.8
92.8
94.3
93.1
94.6
94.3
94.6
94.2
94.3
87.2
81.6
86.2
91.1
90.5
89.7
88.6
88.4
90.4
92.6
94. 4
94.2
94.6
94.0
95.5
94.1
94.5
86.8
81.4
86.6
91.6
90. 3
89.3
88.5
88.2
90.6
93.0
94.1
93.3
95.3
93.9
94.7
94.2
94.5
86.1
81.3
87. 5
91.7
90.0
88.9
88.7
88.4
91.0
93.4
94.0
92.9
95.5
94.0
94.8
94.3
94.4
85.5
80.8
89.2
91.8
89. 1
89.0
88. 6
88. 5
91.2
93.8
94.0
93.2
95.2
94.4
94.5
94.1
94.3
85.9
84.2
81.0
91.7
91.2
89.1
89.2
88.8
88.7
91.5
94.5
93.8
93.6
95.1
94.8
94.1
94.3
86.7
83.0
81.6
92.4
90.8
88.9
89.4
88.7
89.7
92.0
94.7
93.8
94.4
94.0
94.2
94.1
94.1
87.4
81.8
85.1
91.2
90.8
89.3
89.0
88.2
90.0
92.7
94.4
93.6
94. 6
94.1
94.7
94.2
94.4
86.1
81.2
87.8
91.7
89.8
89.1
88.6
88.4
90.9
93.4
94.0
93.1
95.3
94.1
94.7
94.2
94.4
86.5
82.5
83.9
91.8
90.7
89.1
89.1
88.5
89.8
92.4
94.4
93.6
94.5
94.3
94.6
94.2
94.3
94.5
98.2
99.5
100.9
104. 4
109.6
111.1
114.4
120.8
139.4
159.5
168.4
174.3
186.7
206.1
235.8
94.5
99. 0
99.3
101.5
104.3
109.4
111.6
114.9
122.3
142.5
159.0
167.6
176.4
188.1
208.3
239.3
94.9
99.3
99.0
101.8
104.8
109.5
111.8
114.8
125.5
143.7
158.6
167.6
178.1
189.0
210.3
242.1
95.6
99.4
99.3
102.2
105.3
109.6
112.4
114.9
126.4
144.8
160.0
168.7
179.1
191.7
212.3
243.3
95.9
99.0
99.4
102.3
106.2
109.3
112.8
115.6
127.3
146.2
161.1
168.6
180.4
192.9
213.5
244.5
96.3
98.5
100.2
102.6
106.8
109.6
113.2
116.2
128.9
145.5
162.5
169.0
180.5
194.8
214.7
246.6
96.2
98.9
100.1
102.9
106.9
109.7
112.6
116.8
128.4
149.4
164.1
169.3
181.2
196.4
217.2
251.2
96.4
100.2
100.4
103.0
107.1
109.5
113.4
117.3
134.0
152.0
165.7
169.6
182.0
196.3
219.7
254.3
96.5
100.5
100.7
103.7
107.4
110.7
113.2
118.1
133.5
153.4
166.8
170.0
182.6
198.2
224. 0
255.1
96.9
100.3
100.6
103.9
108.1
110.5
113.6
117.6
133.2
156.2
168.2
171.2
183. 5
199.7
226.6
257.1
97.3
100.0
100.8
104.0
109.0
110.9
114.0
118.4
134.5
159.4
168.8
172.5
185.0
201.1
230.0
258.9
98.1
99.7
101.0
104.1
109.1
110.7
114.8
119.6
135.6
159.1
168.9
173.8
185.6
203.5
231.9
259.7
94.6
98.8
99.3
101.4
104.5
109.5
111.5
114.7
122.9
141.9
159.0
167.9
176.3
187.9
208.2
239.1
95.9
99.0
99.6
102.4
106.1
109.5
112.8
115.6
127.5
145.5
161.2
168.8
180.0
193.1
213.5
244.8
96.4
99.9
100.4
103.2
107.1
110.0
113.1
117.4
132.0
151.6
165.5
169.6
181.9
197.0
220.3
253.5
97.4
100.0
100.8
104.0
108.7
110.7
114.1
118.5
134.4
158.2
168.6
172.5
184.7
201.4
229.5
258.6
96.1
99.4
100.0
102.7
106.6
110.0
112.7
116.6
129.2
149.3
163.6
169.0
178.9
192.6
215.7
248.9
334-C. CHANGE IN INDEX OF PRODUCER PRICES FINISHED CONSUMER GOODS , OVER 1-MONTH S P A N S 1
(MONTHLY <ATE, PERCENT)
AVERAGE FOR PERIOD
1948...
1949...
1950...
1951...
1952...
1953...
1954.. .
1955. . .
1956.. .
1957...
1958.. .
1959...
1960...
1961. . .
1962...
1963...
1964...
2.2
-0.7
0.
1.8
-0.7
0.2
0.6
0.2
-0.1
0.1
0.3
-0.1
0.1
-0. 2
0.4
-0.1
0.6
-0.9
-1.2
0.4
1.7
0.
-0.2
-0.6
0.2
0.2
0.4
0.
-0.1
0.
0. 4
0.1
-0.2
-0.7
0.
-0.2
0.
-0.2
0.1
-0.1
0.
-0.4
0.6
-0.1
1.2
-0.2
1.0
-0.5
-0.3
-0.6
0.1
0.7
-0.5
0.
0.3
-0.3
-0.3
0.6
0.2
-0.1
0.2
-0.6
0.3
0.2
-0.5
-0.3
0.1
0.
0.6
-0.5
0.7
0.2
-0.2
0.2
0.1
-0.6
0.9
0.1
0.3
-0.2
-0.1
-0.5
0.
0.5
-0.1
0.5
-0.1
0.5
-0.3
-0.2
0.1
-0.6
0.7
0.4
0.4
-0.2
0.
0.1
-0.1
-0.3
0.2
0.2
0.3
-1.0
2.1
-1.0
0.4
0.2
0.2
-1.0
-0.3
0.3
-0.2
-0.3
0.3
0.2
0.
0.
0.1
0.2
-0.2
1.9
-0.2
-0.1
-0.1
-0.1
0.2
-0.1
0.2
-0.2
-0.3
-0.1
0.3
0.6
-0.2
0.
-0.5
-0.2
0.9
-0.1
-0.4
0.7
-0.7
0.2
0.7
-0.2
0.1
1.2
0.
-0.3
1.0
-0.1
0.2
-0.5
-0.2
0.5
0.5
-0.2
-0. 4
-0.1
-0.2
0.2
0.4
-0.3
-1.0
0.7
-0.1
-0.8
0.1
0.
-0.8
-0.1
1.0
0.1
-0.3
-0.4
0.2
0.2
0.4
0.4
-0.1
-0.4
0.2
0.1
0.1
0.1
-0.1
-0. 7
-0.6
1.9
0.1
-1.0
0.1
-0.1
0.1
0.2
0.4
0.
0.3
-0.3
0.4
-0.3
-0.2
-0.1
0.4
-0.7
0.1
1.1
-0.2
0.
0.
0.
0.2
0.1
0.5
-0.1
0.4
-0.1
0.1
-0.3
0.
0.6
-0.4
0.4
0.1
-0.2
0.
0.
0.1
0.4
0.2
-0.2
0.
0.1
-0.4
-0.2
0.3
0.
0.
-0.5
1.6
-0.4
0.
0.3
-0.2
-0.2
0.1
0.1
-0.1
0.2
0.1
0.1
0.5
-0.1
0.1
-0.7
-0.3
1.1
0.2
-0.5
-0.2
0.
0.
0.3
0.4
-0.1
-0.4
0.2
0.1
-0.3
0.
-0.1
0.1
-0.5
0.8
0.2
-0.2
0.
0.
0.
0.2
0.2
0.
-0.1
0.2
-0.1
0.
0.
0.
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976. ..
1977.
. .
1978...
1979.. .
1980.. .
1981...
0.2
0.1
-0.2
-0.1
0.3
0.5
0.4
-0.3
1.0
2.8
0.3
-0.3
0.3
0.6
1.3
1.7
0.
0.8
-0.2
0.6
-0.1
-0.2
0.5
0.4
1.2
2.2
-0.3
-0.5
1.2
0.7
1.1
1.5
0.4
0.3
-0.3
0.3
0.5
0.1
0.2
-0.1
2. 6
0.8
-0.3
0.
1.0
0.5
1.0
1.2
0.7
0.1
0.3
0.4
0.5
0.1
0.5
0.1
0.7
0.8
0.9
0. 7
0.6
1.4
1.0
0.5
0.3
-0.4
0.1
0.1
0.9
-0.3
0.4
0.6
0.7
1.0
0.7
-0.1
0.7
0.6
0. 6
0.5
0.4
-0.5
0.8
0.3
0.6
0.3
0.4
0.5
1.3
-0.5
0.9
0. 2
0.1
1.0
0.6
0.9
-0.1
0.4
-0.1
0.3
0.1
0.1
-U.5
0.5
-0.4
2.7
1.0
0.2
0.4
0.8
1.2
1.9
0.2
1.3
0.3
0.1
0.2
-0.2
0.7
0.4
4.4
1.7
1.0
0.2
0.4
-0.1
1.2
1.2
0.1
0.3
0.3
0.7
0.3
1.1
-0.2
0.7
-0.4
0.9
0.7
0.2
0.3
1.0
2.0
0.3
0.4
-0.2
-0.1
0.2
0.7
-0.2
0. 4
-0.4
-0.2
1.8
0.8
0.7
0.5
0.8
1.2
0.8
0.4
-0.3
0.2
0.1
0.8
0. 4
0. 4
0.7
1. 0
2.0
0. 4
0.8
0. 8
0.7
1.5
0. 7
0.8
-0.3
0.2
0.1
0.1
-0.2
0.7
1.0
0.8
-0.2
0.1
0. 8
0.3
1.2
0.8
0. 3
0.2
0.4
-0.2
0.3
0.2
0.1
0.4
0.
