Full text of Business Conditions Digest : June 1989

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U.S. DEPARTMENT OF COMMERCE
Robert A. Mosbacher, Secretary
Michael R. Darby, Under Secretary for Economic Affairs
BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, Deputy Director
George R. Green, Editor

This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. (Telephone: 202-523-0800) Technical staff and their responsibilities for the
publication areBarry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Mary D. Young—Data collection and compilation
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 consisting
of the following persons:
Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
Ahmad Al-Samarrie, Office of Management and Budget
John H. Auten, U.S. Department of the Treasury
Frank de Leeuw, Bureau of Economic Analysis, U.S. Department of Commerce
Andrea Kusko, Board of Governors of the Federal Reserve System
Peter M. Taylor, Council of Economic Advisers
Charles A. Waite, Bureau of the Census, 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 Developments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
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 information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.

Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
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concerning subscriptions to Superintendent of
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Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue
Composite Indexes: Latest Release

iii
v

BCII

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 1989
Data Through May
Volume 29, Number 6

PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS

Al I
A2
A3
A41

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Chart

Table

10
12
14
15

60
—
—
—

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
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 I
C2 ,
C3 I

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change




The Secretary of Commerce has determined
that the publication of this periodical is necessary in the transaction of the public business
required by law of this Department.




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME

3L
A2

A5

A8

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
Bl
B2

Price Movements
Wages and Productivity

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
[jJT]

Civilian Labor Force and Major Components

Ql

GOVERNMENT ACTIVITIES

[_D1 I
LD2J

Receipts and Expenditures
Defense Indicators

U.S. INTERNATIONAL TRANSACTIONS
JLLJ
Mj

Merchandise Trade
Goods and Services Movements

INTERNATIONAL COMPARISONS
1 I
flJ

Industrial Production
Consumer Prices
Stock Prices

PART III. APPENDIXES
Cyclical Indicators: New Composite Index Components
Historical Data for Selected Series
Supplemental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97
98
105
108
112

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Business Conditions Digest,
Statistical Indicators Division, Bureau of
Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findChanges in this issue are as follows:

ings of economic

1. The series on establishment employment (series 1, 21,
40, 41, 48, 570, 961, and 963) have been revised by the source
agency to reflect the adoption of a new benchmark and the
computation of new seasonal adjustment factors. Series 48
contains revisions from 1983 forward; series 570 contains
revisions from 1987 forward; and the other series contain
revisions from 1984 forward*
Revised data for other series affected by these revisions
(series 26, 63, 345, 346, 358, and 370) will be included in
a future issue.
Further information concerning these revisions may be
obtained from the U.S. Department of Labor, Bureau of Labor
Statistics, Office of Employment Structure and Trends,
Division of Monthly Industry Employment Statistics.
2* The series on profits after taxes per dollar of sales
for manufacturing corporations (series 15) has been revised
by the source agency from 1986 forward to reflect the
reclassification of corporations by industry, the updating of
basic data, and the computation of new seasonal adjustment
factors.
Further information concerning this revision may be
obtained from the U.S. Department of Commerce, Bureau of the
Census, Economic Surveys Division.
3. The series on funds raised by private nonfinancial
borrowers in credit markets (series 110) has been revised by
the source agency from 1986 forward to incorporate revisions
in the basic statistics.
Further information concerning this revision may be
obtained from the Board of Governors of the Federal Reserve
System, Division of Research and Statistics, Flow of Funds
Section.
(Continued on page iv.)
The July issue of BUSINESS CONDITIONS DIGEST is scheduled for
release on August 9.



ill

research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc,

4. The series on U.S. international transactions (series 618, 620, 622, 651, 652, and
667-669) have been revised by the source agency to reflect the annual updating of the basic
statistics, the incorporation of newly available information, and the computation of new
seasonal adjustment factors. The periods covered by these revisions are as follows:
1980
1981
1985
1986
1987

forward:
forward:
forward:
only:
forward:

Series
Series
Series
Series
Series

667 and 669;
668;
651;
618, 620, and 622;
652.

Further information concerning these revisions may be obtained from the U.S. Department
of Commerce, Bureau of Economic Analysis, Balance of Payments Division.
5, Historical data for series 47, 517, 525, 543, 570, 577, 578, 721-723, 725-728, 742,
743, and 745-748 are shown in appendix C (pages 98-104).

Availability of Data
Data for the composite indexes, their components, and other economic
time series shown in Business Conditions Digest are available in several
forms—printout, diskette, computer tape, and electronic bulletin board.
For information about these products, write to the Statistical Indicators
Division (BE-60), Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230 or call (202) 523-0800.




IV

COMPOSITE INDEXES OF LEADING, COINCIDENT, AND LAGGING
INDICATORS: MAY 1989

The composite index of leading indicators decreased 1.2. percent in May to 143,8
(1982=100), according to preliminary estimates released June 28 by the Commerce
Department's Bureau of Economic Analysis.
On the basis of revised estimates, the index increased 0.6 percent in April and
decreased 0.6 percent in March. A month ago, the Bureau reported estimates that showed
the index increased 0.8 percent in April and decreased 0.6 percent in March. Average
workweek was the major contributor to the April revision.
Nine of 11 indicators contributed to the May decrease in the index. They were,
ordered from the largest negative contributor to the smallest: money supply in 1982
dollars, change in sensitive materials prices, index of consumer expectations, vendor
performance (slower deliveries diffusion index), average workweek, contracts and orders
for plant and equipment in 1982 dollars, change in manufacturers' unfilled orders in
1982 dollars, average weekly initial claims for State unemployment insurance, and
manufacturers' new orders for consumer goods and materials in 1982 dollars.
Two of 11 indicators made positive contributions. They were, ordered from the larger
positive contributor to the smaller: stock prices and building permits.
The composite index of coincident indicators, a monthly approximation of aggregate
economic activity, decreased 0.2 percent in May to 132.7 (1982=100). The index
increased 0.4 percent in April and decreased 0.2 percent in March.
The composite index of lagging indicators increased 1.0 percent in May to 122.1
(1982=100). The index decreased 0.7 percent in April and increased 0.8 percent in
March.
The leading index is designed to predict monthly movements in aggregate economic
activity, which is approximated by the coincident index. The lagging index is expected
to move, after a time lag, in the same direction as the coincident index and thus to
confirm the movements in the coincident index.
More data on the composite indexes can be found on pages 10, 60, and 106 of this
issue of Business Conditions Digest.
Next release date: August 3 for the June composite indexes,

A recorded telephone message on (202) 898-2450^provides information on the composite
indexes and their components immediately upon their release. The message is updated
weekly to include recently available data for composite index components that will be
incorporated into the next release.
This and other news releases are available electronically at the time of public
release through the Commerce Department's Economic Bulletin Board at a nominal charge
to users. For information, call (202) 377-1986.




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BBC

METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1962, but those for the composite
indexes and their components (part I, section A)
begin with 1952, and a few charts use a two-panel
format which covers only the period since 1977.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984
Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday




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

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

All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
c o n f o r m i t y to business e x p a n s i o n s 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
Reference Turning Dates
November 1975 issues of BCD.) The resulting
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
This information, particularly the scores relating
cyclical high or low levels. As a matter of general
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
groups and combine those with similar timing
have been designated.
The historical reference turning dates are subject behavior, using their overall performance scores as
to occasional reviews by NBER and may be changed weights. Because they use series of historically
as a result of revisions in important economic tested usefulness and given timing characteristics
time series. The dates shown in this publication (for example, leading at both peaks and troughs),
for the 1948-70 time period are those determined with diversified economic coverage and a minimum
by a 1974 review. Since then, NBER has designated of duplication, composite indexes give more
turning points for recessions in 1973-75, 1980, and reliable signals over time than do any of the
1981-82.
individual indicators. Furthermore, much of the

1

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

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

II.
PRODUCTION
AND INCOME
(10 series)

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

IV.
FIXED CAPITAL
INVESTMENT
(19 series)

V,
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

VI.
PRICES, COSTS,
AND PROFITS
(18 series)

VII.
MONEY AND
CREDIT
(28 series)

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

Capacity utilization
(2 series)

Orders and deliveries
(6 series)
Consumption and
trade (2 series)

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

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

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

Money (5 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
tl series)

Comprehensive
employment
(1 series)

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

Consumption and
trade (4 series)

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

LAGGING (Lg)
INDICATORS
(19 series)

Comprehensive
unemployment
(I scries)

TIMING
UNCLASSIFIED (U)
(8 series)

Comprehensive
employment
(3 series)

Velocity of money
(2 series)
Interest rates
(2 series)

Business investment
expenditures
(1 series)
Consumption and
trade (1 series)

Unit labor costs
and labor share
(4 series)

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

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

Interest rates
(1 series)

V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

VI.
PRICES, COSTS,
AND PROFITS
(18 series)

VII.
MONEY AND
CREDIT
(28 series)

Inventory
investment
(4 series)

Stock prices
(1 series)
Sensitive commodity
prices (3 series)
Profits and profit
margins (6 series)
Cash flows (2 series)

Money (4 series)
Credit flows
(5 series)
Credit difficulties
(2 series)

Profits and profit
margins (2 series)

Money (1 s«ncs)
Velocity of money
(1 series)

Unit labor costs
and labor share
(4 series)

Velocity of money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(4 series)

Inventories on
hand and on
order
(4 series)

Business investment
commitments
(1 series)

B. Timing at Business Cycle Troughs
!

x.
Economic
\Process
CyclicarV
Timing
N.

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(41 series)

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

IV.
• FIXED CAPITAL
INVESTMENT
(19 series)

1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

PRODUCTION
AND INCOME;

Marginal employment
adjustments
(1 series)

Industrial
production
(1 series)

Orders and deliveries
(5 series)
Consumption and
trade (4 series)

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

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

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

Consumption and
trade (3 series)

Business investment
commitments
(1 series)

Orders and deliveries
(1 series)

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

Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(5 series)

TIMING
UNCLASSIFIED (U)
(1 series)




II.

(10 series)

Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)

i

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
w e l l - e s t a b l i s h e d d i f f e r e n c e s 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 1984
Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are other indexes based on leading indicators that
have been grouped by economic process. Taken
together, these additional indexes include many
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
11 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 peaks and troughs,
all but one component of the leading index are
denoted UL,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 period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 112 individual time series,
including the 21 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 18
series at all turns (of the 18, 14 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 1984
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: GIMP 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
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national p r o d u c t — p e r s o n a l consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services-are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in
the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.




Gross private domestic investment (A3) is fixed Section C, Labor Force, Employment, and
capital goods purchased by private business and Unemployment
nonprofit institutions and the value of the change
This section contains measures of the civilian
in the physical volume of inventories held by
labor
force and its major components: Total
private business. The former include all private
numbers
of employed and unemployed persons.
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used The number of unemployed is subdivided into
selected categories defined by sex, age, and class
goods are also included.
of
worker. Also included are data on participation
Government purchases of goods and services
(A4) is the compensation of government employees rates for a few principal segments of the labor
and purchases from business and from abroad. It force.
excludes transfer payments, interest paid by Section D. Government Activities
government, and subsidies. It includes gross
investment by government enterprises but excludes
Receipts, expenditures, and their balance (surtheir current outlays. It includes net purchases of plus or deficit) are shown quarterly on two levels;
used goods and excludes sales and purchases of (1) Federal Government and (2) State and local
land and financial assets.
government. Also shown is a selection of series
Net exports of goods and services (A5) is exports from the discontinued Defense Indicators.
less imports of goods and services. Exports are part These series measure defense activities which
of the national production; imports are not, but are influence short-term changes in the national
included in the components of GNP and are economy. Included are series relating to
therefore deducted. More detail on U.S. obligations, contracts, orders, production,
international transactions is provided in section E. shipments, inventories, outlays, and employment.
National income (A6) is the incomes that These series are grouped according to the time at
originate in the production of goods and services which the activities they measure occur in the
attributable to labor and property supplied by defense order-production-delivery process. Series
residents of the United States. Thus, it measures measuring activities which usually precede prothe factor costs of the goods and services pro- duction, such as contract awards and new orders,
duced. It consists of the compensation of are classified as "advance measures of defense
employees, proprietors' income, rental income of activity." Series measuring activities which tend to
persons, corporate profits, and net interest.
coincide with production, such as employment, and
Saving (A7) is the difference between income activities which usually follow production, such as
and expenditures during an accounting period. shipments, are classified as "intermediate and final
Total gross saving includes personal saving, measures of defense activity."
business saving (mainly undistributed corporate
profits and capital consumption allowances), and Section E. U.S. International Transactions
government surplus or deficit,
This group includes monthly series on exports
Shares of GNP and national income (A8),—The
major e x p e n d i t u r e components of GNP (excluding military aid) and general imports, plus a
(consumption, investment, etc.) are expressed as few selected components of these aggregates. Also
percentages of GNP, and the major income shown are the balances between receipts and
components of national income (compensation of expenditures for goods and services, merchandise,
employees, corporate profits, etc.) are expressed as and investment income.
percentages of national income.
Section F, International Comparisons
Section 6. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are
presented for the period since 1977.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of work in the business sector, and
rates of change for most of these measures.

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 1977) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1977) 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

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

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

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

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

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

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

,:;:.

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

Solid line with plotting points
indicates percent changes over
3- 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, or


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

Table 1.

Summary of Recent Data and Current Changes for Principal Indicators
Basic data8

Series title and timing classification

Unit
of
measure

1

Percent change

Annual average
1987

1988

3d Q
1988

4th Q
1988

IstQ
1989

Apr.
1989

Mar.
1989

May
1989

Apr.

Mar.
to
Apr.
1989

to
May
1989

w

3dQ
to
4th Q
1988

4th Q
to
IstQ
1989

I

1. CYCLICAL INDICATORS
Al, Composite Indexes
910,
920
§30.
940,

Eleven leading indicators
Four roughly coincident indicators
...
Seven lagging indicators
RatiDv eoineident inde* to lagging index,,.,.,

1,1,1... 1982 = 100
do
., C,C,C...
do
lg,lg,lg.»
do
1,1,1...

139.6
122.7
111.6
110.0

142.5
128.6
115.9
110.9

143.5
129.2
116.2
111.2

144.3
130.9
117.5
111.4

145.4
132.5
120.5
110.0

144.6
132.5
121.7
108.9

145.5
133.0
120.9
110.0

143.8
132.7
122.1
108.7

0.6
0.4
-0.7
1.0

-1.2
-0,2
1.0
-1.2

0.6
1.3
1.1
0.2

0.8
1.2
2.6
-1.3

910
920
930
940

l,,L,L... 1967-100
do-.
III
do
L,L,L.
do
L,L,L.

NA
106.3
121.7
145.8

NA
105.8
NA
NA

NA
105.5
NA
149.3

NA
105.2
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
NA
NA
NA

NA
-0.3
NA
NA

NA
NA
NA
NA

914
915
916
917

41.0
3.7
320

41.1
3.9
305

41.1
3.9
303

41.1
3.9
296

41.1
3.9
306

41.0
4.0
318

41.2
4.0
299

41.0
3.8
312

0.5
0.
6.0

l,Lg,U... Ratio
L,lg,U,.. 1967-100

0.615
153

0.701
158

0.701
157

0.727
160

0.718
154

0.733
151

0.723
159

U,C,C... A.r., bil hrs
U,C,C... Millions
do
C,C,C...
l,C,U... Thousands

189.99
109.23
102.20
24,708

196.44
111.80
105.58
25,249

197.18
112.08
105.98
25,313

198.69
112.62
106.80
25,452

200.32
113.66
107,68
25,634

60.77

61.54

61.59

61.79

62.19

62.27

62.22

62.22

-0.05

7,425
6.2
2.4
14.5
1.7

6,701
5.5
2.1
13,5
1.3

6,678
5.5
2.1
13.5
1.3

6,545
5.3
2.0
12.9
1.2

6,391
5.2
2.1
12.4
1.1

6,128
5.0
2.1
12.4
1.1

6,546
5.3
2.1
12.7
1.2

6,395
5.2
2.0
11.8
1.1

-6.8
-0.3
0.
-2.4
-0.1

3 8 4 7 . 0 3996.1 4009.4 4033.4 4077.5
3163.5 3 2 6 2 , 4 3 2 6 9 . 0 3300.4 3 3 6 6 . 3 3381.8 3 3 7 4 . 5

3366.3

-0.2

2704,1 2791.7 2 7 9 9 , 0 2829.6 2885.0 2897.5 2893.1 2887.2

Leading Indicator Subgroups;
914. Capital investment commitments....
915 inventory investment and purchssifis
SIS Profitability
917. Money and financial flows.
B. Cyclical Indicators by Economic Process
Bl, Employment and Unemployment

Marginal Employment Adjustments:
*1. Average weekly hours, mfg
l,l,L... Hours
do
21 Average weekly overtime hours mfp 3 ....... . . . l,C,l. .
*§ Average weekly initial claims (inverted*)
1,0,1.,. Thousands
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers
Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities
*41. Employees on nonagrieyltural payrolls.,,.
40 Fmployees in goods-producing industries
90. Ratio, civilian employment to population
of working age3

U.lg.U... Percent

Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted*)3
45. Ayg, weekly insured unemployment rate (inv.'}3
°S1. Average duration of unemployment (inverted*)
44. Ungfflp!0ymeiit rate, 15 weeks and over (inv.<)3

l,lg,U...
L,Lg,U....
L,U,U,,,,
L&L&L&...
Lg,Lg,Lg....

Thousands.
Percent
do
Weeks
Percent

-0.5
-0.2
-4.3

0.716 -0.010 -0.007
-3.1
154
5.3

2 0 0 . 3 3 202.06 200.69
113.93 114.01 114.10
107.89 108.09 108.20
25,646 25,664 25,631

0.
0.
2.3

0.
0.
-3.4

0.026 - 0 . 0 0 9
-3.7
1.9
0.8
0.5
0.8
0.5

1
21
5
60
46

0.8
0.9
0.8
0.7

48
42
41
40

0.40

90

2.0
0.2
0.1
4.4
0.1

2*4
0.1
-0.1
3,9
0.1

37
43
45
91
44

-0.2

0.6
1.0

1.1
2.0

50
52

-0.2

-0.2

1.1

2.0

51

-1.1

-0.5

0.9

0.4

53

0.5
0.5
1.1
2.3

47
73
74
49

0.9
0.1
0.2
0.1

-0.7
0.1
0.1
-0.1

0.

2.3
0.1
0.1
7.1
0.1

0.20

62. Production and Income
Comprehensive Output and Income:
§0. Grass national product in 1982 dollars..
&2. Personal income in 1SS2 dollars
*51. Personal income less transfer payments
in 198? dollars
. . .
S3. Wages and salaries in 1982 dollars, mining, mfg.,
and eonstrustion
.

CCC

Industrial Production:
*47 Industrial production .
13. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
48. Value of goods output in 1982 dollars

C CO 1977-100
do
C.C.C....
C.L.L....
do
C.C.C.... A.r., bildol.

Capacity Utilization;
82. Capacity utilization rate, mfg3
84. Capacity utilization rate, materials3..,.,

L,C,U.... Percent
do
L,C,U...,

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

. do.

CC C

do , ,.

544.4

559.8

124.8
137.2
133.1
141.9
136.8
143.9
1663.3 1762.3

81.0
80.5

83.6
83.7

566.4

568.9

572.6

566.3

563.4

138.4
139.9
145.2
143.3
145.0
146.7
1768.9 1769.6

140.6
145.9
148.3
1809.7

140.6
145.6
148.4

141.4
146.6
149.3

141.4
146.4
149.3

0.6
0.7
0.6

0.
-0.1
0.

1,1
1.3
1.2
0.

84.4
84.9

84.3
84.1

84.0
83.8

84.3
84.2

84.0
84.2

0.3
0.4

-0.3
0.

0.4
0.6

-0.1
-0.8

82
84

3.2
3.4

-4.2
-4.5

5.5
4.4

0.
-1.3

6

4.1
1.07
1.3
2.0

-1.9
-5.32
0,1
-3.9

3.7
2.09
3,6
-4.4

-1.6
-0.82
2.9
-0.1

8
25
96
32

1.7
1.3
0.6
1.0
-0.1

NA
NA
-0.4
0.1
-0.5

-3.0

-0.9

2.4
1.4
1.8
2.2
1.3
1.8
-3.1

1.4
0.
1.0
0.6
-0.3
-4.0
3.1

56
57
75
54
59
55
58

0.3
-1.5

2.2
4.5

12
13

561.5

84.0
84.3

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs/ new orders, durable goods
L,l,L... Bil. dol
1 0 7 . 7 2 119.51 119.41 1 2 5 . 9 9 125.99 125.38 129.36 123.97
.do
7. Mfrs.' new erfes in 1982 dollars, durable goods
l,L,L...
9 8 . 2 8 104.76 104.17 108.79 107.35 106.43 110.10 105.15
*8. Kffs.' new orders in 1982 dollars, consumer goods
and materials
..
Ill
do
84.57
90.12
87 .20
86.90
86.21
88.69
89.75
88.^01
do
25. Change in mfrs.' unfilled orders, durable goods3
1,1,1.,,
2.50
3.07
5.16
3.93
4.34
4.94
6.01
0.69
96. Mfrs.' unfilled orders, durable goods5
L,Lg,U..., Bil. dol, EOP ... 4 0 0 . 7 2 4 4 7 . 8 7 4 3 2 . 3 8 4 4 7 . 8 7 4 6 0 . 9 0 4 6 0 . 9 0 4 6 6 . 9 1 4 6 7 . 6 0
*32. Vsifc p§fforraaftci, slower deliveries3
l,L,L... Percent
57.4
52.8
51.2
57.3
57.7
53.2
52.9
49.3
Consumption ami Trade:
56. Manufacturing and trade sales
*17. Manufacturing and trade sales in 1982 dollars
?1 Industrial production, consumer poods
54. Sales of retail stores
59. Sales of retail stores in 1982 dollars......
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment (u)

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

Bil. dol
do
1977^100
Bil. dol
do
A.r, bildol
Q 1966 -100.

449.21
436.24
127.8
126.78
114.36
130.0
90.6

485.01
452.26
133.9
135.20
118.70
138.6
93.7

490.39
452.79
134.7
135.82
118.59
139.2
96.0

502.14
459.21
137.1
138.85
120.15
141.7
93.0

508.92
516.24
NA
4 5 9 . 3 9 455\90 4 6 1 . 6 7
NA
138.5
138.3
139.1
138.5
139.66 1 3 9 . 5 2 140.94 141.08
119,78 119.14 119.04 118.46
136.1
95.9
94.3
91.5
90.7

7

B4. Fixed Capital Investment
Formation of Business Enterprises:
12. Met business formation
,
13. New business incorporations
Sysingss Investment Commitments:
10. Contracts and orders for plant and equipment
^20. Contracts and orders for plant and equipment
in 1982 dollars
24. Mfrs.' n@w orders, nondefense capital goods
27. Mfrs,' new orders in 1982 dollars, nondefense
eapital goods




1,1,1,.,. 1967-100
1, 1,1... Number

121.2
124.1
124.0
124.4
127,1
127.9
57 ,113 5 6 , 8 7 0 5 7 , 3 8 7 56 , 5 3 4 5 9 , 0 9 5 6 0 , 0 6 2

126.2
NA

127.1
NA

-1.3
NA

0.7
NA

1,1,1... Bil dol

34.67

39.64

41.17

40.73

43.05

42.64

44.53

41.63

4.4

-6.5

-1.1

5.7

10

L.L.L...
l,l,L... ..."

do....!.....

38.64
29.66

44.73
35.01

46.34
36.63

45.35
36.62

47.27
38.56

47.71
38.14

48.90
40.36

46.15
37.02

2.5
5.8

-5.6
-8.3

-2.1
0.

4.2
5,3

20
24

1,1,1....

do

34.28

40.82

42.53

41,91

43.50

43.93

45.41

42.29

3.4

-6.9

-1.5

3.8

27

Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data'
Unit
of

Series title and timing classification-

Percent change

Annual average
1987

1988

3dQ
1988

4th Q
1988

istQ
1989

Mar.
1989

Apr.
1989

May
1989

Mar.
to
Apr.
1989

73.62
NA
NA

71.37

69.66

75.44

-2.4

3dQ
to
4th Q
1988

Apr.
to
May
1989

4th Q
to
IstQ
1989

Series number

1

Table 1.

1. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments— Con.:
9. Construction contracts awarded for commercial and
industrial buildings, floor space
L.C.U.... Mil. sq.ft
11. Newly approved capital appropriations, mfg
U,Lg,U.... Bil. dol
s
97. Backlog of capital appropriations, mfg.
C,Lg,Lg.... Bil. dol, EOP ...
Business Investment Expenditures:
61. Expenditures for new plant and equipment
69. Mfrs.' machinery and equipment sales and business
construction expenditures
76. Industrial production, business equipment
86. (Presidential fixed investment in 1982 dollars
Residential Construction Commitments and Investment:
28 New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1982 dollars

80.65 75.76
2 9 . 7 9 41.42
7 8 . 0 6 101.72

76.09
40.38
91.57

72.83
53.77
101.72

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

389.67 429.67 436.01 4 4 3 . 7 1 457.64

do
C,Lg,Lg....
C,Lg,U.... 1977 = 100
C,Lg,C.... A.r. t bil.dol

4 0 4 . 6 7 4 4 9 . 9 3 4 5 7 . 9 3 4 6 1 . 2 6 4 7 7 . 8 7 485 .60 4 8 7 . 8 1
166.2
165.0
167.4
161.3
144.5 1 5 7 . 6 160.1
500.5
445.1 4 8 7 . 5 4 9 5 . 0 491.4

L,L,L . A.r., thousands ..
L,L,L... 1967 = 100
L,L,L... A.r. t bil. dol

1,620
122.9
195.2

1,488
116.0
191.8

1,467
114.9
191.6

1,559
121.0
196.6

1,517
109.5
194.3

8.3

-4.3
33.2
11.1

1.1
NA
NA

9
11
97

1.8

3.1

61

3.6
2.3
1.9

69
76
86

NA
167.8

0.5
0.7

NA
0.2

0.7
0.7
-0.7

6.3
5.3
2.6

1,409
98.1

1,339
106.4

1,311
107.4

-5.0
8.5

-2.1
0.9

-2.7
-9.5
-1.2

28
29
89

85. Inventories and Inventory Investment
Inventory Investment:
do
30. Change in business inventories in 1982 dollars3
L,L,L...
36. Change in mfg. and trade inventories on hand and on
63
.
..do
order in 1982 dollars (smoothed )
LL,L
do
31 Change in mfg and trade inventories3
.... L,L,L '
38, Change in mfrs.' inventories,
materials
and
supplies
on hand and on order3
L,L,L... Bil, dol
Inventories on Hand and on Order:
71. Mfg. and trade inventories5
70. Mfg. and trade inventories in 1982 dollars5
65. Mfrs.' inventories, finished goods5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order5

3'4.4

42.5

39.5

29.1

35.5

6.4

30

46.9

27.30
53.0

15.61
76.3

24.41
38.6

19.99
47.1

10.98
29.4

2.55
51.4

NA
NA

-8.43
22.0

NA
NA

8.80
-37.7

-4.42
8.5

36
31

1.48

1.79

2.63

0.21

1.22

1.61

0.12

NA

-1.49

NA

-2.42

1.01

38

NA
NA
NA

0.6
0.3
0.4

NA
NA
NA

32.19

-10.4

Lg,Lg,Lg.... Bil. dol., EOP ... 7 0 0 . 7 6 7 5 3 . 7 2 7 4 4 . 0 5 7 5 3 . 7 2 7 6 5 . 5 0 7 6 5 . 5 0 7 6 9 . 7 9
do
6 7 4 . 9 1 702.69 696.11 702.69 706.87 706.87 708.65
Lg,l_g,Lg.,..
106.82 1 1 3 . 9 3 111.62 113.93 115.36 115,36 115.84
do
Lg,Lg,Lg....

1.6
0.6
1.3

71
70
65

1.53

NA

-0.02

NA

0.01

77

Bil dol EOP ... 2 5 5 . 1 1 2 7 6 . 5 6 2 7 5 . 9 3 2 7 6 . 5 6 2 8 0 . 2 2 2 8 0 . 2 2 2 8 0 . 3 4

NA

0,

NA

0.2

1.3

78

Lg.Lg.Lg.... Ratio
L Lg Lg

1.3
0.9
2.1

1.51

1.53

1.53

1.53

1.54

1.55

0.

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrial materials©
*99, Change in sensitive materials prices (smoothed7) 3

L,L,L.., Percent
U.L.L.... 1967 = 100
L,L,L... Percent

Stock Prices:
*19 Stock prices 500 common stocks @

ILL

Profits and Profit Margins:
16 Corporate profits after tax
18 Corporate profits after tax in 1982 dollars
79. Corporate profits after tax with IVA and CCAdj
80
do
in 1982 dollars
15. Profits after taxes per dollar of sales, mfg.3
26. Ratio, price to unit labor cost, nonfarm business

L L L A r bil dol
do
LLL
do
L.C.L....
do
LCL
Cents
L,L,L...
L,l,L... 1977 = 100

142.9
127.1
176.6
160.7
4.8

Cash Flows:
34. Corporate net cash flow
35 Corporate net cash flow in 1982 dollars

L,L,L... A.r., bil. dol
do
ILL

0.85
330.5
0.52

-1.73
0.1
-0.13

0.78
-1.3
-0.28

-0.27
0.7
-0.16

0.75
6.1
0.41

98
23
99

1941-43-10. 2 8 6 . 8 3 2 6 5 . 7 9 2 6 6 . 9 2 2 7 4 . 9 8 2 9 0 . 7 1 2 9 2 . 7 1 3 0 2 . 2 5 3 1 3 . 9 3

3.3

3.9

3.0

5.7

19

-1.1
-2.3
-11,8
-14.3
-0.1
-0.8

16
18
79
80
15
26

-1.4
-1.8

34
35

Unit Labor Costs and Labor Share;
63. Unit labor cost, business sector
Lg,Lg,lg.... 1977 = 100
68. Labor cost per unit of real gross domestic product,
nonfinancial corporations
Lg,Lg,Lg.... Dollars
62. Labor cost .per unit of output, mfg.
a) Index
Lg,Lg,Lg.... 1977 = 100
*b) Percent change3 '
Lg,Lg,Lg..., A.r., percent
64. Compensation of 3employees as percent of
national income
Lg,lg,Lg... Percent

1.36

274.5
1.09

0.31
303.3
0.45

0.34
308.4
0.56

0.07
310.6
0.40

0.82
329.5
0.81

1.80
334.6
0.93

0.07
335.0
0.80

99.3

163.9
143.2
185.6
164.9
6.0
99.0

169.1
148.0
185.2
164.1
5.9
98.8

174.5
150.4
194.8
170.4
5.9
99.2

172.6
146.9
171.8
146.1
5.8
98.4

3.2
1.6
5.2
3.8
0.
0.4

396.6
396.7

420.7
417.6

425.7
423.7

429.0
423.1

423.0
415.6

0.8
-0.1

171.5

177.8

179.0

181.4

183.0

0.732

0.752

0.758

0.766

0.778

136.7
-1.2

136.9
1.0

136.5
0.2

137.5
1.5

138.4
2.0

73.0

73.2

73.3

73.2

73.1

1.3

140.2
4.4

138.3
3.7

138.6
3.1

-1.4
-0.7

0.2
-0.6

0.9

63

1.1

1.6

68

0.7
1.3

0.7
0.5

62
62

-0.1

-0.1

64

B7. Money and Credit
Money:
85 Change in money supply Ml3
102 Change in money supply M23
104. Change in total liquid assets3
105. Money supply Ml in 1982 dollars
*106. Money supply M2 in 1982 dollars
Velocity of Money:
107. Ratio, GNP to money supply Ml3
108. Ratio, personal income to money supply M23
Credit
33
112
113.
111.
110.

Flows:
Net change in mortgage debt3
Net change in business loans3
Net change in consumer installment credit3
Change in business and consumer credit outstanding3
Funds raised by private nonfinancial borrowers

Credit Difficulties:
39. Delinquency rate, installment loans (inverted')3 s




do
.... L,L,L
do
L,C,U...
do
L,L,L...
L.L.L... Bit. dol
do
L,L,L...

C,C,C... Ratio
do
C,Lg,C...
L,L,L . A.r., bil. dol
. do
LLL
do
L,L,L...
L,L,L... A.r., percent
L,L,L... A.r., bil. dol
L,L,L... Percent, EOP ..

0.41
0.30
0.45
0.29
0.62
0.40
632.7
631.6
2429.9 2453.7

6.082
1.320

6.268
1.350

0.28
0.31
0.38
0.24
0.60
0.52
631.3
634.7
2456.4 2450.8

6.270
1.352

6.350
1.368

-0.39
-0.17
-0.14
0.08
0.31
0.10
0.71
0.35
0.35
619.6
612.8
622.7
2431.1 2426.1 2410.9

6.482
1.405

1.415

1*420

NA
NA
NA
NA
NA
73.74
44.95
38.02
8.70
8.30
NA
5
1
.
8
0
3
4
.
8
8
51.79
35.67
NA
8.4
8.4
7.9
6.1
548.39 589.87 583.61 654.27 520.33

NA
42.76
44.24
7.5

NA
51.74
32.77
8.4

2.39

2.39

NA

2.47

2.49

2.42

2.49

-0.25
-0.23
-0.36
-1.1
-0.6

-0.85
-0.35
NA
-1.8
-0.8

-0.03
0.14
0.08
-0.5
-0.2

-0.45
-0.28
-0.25
-1.4
-0.8

85
102
104
105
106

0.005

0.009

0.080
0.016

0.132
0.037

107
108

NA
NA
8.98
118.61
NA -11.47
NA
0.9

NA
66.87
NA
NA

NA
36.25
16.92
0.5
12.1

NA
28.79
NA
NA
-20.5

33
112
113
111
110

NA

NA

0.10

39

-1.24
-0.27
NA
601.9
2391.4

1.429

NA

-0.07

Table 1.

Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data3

Series title and timing classification

Unit
of
measure

1

Annual average
1987

1988

qj n
1988

4th Q
1988

Percent change

IstQ

1989

Mar.
1989

May
1989

Apr.
1989

Mar,
to

&

Apr.
to
May
1989

3dQ
to
4th Q
1988

4th Q
to
IstQ
1989

$
|

i
I

1. CYCLICAL INDICATORS-Con.
B7. Money and Credit— Con.
Bank Reserves;
93. Free reserves (inverted'}3©
94. Borrowings from the Federal Reserve 5 ©
Interest Rates:
119. Federal funds rate8 ©
,
114. Discount rate on new Treasury bills3©
116. Yield on new high-grade corporate bonds3©
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds8 ©,
118, Secondary market yields, FHA mortgages3©
67. Bank rates on short-term business loans3®
*109. Average prime rate charged by banks3©
Outstanding Debt:
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding in
1982 dollars
....
*95. Ratio, consumer installment credit to
personal income9...

L.U.U... Mil, dol
do
L,Lg,U...
l,Lg,Lg... Percent
do
C,Lg,Lg,...
do
lg,lg,lg...
do
C.lg.lg...
do
U,Lg,Lg...
do
Lg,lg,lg...
,do
Lg.Lg.Lg...
.do
Lg,Lg,l,g...

241 - 1 , 3 3 2 - 2 , 1 9 6 -1,218
2,292
756
2,357
3', 17 3

-569
1,654

- 8 5 6 -1,513
1,813
2,289

-689
1,720

657
476

-824
-569

-978
-881

-649
-638

93
94

8.47
7.70
9.96
9.03
7.51
10.56
10.11
10.18

9.44
8.53
10.12
9.19
7.46
10.91
10.97
10.98

9.85
8.83
10.33
9.33
7.59
11.16

9.84
8.70
10.11
9.18
7.49
10.88

9.81
8.40
9.82
8.95
7.25
10.55

-0.01
-0.13
-0.22
-0.15
-0.10
-0.28

-0.03
-0.30
-0.29
-0.23
-0.24
-0.33

11.50

11.50

11.50

0.49
0.71
-0.18
-0.17
-0.23
-0,10
0.36
0.47

0.97
0.83
0.16
0.16
-0.05
0.35
0.86
0.80

119
114
116
115
117
118
67
109

6.66
5.83
9.69
8.63
7.64
10.16
8.09
8.20

7.57
6.67
9.96
8.98
7.68
10.49
9.18
9.32

7.98
6.99
10.14
9.20
7.74
10.66
9.75
9.71

NA
Bit. dol,t HOP .. 6 0 7 . 7 2 6 5 9 . 5 1 6 4 6 . 5 6 6 5 9 . 5 1 6 9 1 . 0 8 691.08 6 9 3 . 8 2
3 6 4 . 0 7 3 9 0 . 3 4 3 9 4 . 6 7 4 0 0 . 0 5 4 1 8 . 6 4 4 2 3 . 5 3 4 2 7 . 8 4 43 7 . 7 2
Lg.Lg.Lg... Bit. dol

UUU-

0.

0.

0.4
1.0

NA
2.3

2.0
1.4

4.8
4.6

66
72

0.3

1.6

0.9

2.4

101

0.27

95

354.19

364.96

365.43

368.70

377.37

379.85

380.98

387.02

15.56

15.70

15.72

15.65

15.92

15.87

15.85

NA

117.7
113.6
0.4
113.5
102.8
102.6
93.7
101.5
111.7
103.6

121.7
118.3
0.3
118.2
106.9
106.3
96.0
107.1
114. 3
106.2

122.4
119.1
0.4
119.6
108.0
106.9
97.0
108.2
114.9
106.9

124.0
120.3
0.3
120.9
108.5
107.6
96.4
109.0
115.9
107.8

125.1
121.7
0.5
122.8
110.9
110.1
102.2
111.3
117.2
110.5

122.3
0.5
123.6
111.5
110.6
103.6
112.0
117.5
111.3

123.1
0.7
124.2
112.3
111.7
104.2
112.5
117.4
112.0

123.8
0.6
125.0

0.7
0.2
0,5

0.6
-0.1
0.6

1.3
1.0
-0.1
1.1

112.4
105.1
112.6
117.9
113.2

1.0
0.6
0.4
-0.1
0.6

0.6
0.9
0.1
0.4
1.1

0.7
-0,6
0.7
0.9
0.6

0.9
1.2
0.2
1.6
2.2
2.3
6.0
2,1
1.1
2.5

173.5

179.0

179.7

181.5

NA

NA

NA

NA

NA

NA

1.0

NA

340

94.0
188.5
100.6
111.0
109.0

93.3
197.2
101.1
112.2
110.6

93.0
198.5
101.0
112.3
110.7

92.9
201.0
101.2
112.0
110.9

NA

NA

NA

NA

NA

NA

-0,1
1,3
0.2
-0.3
0.2

NA
1.4
0.1
0.4
-0.3

341
345
346
370
358

119.86

121.67

121.88

122.39

123.26

123.66

123.61

.do
112.44 114.97. 115.20 115.84 116.90 117,14 117.11 117.22
6,395
Thousands. .. 7 , 4 2 5 6 , 7 0 1 6 , 6 7 8 6 , 5 4 5 6 , 3 9 1 6 , 1 2 8 6 , 5 4 6
. ... do
2,688
2,952
2,938
2,953
2,987
2,826
2,705
3,369
2,448
2,480
.do.
2,496
2,427
2,376
2,367
2,709
2,487
1,146
... , do
1,188
1,073
1,210
1,347
1,244
1,226
1,165
. do
5,028
5,116
5,247
5,104
5,333
5,255
5,357
5,979

0.3
0.
6.8
9.8
3.4
6,6
4.4

0.
0.1
-2.3
-8.4
1.3
5.6
-2.7

0.4
0.6
-2.0
0.5
-2.8
-6.4
-1.5

0.7
0.9
-2.4
-4.3
-2.1
2.0
-2,6

441
442
37
444
445
446
447

Percent
do
do

0.2
0.1
0.8

-0.4
0.1
0.1

-0.1
0,4
-0.8

0.3
0.4
0.

451
452
453

-34.0
1.6
4.5
-3.4
1.6
2.4

18.0
5.0
2.8
2.6
2.1
1.9

500
501
502
510
511
512

do

Lg,Lg,Lg... Percent

-0.02

NA

-0.07

It, OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
Bl, Price Movements
1982-100
320, Consumer price index for all urban consumers (CPMJ) ©... 1982-84=100.
Percent
320e Change in CPhU (S/A) 3
322. Consumer price index for all urban consumers, food
1982-84=100.
1982 -100
do
335. PPI, Industrial commodities ©
do
331. PPI, crude materials for further processing
do
332. PPI, intermediate materials, supplies, and components....
do
333 PPI capital equipment
do
334 PPI, finished consumer goods

310
320
320
322
330
335
331
332
333
334

B2. Wages and Productivity
340, Average hourly earnings of production or nonsupervisory
workers on private nonagriculturai payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagriculturai payrolls
345 Average hourly compensation nonfarm business sector
346 Real average hourly compensation iionfann business sector
370. Output per hour, business sector
.. .
358 Output per hour nonfarm business sector

1977-100

do
do
do
do
do

203.8

101.3
112.5
110.6

C. Labor Force, Employment, and Unemployment
441.
442
37.
444.
445.
446.
447,

Civilian labor force
Civilian employment
Number of persons unemployed
Number unemployed, males 20 years and over
Number unemployed, females 20 years and over
Number unemployed, both sexes 16-19 years of age. .
Number unemployed, full-time workers

Civilian Labor Force Participation Rates:
451. Males 20 years and over3
452 Females 20 years and over9
453. Both sexes 16-19 years of age3

78.0
56.2
54.7

77.9
56.8
55.3

77.9
56.8
56.0

77.8
57.2
55.2

123.29

78.1
57.6
55.2

78.1
57.5
54,9

78.3
57.6
55.7

77.9
57.7
55,8

D. Government Activities
Dl. Receipts and Expenditures
500.
501,
502.
510.
511.
512.

Federal Government surplus or deficit3..,
Federal Government receipts
Federal Government expenditures
State and local government surplus or deficit3 ...
State and local government receipts
State and local government expenditures

517
525.
548.
557.
570.
564.

Defense Department gross obligations incurred
Defense Department prime contract awards
Mfrs,' new orders, defense products
Industrial production, defense and space equipment
Employment, defense products industries
Federal Government purchases for national defense

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

- 1 5 7 . 8 - 1 4 2 . 3 -123.5 - 1 5 7 . 5 -139.5
975.2
916.5
975.5
991.5 1041.1
1074.2 1117.6 1099.0 1149.0 1180.6

52.9
655.7
602.8

55.2
703.1
647.9

56.0
708.0
652.0

52.6

55.2

720.4
667.8

735.5
680.3

02. Defense Indicators
Mil dol
3 0 , 8 1 2 3 1 , 7 8 3 2 8 , 7 82 3 2 , 4 7 4 3 0 , 8 3 2 3 0 , 8 5 9 3 1 , 3 9 5
do. . . 11,977
NA
NA
NA
NA
NA 1 2 , 7 2 5
do
8,552
7,501
9,831
8 , 4 7 8 10,461
9,145
9,140
1977-100
182.2
179.2
178.2
184.8
178.6
185.8
188.9
Thousands
1,580
1,547
1,533
1,550
1,529
1,529
1,529
A.r., bil. dol
295.3
294.3
301.9
298.4
299.5

NA
NA
7,815
178.0
NA

1.7
NA
-18.2
0.2
0.

NA
NA
-8.6
-0.3
NA

12.8
NA
31.1
-1.4
-0.9
2.6

-5.1
NA
-13.8
-1.6
-0.3
-0.8

517
525
548
557
570
564

NA
NA
NA
NA
NA
NA

0.8
-7.6
-0.2
-2.6
15.5
-ft .ft

NA
NA
NA
NA
NA

3.0
-11,8
4.0
4.6
-7.4

602
604
606
612
614

HA

1 9. *

3.9
11.3
-1.7
0.8
26.8
-ft. ft

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

Exports, excluding military aid shipments
Exports of domestic agricultural products
Exports of nonelectrical machinery .
General imports
Imports of petroleum and petroleum products
Imports of automobiles and parts
,




Mil. dol
do
do
do
do
do..

21,176 26,840
2,400
3,113
4,428
5,549
33,853 36,820
3,471
3.209
S .ftQfi
5 Q4.9

2 7 , 3 3 2 28,140 2 9 , 2 4 5 30,323 3 0 , 5 7 2
3,397
2,997
3,337
3,666
3,387
6,162
5,704
5,933
5,830
6,150
36,617 38,284 38,592 3 9 , 8 6 8 38,836
3,136
2,903
3,680
4,095
4,730
S R7 1 fi fioo
A - f)7 R
fi 289
S -ft&Q

A 16

Table 1.

Summary of Recent Data and Current Changes for Principal Indicators—Continued
J

Basic data1

U nit
of

Series title

f

f nnual averag e
1987

1986

4th Q
1988

2dQ
to
3dQ
1988

IstQ
1989

IstQ
1988

2dQ
1988

-27.97 -26.06
132,45 125,21
160.42 151.27
-31,80 -40.41
79.81
68.70
111.62 109.11
26 .94
33.26
26,39
20.21

-28.68
127 .81
156,49
-33,45
76.45
109,89
26,75
23.96

-30.59
126 .80
157 .39
-31 .41
78.47
109.88
23,15
25 ,6 1

-28.96 -23.66 -27.26
131.57 143 .63 142 57
160.54 167 .2 8 169 83
- 3 0 . 3 4 -32 .02 -27 63
80.60
83 ,7 3 8 8 5 0
110.94 115.75 116 13
24.72
33 . 16 26 86
27,31 2 8 6 7
30 37

4864.3
3996 1
16 , 2 3 6
3953.6
3471.8
2788,3
11,326

4724 5
3956 1
16, 126
3890, 1
337 5.6
2762 . 3
11,260

4823 8
3985 2
16,213
3949 9
342 1.5
2762 2
11,237

4909 0 499 9 7 5 0 9 9 0
4009 4 4033 4 4077 5
16,283 16 321 16 464
396 9 . 9 4004 4 4042 0
3 5 0 7 .5 3582 5 36 80 6
2 8 0 0 4 2 8 2 8 4 2 87 0 8
11,362 11,445 11,592

4th Q
1987

1988

3dQ
1988

ercent change
1

3dQ
to
4th Q
1988

4th Q
to
IstQ
1989

5.30
9 2
4 2
- 1 68
3 9
4 3
34 1
5 n

-3.60
-0 7

&
£

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

Balance on goods and services3
Exports of goods and services
Imports of goods and services
Balance on merchandise trade3
Merchandise exports adjusted
Merchandise imports adjusted
Income on U S investment abroad
Income on foreign investment in the United States

-29.37
97.99
127.36
-36.26
55.84
92.11
22.15
16.74

Bil. dol
do
do
do
do
do
do
do

-32.37
111 .54
143.91
-39.88
62.57
102.44
26.18
20.60

1,63
3 8
2 0
1 07
2 7
1 0
6 8
6 6

|

667
668
CA

4 39
5

7

0 3
—19 0

5

0

2

A

AQ
A 99

618
A9n
£ e1
£ c n

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

Gross national product
Gross national product in 1982 dollars
Per capita gross national product in 1982 dollars
Final sales in 1982 dollars
Disposable personal income
Disposable personal income in 1982 dollars
Per capita disposable personal income in 1982 dollars

4 2 4 0 . 3 4526 .7
A r bil dol
do
3 7 2 1 . 7 3847 ,0
15,401 1 5 , 7 7 0
A.r., dollars
A r bil dol ., 3 7 0 6 , 3 3812,6
do
3019.6 3 2 0 9 . 7
do
2640.9 2686,3
A.r., dollars
10,929 11,012

4662 8
3923 0
16 ,022
3855.9
3315.8
2728,9
11,145

1
0

Q
£

1

0

O f

0 4
0 5
2 5
1 4
1.1

0 2
0 9
2 1

i n
0.7

1

1.3

227

3326.4 3378.1
2626.2 2634.9

2.1
1.0

2.0
0.9

1.6
0.3

230
231

416.5
412.3
1073.9 1092.7
907.4 911.5
17 88 5 1-825 5
1302 2 1311 1

0.
2.3
1.2
2 3
1 1

1.5
1.2
0.3
2 ^
I d

-1.0
1.8
0.5
2 1
0 7

233
236
238

788 9
7302
748 5
6 94 8
40.4
35 5

1 9
1 5
1 2
1 0
6.0
4 2

-0 1
-12

2 2
1 8

240
241

997 5 1011 3
7 95 5 798 2
396 ,3 397 6
335 5 335 8
601 2 613 7
460.0 462.4

-0 7
1 3
-3 8
-3 5
1 4
0.3

0 9

O

A

2 7

217
914
9 9A

C

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

Total
Total in 1982 dollars
Durable goods
Durable goods in 1982 dollars
Nondurable goods
Nondurable goods in 1982 dollars
Services
Services in 1982 dollars

240
241.
242
243
245.
30

Total. .
Total in 1982 dollars
Fixed investment
Fixed investment in 1982 dollars
Change in business inventories3
Change in business inventories in 1982 dollars3

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

2807.5
2455.2
406 5
385.0
943.6
879.5
1457
3
1 190.7

3012.1 3 2 2 7 . 5 3 0 7 6 . 3 3128.1 3194.6 3261.2
2521.0 2592.2 2531.7 2559.8 2 5 7 9 . 0 2603.8
A.9

t

Q

A ci

1

Ao 9

A

A "l 7

ft

AAQ

R

A C 1}

A

387.6 401.1 410.6
409.7
410.4
390.9
9 9 7 . 9 1046.9 1012.4 1016.2 1036.6 1060.8
899.6
890,5
890.5 8 9 2 . 7 8 9 3 . 6 904.5
9 1674 1 17 08 2 17 47 5
1592
3 1729 6 1641
1239
5 1283
0 1253
6 1265 9 127 4 8 12 88 9

9 <s 7
900

A3. Gross Private Domestic Investment
.do. .
do
do
do ... .
do
do

665.9
643 .5
650 4
628 1
15.5
15 .4

7 12 .9
674.8
673 7
640 4
39,2
34 4

766 .5
721 8
718 1
679 3
48.4
42 5

764,9
724 7
6 92 9
657 6
72.0
67 1

763 .4
728.9
698 1
662 9
65.3
66 0

758.1
715 1
7144
6797
43,7
35 3

772 .5
772.0
726 . 1 717.1
722 8
7 37 2
6 86 6
6880
49.7
34.7
39.5
29 1

871.2
760.5
366 .2
333 .4
505 .0
427.1

924 7
780 .2
382 ,0
339 0
542 8
441,2

964 9
7 82 3
381 .0
328 7
583 9
453.6

947 3
792 6
391 4
347 7
555 9
444.9

945 2
776 4
377 .7
327 8
567 5
448.7

96 1 6
7 83 8
382 2
331 6
5794
452.2

955 3
7735
367 .7
320 1
5 87 6
453.4

A

i e

0 2
-15.0
-10 4

1 0

9A1

5.7
6 4

245

2

^ ft

A4. Government Purchases
of Goods and Services
260
261
262
263
266
267.

