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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
http://fraser.stlouisfed.org/ law of this Department. Use
Federal Reserve Bank of St. Louis

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.



i
n

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
Economic Measures, covers over 140 series which are the official figures released by the source
are valuable to business analysts and forecasters agencies. However, for the special purposes of this
but which do not conform well enough to business report, a number of series not ordinarily published
cycles to qualify as cyclical indicators. (There are a in seasonally adjusted form are shown here on a
few exceptions: Four series which are included in seasonally adjusted basis.
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
begin with 1956, but those for the composite for the smoothest series and 6 for the most erratic.
indexes and their components (part I, section A) MCD moving averages (that is, moving averages of
begin with 1948, and a few charts use a two-panel the period equal to MCD) tend to have about the
format which covers only the period since 1969. same degree of smoothness for all series. Thus, a
Except for section F in part II, charts contain 5-term moving average of a series with an MCD of 5
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)

V.

VI.

INVENTORIES

PRICES, COSTS,
AND PROFITS
(17 series)

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

Duration of
unemployment
(2 series)

Business
Investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

Trade
(1 series)

(8 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)

AND

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

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
or to selected foreign countries. The represented and purchases from business and from abroad. It
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor 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

Apr.

4th Q
to
1st Q
1981

May
1981

-5.6

May
1981

Mar.
to
Apr.
1981

-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

13.13
23.25

1,535
106.8
50.6

1,391
95.1
51.0

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

Mar.
to
Apr.
1981

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.

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

Producer prices (PPI), all commodities©
PPI, crude materials
PPI intermediate materials
PPI caDital eouioment
PPI, finished consumer goods

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.

Imnlicit nrice deflator GNP
Consumer prices (CPI) all i t e m s ©
Change in CPI, all items, S/A2
CPI food

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

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 dollars . . .
s
s
257. Imports of goods and services, 1972 dollars
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.
I2
250. Net exports of goods and serv., current dol. 2

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 data for these series are shown on page 60.
FRASER


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: FRASER
Digitized for Numbers entered on the chart indicate length of leads ( - ) and lags (+) in months from reference turning dates.
Current data for these series are shown on page 60.



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)

L
L
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.




1
2

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.

Digitized Current data for these series are shown on pages 67, 68, 69, and 71.
for FRASER


1
3

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 Bank of St. Louis
Reserve

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.




1
5

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 .




1
6

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.




1
8

lliMr-

-icko

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
, Aug./(Apr.)
P
T

(Apr)/Feb.)
PI

(Nov.)

P

(.Mar.)

P

(Dec.) (Nov.)

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
series
copyrighted series
Current data for these

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
(ann. rate, bil. dot.; moving avg.—4-fcmi1)

•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
weighted 4-tertn moving average (with
data is a these series are shown on page 68. weights 1,2,2,1) placed on the terminal
Current
for

9K

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

/

L
U

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
for FRASER these series are shown on page 71.

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
FRASER for these series are shown on page 75.

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

nlr ..,...,_,.. ^, T _.,' ft v, ll ,
iT r

(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.


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niMr
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|

Digitized for Current data for these series are
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.

Rfi

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.


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II IMC 1Q81
Federal Reserve Bank of St. Louis

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

920. Index of
4 roughly

(1967 = 100)

Year
and
month

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

(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.


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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/1981
JUNE
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

Residential Construction
Commitments and Investment

Business Investment Expenditures

C Lg, Lg

C, Lg, U

61. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

76. Index of
industrial production, business
equipment

(Ann. rate,
bil. dol.)

Year
and
month

CAPITAL INVESTMENT-Continued

C Lg, Lg

(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

15^4

October
November
December

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

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

-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

July
August
September

20.32
23.34
22.92

-CK9

April
May
June

32.51
18.43
16.04

E)18!4

January
February
March

-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)

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.)