1.6
1.9
-0.1
-0.3
0.8
0.6
1.1
1.5
0.5
-0.3
0.4
0.3
0.7
0.
0.4
0.4
0.9
0.4
0.8
0.3
0.5
1.0
0.7
0.6
0.1
0.7
0.2
0.4
0.2
0.3
0.
0.5
1.2
1.8
0.9
0.2
0.4
0.6
1.5
1.1
0.5
-0.3
0.1
0.1
0.5
0.
0.5
0.4
0.5
1.2
0.4
0.8
0.5
0.9
1.2
0.6
0.3
0.1
0.1
0.3
0.4
0.1
0.3
0.3
1.1
1.3
0.5
0.2
0.6
0. 8
1.1
1.0
-7.9
-1.2
14.2
0.4
-3.3
-1.6
0.
1.6
2. 7
5.7
-1.7
0.
0.6
1.3
-3.9
0.
0.8
8.4
-7.1
1.2
11.0
-2.0
-2.0
0.7
0. 2
3.0
2.4
2.9
-0.5
2.7
-2.7
0.2
-1.2
-0.2
3.6
-5.5
10.5
-1.1
-0.9
0.5
-0.3
-1.4
3.0
2.5
-0.1
-0.4
2.2
-2.1
-0.1
0.4
0.2
-1.2
-4.4
15.6
-1.6
-2.2
0.5
-1.8
-0.7
2.8
3.1
-1.5
-1.4
2.1
0.1
1.0
0.2
0.7
-7.3
-1.9
16.1
0.
-3.6
-0.4
-0.5
1.1
3.4
3.9
-1.4
0.1
1.0
1.4
-1.3
0.1
0.5
0.9
-4.7
10.8
2.1
-2.2
-0.4
-0.5
-0.2
3.0
3.0
0.
-0.6
2.0
-0.8
0.
-0.1
0.3
5.9
-3.0
2.2
2.1
3.3
3.2
-0.7
3.1
3.7
2.1
2.3
3.6
3.1
2.1
2.3
3.2
5.2
-1.2
2.0
2.5
3.8
1.5
1.5
3.1
2.0
2.8
12.9
15.9
6.9
1.0
9.8
7.1
12.6
16.8
9.7
4.1
1.4
3.9
2.5
15.8
17.2
3.8
0.2
8.9
9.3
12.3
13.8
5.1
0.9
2.8
4.7
15.4
14.2
8.4
2.1
6.5
9.9
11.9
12.5
5. 0
2.2
2.3
5.2
11.1
18.3
9.4
4.5
5.3
8.8
15.6
11.6
4. 4
2.8
2.9
9.5
15.6
10.1
2.9
8.0
6.7
11.8
17.8
8.7
4.7
1.8
3.0
5.5
14.5
15.0
6.1
3.7
6.9
9.9
14.4
11.6
334-C. CHANGE IN INDEX OF PRODUCER PRICES , FINISHED CONSUMER GOODS , OVER 6-MONTH SPANS
(COMPOUND A N N U A L R A T E , PERCENT)
4.7
-4.9
10.9
-2.4
-0.7
0.
0.4
-1.8
2.7
2.4
0. 4
-1.5
2.8
-2.3
-0. 6
0.
0. 6
3.8
-5.0
13.0
-2.2
-1.7
1.6
-0.9
-0.5
2.9
2.2
-1.7
1.3
0.9
-1.9
1.9
1.1
0.9
1.4
-4.5
14.0
-1.7
-1.5
1.4
-2.2
-1.3
3.6
2.6
-1.1
-1.3
1.9
-1.1
0.9
1.1
0.9
-1.4
-3.8
14.7
-1.9
-1.8
0.
-2.0
0.2
2.7
3.3
-1.9
-1.7
2.6
0.2
1.1
0.2
0.9
-3.6
-4.8
18.0
-1.1
-3.3
0.
-1.1
-0.9
2.2
3.3
-1.5
-1.1
1.7
1.3
3.(
1.4
1.;
4.C
4.1
2.4
2.2
3.0
3.4
2.4
3.5
3.8
2.7
1.8
2.6
3.4
2.9
2.0
2.8
3.4
3.8
2.5
1.6
2.9
4.
4. i
0.:
5.4
0.2
3.3
4.2
20.0
13.8
8.6
2.4
6.4
8.9
2.2
2.5
5.8
13.2
14.0
10.6
2.9
5.1
10.0
13.5
11.0
1.6
2.1
4.8
11.0
16.4
10.5
3.0
5.0
8.5
13.9
11.7
2.9
2.1
4.9
11.6
18.9
9.8
4.7
5.2
8.7
16.1
12.1
2.0
2.8
5.9
10.7
19.6
8.0
5.8
5.7
9.1
16.7
10.9
1948. . .
1949.. .
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
I960.. .
1961. . .
1962.
. .
1963. . .
1964...
10.2
-7.9
-0.7
13.8
-1.3
-3.5
0.4
0.7
1.8
2.7
3.5
-0.4
2.4
-1.9
0.9
-2.1
-0.2
8.9
-7.3
1.0
12.0
-2.0
-2.4
1.6
-0.9
3.2
2.0
3.2
-0.6
3.0
-3.3
0. 6
-1.3
-0. 6
6.2
-6.2
3.2
7.1
-2.6
-0.2
0.2
0.7
3.9
2.4
1.9
-0.6
2.6
-2. 9
-0. 8
-0.2
0.2
2.3
-6.7
7.6
1.:
-0.4
-0.2
-0.4
-l.E
3.4
2.S
O.S
-1.3
3.C
-2.]
-1."
0.
1965...
1966...
1967.. .
1968.. .
2.3
5.2
-2.0
3.2
3.2
3.5
-1.2
3.0
4.3
0.8
1.0
3.2
1970...
1971. ..
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
2l 8
0*. 6
3.5
2.8
15.6
18.2
2.1
-0.2
9.4
8.7
12.7
13.0
0.9
4.6
2.5
16.2
15.1
4.3
0.1
7.9
10.2
11.3
13.1
3.5
2.3
15.5
18.2
4.9
0.6
9.4
9.1
13.0
15.3
-U.fc
2."
4.:
13.C
14.9
5.9
1.]L
8.]
10."1
11. L
13. >
11.2
12.9
This series contains revisions beginning with 1976.
1.1
-0. 6
0.2
-5.6
-2.S
17.4
-0. A
-3."
0."
-1.3
O.S
3.]
3.1
-1.:
-0.:
0.6
1."
0.9
>
0. (
0. iI
2
AVERAGE FOR PERIOD
-8.3
-1.7
16.8
0.
-3.9
-0.2
-0.4
O.S
4.]
2.fc
-1.1
0.4
1."
1.:
-0.E
-0.4
0.4
5.1
1.2
-1.6
1.6
2.9
2.2
2.1
2.6
3. I
7.0
17. )
14. )
5. j
6. )
6. >
10. L
17. }
8.9
3.S
This series contains revisions beginning with 1975.
2."
8."
13.]
9.*
2.:
8..
6.i
12.<>
is. e
l.i
(JUNE 1981)
103
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
335.
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
75.8
77.9
74.6
86.6
84.9
84.0
85.1
85.6
89.5
93.0
93.7
94.7
95.7
95.2
95.0
94.7
95.3
75.4
77.2
74.8
87.1
84.9
84.0
84.9
86.0
89. 6
93.2
93.4
94.9
95.6
95.2
94.8
94.6
95.2
1965...
1966...
1967...
1968.. .
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976.. .
1977...
1978...
1979...
1980...
1981...
95.9
97.4
99.5
101.5
104.3
108.3
112.2
115.9
120.0
135.3
167.5
177.4
188.4
201.6
220.0
260.6
95.9
97.6
99.7
102.0
104.9
108.6
112.5
116.5
121.3
138.2
168.4
178.1
190.0
202.9
222.5
265.9
Apr.
May
June
July
Aug.
INDEX OF PRODUCER PRICES, INDUSTRIAL COMMODITIES
(1967=100)
75.4
76.8
74.8
87.1
84.6
84.3
84.9
85.9
89.9
93.1
93.4
95.2
95.6
95.2
94.8
94.6
95.1
96.0
97.8
99.7
102.2
105.4
108.8
113.0
116.8
122.8
142.4
168.9
179.0
191.7
204.1
225.4
268.6
Sept.
Oct.
Nov.
Dec.