Total
Total in 1982 dollars
. .
Federal Government
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars

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

4

A

2 8
7 8
4 8
2 3
1.5

1 A
0 3
0 3
0 1
2 1
0.5

7 A ft
9ft 1'

26 2
9" ft 1
9 ft ft

267

A5. Foreign Trade
250
255
252
256
253
257

Net exports of goods and services3
Net exports of goods and services in 1982 dollars3
Exports of goods and services
Exports of goods and services in 1982 dollars
Imports of goods and services
Imports of goods and services in 1982 dollars

do
..do.
do
do
do
do

-104.4 -123 0
-94 6 -125
- 137 5 - 128 9 - 100 2 - 126
42 8 0
378 4
519 7
459
3784
427 8
5 04 8
459
482 8
614 4
5 85
551 1
t l C

Q

C C f.

-I

f. ne

A

7 -112 1
0 - 109 0
7 487 8
2 486 2
4 599 9

C QC

9

SQ S 1

90
-92
507
496
597

4
6
1
9
5

c an

c

-80 0
-96
-93 9 - 1 05
536 1 c A«S
5140
522
616 0
6 44
ft n? Q
fi 77

1 -79 3
oe Q
4
ft e 7 i o
1
540 7
0

t c •»

9

A

£.•)(.

f.

10 4
—i 1

5

7

^

A

3

— ifii
11 *>
2 9

1

C

16 8
10

9 CA

1
7

n E 9

£

9 e£

2 3
2 2

•) 9 A

4
3

|

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

National income
..
Compensation of employees
Proprietors' income with IVA and CCAdj
Rental income of persons with CCAdj
Corporate profits before tax with IVA and CCAdj
Net interest

290
295
292
298.
293

Gross saving
.
Business saving
Personal saving
Government surplus or deficit3
Personal saving rate'

do
do
do
do
do
do

3437 1 367 8 7 396 8 4 3802 0 385 0
25 07 1 26 83 4 2 9 0 4 7 27 69 9 2816
2 gg if
^19 Q
3 24 5
3 26 0
323
184
20
12 4
19 3
20 5
316
298 9
316 1
310 4
328 4
'ij't
.., 111 Q <1C 4 f.
tf> Q ^

8 392 8 8 4000 7 4093 4 41 88 9
4 2 8 7 4 0 2 9 3 3 2 2 9 9 5 3 306 0 9
09^ o
ISA t
321 6
9
328 8
5
19 7
18 1
19 1
14 4
2
326 5
330 0
340 9 •t 1 Q A
<t on £
•in j; 9
Q
A 1 C A
A4£ 7

1 8
2 1
9

9-

3 1
i j
4 1

2 3
2 1

0
_ 0

3
4

7

1 A

£

|

9 A

A

q

£

•»

7

n

9 oA

9 OA

0

A7. Saving
....

.. .do
560 4
537 2
do.
.. e c. A f) C f. 1 A
....do.. . 1 9 1 7
.. ..do.. . -144.4 -104.9
Percent. . . .
4 A
3 9

6 44 6

6 03 4
570 0
i LL n
-87.2 -110.7
41)
4 0
e 07

NOTE: Series are seasonally adjusted except for those, indicated by ©, that 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 and sources, see "Titles and Sources of
Series" at the back of this issue. NA, not available, a, anticipated. EOF, end of period. A.r., annual rate. S/A,
seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption
adjustment.
1
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all
turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified.
3
For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.




c

3

627 0
576 4
1 AQ

634 1

665 4

(L C 1

C 0 •!

e 07

5

C

1 AC

7

1 c 4

O

Q

-99.2
4 A

-77.1
3 7

-67.5

4

9

n<l

Q
A
O

-104.8
4 ^

698 8
e oe

n

m

n

-84.3

5

A

4 n

A

n

7

2

7

0

9.6

O

-37.3

20.5

298

e

Differences rather than percent changes are shown for this series.
'Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
s
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
"This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.
'This series is smoothed by art autoregressive-moving-average filter developed by Statistics Canada.

CYCLICAL INDICATORS
!A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
July May
P T

Aug. Apr.

Apr, Feb.

P T

P

T

Dec. Nov.

P

T

Nw, Mar.
F
T

Jan. July ju'y
P T

Nav.

P

Index: 1982-100

910. Index of eleven leading indicators
(Series 1, 5, 8,19,20,29, 32,83,92, 99,106)

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

930, Index of seven lagging indicators
(Series 62,77,91, 95,101,109,120)

195253 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 79 76 77 78 79 SO 81 82 83 84 SS 86 87 881989
NOTE: Numbers entered on the chart Indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

10



J U N E 1989

CYCLICAL INDICATORS
IA

I

COMPOSITE INDEXES AND THEIR COMPONENTS— Continued

Chart Al. Composite Indexes— Continued
July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Mov.

P-

T

Nov.

F

Mar.

T

Jan. July July Nov.
F T P
T

I Index: 1967=* 100.1
915. Inventory investment and purchasing (series 8,32, 36, 99)

916. Profitability (series 19,26, 80)

1952 §3 54

Si i? 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74

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

ItCII JUNE 1989



11

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS— Continued

Chart A2. Leading Index Components
Jyty May

P

I

&A0F,

» 1

Apr. Feb.

P T

Ht July A%

Nsv

P I P

T

i Average weekly hours of production or nonsupervisory workers, manufacturing (hours)

nxn

5, Average we«Wy irifiaTcfaTms fw unernpfoyme^
UL

8, Manufacturers' new orders in 1982 dollars, consunfrisotir ~ *
and materials industries (bil, dol.) | L L L

32. Vendor performance—slower defveries diffusion index (percent)

20. Contracts and orders for plant and equipment in
! 1982 dollars (bil. dol.)

53 S4 SS Si g? S8

86 87 881989

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

12



JUNE

1989

Kill

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS— Continued
Chart A2. Leading Index Components— Continued
July May
F T

r.
P T

Apr. Feb.

P

Dec. Nov.

P

T

Nov.

T

Jan. July July
F T P

Mar.

P

T

Nov.
T

29, New private housing units authorized by local
*: 1967-100)

ttemn
1
durablegoridsindustries,smoothed
(bB.dol.) r\\T\
1
,
s^
IL'KL.!

A/~ W

±

\

i 99, Change in sensitive materials prices, smoothed1 (percent)
,

j i

j

,'
AV^^ X

f^^J

/

!

/^•""•"N

^^^^J

,^**

^N/

-

i

|t-,L t L|

^^

>^»^/V-^*v

s?\

^

V*^ ^*\

\_/

/^ \

X**^

J

-

/^A

\ ! /

^^

'

^

\

iS

V7

y\

/^^\

vV/^

\ A-*

/

X

\/^^ y^

1

/^A

\

X
Vy^/

vV^1
tS

i

-1-

=a«
-3"

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

350308250-

200-

y^sr

150100-

28002400-

M2 in 1982 dollars (bil. dol.)

2000-

16001200-

83. Index of consumer expectations2 (index: 1st Q 1966-100)

A
A>

vr

19S2S3 54

§§ 57

60 61 62 63 64 65 66 67 68 69

±
m

t

110100-

908070605040-

I i (,
r-r.'Lnr ,
71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 881989

'This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from the University of Michigan's Survey Research Center.
Current data for these series are shown on pages 67, 69, 71, and 97.

ltd)

JUNE 1989




13

CYCLICAL INDICATORS
I A|

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
July May
P I

Aug. Apr.

P T

Apr, Feb.

P

T

41, Employees on nonagricuJtjura! payrolls (

51, Personal income tess transfer payments in
1982 dollars

C,C,C

47. Industrial product^ (index: 1977

57, Manufacturing and trade sales in 11
1982 dollars (lit dd)
C,C,C

tnui

'

iiji/

.nil. •• •

-.• .-;

:./

: nun

195253 54 55 56 57 58 Si 60 61 62 63 64 65 66 67 68 69 70 71 73 73 74 75 76 77 78 79

81 82 §3 §4 85 86 87 881989

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

14



JUNE 1989

ItCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS— Continued
Chart A4. Lagging Index Components
July May
P T

Aug. Apr.
P T

"!"

;i

|i

,/\_U ,
i\; \

,
\
(J\r\\

-J

Apr. Feb.
P T
II

P

T

Mar.
T

Jan. July July
P T
P

91. Average duration of unemployment ( weeki—inverted scale) |Lg,Lg,JLg|
^^"-Hr^

^

Nov.
P

Dec. Nov.

\ /Ap A J T ' T *
\s w
w

pmn

/w/

! /

X/L

j *r**^i

** i A

l' l<

:

•

:• '

;

j jf\

i'

I.

^ v^

^f*'^\

v^^

;: i •"

•, ::

,

:

„

Wov,
T

•

J

v*A

'

\

!(

\ f

^t^^^

\jf

r/^

:. ., '" ' .

,

,

81012141618-

77, Ratk), manufacturing and trade inventories to sales'in
|lg,lg,Ul

101, Commercial and industrial bans outstanding in 1982 dollars (bii. do!.)
|Lg,Lgtlg|

f

<

*

\

250-

^.ft

20Q15Q*

95. Ratio, consumer installment credit outstanding to personal income (percent)
i IU,Lg,Lg|

;

'

4

]

17-*
15-

1311-

£

9-

120. Change in consumer price index for services, smoothed1
(ann. rate, percent) |Lg,Lg,Lg| ' /

1952 53 54 55 56 §7

7\

63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 8S 86 87 881989

'This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
Current data for these series are shown on pages 62, 68, 73, and 97.

JUNE 1989




15

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart Bl. Employment and Unemployment
Die.

Ptov.

Nov.
P

Jan, July
P I

Mar.
T

July
P

Nov.
T

[Marginal Employment Adjustments |
i Average weekly hairs ol;production or iwnsupervisory ws*ers,
manufacturing (hoto) || [ L,L,L |

21. Averaft weekly overtime hours of production or rwmuperviscry workers,
mawffeeturing (hours)

1 Average weekly inj^y claims for unemployment insurance
State programs (tfiousnids—inverted scate)

Help-warrted advertSnf

1961! 63

64

65

36

67

68

69

7Q

71

72

73

74

newspapers (index: 1967 H

79

7@

l .:;j!.JlJuU'ji;! ::;; ;i Jlflui;,
77
78 79
80
81

82

83

84

8§

S6

87

88

Current data for these series are shown on page 61.

16



JUNE

1989

ltd)

CYCLICAL
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart Bl. Employment and Unemployment—Continued
Jen. July
T

Dec. Nov.

P

T

Jyly
P

Wov,
T

48. Employee hours in
(artn. rate, bii. hours)

42. Persons engaged in nonagricultural activities (millions)

41. Employees on nonagriculturat payrolls (millions)

40. Employees on nonagricultural payrolls, goods-producing
industries (millions) | L C U | ^ ~T

'

90. Ratio, civilian employment to population o
U,Lg,U

i./i.n ii

1962 63

ss

§4

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

!!€!» JUNE

1989




17

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued

Chart Bl. Employment and Unemployment — Continued
Dec,

Wow.

Mar.

P

T

Jan. Joly
F T

July
P

Nov.
T

I Comprehensive Unemployment I
3-

37. Number of persons unemployed (millions—inverted scale)
5-

7-

9-

/

11-

43. Unemptopent ^te (percent— inverted scale)!

4L

4-1

\
/vywv

\i-

nJ

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

2-1
3-

/

48-

91. Average duration of unemployment (weeks— inverted seal*)
- -

- - p^OcyG^^Afc—

7/TjT

m.^1
1214161820«

44. Uoemptoymerrt rate, persons unemployed 15 weeks and over (percent—inverted state)
1-

3-

V/
JULJL.

1962

63

64

8S

ii

§7

iS

71

72

73

74

7S

. •

• .

76

-

-..-

77

78

- L(l.r - .

79

80

4.

, UULflJUl .

81

82

83

84

85

86

87

§8 1989

Current data for these series are shown on page 62.

18



JUNE 1989

BCII

CYCLICAL INDICATORS
B |

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
Jan. July
F T

Dec. Nov.

P

T

July Nov.
P
T

| Comprehensive Output and Income |

50. Gross national product in 1982 dollars, Q (ann, rate, bil. dol.)
OOC

52. Personal income in 1982 dollars (ann, rate, bil. dol.)

300028002600-

51. Personal income less transfer payments in 1982 dollars
!]
(ann.rate,bil,dol.) | c c c | w*t^*^"""*"* ~~""'"

24002200 «
200018001600 *
1400J

53. Wages and salaries in 1982 dollars, mining, manufacturing,
and construction (ann. rate, bil. dol.) j, IQ Q Q|

'I i U '
1962

63

64

65

66

»

'

67

H

'

68

, i Jl 'uUl

69

70

l

71

!

72

73

74

7S

78

77

@4

33

86

87

S8 19S9

Current data for these series are shown on page 63.

ItCII

JUNE 1989




19

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
See,

P

Nov.

T

fe

Mar,

P

"sir. Mv

fitly

T

1,

[Industrial Production|

^^

x^

;•

x/

^V ^/\

ju*—_Wn. T
rn

47: Wustrial production (index; 1977-100)

v

-^w^""

[5]

X

JBU"

140130-

110100-

73, Industrial [xoductioii, durable manufactures
(index: 1977-101}

74. IndustrM production, nondurable manufacture
(index: 197?=100)

49. fife* of goods output in 1932 dollars, Q
i(im.rate,biL dd)

[Capacity Utilization|
82. Capacity utilization rate, manufacturing (percent) |L,CtU|
908070-

60-

84, Capacity utilization rate, materials (percent) fjjC

90'

G

84

S3

86 W

ii

Current data for these series are shown on pages 63 and 64,

20



JUNE 1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
Jan. July July
F T P

Nov.
T

[Orders andj Deliveries|

6, Manufacturers' new orders in current dollars,
durable goods industries (Ml, dol.)
8, Manufacturers' ne\p orders in 1982 ddlarsj consumer
goods and materials industries (bil. dol.)

25. Change in manufacturers'unfilled
(bit-dol; MCD rtatag avg.-4-term)

L,; i i'..,'ii

63

i4

$S

©6

@7

Sfl

83

70

71

72

73

74

75

76

77

78

79

Current data for these series are shown on page 64.

ItCII

JUNE 1989




21

CYCLICAL
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Nw.
P

Jan. July

Mir.

F

T

T

July

Nov.

P

T
BOO*
550SOO450400-

| Consumption and Trade]
57, Manufacturing and trade sales
in 1982 dollars (bi

350300250-

56. Manufacturing and trade sates in current dollars
(bildol.)
fcficl X

75, Industrial projection, consumer goods
(index; 1977-100)

59. Sales of retail stores in 1982 dollars (bil. dot)

54, Sales of retail stores in current dollars (bil. doll}

\

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

1962

i3

<S4

(SS

@i

S7

i§

72

73

74

75

78

77

78

79

84

8S

86

87

88 1989

Current data for these sories are shown on page 65.

22



JUNE 1989

ItCII

CYCLICAL INDICATORS
Bl

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
Jan. July July
F T P

Dec. Nov.

P

T

j!

12. Net business formation (index: 1967-100) f]Tj[

Nov.
T

[formation of Business Enterprises]

13. New business incorporations (thousands)
LL

[Business Investment Commitments|

10, Contracts and orders for plant and equipment
in current dollar^ (biL dol)

20, Contracts and orders for plant and equipment
in 1982 dollars (biL dol,)

27. Manufacturers' new orders in 1982 dollars, nondefense
capital goods industries (bil, dol.)

24. Manufacturers' new orders in current dollars, nondefense
capital goods industries (bil. dol.) [[J

9. Construction contracts awarded for commercial and industrial
buildings (mil. sq. ft. of floor space; MCD moving avg.—5-term)

1962

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

87

88 1989

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

ltd)

JUNE 1989




23

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Jan. My
T

Juiy
P

Nov.
T

| Business Investment Commitments—
97, Baddof cf capiUI appropriation^ lfS@ji manufacturing
corporate Q (bit dol.)

_jr

11, Newly append clJttftpiMons, 1000 manufacturing
corporatk>

[Business Investment Expenditurk)

100. Expendttmi r 1982 dolars for new plant awt
doL

\

61, ExpendNurtt in current mm for new plant and
Wiuipfront, Q (anrt. ratdj b*L dol,)
tUfcL

$9, WacNnery and «Mpment sales ami
business constrwclfen expenditures

76< industrial (production, business equipment
|! (Wbx: 1977-100) nr^7T1 ^

aijLnJui v \ . K ! i M ; ; , , •• ;:;,j>A.ufL.' /

74

7S

76

77

78

79

LR/I, :' ^.tfuuLruij. • •

80

81

82

•..-..••

83

84

•.

. .

SS

86

87

88

Current data for these series are shown on pages 66 and 67.

24



JUNE 1989

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan, july

July

Nov.

P T

P

T

(Business Investment Expenditures—GmT]
Gross private nonresidential fixed investment in 1982 dollars (ann. rate, bif. dol.)

88, Producers' durable equipment, 0 C.U.C
—

200-

100-

| Residential Construction CO;fnmitmentSiiand investment [
r

;

:

• !

'

; !

!

•

•

;

!

'

i

28, New private housing units started (ann. rate, millions)
2.2-

29. New private housing units authorized by local building permits
(Index: 1967-100) .
fTjTl
1

DR.

l.^^i^J.

' 89, Gross private residential fixed investment in
!
1982 dollars, Q (ann. rate, bil. dot.)
160-

1962

63

64

8§

66

67

68

69

70

Current data for these series are shown on page 67.

IICII

JUNE

1989




25

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
E)ee.
P

Now.

Nov.

Jan. Joiy
P T

Mar.

F

I

T

July
P

Inventory jnvestmenTl
30. Change in business inventories in 1982 dollars, Q (ana rate, bil, dot.) jj
.! iLLlI

-30-

36, Change in manufacturing am) trade inventories on hand and on
order in 1982 dollars (ana rate, bil. dd; moving avg,—4-term1)

31, Change in manufacturing and trade inventories
(atm, rate, bil. doL; MOD moving avg.—6-term)

38, Change in manufacturers' inventories, materials and supplies on
hand and on order (bil. dot,; MCD moving avg.—4-term)

1962 63

64

67

68

72

73

74

76

77

78

79

80

81

82

83

84

85

86

87

88 1989

1

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

26



JUNE 1989

KCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Dec. Nov.
P
T

Nov. Mar.
P
T

Jan. July
F T

July Nov.
P
T

800-

iflnvehtories on Hand and on Order!

700-

70. Manufacturing and trade inventories in 1982 dollars (bii. dot.)
FT"1 ' V"

•

1!

H

^»™™"

600-

- ,«™-^__^s»wi^^««^»""

500400-

71. Manufacturing and trade inventories
in current dollar^ (bit, jdoi.)
300-

200130-1
120110100908070-

65, Manufacturers' inventories, finished goods
<HLdoL)

60504030-

77. Ratio, manufactgring ahd trade inventories to salesjn 1982 dollars
;

:

:

;:

•

<ratk» |Lg,lg,Lg| .,

' ^ VA«v

s~\^r^*-J\

kAVV/S

'

l
!
\\y\

^^Vu— /

,. ,

Vji
^"^^

;

yU^^^V

1.8-

A _»

A.-^\

\^^

1.7^

1.6-

^

A

^H.l _ ,^^-HA

^^

1.5-

"" " • • S 1.4 J

300260-

IB. Manufacturers' inventofies, materials and supplies on hand
; and on order (bil. d<|>L) |'j|t'Lgt

220180140-

100-

60 J

1962

63

64

65

6S

67

68

69

70

71

72

73

74

75

76

77

78

79

80

SI

82

84

8S

8S

87

88

1989

Current data for these series are shown on page 68.

I JUNE 1989



27

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Dee,
P
;

[Sensitive Commodity Prices]

9& Change in producer prices for sensitive crude and intermediate materials
i
(percent; MCD,moving avg,—6-tettn) [g

99. Change in sensitive materials prices, smoothed1 (percent)

23, Spot market prices, raw industrial materials2 (index: 1967-100)-

300250-

"V

ISO-

m*
300-

IM-

I Stock Prices |

T

18. Corporate profits after tax in 1982 dollars, Q
(am. rate, bit, dol) fjjj| X~

[Profits and Profit Margins]

160 «

120-

16. Corporate profits after tax in current dollars, Q
(aw. rate, bil. dol.) iftTTl
40-

1963 63

64

68

§6

67

08

77

S3

84

8S

1

This series Is smoothed by an autoregresilve-movlng-average filter developed by Statistics Canada.
'Beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.

28



JUNE 1989

BCII

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Nov..
P

Dec. Nov.

P

T

Jan. July July Nov.
F T P
T

Mar.

T

[Profits and Profit Margins^Con.|

280-1
240200-

[ 80. Corporate profits after tax with IVA and CCAdj in
1982 dollars, Q (am rate, bil. dol,)

160120-

1 W

79. Corporate profits after tax with IVA and CCAdj i
current dollars, Q (am.1 rate, bil. dk)
40 J

Ratio, corporate domestic profits after tax to corporate domestic
teome, Q (percent) :rnt i

1412-

•': A

10-

V . A

86-

Si. Ratio, corporate domestic profits after tax withjVA and CCAdj
to corporate domestic income, Q (per<j^it) [y t L,LJ

4-

j| 15. Profits aftei^ taxes per dollar of sales, manufacturing ^orationsJ|Q (cents)

753-

26. Ratio, implicit price deflator to unit labor cost, nonfarm business
sastor, Q (index: 197#«iqp)

1021009896-

'

94-

|€ash Flows]

500-

35. Corporate net cash flow in 1982 dollars, Q
(anft. rate, bil. doi.)
: \

400300-

200-

34. Corporate net cash ftow, m current offers, Q

100 J

(ann, rate, oil. dol.) L [

L/ULTL1

1962 63

64

65

66

67

68

69

70

)'

71

'JiJUi 1

i

72

73

74

'-''

75

76

77

78

'

^J

79

80

' i n J'-,KJl;i

81

82

i

83

I

84

85

, .'

86

87

; ..•'..

'•'.''--

88 1989

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

ltd)

J U N E 1989



29

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued

[Unit Labor Costs and Labor Share]

Pee,

Nov.

NOT.

Mar.

P

T

P

T

Jan. Jyly

P

I

July

Nov.

P

T
190-i
180-

:

170160150-

v'l

63. Unit labor cost, business sector, q

140130120-

0.55-

68. Labor cost in;current dollars per unit of ^oss domestic product
in 1982 dollars, nonfinancial corporations, Q (dollars)

0.500.450.40J

160 -,

150140130120-

62. Labor cost per'iH* ol output, manufacturing
(index: 1977 ^ 100) |Lg[lg|Lg

1101009080-

70-

64. Compensation of employees as a percent of national income,
|Q (percent)
lULgld
i

7674-

X
m
1962

63

64

65

66

87

68

69

70

71

72

73

74

75

76

77

78

79

80

81

84

85

87

88 1989

Current data for these series are shown on page 70.

30



JUNE 1989

ltd*

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Jan. July

Dec. Mov.
P
T

F

July Nov.

T

T

P

85. Change in money supply Ml
(percent; MOD moving avg.—6-term)

'

* T

-

'

'

102. Change in money supply M2
(percent; MCDtaovini avg.—6-term)
i. . ..i fi

104. Change in total liquid assets (percent; MCD moving avg.—6-term) |L,L t Q|

j, ^w n ii,.....—•'J^Ui^
i|

;i

*. 1

I,

\r\>*

f

i

V

+ 0.8+ 0.4-

^7^ ^^

0.0-0.4
700-

105. Money suppty Ml in 1982 dollars (bil. dol)
600550'
500-

450270025002300-

106. Money supply M2 in 1982 dollars (bil. do!.)

2100'
19001700'
1500

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

11.

1.50 n

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

1.45
1.401.351.301.25
1.20 J

-^v rcnif1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

7.5
7.0'
6.5
6.05.5
5.0

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 71.

BCII

JUNE 1989




31

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued

33, M 'chaw in mortgage cteW Nd by financial institutions
arxiieinsurancecompacts(*m.rate,bitdoL)

'•

113. (p( change in consumer iostaAwnt credit (aim. rate, fail.
MCO moving avg.—6-terra)

111. Change intoriness and consumer «ndt outstanding
(ann. rate, Mrcent)

1962 63

04

65

66

67

68

69

7©

71

73

73

74

7§

76

77

78

79

80

81

$2

83

84

8§

86

87

88 1989

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

32



JUNE 1989

CYCLICAL
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS— Continued

Chart 87. Money and Credit— Continued

;

Dec.

Wov.

Nov.

Mar.

P

T

P

T

Jan. July

F

T

July

Mov.

P

T

| Credit Difficulties |
14. Current liabilities of business failures (mil. doLinverted scale; MCD moving avg.—6-term)

, run

— * - f— — - • — -H \, - =—'
~~,. .u^L.,- —- _..__!'. .&,.. & ^

39. Percent of consumer installment loans delinquent 30 days and over
/: (percent—inverted spate) , |t,LL

93. Free reserves (bil. dol.—inverted scale) c _ .. ,„.
LTU,U

9411 Member bank borrowings from the Federal Reserve (bil. dot)

1962

63

§4

m

m

§7

86

87

83 1939

Current data for these series are shown on page 72.

BCII

JUNE

1989




33

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Nov.

Mar.

P

T

Jan. July July
F T P

Nov.
T

[interest Rates]
119, Federal hinds rate (percent;

ii of 91-iiaj Tmauit bills

116. Yield on new issyes of high-grade corporate fames
(percent) ft

m, Tiera on long-term treasury DOOQS

1962

63

64

SS

66

67

68

69

71

72

73

74

79

76

77

78

79

80

81

82

83

84

85

87

88 1989

Current data for those series are shown on pages 72 and 73.

34



JUNE 1989

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Dec, Nov.
P
I

Jan. July
P I

July
P

Wov.
T

109. Average prime Irate charged by b

67- Bank rateslm sHort^jm Bifsinessloans, "Jjj (percent

|Outstanding Debt]
101. Commercial and industrial loans outstanding in 1982 dollars
,
;: fuj^l \

300-

250200-

72, Commercial and industrial loans outstanding in current

150 J

300-

66. Consumer installment credit outstanding (bil, dol.)
200-

100 J

18-

95. Ratio, consumer installment credit outstanding to personal income

161412-

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

S3

84

85

86

87

38 1989

Current data for these series are shown on page 73.

BCII JUNE

1989




35

CYCLICAL INDICATORS
C 1

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes
!m, li% July
F T P

Nsv.
T

[ Percentrising]

950, Etnn} teading imicator c$nipon0«it$ (6-mo, span—, 1-mo. spn—

100-

50-

951. Four myghly coincident indicator components (6-mo. span—, 1-mo. span-—)
100i 5 ,

•TOW

50"

0-

952, Sevan lagging indicator components (6-mo. span—, l-nx». span—-)
100 "

50-

961, Avert»|t weekly hours of production or nonsupervisory workers, 20
tries (9-mo, span—, 1-mo. span—-)

100 «

50-

962. Mty claims for unemployment insurance, State programs, 51 areas
(paretnt declining; 9-mo. $pa*L_ 1-mo. span—-)

90-

0-

963. Employees on private nonagricuW payrolls, 349 kidustrtes
(6-mo. span,^, 1-mo. span--~4

100-

§0-

I m% ©3

64

©B

©6

S7

68

09

83

84

35

86

S?

88 1989

Current data for these series are shown on page 74.

36



JUNE 1989

ltd*

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart Cl. Diffusion Indexes—Continued
Nov.

Dee. Nov.
P

T

Mar.
T

Jan. July
P T

July
P

Mov.
T

96|i Manufacturers'; new lfnhn|{ 34-35 durable goods industries
, $paaJ-tl-i

| Percent rising]
100*

so-

Newly approved capital appropriatwns in iSSZWarsTT
manufacturing industries (4-Q moving avg»*^

H[y

:v

j

vrt

MocR pnces,
(9-mo. span-j^ l^mo. span—^

960. Net profits, manufacturing, about 600 companies1 (4-Q span)
90-

so7060-

u

hO40-

i

S3

i ,

64

ML L, ' i ' i i ' f i ( i , i InjiJiil • 1,11.1' i
69 66 87 68 69 70
71 72

i JL fui'u : JL;i-, .•L i !..,. : ._l, .Liij;..;.' 1 .,! ,1
73 74 75 76
77 78 7@

86

87

68 1989

i This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.

) JUNE 1989



37

Ji

CYCLICAL
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Glftart Cl. Diffusion Indexes—Continued
Jan. July
F T

Actual
Anticipated *

[Percent rising]

July
P

Ktov.
T

I Percent ris|jf[

970. Expenditures for new plant and
equipment, 21 industries (1-4} span)
(a) Actual expemftures

974. Number bf emptoytts, imnufacturing and trade (4-Q span)1

^v\ n
* *KvV, fJi

•• w
/•••js

n*n!as«tkrtn«
(b) Later projections

s

*

975. level of fnventorieiy manufacturing and trade (4-Q span)1
(c) Early projections
!

/V/* *^*V\^*-A*'A^ -: ^

/ * Y\rV ?•_ _t..jAXS.i.-t-••.

^y
^*_ Y^T^"
/ • 1^\
,
_ \ k ^ wi_
_•••. X ;wi?M.^
KJ V '^ » ^

100-

80-

75-

70-

50-

60-

25-

50-

y

(a) Actual expenditures

0-

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

40-

1

976. Siing pricts, manufacturing (4-Q span)

100908070-

601

1

972, Net profits, manufacturing and trade (4-Q span)

977. Siting poces, wtoiesate trade (4-Q span)

10090-

807060-

r

1

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

1

978. Siting pricw, retail trade (4-Q span)

100-

' "\^

90-

807060-

1977 78

79

i©

83.

©t

S3

84

iS

86

87

88 1989

1977

78

79

80

81

82

83

84

85

86

87

88 1989

" 'ij L'J[;.; is o e@pyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400
JDHGitteGS eseeutiwcs.
©WT-cm data for those series arc shown on page 76.




JUNE 1989

ltd)

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
Dec.

Mov.

P

T

Jan. July

F

July Nov.

T

T

P

| Percent change at annual rate

1-month spans
3-month spans

910c. Composite index

A <;. AM

.:

920c. Composite index of four roughly coincident indicators

^
930c. Composite index of seven lagging indicators

^
47c. Index of industrial production

50c. Gross rlational product in 1982 dollars (1-Q span)
j;

**

!

~

"*

v

f**\^~*\ S\*

rW

*" "V

^ [i j

.

,..

, A/V./V\w,
^j/y-W""

"^ r^sA^(A^\J%nyV>\ A

J«

- JL

j

^^^1^^^

M

"

"^^V ^V^

+ 100-

^^

-10-

48c. Employee hours in nonagricuitural establishments

51c, Personal income less transfer payments in 1982 dotlars

+ 20+ 100-

IT

Hk

AC
i

1962 63

i

64

65

jl

66

67

68

69

!

'

70

71

72

73

-10=20-

i^L^jL

74

!

'

75

76

77

78

79

JL]

80

I L' ' i ,

81

82

§3

84

85

i?

8S 1989

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.

BCII

JUNE 1989




39

OTHER IMPORTANT ECONOMIC MEASURES
A

1

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income
Jan, July

July

P I

P

Gross national product in current dofcars, 0 (am. rate, bil. dol)

223, Personal income in current dollars
(am, rate, bil. cW.) \

224 Otjposable personal income i
(aim. rate, bil. dot)

50. Gross rotaal product in 1982 dollars, Q
(aft M4» bil. doL)

1982 dollars, Q (aim, rate, * dol,)$

217, Per capfta gn)ss national product in 1982 cMars,
. doL)

227, Per capita dsposabte personal income in 1982 doJIars, Q (ami. rate, thorn, M)

1962

63

64

6S

66

67

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

80

87

Si

Currant data for these series are shown on pages 63 and 80.

40



JUNE

1989

BCII

OTHER IMPORTANT ECONOMIC
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures
Dec. Nov.

P

Jan. July

T

F

T

July

Wov.

P

T

Annual rate, bion dolars (current)^
Personal consumption expenditures—

Annual rate, billion dollars (1982)|

1962

63

64

65

66

67

68

69

70

71

72

Current data for these series are shown on pages 80 and 81.

BCII

JUNE

1989




41

OTHER IMPORTANT ECONOMIC
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
Dee,

Mov,

P

T

Jan, July

F

T

July

Nov.

P

T

| Annual rate>blofidolar$( current) |

Gross private domestic investment-

600SOO400-

240. Total, Q —/
300-

200 J

245, Change in business inventories, Q

[Annual rate, bion doiars (1982)|

30. Change in business inventories, Q
+ 60+ 40+20-

1963

63

64

65

66

67

68

69

71

72

73

7S

77

78

79

80

82

83

84

S5

86

87

88 1989

Current data for those series are shown on page 81.

42



JUNE

1989

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Jan. Jyly
P T

July
P

Nov.
T

Annual rate, billion dollars (current)!

Government purchases of goods and services—

266. State and local
government, 0
262, Federal Government, Q

Annual rate, bion dollars (1982) |

267. State and local government, Q

263, Federal Government, Q

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

S3 1989

Current data for these series are shown on page 81.

ltd)

JUNE 1989




43

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
Dee.

Nav.

P

I

Jan July
F T

Mar.

T

July
P

Nov.
T

I Annual rait, bioo dolars (current)!

700-j
650600550500450400350-

7

300250200-

252. Exports of goods ami services, Q
150-

253. Imports of go<>ds and services, Q
100

250, Net exports of goods and services, Q
+50050-

=100
=150-1

I toiual rate, bion dolars (1982)|

700
650600550500450
400
350-

_Z
257, Imports of goods and servkes, Q

300

- 256, Exports of goods ami services, Q

250-

V

200150+100-

255. Net exports «f foods and services, Q

+500-

-50-100 -1501962

63

64

65

66

67

68

69

70

71

72

73

74

79

76

77

78

Si

S2

83

84

83

86

87

88 1989

Current data for these scries are shown on page 82.

44



JUNE 1989

IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Jan. July

July

Nov.

teual rate, biflion dofiars (current)

and capital consumption adj

282. Proprietors' income with inventory
capital consumption adjustments, Q

. Rental income of persons
consumption adjustment, Q

68

ltd*
LJF

JUNE 1989




69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

S5

86

87

88 1989

45

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Dec.
P

to.
P

Wttv.
T

Jon. Jyly

Mar.

F

T

T

My

fe.

P

T
800
700-

600'
500
400-

290, Gross saving, Q
300-

z_

2SO-

-295, Business saving, Q \

200-

A^

150

292. Personal saving, Q
100

-^

_-/Y

80

40 J

298. Qovemmbl swjplus or deficit, Q
+ 10
0-20
-40
-60-80

-100-120-

[

;

I

:

|

'!

,

'

:

i'
;

i

:

i

,

"

:i

•'

|i

!

|:

;

2k

1

ys

\/V
ft rson^ saving rate, Q

63

64

65

66

67

68

@9

:

71

72

73

I

!

^«^^

.

^***"'

79

\/"
v
| Percent |

^^:

vA

74

-140
-160»180-200-

'

iA_

ylV^

L.
/vvv-/""^H/r*r;j \y jji
! t^
j
i l * •
i
I
1962

;

vv

76

77

78

I

^/'^A

.

,E

^M/^" , ,.
S3 1989

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

46



JUNE 1989

OTHER
A I

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Jan. July July
F T P

Nov.
T

I Percent of GNP I
70-i

ion expenditures, Q
65-

60-1

268. State arid local government purchases
of goods and services, Q
15-1

103; reaerai uovernmeni purcnases or gooas ana services, u

249. Residential fixed investment, Q
0-

247. Change in business inventories, Q

Net exports of goods and services, 0
-5-

[Percent of National Income|
80-t

64. Compensation of employees, Q
75-

70-

65-

15-

}jiuiii9 uciuic iaA wtu i iiivcmuiy vdiuauuii

and capital consumption adjustments, 0
10-

283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
5-

. Rental income ot
1962

63

64

0-

capital consumption adjustment, Q
72

73

74

75

76

77

78

79

80

8S

86

87

88 1989

Current data for these series are shown on page 83.

KCII

JUNE 1989




47

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements
Jan. July
P T

July
P

Jan, July
P T

Nov.
T

Nov.
T

310c.

I Index: 1982 «lOq. I
140
130 <
1201
110'
100'
90 <

310, Implicit price deflator fefgmi
national product*

July
P

311c. Ftxed-w||hted |tefe1^ex, gross domestic business product

80'

140'
130120«

311, Ftx$d"Wej'gjiie<f price index,
rmss domestic business product. 0

100'
9080<

70 J

Producer prtet indexes—
!; ,

•"

-"

J-

uu*
110-

1 jS ip*"
j/

x-^

:

iS

i!'

S :

9080-

T-

:

100.

70-

i

fin«

335. MRwm vurnmuuties
—

^^
'-*y_ _^*~'~^J~

^^*""-"-"-

;

" ;Ly

•i
/

.

. Crude materials for
further processing

no1009080-

, , •

^

70-

\

s*^

•;

*•'••<•&

l/U-

i

•

•

! :

t;n«

331. CnKd materials to farther pfflCBSffly

1977

7g

79

SO

81

81

83

84

85

86

87

88

1989

1977 78

79

80

81

82

83

84

SS

ig

W

W> W

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




JUNE 1989

BCII

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart Bl. Price Movements—Continued
Dec. Nov.

P

Mov.

T

Jan. July July
F T P

Mar.

P

T

Nov.
T

Index: 1982*84 ~ 100!
130-j

Consumer price indexes—

120110100-

9080-

322. All urban consumers, food •

70-

^ 320. Ail urban consumers
605040J

320C1 All urban consumers (6-month span)

|

j Percent change at annual rate

in +
+ Ib

H=
oJ

322c. All urban consumers, food (6-month span)

o-10Chart B2. Wages and Productivity

341, Real average hourly earnings of production or nonsupervisory
Workefs on private nonagricultural payrolls1

340. Average hourly earnings of production or nonsupervisory workers
!
on private nonagricultural payrolls (current dollars)1

346. Real average hourly compensation, all employees,
nomarm business sector, Q . j
!

„

.

'

^'

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

LA-TUT.

1962 63

64

65

u IJIAJ ULn -i L/LJ u;Ju:.J LJUL/L LO.AJL;
66 67 68 69 70 71

7S

7@

77

78

79

80

81

^ juvjUiJuiJ JL i.;i
83 84 85

86

87

88 1989

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.

KCII JUNE 1989




49

OTHER IMPORTANT ECONOMIC MEASURES
B |

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
Dgg. Nov.
P
T

!Wa?es

C(m

Nov.

Mar.

P

T

Jan. July

F

T

My

Pfev.

P

T

'l Change in average hourly eatings of production orramsupervisoryworkers on private »agrio*ini pyrolk1—

34Qc. Current-dollar earnings

j

~ 7 f '

-

i/u

"

*~"*"

inr-^
1-month SPSRS^

o-rnonm spins tarn, rate;
341c. Real earnings
,*. n ».. s

Lv* i i

\

jv\ |i'

i ;• A ii. XjWi

^ju^

!

Change in average hourly compensation all employees,
rwnfarm business sector, Q—
345c. Current-cWIar compensation

d4bc. Keai compensation

Negotiated wage and benefit decisions—

348. Average first-year chlfi|esr Q (im nte)

349. Averap changes over life of

358, Output per hour, all persons,
rwnfarm business sector, Q
\
370. Output per hour, all persons,
| Percent change |

370c. Change in output per hour, ait persons, business sector, Q

1962 63

64

65

66

1

67

74

50



76

75

Adjusted for overtime (In manufacturing only) and interindustry employment shifts and seasonally.
with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.

2

77

78

79

80

81

82

83

84

89

86

87

88 1989

One-month percent changes have been multiplied by a constant (12) to make them comparable

JUNE 1989

KCII

OTHER IMPORTANT ECONOMIC
C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components
Jan. July

F

T

July

Wow.

P

T

442. Civilian employment (millions)

90-

70 J

Civilian laborforceparticipation rates (patent)-

^ ^a yeaR ^ove,
80 =

65 -

^^.._-^B»..r ^ .m*m, i n

i

^>

r~f-r*.

_ — , . -r-.

i—"452. fenuifes 20ygarsijmfi»ref """
Number unemployed (millions)—

141210-

445. Females 20 years and over
444. Males 20 years —
and over

446. Both sexes 16-19 years of age

447. Number unemployed, full-time workers (millions)

12 T
10-

^-448. Number of persons employed part time for economic
reasons (millions)

1962 63
64
65
66
$7
68
69
Current data for these series are shown on page 89.

BCD

JUNE

1989




70

71

72

73

74

79

76

77

51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart Dl. Receipts and Expenditures
Jan. Jyfy

July

Nov.

aJ rate, Won doiars (current)

502. Federal Government expenditures, Q

500, Federal Government surplus or deficit, Q

511. State andtocalgovernment receipts, Q--*I

512. State and focal government expnditur

510. State and beat government surplus or deMt, 0

67

ea

69

J6

<

78

79

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 90.

52



JUNE 1989

IMPORTANT ECONOMIC MEASURES
I £) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
Jan. July
P T

Dec. Nov.
P
T

July
P

Nov.
T

I Advance Measures of Defense Activity |

(bil, do).; MCD moving avg.—6-term)

525. Defense Department prime contract awards
(bil. dd; MCD movmg aVg.-6-term)

543. Defense Department gross unpaid obligations outstanding (ml. dol.)
i

!i

548J Manufacturers' new wjjta, Defense products

ri; v
ii i r
? i
!
i?

6S

$®

ii

§i

87

§8

69

70

71

72

73

74

7§

J6

J7

87

88 1989

Current data for these series are shown on page 90.

IECII

JUNE 1989




53

IWIPORTAIMT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES— Continued
Chart D2. Defense Indicators— Continued
Jan. My
F

T

July

Wov.

P

I

I Intermediate and Final Measures of Defense Activity I

' Inventories, defense products

561. Manuhdurers' unfilled orders,
defem* products (bildoL)

Defense Department net outlays, mitirv functions and military
assistance (WL do),)

defense products (bit. doJ.)

1962 63
Current dat* for thet« stria* are shown on page 91

54



86

87

88 1989

JUNE 1989

KCII

OTHER IMPORTANT
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Dec.
P

to.

I

to.
P

Mar.

I

Jan. July
F T

July
P

Nov.
T

] Intermediate and FinaJ Measures of Defense Activity—Con. | !!
,;

:

'

'!

''

:

!i

.1

570. Employment, defense products industries (millions)

Defense Department personnel (millions)—
3,53.0-

577,
Military personnel
on active duty '
kll,
~ ~ ^-—**-*
.-iv,:-.:::•.--..^...-.. •. - .

2,5-

.^.^uttf^^, _„

2.01.5-

578. Civilian personnel, direct hire employment
1.0-

200-

564]] Federal Government purchases of goods and services, nation^
defense, Q (ann. rate, bil.dol.)

150-

100-

50 «

565, National defense purchases as a percent of 6NP, Q (percent)

1962

63

64

05

66

67

10 T
98"
7654.

1989

Current data for these series are shown on page 91.

JUNE 1989




55

OTHER IMPORTANT

MEASURES

U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
Dec:, Mov.
P
I

Wav.

Mar.

P

T

Jan. July

P

I

July

Nov.

P

T

j/

a

^±

602. Exports, excluding military aid sliipents (Ml. doL) J^
i
i
si
•*/
:

"

»

—~-

||

-jj

^/+to+W

«

JU

r

;zz

^r

-p^-

?_

a

VA

604. Exports of domestic agricultural products f
(bil.dol.)
Ny
'^-606, Exports of noneiectrka! macWnery (biL dol.)

113 ^
$81

^f^l

/fVW

iK

614. Imports of petroleum and petroleum-^/
products (Ml. dd)

616. Imports of automobiles and parts (Wl. doi.)

1962

63

84

SS

7i

76

77

78

79

80

81

82

83

84

8S

Current data for these series are shown on page 92,

56



JUNE

1989

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
Dec. Nov.

P

Nov.

Mar.

P

T

T

Jan, July July
F T P

S\Sov.
T

Annual rate, bflion dollars |
j Excess of receipts

i

sr^.irGr^

33!Excess of payments
Goods and services—

750 T
850550 J

JP****X&
m. Balance on goods dnd services, Q
it .- j! V 'i
150 =

^TTi.CD

,-.- \r

45®350250-

';.';• 622. Balance on merchandise trade, Q
150-

§-«j620. Imports,

140-

120-

Income on investment
651. U.S. investment abroad, Q

652. Foreign investment in the United States, Q

1962 63

64

65

66

67

68

69

70

71

72

73

74

79

82

83

84

85

86

87

88

Current data for these series are shown on page 93.

BCII

JUNE 1989




57

IMPORTANT
F

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production
(an. July
? 1

July
P

Elby,
T

laji. Ivly
F T

Jjly
P

Mav.
I

I Index: 1977-1001

[Index: 1977~100|

Industrial production—

Jndustrial production—
14U-

El

1301
A7

721 0£CO Europtan countrwt
***
"^VNr^>^^

128119-

130"
120110-

j^^^r^^

100-

-Vvv^^

an«

170160-

130WO-

199

FTl

IKtaH Kirtfrrlnm

120-

120

110-

OS

100-

100-

130'

110100-

160150140120-

130-

110

120110-

100-

10090-

1977

1077

JS

79

S0

81

82

83

84

85

86

87

88 1989

Currtnt diti for th«i* itrlci art thown on p*{t 94,

58



JUNE 1989

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Continued
Chart F3. Stock Prices

Chart F2. Consumer Prices
Jan. July
F T

July
P

Nov.
T

Jan. July
P T

July
P

Nov,
T

I Percent change at annual rate j

I Index: 1967 ^1001

Consumer prices—
320c. United States

735c. West Germany

\

745, West Germany

748. Jaoan
732c. United Kingdom

742: United Kingdom

l!

1977 78

79

80

81

82

83

84

85

86

87

88 1989

1977

J

78

!

79

J

80

i,

81

;

82

83

84

8§

Current data for these series are shown on pages 95 and 96.

BCII

JUNE 1989




59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Q COMPOSITE INDEXES
910. Index of
eleven leading
indicators (series
I, 5, 8, 19, 20,
29, 32, 83, 92,
99, 106)

Year
and
month

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

930. Index of
seven lagging
indicators (series
62, 77, 91, 95,
101, 109, 120)

940. Ratio,
coincident index 1
to lagging index

Leading indicator subgroups
914. Capital
investment
commitments
(series 12, 20,
29) *

(1982^100)

(1982-100)

(1982-100)

(1982 = 100)

(1967-100)

January
February ,
March

136.2
137.0
137.6

119.4
121.3
121.3

112.2
111,2
110.9

106.4
109.1
109.4

108.9
(NA)

April
May
June

138.1
138.7
140.2

121.4
121.4
121.8

111.1
111.3
111.3

July
August
September

141,5
142.9
142.5

122.9
123.4
123.6

October
November
December

141.8
139,3
138.8

915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)

(1967 = 100)

916. Profitability (series
19, 26/80)

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

(1967-100)

(1967-100)

1987
104.4
104,6
105.3

119,3
120.8
121.5

148.9
147,0
145.4

109.3
109.1
109.4

105.3
106.0
106.7

121.3
121.3
122,9

144,5
144.1
145.6

111.1
111.0
111,9

110.6
111.2
110.5

107.1
106.4
106.6

124.2
D126.0
124.7

144.5
144.2
145.4

125.2
124.8
126.2

112.1
112.7
112.5

111.7
110.7
112.2

107,2
107.4
[H)1Q8. 2

121.7
118.6
118.3

147.1
146.8
146.6

138.7
140.3
140.8

125.6
126.5
127.3

114.0
114,4
114.7

110,2
110.6
111.0

107.1
106.7
106.5

119,0
119.5
119.9

146.9
147.9
149.0

April
May
June

141.5
141.5
143.9

127.3
127,6
128,5

115.6
115.3
116.0

110.1
110.7
110.8

105.5
105,6
105.9

119.5
118.9
120.0

0)151,7
150.7
151.1

July

August
September

142.7
144.1
143.7

128,9
129.3
129.3

115.8
116.4
116.4

111.3
111.1
111.1

105,5
105.5
105.6

119.9
119.5
(NA)

150.3
150.1
147.4

October
November
December

143.9
144.0
r!45.0

130.6
130.6
131.4

116.5
117.8
118.1

112.1
110.9
111.3

105.1
104.9
105.6

H>rl46.1
r!45.5
144,6

132.4
132.7
r!32.5

rl!9.2
120.7
r!21.7

rlll.l
109.9
r!08.9

(NA)

r!45.5
p!43.8

B>133.0
n32.7

120.9
D 3 122.1

rllO.O
p!08.7

1988
January
February
March

,

146,9
146.6
(NA)

1989
January . . . . . . .
February . . . . . . . .
March
April

May
June
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 (H); for series that move counter to movements
in general business activity, current low values are indicated by JH), 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
These series reached high values before 1987: series
2
Excludes series 57, for which data are not available.
3

940 (115.9) in January 1984 and series 914 (111.5) in February 1984.

