Full text of Business Conditions Digest : March 1978
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U.S. DEPARTMENT OF COMMERCE
Juanita M. Kreps, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
John E. Cremeans, Associate Director for National
Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division, Bureau of Economic Analysis
Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review
Morton Somer—Selection of seasonal adjustment methods
Betty F. Tunstall—Collection and compilation of basic data.
Telephone (202) 523-0541
The cooperation of various government and private agencies which provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series and sources at the
back of this report.
This publication is prepared under the general guidance of a technical committee under
the auspices of the Office of Federal Statistical Policy and Standards. The committee
consists of the following persons:
Julius Shiskin, Chairman, Bureau of Labor Statistics, U.S. Department of Labor
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
J. Cortland Peret, Board of Governors of the Federal Reserve System
Beatrice N. Vaccara, U.S. Department of the Treasury
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 fist of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
Annual subscription price: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address
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.
follows), enclosing a copy of your address label.
Make checks payable to the Superintendent of
Documents. Send to the U.S. Government
Printing Office, Washington, D.C. 20402.
BUSINESS CONDITIONS DIGEST
New Features and Changes for This Issue
ItCII
iii
METHOD OF PRESENTATION
Seasonal Adjustments. .
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How To Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes
1
1
1
1
4
6
6
7
MARCH 1978
Data Through February
Volume 18, Number 3
PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS
A1 I
A2
A3
A4
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
Chart
Table
11
13
15
16
59
—
—
—
17
20
22
24
27
29
32
60
62
63
64
67
68
70
37
—
40
73
75
-
CYCLICAL INDICATORS
BY ECONOMIC PROCESS
B1
B2
B3
B4
B5
B6
B7
Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit
DIFFUSION INDEXES
AND RATES OF CHANGE
C1
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. Use of funds for printing this periodical has
been approved by the Director of the Office of Management and Budget through September 1, 1980.
ltd*
PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
A1
A2
A3
A4
A5
A6
A7
AS
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income
chart
Table
41
42
43
44
45
46
47
48
79
79
80
80
81
81
81
82
49
50
83
86
52
88
53
54
89
89
55
56
90
91
57
53
53
92
93
PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity
LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components
GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators
U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements
INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices
94
PART III. APPENDIXES
A. MCD and Related Measures of Variability (December 1975 issue)
QCD and Related Measures of Variability (September 1975 issue)
B. Current Adjustment Factors
C. Historical Data for Selected Series
D. Descriptions and Sources of Series (See "Alphabetical Index- Series Finding Guide")
E. Business Cycle Expansions and Contractions: 1854 to 1975 (September 1977 issue)
F. Specific Peak and Trough Dates for Selected Business Indicators (October 1977 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series
95
96
104
109
113
Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C. 20230
NEW FEATURES
AND CHANGES
FOR THIS ISSUE
A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
Changes in this issue are as follows:
concept, composition,
1. Data on the Index of consumer sentiment (series 58)
are available from the source agency on a monthly basis
(beginning with January 1978) and will be shown on that
basis in BCD. The monthly data are considered comparable
to the quarterly data; however, the sample for the monthly
survey (690 in January) is smaller than that used in the
quarterly survey (1,280 in November-December). Further
information concerning this revision may be obtained from
the Survey Research Center, Institute for Social Research,
University of Michigan, Ann Arbor, Michigan 48109.
2. The series on U.S. money supply (series 85, 102,
105, 106, 107, and 108) have been revised for the period
1975 to date. These revisions reflect the source agency's
incorporation of new benchmark adjustments for nonmember
banks and new seasonal adjustment factors. Further information concerning these revisions may be obtained from the
Board of Governors of the Federal Reserve System, Division
of Research and Statistics, Banking Section.
NOTE: Additional revisions for series 105 and 106 are discussed in item 3, below.
3. The series on constant-dollar wages and salaries in
mining, manufacturing, and construction (series 53) and
constant-dollar money supply (series 105 and 106)' have been
revised for the period 1967 to date. These revisions reflect
the new seasonal adjustment of the deflator for these series
(Consumer price index, all items) by the Bureau of Labor
Statistics, U.S. Department of Labor.