IQ
II Q
III Q
AVERAGE FOR PERIOD
75.8
74.9
75.4
86.7
83.9
84. 4
85.0
85.8
90.4
93.0
93.1
95.4
95.2
94.8
94.9
94.5
95.1
76.2
74.4
75.9
86.4
83.6
84.7
84.9
85.9
90.3
93.0
93.1
95.2
95.2
94.6
94.7
94.7
94.9
76.9
74.1
77.1
86.0
83.5
85.3
84.9
86.5
90.2
93.4
93.3
95.4
95.2
94.6
94.8
94.8
95.1
77.8
74.3
78.6
85.3
83.9
85.3
84. 9
87.3
91.0
93.6
93.7
95.4
95.2
94. 6
94.6
94.8
95.1
78.1
74.3
80.4
85.3
84.1
85.2
84. 9
88.1
91.4
93.6
93.8
95.4
95.0
94.7
94.8
94.7
95.1
78.2
74.3
81.8
85.1
83.9
85.1
85.0
88.4
91.8
93.5
93.9
95.4
95.1
94.5
94.7
94.9
95.5
78.4
74.3
82.9
85.0
83.8
85.0
85.3
88.7
92.3
93.5
94.2
95.5
95.0
94.7
94.7
94.9
95.6
78.3
74.4
84.8
85.1
83.9
85.1
85.3
89. 0
92.7
93.7
94.5
95.6
95.0
94.9
94.7
95.2
95.8
75.5
77.3
74.7
86.9
84.8
84.1
85.0
85. 8
89.7
93.1
93.5
94.9
95.6
95.2
94.9
94.6
95.2
75.9
75.0
75.4
86.7
83.9
84.4
85.0
85.9
90.3
93.0
93.1
95.3
95.3
94.8
94.8
94.5
95.0
77.6
74.2
78.7
85.5
83.8
85.3
84.9
87.3
90.9
93.5
93.6
95.4
95.1
94.6
94.7
94.8
95.1
78.3
74.3
83.2
85.1
83.9
85.1
85.2
88. 7
92.3
93.6
94.2
95.5
95.0
94.7
94.7
95.0
95.6
76.9
75.3
78.0
86.1
84.1
84.8
85.0
86.9
90.8
93.3
93.6
95.3
95.3
94.8
94.8
94.7
95.2
96.0
98.1
99.6
102.4
105.5
109.3
113.4
117.3
124.2
146.6
169.7
180.1
193.3
206.1
229. 0
271.3
96.2
98.5
99.7
102.3
105.5
109.6
113.8
117.6
125.3
150.5
170.3
180.5
194.2
207.4
231.6
271.9
96.4
98.7
99.7
102.4
105.6
109.9
114.0
117.9
126.0
153.6
170.7
181.5
194. 7
208.7
234.0
273.5
96.4
99.0
99.7
102. 4
105.7
110.1
114.6
118.1
126.1
157.8
171.2
182.7
195.9
210.1
237.5
276.2
96.6
99.0
100.0
102.5
106.1
110.2
115.3
118.5
126.7
161.6
172.2
183.8
196.9
211.4
240.6
278.2
96.6
99.0
100.2
102.8
106.5
110.4
115.1
118.7
127.4
162.9
173.1
184. 8
197.8
212. 5
244.2
278. 8
96.7
99.1
100.5
103.3
107.1
111.2
115.1
118.8
128.5
164.8
174.7
186.3
199.1
214.7
249.0
282.0
97.1
99.2
100.8
103.4
107.4
111.3
115.0
119.1
130.1
165.8
175.4
187.1
199.3
216.0
250.6
283.4
97.1
99.2
101.1
103.8
107.8
111.7
115.5
119.4
132.2
166.1
176.1
187.4
200.0
217.2
253.1
28b. 6
95.9
97.6
99.6
101.9
104.9
108.6
112.6
116.4
121.4
138.6
168.3
178.2
190. 0
202.9
222.6
265.0
96.2
98.4
99.7
102.4
105.5
109.6
113.7
117.6
125.2
150.2
170.2
180.7
194.1
207.4
231.5
272.2
96.5
99.0
100.0
102.6
106.1
110.2
115.0
118.4
126.7
160.8
172.2
183.8
196.9
211.3
240.8
277.7
97.0
99.2
100.8
103.5
107.4
111.4
115.2
119.1
130.3
165.6
175.4
186.9
199.5
216.0
250.9
284.0
96.4
98.5
100.0
102.5
106.0
110.0
114.0
117.9
125.9
153.8
171.5
182.4
195.1
209.4
236.5
274.8
0.3
-1.1
0.5
-0.2
-0.4
0.2
0.
0.
0.1
0.
-0.1
0.
-0.1
-0.2
0.
0.
-0.1
(u)
AVERAGE FOR PERIOD
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957.. .
1958...
1959...
1960.. .
1961...
1962...
1963...
1964. . .
1.6
-0.5
0.3
2.1
-0.2
0.1
0.
0.4
0.6
0.3
0.
0.2
0.1
0.2
0.1
0.
0.1
-0.5
-0.9
0.3
0.6
0.
0.
-0.2
0.5
0.1
0.2
-0.3
0.2
-0.1
0.
-0.2
-0.1
-0.1
0.
-0.5
0.
0.
-0.4
0.4
0.
-0.1
0.3
-0.1
0.
0.3
0.
0.
0.
0.
-0.1
0.5
-1.3
0.1
-0.1
-0.5
-0.2
0.1
0.1
0.4
0.
-0.2
0.1
0.
-0.1
0.1
-0.2
0.
0.
-1.2
0.7
-0.3
-0.4
0.4
0.
-0.2
0.1
-0.1
-0.1
0.1
-0.4
-0.3
0.
0.1
0.
0.5
-0.7
0.7
-0.3
-0.4
0.4
-0.1
0.1
-0.1
0.
0.
-0.2
0.
-0.2
-0.2
0.2
-0.2
0.9
-0.4
1.6
-0.5
-0.1
0.7
0.
0.7
-0.1
0.4
0.2
0.2
0.
0.
0.1
0.1
0.2
1.2
0. 3
1.9
-0. o
0.5
0.
0.
0.9
0.9
0.2
0.4
0.
0.
0.
-0.2
0.
0.
0.4
0.
2.3
U.
0.2
-0.1
0.
0.9
0.4
0.
0.1
0.
-0.2
0.1
0.2
-0.1
0.
0.1
0.
1.7
-0.2
-0.2
-0.1
0.1
0.3
0.4
-0.1
0.1
0.
0.1
-0.2
-0.1
0.2
0.4
0.3
0.
1.3
-0.1
-0.1
-0.1
0.4
0.3
0. 5
0.
0.3
0.1
-0.1
0.2
0.
0.
0.1
-0.1
0.1
2. 3
0. 1
0.1
0.1
0.
0.3
0.4
0.2
0.3
0.1
0.
0.2
0.
0.3
0.2
0.4
-0.6
0.2
0.9
-0.2
0.2
-0.1
0.3
0.3
0.1
-0.1
0.2
0.
0.1
0.
0.
0.
1965.. .
1966. ..
1967.
. .
1968.. .
1969...
1970...
1971.. .
1 9 7 2 . ..
1973. . .
1974...
1975...
1976.. .
1977. . .
1978.. .
1979.. .
1980...
1981.. .
0.1
0.3
0.3
0.4
0.5
0.5
0.4
0.3
0.5
2.3
0.8
0.7
0.5
0.8
1.3
3.0
0.
0.2
0.2
0.5
0.6
0. 3
0.3
0.5
1.1
2.1
0.5
0.4
0.8
0.6
1.1
2.0
0.1
0.2
0.
0.2
0.5
0.2
0.4
0.3
1.2
3.0
0.3
0.5
0.9
0.6
1.3
1.0
0.
0.3
-0.1
0.2
0.1
0. 5
0.4
0.4
1.1
2.9
0.5
0.6
0.8
1.0
1.6
1.0
0.2
0.4
0.1
-0.1
0.
0.3
0.4
0.3
0.9
2.7
0.4
0.2
0.5
0.6
1.1
0.2
0.2
0.2
0.
0.1
0.1
0.3
0.2
0.3
0.6
2.1
0.2
0.6
0.3
0.6
1.0
0.6
0.
0.3
0.
0.
0.1
0. 2
0.5
0.2
0.1
2.7
0.3
0.7
0.6
0.7
1.5
1.0
0.2
0.
0.3
0.1
0. 4
0.1
0.6
0.3
0.5
2.4
O.fa
0.6
0.5
0.6
1.3
0.7
0.
0.
0.2
0. 3
0. 4
0.2
-0.2
0.2
0. 6
0.8
0.5
0.5
0.5
0.5
1.5
0.2
0.1
0.1
0.3
0.5
0.6
0.7
0.
0.1
0.9
1.2
0.9
0.8
0.7
1.0
2.0
1.1
0.4
0.1
0.3
0.1
0.3
0.1
-0.1
0.3
1.2
U.6
0.4
0.4
0.1
0.6
0.6
0.5
0.
0.
0. 3
0.4
0. 4
U. 4
0. 4
0. 3
1.6
0. 2
0. 4
0. 2
0. 4
0.6
1.0
1.1
0.1
0.2
0.2
0. 4
0. 5
0.3
0.4
0. 4
0.9
2. 5
0.5
0.5
0.7
0.7
1.2
2.0
0.1
0.3
0.