Excludes series 77 and 95, for which data are not available.

60



JUNE 1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process

Marginal Employment Adjustments

Timing Class

L.L.L

Year
and
month

1987

L, Lgr U

L.C.L

LC.L

21. Average weekly overtime hours of production
or nonsupervisory workers,
manufacturing

5. Average weekly initial
claims for unemployment
insurance, State programs *

(Hours)

(Hours)

(Thous.)

C2)

(2)

1. Average weekly hours
of production or nonsupervisory workers, manufacturing

Comprehensive
Employment

Job Vacancies

U, C, C

L, Lg, U

60. Ratio, help-wanted
advertising in newspapers
to number of persons
unemployed

46. Index of help-wanted
advertising in newspapers

(Ann. rate,
bil. hours)

(1967 = 100)

(Ratio)

48. Employee hours in
nonagncultural establishments

Revised 2

40.9
41.1
41.0

3.6
3.6
3.7

355
350
338

0.512
0.531
0.572

136
140
150

187.54
188 59
188 56

April
May
June

r40 6
41 0
41 0

3 5
3 8
3 7

329
325
325

0 583
0 601
0 614

149
153
152

187.66
189.72
189.97

July
August
September

41.0

r41.1
40 6

3.8
3.8
3 7

321
299
293

0.626
0.663
0 661

153
161
158

190.41
191.22
188.29

41 2
41 2
r41.1

3 9
3 9
3.8

294
300
311

0 669
0 682
0.662

162
0)162
155

192.23
192.77
192.93

348
314
303

0.652
0.673
0.691

153
156
158

193.12
194.48
194.35

3.9
3 9
3 9

299
305
294

0.701
0.700
0.711

157
160
156

195.81
195.44
196.43

3 9
3.9
3.9

321
298
290

0.714
0.700
0.688

159
160
153

197.24
196.77
197.53

4.0
3.9
3 9

[H>290
297
301

[H>0. 735
0.716
0.731

161
158
161

198.76
198.14
199.16

0.691
0.729
0.733

156
155
151

200.31
200,32
200.33

January
February
March

October
November
December

..

'

1988

January
February
March

41.1
41.0

3,9
3.7

r41.0

r3.8

April
May
June

r41 1
41 1

41.2

July
August
September

41 1
41.0

r41.1

October
November
December

41.2
41.2

r41 0

1989
41.1
41.1
41,0

January
February
March
April
May
June

[H>r41 2
p41.0

3.9
3.9
r4.0

E>4.0
p3.8

{
296 '
303
318
299
312

rO 723
pO.716

r!59
p!54

[H) 202. 06
p200.69

July
August
September
October
November
December . . . .
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
*Data exclude Puerto Rico, which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue," page iii.

licit

JUNE 1989




61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

U| EMPLOYMENT AND UNEMPLOYMENT- Continued

Minor Economic
Process
Timing Class

Year
and
month

U,C,C

42. Number
of persons
engaged in nonagricultural
activities

(Thous.)

c,c,c

107 823
108 066
108 238

U, Lg, U

L.C.U

41. Employees
on nonagricul
tural payrolls

40. Employees
on nonagricultural payrolls,
goodsproducing
industries

(Thous.)
Revised

1987

January
February
March

Comprehensive Unemployment

Comprehensive Employment—Continued

100,798

101 015
101,254

Revised

90. Ratio,
civilian employment to population of
working age

37. Number of
persons unemployed

Lg, Lg, Lg

Lg, Lg, Lg

L, Lg, U

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programsl

(Percent)

(Percent)

(Thous.)

(Percent)

(Thous.)
2

L, Lg, U

L, Lg, U

44. Unemployment rate,
persons unemployed 15
weeks and over

91. Average
duration of
unemployment

(Percent)

(Weeks)

2

24 473
24 532
24,551

60 28
60 39

7,904

60.43

7,804

7 848

6.6
6.6
6.5

2.5
2.5
2 4
2 4

2.6
2 6

14.9
14.5
15.0

1.8
1.8
1.7

15.0

14 8
14 9

1.8
1 7
1 7

April
May
June

108,566

101,582

7,605

101 777
101 956

24,573
24 617
?4 filfi

60.56

109 180
109 065

60 90
60 72

7 578
7 360

6.4
6 3
6 2

July
August
September

109 377
109 890

10? 293
102 525

24 701
24 759

60 83
61 00

24,794

60.88

2 3
2 3
2.2

1 6

102,683

6 1
6 0
5.9

14 2

109,704

7 271
7 226
7,112

14.3
14.2

1.6

October
November
December

109,998
110,320
110,528

103,213
103,470
103,791

24,896
24,966
25,021

61.01
61,09
61.19

7,204
7,067

6.0
5.9
5.8

2.1
2.1
2.2

14.0
14.1
14.2

1.5
1.5
1.5

nn ?QQ

14 2
14 1

1 4
1 4

T3

Q

i d

13 5

6,961

1.6

1988

January
February
March

m
m

103 970
104 414

24 935
25 033

61 29
61 36

1
A/I ,OQ£
£QQ
104

*>C
AQQ
CO ,098

£1 9A

6 980
6 892
6 A07

5 8
5 7

QAQ

f.

2 3
2 2
9 ?

April
May . ,
June

III 473
111 293
111 880

104 901

105 091
105 561

25 161
25 179
25 265

61 49
61 31
61 58

6 668
6 800
6 523

5 5
5 6
5 4

2 1
2 1
2 1

13.8

13 2

1 3
1.3
1 3

July
August
September

111 974
112 061
112 194

105 768
105 954
106 207

25 323
?5 303
25 313

61 54
61 60
61 64

6 624
6 797
6 614

5 4
5 6
5 4

2 I
2 1
2 0

13 5
13 5
13 5

1 3
13
1 3

October
November
December

112 335
112 709

106 475

25 384

61 69

1H6 R9d

fit

RR

6 518
6 563

107,097

61.83

6,554

5 3
5 4
5.3

2 0
2 0
2.0

13 4
12 6

112,816

?R dfifi
25,513

13
1 2
1.2

113,411

107,442

25,626

113 630
113 930

107 711
107 888

25 629
25 646

62.13
62.16
IE) 6 2 27

6,716
6 328
|R)6 128

5.4
5 1

(8)5 o

2.0
2 I
2 1

114,009
H>114,102

108,094
E)pl08,195

[H)25 664
p25 631

cp op

62 22

6 546
6 395

5 3
5 2

2 1
fH>2 0

fl?^

c

12.8

1989

January
February
March
April
May
June

12 4

1.2
1.1
1.1

1? 7
IR>11 8

fuM i

12.7
12.1

i ?

July
August
September
October , ,
November
December
See note on page 60.
Graphs of these series are shown on pates 14, 15, 17, and 18.
l

Data exclude Puerto Rico, which is included in figures published by the source agency.
See "New Features and Changes for This Issue," page iii.

2

62



JUNE 1989

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^J PRODUCTION AND INCOME

Minor Economic
Process . . .

Comprehensive Output and Income

Timing Class

Year
and
month

C, C, C

50. Gross national product
in 1982 dollars

C,C,C

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c,c,c

52. Constant
(1982) dollars

51. Personal
income less
transfer payments in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Personal income
223. Current
dollars

Industrial Production

c,c, c
53. Wages and
salaries in 1982
dollars, mining,
rnfg., and construction
(Ann. rate,
bil. dol.)

C, C, C

47. Index of
industrial
production

(1977 = 100)

C,C,C

73. Index of
industrial
production,
durable manufactures

(1977 = 100)

C,U

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

C.C.C

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil, dol.)

1987

January
February
March

3,776!?

3,641.3
3,683.5
3,703.4

3,114.9
3,142.9
3,143.8

2,655.8
2,682.5
2,685.4

542.5
541.9
545.2

126.2
127.1
127.4

129.3
130.8
131.5

132.7
132.9
133.7

I,616i2

April
May
June

3,823!6

3,725.0
3,736.3
3,747.1

3,146.1
3,142.4
3,138.3

2,687.1
2,678.7
2,678.7

539.3
541.2
541.6

127.4
128.2
129.1

130,9
131.4
132.0

134.6
135.7
136.9

l,645!e

July
August
September

3,865!3

3,778.6
3,803.7
3,820.8

3,159.4
3,167.1
3,162.9

2,698.7
2,707,8
2,705.4

542.0
543.9
546.5

130.6
131.2
131.0

133.5
133,8
133.7

138.5
138.8
138.6

l,677!s

October
November . .
December . .

3,923!6

3,897.2
3,884.1
3,939.0

3,212.9
3,194.2
3,236.6

2,754.2
2,736.8
2,778.2

549.0
550.8
549.0

132.5
133.2
133.9

136.8
136.7
137.3

138.1
139.6
141,3

I,713i9

January
February
March

3,956.1

3,921.8
3,946.7
3,985.9

3,214.6
3,235.0
3,251.1

2,745.6
2,764.0
2,776.3

549,3
551.8
559.4

134.4
134.4
134.7

137.9
138.4
138.8

141.4
141.1
141.7

l,748!i

April
May
June

3,985!2

4,001.0
4,021.4
4,044.9

3,242.3
3,243.1
3,254.1

2,770.0
2,773.7
2,784.6

556.7
556.6
560.2

135.4
136.1
136.5

139.7
141.5
141.7

142.3
142.1
142.6

1, 7 6 2 ^ 4

4,009!i

4,075.3
4,091.8
4,114.7

3,265.5
3,270.8
3,270.8

2,795.1
2,799.8
2,802.1

561.9
560.7
561.9

138.0
138.5
138.6

142.9
143.2
143.8

144.6
145.1
145.3

1, 7 6 8 ^ 9

4,033.*4

4,175.5
4,165.2
4,200.8

3,303.4
3,290.0
3,307.7

2,832.9
2,818.9
2,836.9

568.7
566.2
564.3

139.4
139.9
140.4

144.6
145.2
145.7

146.3
146.7
147,1

1,769^6

E>r4,077.*5

r4, 273.1
r4,318.2
r4,355.7

r3,343.6
r3,373.6
|H)r3,381.8

r2,864.4
r2, 893.0
E>r2,897.5

566.9
567.1
[H>r572.6

140.8
r!40.5
r!40.6

146.2
r!45.9
r!45.6

148.5
148.1
r!48.4

[H>rl,809.7

r4,376.7
[H>p4,389.7

r3,374.5
p3,366.3

r2, 893.1
p2,887.2

r566.3
p563.4

r!41.4
[H>pl41.4

H)rl46.6
p!46.4

r!49.3
!>pl49.3

....

1988

July
August
September , .

October
November
December
1989

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, 19, 20, and 40.

JUNE 1989




63

CYCLICAL INDICATORS
BI

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

H

Minor Economic
Process
.. .

Q| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization

Timing Class . . . . . .

Year
and
month

PRODUCTION AND
INCOME-Continued

L, C,U

82. Capacity
utilization rate,
manufacturing

Orders and Deliveries

L,C,U

84. Capacity
utilization rate,
materials

L,U

Manufacturers' new orders,
durable goods industries
6. Current
dollars

(Percent)

(Percent)

1,1,1

(Bil. dol.)

7. Constant
(1982) dollars

(Bil. dol.)

L,L,L

L,L,L

8. Manufacturers' new
orders in 1982
dollars, consumer goods
and materials

25. Change in
manufacturers'
unfilled orders,
durable goods
industries1

(Bil. dol.)

(Bil. dol.)

L, L, L

L, lg, U

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

32. Vendor
performanceslower deliveries
diffusion index 1

(Percent)

1987

January
February
March

79.6
80.0
80.3

78.7
78.7
78.7

97.34
102.40
104.78

89.79
94.46
96.40

79.68
84.09
84.78

-3.28
-1.26

April
May
June

80.2
80.4
80.8

79.1
79.3
79.8

107.64
107.92
108.77

98.93
99.01
99.70

July
August
September

81.5
81.3

80.6
81.1
81.2

109.94
106.99
109.68

82.0
82.2
82.6

82.1
82.9
83.6

January
February
March

82.7
82.6
82.7

April
May
June

1.19

367.42
366.16
367.35

51.5
51.2
51.9

83.76
83.48
85.66

4.55
5.26
4.24

371.90
377.16
381.40

52.8
54.0
56.8

100.40
97.44
99.34

84.02
83.84
85.98

6.04
2.58
1.30

387.44
390.02
391,32

58.9
60.3
61.5

112.02
111.96
113.19

101,28
100.96
101.61

86.81
85.89
86.86

3.71
3.67
2.01

395.04
398.71
400.72

62,2
64.9
62.7

83.0
82.3
82.4

113.07
114.16
113.06

100.86
101.56
100,41

83.26
85.42
85.34

3.94
4.33
0.32

404.66
408.99
409.31

62.4
61.3
56.9

82.9
83.3
83.3

82.9
83.0
83.2

116.84
115.3?
125.44

103.39
101.74
110.23

85.73
87.82
87.78

4.32
0.62
8.92

413.62
414.24
423.16

59.2
56.6
65.6

July
August
September

84.0
84.0
84.0

84.4
84,3
84.1

116.11
122.81
119.32

101.67
107,25
103.58

85.15
87.58
87.98

2.99
4.94
1.29

426.15
431.09
432.38

59.0
57.7
55.1

October
November
December

84.3
84.4
84.4

84.7
84.9

122.79
123.04
E>132.15

106.50
106.25
18)113.63

87.86
89.81
D92.68

4.35
3,16
7.97

436.73
439.90
447.87

54.6
51.6
52.6

84.6
84.0
83.8

128.48
124.11
r!25.38

rl09.81
105.80
rl06.43

r90.76
89.09
r86.21

4.90
3.18

r4.94

452.77
455. 9S
r460.9Q

54.0
53.3
51.2

84.2

r!29.36
p!23.97

rllO.10
plOS.15

r8&75
p88.01

r6.01
pO.69

r466.91
§)p467.60

53.2
49.3

October
November
December

81. B

,. .

1988

[H>85.1

1989

January
February
March

....

April
May
June

B>84.7
r84.3
r84.0
r84.3
p84.0

p84.2

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
1

These series reached high values before 1987: series 25 (9.31) in March 1984 and series 32 (67.5) in November 1983.

64



JUNE 1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

c,c,c

Manufacturing and trade sales
56. Current
dollars

(Mil. dol.)

C,L,C

C,C,C

57. Constant
(1982) dollars

(Mil. dol.)

75. Index of
industrial
production,
consumer
goods

(1977 = 100)

C,L,U

U, L, U

Sates of retail stores
54. Current
dollars

(Mil. dol.)

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Timing Class

Year
and
month

H

JQ CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Continued

59. Constant
(1982) dollars

(Mil. dol.)

L,CtC

55. Personal
consumption
expenditures,
automobiles1

(Ann. rate,
bil. dol.)

L, L, L

58. Index of
consumer
sentiment1®

(IstQ
1966-100)

1,1, L

12. Index of
net business
formation

(1967 = 100)

L, L, L

13. Number of
new business
incorporations1

(Number)

1987

January
February
March

424,210
441,092
441,073

421,099
435,579
434,127

125.5
126.4
126.7

117,819
124,126
124,455

108,890
114,191
113,761

126'.!

90.4
90.2
90.8

118.1
120.5
122.0

55,348
58,495
60,248

April
May
June

442,281
445,174
448,931

433,387
432,645
435,858

125.5
127.3
127.2

125,353
125,520
127,263

114,061
113,696
114,755

12?!?

92.8
91.1
91.5

120.7
119.8
120.3

57,471
56,226
57,613

July
August
September

450,906
455,157
460,280

437,149
439,696
443,384

128.9
129.4
127.7

128,110
130,390
129,427

115,414
117,047
115,767

144^4

93.7
94.4
93.6

120.4
121.5
122.8

57,330
57,650
57,568

October
November
December . ,

460,066
459,261
462,059

442,253
438,781
440,873

129.0
129.4
129.8

128,235
128,541
129,870

114,393
114,564
115,749

128!6

89.3
83.1
86.8

121.8
122.8
123.2

55,504
56,681
55,226

462,173
466,052
474,260

441,462
445,586
451,275

131.2
131.3
131.2

130,364
131,846
133,797

116,189
118,036
119,142

133^9

90.8
91.6
94.6

124.0
124.1
125.4

56,108
56,475
60,655

r475,218
r478,615
486,208

r449,341
r450,023
453,465

131.9
132.7
133.0

r!33,077
r!34,048
135,010

rl!7,872
rl!8,208
118,742

139!s

91.2
94.8
94.7

122.7
124.3
123.7

54,352
57,869
55,217

July
August
September

486,193
492,491
492,478

451,051
454,665
452,650

134.2
135.0
134.8

135,662
136,050
135,751

118,897
118,925
117,942

139!2

93.4
97.4
97.3

123.3
124.5
124.2

56,911
59,472
55,778

October
November
December . .

498,846
501,400
506,186

457,478
458,483
461,676

136.4
136.8
138.2

137,842
139,529
139,189

119,344
1)120,804
120,302

141.7

94.1
93.0
91.9

124.6
123.2
125.5

56,557
54,530
58,516

511,881
507,328
r507,555

Dr463,485
r458,787
r455,895

138.5
rl38.7
r!38.3

140,040
139,428
r 139, 51 6

120,309
119,887
rll9,143

r!36\i

97.9
95.4
94.3

126.4
127.0
D127.9

58,499
58,724
p60,062

Dp516,239

p461,666

E>rl39.1
p!38.5

r!40,942
E>pl41,085

rl!9,039
pi 18, 459-

91.5
90.7

126.2
p!27.1

1988

January
February
March . . . .
April
May
June

1989

January . . . .
February
March
April
May
June

(NA)

(NA)

(NA)

July
August
..
September
October
November
December . .
See note on page 60.
Graphs of these series are shown on pages 14, 22, and 23.
^hese series reached high values before 1987:
in December 1986.

JUNE 1989



series 55 (151.9) in 3d Q 1986, series 58 (101.0) in March 1984, and scries 13 (65,318)

65

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

[UJ FIXED CAPITAL INVESTMENT-Continued

Minor Economic
Process
Timing Class

Business Investment Commitments

U.L

L, L, L

Contracts and orders for
plant and equipment
Year
and
month

10. Current
dollars

(Bil. dol.)

20. Constant
(1982) dollars

(Bil. dol.)

L,U

Manufacturers' new orders,
nondefense capital goods industries
24. Current
dollars

(Bil. dol.)

L,C,U

L.L.L

U, Lgt U

9. Construction contracts awarded for
commercial and industrial buildings1 2

27. Constant
(1982) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space 3

(Millions)

C, Lg, Lg

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

97. Backlog of
capital appropriations, 1,000
manufacturing
corporations

(Bil. dol.)

1987

January
February
March

31.78
31.99
31.99

34.52
35.25
35.14

27.20
27.28
26.88

30.47
31.10
30.66

82.42
73.52
77.97

7.66
6.83
7.24

21^44

April
May
June

33.63
34.90
35.47

37.49
38.91
39.33

28.73
30,63
29.75

33.19
35.17
34.35

79,93
78.82
83.17

7.43
7.32
7.73

32^26

July , .
August
September

37.49
35.01
34.52

41.81
39.27
39,13

32.28
29.85
29.39

37.29
34.81
34.69

83.00
83.56
84.70

7.71
7.76
7.87

29^56

October
November
December , . .

35.60
35.44
38.27

40.37
39,85
42.67

30.22
30.66
33.03

35.70
35.73
38,14

82.21
76.89
81.64

7.64
7.14
7.58

35!9i

38.31
39.54
36.82

43.43
44.46
41.70

33.87
33.82
31.92

39.63
39.59
37.56

77.27
91.15
75.85

7.18
8.47
7.05

3o!85

40.33
37.72
41.68

71.02
71.69
75.36

6.60
6.66
7.00

40^69

69!l7

74! 64

74^55

78!66

1988

January
February
March

78!H

April . . . ;
May
June

38.95
r36.29
40.09

44.79
r41.75
45.59

33.75
31.52
35.46

July
August . ,
September

40.57
43.83
39,12

46.00
[H)49.43
43.58

36.21
38.81
34.86

42.34
45.22
40.02

79.51
75.38
73.37

7.39
7.00
6.82

40^38

October
November
December

38.55
39.98
43.67

43.44
44.54
48.07

34.62
35.82
39.43

40.16
41.06
44.52

70.06
69.90
78.53

6,51
6.49
7.30

Bp53!77

D45.03
41.48
r42.64

49.20
44.91
r47.71

40.35
37.19
38.14

45.27
41.31
r43.93

78.61
70.87
71.37

7.30
6.58
6.63

r44.53
p41.63

r48.90
P46.15

[H>r40.36
p37.02

(H)r45.41
p42.29

69.66
75.44

6.47
7.01

8?! 46

9l!57

[®pl01.'72

1989

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

(NA)

<NA)

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. 2Scries 9 reached its high value (93.19 square feet and 8.66 square meters) in September 19B5. 'Converted to metric units by the Bureau of Economic Analysis.

66



JUNE 1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q FIXED CAPITAL INVESTMENT-Continued

Minor Economic
Process
Timing Ciass .

...

C, Lg, Lg

C, Lg, Lg

Expenditures for new plant
and equipment
Year
and
month

Residential Construction
Commitments and Investment

Business Investment Expenditures

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

100. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

C, Lg, Lg

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

C, Lg, U

76. Index of
industrial production, business equipment

(1977-100)

C, Lg, C

Lg, Lg, U

C, Lg, C

28. New private housing
units startedl

Gross private nonresidential
fixed investment in 1982 dollars
86. Total

(Ann. rate,
bil. dol.)

87. Structuresl

(Ann. rate,
bil. dol.)

L, L, L

88. Producers'
durable equip(Ann. rate,
bil. dol.)

(Ann. rate,
thous.)

ILL

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

L.L.L

89. Gross private residential
fixed investment
in 1982 dollars1

(Ann. rate,
bil. dol.)

1987

January
February
March

376.'?3

370.' 67

380.86
390.75
389.03

138.6
141.7
141.9

418!2

12l!6

297 '.2

1,840
1,787
1,715

134.8
134.7
135.9

198 A

April
May
June

380 ! 66

374.'67

394.44
393.13
402.72

142.1
141.7
144.2

434*.8

120.*9

313.*8

1,622
1,607
1,583

127.7
119.6
121.4

19?!e

July
August
September

394.54

391 ! 18

412.08
411.20
424.48

145.6
145.6
146.3

462^8

128!6

334!7

1,592
1,587
1,685

120.9
120.5
120.7

192!i

October
November
December

406!82

403,' 05

416.93
416.55
423.85

148.7
148.3
149.8

464 '.8

132. *I

332.'?

1,535
1,659
1,391

115,4
116.2
107.3

192^7

January
February
March

412!62

408!91

430.32
429.21
436.50

151.2
152.4
153.3

473.*4

124!6

349^4

1,391
1,511
1,528

100.8
115.2
119.6

189!5

April
May
June

426 .'94

424!6?

442.03
451.37
452.12

154.6
156.9
158.1

496! 2

125'.6

365^1

1,576
1,392
1,463

114.1
115.5
118.4

189.' 6

July
August . . .
September

436.01

431 .*36

454.76
459.38
459.64

159.3
160.2
160.8

49516

12S\B

369^2

1,478
1,459
1,463

113.6
116.9
114.2

191*.6

October
November
December

443 .'n

r430.42

460.94
459.91
462.94

160.2
161.2
162.6

49l!i

125.* 5

365 ."9

1,532
1,567
1,577

121.7
120.3
121.1

196.6

E>457!64

H>441 '.64

473.30
r474.70
r485.60

163.8
r!65.0
r!66.2

|H>500.5

rl25*.9

E)r374'.6

1,678
1,465
rl,409

118,5
111.9

r-194^3

Dp487.81

r!67.4
E)pl67.8

rl,339
pi, 311

106.4
107.4

1988

1989

January
February
March

April . . . .
May
June

ra467.'50

ra449!66

July
August
September .

a478!79

3456^36

October
November .
December

a484!38

3458^72

(NA)

98.1

See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
^hese series reached high values before 1987: series 87 (151.4) in 2d Q 1985, series 28 (2,260) and series 29 (158.5) in February 1984,
and series 89 (199.7) in 4th Q 1986.

JUNE 1989



67

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS .

Q INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class . ,

Year
and
month

Inventories on Hand and on Order

Inventory Investment
U, L

30. Change in
business inventories in 1982
dollars1
(Ann. rate,
bil. dol.)

U,L

L, U

36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars1
Smoothed 2

Actual
(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

31. Change
in mfg. and
trade inventories
(Ann. rate,
bil. dol.)

L,l,L

38. Change in
mfrs.' inventories, materials and supplies on hand
and on order
(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, U

Manufacturing and trade
inventories
71. Current
dollars
(Bit. dol.)

70. Constant
(1982) dollars
(Bil. dol.)

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods
(Bi). dol.)

Lg, Lg, Lg

77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars1

L Lg, Lg

78. Mfrs.(
inventories,
materials and
supplies on
hand and on
order

(Ratio)

(Bit. dot.)

1987

January
February
March

29!s

34.87
6.36
46.45

7.36
12,13
21.80

64.1
21.3
35.1

-1.06
-0.59
1.82

659.20
660.97
663.90

649.35
649,72
651.98

103.41
103.02
103.23

1.54
1.49
1.50

236.33
235.74
237.56

April
May
June

27 is

20.59
55,21
44.94

26.85
32.61
40.50

26.7
69.3
34.0

2.82
1.09
2.71

666.12
671.89
674.73

652.61
656.22
657.99

102.94
103.23
102.57

1.51
1.52
1.51

240.38
241.47
244.17

July
August
September

i3!6

34.55
-6.59
46,22

42.57
34.60
24.51

32.7
3.9
44.9

2.76
1.75
2.20

677.45
677.78
681.52

659.44
658.09
660.52

103.84
104.66
104.04

1.51
1.50
1.49

246.94
248.68
250.88

October
November
December

67!i

83.28
44.89
63.07

32.85
49.55
60.94

90.8
64.5
75.5

2.18
1.02
1.04

689.09
694.47
700.76

666.42
669.88
674.91

105.04
105.86
106.82

1.51
1.53
1.53

253.06
254.08
255.11

January
February
March ,

66*.6

41.28
47.02
11.06

56.75
50.10
41.79

39.3
46.2
36.6

3.81
0.25
1.32

704.03
707.89
710.94

679.86
683.23
684.90

107.42
108.16
108.08

1.54
1.53
1.52

258.92
259.18
260.49

April
May
June

35!i

5.50
23.56
17.59

27.16
17.28
14.46

r43.8
r52.9
71.7

2.52
2.83
2.21

r714.59
719.00
724.97

686.17
687.95
689.75

108.09
108.43
109.02

1.53
1.53
1.52

263.01
265.83
268.04

July
August
September

39^5

-5.56
38.06
30.49

13.71
14.28
18.85

59.2
B>91.9
77.9

1.43
D3.98
2.48

729.90
737.56
744.05

689.44
693.33
696.11

109.82
110.78
111.62

1.53
1.52
1.54

269.47
273.45
275.93

29*. 1

13.79
26.18
30.80

24.22
25.47
23.54

-6.1
38.5
83.5

1.90
-0.42
-0.84

743.54
746.76
753.72

698.12
700.46
702.69

112.07
112.69
113.93

1.53
1.53
1.52

277.82
277.41
276.56

r35,*5

r26.51
r-1.07
r-15.83

r25.71
r23.29
rlO.98

73.0
39.0
r29.4

1.74
0.31
rl.61

759.80
763.05
r765.50

r706.47
r706.63
r706.87

115.38
115.66
r!15.36

1.52
1.54
1.55

278.30
278,61
r280.22

p22.61
(NA)

p2.55
(NA)

P51.4
(NA)

pO.12
(NA)

0>p769.79
(NA)

H>P708.65

E>pll5.84
(NA)

pi. 53
(NA)

E>p280.34
(NA)

.,

1988

October
November
December

.,
. ..

1989

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, 26, and 27.
l
These series reached high values before 1987: series 30 (83.4) in 1st Q 1984, series 36 actual (92.33) in February 1984, series 36
smoothed (79.84) in May 1984, and series 77 (1.58) in March 1986. 2This series is a weighted 4-term moving average (with weights 1,2,2
placed on the terminal month of the span.




JUNE 1989

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS . . . .

Q PRICES, COSTS, AND PROFITS

Minor Economic
Process
Timing Class . .

Year
and
month

Stock
Prices

Sensitive Commodity Prices

L, L, L

98. Change in
producer prices
for sensitive
crude and
intermediate
materials1
(Percent)

U.L.L

23. Index of
spot market
prices, raw
industrial,
materials2®

(1967=100)

L.L.L

1 1, L

99. Change in sensitive materials
prices1
Smoothed3

Actual

(Percent)

(Percent)

19. Index of
stock prices,
500 common
stocks ©

(1941-43=10)

Profits and Profit Margins
1,1,1.

L,U

Corporate profits after tax
16, Current
dollars
(Ann. rate,
bil. dol.)

18. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

l,C,l

L,C,L

Corporate profits after tax
with IVA and CCAdj1 *
79. Current
dollars

80, Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

U,L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income1
(Percent)

1987

264.51
280.93
292.47

135!5

121.'5

172.'6

157!e

4.*8

0.76

1.27
1.07
0.92

253.8
272.6
276.4

2.09
2.30
1.11

0.98
1.20
1.31

289.32
289.12
301.38

141. 'l

125!7

172!e

15?!6

5.'6

1.66
1.47
3.31

284.2
288.3
292.4

1.43
1.10
0.72

1.39
1.40
1.32

310.09
E>329.36
318.66

149^5

133^2

182 !i

165*,8

5^2

2.65
1.06
0.00

294.6
292.0
293.1

0.30

-1.28

280.16
245.01
240.96

145!}

128!2

179!9

162^4

4*.7

0.49

1.13
0.70
0.41

0.90
0.89
1.11

292.5
288.9
292.3

0.78
0.36
1.19

0.30
0.24
0.33

250.48
258.13
265.74

149^4

isiiz

179.*3

lei.'a

5*.3

-0.22
-0.22

297.3
301.6
309.5

0.80
0.41
1.25

0.45
0.51
0.65

262.61
256.12
270.68

162.*7

143!i

183 !2

163!7

5i5

309.0
309.9
306.4

0.05
0.15

0.65
0.58
0.44

269.05
263.73
267.97

169.1

i4s!6

185^2

164 !l

s!i

0.27
0.40
0.54

277.40
271.02
276.51

Dl74'.5

E>150'.4

194.8

170.4

5.*5

rO.75
rO.75
rO.93

285.41
294.01
292.71

rl72.*6

r!46.*9

rl71.*8

r!46;i

rs'.'i

January
February
March

0.44
0.53
0.79

252.8
247.2
246.3

-0.25

April
May
June

0.43
2.25
1.69

. ..

October
November . . . .
December . . . .

July
August
September

1.12

1988

January
February
March

...

April
May
June

0.00

July
August
September

1.47

-0.22
-0.22

October
November . .
December . . . .

-0.36
0.36
0.22

-0.14

305.0
309.7
317.2

-0.25

324.7
329.3
334.6

rl.41
r-0.09

(H>335.0
330.5
3
329.2

-0.83
-0.74

1.96
0.94

1989

January
...
February . , , / . . . .
March
April
May
June

....

rl.52
r-0.86
1.80
0.07
0.85

2.07

rO.80
0.52

6

302.25
313.93
323.75

July
August
September
October
November
December

.,.

See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
These series reached high values before 1987: series 98 (3.55) in July 1983, series 99 actual (3.21) in August 1983 and smoothed (2.09)
in November 1983, series 22 (6.9) in 1st Q 1984, and series 79.(204.0) and series 80 (196.0) in 1st Q 1986. 2This is a copyrighted series
used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. 3This series is smoothed by
an autoregressive-moving-average filter developed by Statistics Canada. ''See footnote 1 on p.70. 'Average for June 1 through 23.
6
•»4^It
Average for June 7, 14, and 21.
o
l

BUI

JUNE 1989




0

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

U PRICES, COSTS, AND PRO FITS- Continued

Minor Economic
Process
Timing Class

Year
and
month

U, L,L

U,L

81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income1 2

15. Profits after
taxes per dollar
of sales, manufacturing corporations

26. Ratio, implicit price deflator to unit
labor cost,
nonfarm business sector 2

(Percent)

(Cents)

(1977 = 100)

Revised

1987

January
February
March

U,L

Unit Labor Costs and Labor Share

Cash Flows

Profits and Profit Margins— Continued
L.L.L

U,L

Corporate net cash flow
34. Current
dollars
(Ann. rate,
bit. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

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

35. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

(1977 = 100)

(Dollars)

Lg, Lg, Ig

Lg, Lg, Lg

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

(1977-100)

Actual data
as a percent
of trend

64. Compensation of employees as a
percent of national income 2

(Percent)

(Percent)

3

,,
e!s

4*. 5

98^8

385 [9

386^4

17CL5

0.730

138.1
137.6
137.9

100.7
100.3
100.5

73^6

April
May
June

e!s

b'.b

99^4

393^9

393^8

17CL8

0.730

136.9
136.6
136.2

99.8
99.6
99.3

73!o

July
August
September , .

ei?

5^5

99!9

404^2

404! 3

17l!l

0.729

135.2
135.8
137.4

98.5
99.0

100.1

October
November
December

e!z

4^4

99^1

402! 4

402! 6

173!5

0.738

136.4
136.5
135.6

99.4
99.5
98.8

January ,
February . . . .
March

e!e

[fi>6!2

99^1

407^3

405 ! 6

173*.$

0.736

135.9
136.4
137.9

99,1
99.4

April
May
June

e!i

July
August
September

e!i

s!g

9a!e

425!)

0)42317

179!6

October
November
December

e!s

5.*9

99^2

[H>429.'6

423 .'l

iei.'4

72^9

72^9

1988

5.*9

42CL8

98^7

418!7

17?!l

136.8
136.4
137.2

100.0

0.758

136.5
136.3
136.8

99.5
99.3
99.7

0.766

138.3
137.4
136.8

100.8
100.1

0.747

73!!

100.5
99.7
99.4

73!2

73^3

73.'2

99.7

1989

January
February . . . .
March

S.*3

psls

r98*.4

April . . . .
May
June

r423*.0

r415!e

(R>rl83.0

E> rO.778

137.0
r!37.9
E>140.2

rlOO.5
E>102.2

r!38.3
p!38.6

rlOO.8
plOl.O

99.9

73li

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 29 and 30.
*IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
These series reached high values befor© 1987: series 81 (8,6) in 3d Q 1985, series 26 (100.1) in 1st Q 1986, and series 64 (73.4) in

4th Q 1986.
5

See "New Features and Changes for This Issue," page iii.

70



JUNE 1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

y| MONEY AND CREDIT

Minor Economic
Process

Money

Timing Class

Year
and
month

L,l,L

L,C,U

85. Change
in money
supply Ml 1

102. Change
in money
supply M21

(Percent)

(Percent)

Velocity of Money
L,L,l

L,U

104. Change
in total liquid
assets x

105. Money
supply Ml in
1982 dollars

106. Money
supply M2 in
1982 dollars

(Percent)

(Bit. dol.)

L,U

(Bil. dol.)

C.C.C

107. Ratio,
gross national
product to
money supply
Ml1

(Ratio)

Credit Flows

C, Lg, C

108. Ratio,
personal income
to money supply
M2

(Ratio)

L,L,L

L,L,L

33, Net change
in mortgage debt
held by financial
institutions and
life insurance
companies1
(Ann. rate,
oil. dol.)

112. Net change
in business loans

(Ann. rate,
bit. dol.)

1987

January
February . .
March
April
May
June

.

...

...

July
August
September
October
November
December . . . . . . .

0.68
0.16
0.38

0.65
0.01
0.12

0.69
0.27
0.00

632.7
631,0
630.7

2,449.7
2,439.5
2,432.0

5.996

1.287
1.302
1.307

1.40
0.20

0.25
0.66

2,431.2
2,423.8
2,419.7

1.310
1.313
1.316

-5.75

rO.39

E>636.8
635.9
629.8

6.025

-0.71

0.40
0.04
0.09

0.20
0.38
0.31

0.29
0.47
0.55

0.13
0.59
0.72

629.5
629.2
629.5

2,420.5
2,421.6
2,428.7

6,128

1.323
1.326
1.324

-22.62
-29.33
28.15

1.26

635.3
630.9
628.0

2,435.2
2,428.7
2,428.6

6.178

1.343
1.337
1.354

29.58
-8.88
34.34

2,436.0
2,448.8
2,456.0

6.210

1.338
1.338
1.342

63.36
73.18
19.81

(NA)

97 22
-19 66
-16 76
2.48

10.79

0.60

0.80

-0.36
-0.30

0 07

rO.22

0.18

0.07

0,81
0.22
0.49

0.71
0.69
0.63

rO.67
0.68

630.4
630.8
631.8

0.97

0.71
0.32
0.44

0.88
0.64
0.38

634.7
632.0
634.4

2,461.2
2,458.9
[H>2,461.7

6.241

1.338
1.341
1.342

94.69
15.76
28.42

rO.97
rO.41
rO.17

636.7
634,5
633.0

2,460.5
2,457.2
2,451.5

6.270

1.348
1.351
1.356

33.38
14.70
-21.98

rO.45
rO,57
rO.78

631.4
630.8
631.7

2,445.5
2,453.3
r2,453.6

6.350

1,373
1.361
1.369

36.38
15.43
83 05

r-0.12
rO.ll
rO.31

rO.07
rO,27
rO.71

625.0
623,4
619.6

r2, 437.0
r2, 430.1
r2, 426.1

r6.482

1,394
rl.407
rl.415

88.03
r90.42
r42.76

rO.08
p-0.27

pO.35

612.8
p601.9

r2,410.9
p2,391.4

1988

January
February
March
April
May
June

-0.01

July
August
September

-0.01
0.17

0.36
0.19
0.17

October
November
December

0.22
0.15
0.47

0.24
0.56
0.33

0.70
0.77

0.83

1989

January
February
March

-0.51
0.14

-0.14

April
May
June . . . .

-0.39
p-1.24
2
-0.57

(NA)

rl 420
E>pl 429

r51.74
[H>pll8.61

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.

l
The following series reached their high values before 1987: series 85 (2.66) in December 1986, series 102 (2.67) in January 1983,
series 104 (1.20) in March 1984, series 107 (7.034) in 4th quarter 1984, and series 33 (143.70) in September 1984.
2
Average for weeks ended June 5 and 12.

JUNE 1989



71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

MAJOR ECONOMIC
PROCESS

Qj MONEY AND CREDIT-Continued

Minor Economic
Process
....
Timing Class

Year
and
month

Credit Flows-Continued
U,L

113. Net change
in consumer
installment
credit*
(Ann. rate,
bil, dot.)

U,L

111. Change in
business and
consumer credit
outstanding 1
(Ann. rate,
percent)

January
February
March

L,L,L

L, L, L

l,U

110. Funds
raised by private
nonfinancial
borrowers in
credit markets1
(Ann. rate,
mil dol.)
Revised

1987

Bank Reserves

Credit Difficulties

39. Percent
of consumer
installment
loans delinquent 30 days
and over1

14. Current
liabilities of
business
failures1©

(Percent)

(Mil, dol.)

Interest Rates

L.U.U

L, lg, U

93. Free
reserves1©

94. Member
bank borrowings from the
Federal
Reserve1©

(Mil. dol.)

(Mil. dol.)

I Lg, Lg

119. Federal
funds rate1©

(Percent)

C, Lg, Lg

114. Discount
rate on new
issues of 91-day
Treasury bills1©

(Percent)

2

3,220.7
3,586.0
3,249.5

2.43
2.40
2.28

488
656

580
556

388

527

3 222 5
2 488 5
3 332 4

2 36
2 43
2 35

-166

993
1,035

2 036 1
1 968 2
2 967 2

2 34
2 37
2 35

89
385

3 004 2

2 66

186

1

9 c/i

OQO

3,985.0

2.47

252

111

p3, 894.1
p4,625.5
p3, 292.0

2.44
2.32
2.19

213

1,082

737

396

-823

626,388

p3,065.6
02,316 5
p2,453 4

2.31
2.32
2.34

8 3
11 1
4 2

583 608

p4,582 8
02,291 2
p3,533 0

30.91
63.37
61 13

7.4
6.8
rll 0

654 268

January
February
March

(NA)
64.50
r44 24

rll. 2
r7 5

April ,
May
June

p32 77
(NA)

p8.4
(NA)

-19 58
19 61
27,43

3.6
1.5
3.8

384,240

April
May
June

48,20
20.78
66.72

5.5
5.4
8.1

614,392

July
August
September

62.99
36.48
61 64

4.8
2.8
10.1

568,900

October
November
December

25 76
14 66
63.38

6.9
5 0
16.2

626,020

January
February
March , . ,

86.20
65.77
57 44

7.2
10.6
6 7

495,224

April , .
May . ,
June . .

40 96
46 15
64 86

11 3
7 4
8 3

July
August
September

16 45
65 51
22 68

October
November
December

6.43
6,10
6.13

5.45
5.59
5.56

776

6.37
6.85
6.73

5.76
5.75
5.69

672
647
940

6 58
6 73
7 22

5.78
6.00
6.32

943

7 29

6 40

coc

6 CO
6.77

5.80

1,752

6.83
6.58
6.58

5.90
5.69
5.69

-2,134
-1,538
-2,195

2,993
2,578
3,083

6.87
7.09
7.51

5.92
6.27
6.50

2 45
2 38
2 42

-2,433
-2,288
-1,867

3,440
3,241
2,839

7.75
8.01
8.19

6.73
7.02
7,23

pi 825 5
p2 047 4

? fi?
7 dfl

n? fl?fi ft

0 AQ

-1,237
-1,742
-676

2,299
2 861
1 716

8.30
8 35
8 76

7.34
7.68
8 09

-517
-333

1,662
1,487
1 813

9.12
9.36
9 DC

8.29

QA

8 ?fi
8 An

CCO

C

44
414

-147

R HI

1988

1989
(NA).

(NA)

p520,332

2 32
2,42
2 39
^NA\

_QCC

r-1 511

P -fiflQ

2

0OQ

nl

7?fl

9
9

Q1

SQ (\n

8.48
ft 8^

kg

OC

July
August
September ,
October
November
December . ,
See note on page 60,
Graphs of these scries are shown on paces 32,33, and 34,
x
The following series reached their high values before 1987: series 113 (132.08) in September 1985; series 111 ,(23.2) in June 1984, series 110 (927,324) in 4th quarter 1985; series 14 (829.2) in July 1983; series 39 (1.78) in February 1984; and series 93 (-7,328), series
94 (8,017), scries 119 (11.64), and series 114 (10.49) in August 1984. 2See "New Features and Changes for This Issue," page iii. 'Average
for weeks ended June 7, 14, and 21. "Average for weeks ended June 1, 8, 15, and 22.

72



JUNE 1989

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Qj MONEY AND CREDIT-Continued

Minor Economic
Process

Interest Rates— Continued

Timing Class

Lg, Lg, Lg

Lg, Lg, Lg

118. Secondary
market yields
onFHA
mortgages1©

67. Bank rates
on short-term
business
loans1©

(Percent)

(Percent)

(Percent)

7.60
7.69
7.62

6.61
6.61
6.66

8.79
8.81
8.94

IAS

7.50
7.50
7.50

570,415
572,049
574,335

366,883
365,245
363,848

365,058
361,629
359,534

15.67
15.53
15.51

9.36
9.95
9.64

8.31
8.79
8.63

7.55
8.00
7.79

10.02
10.61
10.33

s!24

7.75
8.14
8.25

578,352
580,084
585,644

363,369
363,576
364,475

356,594
354,363
353,859

15.53
15.53
15.63

9.70

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

116. Yield on
new issues of
high-grade
corporate
bonds1©

115. Yield on
long-term
Treasury
bonds1©

117. Yield on
municipal
bonds, 20bond average1©

(Percent)

(Percent)

January
February
March

8.59
8.58
8.68

April
May
June

Year
and
month

Outstanding Debt
Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks1©

66. Consumer
installment
credit outstanding

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

(Mil. dol.)

101. Constant
(1982) dollars

(Mil. dol.)

Lg, Lg, Lg

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

1987

...

July
August
September

10.09
10.63

8.70
8.97
9.58

7.72
7.82
8.26

10.38
10.55
11.22

s!20

8.25
8.25
8.70

590,893
593,933
599,070

362,590
360,146
362,492

350,329
346,961
349,558

15.64
15.61
15.68

October
November
December

10.80
10.09
10,22

9.61
8.99
9.12

8.70
7.95
7.96

10.90
10.76
10.63

s'.w

9.07
8.78
8.75

601,217
602,439
607,721

364,957
364,217
367,079

350,583
349,536
352,283

15.43
15.51
15.43

9.81
9.43
9.68

8.82
8.41
8.61

7.69
7.49
7.74

10.17
8.37

8.75
8.51
8.50

614,904
620,385
625,172

372,359
378,457
380,108

355,984
361,123
362,353

15.68
15.72
15.68

9.92

10.25
10.08

8.91
9.24
9.04

7.81
7.91
7.78

10.46
10.84
10.65

8^49

8.50
8.84
9.00

628,585
632,431
637,836

387,999
389,312
391,680

366,729
365,551
365,373

15.71
15.73
15.77

10.12
10.27
10.03

9.20
9.33
9.06

7.76
7.79
7.66

10.66
10.74
10.58

9!?5

9.29
9.84

10.00

639,207
644,666
646,556

394,462
395,687
393,855

365,581
366,377
364,343

15.68
15.76
15.71

9.86
9.98

8.89
9.07
9.13

7.47
7.46
7.61

10.23
10.63
10.81

io!ii

10.00
10,05
10.50

649,132
654,413
659,507

396,887
398,173
405,094

366,809
367,657
371,646

15.55
15.71
15.70

9.07
9.16
9.33

7.35
7.44
7.59

10.69
10.88
11.16

10!97

10.50
10.93
11.50

682,022
687,397
r69 1,084

412,430
r419,965
r423,528

r373,240
r379,030
r379,846

(S>15.96
15.92
r!5.87

7.49
7.25

10.88
10.55

r 380, 980
r427,840
E>p437,724 S)p387,024

p!5.85

1988

January
February
March . . .
April
May
June

.

..

July
August
September
October
November
December .

...

10.05

9.86

10.28

1989

January . . .
February
March

...

April
May
June

9.92

10.11
10 .,33
10.11
2

9.82

9.32

2

9.18
8.95

8.49

3

7.02

ll!89

11.50 Dp693,815
11.50
(NA)
«11.07

(NA)

July
August
September
October
November
December
See note on page .60.
Graphs of these series are shown on paces 15, 34, and 35,

"The following series reached their high values before 1987: series 116 (14.49), series 115 (13.00), and series 117 (10.67) in June 1984;
series 118 (15.01) in May 1984; series 67 (13.29) in 3d quarter 1984; and series 109 (13.00) in August 1984. 2Average for weeks ended June
2/ 9, 16, and 23. 3Average for weeks ended June 1, 8, 15, and 22. ^Average for June 1 through 27.

JUNE 1989



73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Qj DIFFUSION INDEXES

Year
and
month

950. Eleven leading
indicator components
(series 1, 5, 8, 19, 20, 29,
32, 83, 92, 99, 106)

1-month
span

6-month
span

952. Seven tagging
indicator components
(series 62, 77, 91, 95,
101, 109, 120)

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

1-month
span

6-month
span

1-month
span

6-month
span

1987

961. Average weekly
hours of production or
nonsupervisory workers,
20 manufacturing
industries

1-month
span

9-month
span

Revised2

Revised2

962. Initial claims for
unemployment insurance,
State programs, 51
areasl

1-month
span

9-month
span

963. Employees on
private nonagricultural
payrolls, 349
industries

1-month
span

6-month
span

Revised2

Revised2

January
February
March

40.9
54.5
54.5

77.3
63.6
81,8

25.0
100.0
75.0

100.0
100.0
100.0

78.6
35,7
42.9

57.1
64.3
57.1

57.5
80.0
17.5

67.5
72.5
85.0

88.2
35.3
52.0

69.6
82.4
78.4

55.6
59.3
61.0

67.3
65.8
64.8

April
May
June

59.1
54.5
81.8

81.8
63.6
72.7

62.5
50.0
87.5

100.0
100.0
100.0

64.3
57.1
28.6

50.0
71.4
64.3

10.0
92.5
45.0

77.5
42.5
77.5

73.5
78.4
15.7

80.4
94.1
90.2

61.9
58.6
59.7

66.8
67.6
69.5

Julv
August
September

72.7
72.7
36.4

72.7
63.6
59.1

100.0
100.0
50.0

100.0
100.0
100.0

42.9
50.0
71.4

64.3
78.6
71.4

57.5
72.5
25.0

57.5
67.5
87.5

64.7
84.3
37.3

92.2
59.8
62.7

65.3
60.6
63.0

71.3
73.5
73.2

October
November
December

45.5
22.7
31.8

36.4
40.9
36.4

75.0
50.0
100.0

100.0
100.0
100.0

85.7
57.1
28.6

92.9
100.0
85.7

90.0
40.0
27.5

37.5
50.0
60.0

86.3
23.5
5.9

27.5
62.7
80.4

67.8
64.5
60.7

71.5
71.8
72.2

January
February
March

45.5
63.6
54.5

31.8
45.5
90.9

75.0
87.5
100.0

100.0
100.0
100.0

71.4
78.6
42.9

85.7
92.9
92.9

37.5
32.5
62.5

42.5
65,0
32.5

80.4
29.4
60.8

45.1
41.2
33.3

60.7
63.5
63.0

69.9
70.2
71.5

April
May
June .