99.71

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
S e note on page 60.
e
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/ 1981
JUNE
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?
14.
/t

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/ 1981
JUNE
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

I INF 1Q«1
I

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/ 1981
JUNE
Federal Reserve Bank of St. Louis

75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q

Year
and
quarter

970. Business e
xpenditures for new plant and
equipment (18 ndustries)

DIFFUSION INDEXES-Continued
972. Net profits, manufacturing
and t r a d e * ®

a. Actual
expenditures

b. Later
anticipations

c. Early
anticipations

(1-Q span)

(1-Q span)

(1-Q span)

Anticipated

Actual

973. Net sales, manufacturing
and trade * ®

Actua 1

971. New orders, manufacturing * @

Actual

(4-Q span)

(4-Q span)

Anticipated

Anticipated

(4-Q span)

(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

S L C E DIFFUSION NDEX COMPONENTS Basic Data and Directions of Change
EE T D

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)

Mayp

l

40.1

40.4

39.8

(75)

+

Aprilr

March

February

January

December

November

October

(92)

+

(8)

40.0

+

40.1
(58)

(62)

39.2 +
38.8

(50)

40.2

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

+
-

15,957
15,896

+
+

17,169
16,407

+

(54)

-

15,100
10,565

+
-

81,336

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

...

+

151.0

151.7

151.5

152.2

152.3

(98)

(88)

149.4 +

(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: T facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling.
o
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

R w industrials price index (1967 = 100)
a

+

Percent rising of 13 components

298.3 +
(58)

300.8 +
(65)

December

PRICES ,

304.7 -

January

February

May

R W INDUSTRIALS1
A

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)

(54)

Apri 1

March

(31)

(31)

+

Dollars

0.732 1.614

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)..

0.716
1,578

Print cloth...

+

.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

0.273 +
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

+

0.665
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

(yard)..
(meter)..

0.286 0.313

0.656
0.717

+

0.314 0.343

+

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

G P AND PERSONAL INCOME
N

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
230. Total in current
dollars

Disposable personal incorm

Year
and
quarter

224. Current dollars
(Ann. rate,
bi . dol.)

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

PERSONAL CONSUMPTION EXPENDITURES

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 1,947.
-

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.)

G O S PRIVATEDOMESTIC INVESTMENT
RS
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
http://fraser.stlouisfed.org/ 1981
Federal Reserve Bank of St. Louis

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

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

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

....

18.7
23.0
26.1
30.5

19.9
8.2
17.9
7.6

....

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)

SHARES OF GNP AND NATIONAL INCOME

(Ann. rate,
bil. dol.)

Percent of gross national product
248. Nonresidential
fixed investment

(Percent)

(Percent)

235. Personal consumption expenditures, total

(Percent)

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

1978

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

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

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

Percent of national income

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

265. Federal Government purchases of
goods and services

(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/ 1981
JUNE
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!6

July
August
September

98.5

October
November
December

-O.*7

97.5

10.5

-2.5

-4.6

-3.8

-h'.z

-1.5

6.1

9.0

99.'2

8.5

-6! 4

98! 7

-0.8

99^6

-4.3

99J

98!6

-0.2

7.8

-2L8

99^5

-CK9

99.'7

100.3

April
May
June

-0.8

5.3

2.8

-0.4

January
February
March

-1.1

6.0

99!o

1980
January
February
March

8.8

-6.2

April
May
June

October
November
December

2.0

-0.1

11.4

98^8

1.5

7.2

8.5

97^9

p6!5

98.'8

6.1

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

IC
M

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/ 1 9 8 1
JUNE
Federal Reserve Bank of St. Louis

OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES

Q j

Federal Government
Year
and
month

WM

RECEIPTS AND EXPENDITURES

l
State and local governments

1

Advance measures of defense activit

(Ann. rate,
bil. dol.)

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

500. Surplus
or deficit

DEFENSE INDICATORS

(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
http://fraser.stlouisfed.org/ 1981
Federal Reserve Bank of St. Louis

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

Revised

January
February
March

622. Balance

(Mil. dol.)

(Mil. dol.)
1979

669. Imports

668. Exports

667. Balance

2

(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/ 1981
JUNE
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
http://fraser.stlouisfed.org/ 1981
Federal Reserve Bank of St. Louis

95

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

£
1|

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
Year
and
month

Canada

737. Index © 737c. Change
over 6-month
spansl

733. Index ® 733c. Change

(1967 = 100)

(Ann. rate,
percent)

STOCK PRICES

(1967 = 100)

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

My
a

July

Aug.

Oct.

Sept

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.

Fb
e

Mr
a

Apr.