0.1
0.1
0. 4
0.3
0.3
0. 9
2. 6
0.4
0.5
0.5
0.7
1.2
0.6
6.4
-8.1
2.9
8. 8
-2. 7
1.3
-0.2
1. 7
3. 7
1, 1
-0.9
2. 4
-0. 3
-0.4
0.3
-0.3
0.1
5.6
-7.8
10.9
-3. 2
-2.3
2.8
-0.2
6.3
-1.8
21.7
-3. 7
-0.1
1.6
0.5
2. 7
1.0
0.2
1.0
-1. 0
-1.2
-0.3
0.3
-0. 2
1.2
3.0
1.0
3.1
4.0
4.1
4.2
4.2
10.5
33.0
5, 7
6.1
7.8
8.1
15.0
17.7
1.3
2.9
0.7
1.3
2.4
3.1
4.4
3.5
9.0
34. 5
4.7
6. 4
7.3
8.5
16.9
9.8
1948.
. .
1949. . .
1950...
1951.
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959.. .
1960.. .
1961. . .
1962.. .
1963...
1964. . .
1965. . .
1966. ..
1967. . .
1968.. .
1969.. .
1970...
1971. . .
1972.. .
1973. . .
1974...
1975. . .
1976. . .
1977. . .
1978. . .
1979. ..
1 9 8 0 . ..
1981. . .
NOTE:
INDUSTRIAL C O M M O D I T I E S , OVER 6-MONTH SPANS
CHANGE IN INDEX OF PRODUCER PRICES
(COMPOUND A N N U A L RATE , PERCENT)
4.3
-9.7 -,
4.1
2.9
-9.5
6.8
6.5
-7.4
10.4
7.3
-6.4
15.5
6.4
-3.9
19.3
7.0
-1.6
20.9
5.6
0.
24.8
2.6
1.4
26.2
-1.5
1.4
22.8
-2.1
0.5
-0.2
-2.6
1.4
0.
-3.5
1.9
-0.5
-3.3
3.1
-0.5
-2.3
3.1
0.
-1.2
2.1
0.
-0.7
2.4
0.
-0.2
1.4
0.7
0. 7
0.9
0.9
1.2
-0.5
1.7
0.2
-0.9
2.6
4.'3
2.9
-0.6
3.0
0. 4
0.
0.8
-0.6
0.4
1. 2
3.9
1.5
-0.9
2.6
-0.6
-0.4
0.4
-0.4
0.4
2.9
0.6
-1.3
1.5
-0.8
-0. 8
-0.4
0.
-0.6
1.6
0.9
-0.9
1.5
-1.0
-1.3
-0.4
0.2
-0. 4
3.1
0.9
0.6
1.1
-0.8
-1.3
-0.4
0.4
-0.2
3.4
1.1
0. 9
0.4
-1.3
-1.0
0.
0.2
0.
3.3
0. 9
1.5
0.2
-1.0
-1.3
-0.4
1.1
0.8
4. 2
1.1
2. 4
0. 2
-0.4
-0.2
-0.4
0. 8
1.1
5." 4
1.5
3. 0
0.8
-0. 4
0.6
U.
1.1
1.9
6 .' 3
0.6
3.0
0.b
0.
0.8
-0.2
1.1
1.7
4 '. 9
-U.4
2.6
0.4
0.
0.4
0.
0.8
1.7
-3.3
1.4
17.4
-1. 6
0.5
-0.7
2.4
4 1
3. 8
-0. 4
3.0
0.4
0.4
U.2
-0.4
0.8
1.9
1.3
3.3
1.0
2.6
3.5
3.9
4.2
4.2
1.0
3.3
0.4
1.8
2.7
3.4
4.3
3.8
10.4
36.0
4.5
6.1
8.1
8.6
16.5
12.3
1.5
2.9
0.6
1.0
2.3
3.0
5.0
3.5
9.1
36.7
4.6
6.5
7.4
8.6
16.9
9.5
1.3
2.5
1.0
1.2
2.1
3.0
3.8
3.3
7.6
30.9
5.0
6.6
6.5
8.4
17.4
7. 7
1.5
2.0
1.8
1.8
3.1
3.5
3.0
2.6
7.0
26.4
6.0
7. 0
6.1
8. 5
18.2
8.0
1.9
1.4
2.2
2.2
3.6
3.1
2.1
2.6
7.8
21.4
6.1
7. 4
5.3
8.5
17.1
8.6
1.5
1.0
2.8
2.8
4.2
3.3
2.6
2.6
10.1
16.9
6. 4
6.6
5.5
8.3
17.0
9.8
2.1
1.0
3.6
3.7
5.0
3.9
2.3
3.2
15.1
12.7
7.4
6.3
5.9
9.6
20.4
11.2
2.1
1.4
4.0
4.7
4.8
4.2
2.1
4.8
19.0
8.6
7.0
6.9
fa.2
10.8
22.1
12.3
2. 5
1.4
4. 0
5.1
4.4
4.8
3.0
7.0
24.9
7.5
6.9
7.6
6.5
12.5
21.0
14.9
7.7
7.2
13.8
18.7
These series contain no revisions but are reprinted for the convenience of the user.
104
11.4
35.0
5.6
6.2
7.9
8.9
16.1
16.8
0.1
0.
1.8
-0.1
-0.1
0.
0.2
0.3
0.4
0.
0.2
0.1
0.
0.1
0.
0.2
0.2
0.4
-0.4
1.1
0.
-0.1
0.1
0.
0.4
0.3
0.1
0.1
0.1
0.
0.
0.
0.
0.
0.1
0.1
0.2
0.1
0.3
0.2
0.3
0. 2
0.4
2. 0
0.5
0.6
0.5
0.6
1.4
0.6
0.2
0.1
0.3
0.3
0.4
0.4
0.1
0.2
1.2
0.7
0. 6
0.5
0.4
0.7
1.2
0.9
0.1
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0. 9
1.9
0.5
0.5
0.6
0.7
1.3
1.0
AVERAGE FOR PERIOD
6.1
-8.7
3.0
1.3
2.9
1.0
3.0
4.1
4.1
4.5
4.6
10.7
33.8
5.5
5.9
7.7
8.3
15.0
17.7
0.8
0.
1.9
-0.4
0.2
0.2
0.
0.8
0.4
0.2
0.2
0.1
-0.1
0.
0.
0.
0.1
®
8.7
-6.0
1.6
1.0
2.9
1.0
3.8
4.3
4.2
4.0
3.9
9.3
30.2
6.0
6.3
Annual
75.8
75.8
74.9
87.0
84.2
84.1
85.0
86.0
90. 3
93.1
93.2
95.3
95.6
95.1
94.9
94.4
95.1
3 35-C. C H A N G E IN INDEX OF PRODUCER PRICES, INDUSTRIAL C O M M O D I T I E S , OVER 1-MONTH SPANS
MONTHLY R A T E , P E R C E N T )
;335-C.
IV Q
(§)
4.'3
1.2
2.3
0.4
-0.6
-0.3
-0.3
1.0
1.3
-0.7
1.4
22.1
-1. 7
0.6
-0.7
2. 2
5 5
5.0
-0.1
2.9
0.5
0.1
0.5
-0.2
0.9
1.8
4.4
-4.1
14.4
0.
-1.1
1.2
0.6
4.3
3.9
0.9
1.1
1.1
-0.5
-0. 4
-0.1
0.5
0.7
1.6
1.5
2.3
2.3
3.6
3.3
2.6
2.6
8.3
21.6
6. 2
7.0
5.6
8.4
17.4
8.8
2.2
1.3
3.9
4.5
4.7
4.3
2.5
5.0
19.7
9.6
7.1
6.9
6.2
11.0
21.2
12.8
1.6
2.2
2.0
2.8
3.7
3.7
3.4
3.8
11.9
24.7
5.9
6.6
6.7
9.0
17.6
12.3
(JUNE 1981)
G. Experimental Data and Analyses
(Nov.)
P
Year
and
quarter
I m p l i c i t price
deflator, gross
nonfarm business
product 1
(Index: 1977=100)
(Mar.)
T
Unit labor cost,
a l l persons, nonfarm
business sector 1
(Index: 1977=100)
1979
I Q....
I I Q...
I l l Q..
IV Q . . .
112.6
115.1
117.4
119.7
115.4
118.7
121.5
124.4
122.9
126.3
128.8
131.9
127.4
131.8
133.5
136.8
Implicit price deflator,
business product, Q
(index: 1977 = 100)
1980
I Q....
I I Q...
I l l Q..
IV Q . . .
1981
P134.5
I Q....
I I Q...
I l l Q..
IV Q . . .
P139.2
cost, all
sector, Q
1977 = 100)
Inventory-sales ratios in 1972 dollars 2
Year
and
month
Manufacturing
(Ratio)
Merchant
wholesalers
(Ratio)
Retail trade
(Ratio)
1980
Jan..
Feb..
Mar..
Apr..
May..
June.
1.90
1.91
1.98
2.08
2.12
2.12
1.37
1.39
1.41
1.45
1.46
1.46
1.37
1.39
1.43
1.47
1.48
1.46
July.
Aug..
Sept.
Oct..
Nov..
Dec.