63.6
27.3
86.4

77.3
86.4
72.7

50.0
100.0
100.0

100,0
100,0
100.0

64.3
28.6
71.4

71.4
57.1
71.4

77.5
30.0
57.5

20.0
42.5
57.5

94.1
29.4
31.4

23.5
86.3
96,1

62.8
61.3
67.2

73.9
73.9
69.1

31.8
54,5
45.5

59.1
63.6
45.5

75,0
100.0
75.0

100.0
100,0
100.0

28.6
71.4
57.1

42.9
78.6
64.3

52.5
27.5
80.0

62.5
47.5
32.5

70.6
20.6
76.5

66.7
82.4
25,5

63.6
58.0
55.4

70.2
74.6
73.5

. ..

36.4
40,9
68.2

r77.3
50.0
36.4

100.0
75.0
100.0

100.0
100.0
100.0

64.3
78.6
42,9

71.4
100.0
100.0

52.5
45.0
22.5

45.0
35.0
52.5

72.5
5.9
70.6

40.2
37.3
r68.6

63.9
68.2
64.6

73.9
74.5
75.8

January . . . .
February
March

72.7
r!8.2
18.2

r50.0
p36.4

100.0
50.0
r75.0

noo.o

100.0

71.4
85.7
r71.4

Hoo.o

92.9

70.0
55.0
40.0

p45.0

29.4
41.2
45.1

p39,2

68.3
60.5
61.0

74.4
p66.9

April
May
June

72.7
p!8.2

....

1988

....

July
August
September
October
November
December

..

1989

. .

3

75.0
50.0

21.4
*50.0

77.5
p!5.0

r92.2
p6.9

58.0
p52.7

July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 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 (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 pace 36,
l
Figures are the percent of components declining.
2
See "New Features and Changes for This Issue/1 page iii.
Excludes series 57, for which data are not available,
''Excludes series 77 and 95, for which data are not available.

74



JUNE 1989

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Continued

Q DIFFUSION INDEXES-Continued
964. Manufacturers'
new orders, 34
durable goods industries

Year
and
month

1-month
span

9-month
span

965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries

1-quarter
span

966. Industrial production, 24 industries

967. Spot market
prices, 13 raw
industrial materials 0

968. Stock prices, 500
common stocks1©

960. Net profits,
manufacturing, about
600 companies2©

1-month
span

6-month
span

1-month
span

9-month
span

1-month
span

"ei

31.2
64.6
60.4

91.7
89.6
75.0

84.6
42.3
30.8

88.5
96.2
80.8

98.8
95.2
83.3

87.8
92.7
92.5

*74

75.0

87 .'5
83.3

61.5
88.5
57.7

73.1
96.2
80.8

39.3
46.3
93.9

97.5
97.5
62.5

*76

*62

50.0
70.8
70.8

91.7
91.7
95.8

73.1
76.9
61.5

88.5
88.5
76.9

81.3
95.0

,12.5

*63

70.8
62.5
50.0

*58

75.0
79.2
66.7

83.3
79.2
83.3

53.8
46.2
50.0

53.8
69.2
69.2

53.8

*54

52.1
54.2
70.8

83.3
75.0
70.8

42.3
34.6
65.4

69.2
61.5
61.5

75.0
88.8
37.0

91.7
87.5
79.2

57.7
65.4
65.4

61.5
61.5
61.5

37.2

p54

79.2
60.4
58.3
83.3
60.4
56.3

79.2
83.3
91.7

42.3
46.2
38.5

75.0
75.0
66.7

91.7

r70.8
r62.5

42.3
69.2
76.9

4-Q moving
average

9-month
span

(4-quarter span)

1987

January
February
March

41.2
70.6
47.1

91.2
73.5
89.7

41

April
May
June

54.4
48.5
61.8

80.9
73.5
82.4

82

July
August
September

67.6
44.1
58.8

82.4
73.5
73.5

59

October
November
December

52.9
44.1
55.9

76.5
73.5
73.5

65

January
February
March

47.1
55.9
41.2

73.5
85.3
76.5

44

April
May
June

57.4
55.9
55.9

73.5
70.6
79.4

65

July
August
September

41.2
67.6
50.0

79.4
79.4
82.4

41

52.9
64.7
64.7

61.8

p65

r58.8

10.0

8.8

10.0

0.0
0.0

17.5

8.0

'78

9

71

12.8

1988

..

October
November
December

. ..

(NA)

82.4

5.1
7.7

'so

52.6

*77

97.4

84.6
91.0
92.3

57.7
53.8
65.4

30.8
28.2
69.2

79.5
64.1
84.6

'72

57.7
69.2
61.5

84.6
23.1
74.4

97.4
78.9
86.8

46.2

100.0

94.7

53.8

92.3
39.5

3.8

1989

January
February
March
April
May
June

55,9
35.3
44.1

r73.5
p35.3
...

p54.4

(NA)

64.6

70.8

r29,2

p58.3

69.2
65.4
57.7

50.0
79.2

p54.2

3

53.8
38.5

3

89.5
78.9

34.6

Julv
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
'Based on 42 industries through April 1987, on 41 industries through June 1987, on 40 industries through March 1988, on 39 industries
through February 1989, and on 38 industries thereafter. Data for component industries are not shown in table C2 but are available from the
source
.
2
Bradstreet, Inc.
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun
3
Based on the average for June 6, 13, and 20.

IN:

JUNE 1989




75

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Continued

Q| DIFFUSION INDEXES-Continued
Year
and
quarter

970, Expenditures for new plant and equipment,
21 industries
a. Actual
expenditures

b. Later
projections

c. Early
projections
(1-Q span)

971. New orders, manufacturing1©

972. Net profits, manufacturing
and trade1©

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

(1-Qspan)

<i-Qspan)

19.0
57.1
28.6
71.4

47.6
66,7
40.5
76.2

76,2
66.7
45.2
38.1

76
76
74
75

82
83
84
78

50.0
69.0
83.3
69.0

52.4
88.1
85.7
76.2

61.9
76.2
57.1
47.6

78
83
82
82

81.0
73.8
64,3
54.8

95.2
69.0
71.4
42.9

71.4
57.1
50.0
52.4

61.9

61.9
61,9

76.2
47.6
66.7

973. Net sales, manufacturing
and trade1©

(4-Q span)

(4-Q span)

Anticipated

Actual

Anticipated

(4-Q span)

(4-Q span)

1986

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

70
71
70
70

78
81
81
78

72
73
74
74

81
84
83
80

80
83
85
86

74
74
75
76

78
81
83
82

78
80
82
83

82
83
85
86

82
82
82
83

84
84
86
84

76
76
76
78

82
82
82
84

80
80
82
84

85
84
86
85

80

82
86
81

72

80
84
80

80

84
87
84

.

1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter
1988

First quarter . . . . . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

01 DIFFUSION INDEXES-Contmued
Year
and
quarter

974, Number of employees,
manufacturing and trade *©

975. Level of inventories,
manufacturing and trade1 @

Actual

Actual

Anticipated

Anticipated

976. Selling prices, manufacturng1©

977. Selling prices, wholesale
trade1©

Actual

Actual

Anticipated

978. Selling prices, retail
trade1©

Anticipated

Actual

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)

58
59
60
58

59
60
59
58

62
61
62
60

58
58
60
57

59
60
58
63

62
65
62
59

59
59
58
62

64
64
62
62

60
62
66
62

62
62
64
64

60
61
64
64

60
59
62
62

64
65
66
68

60
60
61
62

64
64
68
70

60
66
67
66

63
70
72
70

63
68
66
69

67
67
72
72

64
64
68
70

63
62
62
63

63
62
62
61

67
70
69
68

62
64
62
63

74
74
74
75

70
69
74
72

74
73
74
72

72
72
71
68

70
70
73
70

68
71
70
72

62

62
62
61

66

63
64
60

72

70
74
68

74

72
72
69

73

70
72
73

1986

First quarter
Second quarter
Third quarter
Fourth quarter . . . .
1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

First quarter
Second quarter . . . .
Third quarter
Fourth quarter
1989

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 by®, that appear to contain no seasonal movement, The "r" indicates revised; "p", preliminary; and "NA", not available,
Graphs of these series are shown on pu« 38,

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

76



JUNE 1989

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components

1988

October

November

1989

January

December

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING l
(Hours)

+

All manufacturing industries
Percent rising of 20 components

41.2

o

(52)

41,2

41.0

(45)

(22)

+

41.1

o

April

March

February

MayP

2

41.1

41.0

(70)

(55)

(40)

+

41.2

41.0

(78)

(15)

Durable goods industries:

+

Lumber and wood products
Furniture and fixtures ...
Stone clay, and glass products
Primary metal industries .

...

+

40.7
39.4

+

40.3
39.5

42.5
43.7

+
0

42.6
43.7
42.1
42.5

o

40.3
39.4

0
+

40.3
39.8

39.6
39.7

+
+

40.0
39.8

+
+

40.3
39.9

42.4
43.5

+
+

42.5
43.6

42.2
43.4

o
+

42.2
43.5

+

42.6
43.4

41.8
42.5

+
o

41.9
42.5

o
+

41.9
42.6

41.8
42.5

o
+

41.8
42.7

39.7
39.5

o
o

42.1
43.4

Fabricated metal products
Machinery except electrical

41.9
42.7

+

o

Electric and electronic equipment
Transportation equipment
.

+
+

41.0
43.1

o
o

41.0
43.1

40.8
42.8

+
o

40.9
42.8

o
+

40.9
43.1

40.6
43.1

+

o

41.0
42.8

40.8
42.1

Instruments and related products
Miscellaneous manufacturing

+

41.8
39.1

+

41.6
39.3

41.1
39.0

+
+

41.5
39.4

o
+

41.5
39.5

o

41.1
39.5

+
+

41.5
39.8

41.2
39.7

40.6
40.3

40.2
39.9

40.1
38.0

+

40.3
37.8

+

40.4
36.3

+
+

40.7
38.9

41.0
37.0

40.5
36.8

+
+

40.9
37.0

40.8
37.1

+

41.1
36.9

+

+

;

41.7
37.6

43.2
37.8

43.1
38.0

+
o

43.2
38.0

+

+

43.3
37.9

o
o

43.3
37.9

o

42.3
43.2

+
+

42.6
44.2

42.3
43.6

41.6
38.0

+

41.5
38,4

41.2
37.1

o

41.8
42.5

Nondurable goods industries:
Food and kindred products
Tobacco manufacturers3

+
+

40.4
41.3

+

Textile mill products
Apparel and other textile products

0

41.0
36.9

o
+

Paper and allied products
Printing and publishing

o

Chemicals and allied products
Petroleum and coal products3

+

Rubber and miscellaneous plastics products
Leather and leather products

+

43.2
38.0

43.1
37.9

+

42.5
44.7

42.3
44.2

o
+

42.3
44.3

o

42.3
43.5

o
+

42.3
44.0

41.7
37.3

+

41.4
37.7

+
+

41.7
38.0

o
+

41.7
38.6

41.6
37.8

+

+

40.6
40.3
41.5
37.0

+

43.4
37.8

9S4. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES1 4
(Millions of dollars)
+ 122,791

All durable goods industries

+ 123,035

- 128,479

- 124,107

+ r!25,377

+ r!29,362

- 123,973

(74)

(44)

(35)

(56)

(65)

(65)

(53)

Percent rising of 34 components

+ 132,149

(35)

Primary metals ,
....
Fabricated metal products

+

12,428
12,026

+
+

12,624
12,411

+
+

13,210
12,917

+

13,079
12,983

+

12,602
13,377

-

rll,885
r!2,910

+
+

r!2,859
r!3,016

+

12,663
13,032

Electrical machinery

+

21,181
18,977

+
+

21,443
20,110

+
-

21,710
19,922

+
-

22,384
19,563

+

21,921 +
19,573 -

r22,255
r!8,272

+
+

r22,713
r!9,894

-

21,947
19,008

+
+

34,898
23,281

+

32,401
24,046

+
+

39,550
24,840

-

36,133
24,337

-

33,381 +
23,253 -

r37,050
r23,005

o
+

r37,068
r23,812

-

33,577
23,746

Transportation equipment
Other durable goods industries

.

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers; (+) = rising, (o) = unchanged, and (-) = falling. The V indicates revised; "p",
preliminary; and "NA", not available.
1
Unless otherwise noted, data are seasonally adjusted by the source agency.
2
Revised. See "New Features and Changes for This Issue," page iii.
3
Not seasonally adjusted.
.
'•Data for most of the diffusion index components are not available for publication, but they are included in the totals and directions ot
change for the six major industry groups shown here.

IICII JUNE 1989



77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

IH SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Continued

1989

1988

Diffusion index components
October

January

December

November

March1"

Februaryr

Aprilr

MayP

966. INDEX OF INDUSTRIAL PRODUCTION »
(1977 = 100)

+

All industrial production
Percent rising of 24 components

2

139.4

+

139.9

+

+

140.8

-

(65)

(67)

(75)

(75)

140.4

140,5

+

(29)

140.6

+

(50)

141.4

o

141.4

(79)

(54)

(NA)
(NA)

Durable manufactures:
Lumber and products
Furniture and fixtures . .

+
-

137.5
164.5

+
+

139.4
165.4

+
o

143.0
165.4

+

139.9
166.3

-

132.8
164.8

+
+

133.1
165.8

+

132.5
167.8

Clay glass and stone products
primary metals

+
+

123.3

+

124.7

+

125.1

+
+

126.6

-

125.4

-

125.2
88.4

+

124.8

90.0

89.4

o

(NA)
89.4

Fabricated metal products . . . . .
Nonelectrical machinery

+
-

122.6
173.8

+
+

124.6
175.4

+
+

125.1
177.8

+

124.5
178.7

o
+

124.5
180.8

+

124.0
182.3

+

123.6
183.6

+
+

124.0
184.4

Electrical machinery . , , . , , .
Transportation equipment . .

+
+

183.0
134.8

+

182.2
135.2

+

180.9
136.8

o
-

180.9
136.7

+
-

181.7
136.4

-

181.4
134.7

+
+

182.9
136.7

-

182.3
135.3

Instruments
Miscellaneous manufactures

+
-

159.9
107.7

+
+

160.4
109.0

+

159.1
110.9

+
+

161.0
112.2

+
-

161.3
110.0

+

161.0
112.3

+
+

162.4
113.8

+

163.5
(NA)

Foods
Tobacco products

+
+

144.0
105.4

+
-

145.7
102.4

+
+

145.8
107.0

+
-

146.6
105.0

-

146.3
104.7

-

145.5

+

146.3

Textile null products
Apparel products
. .

+
-

117.0
109.5

+
+

117.2
110.1

+
-

117.9
108.8

+
+

120.2
110.2

0

119.4
110.2

+
-

120.1
109.6

+

Paper and products . . . .
Printing and publishing . , .

+
+

151.8
188.1

+

150.7
188.5

+
-

151.7
188.0

+
+

153.8
193.0

+

151.7
194.6

+
+

151.8
197.4

+
+

153*7
199.3

Chemicals and products .
Petroleum products

+
+

156.7

+

157.5

+
+

158.1

+
o

159.0

-

158.5

+
+

159.2

96.3

+
+

159.1

95.0

Rubber and plastics products
Leather and products . . . .

+
+

176.9

+
+

177.5

o

177.5

-

174.5

+
+

175.1

62.6

+

175.0

60.2

+

175.9

61.0

Metal mining
Coal

+
-

101.6
138.5

+
+

104.6
149.7

+
+

111.9
155.1

-

106.9
144.7

-

134.7

+

137.7

+

145.5

Oil and gas extraction
Stone and earth minerals

88.9

142.8

+

144.0

+

149.4

o
+

150.8

+
-

89.5

+

142.5

+
+

143.5

-

143.1

Nondurable

92.7

94.2

93.2

91.1

manufactures;

96.3

61.5

98.0

98.0

(NA)

62.9

97.1

61.1

(NA)
(NA)

(NA)

121.4

(NA)
(NA)

(NA)

+

(NA)
200.0
(NA)
95.8

97.8

(NA)
(NA)

61.6

Mining:

90.8

91.5

NOTE: To facilitate interpretation, the montMo-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.

88.9

98.6

98.1

(NA)

90.2

( + ) - rising, (o) - unchanged, and (—) - falling.

+

89.7

are seasonally adjusted by the source agency.
Where actual data for separate industries are not available, estimates are used to compute the percent rising.




(NA)
(NA)

The "r" indicates revised; "p",

l
Data
2

78

(NA)
145.8

JUNE 1989

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued
Diffusion index components

1988

November

October

1989

January

December

February

March

April

June. 1

May

967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS 2
Raw industrials price index (1967 = 100) . . . .

-

Percent rising of 13 components

305.0 +
(42)

309.7 +
(69)

317.2 +
(77)

324.7 +

329.3 +
(65)

(69)

334.6 +
(58)

335.0

-

330.5 -

329.2

(35)

(38)

(54)

Dollars
Copper scrap
Lead scrap

.

Steel scrap

+

0.942 +
2.077

0.954 +
2.103

0.989
2.180

-

0.962 2.121

0.910 +
2.006

1.032 +
2.275

1.058
2.332

(pound)
(kilogram),.

+

0.258 +
0.569

0.270 +
0.595

0.285 0.628

0.284 0.626

0.239 0.527

0.217 +
0.478

0.218 o
0.481

(U.S. t o n ) . ,
(metric t o n ) . .

Tin

- 114.000 - 108.600 - 106.000 + 114.800
126.544
125.662
116.844
119.710
-

4.142 +
9.131

4.182 +
9.220

4.195 +
9.248

4.248 +
9,365

4.528 +
9.982

5.022 +
11.072

. . . .(pound) ,
(kilogram)..

+

0.708 +
1.561

0.724 +
1.596

0.754 +
1.662

0,811 +
1.788

0.901 +
1.986

0.954 2.103

0.879
1.938

Burlap

(yard) . .
(meter) . .

-

0.276 +
0.302

0.278 +
0.304

0.280 +
0.306

0.281 +
0.307

0.282 o
0.308

0.282 +
0.308

Cotton

(pound) . .
(kilogram)..

+

0.520 +
1.146

0.533 +
1.175

0.547 +
1.206

0.556
1.226

-

0.554 +
1.221

Print cloth

(yard).,
(meter)..

-

0.480 +
0.525

0.492 +
0.538

0.500 +
0.547

0.532 +
0.582

0.610 +
0.667

Wool tops

(pound).,
(kilogram)..

+

6.950 +
15.322

-

7.088 15.626

7.070 +
15.587

7.075 15.598

-

0.905 1.995

0.874 1.927

0.865 +
1.907

0.936 +
2.064

0.976 +
2.152

Hides

,

(pound)
(kilogram) . ,

Rosin

.

(100 pounds)
(100 kilograms)..

Rubber
Tallow

.

7.480
16.490

0.969
2.136

-

0.938
2.068

0.218 +
0.481

0.228
0.503

- 113.000 o 113.000 o 113.000 - 112.200
124.560
123.678
124.560
124.560

(pound).,
(kilogram)..

Zinc . . .

-

(pound). .
(kilogram)..

- 111.000
122.355

5.750 +
12.676

5.822
12.835

-

5.710
12.588

-

0.854
1.883

-

0.811
1.788

0.283 0.309

0.282 +
0,308

0.284
0.311

0.578 +
1.274

0.614 +
1.354

0.635
1.400

-

0.633
1.396

0.630 +
0.689

0.650 +
0.711

0.708 +
0.774

0.757
0.828

-

5.467
12.053

0.954 2.103

0.945
2.083

6.650
14.661

-

1.048 2.310

6.250
13.779

-

0.975 2.149

5.570
12.280

o 47.500 + 56.600 + 62.250 + 65.000 0 65.000 o 65.000 o 65.000 o 65.000 o 65.000
143.299
143.299
143.299
143.299
124.780
143.299
104.719
143.299
137.236

(pound).,
(kilogram) . .

-

0.555 1.224

0.536 +
1.182

0.539 +
1.188

0.564 +
1.243

0.592
1.305

-

0.566
1.248

-

0.553 1.219

(pound)
(kilogram). .

-

0.146 0.322

0.140 +
0.309

0.152
0.335

-

0.146 +
0.322

0.147
0.324

-

0.145 0.320

0.143 +
0.315

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( —) = falling.
preliminary; and "NA", not available.

-

0.492
1.085

0.144 +
,0.317

0.151
0.333

0.520
1.146

The "r" indicates revised; "p"

lf
rhe
2

index is the average for June 1 through 23; component prices are averages for June 6, 13, and 20.
may not be reproduced without
Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they ma
ureau of Economic Analysis.
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bur

JUNE 1989



79

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME
Year
and
quarter

50. Gross national product in 1982 dollars

200, Gross national product in current dollars
b. Difference

a. Total

(Ann. rate,
bit. dol.)

(Ann. rate,
fail, dol.)

b. Difference

i. Total

c. Percent
change at
annual rate

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

217. Per capita
gross national
product in 1982
dollars

213. Final sales
in 1982 dollars

(Ann, rate,
dollars)

(Ann. rate,
bil. dol.)

1986
4,180.4
4,207.6
4,268.4
4,304.6

72.5
27.2
60.8
36.2

7.2
2.6
5.9
3.4

3,719.3
3,711.6
3,721.3
3,734.7

56.9
-7.7
9.7
13,4

6.4
-0.8
1.0
1.4

15,447
15,380
15,381
15,397

3,673.6
3,688.0
3,718.3
3,745.2

4,391.8
4,484.2
4,568.0
4,662.8

87.2
92.4
83.8
94.8

8.4
8.7
7.7
8.6

3,776.7
3,823.0
3,865.3
3,923.0

42.0
46.3
42.3
57.7

4.6
5.0
4.5
6.1

15,537
15,693
15,826
16,022

3,746.9
3,795.2
3,852.2
3,855.9

4,724.5
4,823.8
4,909.0
4,999.7

61.7
99.3
85.2
90.7

5.4
8.7
7.3
7.6

3,956.1
3,985.2
4,009.4
4,033.4

33.1
29.1
24.2
24.0

3.4
3.0
2.5
2.4

16,126
16,213
16,283
16,321

3,890.1
3,949.9
3,969.9
4,004.4

r5,099.0

r99.3

r8.2

r4,077.5

r44.1

r4.4

r!6,464

r4,042.0

First quarter ..
Second quarter
Third quarter .
Fourth quarter

1987
First quarter . ,
Second quarter
Third quarter .
Fourth quarter

1988
First quarter..
Second quarter
Third quarter ,
Fourth quarter

1989
First quarter . ,
Second quarter
Third quarter ,
Fourth quarter

GNP AND PERSONAL INCOME-Continued
Year
and
quarter

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

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

225. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

231. Total in 1982
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1982 dollars

227. Per capita in
1982 dollars
(Ann. rate,
dollars)

(Ann. rate,
bii. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1986
First quarter . .
Second quarter
Third quarter .
Fourth quarter

2,965.1
3,016.3
3,032.4
3,064.7

2,614.5
2,655.9
2,643.9
2,649.4

10,858
11,006
10,928
10,923

2,739.0
2,772.1
2,842.8
2,876.0

2,415.1
2,440.9
2,478.6
2,486.2

3,143.9
3,154.1
3,224.9
3,315.8

2,679.6
2,652.8
2,683.9
2,728.9

11,024
10,889
10,989
11,145

2,921.7
2,992.2
3,058.2
3,076.3

3,375.6
3,421.5
3,507.5
3,582.5

2,762.3
2,762.2
2,800.4
2,828,4

11,260
11,237
11,362
11,445

r3,680.6

r2,870.8

rll,592

381.4

363.3
374.2

393.0
429.9

405.1

421.8

397.3

2,490.2
2,516.6
2,545.2
2,531.7

403.5
420.5

391.3

422.0

406.5
387.6

3,128.1
3,194.6
3,261.2
3,326.4

,2,559.8
2,579.0
2,603.8
2,626.2

437.8
449.8
452.9
464.0

401.1
410.6
410.4
416,5

r3,378.1

r2,634.9

r459.9

r412.3

1987
First quarter.,
Second quarter
Third quarter .
Fourth quarter

378.3

441.4

1988
First quarter . .
Second quarter
Third quarter .
Fourth quarter

1989
First quarter . .
Second quarter
Third quarter .
Fourth quarter

NOTE; 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 pages 40 and 41,




JUNE 1989

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

^H PERSONAL CONSUMPTION EXPENDITURES-Continued

Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bit. dol.)

238. Nondurable
goods in 1982
dollars

(Ann. rate,
bil. dol.)

Q GROSS PRIVATE DOMESTIC INVESTMENT

237. Services in
current dollars

239. Services in
1982 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

241. Total in
1982 dollars

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1982
dollars

(Ann. rate,
bil. dol.)

1986

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

938.4
937.2
944.7
954.1

870.4
880.9
881.4
885.3

1,419.2
1,441.9
1,468.2
1,500.1

1,181.4
1,185.8
1,192.0
1,203.6

686.6
667.8
653.0
656.4

678.0
652.1
627.6
616.5

642.6
648.3
652.3
658.4

632.4
628.5
624.6
627.0

977.5
995.3
1,006.6
1,012.4

889.9
889.8
891.9
890.5

1,540.7
1,576.4
1,610.2
1,641.9

1,222.0
1,235.5
1,246.8
1,253.6

685.5
698.5
702.8
764.9

646.4
660.1
667.9
724.7

647.8
665.8
688.3
692.9

616.6
632.3
654,9
657.6

1,016.2
1,036.6
1,060.8
1,073.9

892.7
893,6
904.5
907.4

1,674.1
1,708.2
1,747.5
1,788.5

1,265.9
1,274.8
1,288.9
1,302.2

763.4
758.1
772.5
772.0

728.9
715.1
726.1
717.1

698.1
714.4
722.8
737.2

662.9
679.7
686.6
688.0

rl.092.7

r911.5

rl»825.5

r788.9

r730.2

r748.5

r694.8

1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

.First quarter . . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

B
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVESI-Con.

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

^J GOVERNMENT PURCHASES OF GOODS AND SERVICES
260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1982 dollars

(Ann. rate,
bil. dol)

262. Federal
Government in
current dollars

(Ann. rate,
bil. dol.)

263. Federal
Government in
1982 dollars

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1982 dollars

(Ann. rate,
bil. dol.)

•

1986

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

rl, 311.1

741.8
758.8
766.9
774.5

356.6
368.7
372.7
366.7

322.7
333.6
336.7
340.5

491.2
500,2
509.1
519.7

419.1
425.2
430.2
434.0

-2.0

3.0
-10.5

847.8
868.8
881.8
886.5

37.7
32.7
14.5
72.0

29.8
27.8
13.0
67.1

903.8
915.7
932.2
947.3

772.9
772.2
782.9
792.6

372.7
377.5
386.3
391.4

334.0
332.1
342.1
347.7

531.1
538.2
546.0
555.9

438.9
440.1
440.8
444.9

65.3
43.7 .
49.7
34.7

66.0
35.3
39.5
29.1

945.2
961.6
955.3
997.5

776.4
783.8
773.5
795.5

377.7
382.2
367.7
396.3

327.8
331.6
320.1
335.5

567.5
579,4
587.6
601.2

448.7
452.2
453.4
460.0

rl,011.3

r798.2

r397.6

335.8

r613.7

462.4

44.0
19.5

0.7

45.7
23.6

1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

r40.4

r35.5

See note on page 80.
Graphs of these series are shown on pages 41, 42, and 43.

JUNE 1989



81

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT-Continued

D

Q| FOREIGN TRADE

255. Constant
(1982) dollars

250. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

280. Compensation of
employees

257. Constant
(1982) dollars

253. Current
dollars

256. Constant
(1982) dollars

252. Current
dollars

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

NATIONAL INCOME
AND ITS COMPONENTS

(Ann, rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1986

-93.0
-101.2
-109.1
-114.3

-115.7
-140.2
-151.8
-142.4

376.9
373.9
377.8
385.2

374.5
372.1
379.1
387.8

469.9
475.1
486.9
499.4

490.2
512.4
530.9
530.2

3,378.9
3,421.8
3,450.9
3,496.6

2,461.0
2,483,4
2,518.2
2,565.8

-119.1
-122.2
-125.2
-125.7

-132.8
-126.0
-130.7
-126.0

395.3
416.8
440.4
459.7

394.9
416.4
440.9
459.2

514.4
539.0
565.6
585.4

527.7
542.3
571.6
585.2

3,573.0
3,631.8
3,708.0
3,802.0

2,608.9
2,652.0
2,702.8
2,769.9

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

-112.1
-90.4
-80.0
-96.1

-109.0
-92.6
-93.9
-105.4

487.8
507.1
536.1
548.0

486.2
496.9
514.0
522.1

599.9
597.5
616.0
644.0

595.1
589.5
607.9
627.4

3,850.8
3,928.8
4,000.7
4,093.4

2,816.4
2,874.0
2,933.2
2,995.3

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

r-79.3

r-85.9

r573.8

r540.7

r653.2

r626.6

r4,188.9

r3,060.9

First quarter
Second quarter
Third quarter
Fourth quarter . . . .
1987

First quarter
Second quarter
Third quarter
Fourth quarter . . . .
1988

First quarter
Second quarter
Third quarter
Fourth quarter
1989

RH NATIONAL INCOME AND ITS COMPONENTS-Continued
Year
and
quarter

282. Proprietors'
income with IVA
andCCAdj 1

(Ann. rate,
bil, dol.)

284. Rental income
of persons with
CCAdjl

(Ann. rate,
bil. dol.)

Q SAVING

286. Corporate
profits before tax
with IVA and
CCAdj1

288. Net interest

290. Gross saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

292. Personal
saving

295. Business
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1986

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

273.1
294.6
285.0
294.2

10.6
12.5
13.1
13.4

303.2
297.1
301.2
293.9

331.1
334.1
333.3
329.3

571.2
537.5
517.7
522.5

565.6
557.7
562.3
554.3

136.9
154.1
98.8
96.8

310.1
308.9
306,8
326.0

17.4
17.8
18.1
20.5

298.3
305.2
322.0
316.1

338.3
348.1
358.3
369.5

539.2
542.4
556.8
603.4

549.0
555.5
569.6
570.0

130.8
69.5
72.6
144.0

323.9
328.8
321.6
323.8

20.5
19.1
19.7
18.1

316.2
326.5
330.0
340.9

373.9
380.6
396.2
415.4

627.0
634.1
665.4
651.9

576.4
583.3
587.2
603.0

149.9
127.8
145.7
153.8

358.1

r!4.4

r319.4

r436.2

r698.8

r585.2

r!97.9

1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

First quarter
Second quarter . . . .
Third quarter
Fourth quarter
1989

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

See note on page 80.
Graphs of these series are shown on paces 44, 45, and 46.
1

IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82




JUNE 1989

OTHER IMPORTANT ECONOMIC MEASURES
A I

NATIONAL INCOME AND PRODUCT-Continued

Q| SHARES OF GNP AND NATIONAL INCOME

Q SAVING-Continued

Year
and
quarter

298. Government
surplus or deficit

293. Personal
saving rate

(Ann. rate,
bit. dol.)

Percent of gross national product
235. Personal consumption expenditures

(Percent)

(Percent)

248. Nonresidential
fixed investment
(Percent)

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

1986

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

-131.4
-174.3
-143.5
-128.5

4.6
5.1
3.3
3.2

65.5
65.9
66.6
66.8

10.5
10.3
10.1
10.1

4.9
5.1
5.2
5.2

1.1
0.5
0.0
0.0

-2.2
-2.4
-2.6
-2.7

-140.6
-82.6
-85.5
-110.7

4.2
2.2
2.3
4.3

66.5
66.7
66.9
66.0

9.6
9.8
10.1
10.0

5.1
5.1
5.0
4.9

0.9
0.7
0.3
1.5

-2.7
-2.7
-2.7
-2.7

-99.2
-77.1
-67.5
-104.8

4.4
3.7
4.2
4.3

66.2
66.2
66.4
66.5

10.0
10.1
10.1
10.0

4.8
4.7
4.7
4.7

1.4
0.9
1.0
0.7

-2.4
-1.9
-1.6
-1.9

r-84.3

r5.4

r66.3

10.0

1987

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

r4.7

rO.8

r-1.6

Qj SHARES Of GNP AND NATIONAL INCOME-Contmued

Year
and
quarter

Percent of national income

Percent of GNP— Continued
265. Federal Government purchases of
goods and services

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

(Percent)

64. Compensation of
emptoyees
(Percent)

285. Rental income
of persons with
CCAdj1

283. Proprietors'
income with IVA
andCCAdj 1

(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdj 1
(Percent)

289. Net interest

(Percent)

1986

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

8.5
8.8
8.7
8.5

11.8
11.9
11.9
12.1

72.8
72.6
73.0
73.4

8.1
8,6
8.3
8.4

0.3
0.4
0.4
0.4

9.0
8.7
8.7
8.4

9.8
9.8
9.7
9.4

8.5
8.4
8.5
8.4

12.1
12.0
12.0
11.9

73.0
73.0
72.9
72.9

8.7
8.5
8.3
8.6

0.5
0.5
0.5
0.5

8.3
8.4
8.7
8.3

9.5
9.6
9.7
9.7

8.0
7.9
7.5
7.9

12.0
12.0
12.0
12.0

73.1
73.2
73.3
73.2

8.4
8.4
8.0
7.9

0.5
0.5
0.5
0.4

8.2
8.3
8.2
8.3

9.7
9.7
9.9
10.1

7.8

12.0

73.1

r8.5

0.3

7.6

10.4

1987

First quarter . . . . . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1989

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

See note on page 80.
Graphs of these series are shown on pages 46 and 47.
^VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

ItCII JUNE 1989



83

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

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

310. Index

(1982=100)

310c. Change
over 1-quarter
spans a

(Ann. rate,
percent)

311. Index

(1982-100)

31 Ic. Change
over I -quarter
spans 1

(Ann. rate,
percent)

Consumer price index for
all urban consumers, food

Consumer price index
for all urban consumers

Fixed-weighted price index,
gross domestic business product
320. Index ©

(1982*84-100)

320c. Change
over 1-month
spansl

(Percent)

320c. Change
over 6-month
spansl

(Ann. rate,
percent)

322. Index

(1982-84-100)

322c. Change
over 1-month
spans l

(Percent)

322c. Change
over 6-month
spansl

(Ann. rate,
percent)

1987

January
February
March

115)3

April
May
June ,

117)3

, ,.

July ,
August
September

113)2

October
November
December

119)9

3.5

3.7

111.2
111.6
112.1

0.7
0.4
0.4

5.0
5.1
5.3

112.1
112.3
112.5

0.6
0.2
0.2

4.0
4.2
4.9

4.0

112.7
113.1
113.5

0.4
0.4
0.3

4.4
4.5
4.0

112.8
113.4
114,1

0.3
0.5
0.6

3.1
2.7
3.2

3.5

113.8
114.4
115.0

0.3
0.4
0.2

3.8
3.7
3.6

113.8
113.8
114.3

-0.3
0.0
0.4

3.0
2.3
2.1

3.5

115.3
115.4
115.4

0.3
0.3
0.2

3.9
3.3
3.7

114.5
114.7
115.3

0.2
0.2
0.5

3.4
3.0
3.0

3.0

115.7
116.0
116.5

0.4
0.2
0.3

3.9
4.0
4.4

115.7
115.5
116.0

0.3
-0.2
0.4

3.7
4.2
4.4

5.0

117.1
117.5
118.0

0.4
0.4
0.3

4.4
4.7
4.9

116.6
117.1
117.8

0.5
0.4
0.6

5.6
7.0
7.6

5.6

118.5
119.0
119.8

0.4
0.3
0.4

4.8
4.5
4.5

118.9
119.5
120.3

0.9
0.5
0.7

7.0
6.4
5.9

4.2

120.2
120.3
120.5

0.4
0.3
0.3

4.8
4.9
5.1

120.6
120.8
121.2

0.2
0.2
0.3

5.5
5.3
5.6

r3.8

121.1
121.6
122.3

0.6
0.4
0.5

5.6
6.2

122.1
122.6
123.6

0.7
0.4
0.8

6.1
7.1

123.1
123.8

0.7
0.6

124.2
125.0

0.5
0.6

115)8
3.5

117)6
3.1

118)6
2.4

119)6

1988

January
February
March

119)4

April
May
June ,

121)6

July
August
September

122)4

October
November
December

124.0

1.7

119)9
5.5

12l)3
4.7

123)6
5.3

..

124,*3

1989

January
February
March

r3.6

rl25*.l

April
May
June

rl25)4

July
August . . .
September
October
November
December

. ..

Set note on page 80.
Graphs of these series are shown on paces 48 and 49.
1
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.

84



JUNE 1989

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY-Continued

Qj PRICE MOVEMENTS-Continued
Producer price index, all commodities
Year
and
month

330. Index ©

(1982=100)

330c. Change
over 1-month
spans 1 @

(Percent)

Producer price index, crude materials
for further processing

Producer price index, industrial commodities

330c. Change
over 6-month
spans1©

(Ann. rate,
percent)

335. Index ©

(1982=100)

335c. Change
over 1-month
spans1©

(Percent)

335c. Change
over 6-month
spans1©

(Ann. rate,
percent)

331. Index

331c. Change
over 1-month
spans1

(1982=100)

(Percent)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

1987

January
February
March

100.5
101.0
101.2

0.8
0.5
0.2

4.5
5.7
6.7

100.4
100.8
101.1

1.2
0.4
0.3

5.1
5.5
6.6

89.3
90.1
90.8

2.8
0.9
0.8

12.5
14.9
17.8

April
May
June

101.9
102.6
103.0

0.7
0.7
0.4

6.1
5.6
5.0

101.6
101.9
102.4

0.5
0.3
0.5

5.5
5.8
4.8

92.6
93.9
94.3

2.0
1.4
0.4

14.4
14.7
11.5

July
August
September

103.5
103.8
103.7

0.5
0.3

4.4
3.1
2.3

103.1
103.7
103.5

0.7
0.6

4.8
4.6
3.5

95.5
96.5
95.9

1.3
1.0
-0.6

October
November
December

104.1
104.2
104.2

0.4
0.1
0.0

2.1
1.9
2.3

104.0
104.2
104.2

0.5
0.2
0.0

2.5
1.7
2.3

95.8
95.0
94.8

-0.1
-0.8
-0.2

-2.9
-3.1
-2.7

January
February
March

104.6
104.8
104.9

0.4
0.2
0.1

3.3
4.5
5.8

104.4
104.6
104.7

0.2
0.2
0.1

3.1
3.7
4.3

94.1
95.0
94.6

-0.7

-0.4

April
May
June

105.8
106.5
107.2

0.9
0.7
0.7

6.4
6.2
6.2

105.6
106.1
106.4

0.9
0.5
0.3

4.7
4.6
4.1

95.6
96.0
96.9

107.9
108.0
108.1

0.7
0.1
0.1

4.6
3.4
3.4

106.8
107.0
106.8

0.4
0.2

2.9
2.7
3.2

96.6
97.2
97.1

-0.3

96.6
94.8
97.8

-0.5
-1.9

-0.1

-0.2

7.0
2.4
1.1

1988

July
August
September

. .

October
November
December

..

108.2
108.3
109.0

0.1
0.1
0.6

r4.9

5.3
6.4

107.1
107.5
108.1

-0.2

0.3
0.4
0.6

r5.3

5.7
7.2

1.0
-0.4

1.1
0.4
0.9
0.6
-0.1

2.1
4.5
5.4
4.7
5.4
2.1
-2.5

1.9
rll.l
8.6

3.2

13.8

r4.1

16.4
22.9

1989

January
February
March
April
May
June

rllO.5
110.8
111.5

rl.4
rO.3

112.3
113.1

0.7
0.7

0.6

7.7
9.1

r!09.6 110.0
110.6

111.7
112.4

0.5

rlOl.8
101.3
103.6

r-0.5,
2.3

1.0
0.6

104.2
105.1

0.6
0.9

rl.4
rO.4

8.8
9.3

July
August
September
October . .
November
December

. .

See note on page 80.
Graphs of these series are shown on page 48.
Changes are centered within the spans:

JUNE 1989



1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.

85

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

Q| PRICE MOVEMENTS-Continued
Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

332c. Change
over 6-month
spans1

332c. Change
over 1-month
spans1

(1982-100)

Producer price index, capital equipment

(Ann. rate,
percent)

(Percent)

333. Index

(1982 = 100)

Producer price index, finished consumer goods

333c. Change
over 1-month
spans1

333c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

334. Index

(1982-100)

334c. Change
over 1-month
spans l

334c. Change
over 6-month
spansl

(Percent)

(Ann. rate,
percent)

1987

0.1

1.6
1,3
1.3

102.0
102.6
102.9

0.7
0.6
0.3

4.2
4.6
4.8

111.4
111.5
111.5

0.3
0.1
0,0

0.7
1.6
2.4

103.4
103.6
103.7

0.5
0.2
0.1

3.8
2.6
3.1

5.7
5.2
4.6

111.6
111.9
112.4

0.1
0,3
0.4

1.1
1,1
1.3

103.9
103.9
104,5

0.2
0.0
0.6

1.7
1.2
0.4

0.5
0.3
0.2

5,0
4,5
4.7

112.0
112.1
112.2

0,1
0.1

2,2
2,2
1.4

104.3
104,2
103.9

104.3
104.6
105.0

0.7
0.3
0.4

5.1
5.7
6.9

112.8
113,1
113.2

0.5
0.3
0.1

2.5
2.9
3.2

104.6
104.6
105.0

0.7
0.0
0.4

1.9
2.7
3.7

,

105.7
106.3
107.1

0.7
0,6
0.8

7.0
7.0
7.0

113,4
113.7
114,0

0.2
0.3
0.3

2.7
2.8
4.5

105.3
105.6
105.8

0.3
0.3
0.2

3.7
4.3
4.4

...

107.9
108.2
108.6

0.7
0.3
0.4

5,6
5.1
4.5

114.3
114.7
115,7

0.3
0.3
0.9

3.9
3.7
3,9

106.5
106.8
107.3

0.7
0.3
0.5

4.0
4.2
4.6

108,6
109.0
109.5

0.0
0.4
0,5

r4.6

107.4
107.8
108.2

0.1
0.4
0.4

100.0

0.8
0.7
0.2

4.3
5.4
6.2

111.2
111.0
111.1

April
May
June

100.3
100.8
101.3

0.3
0.5
0.5

5,5
5.1
5.3

July
August
September

101.8
102.3
102.6

0.5
0.5
0.3

October
November
December

103.1
103.4
103,6

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

January
February
March

99.1
99.8

0,4
-0.2

-0.4

1,4
1.4
1.0

-0.2
-0.1
-0.3

1988

July
August . . ,
September
October
November
December

115.6
115.8
116.2

-0.1

rO.6
rO.3

0.7

rll6.9
117.3
117.5

0.4
0.1

117.4
117.9

-0.1

r5.4

5.6
6.4

0.2
0.3

4.6
3.1

r5.7

7.4
7.6

1989

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

rllO.8
111.2
112.0

rl.2
rO.4

112.5
112.6

7.3
6.7

0.2
0.4

3.1
3.7

r!09.5
110.7
111.3
112.0
113.2

rl.2
rl.l

8.7
10.3

0.5
0.6
1.1

July
August
September
October
November
December
See note on page 80,
Graphs of these series are shown on page 48.

Changes arc centered within the spans:




1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month.

JUNE 1989

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued

0 WAGES AND PRODUCTIVITY
Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls1
Year
and
month

Real earnings

Current-dollar earnings
340. Index

340c. Change
over 1-month
spans 2

(1977 = 100)

340c. Change
over 6-month
spans 2
(Ann. rate,
percent)

(Percent)

Average hourly compensation, all employees,
nonfarm business sector

341. Index

341c. Change
over 1-month
spans 2

(1977 = 100)

(Percent)

Current-dollar compensation
345. Index

341c. Change
over 6-month
spans 2
(Ann. rate,
percent)

(1977-100)

345c. Change
over 1-quarter
spans2

345c. Change
over 4-quarter
spans 2

(Ann. rate,
percent)

(Ann. rate,
percent)

1987

January
February
March

171.3
171.9
172.1

0.1
0.4
0.1

2,6
2.0
2.1

94.7
94.7
94.4

-0.7

April
May
June

172.5
172.9
172.9

0.3
0.2
0.1

2.3
2.6
2.9

July

August
September

173.2
174.1
174.6

0.2
0.5
0.3

October
November
December

174.9
175.6
175.7

January
February
March

issie

-0.3

-2.4
-3.1
-3.3

94.1
94.0
93.7

-0.3
-0.1
-0.3

-2.1
-2.0
-1.5

187!l

2.8
3.3
3.3

93.7
93.8
93.7

-0.1

-1.3
-0.5
-0.1

189!2

0.2
0.4
0.1

4.0
3.0
2.8

93.5
93.8
93.7

-0.2
-0.1

176.6
176.7
177.0

0.5
0.1
0.2

3.6
3.5
3.3

93.8
93.7
93.5

-0.1
-0.2

April
May
June

178.0
178.7
178.6

0.6
0.4

3.1
3.2
3.8

93.6
93.6
93.2

July
August .
September

179.3
179.5
180.3

0.4
0.1
0.5

4.0
3.0

93.2
92.9
93.0

October .
November
December

181.5
181.4
pl81.7

-0.1
pO,2

93.1
92.9

-0.2

p92.7

p-0.2

C3)

(3)

(3)

(3)

0.0

0.1
-0.1

0.3

i'.S
3.4

4.4

0.2
-0.1
-0.4

2.1

i!6

i'.i

6.2
192.'i

4*.7

1988

-0.1

0.6

p3.5

(3)

0.1

0.1
0.0
-0.4

0.0
-0.4

3.5

0.1
-0.5
-1.0
-1.2
-1.8
-1.1
-1.0
-1.3

0.2

p-1.0

0.1

(3)

193*.7

i!g

4.5
195^9

4.*6

5.4

19%.$

rs!2

5.1

201.0

1989

January
February
March

r5.7

r203.8

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.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
;
2
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.
3
This series has been discontinued by the source agency.

JUNE 1989



87

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q WAGES AND PRODUCTIVITY- Continued
Negotiated wage and
benefit decisions

Average hourly compensation, all employees,
nonfarm business sector— Continued
Year
and
month
346. Index

(1977-100)

349. Average
changes over
life of
contract @

348. Average
first-year
changes ©

Real compensation
346c. Change
over 1-quarter
spans 1

346c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

Output per hour, all persons, business sector

{Ann. rate,
percent)

(Ann. rate,
percent)

370. Index

(1977=100)

370c. Change
over 1-quarter
spans *

370c. Change
over 4-quarter
spansl

(Ann. rate,
percent)

(Ann. rate,
percent)

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

(1977-100)

1987

January
February
March

ioo.*5

April
May
Jgne

100 .'i

July
August
September

lOO.'i

-3,1

-1.4

October
November
December

0.7

-6!i

-o.'i
o.'i

2.5

...,

100.* 9

,

100.9

1,1

2.1

0.3

109^9

4.1

2,5

3.9

noie

2.4

l!9

losie

2!?

109!$

i!i

109^9

6!e

iio.'s

6!z

noii

r-6!3

no!?

2.7

111!?
3.4

107 '.8

3.9

2.1

6.*7

1.5

nils

0.6

1988

January
February
March
April
May
June

-0.2

0.0
106! 9

July . ,
August . .
September

...

October
November
December

ioi.'6

1,8

1.8

3.1

2.4

3.4

3.2

6'.7

6^3
0.7
r6!i

0.7

nzia
iii.'s

3.5

-3.4

1.7

112*.3

3.5

2.1

10l'.2

ii2*.b

-1.0

110.*9

1989

January
February
March

,, ,.

rO.2
101.3

p3.3

P 3.5

rl.7

rllZ.'s

rllO.6

April . ,
May
June .
July
August
September
October . .
, . ,.
November . . . . . . .
December
See note on page 80.
Graphs of these series are shown on paces 49 and 50,
Changes are centered within the spans: 1-quarter change s are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.




JUNE 1989

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

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

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

444. Males
20 years
and over

{Thous.)

(Thous.)

445. Females
20 years
and over

446, Both
sexes 16-19
years of age

(Thous.)

(Thous.)

447. Number
unemployed,
full-time
workers

448. Number
employed
part time
for economic
reasons

(Thous.)

(Thous.)

Civilian labor force participation rates
451. Males
20 years
and over

(Percent)

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

(Percent)

(Thous.)

(Thous.)