(Continued on page iv.)
The April issue of BUSINESS CONDITIONS -DIGEST is scheduled
for release on May 4.
ill
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. exports and imports of merchandise (series 602 and
612, respectively) have been revised for the year 1977. These revisions
reflect (1) the adoption of the recently revised (Revision II) STANDARD INTERNATIONAL TRADE CLASSIFICATION MANUAL for classifying merchandise and (2) the
inclusion of nonmonetary gold in the statistics. In addition, data on imports
are now being compiled on a date-of-import rather than a date-of-entry basis.
Further information concerning these revisions may be obtained from the
U.S. Department of Commerce, Bureau of the Census, Foreign Trade Division.
5. The series on Industrial production, Canada (series 723), has been
revised historically to reflect the incorporation of more accurate rebasing
information.
6. The series on foreign stock prices (series 742, 743, and 745-748) have
been revised historically to reflect the incorporation of more accurate rebasing
information.
7. Appendix C contains historical data for series 36, 37, 42-44, 48, 91,
92, 441, 442, 444-448, 451-453, 516, and 525.
8. Appendix G contains recovery comparisons for series 910, 913-917, 940,
and 950.
IV
METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 130 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
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
activities, and international transactions and
comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1955, but those for the composite
indexes and their components (part I, section A)
begin with 1948, and a few charts use a two-panel
format which covers only the period since 1968.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1977
Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Reference Turning Dates
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.
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to periodic review by NBER and on occasion are
changed as a result of revisions in important
economic time series. The dates shown in this publication for the 1948-1970 time period are those
determined by a 1974 review. The turning dates for
the 1973-1975 period are detailed in NBER's 1976
Annual Report.
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.
A. Timing at Business Cycle Peaks
—-
V
X. Economic
\Process
Cyclical
Timing
X
X
------
------
IV.
FIXED
CAPITAL
INVESTMENT
(18 series)
III.
CONSUMPTION,!
TRADE,
i
ORDERS, AND
DELIVERIES
(13 series)
Marginal
employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)
Capacity
utilization
(2 series)
New and
i; Formation of
business
unfilled orders
enterprises
and deliveries
(2 series)
(6 series)
Business
Consumption
investment
(2 series)
commitments
(5 series)
Residential
construction
(3 series)
Comprehensive
employment
(1 series)
Comprehensive
output and
real Income
(4 series)
Industrial
production
(4 series)
Consumption
and trade
(4 series)
L
LEADING (L)
INDICATORS
(62 series)
f ——
1
II.
PRODUCTION
AND
INCOME
(10 series)
1.
EMPLOYMENT
AND
UNEMPLOY! MENT
1(18 series)
V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)
Vil.
PRICES, COSTS,
AND PROFITS
(17 series)
VII.
MONEY
AND CREDIT
Inventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)
Stock prices
(1 series)
Commodity
prices
{1 series)
Profits and
profit
margins
(7 series)
Cash flows
(2 series)
Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
_i
~~ ~"~
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(18 series)
i
(26 series)
Velocity of
money
(2 series)
Interest rates
(2 series)
Backlog of
investment
commitments
(l series)
Business
investment
expenditures
i (5 series)
Duration of
unemployment
(2 series)
i.
Business
investment
expenditures
(1 series)
f
Business
investment
commitments
(1 series)
Inventories on
hand and on
order
(4 series)
Unit labor costs
and labor share
(4 series)
Interest rates
(4 series)
Outstanding
debt
(3 series)
Commodity
prices
(1 series)
Profit share
(1 series)
Interest rates
(1 series)
——
TIMING
UNCLASSIFIED
(U)
(8 series)
Comprehensive
employment
(3 series)
Trade
(1 series)
i
B. Timing at Business Cycle Troughs
X
N. Economic
Xfrocess
I
^^.
Cyclical^v
i Timing
X^
LEADING (L)
INDICATORS
(47 series)
' ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGJNG (Lg)
INDICATORS
(40 series)
if
1
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)
II.