June

My
a

July

Sept

Ag
u

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

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

4
9
9
1
9
5
7
4
2

4
4
1
1
8
3
9
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

L97 2

5
b
3

4
5
8
8
6
1
7
2
5
5

b

1
1
5
9
0
6
1
8
4
3
4
7

Dc
e

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"
f
9. 6 c
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. 5 c
f
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
7c
f
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
L
6]

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
2
6• 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.

My
a

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.

Fb
e
331.

Apr.

Mr
a

My
a

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

My
a

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

ie
.

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

My
a

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. (
I
0. i

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
112.6
115.1
117.4
119.7

115.4
118.7
121.5
124.4

122.9
126.3
128.8
131.9

I Q....
I I Q...
I l l Q..
IV Q . . .

Implicit price deflator,
business product, Q
(index: 1977 = 100)

127.4
131.8
133.5
136.8

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

N
A

N
A

0.06

N
A

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

N
A

N
A

N
A
pl94.2

NA
-0.53

N
A

N
A

N
A
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

12. Net business formation
'ULI

Deviations
from

Actual
data

reference
peaks

111111M11111111111111111111111111111111111

current
cycle

for

MONTHS D E V I FROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

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
and on order, smoothed 1

SERIES 12
1967=100
4

-10.1

117.8

5/80

5
6
7
8

-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

+ 12

+9

+6

+ 3

^135

-10.6
-10.2

MONTHS
FROM
REF.
PEAK

CURRENT MONTH
ACTUAL
AND
DATA YEAR

• 130

4

SERIES
36 *
ANN. RATE
B I L . DOL.
-7.00
5/80

• 125

0

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

-3
-6
-9

-12

•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

-1+1-2

7
8

• 3.8
+ 0.5
1957
• 3.4

1980

X

0-0

r
Median

+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

-1.0

1973

.....In... mill . M . . I . M . . I .
+12 +18 +24

,,i
+30 +36

— 1-5

00

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
PEAK
1/80
DATA YEAR

• 14.5
-0-4

SERIES 95
PERCENT
-0-8
-0.32

14.43

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

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.

18
0

• 14.0

5/80

Months from reference peaks




• 15.5

• 15.0

4

\
+6

6/80
7/80
8/80
9/80

• 2.6

I

0

2.4
2.5
2.7
2.7

-0-5

I

-6

13.0

-0.8
-0.7
-0.5
-0. 5

Months from reference peaks

• 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
. . n J:V y

• 174

o
•

-

Si // 1 /•Median/ i
jy\
W

nl

» u/A
j?
F$

jk

/ |

1

18
90

1957

«^T\

TMA/

-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

SERIES

+15
• 180,000
+ 10

72
N1IL. DOL .

+5
• 165,000

• 170

-

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

-2
-3

3

• 168

/

•

-4

1 )"

-

-5

-15

payments, in 1972 dollars
Percent
—

+ 10
• 1150

Median

-

+5
• 1100

M 15
97
• 1075

| <\f A

n
u

9
10
11
12

-1.0
-0.5
-0.3
0.1

1045.5
1051.6
1053.7
1057.8

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

,

+6

+12 +18

+24 +30 +30

Months from reference peaks

NOTE:

• 1.75

• 1.70

SERIES 77
RATIO

M.65

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

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

• 1.80

DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
PEAK
DATA
YEAR
1/80

9
10
11
12

f 17
93
-1 - 5

-6

M.85

10/80
11/80
12/80
1/81

• 1050

• 1025

\

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

4

f

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

+20

DEVIMONTHS
FROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
PEAK
DATA
YEAR
1/80

-1

-

IB

172

9
10
11
12

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

15,35
32

73
72

12/80
12/80

43
43

33
33

72
112

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

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

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.

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

940
9
72
112

35
24
34
34
44
32
32

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

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

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.

5/80
5/81
8/80
3/81

64
53
26

95
39
33

525
564
548
517

10
1

15

84,95
84
84
65

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)
(*)

15
37
37

442
90
441
37

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

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

Serie:
ascriptions

3/81
11/80
11/80
11/80
11/80
11/80
11/80
11/80

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

13,28
37

69
75

3/81
12/80

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

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

65
80
80
81
81
81
81

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.

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
3
1
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

11/80
11/80

114
115

Treasury bill rate
Treasury bond yields .

28

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

Tables

Series
Historical
data
descriptions
(issue date)
(*)

36
36

330
330c
334
334c

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

Current issue
(page numbers)

Series
number

36*

19
968

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).




13
1

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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