January
February
March

118,873
119,119
119,263

110,969
111,271
111,459

7,904
7,848
7,804

3,649
3,594
3,532

2,864
2,822
2,870

1,391
1,432
1,402

6,430
6,382
6,231

5,187
5,326
5,168

78.2
78.1
78.1

55.7
55.8
55.9

54.2
54.8
54.4

April
May
June

119,394
120,102
119,647

111,789
112,524
112,287

7,605
7,578
7,360

3,482
3,443
3,440

2,757
2,708
2,640

1,366
1,427
1,280

6,110
6,039
6,043

5,122
5,098
4,979

78.1
78.2
78.0

56.0
56.3
56.2

54.5
55.6
53.6

July
August
September

119,884
120,245
120,008

112,613
113,019
112,896

7,271
7,226
7,112

3,340
3,259
3,165

2,674
2,662
2,666

1,257
1,305
1,281

5,895
5,814
5,664

5,103
5,046
5,050

78.0
77.9
77.9

56.3
56.4
56.3

53.8
56,0
54,1

October
November
December

120,429
120,527
120,701

113,225
113,460
113,740

7,204
7,067
6,961

3,194
3,114
3,061

2,620
2,602
2,605

1,390
1,351
1,295

5,756
5,655
5,562

5,142
5,287
4,979

78.0
78.0
77.8

56.4
56.4
56.5

55.1
54.8
55.4

January
February
March . :

121,035
121,165
120,936

114,055
114,273
114,129

6,980
6,892
6,807

3,106
3,053
3,064

2,568
2,596
2,450

1,306
1,243
1,293

5,550
5,526
5,473

5,113
5,101
5,087

77.9
78.1
77.9

56,6
56.7
56.6

55.9
55.0
54,1

April
May
June

121,328
121,203
121,524

114,660
114,403
115,001

6,668
6,800
6,523

2,941
3,065
2,889

2,471
2,492
2,485

1,256
1,243
1,149

5,338
5,413
5,163

4,953
4,676
5,073

78.1
78.0
77.8

56.6
56.5
56.6

54.5
54.5
56.2

July
August
September

121,658
122,000
121,984

115,034
115,203
115,370

6,624
6,797
6,614

2,832
3,077
2,905

2,565
2,467
2,456

1,227
1,253
1,253

5,215
5,491
5,293

5,102
4,972
4,862

77.8
78.0
77.9

56.7
56.8
56.8

55.9
56.1
56.0

122,091
122,510
122,563

115,573
115,947
116,009

6,518
6,563
6,554

2,911
2,996
2,953

2,413
2,445
2,422

1,194
1,122
1,179

5,176
5,273
5,317

4,727
4,819
5,033

77.8
77.8
77.8

57.0
57.4
57.3

55,2
55.1
55.2

January
February
March

123,428
123,181
123,264

116,711
116,853
117,136

6,716
6,328
6,128

2,938
2,853
2,688

2,455
2,306
2,367

1,323
1,168
1,073

5,295
5,024
5,028

4,837
4,697
4,709

78.1
78.1
78.1

57.7
57.5
57.5

56.0
54.8
54.9

April
May
June

123,659
123,610

117,113
117,215

6,546
6,395

2,952
2,705

2,448
2,480

1,146
1,210

5,247
5,104

4,930
4,609

78.3
77.9

57.6
57.7

55.7
55.8

(Percent)

1987

1988

October
November
December

..
..

1989

July
August
September
October ,
November
December

..

See note on page 80.
Graphs of these series are shown on page 51.

JUNE 1989



OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Q DEFENSE INDICATORS

QH RECEIPTS AND EXPENDITURES
State and local governmentl

Federal Governmentl
Year
and
month

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bit. dot.)

(Ann. rate,
bit. dot.)

(Ann. rate,
bil. dol.)

(Ann, rate,
btl. dol.)

(Ann. rate,
bil. dot.)

(Ann. rate,
bil. do!.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

(Mil dol.)

(Mil. dol.)

548. Manufacturers'
new orders,
defense
products
(Mil. dol)

1987

January
February
March

-188*3

8?i*3

1,059*6

47^7

637*5

589*9

25,911
34,669
28,986

11,166
13,121
12,272

196,585
199,440
199,308

6,129
7,650
9,769

April
May
June

-144*6

926 '6

1,064*6

ei'.i

659 ".3

597 '.9

33,794
32,801
30,475

11,359
11,782
12,104

200,411
202,504
204,177

11,265
9,907
10,128

-138 '.3

930 !l

i.oes'i

52*9

659 *1

606 *2

31,867
32,619
34,065

12,913
13,595
13,683

207,148
209,556
215,074

9,882
9,179
9,102

-16CU

944^4

1,104*9

49*7

666*9

617!z

29,233
30,794
24,532

10,555
9,353
11,820

212,355
212,086
205,974

9,864
9,824
7,036

January
February
March

-i55*i

951*6

i.ioe'i

55^8

685! 5

629!)

31,157
33,243
31,595

8,289
11,821
12,096

208,366
210,637
212,335

9,223
8,480
8,065

April . . . .
May . .
June . . .

-1331s

983," 6

i.iie'i

56*2

698*4

642^1

33,172
32,294
36,167

15,035
13,958
13,721

210,520
214,223
219,469

9,871
8,215
13,829

July . . . .
August . . .
September

-123*5

975*5

1, 099*6

56*6

708*. 6

652!6

29,691
29,004
27,652

17,438
9,758
10,980

219,349
219,239
220,134

6,995
8,037
7,472

-157,5

991 '.5

1,149*6

52*6

720 '.4

667*8

31,118
34,783
31,522

217, 7ZQ
222,122
223,937

10,695
8,391
10,407

r-139*5

rl,04l'i

ri.iso.'e

55*2

r735.*5

r680.*3

31,580
30,05B
30,859

226,193
224,553
219,856

6,815
8,159
rlO.461

p31,395
(NA)

p222,194
(NA)

r8,552
p7,815

July . . .
August
September

..

October .
November
December
1988

,.

October . . .
November
December

(NA)

1989

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

..

See note on page 80,
Graphs of these series are shown on pages 52 and 53.
Based on national income and product accounts.

1

90



JUNE 1989

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES-Continued

Q DEFENSE INDICATORS-Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Index of
industrial
production,
defense and
space equipment
(1977=100)

559. Manufacturers' inventories, defense
products

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(Mil. dol.)

580. Defense
Department
net outlays,
military

(Mil. dol.)

588. Manufacturers' shipments, defense
products

(Mil. dol.)

570. Employment, defense
products industries

577. Military
on active
duty©
(Thous.)

(Thous.)
Revised

1987

Defense Department
personnel
578. Civilian,
direct hire
employment
(Thous.)

564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)

565. National
defense purchases as a
percent of
GNP

(Percent)

1

187.3
188.9
188.6

31,122
31,233
31,169

158,833
157,779
158,084

22,243
24,096
23,259

8,755
8,704
9,464

1,590
1,589
1,590

2,179
2,172
2,168

1,060
1,066
1,069

287 .*3

6^5

189.2
189.3
188.6

31,597
31,624
31,709

160,358
160,898
161,816

23,593
22,760
24,046

8,991
9,367
9,210

1,583
1,584
1,577

2,158
2,153
2,151

1,070
1,070
1,076

294^8

e!e

July
August
September

188.7
189.1
189.8

32,174
32,553
32,668

162,605
162,741
162,316

22,858
24,340
21,513

9,093
9,043
9,527

1,577
1,576
1,574

2,158
2,167
2,174

1,078
1,080
1,088

299^8

e!e

October
November
December

190.3
188.7
188.9

33,171
33,936
33,504

163,247
164,130
161,860

25,816
21,276
26,329

8,933
8,941
9,306

1,574
1,572
1,569

2,172
2,174
2,167

1,086
1,085
1,082

299!2

e!4

January
February . . . .
March

190.6
191.0
189.9

33,656
33,859
33,945

162,206
162,089
160,841

20,786
23,441
23,752

8,877
8,597
9,313

1,570
1,566
1,558

2,166
2,162
2,142

1,076
1,071
1,067

298^4

6^3

April
May
June

187.9
185.5
184.6

34,069
34,695
35,328

162,171
162,009
167,117

26,548
20,130
23,765

8,541
8,377
8,721

1,559
1,557
1,556

2,108
2,100
2,104

1,060
1,054
1,045

298^8

e!2

July . . . .
August
...
September

184.9
184.9
184.5

34,799
34,071
34,839

165,449
164,451
163,092

24,243
23,321
20,636

8,663
9,035
8,830

1,550
1,548
1,542

2,111
2,122
2,138

1,034
1,039
1,048

294^3

e!6

October
November
December

184.0
182.2
.180,5

35,410
35,351
35,373

165,356
165,087
165,397

27,027
24,443
26,357

8,431
8,660
10,097

1,536
1,534
1,530

2,130
2,130
2,122

1,044
1,044
U048

30I!,9

e!6

January
February . .
March

180.0
179.3
r!78.2

35,777
35,793
r36,416

163,482
163,238
r!65,250

20,843
23,426
26,053

8,730
8,403
r8,449

1,530
1,529
1,529

2,124
2,123
2,116

1,054
1,058
1,058

r299*.5

5^9

April .
May
June

rl78,6
p!78.0

p36,374
- (NA)

r!65,166
p!64,269

r21,035
p24,086

r8,636
p8,712

pi, 52-9

r2,110
p2,112

pi, 061

January
February
March
April
May
June

..

.

1988

1989

(NA)

(NA)

July
August
September . . . . . . .
October
November . .
December
See note on page 80.
Graphs of these series, are shown on pages 54 and 55.
1
See "New Features and Changes for'This Issue," page iii.

JUNE 1989



91

OTHER IMPORTANT ECONOMIC MEASURES
El

U.S. INTERNATIONAL TRANSACTIONS

Q MERCHANDISE TRADE
602. Exports, excluding
military aid shipments

604. Exports of domestic
agricultural products

606. Exports of nonelectrical machinery

612. General imports

Year
and
month

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

614. Imports of petroleum and petroleum
products

616. Imports of automobiles and parts

(Mil. dot.)

(Mil. dol.)

1987

January
February
March

18,399
19,327
20,171

1,926
2,047
2,157

3,452
4,404
4,098

31,666
31,825
32,271

2,269
3,598
3,513

4,882
6,322
5,329

April
May
June

20,402
20,260
21,107

2,234
2,410
2,445

4,122
4,176
4,338

31,978
32,514
34,418

2,842
3,685
3,375

5,516
6,093
5,823

July
August
September . . . . . . .

22,430
20,883
21,810

2,956
2,520
2,625

4,260
4,420
4,717

34,625
34,492
34,582

4,125
4,574
3,439

5,800
6,008
5,307

October
November
December

22,074
23,094
24,152

2,593
2,409
2,472

4,407
5,371
5,371

35,966
35,316
36,586

3,780
3,292
3,158

6,776
6,342
6,560

January
February . . . . . . . .
March

24,488
24,518
26,876

2,634
2,936
3,030

5,040
5,177
5,442

34,258
37,729
36,644

3,541
3,536
3,225

5,441
5,659
5,677

April
May
June

26,026
27,478
26,283

3,030
3,327
3,220

5,288
5,374
5,353

34,825
35,732
37,948

3,226
3,802
3,060

6,220
5,507
5,351

July
August
September

..,

26,515
27,493
27,988

3,266
3,349
3,576

5,457
5,778
5,876

34,533
38,140
37,178

3,122
3,360
2,927

5,378
5,888
6,354

... .

27,816
27,542
29,061

3,092
2,808
3,092

5,698
5,709
6,393

36,600
38,200
40,052

2,718
2,645
3,347

6,589
6,291
6,946

28,747
28,664
r30,323

3,143
3,201
r3,666

5,338
5,990
6,162

37,425
38,483
r39,868

3,619
3,326
4,095

5,627
6,326
6,282

30,572

3,387

6,150

38,836

4,730

5,869

(NA)

(NA)

(NA)

(NA)

1988

October
November
December
1989

January
February
March
April
May
June

. ,.,

(NA)

(NA)

July
August
September
October
November
December
See note on page 80,
Graphs of these series are shown on pi|t 56,

92




JUNE 1989

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued

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

Goods and services
Year
and
month

667. Balance

668. Exports

(Mil. dol.)

(Mil. dol.)
Revised

1987

669. Imports

2

Revised

622. Balance

(Mil. dol.)
2

Revised

2

618. Exports

Income on investment
620. Imports

(Mil. dol.)

(Mil. dol.)

(Mil dol.)

2

2

2

C )

( )

C )

651. U.S. investment abroad

(Mil. dol.)
Revised

652. Foreign
investment in
the United States

(Mil. dol.)
2

Revised 2

January , . . , ,st . .
February
March

-31,190

104, 3i5

135,505

-38,661

57,255

95,916

25, ii?

19,755

April
May
June

-35,555

105,694

141,249

-39,819

60,015

99,834

22,744

20,554

-36,687

110,922

147,609

-40,606

64,297

104,903

23,578

21,904

-26,055

125,211

151,266

-40,4i4

68,699

109,113

33,265

20,207

January
February
March

-28,682

127,810

156,492

-33,446

76,447

109,893

26,750

23,955

April
May
June

-30,586

126,800

157,386

-31,411

78,4H

109,882

23,148

25,6i3

July
August
September

-28,964

131,573

160,537

-30,339

80,604

110,943

24,720

27,3i6

-23,659

143,626

167,285

-32,019

83,729

115,748

33,159

28,670

p-27,265

p!42,569

p!69,834

p-27,634

p88,496

pll6,i30

p26,862

p30,370

.

July
August .
September
October .
November
December

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

1988

October .
November
December

....
....

1989

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.

1

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.

ItCII JUNE 1989



93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

m INDUSTRIAL PRODUCTION

Year
and
month

47. United States,
index of industrial production

(1977-100)

721.0ECD 1
European countries, index of
industrial
production

(1977-100)

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

723. Canada,
index of indus
trial production

(1977-100)

(1977^100)

(1977-100)

(1977-100)

(1977-100)

(1977-100)

1987

January
February
March

126.2
127.1
127.4

113
116
116

142.2
141.5
143.6

112
113
113

105
109

no

110
113
112

114.2
117.6
120.2

126.2
127.6
128.8

April
May
June

127,4
128.2
129.1

116
117
116

142.5
140.2
145.5

116
117
114

109
110
111

113
114
112

117.9
122.3
118.7

128.9
129.6
130.3

July
August
September

130.6
131.2
131.0

117
116
117

146.7
146.7
149.0

114
117
116

111
111
111

115
116
114

118.1
113.2
117.5

130,9
133.6
134,1

October
November
December

132.5
133.2
133.9

119
119
118

151.4
152.0
153.7

117
117
116

111
112
112

117
116
117

122.7
121.2
116.5

135.5
136. S
136.9

January
February
March

134.4
134.4
134.7

120
119
119

154.4
158.5
158.9

117
117
117

112
112
113

117
115
117

126.9
121.5
121.9

137.9
137.4
137.9

April
May
June

135.4
136.1
136.5

120
120
121

157.6
154.0
159.1

117
118
120

112
113
115

117
118
119

124.1
120.9
122.8

138.2
139.4
140.0

July
August
September

138.0
138.5
138,6

122
122
123

157.1
161.5
162.3

118
122
121

116
116
117

119
119
120

126.4
119.2
123.1

139.5
140.8
141.0

October
November
December

139.4
139.9
140.4

123
124
124

160.9
165.7
166.9

121
120
122

113
118
117

119
120
119

126.9
128,6
p!29.3

140.3
139.2
r!40.1

January
February . . . . . .
March

140,8
r!40.5
r!40.6

126
124
p!24

168.0
165.2
p!72.1

122
122
p!22

118
117
pl!6

118
rl!7
pl!8

(NA)

139.3
rl39.6
p!39.3

April
May
June

H41.4
p!41.4

(NA)

(NA)

(NA)

(NA)

(NA)

1988

1989

(NA)

July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pace 58.

Organisation for Economic Cooperation and Development.

94



JUNE 1989

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q CONSUMER PRICES
United States
Year
and
month

320. Index ©

(1982-84=100)

Japan

320c. Change
over 6-month
spansl

(Ann. rate,
percent)

738. index ©

(1982-84-100)

France

West Germany

738c. Change
over 6-month
spans1

(Ann. rate,
percent)

735. Index ©

(1982-84=100)

735c. Change
over 6-month
spans1

(Ann. rate,
percent)

736. Index ©

(1982-84=100)

United Kingdom

736c. Change
over 6-month
spans 1

(Ann. rate,
percent)

732. Index ©

(1982-84=100)

732c. Change
over 6-month
spans *

(Ann. rate,
percent)

1987

January
February
March

111.2
111.6
112.1

5.0
5.1
5.3

103.9
103.9
104.3

2.3
0.4
1.3

104.6
104.7
104.7

1.2
1.5
1.2

119.6
119.8
120.0

4.1
4.1
3.4

117.5
118,0
118.2

5.4
3.8
2.4

April
May
June

112.7
113.1
113.5

4.4
4.5
4.0

105.2
105.4
105.2

2.1
3.3
1.9

104.9
105.0
105.2

1.7
1.7
1.0

120.6
120.9
121.1

2.4
2.7
2.5

119.6
119.7
119.7

2.2
2.0
2.7

July
August
September

113.8
114.4
115.0

3.8
3.7
3.6

104.7
104.8
105.7

-0.9
1.0
0.0

105.2
105.1
104.9

0.8
0.4
0.8

121.4
121,7
121.7

2.3
2.3
2.8

119.6
120.0
120.3

3.7
4.6
4.8

October
November
December

115.3
115.4
115.4

3.9
3.3
3.7

105.7
105.2
105.1

0.0
-1.7
-0.4

105.0
105.0
105.2

-0.2
0.0
1.0

122.0
122.2
122.2

2.2
2.1
2.5

120.9
121.5
121.4

4.2
4.2
4.0

January
February . .,
March

115.7
116.0
116.5

3.9
4.0
4.4

104.8
104.6
105.0

1.3
-0.2
0.2

105.4
105.6
105.7

1.1
1.7
1.3

122.4
122.7
123.0

2.6
2.6
2.5

121.4
121.9
122.3

3.8
3.8
4.6

April
May
June

117.1
117.5
118.0

4.4
4.7
4.9

105.5
105.6
105.4

0.8
2.1
1.3

106.0
106.2
106.3

1.9
2.3
1.9

123.6
123.9
124.3

3.3
3.4
3.6

124.3
124.8
125.3

5.7
7.5
8.3

July
August
September

118.5
119.0
119.8

4.8
4.5
4.5

105.2
105.5
106.4

1.5
2.7
1.9

106.2
106.3
106.3

1.5
1.7
1.9

124.7
125.1
125.3

3.3
3,3
3.6

125.4
126.8
127.4

9.5
9.1
8.5

October
November
December

120.2
120.3
120.5

4.8
4.9
5.1

106.9
106.5
106.1

1.7
-0.2
0.8

106.4
106.7
106.9

3.4
3.2
3.8

125.6
125.8
126.0

3.4
3.2
3.5

128.7
129.3
129.6

7.0
7.9
7.3

January
February
March . .

121.1
121.6
122.3

5.6
6.2

105.9
105.6
106.1

2.8
(NA)

108.1
108.4
108.6

(NA)

126.5
1-26.9
127.2

(NA)

129.3
131.4
132.0

6.9
(NA)

April
May
June

123.1
123.8

..

1988

1989

108.0
(NA)

(NA)

(NA)

134.3
(NA)

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.

JUNE 1989



95

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS—Continued

Q CONSUMER PRICES -Continued

Year
and
month

Q STOCK PRICES

Italy

Canada

737. Index 0 737c. Change
over 6-month
spans1

733. Index © 733c. Change
over 6-month
spans 1

(1982-84=100)

(Ann. rate,
percent)

(1982-84-100)

(Ann. rate,
percent)

19. United
States, index
of stock
prices, 500
common
stocks ©

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 ©

(1987 = 100)

(1967 = 100)

(1967-100)

(1967 = 100)

(1967-100)

(1967-100)

(1967 = 100)

1987
January
February
March

..

131.6
132.1
132.6

4.2
4.7
4.5

115,8
116.3
116.8

4.4
4.7
4.2

287.7
305.6
318.1 -

1,493.7
1,577.6
1,676.0

302.0 '
278.9
282.4

642.3
660.4
708.3

840.5
916.9
972.3

526.4
502.8
501.8

378.4
395.4
422.5

April , , . ,
May . .
June . . .

...

132.9
133.4
133.9

4.8
5.9
6.5

117.3
118.0
118.3

5.1
5.2
4.7

314.7
314.5
327,8

1,857.4
1,937.7
1,966.6

297.5
295.7
306.9

726.4
703.9
664.8

956.1
1,040.9
1,097.5

533.0
519.3
507.5

420.0
416.4
422.6

134.3
134.6
135.6

6.8
6.4
5.5

119.2
119.3
119.3

4.5
3.8
4.1

337.3
358.3
346.6

1,807.8
1,903.4
1,889.0

320.4
333.3
322.8

692.1
705.0
730.1

1,154.7
1,101.1
1,121.0

494.6
459.7
451.7

455.4
451.3
440.9

136.8
137.2
137.4

5.1
4.0
3.4

119.7
120,2
120.3

3.1
2.9
3.5

304.8
266.5
262.1

1,833.0
1,677.8
1,655.2

299.4
229.2
219.4

633.1
508.5
484,9

1,027.7
794.1
810.4

449.8
366.8
361.1

341.2
336.5
357.1

January
February
March

138.1
138.5
139.1

3.5
3.5
4.0

120.5
121.0
121.6

3.5
4,4
4.0

272.5
280.8
289,1

1,656.1
1,797.8
1,910.6

208,4
218.4
232,4

465.0
501.8
510.3

863.3
858.5
888.0

348.9
334.0
377.1

345.4
362.1
374.4

April
May . . .
June . . ,

139.6
140,0
140.4

4,5
5.9
5.9

122.0
122.8
122.9

4.5
5.2
4.5

285,7
278.6
294.4

1,961.2
1,963.0
1,979.2

230.8
225.4
240.6

523.6
546.1
609.5

879.6
878.4
906.7

383.2
359.7
372.7

377.4
367.1
388.9

July
August
September

140.8
141.4
142.1

5.8
7.0
7.0

123,7
124.1
124.1

4.6
3.6
3.8

292.7
286.9
291.5

1,972.0
1,988.3
1,924.2

247.6
248.1
254.8

632.4
618.7
636.1

932.0
908.5
872.4

399.7
416.5
392.9

381.6
371.3
371.0

October
November . . . . . . .
December

143,2
144.4
144.9

6.9
6.7
7.0

124.7
125.1
125.1

4.4
4.1
4.6

301.8
294.8
300.8

1,923.3
2,008.1
2,084.8

266.3
266.5
273.7

682.9
698.4
746.7

908.5
899.5
865.1

431.9
432.9
426.4

383.7
372.3
383,0

January
February
March

146.0
147.2
147.9

7.8
6.9

125.7
126.5
127.1

4.7
6.2

310.5
319.8
318.4

2,207.6
2,237.4
2,188.6

284.2
284.2
287.3

799.8
814.5
810.8

926.6
1,007.8
(NA)

433.8
411.7
403.7

408.7
403.6
404.3

April
May
June . . .

148.9
149.5

2,231.0
328.8
341.5 rp2,282.2
p352.2 p2,239.4

295.9
(NA)

838.9
rp852.3
p870.4

rp416.2
rp413.4
p432.0

409.9
418.9
p432.6

JUNE 1989

BCII

July
August
September

..

October
November
December

1988

1989

127.6
128.9

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



CYCLICAL INDICATORS

Selected leading index components

Year
and
month

Selected lagging index components

83. Index of
92. Change in manufacturers'
unfilled orders in 1982 dollars, consumer ex1
pectations 1 2
durable goods industries

©

Smoothed3

Actual

(Bil. dol.)

62. Change in index of labor
cost per unit of output,
manufacturing 1
Smoothed 3

Actual

(Bil. dol.)

(1st Q
1966=100)

(Ann. rate,
percent)

120. Change in consumer price
index for services 1

Smoothed 9

Actual

(Ann. rate,
percent)

(Ann. rate,
percent)

(Ann. rate,
percent)

1987

January
February
March

-3.66
-1.17
0.78

-0.79
-1.01
-0.90

80.9
81.6
83.3

11.0
-4.3

2.6

-0.6
-0.8
-0.4

5.2
4.1
4.1

3.9
4.0
4.0

April
May
June

4.20
3.89
3.58

-0.15
0.84
1.78

84.7
80.6
80.8

-8.4
-2.6
-3.5

-1.3
-2.0
-2.6

5.2
4.1
2.0

4.2
4.4
4.1

July
August
September .

4.90
2.04

83.3
85.8
84.2

-8.5

-0.12

2.75
3.23
3.05

-3.7
-3.2
-0.4

4.1
6.2
3.0

3.9
4,2
4.1

2.40
1.37
1.16

2.87
2.55
2.18

80.4
72.7
76.7

-8.4

5.1
5.0
4.0

4,2
4,4
4.4

2.58
2.24

2.02
1.95
1.38

80.9
81.9
85.2

0.2
2.4

6.0
5.0
4.0

4.7
4.9
4.8

1.25
0.99
1.59

82.4
87.3
85.7

-9.2
-3.5

2.2
1.2
1.5

3.9
4.9
3.9

4.7
4.7
4,5

82.3
88.8
89.5

-6.0
-1.7

0.7

4.5

0.0

3.9
5.9
3.9

4.4
4.5
4.5

2.0
1.8
0.8

5.8
5.8
5.8

4.6
4.9
5,2

0.4

5,3
5.4
5.5
5,2
5.1

October
November
December

5.5
15.1

0.9
-7.6

0.2
0.6
-0.3

1988

January
February
March

-2.01

April
May
June

2.86

-0.10
6.59

2.7
4.5
14.0

7.3

July
August
September

-0.20

1.90
2.24
2.11

October
November
December

2.81
0.43
6.58

2.12
1.91
2.41

87.0
86.3
85.5

14.0
-7.5
-5.1

2.56
1.06

2.72
2.68

r8.2

rl.88

r2.55

89.9
88.8
87.6

r4.12
p-1.10

r2.69
p2.26

83.2
80.1

1.32
3.02

-0.4

-0.2

1989

January
February
March
April
May
June

r22.0

4.4

4.8
5.7
5.7

r-15.1

r3.7
P 3.1

2,8
5.7

1,8

p2.6

rl.2

July
August
September
October
November
December

See note on page 60.
Graphs
of these series are shown on pages 13 and 15.
l
These series reached high values before 1987: series 92 actual (8.31), series 92 smoothed (4.40), and series 83 (97.7) in March 1984;
series 62 actual (29.6) in March 1986 and smoothed (5.2) in March 1985; and series 120 actual (8.4) in July 1984 and smoothed (5.8) in September
1984.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from the University of Michigan's
Survey
Research Center.
3
This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.

JUNE 1989



97

C. Historical Data for Selected Series
Year Jan.

Feb.

Mar, | Apr.
517,

1953.

1954.
1955.
1956.
1958!
1959.
1960.
1961.
1962.
1963,
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971,
1972,
1973.
1974.
1975.
1976.
1977.
1978,
1979.
1980.
1981.
1982.
1983.
1984.
1985,
1986,
198?.

4,003
2,095
2,295
3,585
3,522
3,834
3,792
3,447
3,857
4,473
4,731
,242
,421
,489
,589
,688
,378
6,906
6,796
7,604
6,82?
7,527
7,785
8,393
9,804
10,53?
10,770
12,578
14,808
19,361
21,340
21,145
22,492
28,411
25,911
525,

1953..
1954..
1955,.
1956.,
1957..
1958..
1959,.
I960..
1961..
1962,.
1963..
1964..
1965..
1966.,
1967..
1968..
1969..
1970..
1971,.
1972..
1973.,
1974.,
1975,.
1976..
1977,.
1978,.
1979..
1980,.
1981..
1982.,
1983..
1984,.
1985,.
1986..
1987.,

3,889
1,966
2,506
4,131
3,192
4,252
3,929
3,592
3,752
4,616
4,374
4,245
4,599
6,1?8
6,495
6,641
6,860
6,766
6,753
6,898
7,362
7,485
8,271
8,727
9,873
10,155
10,935
13,806
15,560
18,869
20,444
23,445
20,346
30,969
28,986

3,997
3,074
2,342
3,125
3,877
3,664
3,887
3,554
4,332
4,349
4,485
5,783
4,2?6
5,328
6,659
7,212
7 ,097
6,489
7,261
6,951
7,283
7,398
7,961
8,442
9,763
10,659
10,226
12,399
15,741
20,608
19,502
22,667
20,37?
30,247
34,669

June

July

Aug.

Sept.

Nov.

Dec.

IQ

II Q

2,545
2,944
2,857
3,566
3,718
3,800
3,709
4,042
4,096
4,866
4,164
4,487
5,225
6,136
6,667
7,183
7,150
7,033
6,683
7,109
7,315
8,211
7 ,936
8,733
10,353
10,484
11,505
12,876
15,674
18,599
24,242
28,892
25,809
30,341
30,794

1,850
2,788
4,320
3,986
3,790
3,898
3,208
3,689
4,780
4,249
4,277
5,088
5,599
6,328
6,815
7,011
6,838
6,942
7,432
6,708
6,850
8,116
8,084
9,874
10,157
10,282
11,997
15,825
19,805
24,396
24,204
26,686
30,768
26,583
24,532

11,889
7 ,135
7,143
10,841
10,591
11,750
11,608
10,593
11,941
13,438
13,590
14,270
13,296
16,995
19,743
20,541
21,335
20,161
20,810
21,453
21,472
22,410
24,017
25,562
29,440
31,351
31,931
38,783
46,109
58,838
61,286
67,257
63,215
89,627
89,566

8,172
S.&33
7,508
11,177
9,477
12,?36
11,44?
11,266
11,496
13,062
13,385
13,725
13,741
18,655
21 ,023
21,561
19,512
19,730
20,131
20,958
a 1,1 32
23,115
24,925
26,510
29,425
31,129
31,082
40,249
46,065
56,082
60,404
59,308
77,308
93,081
9? , 0 7 0

6,542
3,510
3,596
§,210
4,213
7,413
6,319
5,941
6,358
6,562
6,802
7,052
7,383
10,132
10,632
10,758
8,639
8,032
7,483
8,925
8,636
10,985
11,517
10,886
13,257
18,255
13,657
19,958
23,102
34,133
33,029
34,199
37,081
35,944
35,245

Oct.

4,059
2,539
2,704
3,424
3,521
3,985
3,735
3,483
3,840
4,764
4,139
4,563
4,575
6,392
6,746
7,013
6,556
6,683
6,752
7,267
6,865
?,762
7,971
9,033
9,671
10,242
9,784
13,722
15,210
20,793
19,332
19,185
22,655
29,758
33,794

2,272
3,024
2,271
3,528
3,094
4,480
3,842
3,901
3,803
4,199
4,390
4,813
4,720
5,442
7,439
7,06?
6,556
6,990
6,825
7 ,275
7,187
8,438
8,764
9,919
10,793
10,683
13,718
15,699
17 , 7 8 6
19,554
20,342
25,140
30,26?
32,801

6,357
6,763
7,613
6,932
8,279
8,962
? ,384
10,486
10,278

5,958
7,26?
8,244
6,490
6,583
6,249
6,824
6,790
8,179
8,072
10,015
9,143
10,256

13,728
17,374
16,448
20,489
23,098
34,470
29,968
32,619

13,552
16,584
18,387
20,388
22,191
30,753
30,678
34,065

13,014
12,892
16,476
17,201
20,821
28,629
28,383
29,233

2,040
2,563
2,334

2 ,409
2,597
1,133

2,862
4,271
3,870
3,882
3,853
4,099
4,856
4,349

3,177
3,931
3,552
4,973
3 ,924
4,925
4,639
5,010

3,259
3,634
3,658
3,897
5,335
4,312
4,556
4,274

6,821
6,838
7,481

5,963
6,427
7,317

6,687
6,625
7,638

6,491
6,389
6,866
6,992
8,166
8,516
8,713
9,835
10,094

6,793
7,462
7,173
7 ,312
7,983
8.301
9,727
9,498
10,327

12,809
15,156
17,503
21,518
19,781
29,513
33,056
30,475

12,677
16,836
17,669
19,409
20,988
31,641
31,199
31,867

2,289
3,493
3,552
3,502
3,267
3,719
3,968
3,869
4,785
4,135
4,265
4,308

III Q

IV Q

Annual

TOTAL FOR P E R I O D
2,459
3,890
2,703
3,479
3,216
4,910
4,118
3,620
,303
,787
,442
,984
,345
,037
,258
,256
,830
,368
,333
7,015
7,671
7,681
7,889
9,914
10,240
10,214

1,841
3,070
2,533

|

6,738
8,653
7,019
11,976
9,703
11,284
11,178
12,739
14,044
13,372
13,460
13,592
15,015
18,608
20,319
23,199
20,057
19,733
20,4?4
21,610
21,034
24,441
25,335
27,126
29,12?
30,861
35,092
39,957
56,794
52,504
60,286
66,277
96,864
91,845
98,551

6,854
9,622
9,880
11,031
10,724
12,608
11,035
11,3.11
13,179
13,902
13,883
13,559
16,169
18,501
20,740
21,450
20,818
20,343
21,448
20,832
21,836
24,008
23,909
28,521
30^980
35,583
41,715
48,371
19,471
65,647
76,399
85,206
85,307
84,539

33,653
34,043
3 1 , SS 0
4S.625
40,495
48,378
45,268
45,949
50,660
S3, 7 7 4
54,318
55,146
58,221
72,759
81,825
86,751
81 , 7 2 2
79,96?
82,863
84,853
85,474
93,974
98,186
107,719
118,742
124,321
133,688
160,704
191,339
226,895
247 , 6 2 3
269,241
322,593
359,860
369,746

D E F F N S E D E P A R T M E N T P R I M E C O N T R A C T A W A R D S F O R W O R K P E R !' O R M E O IN T H E U N I T E D STATES 1

as)

3,682
616
1,049
1,474
1,756
2,103
1,625
1 ,850
1,989
3,271
2,429
2,372
2,09?
2,952
3,364
2,88?

2,295
564
1,306
1,388
1,927
1,232
1,898
1,754
2,186
2,180
2,611
2,958
1,846
2,906
3,930
3,445

2,381
826
,028
,502
,563
,243
,966
,904
,987
2,552
2,463
1,966
2,451
2,956
3,034
3,124

2,462
1,068
1,468
1,404
2,312
2,142
2,204
1,726
2,274
2,295
2,023
2,502
2,843
3,461
3,026
3,488

2,855
2,508
3,520
2,824
3,218
3,731
3,536
3,354
4,853
5,771
5,281
6,575
8,410
13,451
11 , 4 9 8
11,894
13,239
11,166

2623
2,704
2,982
2,899
3,144
4 ,06 1
3,101
4,369
4 ,?41
4,554
6,368
6,504
11,073
10,500
12,552
12,953
9,932
13,121

2904
3,104
3,025
2,94?
2,990
3,168
6,713
4,819
4,909
5,903
5,919
7,659
10,023
7,232
13,21?
10,053
13,894
12,272

,591
,928
,985
,568
,372
,023
,489
,303
,970
4,688
6,860
8,28?
10,314
10,652
12,401
9,513
12,631
11,359

543.
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.
1980,
1981,
1982,
1983.
1984.
1985.
1986.
1987.

May

D E F E N S E D E P A R T M E N T GROSS O B L I G A T I O N S I N C U R R E D
( M I L L I O N S OF D O L L A R S )

38,361
32,254
23,715
26,293
22,051
23,663
21,509
22,795
24,633
24,531
23,003
23,434
27,275
35,350
36,616
39,531
32,561
30,181
32,879
34,280
37,446
40,052
41,358
49,258
57,304
66,702
71,178
82,087
98,818
122,628
142,169
174,180
185,822
196,585

2,038
1,326
841
1 ,782
808
3,043
1,893
2,252
1,855
2,140
2,413
2,640
2,150
2,978
4 ,040
4,203
3,070
2,545
2,231
2,786
3,171
3,211
3,814
3,543
4,654
6,204
4,825
6,938
8,145
10,278
11,24?
10,927
16,758
10,794
11,782

2,042
1,116
1,287
2,024
1,093
2,228
2,222
1,963
2,229
2,127
2,366
1,910
2,390
3,693
3,560
3,067
2,744
2 ,896
3,154
2,897
3,402
3,680
3,854
4,300
7 ,081
4,144
6,160
6,670
13,541
11,130
10,871
10,810
12,519
12,104

TOTAL F O R P E R I O D
2,035
886
9? 1
,196
,619
,511
,192
,151
,888
,216
,580
,313
,940
,545
,937
,896

,916
3,074
2,024
3,295
3,635
2,535
4,624
3,928
5,650
6,324
9,285
9,220
11,483
9,887
10,701
13,320
12,913

1,089
767
1,231
2,108
1,310
1,692
1,964
2,200
2 , 143
2,167
2,722
1,963
2,775
3,165
3,690
3,173
3,001

1 ,004
2,454
597
2,091
1,297
2,308
1,793
2,250
2,033

959
2,271
1,136
1,972
1,594
1,880
,937
,327
a , 494

265
481
,310
,934
,819
,704
,102
,938
,308

390
913
2,194
1,891
1,671
2,328
1,298
1,922
2,491

2,635
2,163
2,419
3,541
3,720
3,836
2,680

3,093
2,638
2,962
3,553
4,419

2,982
2,725
3,235
3,504
3,102

2,119
1,967
2,790
3,383
3,626
3,903
2,987
3 464
2,606
2,946
2,992
3,863
2,866

,814
,075
,995
,225
,308
,378
,734
2,746
3,092
3,589
3,347
3,667
3,062

2,149
1,997
2,988
3,513
3,479
3,613
2,765
3,181
3,066
2,532
3,292
3,051
3,413

8,358
2,006
3,383
4,364
5,246
5,578
5,489
5,508
6,162
8,003
7,503
7,296
6,394
8,814
10,328
9,456
9,743
8,382
8,316
9,527
8,670
9,352
10,960

4,623
4,924
4,947
7,289
9,637
8,928
10,767
11 , 8 6 9
16,353
11,866
13,595

4,255
4,855
6,232
6,845
9,276
10,280
11,378
11,119
10,983
12,352
13,683

5,279
4,343
5,619
6,670
5,950
8,004
4,263
17,165
12,788
9,366
10,555

4,247
6,509
6,029
6,780
9,778
10,109
15,731
25,476
12,340
11,878
9,353

5,332
4,568
5,825
10,014
9,126
16,502
10,060
6,391
12,707
11,536
11,820

12 , 5 4 2
14,503
16,228
17 , 5 6 8
20,738
29,506
31,183
37,267
34,900
37,065
36,559

45,535
33,673
23,512
26,168
22,107
23,684
22,452
23,022
24,241
24,547

44,707
33,716
23,034
26,344
22,140
23,755
22,323
23,220
23,955
24,831

40,050
33,186
23,374
26,518
22 , 0 6 2

23,365

23,008

23,042

21,599
22,866
24,522
24,430
23,050
23,275

34 ,154
36,625
39,960
33,613
29,938
30,671
33,985
36,285
39,894
41,805
43,663
52,697
62,730
70,629
76,745
91,896
111,857
133,056
156,950
186,401
199,295
215,074

34,583
36,993
40,178
33,234
29,703
31,546
34,026
36,682
39,429
41,845
47,366
54,775
63,006
63,757
77,777
91,354
111,866
131,130
159,226
185,059
198,408
212,355

34,942
36,831
40,127
32 , 9 1 2
30,085
31,450
34,255
36,869
39,772
41,468
47,385
55,479
63,440
69,910
78,183
92,575
113,647
139,062
168,321
182 , 4 0 0
198,337
212,086

35,064
37,033
39,587
32 ,781
30,077
31,046
34,225
36,839
40,137
41,309
48,497
55,771
64, 4 7 0
70,006
79,936
93,827
119 , 7 8 8
141,820
172,010
183,504
197,769
205,974

DEFENSE DEPARTMENT GROSS U N P A I D OBLIGATIONS OUTSTANDING
( M I L L I O N S OF DOLLARS)
51,118
33,567
26,919
25,440
24,762

38,587
31,293
23,685
26,581
21,957
23,641
21,314
23,041
24 ,506

35,974
30,030
24,526
26,129
22,369
23,682
21,203
22,931
24,659

34,907
29,435
24.S36
25,85?
22,768
23,532
21,042
22,718
24,939

34,769
28,405
24,475
25,287
23,330
23,656
21,148
22,539
24,515

24^007
22,955
22 ,707
24,242

23,777
23,466
27,621
35,719
37,236
39,147
32,041
30,851
32,832
34,426
37,673
39,875
41,459
50,229
§8,401
49,455
71,665
83,608
102,67?
123,803
145,648
173,704
188,008
199,440

23,595
23,698
28,355
35,668
37,490
38,472
31,494
30,541
32,742
34,976
37,817
40,198
41,866
50,761
58,986
67,663
73,179
84,883
105,418
125,570
150,842
174,338
190,756
199.308

23,55?
23,762
29,597
3S.296
36,914
37,656
30,979
30,737
32,976
35,140
38,456
39,918
42,494
51,236
59,348
69,360
73,912
84,994
108,428
126 ,165
149,369
174,867
188,903
200,411

23,914
24,261
30,322
36,683
37,622
36,855
30,279
31,098
32,772
35,693
38,389
40,086
42,970
52,170
60,723
67,783
74,252
85,165
108,841
126,532
149,452
178,000
189,004
202,504

23,043
24,651
32,030
37,417
38,421
35,445
30,78?
29,077
32,417
35,877
38,909
40,959
43,612
52,625
60,549
67,996
74,592
86,126
109,654
129,720
151,538
179,337
193,207
204,177

50,051
33,695
25,793

33,109
36,188
39,741
41,437
43,251
53,383
61,833
68,662
74,870
87,968
110,885
131,172
152,828
182,074
196,185
207,148

49,349
33,287
24,076

47,419
33,442
23,911
26,463

23,910
22,846
23,225
23,210
24,463

23,555*
22, 5 5 8
23,257
23,945
24,179

36,249
39,104
34,414
30,221
31,069
33,350
36 ,666
39,621
42 , 140
42,558
54,262
62,028
79,219
75,133
89,857
110,787
130,829
156,271
187,278
198,635
209,556

1,614
3,665
4,640
5,797
5,084
5,912
5,337
5,187
7,293
7.804
6,082
6,039
8,773
10,121
10,413
10,894
8,486
9,391
8,764
9,067
9,631
10,581
9,341
13,740
14,858
15,420
17,473
23,464
24,854
34,615
30,054
49 , 0 3 2
37,835
32,780
31,728

20,642
13,288
14,418
26,766
18.769
24,414
23,094
23,23?
25,982
28,456
27 , 9 6 6
2 ? , 093
30,057
39,713
42,328
42,054
35,445
33,417
33.S54
35,956
35,158
41,270
42,974
49,148
54,159
61,885
64,187
81,448
96,892
126,682
127 , 8 9 4
153,373
1 4 ? , 853
143,327
1 4 3 , ? 23

E N D OF P E R I O D

NOTE: Unless otherwise neted, these series contain no revisions but are reprinted for the convenience of the user,
'This series contains revisions beginning with 1980.




4,128
4,107
2,799
5,395
4,226
5,511
5,949
6,601
6,169
6,08?
7,573
6,706
7,507
10,646
10,955
10,946
8,577
7 , §12
8,991
8,437
8,221
10,352
11,156
11,172
13,502
13,707
16,829
26,458
28,198
28,428
33,628
32,875
38,037
37.53S
40,191

35,974
30,030
24,526
26 , 129
23 , 6 8 2
21,203
22,931
24,659
24,036
23,595
23,698
28,355
35,668
37,490
38,472
31,494
30,541
32,742
34,976
37,817
40,198
41,866
50,761
58,986
67,663
73,179
84,883
105,418
125,570
150,842
174,338
190,756
199,308

47,419
33,442
23,911
26,463

40,050
33,186
23,374
26,518

40,050
33,186
23,374
26 , 5 1 8

2 ,666
23,555
2 ,007
22,558
2 ,955
23,257
2 ,707 23,945
2 ,242
24,179
2 ,824
2 ,043
23,365
2 ,651
32,030
34,154
37,417
36,625
38,421
39,960
35,445
33,613
30,787
29,938
29,077
30,671
32,417
33,985
35,877
36,285
38,909
39,894
40,959
41,805
43,612
43,663
52,625
52,697
60,549
62,730
67,996
70,629
74,592
76,745
86,126
91,896
109,654
111,857
129,720
133,056
151,538 1 5 6 , 9 5 0
179,337
186,401
193 , 2 0 7
199 , 2 9 5
204,177 215,074

23,755
21,599
22,866
24,522
24,439
23,050
23,275
26 , 7 4 6
35,064
37,033
39,587
32,781
30,07?
31,046
34,225
36,839
40,137
41,369
48,49?
55,771
64,470
76,006
79.936
93,82?
119,788
141,820
172,010
183,504
197,769
205,974

21^599
22,866
24,522
24,430
23,050
23,275
26,746
35.0&4
37,033
39,58?
32,781
30,077
31,046
34,225
36,839
40,13?
41,309
48,49?
55,771
64,470
76,006
79,936
93,82?
119,788
141,820
172,010
183,504
1 9 ? , 769
20§,974

51,118
33,56?
26,919
25,440

(JUNE 1

C. Historical Data for Selected Series—Continued
Year

J an. Feb.

Mar.

Apr.
570.

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,..
1980...
1981,,.
1982...
1983...
1984...
1985...
1986.,.
1987...

June

May

July

Sept.

Aug.

Oct.

Mov.

Dec.

IQ

EMPLOYMENT, DEFENSE PRODUCTS INDUSTRIES
(THOU SARDS)

IQ

III Q

IV Q

Annual

AVERAGE FOR P E R I O D

...
1 ,218
1 ,249
1 ,250
1 ,235
1 ,303
1 ,369
,307
,228
,357
,588
,719
,691
,546
,262
,109
,154
,179
,185
,096
,069
,120
,242
,346
,391
,386
,344
,391
,496
,570
,590

1,211
1,254
1,246
1,240
1,316
1,366
1,294
1,224
1,382
1,614
1,723
1,672
1,521
1,238
1,115
1,155
1,179
1,153
1,092
1,074
1,125
1,262
1,352
1,388
1,380
1,346
1,398
1,506
1,572
1,589

,210
,255
,244
,244
,326
,354
,285
,230
,406
,630
,719
,688
,503
,213
,117
,157
,182
,156
,093
,069
,136
,278
,358
,390
,377
,342
,408
,514
,572
,590

577. DEFENSE
1953...
1954...
1955...
1956...
1957...
1958. . .
1959...
I960...
1961...
1962..,
1963...
1964...
1965..,
1966...
1967...
1968. . .
1969.,.
1970...
1971...
1972...
1973..,
1974..,
1975...
1976...
1977...
1978...
1979. . ,
1980..
1981..
1982,.
1983,.
1984..
1985..
1986..
1987..