2.08
2.08
1.99
1.96
1.96
1.96
1.44
1.46
1.43
1.40
1.41
1.38
1.44
1.43
1.43
1.45
1.43
1.41
1.97
1.97
rl.97
p i . 97
(NA)
1.37
1.41
1.33
p i . 39
(NA)
1.38
1.36
1.36
p i . 39
(NA)
1981
Jan
Feb..
Mar..
Apr..
May..
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec..
1968 1969 1970 19711972 1973 1974 1975 1976 1977 1978 1979 1980 1981
NOTE: The "r" indicates revised; " p " , preliminary; and "NA", not available.
Source: U.S. Department of Labor, Bureau of Labor S t a t i s t i c s .
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
105
G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series title
(and unit of measure)
LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies receiving
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 do!., smoothed2 (ann. rate, bil. do!.) .
92. Change in sensitive crude materials
prices, smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid assets, smoothed2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars).
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
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 credit to
personal income (percent)
930. Composite index of 6 lagging indicators 3
(index: 1967=100)
Feb.
1981
Mar.
1981
Net contribution to index
Apr.
1981
Feb.
to
Mar.
1981
May
1981
39.8
40.0
40.1
p40.2
1.4
1.4
rl.2
pi.4
34.38
34.07
r34.16
50
52
ell7.6
Mar.
to
Apr.
1981
Apr.
to
May
1981
0.17
0.09
0.10
0.0
0.22
-0.24
p33.14
-0.05
0.01
-0.19
56
52
0.07
0.15
-0.17
NA
NA
0.06
NA
NA
12.34
14.24
rl3.28
pl3.13
0.33
-0.17
-0.03
94.1
93.1
r95.8
94.3
-0.03
U.09
-0.06
r-8.26
r-4.72
p-0.28
0.22
0.30
r2.94
r3.36
r2.84
1.78
0.18
-0.24
128.40
133.19
134.43
131.73
0.22
0.06
-0.15
rl.09
r0.95
e0.78
e0.66
-0.45
-0.59
-0.46
805.0
r810.5
r815.7
p813.1
0.26
0.27
-0.15
rl35.8
rl37.2
rl37.7
pl35.2
1.03
0.36
-1.82
91,652
r91,705
r91,490
p91,474
0.05
-0.18
-0.02
rl,062.0
rl,063.5
rl,064.5
pi,066.6
0.07
0.05
0.13
151.5
152.2
rl52.3
pl52.8
0.13
0.02
0.12
156,969
rl59,358
pl56,431
0.33
-0.40
143.0
rl43.6
rl42.6
pl42.7
0.42
-0.70
0.07
14.4
14.0
13.7
13.2
0.17
0.13
0.35
r262.86
r262.64
p263.03
NA
-0.04
0.07
r204.4
r204.6
r205.9
p206.9
0.03
0.20
0.23
19.43
18.05
17.15
19.61
-2.68
-1.75
7.17
rl73,136
rl71,216
rl73,773
pl77,775
-0.25
0.33
0.75
rl3.34
rl3.35
pl3.37
0.03
0.07
186.0
rl80.7
rl78.6
-2.85
-1.16
NA
NA
NA
pl94.2
NA
-0.53
NA
NA
NA
8.73
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the 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.
106
G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns
HOW TO READ RECESSION COMPARISON CHARTS
These charts show graphically, for selected indicators, the path of
the current business recession. 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 recession with corresponding historical
patterns and to facilitate critical assessment of the amplitude, duration,
and severity of the indicators' current movements.
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 I I I I l\ | I
1. In most cases, comparisons are based on reference peak levels
and reference peak dates.
Deviations
from
reference
peaks
Series number, series title
2. The vertical line represents reference peak dates. The current
and historical periods are alined so that their reference peaks fall on
this line.
Actual
data
for
current
cycle
Percent
+5
3. The horizontal line represents the level of data at reference
peaks. The current and historical periods are alined so that their
reference peaks fall on this line.
• 1075
4. In most cases, deviations (percent or actual differences) from
the reference peak levels are computed and plotted. For series
measured in percent units (e.g., the unemployment rate), those units
(actual data) are plotted rather than deviations. The deviations (if
plotted) and actual data for the current period are shown in the tables
accompanying the charts.
• 1050
• 1025
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.
• 1000
6. Several curves are shown in each chart. The heavy solid line
( • • • ) describes the current period. The dotted line ( • • • ) represents
the median pattern of the six post-World War II cycles. The remaining
lines represent selected business cycles; each line is labeled according
to the year of the reference peak.
7. These charts use the business cycle (reference) peak and
trough dates designated by the National Bureau of Economic Research,
Inc.
Peaks: Nov. 1948 (IVQ 1948), July 1953 (IIQ 1953), Aug. 1957
(IIIQ 1957), Apr. 1960 (IIQ 1960), Dec. 1969 (IVQ 1969), Nov. 1973
(IVQ 1973), Jan. 1980 (IQ 1 9 8 0 ) *
• 975
11111111111
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
-12
Months from reference peaks
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 peak dates.
This scale shows deviations (percent or actual
differences) from reference peak levels.
This scale shows actual series units and applies
only to the current business cycle (heavy solid
line).
*The NBER has not officially designated the latest reference peak quarter. However, for purposes of these charts, it is assumed that the first quarter of 1980 is the reference peak for quarterly series.
107
G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns-Continued
111111M11111111111111111111111111111111111
12. Net business formation
'ULI
Deviations
from
Actual
data
reference
peaks
current
cycle
for
-10.1
117.8
5/80
-12.4
-12.0
-10.2
-7.9
114.8
115.3
117.7
120.6
6/80
7/80
8/80
9/80
+30
• 145
9
10
11
12
-8.7
-9.0,
-7.4
-9.8
119.6
119.2
121.3
118.1
10/80
11/80
12/80
1/81
+20
• 140
13
14
117.1
117.6
2/81
3/81
+ 10
+6
^135
MONTHS
FROM
REF.
PEAK
CURRENT MONTH
ACTUAL
AND
DATA YEAR
• 130
4
• 125
5
6
7
8
-13.92
-18.63
-14.90
-7.54
6/80
7/80
8/80
9/80
9
10
11
12
-1.90
0.26
-1.12
-6.45
10/80
11/80
12/80
1/81
13
14
15
-8.26
-4.72
-0.28
2/81
3/81
4/81
-6
-12
-10.6
-10.2
SERIES
36 *
ANN. RATE
B I L . DOL.
-7.00
5/80
-3
-9
and on order, smoothed 1
SERIES 12
1967=100
5
6
7
8
+9
0
Actual
data
(percent)
I I I I I IMIII I I I II I I II I I I II I I I I I I I I I I II I I III I
36. Net change in inventories on hand
4
+ 12
+ 3
MONTHS D E V I FROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR
•120
-10
-20
-30
-I -40
• 115
95. Ratio, consumer installment debt
to personal income
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR
2 1 . Average weekly overtime hours,
production workers, manufacturing
Deviations
from
reference
peaks
Actual
data
for
current
cycle
Actual
21
SERIES
HOURS
5
6
• 3.8
+ 0.5
1957
• 3.4
1980
X
0-0
r
Median
-1.0
1973
\
.....In... mill . M . . I . M . . I .
+6
6/80
7/80
8/80
9/80
+0.8
9
10
11
12
-0.4
-0.3
-0.1
-0.1
2.8
2.9
3.1
3.1
10/80
11/80
12/80
1/81
+ 0.4
13
14
15
16
-0.3
-0. 3
-0.3
-0.1
2.9
2.9
2.9
3.1
2/81
3/81
4/81
5/81
+12 +18 +24
,,i
+30 +36
— 1-5
00
• 14.5
-0-4
SERIES 95
PERCENT
-0-8
4
-0.32
14.43
5/80
5
6
7
8
-0.51
-0.79
-0.88
-1.00
14.24
13.96
13.87
13.75
b/80
7/80
8/80
9/80
-12
9
10
11
12
-1.14
-1.25
-1.29
-1.39
13.61 10/80
13.50 11/80
13.46 12/80
13.36
1/81
-J-1.6
13
14
15
-1.41
-1.40
-1.38
13.34
13.35
13.37
2/81
3/81
4/81
III II I I Nil III III Illlll Illlllllllll
Illlll
-6
0 + 6 +12 +18 +24 +30 +36
Months from reference peaks
NOTE: See "How to Read Charts" on page 107.
"This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
108
• 15.5
• 15.0
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
PEAK
1/80
DATA YEAR
• 2.6
I
0
7
8
2.4
2.5
2.7
2.7
-0-5
I
-6
13.0
-1+1-2
-0.8
-0.7
-0.5
-0. 5
Months from reference peaks
• 14.0
• 13.5'
G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns—Continued
nin|imr
48.
TTTTr |Tf I f I | l r T 1 ! | l i r T i p T T 1111 M l 1
Deviations
from
reference
peaks
Employee hours in nonagricultural
establishments
_
Actual
data
for
current
cycle
DEVIMONTHS
FROM ATIONS CURRENT MONTH
FROM
ACTUAL
AND
REF.