PRODUCTION
AND
INCOME
(10 series)
Marginal
employment
adjustments
(3 series)
Industrial
production
(1 series)
New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
{4 series)
Formation of
business
enterprises
(2 series)
Business
Investment
commitments
(4 series)
Residential
construction
(3 series)
Marginal
employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
Comprehensive
output and
real Income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)
Consumption
and trade
(3 series)
Business
investment
commitments
(1 series)
Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
of
unemployment ;
(5 series)
IV.
III.
CONSUMPTION, FIXED
TRADE,
CAPITAL
ORDERS, AND
INVESTMENT
DELIVERIES
(18 series)
(13 series)
Unfilled orders
(1 series)
i
Business
Investment
commitments
1 (2 series)
1 Business
Investment
expenditures
(6 series)
i
V.
1 INVENTORIES
AND
INVENTORY
1 INVESTMENT
(9 series)
Inventories on
hand and on
order
(5 series)
Stock prices
(1 series)
Commodity
prices
(2 series)
Profits and
profit margins
(6 se les)
Cash f lows
(2 series)
Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Profits
(2 se ries)
Money flow
(1 series)
Velocity of
money
(1 series)
Unit tabor costs
and labor share
(4 se rles)
Velocity of
money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(3 series)
!
f
i
i
i
1
TIMING
UNCLASSIFIED
fU)
(1 series)
I
i
:
!
i
Inventory
investment
(4 series)
i.
f
[ VI.
VII.
PRICEIS, COSTS, ! MONEY
AND CREDIT
i AND PROFITS
(17 se rlos)
(26 series)
t1
^
j
J Bank reserves
f
(1 series)
.
_l
J
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs, conformity to business expansions and contractions,
smoothness, and prompt availability (currency). A
formal, detailed weighting scheme was developed
and used to assess each series by all of the above
criteria. (See articles in the May and November
1975 issues of BCD.) The resulting scores relate
to the cyclical behavior of the series during the
period 1947-70. This analysis produced a new list
of indicators classified by economic process and
typical timing at business cycle peaks and troughs.
(See tables on page2 and text below relating to section 13.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the
independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through +1 at peaks and from -1 through
+3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1977
Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are five indexes based on leading indicators which
have been grouped by economic process. Taken
together, these additional indexes include all 12
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident
indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags (+) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. "L" denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the post-1970 period
can be determined by inspection of the charts
where the 1973-75 recession is shaded according
to the dates of the NBER reference cycle
chronology.
Section B. Cyclical Indicators by Economic Process
This section covers 111 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,
August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November '70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1977
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6= or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or
for 1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.
Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts, obligations,
and purchases; exports and imports; and selected
indicators for a few key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section 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.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.
Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E.
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.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest
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,
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
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.
Shares of GNP and national income (A8).—The
major e x p e n d i t u r e c o m p o n e n t s of GNP
(consumption, investment, etc.) are expressed as
percentages of GNP, and the major income
components of national income (compensation .of
employees, corporate profits, etc.) are expressed as
percentages of national income.
Section B. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and wholesale price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are
presented for the period since 1968.
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.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker Also included are data on participation
rates for a few principal segments of the labor
force>
Section F. International Comparisons
Section D. Government Activities
Receipts, expenditures, and their balance
(surplus or deficit) are shown quarterly on two
levels: (1) Federal Government and (2) State and
local government. Defense series relating to obligations, contracts, and orders (monthly) and
purchases (quarterly) are also shown. (For a more
comprehensive picture of defense activities, see
Defense Indicators, a monthly BEA
publication.)
Section C. Labor Force, Employment, and
Unemployment
Section E. U.S. International Transactions
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1968) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1968) tend to be significant as
leading indicators.
HOW TO READ CHARTS
Basic Data
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Arabic number indicates latest
month for which data are
plotted. ("9" = September)
Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)
Dotted line indicates anticipated data.
Broken line indicates actual
monthly data for series where
a moving average is plotted.
Roman number indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)
Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).