3,513
3,510
3,381
3,359
3,203
3,160
2,879
2,864
2,787
2,788
2,613
2,618
2,561
2,550
2,491
2,487
2,503
2,498
2,849
2,849
2,677
2,684
2,687
2,696
2,663
2,652
2,902
2,937
3,357
3,368
3,427
3 ,440
3,418
3,432
3,255
3,220
2,861
2,840
2,462
2,426
2,334
2,314
2,199 2,195
2,145 2,146
2,092
2,093
2,077
2,078
2,065
2,062
2 ,040
2 ,030
2,029
2,032
2,056
2,061
2,104 2,109
2,120 2,122
2,130
2,135
2,146 2,147
2,157
2,160
2,179 2,172

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...
1980...
1981...
1982...
1983...
1984...
1985...
1986...
1987..,

1,423
1,240
1,183
1,167
1,179
1,087
1,088
1,052
1,036
1,062
1,066
1 ,045
1,021
1 ,067
1,251
,272
1,319
1,255
1,146
1,119
1,073
1,034
1,039
1,026
998
987
977
970
979
1,015
1,031
1,049
1,073
1,101
1,060

] ,212
,259
,240
,248
,330
,350
,278
,237
,430
,645
,713
,686
,472
,190
,123
,160
,185
,138
,087
,085
,143
,282
,360
,393
,375
,347
,414
,525
,583
,583

1,210
1,267
1,233
1,255
1,340
1,347
,266
1,247
1,457
1,650
1,713
1,682
1,441
1,179
1,125
1,165
1,187
1,152
1,084
1,088
1,162
1,287
1,364
1,393
1,370
1,352
1,424
1,533
1,588
1,584

,222
,271
,201
,257
,350
,345
,258
,478
,662
,718
,658
,421
,167
,124
,169
,189
,139
,071
1,098
1,173
1,296
1,365
1,395
1,368
1,356
1,435
1,544
1,564
1,577

1 ,224
1 ,280
1,213
1,259
1,361
1,337
1,246

1 ,229
1,277
1,228
1,255
1,369
1,332
1,235

1,233
,274
,224
,262
,369
,328
,236

1,502
1,668
1,717
1,659
1 ,400
1,150
1,124
1,171
1,193
1,129
1,059
1,109
1,184
1,305
1,367
1,394
1,368
1,366
1,444
1,551
1,592

1,525
1 ,675
1,725
1,643
1,373
1,147
1,127
1,175
1,152
1,123
1,069
1,103
1,193
1,306
1,373
1,397
,358
,350
,452
,569
,590

,537
,686
,708
,627
,353
,141
,136
,171
,188
, 114
,069
,103
,195
,317
,377
,397
,360
,372
,461
,565
,590

DEPARTME^ T MILITARY PERSO *HEL ON ACTIVE DUTY
(THOUSANDS )

1,239
1,266
1,218
1,274
1,370
1,328
1,232
1,300
1,554
1,699
1,691
1,613
1,321
1,132
1,134
1,172
1,197
1,103
1,065
1,066
1,207
1,328
1,382
1,392
1,356
1,374
1,470
1,569
1,592

1,246
1,259
1,230
1,283
1,371
1,317
1,231
1,315
1,573
1,709
1,701
1,580
1,299
1,123
1,144
1,176
1,193
1,089
1,063
1,068
1,219
1,340
1,386
1,385
1,354
1,377
1,474
1,577
1,591

,249
,256
,232
,292
,371
,318
,228
,331
,579
,718
,703
,565
,281
,114
,152
,176
,180
,089
,068
,093
,236
,346
,388
,390
,350
,383
,485
,573
,590
,569

1,213
1,253
1,247
1,240
,315
,363
,295
,227
,382
,611
,720
,684
,523
,238
,114
,155
,180
,165
,094
,071
,128
,261
,352
,390
,381
,344
,399
,505
1,571
1,590

1,215
1,266
1,225
,253
,340
,347
,267
,246
,455
,652
,715
,675
,445
,179
,124
,165
,187
,143
,081
,090
,159
,288
,363
,394
,371
,352
,424
1,534
1,578
1,581

3,482
3,257
2,923
2,801
2,699
2,597
2,495
2,501
2 ,725
2,702
2,693
2,680
2,761
3,287
3,416
3,454
3,387
2,946
2,608
2,371
2,227
2,156
2,097
2,086
2,072
2,058
2,030
2,053
2,090
2,108
2,120
2,138
2,151
2,177
2,172

3,458
3,233
2,916
2,798
2,659
2,590
2,501
2,500
2 ,781
2,687
2,694
2,678
2,803
3,326
3,412
3,433
3,351
2,917
2,579
2,370
2,218
2,154
2,099
2..082
2,069
2,050
2,029
2,056
2,097
2,114
2,126
2,141
2,153
2,181
2,174

3,403
3,181
2,887
2,781
2,617
2,566
2,487
2,494
2,811
2,668
2 ,676
2,663
2,857
3,334
3,398
3,408
3,298
2,874
2,519
2,348
2,202
2,140
2,084
2,072
2,060
2,041
2 ,020
2,051
2,093
2,113
2,124
2,138
2,150
2,178
2,167

3,518
3,342
3,105
2,850
2,792
2,623
2,538
2,478
2,490
2,840
2,691
2,693
2,647
2,969
3,371
3,467
3,452
3,173
2,802
2,385
2,291
2,187
2,137
2,090
2,075
2,058
2,026
2,033
2,062
2,107
2,127
2,140
2,148
2,160
2,168

3,555
3,302
2,935
2,806
2,796
2,601
2,504
2,476
2,484
2,808
2,700
2,687
2,655
3,094
3,377
3,547
3,460
3,066
2,715
2,323
2,253
2,162
2,128
2,082
2,075
2,057
2,024
2,034
2,070
2,108
2,116
2,143
2,151
2,143
2,151

,264
, 189
,186
,184
,096
,095
,058
,034
,060
,069
,043
,022
,060
,224
,281
,280
,277
,161
,126
,083
,025
,046
,030
997
987
983
970
975
1,009
,028
,044
,069
,098
,060
1,085

,254
, 185
,173
,182
,090
,092
,055
,035
,061
,068
,045
,022
,061
,236
,277
,279
,267
,154
,123
,082
,026
,044
,029
997
985
981
970
976
1,012
1,030
1,048
1,069
1,100
1,058
1,082

1,380
1,219
1,180
1,166
1,172
1 ,087
1,079
1,049
1,038
1,064
1,059
1,043
1,022
1,092
1,273
1,270
1,320
1,225
1,142
1,112
1,052
1,044
1,037
1,019
999
987
973
972
979
,023
,035
,051
,076
,084
,069

©

3,543
3,312
2,969
2,813
2,790
2,600
2,506
2,465
2,473
2,808
2,692
2,690
2,641
3,056
3,368
3,518
3,459
3,084

3,555
3,302
2,935
2,806
2,796
2,601
2,504
2,476
2,484
2,808
2,700
2,687
2,655
3,094
3,377
3,547
3,460
3,066

3,558
3,302
2,940
2,810
2,808
2 ,604
2,506
2,480
2,497
2,807
2,703
2 ,696
2,669

3,548
3,289
2,945
2,798
2,789
2,605
2,500
2,485
2,514
2,684
2,702
2,693
2,686

3,509
3,280
2,931
2,795
2,758
2,598
2,492
2,492
2,553
2,688
2,695
2,690
2,724

3,382
3,545
3,458
3,045

3,393
3,526
3,459
3,020

3,412
3,490
3,449
2,984

,137
,090
,075
,058
,026
,033
,062
,107
,127
,140
,148
,160
,168

2,341
2,274
2,174
2,127
2,087
2,071
2,054
2,022
2,028
2,060
2,106
2,123
2,138
2,148
2,150
2,158

2,319
2,256
2,156
2 , 124
2,081
2,070
2,046
2,018
2,031
2,064
2,104
2,120
2,141
2,149
2,150
2,153

2,323
2,253
2,162
2 , 128
2,082
2,075
2,057
2,024
2,034
2,070
2,108
2,116
2,143
2,151
2,143
2,151

2,332
2,251
2,162
2 , 129
2,087
2,079
2,062
2,027
2,044
2,082
2,110
2,113
2,142
2 ,156
2,150
2,158

2,344
2,237
2,153
2,111
2,085
2,073
2,062
2, 0 2 4
2 ,049
2,084
2,109
2,115
2,144
2,157
2,161
2,167

2,356
2,232
2,157
2,105
2,084
2,075
2,062
2 , 027
2,051
2,083
2,109
2,123
2,138
2,151
2,169
2,174

,380
,219
,180
,166
,172
,087
,079
,049
,038
,064
,059
,043
,022
,092
,273
,270
,320
,225
,142
,112
,052
,044
,037
,019
999
987
973
972
979
,023
,035
,051
,076
,084
,069

1,358
1,215
,181
,168
,166
,089
,076
,044
,040
,065
,058
,041
,025
,104
,277
,270
,317
,218
,140
,105
,050
,046
,036
,014
998
986
972
973
984
,026
,032
,052
,081
,081
,070

1,339
1,211
1,184
1,170
1,159
1,089
1 ,074
1 ,044
1,041
1,066
1,055
1,038
1,030

1,203
1 , 181
1,173
1,154
1,090
1,073
1,043
1,039
1,069
1,049
1 ,029
1,031

1,197
1,180
1,177

1,191
1,182
1 , 180

1,185
1,182
1 , 181

1,091
1,072
1 ,038
1,039
1,068
1,047
1,024
1,036

1,090
1 ,065
1 ,039
1,047
1,070
1,045
1 ,024
1,042

1,092
1 ,064
1 ,037
1,052
1,067
1,046
1,027
1,047

1,284
1,181
1,183
1 ,184
1,105
1,094
1,060
1,035
1,058
1,068
1,045
1,024
1,054

1,280
,277
,319
,218
,139
,093
,053
1,054
1,036
1,010
996
987
97 0
973
987
1,024
1,036
1,056
1,084
1,074
1,070

1,294
1,308
1,334
1,189
1,125
1,082
1,030
1,068
1 ,038
1,003
1,000
989
966
974
993
1,030
1,035
1,056
1,084
1,068
1,076

1,293
1,316
1,331
1,172
1,120
1,060
1,011
1,063
1,041
1,001
994
987
967
973
1 ,006
1,032
1 ,034
1,060
1,091
1,063
1,078

1,288
,299
1,315
1,171
1,130
1,073
1,022
1, 062
1,035
1,001
992
987
966
964
1 ,007
1,032
1,041
1,062
1,094
1,057
1,080

1,280
1,282
1,303
1,175
1,135
1,075
1,024
1,054
1,035
1,002
988
987
968
980
994
,002
,038
,057
,099
,067
,088

1,282
1,281
1,291
1,165
1,130
1,083
1,024
1,048
1,034
998
987
985
969
977
1,005
1,024
1,042
1,068
1,099
1,065
1,086

NOTE:
Unless otherwi e noted, hese series contain revisions b e g i n n i n g w i t h 1986.
]
This series contain no revis ons but is reprinted for the convenience of the user.




,225
,264
L,230
,259
,348
,341
,258
,266
,482
,662
,7 12
,647
,411
,171
,128
,167
,184
,131
,076
,085
,175
,299
,368
,392
,367
,359
,438
,544
,583
,580

3,509
3,280
2,931
2,795
2,758
2,598
2,492
2,492
2,553
2,688
2,695
2,690
2,724
3,229
3,412
3,490
3,449
2,984
2,627
2,356
2,232
2 , 157
2,105
2 ,084
2,075
2,062
2,027
2,051
2,083
2,109
2,123
2,138
2,151
2,169
2,174

3,403
3,181
2,887
2,781
2,617
2,566
2,487
2,494
2,811
2,666
2,676
2,663
2,857
3,334
3,398
3,408
3,298
2,874
2,519
2,348
2,202
2 , 140
2,084
2 ,072
2,060
2,041
2,020
2,051
2,093
2,113
2,124
2,138
2,150
2,178
2,167

3,403
3,181
2,887
2,781
2,617
2,566
2,487
2,494
2,811
2,668
2,676
2,663
2,857
3,334
3,398
3,408
3,298
2,874
2,519
2,348
2,202
2 , 140
2,084
2 , 0? 2
2,060
2,041
2,020
2,051
2,093
2,113
2,124
2,138
2,150
2,178
2,167

END OF PERIOD

(THOUSANDS)
1,403
1,228
1,181
1,166
1,176
1,088
1,082
1,050
1,037
1,064
1,064
1 ,043
1,022
1,076
1,265
1,269
1,319
1,241
1,143
1,117
1,058
1,041
1,038
1,022
999
987
976
971
978
1,019
1,034
1,049
,074
,087
,066

1,245
1,260
1,227
1,283
1,371
1,321
1,230
1,315
1,569
1,709
1,698
1,586
1,300
1,123
1,143
1,175
1,190
1,094
1,065
1,076
1,221
1,338
1,385
1,389
1,353
1,378
1,476
1,573
1,591
1,572

END OF PERIOD

3,524
3,326
3,036
2,836
2,792
2,608
2,518
2,472
2,483
2,829
2,693
2,694
2,645
3,004
3,371
3,494
3,465
3,116

3,518
3,342
3,105
2,850
2,792
2,623
2,538
2,478
2,490
2,840
2,691
2,693
2,647
2,969
3,371
3,467
3,452
3,173
2,802
2,385
2,291

1,229
1,277
1,222
1,259
1,366
1,332
1,239
1,277
1,521
1,676
1,717
1,643
1,375
1,146
1,129
1,172
1,178
1,122
1,066
1,105
1,191
1,309
1,372
1,396
1,362
1,363
1,452
1,562
1,591
1,576

1,325
1,203
1 , 181
1,173
1,154
1,090
1,073
1 ,043
1,039
1,069
1,049
1,029
1,031
1,132
1,294
1,308
1,334
1,189
1,125
1,082
1,030
1,068
1,038
1 ,003
1,000
989
966
974
993
1,030
1,035
1,056
1,084
1,068
1,076

1,296
1,185
1,182
1,181
1,130
1,092
1,064
1 ,037
1,052
1,067
1,046
1 ,027
1,047
1,189
1,280
1,282
1,303
1,175
1,135
1,075
1 ,024
1,054
1,035
1,002
988
987
968
980
994
,002
,038
,057
,099
,067
,088

,254
,185
,173
,182
,090
,092
,055
,035
,061
,068
,045
,022
,061
,236
,277
,279
,267
,154
,123
,082
,026
,044
,029
997
985
981
970
976
1,012
1,030
1,048
1,069
1,100
1,058
1,082

1,254
1,185
1,173
,182
,090
,092
,055
,035
,061
,068
,045
,022
,061
,236
,277
,279
,267
,154
,123
,082
,026
,044
,029
997
985
981
970
976
1,012
1,030
1,048
1,069
1,100
1,058
1,082
(JUNE 1989)

99

C. Historical Data for Selected Series—Continued
Year Jan,

Feb.

Mar.

Apr.
47.

1953,,

1954. .
1955 . .
1956..

1957 , .
1958, .
1959..
I960..
1961..

1962. .
1963.,

1964, .
196S . .
1966 . .
1967 . .
1968. .
1969. .
1978.,
1971.,
1972.,
1973..

1974. .
1975..
1976,.
1977..
1978..
1979,.

1980, ,
1981,,

1982. ,
1983..
1984,,

198§ , ,
1986,,

198? .,

40.2

37,9
40.4
44.9
46.0
42.2
46.0
50.6
46.4
51.7
§4.3
§8.1
63.4
69.5
73.7
76.0
80.0
79.5
78.6
83.8
91.8
93.3
84.8
89,3
96.§
101.6
110.3
111.3
1H.O
103.4
102.5
118,5
122 .4
126.4
126.2
721.

1953.
1954.
19S5.
1956.
1957.
1958.
1959.
1960.
1961 .
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
197S.
1976.
1977.
1976.
1979,
1980,
1981.
1982.
1983.
1984.
1985.
1986.
1987.

27
29
32
40
43
45
§1
32
54
55
61
64
66
68
70
78
82
85
8?
94
99
92
94
101
101
104
111
105
106
104
109
110
113
113

40.4
38.0
40.9
44.6
46.S
41 .3
46.9
50.2
46.3
52.5
54.9
58.5
63.8
70.0
72.8
76.2
80,5
79,4
78.4
84.4
93.1
93.0
83.5
90,9
97.2
101.6
110.9
111.4
111.2
107 .0
103,3
119.3
122.9
125.5
127,1

40.7
37.7
41.9
44.6
46.4
40.8
47.6
49.7
46.6
52,8
55. 3
58.5
64.7
70,9
72.4
76.5
81,2
79,3
78.4
85.1
93.1
93,4
82.0
90.7
98.0
103.0
111.2
111.4
111.6
105.8
104.2
119.9
123.3
123.9
127.4

I960.

1961.
1962.
1963.
1964.
1965.
1966,
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974,
1975,
1976,
1977.
1978.
1979,
I960,

1981.
1982,
1983.
1984.
1985.
1986.
1987 ,

52
37
60
60
60
61
61
68
69
68
6?
76
80
82
80
84
89
88
91
87
99
91
96
92
101
101
99
107
94
97
100
107
105
108
110

June

July

Aug.

Sept.

40.9
37.5
42,4
44.9
45.8
40.2
48.6
49.3
47.5
52,9
55.8
59 .5
64.9
71.0
73.1
76.6
80.9
79.1
78.8
86.5
93.4
93.2
82,7
91.1
99.0
105.5
109,9
109.1
110.6
104.5
105,6
120.5
123.1
124.7
127.4

41.5
37.9
43.4
42.8
46.0
42.2
48.2
48.5
49.5
53.2
56.4

41.2
37.9
43.4
44.5
46.0
43.1
46.6
48.4
50,0
53.3
56.5

40.4
37,9
43.7
45.5
45.6
43,5
46.5
47.9
49.9
53,6
57 ,1

40.0
38.4
44.4
5.9
4.9
4,0
6.2
7.9
50,9
53.7
57.5

39.1
39.0
44.5
45.5
43,9
45,3
46.5
47.2
51,7
53.9
57.7

65.5
71.7
72.5
77.4
80.6
79.0
79.2
86.3
93.8
94.3
82,5
92.1
99,6
105,8
110,9
106,2
111.2
103.6
106.9
121.0
123.7
124.3
128.2

66.0
72.0
72.5
77,7
81.3
78.8
79,5
86.5
94.5
94.6
83.6
92,2
100.4
106.9
110.9
105.0
112.0
103.0
107.8
121.9

66.6
72.4
72.3
77.6
81.8
79.0
79.3
86.4
95.1
94.2
84.1
92,7
100,7
107.5
110.5
104.8
113.4
102.5
109.8
122.8

66.9
72,5
73.7
77.8
82.0
78.8
78.8
87,6
95.1
93.9
85.6
93.2
101.0
107.7
110.2
106.3
112.8
102,0
111.6
123.0

67.0
73.2
73.6
78.1
81.9
78.3
80.1
88.5
95.8
94.2
86.4
93.5
101,4
108.3
110.4
107.7
111.5
101.3
113.7
122.4

67,7
73.7
74.2
78,3
82.0
76.7
80.7
89.8
96.1
93.6
86.9
93.9
101.8
109.2
111.0
108.5
110.4
100.5
114,4
122.1

68*.0

124,1
129.1

124.8
130.6

124.9
131.2

124.5
131.0

125.3
132.5

32
39
43

27
30
33
41
43

27
30
33
41
43

27
31
35
41
44

28
31
34
42
44

45
51
53
54
55
61
64
6?
§8
71
77
83
85
85
94
98
92
95
101
100
103
111
106
105
104
108
111
113
116

4S
51
53
54
55
61
63
68
6?
71
78
84
84
87
95
98
92
95
101
100
105
110
106
106
104
108
112
113
116

46
52
53
54
57
61
64
67
68
72
79
84
85
88
95
100
91
96
99
102
106
109
105
106
105
107
111
116
116

47
52
53
55
58
61
65
68
67
69
80
84
85
89
97
100
89
98
100
101
107
107
106
105
105
108
112
112
117

47
52
53
55
58
62
64
68
68
72
80
83
85
89
97
101
90
98
100
101
107
108
105
104
106
10S
112
114
116

47
53
54
55
59
62
65
68
69
74
81
85
86
89
97
100
90
96
99
102
108
108
106
103
105
108
112
116
117

29

52
56
60
60
61
62
61
68
69
69
69
77
80
82
81
85
89
90
89
80
98
91
96
93
101
101
106
104
95
97
101
105
105
109

in

§3
57
62
60
60
63
61
69
69
69
70
77
79
83
81
86
89
91
B8
88
99
94
94
93
101
99
108
104
95
97
99
103
107
111
112

28
31
35
42
44
44
48
53
54
56
59
61
65
68
68
75
81
84
85
90
98
100
90
96
100
103
108
106
104
103
105
109
112
114
116

100



IQ

38.1
39.5
44.7
46.2
43.0
45.3
49.3
46,3
52.1
53.9
57.6
62 7
68.' 8
73.3
76.0
79.5
81.0
78.0
82.0
91.8
94.7
87.1
88,4
96.2
102.1
110.8
111.0
111.0
107.4
100.5
115,5
122.7

40.4
37.9
41.1
44,7
46.3
41.4
46,8
50,2
46.4
52.3
54.8
58.4
64.0
70,1
73.0
76,2
80.6
79.4
78.5
84.4
92.7
93,2
83.4
90.3
97.2
102,1
110.8
111.4
111.3
106.1
103.3
119.2
122.9
125.3
126.9

73.2
75.2
79.3
81.2
76,2
81.1
90.9
96.2
90.9
87.7
95.4
102,1
109.9
111.0
110.7
109.0
100.6
114.8
122,7
125.*7

133.2

126. *8
133.9

53
57
61
60
60
60
63
68
69
69
71
77
80
83
83
86
90
90
90
90
98
99
92
94
100
106
107
101
96
98
101
102
109
110
113

53
57
62
59
61
61
63
69
68
70
72
77
82
83
61
87
90
90
90
92
99
101
91
96
102
102
109
101
94
99
102
101
109
109
114

51
57
60
60
62
61
63
68
69
70
72
79
80
81
82
87
91
90
90
92
100
101
91
94
98
102
111
101
97
96
100
102
110
109
112

53
57
60
60
62
60
64
68
70
70
74
77
80
83
82
87
91
90
89
91
100
101
90
94
99
104
110
99
97
98
102
101
107
111
113

III Q

IV Q

Annual

53
57
59
59
62
60
64
69
69
70
73
77
80
82
81
87
89
90
90
92
100
101
89
94
100
105
106
96
97
99
103
100
109
111
116

41,0
37.7
42.8
44.5
45.7
40.8
49.1
49.1
48.2
52.8
56.3
59.8
65.5
71.6
72.7
77,2
80.9
79.0
79.2
86,4
93.9
94.0
82.9
91.8
99.7
106.1
110.6
106.8
111.3
103.7
106.8
121.1
123.4
124.4
128.2

41.0
37.9
43.5
44.3
45.9
42.9
47.1
48.3
49.8
53.4
56.7
60.7
6 6 . *8
72.7
73.2
77,8
81.9
78.7
79.4
87.5
95.3
94,1
85.4
93.1
101.0
107.8
110.4
106.3
112,6
101,9
111,7
122.7
124,0
124,7
130.9

39.1
39.0
44.5
45.9
43.9
44.9
4?. 3
47.1
51.6
§3.8
S7,6
61.6
68.2
73.4
75,1
79,0
81,4
77.0
81,3
96.8
93.7
90.S
87.7
95.2
162.0
110.0
111.0
116,1
108. 9
100.5
114,9
122.5
124.6
125.9
133.2

40.4
38.2
43.6
44.9
45,3
42.6
47.7
48,8
49.1
§3.2
56.3
60.1
66.1
72.0
73.5
77.6
81.2
78.5
79,6
87.3
94,4
93.0
84.8
92,6
106.0
166.5
110.7
108.6
111.0
103.1
109.2
121.4
123.?
12S.1
129.8

COUNTRIES—

AVERAGE FOR P E R I O D
29
31
36
42
44

29
31
35
42
44

29
31
36
42
44

29
32
36
42
44

27
29
32
40
43

27
30
34
41
43

48
53
54
56
59
62
65
68
69
75
80
84
86
90
98
98
91
100
100
103
108
104
106
103
106
109
112
114
117

49
54
54
55
60
63
66
68
69
75
80
84
86
92
98
97
93
99
100
104
108
105
107
103
106
109
113
115
119

49
54
54
56
60
63
66
67
70
76
80
84
86
92
98
95
93
100
99
104
109
106
106
102
108
109
114
115
119

50
54
55
56
59
63
66
68
72
77
81
85
86
94
98
93
93
101
100
106
109
105
105
102
108
110
111
114
118

45
51
53
54
55
61
64
67
66
71
78
83
85
86
94
98
92
95
101
100
105
111
106
106
104
108
111
113
115

47
52
53
55
58
61
64
68
68
71
80
84
85
89
96
100
90
97
100
101
107
108
105
105
105
107
112
114
116

56
59
62
60
61
60
66
69
69
69
75
80
82
81
83
87
88
91
89
95
100
97
92
98
100
102
106
96
99
99
104
102
108
111
117

55
59
62
60
62
61
67
69
68
69
75
80
81
80
83
87
90
90
89
96
99
97
92
98
99
103
107
95
98
97
104
102
109
112
116

55
59
62
60
60
61
66
69
69
69
75
80
82
80
85
88
91
91
90
96
98
95
91
99
101
106
108
95
97
96
105
103
106
111
117

52
57
61
60
60
62
61
68
69
69
69
77
80
82
81
85
89
90
89
85
99
92
95
93
101
100
104
105
95
97
100
105
106
109
112

UNITED K I N G D O M — I N D E X OF I N D U S T R I A L PRODUCTION3
(1977-100)

'This series contains no revisions but 1s reprinted for the convenience of the user.
series contains revisions beginning with 1959.
Th1s series contains revisions beginning with 1957.

2
TMs
3

II Q

Dec.

AVERAGE FOR PERI6I)

40.9
37.9
43,1
44.1
45.7
41.6
49.4
48,7
48.9
52.7
56.6

27
29
33
40
43

27

Nov.

Oct.

41.1
37.7
43,0
44. 5
45.6
40.6
49.3
49.3
48.3
52.8
56.4

O R G A N I S A T I O N FOR ECONOMIC COOPERATION AND DEVELOPMENT. EUE OPEAN
I N D 8 X OF I N D U S T R I A L P R O D U C T I O N a ( 1977-100)

722.
1953.
1954.
1955.
1956.
1957.
1958.
1959.

May

INDEX OP INDUSTRIAL PRODUCTION1
(1977-100)

53
58
61
60
62
60
65
69
68
71
72
79
81
82
82
87
89
90
89
94
99
99
91
95
100
,105
106
96
97
99
103
102
110
112
114

28
31
35
42
44
44
48
53
54
56
59
62
65
68
69
75
81
84
86
90
98
99
90
99
100
103
108
106
205
103
105
109
112
115
117

29
31
36
42
44
44
49
54
54
56
60
63
66
68
70
76
80
84
86
93
98
9S
93
100
100
105
109
105
106
102
10?
109
113
115
119

28
30
34
41
44
44
47
52
54
35
S8
62
61
68
69
73
80
84
8S
89
97
98
91
98
100
102
167
108
106
164
106
108
112
114
117

AVERAGE FOR P E R I O D

52
57
61
60
61
61
63
68
69
70
72
78
81
82
82
87
90
90
90
91
99
100
91
95
100
103
109
101
96
98
101
102
109
109
113

53
57
60
60
62
60
64
69
69
70
73
78
80
82
82
87
90
90
89
92
100
100
90
94
100
105
107
98
97
99
103
101
109
111
115

55
59
62
60
§1
61
67
69
69
69
75
80
82
80
84
87
90
91
89
96
99
96
92
98
100
104
107
9S
98
98
104
102
108
111
117

§3
SB
61
60
61
61
64
69
69
69
72
78
81
82
82
86
90
90
90
91
99
97
92
95
100
1C3
107
100
96
98
102
102
108
11©
114

(JUNE 1989)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.
723.

1953...
1954. , ,
1955 , .
1956.
1957,
1958.
1959.
1960.
1961.
1962.
1963.
1 964 . ,
1965.
1966.
1967.
1968.
1969.
1970.
197 1.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981,
1982.
1963.
1984.
1985,
1986.
1987.

30.7
30.8

Aug.

31.2
30,8

31.2
30.6

31,2
30.4

31.0
30.6

31.2
30,4

31,0
31.0

36.3
39.2
37,9
40.6
43.2
42.8
46.2
48.7

36.9
39.5
37.9
40,6
43.6
42.6
46.9
49.3

37.8
38.8
38.3
41.5
42.2
43.3
47,1
49.3

37.4
38.8
38.6
41.3
42.6
43.6
47.7
50.0

38.1
38.7
38.3
41.4
42.3
44.2
48.0
50.3

38.5
38.7
38.6
41.6
41.7
44.8
48,8
50,0

57.6
64.1
65.0
67.0
73.9
76.8
76.9
81.7
93.4
99.2
92.3
95.2
99.3
100.9
109.2
108.7
109.5
102,5
97.9
111.3
121,1
126.3
127.6

58.8
64.1
64.9
67.7
75.3
75.7^
77.2
82,7
94.5
99,6
91.0
96,5
99.7
100,6
108,8
110.5
109.6
101.1
98.7
113.2
121.5
123.3
128.8

58.6
64.2
65,5
69 .0
74.9
74.9
77 .4
84.8
93.6
97.8
91.9
97.8
98.7
102,7
108.2
107.9
112.0
98.3
100.7
115.4
121.1
128.1
128.9

58.7
64.2
65.5
70.2
74.5
75.3
78.5
84.1
93.9
99.3
90.1
99.1
99.8
101,3
110.4
105.4
110.8
98.5
101.2
117.4
122.6
124.8
129.6

59.1
64.3
65,7
70.6
74,2
74.4
79.2
85.1
94.5
98.1
91.1
97.8
100.7
103.2
109.5
105.4
111.1
97.0
104.5
118,0
123.1
123.0
130.3

6o!2
64.1
66.3
70.7
75.2
74.9
79.3
85.1
96.5
97,8
92.5
97.7
100.2
101.8
110.7
106.4
110.9
94.9
104.1
119.1
123.3
124.3
130.9

Sept.
' ^

36,3
38.6
37.5
39.8
43.6
42.9
46 .0
48.3
53.5
58.0
63.5
65.8
67.2
72,7
75.9
76.3
82,8
90.9
98,9
91.9
94.3
100,9
100.4
109.0
110.6
108.4
103.3
97.9
112.7
120.3
126.2
126.2

Oct.

Nov.

Dec.

IIQ

IQ

AVERAGE FOR PERIOD

38.3
38.9
38.5
41.6
42,0
44.5
48.0
50.0

30.8
31.9
36.2
39.2
37.9
39.5
42.6
42,2
45,9
48.4
53.1

59^2
63.1
67.4
71.2
74.1
75.2
81,5
85.2
93.8
97.8
91.7
98.7
100.1
102.5
110.9
106.0
106.2
97,1
107.0
119.9
124.2
123.9
133.6

6CK6
64.5
67,0
71.7
74.6
74.6
81.9
87.2
94.8
96.6
91.9
98.8
99.5
105.1
111.0
108.6
108,6
96.3
109.0
117.9
124.3
124.3
134.1

6K6
65.3
66.4
72.2
74.1
74.7
82.2
88.7
96.1
96.8
90.9
96.8
100.3
,105.4
•""1 10.7
109.1

62]2
64^9
67.4
72.7
75.0
75.6
81.5
89.7
97.4
95.3
93.0
98.9
100.4
106.7
110.0
109.1
104.7
96.1
109.6
119.1
126.2
124.9
136.5

6 3 '.3
65.1
67.6
72.1
76.2
75.7
82.4
90,2
97,3
95,2
94,6
99.0
100.5
108.7
108.8
109.5
104.4
95.8
112.8
119.1
126.3
126.8
136.9

31,0
30.9
32.7
36.5
39.1
37.8
40.3
43.5
42,8
46.4
48.8
53.9
58.1
63.9
65.2
67.3
74.0
76,1
76.8
82.4
92.9
99.2
91.7
95.3
100.0
100.6
109,0
109.9
109.2
102,3
98.2
112.4
121.0
125.3
127.5

29
33
42
44
46
47

30
34
42
43
46
47

26
30
37
41
45
46

28
31
38
43
45
46

29
32
40
44
45
46

29
33
42
44
46
47

28
32
39
43
45
46

57
59
59
63

58
61
58
61

54
58
58
60
64
68
71
66
73
83
90
91
92
99
99
90
98
100
100
107
108
104
104
104
103
112
114
116

56
59
59
61
66
69
70
68
76
85
89
90
93
98
96
90
97
99
102
108
106
105
100
104
109
114
115
116

57
59
58
62
67
70
68
71
78
87
89
89
95
99
93
93
100
101
104
108
104
105
99
107
110
114
114
117

55
59
58
60
65
69
70
68
74
84
89
90
93
99
97
91
96
100
102
107
107
105
102
104
108
113
114
115

ID?.:

94.5
107.6
120.0
125.5
125.1
135.5

WEST G E R M A N Y — I N D E X O F I N DUSTR1AL P R O D U C T I O N 2
(1977-100)
28
31
37
43
45
46

27
31
38
43
45
46

28
31
39
43
45
47

29
32
40
44
45
46

29
32
40
44
45
47

29
33
40
44
46
46

53
58
57
58
64
70
70
67
68
80
86
92
91
98
99
91
95
100
103
104
110
104
104
102
108
111
114
112

53
59
57
58
65
68
71
66
70
81
89
91
91
99
99
91
97
100
100
104
111
107
104
101
109

54
59
57
59
64
68
72
65
71
81
89
90
92
99
98
91
97
101
98
104
109
105
105
103
107
112
114
113

55
59
57
59
64
68
71
66
71
82
90
91
93
99
99
90
98
100
100
105
108
104
105
103
105
111
116
116

54
58
58
61
64
68
70
65
73
83
91
90
92
99
100
90
98
99
100
107
108
105
104
103
107
112
113
117

54
58
58
59
65
68
71
66
74
84
89
91
92
99
99
90
99
101
100
108
107
104
102
107
97
113
114
114

56
59
58
61

55
58
59
62

56
59
59
61

29
33
42
44
46
46
53
57
58
58
62

68
71
68
73
83
90
92
93
95
99
88
95
97
102
109
108
105
99
102
109
116
118
114

68
70
67
79
86
89
88
92
100
95
91
98
100
102
107
107
104
101
104
109
112
114
117

70
70
68
76
85
89
90
93
100
95
91
99
101
103
107
103
105
101
105
109
113
114
116

70
68
70
76
86
89
91
93
99
95
92
100
100
103
107
104
107
100
104
109
114
114
117

68
68
70
80
88
89
89
95
100
94
93
99
100
103
109
105
105
99
107
110
116
114
117

71
67
74
79
86
90
88
97
99
91
94
100
102
105
109
104
104
99
109
111
111
113
116

53
59
57
58
64
69
71
66
70
81
88
91
91
99
99
91
96
100
100
104
110
105
104
102
108
111
114
113

:o4

104
103
106
103
108
105

26
29
32
35
40
44
42
46
49
52
53
60
59
63
64
67
72
79
82
86
95
100
91
95
101
100
104
108
105
104
103
106
106
106
109

F R A N C E — I N D E X OF I N D U S T R I A L P R O D U C T I O N 3
(1977-100)
27
31
33
37
40

29
31
33
37
40

29
31
33
37
40

28
31
33
38
42

26
31
34
38
42

29
32
33
38
43

29
31
34
39
42

29
32
35
39
43

31
32
35
39
43

26
30
32
36
40

28
31
33
37
40

42
46
50
52
48
60
59
63
64
69
72
79
83
87
95
98
89
96
102
101
105
108
103
105
104
106
106
105
110

43
47
49
52
54
60
60
63
64
68

43
46
49
52
56
60
60
63
64
47

47
50
52
56
60
60
64
66
60

47
50
53
58
59
60
65
65
71

47
50
53
58
59
60
65
65
71

49
50
53
58
60
61
65
66
69

48
50
53
58
60
62
64
65
72

49
51
54
58
60
62
65
66
75

49
52
53
59
59
62
65
67
75

42
46
49
52
51
60
59
62
64
68

80
82
88
93
100
89
97
99
104
103
108
103
105
104
104
105
111
109

79
81
89
98
101
87
97
98
102
106
105
104
104
105
108
106
104
110

80
82
88
96
99
89
97
102
101
108
105
104
105
105
104
105
108
111

79
83
89
98
102
88
99
99
101
110
106
103
102
102
106
108
109

79
83
89
98
102
88
99
99
101
110
106
103
102
102
106
108
109
111

80
85
91
96
97
88
102
100
102
109
104
105
103
104
105
106
109
111

81
85
92
98
98
92
99
99
104
108
104
104
103
102
106
108
110
111

80
86
93
98
94
89
101
100
104
108
102
104
103
105
105
109
108
112

81
86
94
96
92
95
101
98
104
108
104
106
103
106
104
105
108
112

79
82
87
95
99
90
95
102
100
104
108
104
104
103
106
105
106
108

43
47
49
52
55
60
60
63
65
58
76
80
82
88
96
100
88
97
100
102
106
106
104
105
105
105
105
108
110

in

31,1
30.7
34 . 9
38.5
38.6
38.5
41.9
42.0
44.9
48.6
50,6
55,1
60.0
63.9
66.9
71.2
74.6
74.9
80.9
85,8
95.0
97,4
92.0
98.4
99.9
103.1
110.9
107.0
108,6
96.1
106.7
119.0
123.9
124.2
132.9

30.6
31.4
35.8
39.1
37.8
39,1
42.7
42.4
45.7
48,4
52,5
56,7
62.4
65.1
67,1
72,3
75.1
75.3
82.0
89.5
96.9
95.8
92.8
98.2
100.4
106,9
109.8
109.2
105,4
95,5
110.1
119.4
126.0
125.6
136,3

31.0
30.9
34.3
38.0
38,6
38.4
41,6
42.6
44,3
47.7
50.4
55.0
59.8
64,3
66.2
70.2
74.6
75.3
79.5
85.6
94,7
97.7
91.9
97.6
100.0
103,3
109.8
108,1
106.6
98.0
104,3
116.9
123,3
125.1
131.6

AVERAGE FOR PERIOD

27
30
33
36
40

'This series contains no revisions but is reprinted for the convenience of the user.
2
This series cont lins revis ons begin l i n g with 1955.
3
This series contains revis ons b e g i n n i n g with 1956.




31.1
30.5
33.8
37.8
38.8
38.4
41,4
42.4
43.7
47.6
49.9
54.4
58.8
64.2
65.6
69.9
74.5
74.9
78.4
84.7
94,0
98.4
91.0
98,2
99.7
102.4
109,4
106.2
111,3
97.9
. 102.1
116,9
122.3
125,3
129,6

A V E RAGE FOR P E R I O D

27
30
38
42
44
47

26
30
32
36
39
44
42
46
49
51
53
60
59
61
64
67
73
79
81
87
94
100
91
95
102
100
103
109

Annual

30.3
31,2
35,7
39.1
37.8
39.3
42.3
42.3
45.7
48.4
52.5

26
30
37
40
46
46

114
113

IV Q

30.8
31.1
35.5
38.9
37.7
38.5
43.3
42.6
45.5
48,5
51.9

26
29
37
42
44
46

no

111 Q

31.2
30.7
35.2
38.6
38.1
38.3
42.5
42.4
45,3
48.9
51,8

J L ,t

726.
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.
1980.
1981 .
1982 .
1983,
1984,
1985.
1986.
1987.

July

31.0
31,2

725.
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.
1980,
1981.
1982.
1983.
1984.
1985.
1986.
1987.

June

May

CANADA—INDEX OF INDUSTRIAL PRODUCTION
(1977=100)

28
31
33
38
42
43
44
48
50
53
58
59
60
65
65
70

30
32
35
39
43
42
45
49
51
53
58
60
62
65
66
74

28
31
33
37
41
43
44
47
50
52
56
60
60
64
65
68

79
84
90
97
100
88
100
99
101
110
105
104
102
103
106
107
109
111

81
86
93
97
95
92
100
99
104
108
103
105
103
104
105
107
109
112

80
83
89
96
99
90
98
100
102
107
106
104
104
104
106
106
108
110

(JUNE 1989)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar,

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

IQ

II Q

III

Q

727. ITALY—INDEX OF INDUSTRIAL PRODUCTION
( 1977-100)
1953...
1954...
1955...
1956...
1937...
1958...
U39...
I960...
1961...
1962,..
1963,.,
1964...
1965...
1966...
1967,..
1968...
1969...
1970...
1971...
1172,,.
1973,,,
1974...
1973..,
1976,.,
1977,,.
1978...

21.7
24.1
25.6
27.4
29.9
31.7
33.0
38.2
42.4
48.7
§1.9
36.6
54.5
61,6
6?.8
71.1
78,3
81.1
80. S
84,1
85.0
100,9
88.9
90.6
104.8
99,4

21.7
24.2
25,8
26,5
30.5
31.0
34.1
39.3
43,4
48.9
50.7
54,7
55.0
61.4
68.9
71.1
76.0
81.9
79.6
81.8
83.2
96.2
88.8
93.2
101.9
99.1

22.1
24.2
26.
2?.7
30.5
31.0
34.2
39,9
43.3
48,5
52.2
55.9
54.3
62.9
67.9
71.1
78.3
81.7
80.6
82.2
84.2
9?.9
85.4
94.5
103.2
99.4

198o!!!
1981...
1982...
1983,..
1984...
1985...
1986.,,
1987...

11?!4
115.5
118.7
107.4
109.2
106.0
111.7
114.2

mis

119 la

1953,
1 93 4 . .
1955.
1956.
1957.
1958.
1939,
1960.
1961.
1962.
1963.
1964,
1965.
1966,
1967.
1968.
1969,
1970.
1971.
1972,
1973.
1974.
1975.
1976,
1977.
1978,
1979.
1980.
1981.
1982,
1983.
1984.
1985.
1986.
1987.

7,6

7.8

8.5

0.7
9,9
11,8
14.3
14.9
15.9
20.4
24.9
29.2
29.2
35.6
38.8
40.2
48.7
37,1
65.3
76.8
82.0
83.1
97.3
104.8
85,6
90.2
100.3
103,1
110.1
118.8
119.1
122.4
121.1
131.7
141.2
141.6
142.2

10.1
12.0
14.6
15.0
16,4
21.4
25.1
29.2
30.0
36,4
38.5
40.4
48.3
57.9
66.3
77,6
81,6
84.0
98.2
104.5
84.7
92.5
98.9
102.4
109.9
123.2
118.7
121,5
120.7
135.0
140.8
141.6
141.5

10.2
11.8
14,7
14.9
16.6
21.4
23.8
29.6
30.2
36.0
38.8
41,5
49,6
58.2
66.4
76.2
82,4
85.7
99.7
102.
83.6
93.9
100.3
104.7
110.9
120,0
119.1
122.8
122.4
133.9
139,7
141.5
143.6

115.2
114.0
106.9
106 . 1
113.3
113.3
117.6

114.6
110.6
104.7
109.5
113.0
116.3
120.2

8.0

8.7

9.1

9.6

10,8
13.4
15.6
15.0
18.4
22.8
27,
28.
33.
38.
38.
44.
53.
61.
71.
80.
82.
88.5
101,8
95.3
87.5
97.6
99.6
107.4
115.4
118.1
121.6
121.5
126 ,2
137,4
142.0
141.2
147.5

11.2
14.2
15.2
15.5
19.?
23.9
28.4
28.7
34.8
38.7
39,5
47.5
56.5
64.0
74.9
81.3
82.6
92.8
103.9
90.6
87.9
98.7
101.0
109.3
117.8
118.4
123.4
120.0
129.2
140.4
142.0
141.1
152.4

23.3
25.3
26.9
29.6
30.5
32.7
37.0
41.5
47.0
49.8
55.8

24.2
25.3
27,2
29.2
30.9
32.9
37.9
41.6
47.6
50.9
55.5

24.2
25.6
27.1
29.8
31.2
32.
38.
41.
48.
51.
55.

§5.0
61,6
69,2
72,3
78.6
81.0
78.2
81.3
89.8
100,7
86.8
95.2
97.7
98.0

57.0
63.9
69.7
73.3
77.3
79,7
80.3
84,4
92.8
99.8
83.3
100.7
103.1
100.6

57.6
64.1
69.3
73.2
79.4
79.8
80,2
84.1
94.7
101.1
87.7
99.1
98.3
101.9

57.9
64.7
69.4
73.8
79.7
81.9
79.4
82.2
97.1
99.2
89.1
100.4
99.0
101.7

57.3
66.4
69.7
73.5
78.5
79.8
81.0
85.0
96.1
97.1
87.7
99.0
100.1
103.3

57.9
66.6
69.3
75.6
74.2
82,3
82.8
82.2
96.1
99.4
88.3
102.5
101.2
101.7

58.3
65.9
70.2
76.2
70.8
80.5
80.5
88.9
98.0
93.9
89.5
100.2
97.5
106.3

59.7
66.2
70.5
73.5
69.2
81.5
82.7
88.0
97.6
88.7
90.1
103,8
97.8
106.1

120^2
111.8
112.0
106.0
105.3
108.3
117.4
117.9

113!2
117.4
109.6
102.4
110.6
110.7
111.0
122.3

luie

105^3
"107.2
107.8
105,3
110.2
111.6
112.4
113.2

110.7
111.5
106.3
104.3
112,1
111,3
112,1
117.5

111.7
113.6
108.4
107.4
110.6
109.5
113.5
122.7

115.6
114.3
106.3
109.3
109.7
113.2
114.6
121.2

AVERAGE FOR PERIOD

10.5
13.2
16.0
14.9
18.1
22.5
27.2
28.6
32.6
37,7
38.7
44.2
52,5
60.2
70.3
81.0
81.9
86.7
100.3
96.6
87.3
97.5
98.2
106.2
115.0
119.8
121.2
121.2
123,8
136.7
143.2
141.9
146.7

10.8
13.3
15,4
15.0
18.4
22.8
27.6
29.2
33,4
37.7
38.8
44.9
53.4
61.8
70.8
80.7
82.2
89.0
103.3
95,2
87.3
97.7
100.3
107.6
116.7
116.3
120.8
121.4
126.6
138.7
141.9
138.5
146 .7

7 4 2 . U N I T E B K I N G D O M — I N D E X O P STOCK P R I C E S 1

11.0
13.6
15,4
15.0
18,8
23.2
27.5
28.8
33.4
38.8
39.0
45.6
55.0
61.5
72.4
81.0
83.3
89.9
101.8
94.2
88.0
97,6
100.3
108.5
114.6
118.1
122.8
122.0
128.3
136.7
140.8
143,2
149.0

11.0
14.2
15.3
15.4
19.3
23.5
28.0
28.6
34.4
38.7
39.0
46,5
55.5
63.0
74.4
81.3
82,2
90.9
103.3
92,2
88.2
97,6
99,4
108.6
117.0
118.8
123.5
118.4
127,8
140.7
142.2
141.4
151.4

11,2
14.2
15.3
15.3
19.5
24.1
28.3
28.8
35.0
38.2
39.7
47.5
56.7
64.7
74.4
80.5
83.1
92.6
104.2
90.7
86.8
99.0
101.4
109.2
118.4
117.3
123.5
121.4
129.0
140.7
141.9
139.4
152.0

11.5
14.2
15.0
15.7
20.4
24.2
28.8
28,6
35.1
39.2
39.7
48.4
57.2
64.4
75.8
82.2
82.6
94.9
104.2
89.0
88.7
99,4
102.1
110.2
118.0
119.0
123.1
120.1
130,7
139.8
141.9
142.6
153.7

10.1
11.9
14.5
14.9
16.3
21.1
25.3
29.3
29.8
36.0
38.7
40.7
48.9
57.7
66 .0
77,5
82,0
84.3
98,4
103.8
84.6
92.2
99.8
103.4
110.3
120.7
119.0
122.2
121.4
133,5
140.6
141.6
142.4

10,2
12.5
15.7
14.5
17.4
21.9
26,2
29.3
31.5
37.1
38.4
42.9
51,0
59.5
69.1
79.9
81.2
86.1
100.4
99,3
85.9
95.6
99.7
105.1
113.1
121,1
118.9
120.9
123.2
135.3
142.1
141.6
142,7

I960.

1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972,
1973,
1974.
1975.
197?!
1978.
1979.
1980.
1981.
1982.
1983.
1984.
1985.
1986,
1987.

86.7
96.3
95.?
100,5
88.5
118.0
139,5
134,9
121 ,6
180.0
168.6
123,4
98.7

35.6
41.0
51.6
48.8
51.8
45.8
62.6
86.7
95.7
81,3
88.5
96.
92.
98,
89.
120.
152. 3
131.2
119.8
186.0
164.4
115.6
109.0

34,9
43.1
32,7
52.4
54.8
48.2
65.0
81.9
98.1
86.7
89.7
100.5
92.7
98.1
94,5
133.1
150.5
128.8
130.6
190.8
168.0
111.4
115.0

157.1
187.8
2 11 .9

164.4
187.2
240.8

224.6
258.9
290.8

239.6

231.8

269.1

372.1

273.3
298.6
387.7
485.2

165.0
192,1
255.9
228,2
293.2
303.4
410.0
494 .9
591.8
779.7
956.1

34.9
40.6
50.6
48.1
51.8
42.7
62.0
86.1
92.1

34.8
40.5
52.9
49.4
51.6
44.6
61.8
86.9
91,9
82.3
86.7
97,9
93,7
98.9
89.1
117.6
158.7
135.1
121.6
180.4
171.8
121.6
92.1
151.7
156.9
191.0
221.3
232.0
267.1
296.4
380.3
466.4
584.6
697,0
909.9

34,0
44.1
56.8
50.2
55.4
49.0
66.6
83.1
94.7
83.1
89.9
98.9
92.3
100.5
96.1
138.3
142.3
119.0
141.3
189 .8
168.6
109.0
122.4
151.9
174.6
198.7
250.7
233.2
292.6
311.3
413.0
484.1
596.2
766,4
1031.5

AVERAGE FOR PERIOD

83,1

299,8

457.0

381,1
457 ,0

577 .4
647 ,2

584.6
689.3

840,3

916,9

591.8
754.4
972.3

84,
90.
98.
93,
101.
96.
139.
143.
115.
146.3
194.5
166.8
112.6
125.8

33.5
45.2
61.2
48.4
56.0
50.6
67.4
82.5
89.1
77.7
89.7
97.5
90.3
102.3
96.9
142.7
133.1
112.6
146.9
184.2
171.0
103.0
126.4

34.3
47.3
59.7
50.3
56.0
50.6
66.2
83.1
86.7
77.1
91.5
101.1
86.7
98.1
99.3
149.9
128,2
115.0
156,5
187.2
161.3
93,3
118.6

36.0
50.1
56.3
50.6
54.8
53.6
72.2
87 .
83.
80.
93.
102.
87.
87.3
100.5
154.1
128.2
118.0
158,3
195,7
156.5
81.9
115.6

37.0
50,8
55,2
49.5
49.4
55.4
70.
86 .
81.
80.
95.
102.3
90.3
86.1
105.4
157.7
129.4
120.4
163.8
183.0
154.7
74.1
127.6

38.0
53.5
54.1
49.5
46.4
57.2
80.7
87,3
80.1
80.7
98.1
99.9
95.7
84.9
110.8
152.9
127.0
128.2
159.5
180.0
158.9
71,0
132,5

37.7
52.9
53.1
45.2
47.0
57.8
82.5
83.1
80.7
83.7
99.3
95.1
98,1
83.1
115.0
154.7
128.8
120.4
155.9
185.4
151.1
65.6
141,5

38.
53.
54.
48.
46.
61.
88.
84.
81.
84.
101.
92.
96,
85.5
113.2
157.7
132.5
121 .0
165.6
190.8
126.4
58.4
140.3

180,0
202.9
255.3
230.6
295.6
315.5
403.4
488.9
606.3
755.6
1040,9

178.8
201,1
240.8
240.8
289.0
314.9
425.6
468.4
590.6
764,0
1097.5

178.2
204.7
233.0
255.9
284.8
313.1
418.4
4-47.3
567.7
755.0
1154,7

191 ,5
220.3
234.2
256.5
298.6
320.3
431.7
478.0
596.6
749.5
1101.1

208.9
223 .4
236.6
262.5
278.7
343.8
422.6
496.7
605 .1
766.4
1121.0

210.1
217.3
239.0
267,3
259.5
360.6
411.2
503.3
617.1
750.2
1027,7

197,5
208.3
215.5
277.5
278.1
372.1
423,8
525.6
651.4
773.6
794.1

198.7
213.1
217.3
267.9
284.2
364.8
432.3
550.9
644.2
779.0
810.4

33.5
44.0
56.6
49.8
55.4
48,2
67.4
84,9

9f>.