PEAK
DATA
YEAR
1/80
- 1
+ 3
• 178
72. Commercial and industrial
loans
outstanding
[u£c]
Percent
Deviations
from
reference
peaks
|
5
6
7
8
SERIES
48
ANN. RATE
B I L . HOURS
-2. 6
168 . 1 2
6/80
-3 2
167 . 1 2
7/80
-2 5
168 . 2 8
8/80
-2 0
169 . 1 2
9/80
Actual
data
for
current
cycle
IgJi
Percent
1 -
+ 2
R?
J
J A
• 176
+ 1
f.vi y
. . n J:V
• 174
o
•
-
Si
/ jy\ i
W
/ 1 /•Median/
nl
IB
»F$ uj?/ A
jk
/ |
1
1980
1957
«^T\
TMA/
172
9
10
11
12
-1 7
-1 4
-0 8
0 2
169 . 7 8
170 . 2 2
171 . 2 2
173 . 0 3
10/80
11/80
12/80
1/81
13
14
15
16
-0
-0
-1
-0
171 . 7 9
172 . 2 7
170 . 7 0
171 . 5 2
2/81
3/81
4/81
5/81
5
2
1
6
+25
+20
+15
• 180,000
DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
PEAK
DATA
YEAR
1/80
-1
SERIES
+ 10
72
N1IL. DOL .
+5
• 165,000
• 170
-
-2
-
-3
3
6
7
8
0.7
2.3
3.8
160299
162818
165306
7/80
8/80
9/80
0
9
10
11
12
5.4
7.3
9.4
9.4
167790
170762
174191
174246
10/80
11/80
12/80
1/81
*™5
166
13
14
15
16
8.7
7.5
9.1
11.7
173136
171216
173773
177775
2/81
3/81
4/81
5/81
• 164
17
• 168
/
•
-4
1 )"
-
-5
-15
payments, in 1972 dollars
Percent
—
+ 10
• 1150
Median
-
+5
• 1100
M 1957
• 1075
| <\f A
f
n
u
f 1973
-1 - 5
,
-6
+6
+12 +18
+24 +30 +30
Months from reference peaks
NOTE:
M.85
-1.0
-0.5
-0.3
0.1
1045.5
1051.6
1053.7
1057.8
10/80
11/80
12/80
1/81
13
14
15
16
0.5
0.7
0.8
1.0
1062.0
1063.5
1064.5
1066.6
2/81
3/81
4/81
5/81
• 1.80
• 1.75
DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
PEAK
DATA
YEAR
1/80
• 1.70
SERIES 77
RATIO
M.65
4
0.16
1.80
5/80
5
6
7
8
0.15
0.12
0.13
0.08
1.79
1.76
1.77
1.72
6/80
7/80
8/80
9/80
9
10
11
12
0.06
0.06
0.04
0.03
1.70 10/80
1.70 11/80
1.68 12/80
1.67
1/81
13
14
15
0.03
0.01
0.04
1.67
1.65
1.68
• 1.60
05
• 1000
1 1 1 1 1 1 1 II 1 1 ll 1 II 1 1 1 1 1 1 1 III II 1 III III
0
mfg. and trade
SERIES 51
ANN. RATE
BIL. DOL.
-2.0
1035.1
6/80
-2.1
1033.8
7/80
-1.9
1036.2
8/80
-1.9
1036.9
9/80
9
10
11
12
• 1050
• 1025
\
Ratio, deflated inventories to sales,
- • .
• 1125
^
5
6
7
8
•135,000
6/81
MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
PEAK
DATA
YEAR
1/80
Persorial income, less transfer
• 150,000
-10
77.
51.
• 195,000
2/81
3/81
4/81
-I-.10
M.55
I I I I I I I I I I I I I I I I I I I I I I IMIII IMIII IN MI IIIMI
+ 6
+12 +18 +24
+30 +36
Months from reference peaks
See "How to Read Charts" on page 107.
109
ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
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
Current issue
(page numbers)
Series
number
Historical
Series
data
lescriptions
issue date)
(*)
2
604
16
56
61
92
8/80
8/80
18
64
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
3/81
3/81
8/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80
34
34
31
48
48
48
43
49
48
48
48
55
616
22
56
65
92
4/81
8/80
50
64
B
Balance of payments-See International transactions.
Bank loans to businesses, loans outstanding
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from Federal Reserve . . .
Bonds-See Interest rates.
Borrowing-See Credit.
Budget—See Government.
Building-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment . . .
Business expenditures, new plant and equipment, Dl
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving
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. •
Cash flow, 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
72
112
15,35
32
73
72
12/80
12/80
43
43
33
33
72
72
9/80
9/80
45
45
29
76
61
970
14
12
13
13 ,25
24
24
38
33
12 ,23
23
67
67
67
76
72
65
65
8/80
1/80
3/81
3/81
10/80
3/80
3/80
295
46
82
5/81
83
82
84
20
20
20
64
64
64
9/79
9/79
9/79
25
25
25
97
11
965
24
24
37
66
66
75
10/80
10/80
5/81
33
33
33
914
35
34
11
29
29
60
70
70
9/80
4/81
4/81
15
37
37
442
90
441
37
51
18
51
18,51
62
89
62,89
2/81
2/81
2/81
2/81
20
20
20
20
920
920c
951
10
39
36
11
23
15,35
32
60
1/81
1/81
12/80
9/80
3/81
12/80
12/80
15
74"
60
66
73
72
15*
15
32
43
43
940
9
72
112
35
24
34
34
44
32
32
49
87
11/80
56
345c
280
50
45
87
82
11/80
5/81
56
56
64
30,47
70,83
4/81
56
11/80
56
346
49
346c
50
340
49
87
340c
50
341
11/80
56
10/80
15
87
10/80
15
49
87
10/80
15
341c
348
349
50
50
50
87
88
88
10/80
11/79
11/79
15
62
62
53
19
63
6/81
22
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
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
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
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.
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.
Current issue
(page numbers)
Series
number
Charts
920
920c
940
10
39
11
1/81
1/81
9/80
930
930c
10
39
1/81
1/81
914
915
913
917
916
910
910c
11
11
11
11
11
10
39
9/80
9/80
9/80
9/80
9/80
1/81
1/81
15
15
15
15
15
15
29
9
13,25
23
24
67
66
67
8/80
3/81
8/80
35
32
28
248
87
86
249
89
28
47
25
25
47
25
25
83
67
67
83
67
67
4/81
4/81
4/81
4/81
4/81
3/81
51
51
51
51
51
35
12,21
22
64
65
3/81
12/79
26
24
66
113
95
39
35
32
15,35
33
73
72
73
72
3/81
4/81
6/81
10/80
43
43
43
45
320
320c
322
322c
49
49,59
49
49
22
84,95
3/81
3/81
3/81
3/81
59
59
59
59
31
20
10
116
12,23
23
34
7/80
7/80
11/80
32
32
46
112
110
72
32
32
15,35
12/80
3/81
12/80
43
44
43
66
113
35
32
15,35
33
32
3/81
4/81
6/81
10/80
3/81
43
43
43
45
42
5/80
5/81
8/80
3/81
64
53
26
95
39
33
525
564
548
517
110
84,95
84
84
65
15
39
32
33
12,21
10/80
10/80
45
28
970
965
951
974
963
967
38
37
36
38
36
37
3/81
5/81
12/80
10/80
9/80
5/80
34
33
15
48
15
36
37
12/80
24
962
975
952
950
964
11/80
10/80
12/80
12/80
9/80
18
48
15
15
26
971
968
976
978
977
960
972
973
961
10/80
12/80
10/80
10/80
10/80
10/79
10/80
10/80
9/80
48
36
48
49
48
NOTE: CI, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
Tables
Historical
Ser-ies
data
descriptions
issue date)
(*)
48
48
15
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
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, 15 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, mfg. production workers
Workweek, mfg. production workers, components
Workweek, mfg. production workers, Dl
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactio
Federal funds rate
Federal Government-See Government.
Federal Reserve, member bank borrowing from
Final sales in constant dollars
Financial flows, and money, Cl
Fixed in vestment-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
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 GNP
Total, constant dollars
Total, current dollars
Current issue
(page numbers)
Series
number
Charts
Historical
?ries
data
descriptions
(issue date)
(*)
2
441
16
51
2/81
48
17
3/81
48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1
39
961
36*'
17
38
14,17
36
18
51
17
17
16
36
12,16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16
15
3/81
62
76
62
74
62
89
61
61
61
74
61
60
61
89
89
62
62
62
62
62,89
61
77
74
72
9/80
10/80
9/80
9/80
2/81
2/81
11/80
3/81
7/80
11/80
8/80
9/80
8/80
2/81
2/81
2/81
2/81
2/81
8/80
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
8/80
46
33
40
11
72
80
60
9/80
5/81
9/80
45
49
15
311
311c
48
48
84
5/81
5/81
58
59
667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251
57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47
93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83
7/80
7/80
7/80
8/80
8/80
5/81
4/81
7/80
8/80
7/80
8/80
8/80
5/81
5/81
7/80
8/80
5/81
4/81
4/81
65
65
65
64
64
54
54
65
64
65
64
64
54
9/80
20
63
4/81
502
501
500
512
511
510
298
52
52
52
52
52
52
46
90
90
90
90
90
90
83
5/81
5/81
5/81
5/81
5/81
5/81
5/81
263
262
265
564
267
266
268
261
260
43
43
47
55
43
*3
47
43
43
81
81
83
91
81
81
83
81
81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
Series
Historical
data
descriptions
(issue date)
(*)
311
311c
68
48
48
30
84
84
70
5/81
5/81
4/81
58
59
39
19
63,80
49
49
49
49
49
49
40
25
49
49
49
31
20
48
48
40
80
71
63
84
84
80
5/81
5/81
5/81
5/81
5/81
5/81
4/81
4/81
5/81
5/81
5/81
17
17
61
61
11/80
3/81
19
19
16
12,16
8/80
8/80
15
15
36
61
61
77
74
9/80
15*
25
13,25
25
47
67
67
67
83
3/81
8/80
4/81
4/81
35
35
51
51
310
310c
48
48
84
84
5/81
5/81
49
49
345
49
87
11/80
56
345c
280
64
50
45
30,47
87
82
70,83
11/80
5/81
4/81
56
56
56
346
49
11/80
56
346c
95
286
287
225
224
50
15,35
45
47
40
40
11/80
6/81
5/81
5/81
4/81
4/81
227
56
43
37
37
22
22
22
40
340
49
50
50b
50c
200
200b
200c
107
49
310
310c
217
39
40
I
94
213
917
72
Gross business product
Fixed weighted price index
Fixed weighted price index, percent changes
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
G NP, constant dollars, percent changes . .
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply
Goods output in constant dr ,ars
Implicit price deflator
Implicit price deflator, percent changes
Per capita GNP, constant dollars
Gross private domestic invest.-See Investment, capital.
Current issue
(page numbers)
Series
number
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
9/80
11/80
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
54
65
64
54
54
54
45
Implicit price deflator, GNP
Implicit price deflator, GNP, percent changes
Imports-See Foreign trade and International transactions.
IncomeCompensation, average hourly, all employees,
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
Income on U.S. investments abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, percent
of national income
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
Industrial materials prices
Industrial materials prices, components
Industrial materials prices, DI
Industrial production - See also International comparisons.
Business equipment
Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Installment debt-See Credit.
Insured unemployment
Avg. weekly initial claims, unemploy. insurance
Avg. weekly initial claims, unemploy. insurance, Dl . . .
Avg. weekly insured unemployment rate
73
82
83
80
80
80
4/81
87
87
340c
50
87
341
341c
652
651
288
289
220
52
223
51
51c
108
282
283
284
285
348
349
53
13
23
49
50
57
57
45
47
45
19
40
14,19
39
II
47
45
47
50
50
19
23
28
37
24
22
20
20
14,20,58
966
47c
37
39
5
962
45
16
36
18
87
93
93
82
83
82
63
63
63
71'
82
83
82
83
63
65
69
79
75
67
65
63
63
63,94
78
75
61
74
62
10/80
10/80
10/80
10/80
7/80
7/80
5/81
5/81
4/81
6/81
6/81
6/81
10/80
2/81
5/81
5/81
5/81
5/81
11/79
11/79
6/81
3/80
5/80
15
15
65
65
57
57
55
22
22
22
46'
56
56
57
57
62
62
22
32
36
5/80
1/80
12/79
12/79
12/79
9/80
24
24
24
24
24
12/80
9/80
24*
7/30
11/80
2/81
18
18
18
NOTE: C l , composite index; D l , d i f f u s i o n index; GPDI, gross p r i v a t e domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series d e s c r i p t i o n appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
111
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-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.,
change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business 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
Current issue
(page numbers)
Serie:
numbf
Charts
Tables
Historical
data
issue date]
288
5/81
5/81
67
116
119
118
117
109
114
115
3/81
11/80
11/80
11/80
11/80
11/80
11/80
11/80
Serie:
ascriptions
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Plant and equipment
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars.
Contracts and orders, current dollars . .
Investment, foreign
ncome on foreign investments in U.S. . .
ncome on U.S. investments abroad
Italy-See International comparisons.
Current issue
(page numbers)
Series
number
Charts
61
970
20
10
24
38
12,23
23
3/81
3/81
7/80
7/80
652
651
57
57
7/80
7/80
30
15,30
30
29
4/81
6/81
7/80
7/80
930
930c
952
3
10
39
36
12,16
1/81
1/81
12/80
8/80
910
910c
950
14
104
10
39
36
33
13,31
1/81
1/81
12/80
10/80
2/81
Japan-See International comparisons.
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
12/80
66
66
66
66
66
66
24
66
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
70
70
70
70
70
36
70
667
622
618
602
604
668
606
620
612
616
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
7/80
7/80
7/80
8/80
8/80
7/80
8/80
7/80
8/80
8/80
7/80
8/80
7/80
7/80
65
65
65
64
64
65
64
65
64
64
65
64
65
65
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
4/81
4/81
4/81
8/80
3/81
1/80
10/80
8/80
51
51
51
28
28
28
15
28
28
28
48
28
26
8/80
28
24
24
37
11
23
10/80
10/80
5/81
3/81
33
33
33
15
32
24
8/80
28
243
242
42
42
4/81
4/81
51
51
86
248
88
89
249
87
241
240
25
47
25
25
47
25
42
42
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
51
51
51
51
51
51
51
51
23
8/80
26
23
8/80
26
733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c
651
59
59*'
59"
59*'
59
49
49,59
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
3/81
3/81
11/80
11/80
12/80
12/80
12/80
12/80
12/80
12/80
9/80
L
59
59
68
68
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, nonfarm business
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.
112
39
39
39
15
15
18
15
15
44
40
M
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
Money supply
Liquid assets, change in total
Money supply Ml
Money supply M l , percent changes
Money supply M2
Money supply M2, percent changes
Ratio, GNP to money supply M1
Ratio personal income to money supply M2
Mortgage debt, net change
Mortage yields secondary market
Municipal bond yields
60
913
78
8/80
26
12,21
20
68
8/80
28
3/81
9/79
11
9/80
104
105
85
106
102
107
108
33
118
117
73,31
31
31
13,31
31
31
31
32
34
34
2/81
2/81
2/81
2/81
2/81
4/81
2/81
3/81
11/80
11/80
40
40
40
40
40
40
40
42
46
46
27
24
8
20
10
548
7
23
23
12,21
12,23
23
53
21
21
8/80
8/80
3/81
7/80
7/80
8/80
3/81
3/81
26
26
26
32
32
26
26
26
964
971
9/80
10/80
26
48
87
86
248
4/81
4/81
4/81
4/81
51
51
51
51
517
721
3/81
12/80
66
N
30
245
247
65
36
77
915
70
71
31
975
78
97
11
965
914
24
9/80
12/79
12/79
9/80
9/80
National defense-See Defense.
National Government—See Government.
National income—See Income.
New orders', manufacturers'
Capital goods industries, nondefense, constant d o l . . .
Capital goods industries, nondefense, current d o l . . . .
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol.
Contracts and orders, plant and equip., current dol. .
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
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
Obligations incurred, Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
Output-See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Per hour, nonfarm business sector
Per hour, private business sector
Per hour, private business sector, percent changes..
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity, materials
Overtime hours, production workers, manufacturing .
49
62
358
370
370c
83
82
84
21
20
15,30
50
50
50
20
20
20
16
NOTE: C l , composite index; D l , d i f f u s i o n index; GPDI, gross p r i v a t e domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series d e s c r i p t i o n appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
Tables
Series
Historic;
lescriptions
data
(issue date)
4/81
6/81
9/79
9/79
9/79
8/80
25
39
61
61
61
25
25
25
15
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Participation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products, imports
Plant and equipment-See also Investment, capital.
Business expenditures for
Businessexpenditues 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.
All items, index
All items, percent changes
Food,index
Food, percent changes
Deflators, NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator, GNP, index
Implicit price deflator, GNP, percent changes
Industrial materials
Industrial materials, components
Industrial materials, Dl
Labor cost, price per unit of
Sensitive prices, change in
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
Producer finished goods, percent changes
Price to unit labor cost, nonfarm business
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 IVA 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..
Current issue
(page numbers)
Series
number
Charts
Tables
Historical
Series
data
descriptions
(issue date)
(*)
2/81
2/81
2/81
20
20
20
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
50
50
50
50
50
50
50
50
50
50
46
46
56
5/81
5/81
8/80
58
58
64
61
970
20
10
90
24
38
12,23
23
18
3/81
3/81
7/80
7/80
2/81
34
34
32
32
20
320
320c
322
322c
49
49,59
49
49
84,95
84,95
84
84
3/81
3/81
3/81
3/81
59
59
59
59
311
311c
310
310c
23
48
48
48
48
28
5/81
5/81
5/81
5/81
5/80
58
59
49
49
36
967
26
92
37
29
13,28
84
84
84
84
69
79
75
70
69
5/80
7/80
4/81
36*
19
968
13,28
37
69
75
3/81
12/80
36
36
330
330c
334
334c
48
48
48
48
48
48
48
48
48
48
29
85
85
86
86
85
85
86
86
86
86
70
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
7/80
59
59
60
60
60
60
60
60
60
60
38
38
38
53
35
76
76
76
90
73
10/80
10/80
10/80
5/80
11/80
48
49
48
64
46
25
67
4/81
453
452
451
51
51
51
55
233
232
238
236
239
237
231
230
235
22
41
41
41
41
41
41
41
41
47
292
293
614
65
80
80
81
81
81
81
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 . . . . . . . . . . . . . . . . . . . .