NOTE: unless otherwise noted , these series c o n t a i n revisions b e g i n n i n g w i t h 1955.
' T h i s scries c o n t a i n s r e v i s i o n s b e g i n n i n g w i t h 1941.

102



8.8
9.6
10,6
13,0
15.3
15.0
18.0
22.4
26.8
29.0
32.3
37.5
38.8
44.0
52.5
60.6
70,3
79.9
82.1
87.9
101.1
97,3
86.5
96.0
160.6
106.3
114.2
119,6
120,7
121.2
125.0
136.6
141,7
141 .4
146.2

©

(1967-100)

33.9
39.8
56,6
SI, 2
51.2
4S.2
60.8
87.9
87,9
82. S
84.9
98.7
93.3
97.5
89,1
114,4
164.4
139,1
123.4
175.2
182.4
125.8
68.6
150 »S
149.3
198.1
211.3

lu!?
113.0
109.5
106,0
109,5
110,8
113.8
118.3

116!?
114,0
108.6
103.5
109,0
110.8
114.9
119.6

22.7
25.3
26.9
29.6
31.7
32.4
36.3
42.0
46.2
49.2
55.7

C 1977-100)

1953.
1954,
1955.
1936,
195?,
1958.
1959.

U2.*6
111.6
105.9
107.7
110.0
110.7
113.9
120.1

118.7
115.1
114.4
106 .3
108.3
110.8
113.8
117.3

22.9
24.8
26.8
28.8
31.3
31.9
35.5
41.5
45.7
49.9
54.7

10,2
12.7
15.7
14.
18.
22.
26.
29,
31.
37.7
38.7
43,5
52.0
59.5
69.3
81.0
81.6
86,8
101.4
97.6
86.4
96.6
100.1
105.5
114.2
120.0
120.3
121.3
124,2
136.7
141.1
141.9
145.5

llo!s
111.1
109.0
106 . 3
110.8
110.9
112,7
116.3

110,5
107.0
103.1
106.3
109.6
109.3
113.5
116.5

22.7
24.7
26.9
29.2
31.2
32.0
34.3
41.3
45,6
49.8
53.9

10.2
12.5
16.1
14.4
17.4
22.0
26.3
29.6
31.7
37.0
38.0
42.8
51.1
60.5
69.8
79.9
79.9
86.4
100.4
100.3
85,6
94,9
99.3
105.0
113.7
121,2
117.3
120.0
122,9
135,8
143,3
141.5
140.2

22,6
24.7
26,5
28,7
30,9
31.8
35,3
46,7
45.2
49.5
53,9
54,5
57!o
64.4
69.4
73.4
76.0
81.1
81.0
84.5
92.7
96.9
88.0
98.9
100.0
101.9

59.
67.
70.
76.7
72.3
81.7
86.2
90.3
98,3
87.9
90,0
108.1
95.8
105.5

22.1
23.8
26.9
26.8
30.9
31.7
34.1
41.4
44,9
48.2
54.4

10.2
12.2
15.3
14.9
16.9
21.8
25,8
29.2
31.3
36.5
38.5
42,4
50.0
58.6
68.3
78.9
82,0
85.1
99.4
100,0
83,6
95.2
99.7
104.7
111.3
122.1
119.1
121.1
122.4
133,4
141.9
141.5
142.5

5?!?
65.9
69.5
74.3
77.5
81.3
81,1
83.1
96.4
98.6
88,4
100.6
100.1
102.2

23.9
25,4
27.1
29,5
30,9
32,8
37.8
41.6
47.6
50,9
55.4
54.3
59^2
66.6
70.4
75,5
70.8
81,2
83.1
89.1
98.0
90.2
89.9
104.0
97.0
106.0

21.9
24.2
26.4
28.7
30.9
31.2
34.2
40.6
44.3
48.8
53.8
54.5
5&!s
63.2
69.4
72.9
78.4
80.2
79.6
83.3
92.4
100.5
85.9
98.3
99,7
100.2

21.4
24.2
26.2
28,8
30.7
30.9
34.3
40.5
44.2
49.5
53.4

116. *5
114,5
112.8
109.3
110.0
109.7
113,5
118.1

Annual

KRI6D
22.8
24.9
26.9
29.2
31.4
32.1
35.4
41.6
45.8
49.6
54.8

21.8
24.2
25.8
27.2
30.3
31.2
33,8
39.1
43.0
48.7
51.6
55.7
54.6
62.0
68.2
71.1
77.5
81.6
80.2
82.7
84.1
98.3
87.7
92.8
103.3
99.3

22,1
24.5
26.0
28.5
31.0
30.9
34.2
40.0
43.7
48.8
53.5

112.8
104.2
102.1
111.2
113.4
116.4
118.7

IV Q

35,8
49,4
57.1
50.1
53.4
53.2
69.6
85.7
83.9
79.1
93.7
101.9
88.3
90.5
101.7
153.9
128.6
117.8
159.5
188.6
157 .5
83.1
120.6
139.5
192.9
216.1
234.6
258.3
287.4
325.7
424.2
474,0
589.8
757 .0
1125.6

38.0
53.3
54.0
47.7
46.
58.
83.
84.
80.
83.
99.
95.
96.
84.
113,
155,
129.
123.
160.
185.
145.5
65.0
138.1
123.6
202.1
212.9
223.9
270.9
273.9
365.8
422.4
526.6
637.6
767,6
877.4

35.6
46.8
55.2
49.4
51. ft
§1.4
70.5
85.2
87.8
81,9
92.4
98,6
92,8
93,6
100.0
141,2
139,8
123,8
145,7
186.1
160.8
94.7
118.3
141.7
181.6
204.7
232.6
248,6
280.2
324.8

410.0
487.8
602.0
747.0

986,1
(JUNE 1989)

C. Historical Data for Selected Series—Continued
Year J a n .

Feb.

Mar.

Apr.

June

May

July

Aug.

7 4 3 , CA U D A - - I N D E X O F S T O C K P R I C E S 1

Sept.

Oct.

Nov.

Dec.

IQ

II Q

37.3
43.6
57.5
62.6
50.6
60.7
61.2
56.5
75.2
65.6
77.5
95.7
100,4
87.7
98.2
113.4
113.6
99.8
99.6
127 .0
138,9
103,0
105.2
111,8
109.7
137.4
178.4
253.1

37.0
47.4
59.6
59,3
51.8
61.0
60.8
58.7
77.5
70.8
76.7
96.1
97.6
87.1
100.6
117.7
116,5
104.2
102.4
135.3
133.6
96.1
110.8
104.0
115.0
143.5
192.0
271.4
227 .4

37,4
49,4
60.6
63,8
48.8
61.9
62,7
61.6
79.2
71.1
79,4
96.4
99.6
89.2
101.6
120.1
115.2
107.1
111.9
138.6
134.9
95.4
107 .7
114.3
119 ,7
148,0
204.9
256,4
220.8

38.4
37.0
50.2
62.5
63.2
50.9
63.7
58,6
66.9
77.4
73.7
82.1
101.3
101.6
97.0
95.1
120,6
112.7
111.6
123,6
139.9
139.0
112.1
119.3
114.0
115.5
158.5

36.6
40.2
55.6
64.7
67.4
53.2
64.4
57.5
72.7
69.8
77.7
89.0
100.5
98.3
99.8
101.4
122.1
96,3
112.2
125.1
130.8
118.4
116.6
120.8
113.3
125.6
174.1

36.5
43.3
61.1
67.4
59.5
58.6
64.4
57.3
75.2
66.2
75.3
92,9
96.8
89.8
103.3
107.5
110.8
98.9
109.4
131.2
138.1
104.6
115.5
117.8
114.4
139,8
188.6

37.2
46.8
59.2
61.9
50.4
61.2
61,6
58.9
77.3
69.2
77.9
96.1
99.2
88.0
100.1
117.1
115.1
103.7
104.6
133.6
135.8
98.2
107,9
110.0
114.8
143.0
191,8

37,2
41.8
56,5
64,1
60,1
56,0
63.5
58.1
73.0
70.6
76.1
90.0
99.4
94,4
100.0
105.3
117.2
102.9
109.4
128.4
136.2
115,0
113.0
117.0
114.1
131.0
17 8.2

253.8

218.8

240.2
243,9

221.3

190.1

287.1

288.4

265.1
167.2
271.5
255.1

237.8

207,7

174,3
281.0

209.8
280.8
268.2

(1967-100)
1953..,
1954...
1955,..
1956...
1957...

39.0
36.1
49.9
59.4
64.2

1958. , ,

50.7

1959,..
1960...
1961...
1962...
1963,..
1964...
1965,..
1966...
1967...
1968...
1969...
1970...
1971,,.
1972...
1973...
1974...
1975...
1976...
1977.,,
1978...
1979...
1980...
1981...
1982...
1983...
1984...
1985...
1986,..
1987...

63.6
59.9
65.0
77.2
74.6
81.5
101.9
103.7
95.3
98.7
123.3
110.8
110.2
121,8
141.0
137.9
110.7
117.4
112.6
112.8
153.2
229.1
251,6
201.9
229.5
279.0
293.2
321.2
378.4

37.8
38.2
49.9
66.5
63.7
51.7
63.6
57.9
68.4
77.5
74.3
84.0
100.5
99.8
99.4
92.1
121.1
113.7
114.5
122.9
140,0
137.3
111.8
119,1
115.5
120.1
165.7
203.1

36,7
38.7
53.2
65.9
66.6

36 .9
41,1
55.5
63.3
68,5

64.2
56.8
71.6
75.4
77.9
87.1
103.0
100.7
101.5
100.3
124.6
103.7
113.1
124.2
134.3
124.7
114.0
121.5
112.4
122,2
167,7
211.3

64.3
58.5
73.0
69.2
79.1
90.1
102.7
97.4
97.7
99.3
127,8
93.6
110.7
126 ,4
128.2
116.6
116,5
121.6
110.9
127.5
171.7

263.6

260.6

188.9

179.4

236,2
273.4
293.2
322.7
395.4

243.6
269.2
295.2
344.3
422.5

38.5
36.6
50.8
61.6
61.6
50.2
64.0
57.9
67.2
77.6
72.1
80.8
101.4
101.2
96.2
94.4
117.4
113.7
110.1
126.2
138.8
141.8
113,7
121.4
114.0
113.6
156.5
247.7
246.3

36.3
40.9
58.2
65.0
67.0

IV Q

Annual

A V E R A G E FOR P E R I O D

37.1.
43.0
61.1
69.8
65.2

36.5
43.1
60,9
68.2
58.8

64.8
57.1
73.5
64.7
76.2
89.9
95.7 .
96.8
100.2
104.6
114.0
91.6
112.7
124.8
129.8
114.0
119.2
119.3
116.5
127.2
.
182.9

67.7
55.8
74.8
66 .2
74.2
92,0
94,7
95.2
103.4
104.0
107.4
95.8
111.1
127.7
137,8
115.8
118,8
118,7
116,8
134.9
176.1

64.2
59.5
76.0
67.8
74.7
91.4
97.1
88.2
102,2
106.7
112.8
98.3
110.5
133.9
135.2
103.9
117.4
118.5
113.4
139.2
191.6

35.9
43.8
61.2
64.1
54.6
60.1
61.2
56,5
74.8
64.6
76.9
95.3
98,7
86,0
104,2
111.8
112.1
102.7
106.6
131,9
141.3
94.1
110.3
116.2
113.0
145.2
198,0

222.8
267,9

232.9
266.8

248.3
254.7

250.6
246.0

255.4
,212.8

174.9

172.2

154.4

159.5

182.3

181,0

264.5
262.5
297.8
347.9
420.0

273.5

276.5

280.0

251.9

251.0

280.6
269.6

309.2
352.8

306.5
348.6
422.6

241,8
314.0
331.7

282.4
270.4
297.4
336.6
440.9

416.4

111 Q

@

455,4

318.6
342.2

451.3
RICES'

208.2
200.5
266.8

322,8
344.3
336,5

327.8
346.5

341.2

357,1

236.4
273.9
293.9
329.4
398.8

302.2
343.4

304.5
349.8

419,7

260,6

310,0

317,6

336.8
449.2

344.7
344.9

14.0
20.5
33.5
28.5
30.3
42.9
87.8
158.2
125.3
88.4
108.8
114.8
104.8
92.6
101.6
136.0
142,7
119.0
117,6
135.9
118.3
102.3
117.6
123.1
124,9
134.0
122.8
118.3
121.7

15.6
24.2
30.9
28.7
31.0
51.3
87.8
144.8
128.5
94.0
107,0
110.2
100.2
90.8
114.1
133,6
153.0
110.9
108.8
131.4
111.7
97.8
124.5
116.3
127.2
136,8
118.1
115.3
114,5
118.7
172.4
181.7
281.0
319.3

185.3
267.4
264,5
306.5
340.2

403.1

©

(1967=100)
1953.,
1954..
1955..
1956..
1957..

1958. .
1959..
I960..
1961,.
1962.,
1963,.
1964..
1965..
1966..
1967,.
1968..
1969..
1970..
1971..
1972,.
1973,.
1974..
1975..
1976..
1977..
1978..
1979.,
1980..
1981..
1982,.
1983..
1984..
1985..
1986..
1987..

13.9
16.1
27,3
31,4
29.2
33.1
55.5
94.7
139.6
121.1
93,6
114.1
112.3

13.6
16,8
27 .1
30.5
28.2
33. 1
55.5
94.7
139,6
120.0
89.8
116.2
110.4

13.2
17,1
28.5
30.5
29.2
34.1
57.6
95,7
137.7
119.0
92.6
118,1
107 .4

13.2
16.9
31.4
31.0
29.2
36.2
59.5
100.6
140.5
115,1
95.7
116.2
107.4

13.1
17.2
31.7
30.0
28.2
36.2
69.3
117.2
152,2

88.2
123.7
134.7
144.5
115.8
117.9
138.9
110.2
105,0
131.9
120.0
127 .9
135.6
115.5
112.7
113.0
124.2
181.3
190.9

93,6
125.3
135.8
140.5
123.5
125.8
136.3
110.6
112.3
134.9
118.3
129 . 1
131.9
121,6
111,3
116.0
130.0
17 8.3
197.7
313,7

94.5
124.2
136.1
137.7
124.6
130.5
142.1
108.1
120.2
136.5
118.3
127.0
130.5
115.5
113.4
118.1
142.6
174.6

93.8
129,8
137.0
137.2
121.4
134.7
142.1
111.8
124,4
132.6
124.4
125.6
130.0
114.1
119.3
118.6
155.4
174.1

208.6
322.3
282.4

207.9
338.4
297.5

92,2
131.4
143.5
125.1
120.9
138.4
129.8
112.0
119.3
126.7
127.2
124.4
125.6
115.8
118.1
115.5
156.6
174,1
214.0
311.8

320.0
302,0

278.9

9^8,5

107.4
113.2
105.5

295.7

13.1
18.2
31.9
29.2
28.2
38.0
75.1
141.4
144,5
91.7
104.3
111.3
104,3

13.2
19.7
32.8
28.8
30,3
39.0
82.8
144.5
133.7
87,7
105.5
113.2
103.4

13,9
20.2
33.7
28.1
30,3
42.9
94.7
174.8
121.1
91.7
110.4
116.2
105.5

14.8
21.5
33.9
28.5
30.3
46.9
85.9
155.2
121.1

15.5
23,1
31.3
29.0
30.3
50.6
84.0
148.4
127,9

15.7
24.0
30.1
28.4
31.3
50.6
86.8
143.5
131.9

15.6
25.5
31.3
28.8
31.3
52.7
92.6
142 .6
125.8

13.6
16,7
27.6
30.8
28.9
33,4
56.2
95.0
139.0

110.4
115.1
105.5

108.3
109.2
102.5

104.3
109.2
99.6

90.5
134.2
144.7
119.5
119.0
135.6
128.1
108.1
114.4
127.2
124.4
127.2
119.7
117.4
123.2
112.7
157.1
172.0

92,2
136.8
138.6
117.
119.
134.
120.
103.
117.
124,
123.
130.
$21.1
119.0
123.9
112.0
165.5
163.6

104.3
137.5
144.0
122,3
120.0
138,9
119.0
104.3
119.5
122.1
125.8
134.0
123.0
118.6
123.5
110.6
162.4
168.3

108.3
133.7
145.4
117.2
113.0
134.4
115,8
99.4
115.8
122.3
125.3
137.5
124.4
117.2
117.6
114.4
160.1
174.3

109.7
136.5
151.5
114.8
108.8
130.7
117,6
95.7
118.8
116.0
126.7
139.6
121.4
117.6
114.6
116.9
169.0
181.1

115.8
133.7
156,6
109.5
105.0
132.1
112.0
96.8
126.3
115.8
128.8
135,8
116,2
114.6
114.4
116.9
172.9
180.9

108.3
112.3
98.5
89.8
116.9
130.7
150.8
08.5
12.7
31.4
05.5
00.8
28.4
117,2
126.0
134.9
116.7
113.7
114.6
122.3
175.3
183,2

229.2
306.9
306,9

229.9
286,8
320.4

232.2
309.5
333.3

247.6
320.2
322.8

267.7

286.8

315.1

318.1

288.4
324.6

92.0
116.1
110.0
111.0
92.1
124,4
135,5
140.9
121.3
124.7
139.1
109.6
112,5
134.4
118.9
128.0
132.7
117.5
112.5
115.7
132.3
178.1
199.1
318,7

13.1
17,4
31,7
30.1
28.5
36.8
68.0
119,7
145.7
101.8
102.5
113.6
105.7
101.8
92.2
131.8
141.7
127 ,3
120.4
136.2
133.3
110.6
119.4
128.8
125.3
125,7
125.1
115.8
120.2
115.6
156.4
173,4
2 17 .0
319.0

299.4

229.2

219,4

287.8

300,0

39.4

39.5

39.0

39.0

75.2
80.8
110.6
84.1
116.5
140.9
148.2
163.3
142.7
120.9
115.4
100.3
108.8
104.0
125.7
135.0
128.3
163.0
164.5
96.6
133.8
126.8
109.9
165,2

67,7
71.2
103.6
81.5
132.4
142 .0
158.6
164.1
133.5
126.5
111.0
106.2
105.1
104.4
132.4
133.8
123.9
153.0
151.9
103.2
141.2
108.4
111.4
155.2
189.2
215.3
168.9
174.4

69.5
78,0
99,2
81.5
132.7
138.3
163,3
158,9
133.8
126.1
115.4
102.5
101.4
107.3
137.2
135.3
123.9
149.3
151.5
106 .6
139 .4
115.0
105.5
157,1
186.6

36,4
46.6
70.8
74.2
102.6
83.2
105.1
133.4
164.0
170.0
141.7
119.9
119.7
110.
96.
110.
127.
136.
139.
149,
175.
127.5
132.9
137,9
98,4
133.1
166.1
197.0
170.8
179.5

38.5
55,2
72.5
81.8
115.2
81.5
115.7
144.1
151.2
163.1
145.8
125,7
114.6
104.7
99.9
103.3
123.5
136,6
134.9
160.2
165,0
111.3
134.0
129,0
105.0
155,1
189.8

176.3
168.5

71,2
80.8
102,1
82.2
125.4
135.7
149.0
155.2
139.0
123,5
112.1
99.6
108.0
102,1
134,2
136.8
118.4
163.7
167.0
103.6
135.7
112.5
111.7
158.6
187,3
217,9
164.1
170,7

36.6
42.0
70.5
67.5
85.2
90,5
94.3
122.7
156,8
172.2
152.5
133,4
122.4
120.9
98.8
106.8
119.7
149.0
137.3
132.6
162.0
149.7
138.5
147.0
109.3
106.1
155.2
198.9

257.4
328.2
356.9
604.4

257.4
329.3
343,3
596.2

274.0

223.3

248.3

387,9

407 .4

601.8

730.1

633,1

508.5

639,7
464.9

S3

37.1
41 .9
68.0
67.4
77.8
99.6
94.0
120.2
149.3

37,1
41.2
68.0
65.7
84.1
88.9
94.4
125.4
157.4

36.2
43.0
75.6
69.5
93.7
83.0
94.4
122.4
163.7

155.6
141.2
123.2
125.7
98.1
105.5
111.7
152.7
135.7
127.6
158.9
157.8
161 ,9
143.4
116 .2
98.1
160.8

150.8
132.4
119,5
120.9
101.4
103.2
119.1
148.6
139.4
130.2
158.2
151.9
122.8
150. ,8
109 »9
100.3
149.7

203.9

207.2

151.2
126.5
124.6
116.2
97.0
111.7
128,3
145.6
136.8
140.1
168.9
139.4
130.9
146 .8
101.8
119.8
155.2
185.5

191.0
185.8
181.8
315.6

201.0
193.2
188.8
301.3
352.1

209.4

326.7

317.1

311.6

514,7

376.1
591.4

385.0

469.0
660.4

601.4

708.3

726*4

703.9

385.7
538.3
664.8

336.7
438.4

642 .3

145 .6
205 .0
298.7
363.6

45.4
76.6
72,6
95.9
84.1
100.7
129.8
165.2
184.0
145,6
126.8
122.8
112,5
94.4
116.2
126.8
140.1
136.8
147.1
174.8
127.6
142,0
140.1
94.0
130.5
164.5
188.8
197.6
186,2
215.7




249.3

233.4

315.6
290.7

A V E R A G E FOR P E R I O D

4 .8
6 .4
7 .3
10 .0
8 .8
108.0
132 .4
165.9
167.4
141.6
120.2
120.9
109.5
98.1
109.9
134.2
135.7
140.9
155.6
179.6
132.4
130.2
138.3
97.3
133.1

46.7
68.4
76.6
108.0
80.8
106.6
137.9
160.8
158.6
137.9
112 .8
115.4
108.8
96.6
105.8
122.4
132.4
139.7
147.1
173,3
122.4
126.5
135.3
104,0
135.7

50.7
71.2
83.6
117.3
79.6
113 .6
142.3
152.3
163.7
144.5
127.9
112.1
106 .6
92.9
101.4
119.5
136.4
141 .2
155.6
166.7
123.5
131.3
129.8
99.6
149.7

2 0 1 ,0

2 0 1 .3

184.4

167.8

198.7
168.9
162.2

229.4

224,9

235.6
293.5
368.0
580,8

692.1

38.5
55.6
71.2
81.1
117.6
80.8
116.9
149.0
153.0
162.2
150.1
128.3
116.2
107.3
98.1
104.4
125.4
138.3
135.3
161.9
163.7
113,9
136.8
130.5
105.5
150,4
199.9
177.4
169.2
251.8
313.8
362.1
606.2
705.0

'This series contains no revisions but is reprinted for the convenience of the user.
series contains revisions beginning with 1950.
This series contains revisions beginning with 1954.

a
This
3

162.7
168.7
236,6
305.5
325.5

©

(1967=100)

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 .
1980.
1981.
1982,
1983.
1984.
1985.
1986.
1987.

1,12.3

14.1
19.7
30.9
29.5
29.7
41.1
74.9
129.4
134.6
101.1
102,6
113.7
105,2
99.1
100.0
131.5
143,2
124.5
117.0
132.1
125,6
105.1
118.5
125.7
124.1
131.1
124.7
116.7
117.2
115.6
155.9
175.5

203.2

327.1

206.5

170.7
170.0
327.1

200.5

326.0

305.2
350.8
474,0
670.3

174.9
191.9

200.6

174.2
166.6

318.5

311,8

382.3
577.0
698.4

597.1
709.1

362.3

39.2
67.7
69.5
76.7
101.6
81.7
130.2
138.7
157.0
159.4
135.4
125.4
112,8
102,8
104.8
104,6
134.6
135.3
122.1
155.3
156 .8
104.5
138,8
112.0
109.5
157.0
187,7
213.2
167.9
171.7

37,7
52.9
70.8
75.0
101.2
84.2
111.3
134.7
137.2
166.2
143.9
126 .1
117.4
109.7
100.0
106.3
126,4
139,2
133 .4
149.5
164.9
123.2
136.0
131.5
105.6
137.8
174,7

286.2
327.5
379,5

237.4

612.6
542.2

202.4

178.4
173.2
315.7
368.7
565,2
655,0

(JUNE 1989}

103

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

June

May

July

Aug.

7 4 7 . I T A L Y — I N D E X OP STOCK P R I C E S *
(1967-100)
1953...
1954,,.
1955,.,
1956,.,
1957 ,,,
1958,,.
1959...
I960..,
1961,.,
1962...
1963...
1964...
1965.,,
1966..,
1967...
1968...
1969...
1970...
1971,,,
1972. .
1973,.
1974..
1975..
1976.,
1977..
1978,.
1979.,
1980.,
1981,.
1982..
1983.,
1984..
1985.,
1986.,
1987,,

39.0
36.8
52,4
56.9
60.2
61,5
75.0
121.1
157.1
151.8
130.8
110,3
82.3
108.7
105,3
98.8
99,2
115.4
90.8
77.9
82.3
106,3
71.4
60.0
52.9
40.6
52.4
59.8
109,9
95.0
95.4
125.3
147,2
303.6
526.4

38.3
38.1
53.1
57,5

36.6
38.1
50,5
55.8

34.5
36.2
50.3
53.

35.4
37.3
51.6
54.5

35.0
37.9
55.6
52.0

61.7
77.9
119.2
166.6
151,0
120.9
104.2
88.0
113.1
104.7
96.4
98.1
115.2
93.5
75,4
84.0
108.4
79.4
62.5
49.9
43.4
54,7
61.1
122,1
98.8
109.1
128.7
164.0

60.6
81.7
117.1
163.6
153.1
11S.8
98.3
98.1
115.2
94.3
98.3
100,0
115,4
93.1
73.5
92.7
111.8
81.7
58,3
48.6
42.7
57,9
61.1
125.9
104.2
118.6
128.4
164.9

60.6
91.0
128.2
174.1
148.7
123,4
95.2
95,0
105.5
98,1
99.6
112,9
111.6
84.4
79.2
108.9
106.1
77.5
53.7
44.4
43.2
56,9
61.5
135.8
91,0
111.6
122,3
168.7

59.4
94.1
143,2
178.4
138.1
128,0
86,3
90.3
105.9
96.4
97.9
110.8
105.9
82.8
77.7
124.4
96.4
72.9
56,6
43.4
44.4
58.1
64.6
123, fr >,

343.9
502.8

430.0

59.
89.
121.
164.
147.4
123.4
89,3
96.9
106.1
95.2
160.4
111.8
119.4
88.2
78.5
96.4
116.0
78.3
52.9
46.1
41.3
54.1
61.1
132.4
96,7
115.8
124.9
164.2
512.1
533.0

501.8

579.9
519.3

83,2
110.3
119.6
202.4
484.9
507.5

36.0
40.2
59.4
53.7
62,5
59.8
101.9
149.3
165.1
136.0
124.0
84.4
68.2
107.6
95.6
99.8
107.8
102.8
82.8
80.0
117,7
90.5
66.1
64.4
44.0
44.9
58.7
65.9
99.0
78.3
112.9
121.3
219.6
493.2
494.6

1953...
1954...
1955...
1956.,.
1957,.,
1958,.,
1959...
I960..,
1961...
1962...
1963...
1964...
1965,,.
1966,..
1967,,.
1968...
1969...
1970...
1971,.,
1972.,.
1973..
1974..
1975..
1976..
1977
1978!!
1979.,
1980..
1981..
1982.,
1983,.
1984.,
1985..
1986,.
1987.,

34.8
30.3
31.0
35,7
48,7
41.5
56,6
76,7
102.9
93,9
93.0
87.5
86.6
96.6
101.1
93,6
123.6
160,6
139,9
186.6
371.8
281.6
250.0
305.1
343 . 9
339.4
416,1
419.7
457,6
519.0
533.4
667.7
839.4
936.8
1493,7

36.3
30.2
31.4
35.9
48.7
43.3
58.
78,

107.
98,
97.
88,
66.
96,

162.
94.

125,
157,9
145.3
195.8

350.2
296.0

271.7
305.1
344 , 8
348.4
409.7
425.1
458. S
517.1
530,7
699.5
852.0
965.7
1577.6

30.2
28.2
29.7
37.1
47.6
43.3
61,4
81,2
104,7
93.0
102.0
85.7
82,1
102.6
102.9
94.8
126,4
165,2
154.3

205.8
349.3

291.5
284.3
309.6
341,2
359.2
405.2
412.5
467.5
486.5
544.2
736.5
960.7
1053.2
1676.0

27.5
27,7
29.5
39.5
48.7
44.2
63.2
86.6
108.3
86,6
109.2
83,9
79.4
101.1
101.1
98.4
131,8
164.3
164,3
221.1
331.2
293.3
290.6
303.2
339,4
371.8
402,5
417.9
494,6
484.7
559.6
776.2
880.9
1117.3
1857.4

29.5
27.5
29.4
40.2
46.0
45.1
65.0
84.8
107.4
88.4
109.2
68,4
78.5
102,9
103.8
102,0
137.2
141.7
165.2
231.9
325.8
303.2
298.7
308,7
370,9

410.6
423.3
502.7
503.6
573.1
744,6
890.8
1145.3
1937.7

28.5
28.2
29.7
42.3
44.2
46.9
67.7
83.9
107.4
89.4
108.3
91.2
76,7
100.2
105.6
104.7
138.1
142,6
175,1

246.4
324.9
306.0
296,9

319,5
372.7
402.5
423.3

515.3
489.2
583,9

711.2
915.2

1204.0
1966.6

30.1
28.5
29.8
41.8
41.5
46.0
69.5
88.4
112.8
91.2
102.9
92.1
74.9
99,3
105.6
109.2
135.4
143.5
182.3
262.6
341.2
295.1
293.3
318.6

382.7
400.7
425.1
534.3
481.0
599.3
701.3
942,2
1263.5
1807.8

Nov.

Dec.

1 Q

38,1
42.5
64.6
55.8

37.5
44.0
63.2

28.5
27,7
38.7
48.0
49.4
44.7
60.5
63,1
6S.O
7 5 .1
70.8
83.2
93.7
101,5
91.9
103.4
111.0
98.2
101.7
112.4
128,8
104.5
78.9
165.4
112.9
98.2
106,5
120,6
144.6
127.6
156.9
181.0
186.7
226.5
287.7

' T h i s se rles
se ries
This se Hes
t h i s series

2
This
3

28.1
28.3
40,0
48.3
47.3
44.9
S9.6
60.7
67.6
76,4
71.7

28.3
28.9
39.7
51.7
47.9
45.8
61,1
59.9
69.8
76.5
71.4
85.7
94.5
96.7
97.3
96.9
108.0
96.4
108,3
117.1
122.3
106.0
91.1
110.0
109.4
96.6
108.9
113,9
144.9
120.6
165.2
171.3
195.2

84.2
94,4
100,8
95.0
98.7
110.4
94.8
105.6
114,5
124.2
101.7
87.1
109.5
109.8
96.8
106.9
125.5
139.7
124.6
159.7
171.1
196.8
252,7
238.6
318,1
305.6
eonta ns revis ons begtnn ng
esnta fns revisl ons beginn Ing
eonta ns no rev i s i e n s but is
to a 1967 base to f a c i l i t a t e

104



26.9
30.1
41.1
52.3
49.0
46.1
62.1
60.6
71.6
74.0
74.8
87.0
95. 7
99.6
98.9
164.1
110.2
93,5
112.1
118.4
126.0
100.6
92.2
110.9
107.7
100.8
111.0
112.0
146.2
126.5
171,6
171.4
196.5
258,9
314.7

27,0
31.3
40,9
50.6
50.9
47.5
63.0
60.1
72.3
68.5
76.3
87.8
97,1
94.4
100.7
106.5
113.8
82.7
110.6
117.1
116.6
97.5
98.0
110.0
107,4
106.0
108.5
117.1
143.3
126.6
178.5
170.3
201.1

26.1
31.5
43.3
50,3
51.7
48.7
62.5
62.3
7 1.4
60.5
76.3
87.3
92.5
93.6
99.5
109.4
107.8
82.2
108.5
117.5
113.9
97.7
100.5
110.7
168.0
106.2
110,7
124.6
143,9
119.7
181.0
166,6

6l!?
110.5
175.8
165.7
136.7
120,2
83.8
92.4
108.7
98.5
101.3
111.8
106.5
81.7
80.2
104.9
88.0
64.2
64.0
45.3
44.0
61.7
74.3
107.6
86.1
120,4
128.7

63!o
103.8
188.7
158,1
131.2
115.4
92.7
91.2
107.4
102.8
100.2
112.4
102,5
77.7
78.8
106.1
76.4
64.0
59.6
50.3
57.3
63.0
82.8
99.2
85.9
118.3
127.6
246.4
554,6
451.7

65!

55.

103.
170.
163.6
120.0
111.2
92.7
90.8
110.1
105.
96.

119.
100.

77.
80.

108.7
73.7
60.2
51.6
46.3
57 .9
62.5
93.9
91.2
86.3
111.6
127.4
251.0
557.0
449.8

37.3
48.2
58.5
57.9

38.0
37.7
52.0
56.7

68,*9
111.0
153.7
165.1
127.0
115.8
89.7
90.5
108.7
103.2
93.3
120.2
95.6
74.8
85.3
107,2
79.4
59.0
50.3
43.6
51.6
58.5
99.2
93.7
88.9
112.7
130.6
263.6
546.0
366.8

7o!s
115.0
143,0
155.4
136,2
117.7
85.5
97.9
107.0
100.0
96.3
114.8
94.1
76.6
85.3
96.4
72.2
61.1
55,6
40.0
51.2
55.4
96.0
96.9
91.2
112.7
130.6
285.1
514.6
361,1

6K3
78.2
119.1
162.4
152.0
123.5
104.3
89,5
112.3
101.4
97.8
99.1
115.3
92.5
75.6
86,3
108.8
77.5
60.3
50.5
42.2
55.0
60.7
119.3
99.3
107.6
127,5
158.7
359.2
510.3

35.0
37.1
52.5
§3.2
62.7
59.9
91.5
131.0
172.2
144.7
124.9
90.3
94,1
105.8
96.6
99.3
111,8
112,3
85.1
78.5
109.9
106.2
76.2
54.4
44.6
43,0
56.4
62.4
130.6
90,3
112.6
122.3
185.1
525.6
519.9

Annual

35.6
27.1
33.6
44.7
41.5
51.4
78.5
99.3
69.4
87.5
88.4
80.3
88.4
98.4
94.8
117.3
149.6
139,9
160.6
315.0
300.5
244.6
286.1
314.1
332.1
396.9
403.4
447.7
505.4
512.6
621.8
775.3
911,6
1297.8
1677.8

34,4
28,3
34.3
46.4
40.6
53.2
76.7
96.6
85.7
91.2
83.9
81.2
91.2
97.5
91.2
118.2
155.2
134.5
171.5
340.3
274.4
255.4
286.1
330.3
328.5
404.3
410.6
443.1
512.6
528.0
639.0
805.1
934,1
1407.0
1655.2

33.8
29.6
30.7
36.2
48.4
42.7
58.7
78.8
105.0
95,1
97.5
87.2
85.1
99.0
102.3
94.2
125.2
161,2
146.5
196.1
357.1
289.7
268.7
306.6
343 .3
349.0
410.3
419.1
461.2
507.5
536,1
707.9
864.0
985.2
1582.4

28.5
27.8
29.5
40,7
46,3
45.4
65.3
85.1
107.7
88.1
108.9
87.8
78,2
101.4
103.5
101.7
135.7
149,5
168.2
233.1
327.3
300,8
295.4
310.5
340.9
371.8
405.2
421.5
504.2
492.5
572.2
744.0
895.6
1155.5
1920.6

26.7
36.4
48.9
49.8
43.9
57.1
62.3
60.3
77.3
65.3
79.0
92.9
100,2
86.1
100.8
114.7
104.7
91,7
100.9
125.2
111.0
78.0
98.0
110.1
102.6
103.3
112,8
147.6
133.7
150,2
179.7
160.9
214.8
266.6
266.5

27.0
38.0
49.4
50.5
43.9
58.2
64.2
61.8
78.0
68.1
80.7
91.3
99.8
88.5
103.7
115.8
99.1
98.0
107.9
127.8
103.1
73.0
96.5
113.8
102.1
104.5
117.2
145.2
134.7
151.6
178.8
178.9
225.5
270.4
262.1

28,3
28.3
39.5
49.3
46.2
45.1
60.4
61,2
67.5
76.0
71.3
84.4
94.2
99.7
94.7
99,7
109.8
96.5
105.2
114.7
125.1
104.1
85.7
108.3
110.7
97.2
108,1
120.0
143.1
124,3
160.6
174.5
192.9
239.3
303.8

26,7
31.0
41.8
51.1
50.5
47.4
62.5
61.0
71.8
67.7
75.8
87.4
95.1
95.9
99.7
166 .7
110,6
86.1
110.4
117.7
116,8
98.6
96.9
110,5
107.7
104.3
110.1
117 .9
144.5
124.3
177 .0
169.4
201,0
261.7
319.0

37.3
41.5
62.
55.
63.
61.
165.
171.
163,0
134,6
119,9
87.0
90,6
167.9
99,0
100.4
110.7
103,9
80,7
79.7
109.6
85.0
64.8
62,7
46.5
48.7
61.1
74.3
101.9
83.4
117.2
125.9

37.4
46,0
61.2
56.7
62,6
68.3
109.9
155.8
161.4
127,7
114.9
89,3
§3,1
108,6
103.0
96,0
118,2
96.8
76.4
83.6
104.1
73.1
60,1
52.5
43.3
53,6
58.8
96.4
93,9
86.8
112.3
129.5

231.9
536,8
4«8.7

266.6
539,2
392,6

36.9
40.6
§7,0
95.5
62.5
62,8
96.2
144.3
164.8
139.8
120.8
92,7
91.8
168.7
100.6
98.4
110.0
107.1
83,7
79.3
102.5
93.8
69.6
57.5
46.2
46.9
57.8
73.4
111.4
90.5
112.5
126.3
210.6
490,2
472.9

©
A V E R A G E FOR P E R I O D

33.6
28.4
31.6
42.1
42.4
46.9
70.4
90.3
106.5
89.4
94.8
89. 4
82.1
100.2
99.3
113.7
133.6
144,4
172.4
278.9
337.5
270.6
280.7

321.3
360.0
407.9
426.7
540.6
473.8
606.5
729.2

916.1
1355.6
1903,4

36.4
28.5
33,6
41.7
42.4
49.6
77.6
97,5
70.4
79,4
92.1
82.1
84.8
96.4
96.6
122.7
144.4
139,9
158.8

35.9
29.6
32.3
41,0
44.2
47.8
74.0
94.
97.
85.
93.
66.
87.
99.
95.
123.
140.
141.
163.
287.
320.
260.
270.
321.
351.
387.2
412.5
437.7
511.7
481.9
620.0
739.2
915.2
1361.9
1889.0

296.9

312.3

239.2
279.8

318.6
344 . 6
395.3
407.9
447.7
493.7
490.1
621.8
760.8
931.4
1280.7
1833.0

33.2
28.8
31.2
41.6
42.7
46.9
71.3
91.2
105.6
88.8
97.2
89.4
81.5
99,6
100.2
115,5
136,6
143,2
172.7

35,5
28,0
33.8
44.3
41,5
51.4
77.6
97.8
81.8
86.0
88.1
81.2
88.1
98.1
94.2
119.4
149.8
138.1
163.6

276,5
333,0
275.6
281.6
320.4

317.4
295.7
246.4
264.0
321.0

345.1

335,1
399.5
407.3
446.2
503.9
516.2
627.5
786.4
925.7
1328.5
1722.0

383.3
407,0
430.5
528.9
478,9
608,6
723.2
924.5
1327,0
1866.7

32,7
28.5
31.3
46.7
44.7
46.6
66,2
88.2
100,0
89.5
97.9
86.4
83,2
99.5
100.0
107.7
136.8
148.0
162.8
255.8
328.3
278,1
282.4
314.6
341 . 1
375.9
407,5
429.3
499.5
497,3
586,1
738.9
902.5
1199.1
1772.9

©
AVERAGE FOR PERI6D

26.4
32.8
46.4
53.1
52.8
50.0
65.0
60.7
71.2
62.0
75.1
90.5
92.4
93.4
101.2
109.1
103.0
82.4
107.7
116.6
115.1
90.1
100.6
113.3
109.0
105.7
111,7
130,4
140.5
119.0
181.6
164.3
209.4
261.3
337.3

26.5

33.4
46.2
52.7
49.9
51,9
64.6
61.5
73,7
63.7
77.2
89.2
94,1
87,7
102.8
106,7
102.4
84.8
105.8
120.8
112.9
82.7
93.2
112.4
106.3
113.0
116.8
134.3
141.0
119.3
176.7
178.9

25.3
34.2
48.2
51.0
47.8
53.3
62.1
59.6
73.2
63.1
79.2
90.7
97,2
84.6
104.2
110.2
102.8
89.8
106.1
119.0
114.9
74.1
92.1
114.7
104.7
113.0
118.1
137.6
128.7
133.2
181.8
180.7
200.2
259.2
346 .6

26.1
35.0
45.8
50.3
44.9
55.4
62.0
58.4
74.0
61.1
79.4
92.3
99.4
83.9
104.1
112.9
103.9
91.8
105.8
119.2
118.9
75.5
96.3
110.8
102.0
109.4
113.6
141.7
130,3
144.3
182.4
179,3

205.5
204.6
202,5
266.8
266.5
258.2
314.5
327.8
358.3
304.8
with 1950.
with 1 949.
repHn ted for th e convenienee of the user. Th B Bureau o f Economic Analysis ias converted
comparisons w i t h foreign stock prices Indexes.
259.4

III Q | IV Q

37.3
45.7
61.9
56.4

(1967-100)
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...
1980...
1981...
1982,..
1983..
1984..
1985..
1986.,
1987,,

II Q

AVERAGE FOR PERIOD

37.7
41,7
63.4
56.6

COMMON S T O C K S 3

19.

Oct.

©

229.7
562.6
459.7

748. JAPAN — I N D E X OF STOCK P R I C E S 2
(1967-100)

Sept.

26.1
33,5
46.9
52,3
50.2
51.7
63.9
60.6
72.7
62,9
77.a
96.1
94.6
88.6
102,7
168.7
102.7
85.7
107.2
118.8
114.3
82.3
95.3
113.5
106.7
110,6
115.5
134.1
136.7
123.8
180,0
174.6

26.6
36.5
48,0
50.2
44.2
56.9
62,8
60.2
76.4
64.8
79.7
92.2
99.8
86.8
102.9
114.5
102.6
93.8
104.9
124.1
111.0
75,5
96,9
111.6
102.2
105.7
114.5
144.8
132.9
148.7
180.3
179,7

204.8
262.3
347.4

214.3
265.1
277,8

26.9
32.3
44,0
50,7
48.3
50,3
62,4
60.8
72.1
67 ,9
76.0
88,5
95.9
92.7
100,0
10? .4
106.4
90.5
106 .9
118.8
116.8
90.1
93.7
111.0
106.8
104.5
112,1
129.2
139.3
130.3
174.5
174.6
203.2
25? . 1
312.0
\JUNi 1989)

G. Supplemental Data and Analyses

III III (III III III l l l | f l l Ml III

Foreign currency per U.S. dollar
Year
and
month

Japan
(Yen)

West
Germany
(D. mark)

France
(Franc)

United
Kingdom
(Pound)

^-v .

^\

127.69
129.17
127.11
124.90
124.79
127.47
133.02
133.77
134.32
128.68
123.20
123.61

1.6537
1.6965
1.6770
1.6710
1.6935
1.7579
1.8466
1.8880
1.8668
1.8165
1.7491
1.7563

5.5808
5.7323
5.6893
5.6704
5.7348
5.9310
6.2241
6.3919
6.3515
6.1975
5.9746
5.9994

0.5553
0.5688
0.5456
0.5324
0.5349
0.5628
0.5865
0.5894
0.5938
0.5751
0.5529
0.5477

127.36
127.74
130.55
132.04
137.86
2
144.44

6.2538
6.3004
6.3321
6.3223
6.5815
2
6.7339

1.8356
1.8505
1.8686
1.8697
1.9461
2
1.9851

yj

\

K^
\

->>

A

^» 'N*j

(Lira)
1988
Jan, .
Feb. .
Mar. .
Apr. .
May. .
June .
July .
Aug. ,
Sept .
Oct . .
Nov. .
Dec. .
1989

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

1216.88
1249.62
1240.67
1240.99
1258.81
1305.56
1367.26
1397.93
1393.15
1353.36
1300.22
1295.61
1345.12
1355.28
1372.50
1371.80
1415,83
21440.10

Canada
(Dollar)

1.2855
1.2682
1.2492
1.2353
1.2373
1.2176
1.2075
1.2237
1.2267
1.2055
1.2186
1.1962
1.1913
1.1891
1.1954
1.1888
1.1925
2
1.1994

(March 1973=100)

89.29
91.09
89.73
88.95
89.74
92.58
96.53
98.29
97.91
95.10
91.91
91.88
95.12
95.77
96.99
97.24
100.81
2103.38

^V,

240

N/*

200

vV

\s \ fc

180

vs

1

/^

^/

^

NA

k/
V

\

^

J

120
2.6

B

^/A

\

J

2.4
2*0

ua

^

10

France (franc)

/

i/

/*-

Italy

>v

1

0.5638
0.5703
0.5836
0.5880
0.6132
2
0.6440

Exchange value
of the U.S.
dollar 1

260

A

West Germany (d. mark)

s
Foreign currency per U.S. dollar

Jan.
Feb.
Mar.
Apr.
May.
June
July
Aug.
Sept
Oct.
Nov.
Dec.

un

A
/

Year
and
month

III

Ratio scale
320

^

1989
Jan.
Feb.
Mar.
Apr.
May.
June
July
Aug.
Sept
Oct.
Nov.
Dec.

III

III

III

Jgnan fupn^

X \r

1988
Jan.
Feb.
Mar.
Apr.
May.
June
July
Aug.
Sept
Oct.
Nov.
Dec.

III

Foreign currency per U.S. dollar—

—^x

\ 'SA^

^N

1

/V,
V

V,
V^

v

./

^

/

~*\^•^ AX
^Sr
^r
/

I

/

(PC und)

A
/
/

f

Q
\^ V

X

^

0.5
2000

D

J

/

\

^

/\

^A mj
J\
^
\

*~**J

• 1

lean
1800

i4oa
i2aa
looa
800
U8

Canada (dollar)

+s

0.7
0*6

f

r*0^

0.9
0.8

\J*

\

S***
V— x\*x *****

6
5

J

Italy (lira)^

f*s

/\ J
r/^

J

Uni :edKi ngdor71

f

v*\
^

9
8
7

B

*

"^W

•^

L.4
1.2

ua
180
140

Exchange value of the U.S. dollar ^ \
(index: March 1973-100) Js/

s*
fT
s\

s~** "•w
^\

J/ *

^t
%
AJ
1 1 ||
III III HI
76 77 78 79 80 81

\
\
*^

^N/X

/\

^/

\ J^

r

*^*\ i\f/

11

120

>y

f

11

III III

III

III

III

III

III

-J 80

82 63 84 85 66 87 88 69
l
This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries
plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see
the August 1978 FEDERAL RESERVE BULLETIN (p. 700).
2
Average for June 1 through 23.
Source: Board of Governors of the Federal Reserve System.