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, DI
Stocks of materials and supplies on hand and on order
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.
Current issue
(page numbers)
Series
number
Tables
93
89
249
33
25
47
72
67
83
9/80
4/81
4/81
45
51
51
59
54
22
22
65
65
6/80
6/80
31
31
213
40
80
5/81
49
57
56
973
77
59
54
24
14,22
22
38
27
22
22
67
65
65
76
68
65
65
8/80
1/80
1/80
10/80
1/80
6/80
6/80
28
28
28
48
28
31
31
295
298
290
292
293
46
46
46
46
46
82
83
82
82
83
5/81
5/81
5/81
5/81
5/81
37
58
58
58
58
13,28
69
4/81
60
13,28
37
27
69
75
3/81
12/80
8/80
36
36
28
26
68
114
115
Treasury bill rate
Treasury bond yields .
Series
Historical
data
descriptions
(issue date)
(*)
28
11/80
11/80
46
46
U
331
331c
332
332c
333
333c
26
976
978
977
525
358
370
370c
916
60
9/80
61
61
61
15
18
16
69
69
4/81
4/81
37
37
80
79
286
287
972
960
15
916
22
69
69
82
83
76
75
70
60
69
4/81
4/81
5/81
5/81
10/80
10/79
7/80
9/80
4/81
37
37
37
37
48
81
282
283
70
82
83
4/81
5/81
5/81
37
56
56
Quit rate, manufacturing
38
15
37
18
16
R
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
284
5/81
57
285
5/81
57
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
Males, 20 years and over
Total unemployed
Quit rate, manufacturing
Unemployment rates
15 weeks and over
Insured, average weekly
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries, change in
United Kingdom-See International comparisons.
Velocity of money
GNP to money supply M1, ratio
Personal income to money supply M2, ratio
Vendor performance
91
60
5
962
3
15,18
17
16
36
12,16
62
61
61
74
61
2/81
3/81
7/80
11/80
8/80
20
19
18
18
18
446
445
447
444
37
4
51
51
51
51
18,51
16
89
89
89
89
62,89
61
2/81
2/81
2/81
2/81
2/81
8/80
20
20
20
20
20
18
44
45
43
18
18
18
62
62
62
2/81
2/81
2/81
20
18
20
96
25
21
21
64
64
8/80
8/80
26
26
107
108
32
31
31
12,21
4/81
2/81
10/80
40
40
28
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
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
4/81
8/80
59
59
60
60
60
60
60
60
60
60
60
15
961
36
77
74
9/80
15
W
Wages and salaries-See Compensation.
West Germany-See International comparisons.
Wholesale prices
All commodities, index
All commodities, percent changes
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
Producer finished goods, percent changes
Sensitive prices, change in
Workweek of production workers, manufacturing . . .
Workweek of production workers, manufacturing,
components
Workweek of production workers, manufacturing, Dl
NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
113
TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. " M " following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.
Bureau of Economic Analysis and National Bureau of
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)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)
33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).—
Source 1
(29,70)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(29,70)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)
Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
I-A. Composite Indexes
14. Current liabilities of business failures (M).-Dun &
Bradstreet, Inc.
(33,72)
910. Composite index of twelve leading indicators (includes
series 1, 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)
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)
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)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(1160)
916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)
18. Corporate profits after taxes in 1972 dollars (Q).—
Source 1
(28,69)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)
19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)
44. Unemployment rate, persons unemployed 15 weeks and
over(M).-Sources2 and 3
(18,62)
917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)
20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)
45. Average weekly insured unemployment rate, State
programs (M).-U.S. Department of Labor, Employment
and Training Administration
(18,62)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
21. Average weekly overtime hours of production workers,
manufacturing (M).—Source 3
(16,61)
46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)
22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
23. Index of spot market prices, raw industrial materials
(M).-Source 3
(28,69,79)
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)
24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).-Source
2
(23,66)
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(26,68)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(17,62)
47. Index of industrial production, total (M).-Source
4
(14,20,39,58,63,78,94)
48. Employee-hours
(M).-Source 3
in nonagricultural
establishments
(17,39,61)
49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)
26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)
52. Personal income, total, in 1972 dollars (M).-Source
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).-Sources
1, 2, and 3
(23,66)
53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)
28. New private housing units started, total (M).—Source
2
(25,67)
54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)
55. Personal consumption expenditures, automobiles ( Q ) . Source 1
(22,65)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26,42,68,81)
56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).—Sources 1, 2, and
3
(12,21,64)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by
32. Vendor performance, percent of companies receiving
slower deliveries (M).—Purchasing Management
Association of Chicago
(12,21,64)
3. Layoff rate, manufacturing (M).-Source 3 (12,16,61)
4. Quit rate, manufacturing (M).—Source 3
5. Average weekly initial claims for
insurance, State programs (M).-U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis
(16,61)
unemployment
Department of
Administration;
of Economic
(16,61)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
114
1
(19,63)
57. Manufacturing and trade sales in 1972 dollars (M).—
Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).—University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
2, and 3
(22,65)
TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
( M ) . - S o u r c e s 1, 2, 3, and The Conference
Board
(17,61)
84. Rate of capacity utilization, materials (Q).-Source
4
(20,64)
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)
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)
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 credit (EOM).-Source 4; FR6
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)
92. Chance in sensitive crude materials prices (PPI of crude
materials less agricultural products) (smoothed) (M).—
Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)
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 credit to personal income
(EOM).-Sources 1 and 4
(15,35,73)
70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(15,27,68)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(15,35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Source 4
nondurable
(20,63)
75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).—The Conference Board (24,66)
102. Change in money supply M2 (M).-Source 4 (31,71)
104. Change in total liquid assets (smoothed) (M).—Sources
1 and 4
(13,31,71)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
700 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)
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 and 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 manufacturing 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 spot market prices, raw industrials—
13 industrial materials (M).-Sources 1 and 3
(37,75,79)
106. Money supply M2 in 1972 dollars (M)-Sources 1, 3,
and 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-B
(Q).-Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).-Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)
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)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
968. Diffusion index of stock prices, 500 common stocks—
53-82 industries ( M ) . - S t a n d a r d & Poor's
Corporation
(37,75)
113. Net change in consumer installment credit (M).-Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)
105. Money supply Ml-B in 1972 dollars (M).-Sources 1, 3,
and 4
(31,71)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(28,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).—Source 1
(29,70)
(34,72)
1-C. Diffusion Indexes
85. Change in money supply Ml-B (M).-Source 4(31,71)
67. Bank rates on short-term business loans (Q).-Source
4
(35,73)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)
119. Federal funds rate (M).-Source 4
116. Yield on new issues of high-grade corporate bonds
( M ) . - C i t i b a n k and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).—U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)
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)
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)
11R
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)
Il-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).—Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
217. Per capita gross national product in 1972 dollars ( Q ) . Sources 1 and 2
(40,80)
220. National income in current dollars (Q).—Source
1
(45,82)
223. Personal income in current dollars (M).-Source
1
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)
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)
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)
(46,82)
293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)
298. Government surplus or deficit, total (Q).—Source
1
(46,83)
Il-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product ( Q ) . Source 1
(48,84)
311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
322. Index of consumer prices, food (M).-Source 3(49,84)
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)
331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)
330. Index of producer prices, all commodities (M).-Source
3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Index of producer prices, capital equipment ( M ) . Source 3
(48,86)
334. Index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities ( M ) . Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)
266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)
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)
268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)
280. Compensation of employees (Q).—Source 1
282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).-Source 1
(45,82)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)
283. Proprietors' income 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)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
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)
240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)
242. Gross private domestic fixed investment, total, in
current dollars (Q).—Source!
(42,81)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)
116
(45,82)
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)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)
Il-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
(45,82)
441. Total civilian labor force, labor force survey (M).—
Sources 2 and 3
(51,89)
289. Net interest as a percent of national income (Q).—
Source 1
(47,83)
442. Total civilian employment, labor force survey ( M ) . Sources 2 and 3
(51,89)
290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)
444. Number unemployed, males 20 years and over, labor
force survey (M).'-Sources 2 and 3
(51,89)
288. Net interest (Q).-Source 1
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)
Il-D. Government Activities
588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)
500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)
Il-E. U.S. International Transactions
501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)
602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)
502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)
604. Exports of agricultural products (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)
510. State and local government surplus or deficit; national
income and product accounts (Q).-Source 1 (52,90)
511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).-Source 1 (52,90)
517. Defense Department gross obligations incurred (M).—
U.S. Department of Defense, OSD, Comptroller,
Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis (53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).-U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
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
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Source 1
(57,93)
622. Balance on merchandise trade (Q).-Source 1 (57,93)
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).-lnstitut
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).—Instituto 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)
743. Canada, index of stock prices (M).-Statistics Canada
(Ottawa)
>
(59,96)
667. Balance on goods and services (Q).-Source 1(57,93)
745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
669. Imports of goods and services, total (Q).-Source
1
(57,93)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
742. United Kingdom, index of stock prices (M).-The
Financial Times (London)
(59,96)
559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)
561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
651. Income on U.S. investments abroad (Q).-Source
1
(57,93)
668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)
4
722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
727. Italy, index of industrial production (M).—Instituto
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)
Il-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)
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).—Instituto Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)
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