105

G. Supplemental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index

Basic data

(and

Series title
unit of measure)

Feb.
1989

Mar.
1989

LEADING INDICATORS
1. Average weekly hours of production or non41.1
supervisory workers, manufacturing (hours). . .
5. Average weekly initial claims for unemployl
303
ment i nsurance , State programs ( thous . ) . . . .
8, Mfrs.' new orders in 1982 dollars, consumer
89.09
goods and materials industries (bil. do!.). . .
32. Vendor performance—slower deliveries
53.3
diffusion index (percent)
20. Contracts and orders for plant and equipment
44.91
in 1982 dollars (bil. dol.)
29. New private housing units authorized by
111.9
local building permits (index: 1967=100). . . .
92. Change in mfrs.' unfilled orders in 1982
2
2.68
dollars, durable goods, smoothed (bil. dol.) .
99. Change in sensitive materials prices,
2
rO.75
smoothed (percent)
19. Stock prices, 500 common stocks 3
294.01
(index: 1941-43=10)
106. Money supply M2 in 1982 dollars
r2, 4 3 0 . 1
(bil. dol.)
83. Index of consumer expectations 3
88.8
(index: 1st Q 1966=100)
910. Composite index of leading indicators'*
r!45.5
(index: 1982^100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 dollars (ann. rate, bil. dol.)
47. Industrial production
(index: 1977 S 1QO)
57. Manufacturing and trade sales in 1982
dollars (mil. d o l . )
920. Composite index of roughly coincident**
indicators (index: 1982=100)
. . . .
LAGGING INDICATORS
91. Average duration of unemployment 1
(weeks)
, . . . , . . . .
. .
77. Ratio, manufacturing and trade inventories
to sales in 1982 dollars (ratio)
62. Change in index of labor cost per unit of
output, mfg., smoothed 2 (ann. rate, percent). .
109. Average prime rate charged by banks
(percent)
101. Commercial and industrial loans outstanding
in 1982 dollars ( m i l . dol.)
95. Ratio, consumer installment credit
outstanding to personal income (percent). , . .
120. Change in consumer price index for services,
smoothed^ (ann. rate, percent)
930. Composite index of lagging indicators'*
(index: 1982S100)

Apr.
1989

41,0

r41.2

Mar.
to
Apr.
1989

Apr.
to
May
1989

-0.07

0.15

-0.15

Feb.
to
Mar.
1989

May
1989

p41.0

318

299

312

-0.13

0.17

-0,12

r86.21

r89.75

p88.01

-0.18

0.22

-0.10

-0.09

0.08

-0.17

0.14

0.06

-0.14

51.2

53.2

49.3

r47.71

r48.90

p46.15

98.1

106.4

107.4

-0.37

0.23

r2.55

r2.69

p2.26

-0.04

0.04

-0.14

rO.93

rO.80

0.52

-0.11

-0.23

292.71

302.25

313.93

-0.02

0.18

0.21

r2, 4 2 6 . 1

r2,410.9

p2,391.4

-0.05

-0.21

-0.27

-0.09

-0.33

-0.23

87.6

144.6

83.2

80.1

0.15

0.03

r!45.5

p!43.8

-0.62

0.62

-1.17

1:107,711

ri077888

£108,094

P 108,195

0.13

0.15

0.10

£2,893.0

r2,897.5

r2, 893.1

p2,887.2

0.08

-0.08

-0.14

r!40.5

r!40.6

r!41.4

p!41.4

0.02

0.16

0.00

r458,787

r455,895

p461,666

NA

-0.16

0.31

NA

rl32.5

ri33.0

P132.7

-0.15

0.38

-0.23

-0.15

-0.14

0.62

0.13

-0.26

0.53

-0.12

0.33

0.00

0.00
0.50

132.7

12.1

12.4

12.7

1.54

1.55

pi. 53

rl.2

10.93
r379,030
15.92
5.4

120.7

4.4

r3.7

11.8

NA
P3.1

11 .50

11 .50

r379,846

r380,980

p387,024

0.05

0.07

r!5.87

p!5.85

NA

-0.16

-0.06

5.5

5.2

5.1

0.05

-0.14

r!21.7

r!20.9

p!22.1

0.83

-0.66

11.50

NA
-0.14

NA
-0.07
0.99

NOTE: The net contribution of an individual .component is that component's share in the composite movement of the group. It is
computed by dividing the standardized change for the component by the number of components and dividing that result by the index
standardization factor. See the January 1989 BUSINESS CONDITIONS DIGEST (pp. 97-102) for the standardization factors.
NA, not available, p, preliminary, r, revised.
series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
a
This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
3
This is a copyrighted series used by permission; it may not be reproduced without written permission from the source: stock
prices, Standard & Poor's Corporation; consumer expectations, University of Michigan's Survey Research Center.
^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 0.142; for the coincident index, -0.186; for the lagging index, 0.030.

106



G. Supplemental Data and Analyses—Continued
CIBCR Composite Indexes of Leading Indicators
Ratio scale
240
220
200
180
160

CIBCR long-leading index (1967-100)
220
200
180
160
140
120

100

CIBCR short-leading index (1967 =
80

60

48 49 SO 51 52 53 54 55 56 57 58 59 60 61 62 63 84 65 66 67 68 69 70 71 72 73 74 75 76 77 76 79 80 81 82 83 84 85 86 87 66 89

CIBCR long-leading index (1967-100)

CIBCR short-leading index (1967=100)

Month

January
February. . .
March
Apri 1 .......
May .
June
July
August
September. .
October
November. ..
December...

1985

1986

1987

1988

171.7
174.9
173.3
175.8
178.9
181.6
182.3
184.2
186.1
183.0
186.0
187.9

189.4
188.8
186.9
192.9
193.4
194.0
195.5
196.2
197.7
197.6
199.7
205.3

203.8
205.3
205.0
205.9
204.4
205.6
208.1
207.5
205.7
206.0
207.1
207.7

207.6 -.
212.2
212.2
214.4
215.7
216.1
217.7
218.9
218.9
217.5
219.9
221.5

1989

1985

1986

r221.4
r220.2
r216.3
r221.4
p221.5

172.0
171.3
172.0
171.6
172.9
173.4
173.7
174.9
175.9
176.9
176.0
178.4

179.6
179.7
180.0
181.5
181.8
182.5
182.4
184.0
185.4
185.9
187.0
190.0

1987

1988

1989

r!89.7
r!91.3
r!91.8
r!91.7
r!94.3
r!96.7
r!96.6
r!97.6
r!96.9
r!96.3
r!94.9
r!94.0

r!93.4
r!94.6
r!94.8
r!95.9
r!95.8
r!98.4
r!97.5
r!97.9
r!98.1
r!98.2
r!98.8
r201.1

r202.0
r201.9
r202.2
r204.5
p202.5

NOTE: These indexes are compiled by Columbia University's Center for International Business Cycle Research (CIBCR).
The components of each index are listed below, and the source is indicated for each component not shown in BCD.
Long-leading index: Building permits for new private housing units (BCD 29), bond prices (Dow-Jones & Company), ratio
of price to unit labor cost in manufacturing (CIBCR), and deflated M2 money supply (BCD 106).
Short-leading index: Average weekly hours in manufacturing (BCD 1), average weekly initial claims for unemployment
Insurance (BCD 5), layoff rate under 5 weeks (CIBCR), deflated new orders for consumer goods and materials (BCD 8), vendor performance (BCD 32), change in business population (CIBCR), deflated contracts and orders for plant and equipment
(BCD 20), inventory change (National Association of Purchasing Management), change in industrial materials prices (Journal of Commerce), stock prices (BCD 19), and change in deflated total debt (CIBCR).
Further information about these indexes and their non-BCD components may be obtained from the Center for International
Business Cycle Research, Graduate School of Business, Columbia University, New York, NY 10027.




107

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Agricultural products, exports
Anticipations and intentions
Consumer expectations, index
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, 01 ... ,, . .
New orders, manufacturing, 01
Plant and equipment expenditures, constant dollars.
Plant and equipment expenditures, current dollars.
Plant and equipment expenditures, 01
,..,
Prices, manufacturing, Dl
Prices, retail trade, Dl
Prices, wholesale trade, Dl
,
Profits, manufacturing and trade, Dl
Sales, manufacturing and trade, 01
Automobiles
Imports of automobiles and parts
Personal consumption expenditures
Balance of payments—See International transactions.
Bank loans—See Business Loans.
Bank rates—See Interest rates.
Bank reserves
Free reserves
,
Member bank borrowings from the 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—See Investment, capital,
Business failures, current liabilities
Business formation, index
Business incorporations
Business loans
Loans outstanding, constant dollars,,..
Loans outstanding, current dollars
Loans outstanding, net change ...,..„..
Business saving
,
Canada—See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Backlog
Newly approved „
Newly approved, 01
,
Capital equipment, producer price index..,
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
Labor force
Unemployed
Coincident indicators
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
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
national income
,
Compensation, real average hourly, nonfarm
business sector
,.,.
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
..
Wage and benefit decisions, first year
.
Wage and benefit decisions, life of contract
,
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Index
,
,
Rate ol change
Ratio to lagging indicator index
lagging indicators
Index
,
Rate of change
,
Leading indicators
Capital investment commitments
Eleven leaders, index
Eleven leaders, rate of change
Inventory investment and purchasing
Money and financial flows
Profitability
,

See notes at end of index.

108



Current issue
Series
number Charts Tables

604

56

Historical
data
(issue date)

10/87

83
58
974
975
971
100
61
970
976
978
977
972
973

13
22
38
38
38
24
24
38
38
38
38
38
38

97
65
76
76
76
67
67
76
76
76
76
76
76

2/89
12/88
8/87
8/87
8/87
10/88
10/88
10/88
8/87
8/87
8/87
8/87
8/87

616
55

56
22

92
65

10/87

93
94

33
33

Series
description
(*)

72
72

11/88
11/88

20
37
37
37
'23"
23
37
37
37
37
37

56
39

35
35

29
76

13,25
24

67
67

5/88
1/89

24
12

14
12
13

33
23
23

72
65
65

6/87
1/88
1/88

34
21
21

101
72
112
295

15,35
35
32
46

73
73
71
82

4/89
4/89
4/89
11/88

32
32
32
26

82
84

20
20

64
64

1/89
1/89

14
14

97
11
965
333

24
24
37
48

66
66
75

5/88
5/88
5/88
5/89

22
22
22
51

1/86

5
26
26

3/89
3/89
3/89
3/89

9
9
9
9

914
35
34
442
90
441
37

29
29
51

70
70

18,51

62
89
62,89

920c
951
940
9

10
39
36
11
23

'74"
60
66

2/89
5/88
2/89
2/89
5/88

5
5
21

101
72
112

15,35
35
32

73
73
71

4/89
4/89
4/89

32
32
32

345
280

49
45

87
82

11/88
11/88

46
46

64

30,47

70,83

10/88

46

11/88

46

8/88
7/87
7/87

5
53
53

920

17

51

60

346

49

88

340

49

87

341
348
349

49
50
50

87

53

19

4/89

920
920c
940

10
39
11

2/89
5/88
2/89

930
930c

10
39

914
910
910c
915
917
916

10
39
11
11
11

60

5

60

2/89
10/87

60
60

1/86
2/89
6/88
1/88
1/88
1/88

"eo"
60
60

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales...
Gross private fixed investment
Monresidential, constant dollars
Nonresidential, percent of GNP
Nonresidents! structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Housing starts
Consumer expectations, index
Consumer finished goods, producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices—See also International comparisons.
All items
Food
Services
Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures,
Contract awards, Defense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Corporate bond yields
Corporate profits-See Profits.
Credit
Borrowing, total private....
Business
iness loa
loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Consumer installment credit
Credit outstanding
Net change

Ratio to personal income
Consumer installment loans, delinquency rate,
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price Index
Debt-See Credit.
Defense and space equipment, industrial production ....
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays
Personnel, civilian
Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers1
Unfilled orders, manufacturers'
Defense products industries, employment
Defense purchases, goods and services
Defense purchases, percent of GNP
Deficit—See Government.
Deflators—See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Capital appropriations, manufacturing
Coincident indicators
Employees, manufacturing and trade
Employees on private nonagrtcultural payrolls
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
Plant and equipment expenditures
Profits, manufacturing
Profits, manufacturing and trade
Raw industrials, spot market prices
Raw industrials, spot market prices, components
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prices, retail trade
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing
Workweek, manufacturing, components

Current issue
Series (p3ge numbers)
number Charts Tables

29

13,25 67

Historical
data
(issue date)

Series
description
(*)

5/88

9
69

23
24

66
67

5/88
9/88

21
17

86
248
87
89
249
28
83
334
8
75

25
47
25
25
47
25
13
48
12,21
22

67
83
67
67
83
67
97
86
64
65

8/88
10/88
8/88
8/88
10/88
4/89
2/89
5/89
4/89
1/89

40
40
40
40
40
24

113
95
39

35
32
15,35
33

73
72
73
72

5/88
5/88
11/88
2/88

33
33
33
34

320
322
120
58

49
49
15
22

84,95
84
97
65

3/89
3/89
2/89
12/88

49
49

525

53

90

6/89

55

20

12,23

66

9/88

21

10
116

23
34

66
73

9/88
5/88

21
35

'si'
15
12

110

32

101
72
112

15,35
35
32

73
73
71

4/89
4/89
4/89

32
32
32

66
113
95
39
111
33

35
32
15,35
33
32
32

73
72
73
72
72
71

5/88
5/88
11/88
2/88
4/89
9/86

33
33
33
34
31
31

98
331

28
48

4/88
5/89

51
50

557

54

12/87

517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91

6/89
6/89
10/87
6/89
6/89
6/89

55
55
56
56
56
55

559
548
588
561
570
564
565

54
53
54
54
55
55
55

91
90
91
91
91
91
91

9/88
9/88
9/88
9/88
6/89
8/88
8/88

17
15
17
15
5
43
43

33
72
12,21 64

2/88
2/89

34
17

5/88
2/89
8/87
4/89
12/87

22
5
37
5
12

2/88
8/87
2/89
2/89
9/88

37
5
5
15

8/8?
10/88
5/88
8/87
1/88

3?'
23
37
37
25

8/87
8/87
8/87
8/87
12/88
7/88

'3?
3?
37
37
25
5

39
32

965
951
974
963
966

37
36
38
36
37

962
975
952
950
964

36
38
36
36
37

971
970
960
972
967

38
38
37
38
37

973
976
978
977
968
961

38
38
38
38
37
36

11/88

75
74
76
74
75
78
74
76
74
74
75
77
76
76
75
76
75
79
76
76
76
76
75
74
77

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Current issue
Series (page numbers)
number Charts Tables

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

Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagricultural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
Employees on private nonagricultural payrolls, Dl..
Employment, civilian
Employment, defense products industries.. .
Employment, ratio to population
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment.
Initial claims, State unemployment insurance,.
Initial claims, State unemployment insurance, Dl...
Overtime hours, manufacturing
Participation rate, both sexes 16-19 years of age
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 . ..
Unemployed, both sexes 16-19 years of age. . .
Unemployed, females 20 years and over.
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment, civilian
Unemployment rate, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment-See Investment, capital.
Expectations—See Anticipations and intentions.
Exports—See International transactions.

Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from..,
Final sales in constant dollars
Financial flows, Cl
Fined investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves

51
55
55

48c
48
40
974
41
963
442
570
90
46
60
5
962
21
453
452
451
448
42
446
445
447
444
91
37
43
44
45
1

39
17
17
38
14,17
36
51
55
17
16
16
12,16
36
16
51
51
51
51
17
51
51
51
51
15,18
18,51
18
18
18
12,16

961

36

91
91
61
62
76
62
74
89
91
62
61
61
61
74
61
89

89
62
62,89
62
62
62
61
11
74

3/89
6/89
6/89
7/88
7/88
7/88
8/87
7/88
4/89
3/89
6/89
3/89
3/89
3/89
4/89
2/88
7/88
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
3/89
5/88
7/88

Series
description
(*)

9
56
56
5
5
37
5
5
9
5
9
9
9

7/88

119

34

6/88

94
213
917

33
40
11

11/88
10/88
1/88

35
38
5

8/88

311

11/88

Goods output in constant dollars
Government budget
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
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted
price index
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.

H
Help-wanted advertising in newspapers.
Help-wanted advertising, ratio to unemployment
Hours, manufacturing
Average weekly hours
Average weekly hours, components...
Average weekly hours, Dl
Average weekly overtime

441
578
577

Historical
data
(issue date)

..

8/88
52
52
52
52
52
52
46

90
90
90
90
90
90
83

11/88

53
53
53
53
53
53
48

263
262
265
564
565
267
266
268
261
260

43
43
47
55
55
43
43
47
43
43

81
81
83
91
91
81
81
83
81
81

11/88
11/88
11/88
8/88
8/88
11/88
11/88
11/88
11/88
11/88

43
43
43
43
43
43
43
43
43
43

311
68

48
30

8/88
8/88

49
28

50
50b
50c
200
200b
200c
107
49
310
217

19,40

31
20
48
40

71
63
84

10/88
10/88
10/88
10/88
10/88
10/88
8/88
8/88
8/88
10/88

38
38
38
38
38
38
30
14
38
38

46
60

16
16

61
61

3/89
3/89

12,16

61
77
74
61

7/88

961
21

63,80

36
16

7/88
7/88

Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Current issue
Series (page numbers)
number Charts Tables

28
29

67
67
67
83

Historical
data
(issue date)

Series
description
(*)

4/89
5/88
8/88
10/88

24
24
40
40

249

25
13,25
25
47

310

48

345
280

49
45

87
82

11/88
11/88

64

30,47

70,83

10/88

73
82

11/88
11/88
11/88

46
33
26

11/88
10/88
10/88

26
11
11

I
Implicit price deflator, GNP
Imports—See International transactions.
Income
Compensation, average hourly, nonfarm
business sector..
' Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, percent
of national income
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm
economy
Earnings, real average hourly, private nonfarm
economy
Income on foreign investment in the United States
Income on U.S. investment abroad
lnterest.net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change
Total
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors1 income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production—See also International comparisons.
Consumer goods
Defense and space equipment
Durable manufactures
Nondurable manufactures
Total

502
501
500
512
511
510
298

39
40

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

Total! DI

ZZZZZZZZZZZZZZ!"!!!

Total, rate of change
Industrials, raw, spot market prices
Components
Diffusion index
Spot market index
Installment credit-See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment rate
Interest, net
Interest, net, percent of national income
Interest rates
Sank 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, producer price index
International comparisons
Consumer prices
Canada.
.
France
Italy .
Japan
. ,.
United Kingdom..
, .
. . .
United States.
.
. .
West Germany
Industrial production
Canada.
.. .
France
.
Italy
Japan
.
OECD, European countries
United Kingdom
United States
West Germany

346
49
95 15,35
286
45
287
225
224

8/88

47
40
40

46
46

10/88

227

8/88

340

49

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

8/88
8/88
8/88
11/88
11/88
10/88
9/88
9/88

5
57
57
47
47
46
11
11

51c
51
108
282

39
14,19
31
45

63
71
82

9/88
9/88
4/89
11/88

11
30
47

283
284

47
45

83
82

11/88
11/88

47
47

285
348
349

47
50
50

11/88
7/87
7/87

47
53
53

53
13
335

19
23
48

4/89
1/88
5/89

11
21
51

1/89
1/89
12/87
1/89
1/89
6/89

12
12
13
12
12
12

63
65
85

24
76
67
75
22
65
557
54
91
73
20
63
74
20
63
47 14,20,58 63,94
78
966
37
75
47c
39

967
23

37
28

5
962
45
288
289

12,16
36
18
45
47

67
116
119
118
117
109
114
115
332

733
736
737
738
732
320
735

79
75

12/87
12/87
1/88
1/88

25
25

61
74
62
82
83

4/89
2/88
5/88
11/88
11/88

47
47

35
34
34
34
34
35
34
34
48

73
73
72
73
73
73
72
73
86

1/88
5/88
6/88
6/88
5/88
2/88
5/88
5/88
5/89

35
35
35
35
35
35
35
35
50

59
59
59
59
59
49
59

96
95
96
95
95
84,95
95

4/88
4/88
4/88
4/88
4/88
3/89
4/88

60
61
61
61
60
49
61

94
723
58
94
726
58
727
94
58
58
728
94
721
58
94
94
722
58
47 14,20,58 63,94
725
58
94

6/89
6/89
6/89
6/89
6/89
6/89
6/89
6/89

59
59
59
59
58
58
12
59

See notes at end of Index.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Current issue
Series (page numbers)
number Charts Tables

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
International comparisons— Continued
Stock prices
Canada
,
,
France ,
Italy
.,
Japan
,
,
United Kingdom
United States...
West Germany
International transactions
Balance on goods and services
Balance on merchandise trade...,.
Exports excluding military aid
Exports, merchandise, adjusted, excluding military
Exports of goods and services constant dollars
Exports of goods and services current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports general
Imports, merchandise, adjusted, excluding military
Imports of goods and services
Imports of goods and services, constant dollars..
Imports of goods and services current dollars
Imports of petroleum and petroleum products
Income on foreign investment in the United States
Income on U.S. investment abroad
Net exports of goods and services,
constant dollars
Net exports of goods and services,
Net exports of goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars
Business inventories, change current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade
Inventory investment and purchasing, Cl
Manufacturing and trade
Manufacturing and trade change
Manufacturing and trade, constant dollars
Manufacturing and trade 01
Manufacturing and trade, on hand and
on order, change ..„.„
Materials and supplies on hand and on order,
manufacturers'
,
Materials and supplies on hand and on order,
Investment, capital

Capital investment commitments Cl
Construction contracts, commercial and industrial ,
Construction expenditures, business, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change— See Inventories.
Fixed investment, constant dollars
Fixed investment current dollars
Nonresidential, constant dollars
,
Nonresidential, percent of GNP
Nonresidential producers' durable equipment,
constant dollars . . ,
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
,
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment
Contracts and orders, constant dollars, .
Contracts and orders, current dollars.
Expenditures by business, constant dollars ,.
Expenditures by business, current dollars
Expenditures by business, 01
Investment, foreign
Income on foreign investment in the United States . .
Income on U.S. investment abroad .,
Italy—See International comparisons.

....

Historical
data
(issue date)

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

6/89
6/89
6/89
6/89
6/89
6/89
6/89

63
63
63
63
63
25
63

667
622
602
618
604
256
252
668
606
612
620
616
669
25?
253
614
652
651

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93

8/88
8/88
8/88
8/88
10/87
10/88
10/88
8/88
10/87
8/88
8/88
10/87
8/88
11/88
10/88
10/87
8/88
8/88

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

255

44

82

10/88

44

250
251

44
47

82
83

10/88
10/88

44
44

30
245
247
559
65
77
915
71
31
70
975

26,42
42
47
54
27
15,27
11
27
26
27
38

68,81
81
83
91
68
68
60
68
68
68
76

10/88
10/88
10/88
9/88
12/88
12/88
1/88
12/88
12/88
12/88
8/87

40
40
40
17
17
17
5
17
17
17
37

36

26

68

12/88

17

78

27

68

12/88

17

38

26

63

12/88

17

97
11
965
914
9

24
24
37

66
66
75
60
66

5/88
5/88
5/88
1/86
5/88

22
22
22
5
21

'23'

69

24

67

9/88

17

243
242
86
248

42
42
25
47

81
81
67
83

10/88
10/88
8/88
10/88

40
40
40
40

88
87
89
249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

8/88
8/88
8/88
10/88
10/88
10/88

40
40
40
40
40
40

27

23

66

9/88

15

24

23

66

9/88

15

20
10
100
61
970

12,23
23
24
24
38

66
66
67
67
76

9/88
9/88
10/88
10/88
10/88

21
21
'23
23

652
651

57
57

93
93

8/88
8/88

57
57

.

J
Japan—See International comparisons.
L
Labor cost per unit of gross domestic product
Labor cost per unit of output, business sector
Labor cost per unit of output, manufacturing
Index
Percent change
Labor force— See Employment.
Lagging indicators
Composite index .,.,
Composite index, rate of change
Diffusion index
See notes at end of index.

110



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

Series
description
(*)

68
63

30
30

70
70

8/88
10/88

28
28

62
62
26

30
15
29

70
97
70

2/89
2/89
10/88

'28"

930
930c
952

10
39
36

60
'»'

2/89
10/87
2/89

28

5
"5"

Leading indicators
Composite index
Composite index rate of change
' h'l't1

f K

'

f 1
. . ..

Current issue
Series , (page numbers)
number Charts Tables

Historical
data
(issue date)

910
910e
950
14
104

10
39
36
33
31

74
72
71

2/89
6/88
2/89
6/87
4/89

Y
34
29

78

27

68

12/88

1?

38
84
8

26
20
12,21

68
64
64

12/88
1/89
4/89

17
14
15

917

11

60

1/88

5

104
105
85
106
102
107
108
33
118
117

31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

4/89
4/89
4/89
4/89
4/89
8/88
4/89
9/86
6/88
5/88

29
29
29
30
29
30
30
31
35
35

27
24
8

23
23
12,21

66
66
64

9/88
9/88
4/89

15
15
15

20

12,23

66

9/88

21

10
548
7
6

23
53
21
21

9/88
9/88
4/89
4/89

21
15
15
15

964
971

37
38

66
90
64
64
77
75
76

9/88
8/8?

'is'

88
87
86
248

25
25
25
47

67
67
67
83

8/88
8/88
8/88
10/88

4Q
40
40
40

517
543
721

53
53
58

90
90
94

6/89
6/89
6/89

55
55
58

580

54

91

10/87

56

49

20

63

8/88

14

62
62
370
358
82
84
21

30
15
50
50
20
20
16

70
97
88
88
64
64
61

2/89
2/89
10/88
10/88
1/89
1/89
7/88

n

453
452
451

51
51
51

89
89
89

3/89
3/89
3/89

9
9
9

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

8/88
10/88
10/88
10/88
10/88
10/88
10/88
10/88
10/88
10/88

39
39
39
39
39
39
39
39
39
39

292
293
614

46
46
56

S2
83
92

11/88
11/88
10/87

48
48
56

60

Series
description

n
5

Loans— See Credit.

M
Materials and supplies on hand and on order,
Materials and supplies on hand and on order,
manufacturers' inventories, change
Materials, capacity utilization rate
Materials, new orders for consumer goods and
Materials prices— See Price indexes.
Merchandise trade— See International transactions.
Military— See Defense.
Money and financial flows, Cl
Money supply
Liquid assets change in total
Money supply Ml constant dollars
Money supply Ml percent changes
Money supply M2 constant dollars
Ratio GNP to money supply Ml
Mortgage debt, net change
Mortgage yields secondary market
Municipal bond yields

N
National defense -See Defense.
National Government— See Government.
National income— See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
Defense products
Durable goods industries, constant dollars....
Durable goods industries, current dollars
Components
Diffusion index
New orders manufacturing 01
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures constant dollars
Total, constant dollars
Total, percent of GNP

0
Obligations incurred, Defense Department
Obligations unpaid Defense Department
OECO, European countries, industrial production . .
Orders-See New orders and Unfilled orders.
Outlays, Defense Department ....

. .. .

37

Industrial production.
Labor cost per unit of
Percent change
Per hour, business sector
Per hour nonfarm business sector
Ratio to capacity, manufacturing.
Ratio to capacity materials
Overtime hours, manufacturing

P
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 petroleum products, imports

'si'
52
14
14
5

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment— See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business current dollars
Expenditures by business Dl ,
Population, civilian employment as percent of
Price indexes
Consumer prices— See also International comparisons.
All items
Food
Services
Deflators
Fixed-weighted, gross domestic business product . . .
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business.
Producer prices
All commodities
Capital equipment
Crude materials . .
Finished consumer goods
Industrial commodities
Sensitive crude and intermediate materials. ..
Raw industrials, spot market prices
Components
Diffusion index . . .,
.
...
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices— See also International comparisons,
500 common stocks
500 common stocks, Dl
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, 01
Retail trade Dl ....
Wholesale trade, Dl
Prime contract awards, Defense Department
Prime rate charged by banks .
Producer prices— See Price indexes.
Producers' durable equipment, nonresidential, GPDI
Production— See Gross national product and
Industrial production.
Productivity
Output per hour, nonfarm business sector
Profitability Cl
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCAdj, current dollars
Corporate profits before tax
With IVA and CCAdj
With IVA and CCAdj, percent of national income
Manufacturing and trade Dl
Manufacturing, 01 .
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income

Current issue
(page numbers)
Series
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

9/88
9/88

21
21

10/88
10/88
10/88

'23'

20
10
100
61
970
90

12,23
23
24
24
38
17

66
66
67
67
76
62

320
322
120

49
49
15

84,95
84
97

3/89
3/89
2/89

49
49

311
310
26

48
48
29

84
84
70

8/88
8/88

10/88

49
38
28

330
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86
69

5/89
5/89
5/89
5/89
5/89
5/89
4/88

50
51
50
51
51
50
51

967
23

'3?'

79
75
69

1/88
1/88

'25'

28

98
99

28
13,28

.69
69

4/88
2/89

51
25

19
968
26

13,28
37
29

69
75
70

12/88
12/88
10/88

25
25
28

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

8/87
8/87
8/87
6/89
2/88

37
37
37
55
35

88

25

67

8/88

40

3/89

23
9

25

1/88

52
52
5

8/88
8/88
8/88
8/88

26
26
26
26

82
83
76
75
70
60
69

11/88
11/88

26
26
37
37
27
5
26

29
45

70
82

8/88

11/88

26
47

283

47

83

11/88

47

967
23
284

37
28
45

79
75
69
82

1/88
1/88

'25"

285
93
89

47
33
25

83
72
67

370
358
916

50
50
11

88
88
60

18
16
80
79

28
28
29
29

69
, 69
69
69

286
287
972
960
15
916
22

45
47
38
37
29
11
29

81
282

10/88
10/88

8/87
5/88
1/88
1/88
8/88

R
Raw industrials, spot market prices
Diffusion index
Spot market index
Rental income of persons with CCAdj .
Rental income of persons with CCAdj, percent
ot national income ..
Reserves free
Residential fixed investment, constant dollars

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Residential fixed investment, percent of GNP
Residential structures— See Housing.
Retail sales constant dollars
Retail sales current dollars
. ...

Current issue
Series , (page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description
(*)

249

47

83

10/88

40

59
54

22
22

65
65

11/88
11/88

20
20

213

40

80

10/88

38

69
57
56
973
77
59
54

24
14.22
22
38
15,27
22
22

67
65
65
76
68
65
65

9/88

12/88
11/88
11/88

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/88
11/88
11/88
11/88
11/88

26
48
48
48
48

98
99
588

28
13,28
54

69
69
91

4/88
2/89
9/88

51
25
17

967
23

37
28

79
75
69

1/88
1/88

'25'

19
968

13,28
37

69
75

12/88
12/88

25
25

114
115

34
34

72
73

5/88
5/88

35
35

91
60
962

15,18
16
12,16
36

62
61
61
74

3/89
3/89
4/89
2/88

9
9
8
8

446
445
447
444
37

51
51
51
51
18,51

89
89
89
89
62,89

3/89
3/89
3/89
3/89
3/89

9
9
9
9
9

43
44
45

18
18
18

62
62
62

3/89
3/89
5/88

9
9

561
92
96
25

54
13
21
21

91
97
64
64

9/88
2/89
9/88
9/88

'is'

107
108
32

31
31
12,21

71
71
64

8/88
4/89
2/89

30
30
17

1

12,16

61
77
74

7/88

5

7/88

"5"

S
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, manufacturing and trade. . . ,
Retail sales, constant dollars
Retail sales current dollars
Saving
Business saving
Government surplus or deficit
Gross saving
Personal saving
Personal saving rate
Selling prices— See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government— See Government.
Stock prices— See also International comparisons.
500 common stocks
500 common stocks Dl
Surplus— See Government.

11/88
11/88
8/87

25

T
Treasury bill rate
Treasury bond yields

U
Unemployment
Duration of unemployment, average
Help-wanted advertising, ratio to unemployment
Initial claims for unemployment insurance
Initial claims for unemployment insurance, Dl
Number unemployed
Both sexes 16-19 years of age
Females 20 years and over
Full-time workers
Males 20 years and over
Total unemployed
Unemployment rates
Civilian
15 weeks and over
Insured unemployment
Unfilled orders, manufacturers'
Defense products
Durable goods industries, constant dollars, change
Durable goods industries, current dollars
Durable goods industries, current dollars, change
United Kingdom— See International comparisons.

15
15

V
Velocity of money
GNP to money supply Ml ratio
Personal income to money supply M2 ratio
Vendor performance, slower deliveries

w
11/88
11/88
11/88
8/88

25
47
47
35
40

Wages and salaries— See Compensation.
West Germany— See International comparisons.
Wholesale (producer) prices— See Price indexes.
Workweek, manufacturing
Average weekly hours
Components
Diffusion index

961

'36'

NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
* The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears.




111

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.
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.

I-A, Composite Indexes
910, Composite index of eleven leading indicators (includes series 1, 5, 8, 19, 20, 29, 32, 83, 92t 99,
106) (M).-Source 1
(10,39,60)
914, Composite index of capital investment commitments
(includes series 12, 20,29) (M)-Source 1 (11,60)

10. Contracts and orders for plant and equipment in
current dollars (M).-Sources 1, 2, and McGrawHill 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.
(23,65)
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)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
Sources 1; 4; 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; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)
34. Corporate net cash flow in current dollars (Q),~
Source 1
(29,70)
35. Corporate net cash flow in 1982 dollars (Q).-Source

1

(29,70)

36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).—Sources 1
and 2
(26,68)

14. Current liabilities of business failures (M).—Dun
& Bradstreet, Inc.
(33,72)

37. Number of persons unemployed (M).—Source 3

15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysts
(29,70)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order (M),—Source

(18,51,62,89)
2

(26,68)

16. Corporate profits after tax in current dollars (Q)Source 1
(28,69)

39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)

18. Corporate profits after tax in 1982 dollars (Q).Sou reel
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M).—Source 3
(17,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

41. Employees on nonagricultural payrolls (M).—Source
42. Number of persons engaged in nonagricultural activities (M).~Source3
(17,62)

917, Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)

20. Contracts and orders for plant and equipment in
1982 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)

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 or
nonsupervisory workers, manufacturing (M).—
Source 3
(16,61)

930. Composite index of seven lagging indicators (includes series 62, 77, 91, 95, 101, 109, 120)
(M).-Sourcel
(11,60)

22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1 (29,69)

915, Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(11,60)
916, Composite index of profitability (includes series
19,26,80) (M).-Sourcel
(11,60)

940, Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(H60)

(28,69,79)

I-B, Cyclical Indicators
1, Average weekly hours of production or nonsupervisory workers, manufacturing (M).-Source 3

(12,16,61,77)
5, Average weekly Initial claims for unemployment
Insurance, State programs (M).—U.S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis

(12,16,61)
6, Manufacturers' new orders in current dollars, durable
goods industries (M).™Source 2
(21,64,77)
7, Manufacturers' new orders in 1982 dollars, durable goods industries (M).-Sources 1 and 2 (21,64)
8, Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources
land 2
(12,21,64)
9, Construction contracts awarded for commercial
and industrial buildings, floor space (M).-McGrawHill Information Systems Company; seasonal adjust*
ment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)

112



23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau,
Inc. (Used by permission. Beginning with June 1981,
this series may not be reproduced without written
permission from Commodity Research Bureau, Inc.)
24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2

(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3

(29,70)
27. Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)
28. New private housing units started (M).—Source
2
(25,67)
29. Index of new private housing units authorized by
local building permits (M),-Source 2 (13,25,67)
30. Change in business inventories in 1982 dollars (Q).—
Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories
(M).-Sourcesland2
(26,68)
32. Vendor performance, slower deliveries diffusion
index (M).—National Association of Purchasing
Management and Purchasing Management Association of Chicago
(12,21,64)

3

(14,17,62)

43. Unemployment rate (M).-Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).-U.S. Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).-The Conference Board
(16,61)
47. Index of industrial production (M).—Source 4

(14,20,39,58,63,78,94)
48. Employee hours in nonagricultural establishments
(M).-Source3
(17,39,61)
49. Value of goods output in 1982 dollars (Q).—Source
1
(20,63)
50. Gross national product in 1982 dollars (Q).-Source

1

(19,39,40,63,80)

51. Personal income less transfer payments In 1982
dollars (M).-Source 1
(14,19,39,63)
52. Personal income in 1982 dollars (M).—Source 1

(19,63)
53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).—Source 1 (19,63)
54. Sales of retail stores in current dollars (M).—Source

2

(22,65)

55. Personal consumption expenditures, automobiles
(Q).-Sourcel
(22,65)
56. Manufacturing and trade sales in current dollars
(M).-Sourcesiand2
(22,65)
57. Manufacturing and trade sales in 1982 dollars
(M).-Sources land 2
(14,22,65)
58. Index of consumer sentiment (Q,M).—University
of Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1982 dollars (M)-Sources 1
and 2
(22,65)

TITLES AND SOURCES OF SERIES-Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)

88. Gross private nonresidential fixed investment in

61. New plant and equipment expenditures by business
in current dollars(Q).-Source 1
(24,67)

89. Gross private residential fixed investment in 1982
dollars (Q).-Soureel
(25,67)

62. Index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70,97)

90. Ratio, civilian employment to population of working age (M).-Sources 1 and 3
(17,62)

63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)

91. Average duration of unemployment in weeks (M).—
Source3
(15,18,62)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

93, Free reserves (M).-Source 4

65. Manufacturers' inventories, finished goods (EOM).Source 2
(27,68)
66. Consumer installment credit outstanding (EOM)Source 4
(35,73)
67. Bank rates on short-term business loans (Q).—Source
4
(35,73)
68. Labor cost in current dollars per unit of gross
domestic product in 1982 dollars, nonfinancial corporations (Q).—Source 1
(30,70)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source
2
(24,67)

1982 dollars, producers' durable equipment (Q)Source 1
(25,67)

(33,72)

94, Member bank borrowings from the Federal Reserve
(M).-Source4

(33,72)

95, Ratio, consumer installment credit outstanding to
personal income (M).-Sources 1 and 4

(15,35,73)

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)
98. Percent change in producer prices for sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)

99, Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.

(13,28,69)

70. Manufacturing and trade inventories in 1982 dollars (EOM).-Sources 1 and 2
(27,68)

100. New plant and equipment expenditures by business

71. Manufacturing and trade inventories in current
dollars (EOM).-Sources 1 and 2
(27,68)

101. Commercial and industrial loans outstanding in 1982

72. Commercial and industrial loans outstanding in current dollars (M).—Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)
73. Index of industrial production, durable manufactures (M).-Source 4
(20,63)
74. Index of industrial production, nondurable manufactures (M).-Source 4
(20,63)
75. Index of industrial production, consumer goods
(M).-Source4
(22,65)
76. Index of industrial production, business equipment
(M).-Source4
(24,67)
77. Ratio, manufacturing and trade inventories to sales in
1982 dollars (M).-Sources 1 and 2
(15,27,68)
78. Manufacturers' inventories, materials and supplies
on hand and on order (EOM).-Source 2 (27,68)

in 1982 dollars (Q).-Source 1

(24,67)

dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)

102, Change in money supply M2 (M) .-Source 4 (31,71)
104, Change in total liquid assets (M).-Sources 1 and
4

(31,71)

105, Money supply Ml in 1982 dollars (M).-Sources 1
and 4

(31,71)

106. Money supply M2 in 1982 dollars (M).-Sources 1
and 4

(13,31,71)

107. Ratio, gross national product to money supply Ml
(Q).-Sourcesland4

(31,71)

108. Ratio, personal income to money supply M2 (M).—
Sources land 4

(31,71)

109. Average prime rate charged by banks (M).—Source
4

(35,73)

110. Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4

(32,72)

79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1
(29,69)

111. Change in business and consumer credit outstanding

80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1982
dollars (Q).-Source 1
(29,69)

112, Net change in business loans (M).—Sources 1, 4,

81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)
82. Capacity utilization rate, manufacturing (M).—
Source 4
(20,64)
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
85. Change in money supply Ml (M).-Source 4

(31,71)

86. Gross private nonresidential fixed investment in
1982dollars (Q).-Soureel
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)




(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York
(32 r 72)
and The Federal Reserve Bank of New York

(32,71)

113. Net change in consumer installment credit (M).—
Source 4

(32,72)

114. Discount rate on new issues of 91-day Treasury
bills(M).-Source4

(34,72)

115. Yield on long-term Treasury bonds (M).-U.S. Department of the Treasury

I-C. Diffusion Indexes
950. Diffusion index of eleven leading indicator components (M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960, Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used
by permission. This series may not be reproduced
without written permission from the source.)
(37,75)
961, Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
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 employees on private nonagricultural payrolls, 349 industries (M).-Source 3 (36,74)
964, Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
965, Diffusion index of newly approved capital appropriations in 1982 dollars, 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, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968, Diffusion index of stock prices, 500 common stocks,
40-82 industries (M).-Source 1 and Standard &
Poor's Corporation
(37,75)
970. Diffusion index of expenditures for new plant and
equipment by U.S. nonfarm business, 22 industries
(Q).-Source 1
(38,76)
971. Diffusion index of new orders, manufacturing-about
600 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 1,400 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
trade-about 1,400 businessmen reporting (Q).Dun & Bradstreet, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(38,76)

(34,73)

974. Diffusion index of number of employees, manufacturing and trade—about 1,400 businessmen reporting
(M).—Citibank and U.S. Department of the Trea(Q).—Dun & Bradstreet, Inc. (Used by permission.
sury
(34,73)
This series may not be reproduced without written
permission from the source.)
(38,76)
117. Yield on municipal bonds, 20-bond average (M)-The
Bond Buyer
(34,73)
975. Diffusion index of level of inventories, manufactur-

116. Yield on new issues of high-grade corporate bonds

118. Secondary market yields on FHA mortgages (M).U.S. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)

119. Federal funds rate (M).-Source 4

(34,72)

ing and trade—about 1,400 businessmen reporting
(Q).—Dun & Bradstreet, Inc. (Used by permission.
This series may not be reproduced without written
permission from the source.)
(38,76)

113

TITLES AND SOURCES OF SERIES-Continued
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q). -Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices, wholesale tradeabout 400 businessmen reporting ( Q ) . - Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)

243. Gross private domestic fixed investment in 1982
dollars (Q).-Soureel

(42,81)

245, Change in business inventories in current dollars
(Q).-Sourcel

(42,81)

247. Change in business inventories as a percent of
gross national product (Q).—Source 1

(47,83)

248, Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)

978, Diffusion index of selling prices, retail trade—about
400 businessmen reporting (Q). Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)

249. Gross private residential fixed investment as a

H-A. National Income and Product

251. Net exports of goods and services as a percent of

percent of gross national product (Q).—Source
1
(47,83)

250. Net exports of goods and services in current dollars
(Q).-Sourcel
gross national product (Q).—Source 1

(44,82)
(47,83)

30. Change in business inventories in 1982 dollars (Q). Source 1
(26,42,68,81)

252, Exports of goods and services in current dollars

50, Gross national product in 1982 dollars (Q).—Source

253. Imports of goods and services in current dollars

1

(19,39,40,63,80)

64. Compensation of employees as a percent of national
income (Q).-Source 1

(30,47,70,83)

(Q).-Sourcel
(Q).-Source 1

(44,82)
(44,82)

255. Net exports of goods and services in 1982 dollars
(Q).-Sourcel

(44,82)

200, Gross national product in current dollars (Q).-Source 1
(40,80)

256. Exports of goods and services in 1982 dollars

213, Final sales in 1982 dollars (Q).-Source 1
(40,80)
217. Per capita gross national product in 1982 dollars

257. Imports of goods and services in 1982 dollars

(Q).-Sourcesland2

(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 1982 dollars (Q).
Source 1

(Q).-Sourcel
(Q).-Sourcel

(44,82)
(44,82)

260. Government purchases of goods and services in
current dollars (Q).-Source 1

(43,81)

261, Government purchases of goods and services in
1982 dollars (Q).-Sou reel
(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 1982 dollars (Q).-Source 1

(43,81)

(40,80)

265. Federal Government purchases of goods and ser-

227, Per capita disposable personal income in 1982 dol(40,80)

vices as a percent of gross national product (Q).—
Source 1
(47,83)

230. Personal consumption expenditures in current dol-

266, State and local government purchases of goods and

lars (Q).-Sourcesl and 2
lars (Q).-Source 1

(41,80)

231, Personal consumption expenditures in 1982 dollars
(Q).-Sourcel

(41,80)

232, Personal consumption expenditures in current dollars, durable goods (Q).-Source 1

(41,80)

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).-Source 1

(41,80)

235, Personal consumption expenditures as a percent of

services in current dollars (Q).—Source 1

(43,81)

267. State and local government purchases of goods and

lars, services (Q).—Source 1

(41,81)

238, Personal consumption expenditures in 1982 dollars, nondurable goods (Q).-Soiirce 1

capital consumption adjustments as a percent of
national income (Q) .-Sou rce 1
(47,83)

284. Rental income of persons with capital consumption
adjustment (Q).—Source 1

(45,82)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).Sourcel
(47,83)

240. Gross private domestic investment in current dollars (Q).-Sourcel

(42,81)

241. Gross private domestic investment in 1982 dollars
(Q).-Sourcel

(42,81)

242. Gross private domestic fixed investment in current
dollars (Q).-Source 1

114



(42,81)

(46,82)

298. Government surplus or deficit (Q)

Source 1

(46,83)

II-B. Prices, Wages, and Productivity
310, Implicit price deflator for gross national product
(Q).-Soureel
(48,84)
311, Fixed-weighted price index, gross domestic business product (Q).-Source 1
(48,84)
320. Consumer price index for all urban consumers
(M).-Source3
(49,59,84,95)
322. Consumer price index for all urban consumers,
food(M).-Source3
(49,84)
330. Producer price index, all commodities (M). Source
3
(48,85)
331. Producer price index, crude materials for further
processing (M).-Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M). - Source 3
(48,86)
333. Producer price index, capital equipment (MV,
Source3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source 3
(48,86)
335. Producer price index, industrial commodities
(M).~Source3
(48,85)
340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagr(cultural
payrolls (M).-Source 3
(49,87)
341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3
(49,87)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

349. Negotiated wage and benefit decisions, average
changes over life of contract (Q) .-Sou rce 3 (50,88)

(41,81)
(41,81)

(46,83)

295. Business saving (Q).-Source 1

280, Compensation of employees (Q).-Source 1 (45,82)
282. Proprietors' income with inventory valuation and

239, Personal consumption expenditures in 1982 dollars, services (Q).-Source 1

(46,82)

293. Personal saving rate (Q).-Sou rce 1

348. Negotiated wage and benefit decisions, average
first year changes (Q).-Source 3
(50,88)

283. Proprietors' income with inventory valuation and

237, Personal consumption expenditures in current dol-

292. Personal saving (Q).-Source 1

services as a percent of gross national product
(Q).-Sourcel
(47,83)

236, Personal consumption expenditures in current dol(41,81)

(46,82)

268, State and local government purchases of goods and

(43,81)

capital consumption adjustments (Q).—Source
1
(45,82)

lars, nondurable goods (Q). Source 1

290. Gross saving (Q).-Source 1

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49 r 88)

services in 1982 dollars (Q).-Source 1

(47,83)

gross national product (Q).—Source 1

289. Net interest as a percent of national income (Q).Source 1
(47,83)

286. Corporate profits before tax with inventory valuation and capital consumption adjustments {Q). Source 1
(45,82)

287. Corporate profits before tax with inventory valuation and capital consumption adjustments as a
percent of national income (Q).—Source 1
(47,83)

288, Net interest (Q).-Source 1

(45,82)

358. Index of output per hour, all persons, nonfarm business sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, business
sector (Q).^Source 3
(49,88)

II-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3

(18,51,62,89)
441. Civilian labor force (M).-Source 3

(51,89)

442. Civilian employment (M).-Source3

(51,89)

444. Number unemployed, males 20 years and over
(M).-Source 3
(51,89)
445. Number unemployed, females 20 years and over
(M).-~Source3
(51,89)

TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age(M).-Source3
(51,89)
447. Number unemployed, full-time workers (M).—
Source3
(51,89)
448. Number of persons employed part time for economic reasons (M).-Source 3
(51,89)
451. Civilian labor force participation rate, males 20
years and over (M).-Source 3
(51,89)
452. Civilian labor force participation rate, females 20
years and over (M).-Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)

570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysts
' (55,91)
577. Defense Department military personnel on active
duty (EOM).-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct hire employment (EOM).-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)

47. United States, index of industrial production (M)SourceA
(14,20,39,58,63,78,94)
320. United States, consumer price index for all urban
consumers (M).—Source 3
(49,59,84,95)
721. Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooper. ation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production
(M).-Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production
(M).Statistics Canada (Ottawa)
(58,94)

580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)

726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

588. Manufacturers' shipments, defense products (M).Source 2
(54,91)

502. Federal Government expenditures (Q).—Source
1
(52,90)

727. Italy, index of industrial production (M).-lstituto
Centrale di Statistica (Rome)
(58,94)

II-E. U.S. International Transactions

510. State and local government surplus or deficit (Q) —
Sou reel
(52,90)

728. Japan, index of industrial production (M)-Ministry
of International Trade and Industry (Tokyo)
(58,94)

602. Exports, excluding military aid shipments (M).—
Source 2
(56,92)

511. State and local government receipts (Q).—Source
1
(52,90)

604. Exports of domestic agricultural products (M).Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)

II-D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)
501. Federal Government receipts (Q).—Source 1

(52,90)

512. State and local government expenditures (Q).—
Source 1
(52,90)
517. Defense Department gross obligations incurred
(M).-U.S. Department of Defense, Office of the
Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis
(53,90)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports (M).-Source 2

(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
(Q).-Sourcel
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Sourcel
(57 f 93)
622. Balance on merchandise trade (Q).—Source 1

(57,93)
651. Income on U.S. investment abroad (Q).—Source
1
(57,93)

548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)

652. Income on foreign investment in the United States
(Q).-Sourcel
(57,93)

557. Index of industrial production, defense and space
equipment (M).-Source 4
(54,91)

667. Balance on goods and services (Q).—Source 1

559. Manufacturers' inventories, defense products (EOM).
-Source 2
(54,91)
561. Manufacturers' unfilled orders, defense products
(EOM).-Source2
(54,91)
564. Federal Government purchases of goods and services, national defense (Q).-Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)




(57,93)
668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)
669. Imports of goods and services (Q).—Source 1

(57,93)

II-F. International Comparisons
19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation

(13,28,59,69,96)

725. West Germany, index of industrial production (M).Statistisches Bundesamt (Wiesbaden)
(58,94)

732. United Kingdom, consumer price index (M).—
Department of Employment (London); percen
changes seasonally adjusted by Bureau of Economi
Analysis
(59,95
733. Canada, consumer price index (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis

(M).—
percent
Econom(59,95)

736. France, consumer price index (M)-lnstitut National
de la Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M).-lstituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. united Kingdom, index of stock prices (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).-Toronto Stock
Exchange (Toronto)
(59,96)
745. West Germany, index of stock prices (M).—
Statistisches Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).-lnstitut National
de la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M).-Bank of Japan
(Tokyo)
(59,96)

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