Various scales are used to
highlight the patterns of the
individual series. "Scale A"
is an arithmetic scale, "scale
L-1" is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Diffusion Indexes
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting
points indicates quarterly
data over 1 -quarter spans.
Roman number indicates
latest quarter for which data
are used in computing the indexes.
Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.
Solid line indicates percent
changes over 3- or 6-month
spans.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
Arabic number indicates latest
month used in computing
the changes.
5^M^
HT
5-
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.
1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Series title
Unit
of
measure
Basic data1
Percent change
Average
1976
to
to
2dQ
to
Jan.
1978
Feb.
1978
3t)Q
1977
Jan.
Dec.
2d Q
3dQ
4th Q
1977
1977
1977
Dec.
1977
• Jan.
1978
1977
Feb.
1978
Series number
.
Timing
classification3
3dQ
to
4th Q
1977
I. CYCLICAL INDICATORS
A. Composite Indexes
£110. Twelve leading indicators
920. Four coincident indicators
£130. Six lagging indicators
1
Leading Indicator Subgroups:
S13. Marginal employment adjustments
914. Capital investment commitments
915 Inventory investment and purchasing
916. Profitability
G17 Money and financial flows
L,L,L
C,C,C
Lg,Lg,Lg
1967-100 ..
do. . . .
do. . . .
L,L,L
L.L.L ,
L,L,L
ILL
ILL
do. . . .
do. . . .
do. . . .
do
do
124.7
122.3
120.7
130.9
130.2
126.8
129.9
129.6
124,7
131.4
130.8
128.1
134.4
133.4
132.1
135.2
134.6
132.6
133.4
132.8
135.0
133.4
133.4
136.7
-1.3
-1.3
-1.7
-1.0
1.8
96.2
96.9
97.1
96.2
97.G
93.5
96.8
96.7
106.7
102.0
108.1
107.9
111.8
102.7
107.8
112.0
110.8
103.3
108.3
110. U
112.4
102.5
109.3
112.9
114.4
102.8
107.1
114.3
115.2
103.2
106.7
114.1
114.1
103.4
105.1
112.7
114.8
104.5
105.1
109.3
-1.5
-1.2
40.3
40.4
40.3
40.5
40.5
39.6
39.9
-2.2
0.2
0.0
0.5
1.3
-0.1
0.6
1.1
0.0
-3.0
1.2
0.9
2.7
-0.9
1.4
-0.8
0.9
2.3
2.3
2.0
3.1
91
92
93
1.5
1.8
0.3
91
91
91
91
91
-2.0
1.2
EL Cyclical Indicators by Economic Process
B1. Employment and Unemployment
Marginal Employment Adjustments:
H
M. Average workweek, prod, workers, mfg
21. Avg. weekly overtime, prod, workers, mfg.2 ..
2. Accession rate, per 100 employees, mfg.2 . . . .
5 Avg weekly initial claims (inverted4)
"3. Layoff rate, per 100 employ., mfg. (inv.4)2 . .
4. Quit rate, per 100 employees, mfg.3
L,L,L
L,C,L
L,L,L
L,C,L
L,L,L
L,Lg,U
Hours
do. . . .
Percent
Thousands. .
Percent
do. ...
UO.O
Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
46. Help-wanted advertising
L,Lg,U
L,Lg,U
u,c,c
u,c,c
c,c,c
Comprehensive Employment:
48. Employee'hours in nonagri. establishments . . .
42 Persons engaged in nonagri. activities
*41. Employees on nonagri. payrolls
40. Employees in mfg., mining, construction
90. Ratio, civilian employment to total population of working age2
Corrprehensive Unemployment:
37 Total unemployed (inverted4)
43. Unemployment rate, total (inverted 4 ) 2
4Ji. Avg. weekly insured unemploy. rate (inv. 4 } 2 ..
*91. Avg. duration of unemployment (inverted4) . .
44. Unernploy. rate, 1 5 weeks and over (inv. 4 ) 2 . .
1.9
3.5
4.5
331
1.0
2.1
3.5
4.0
331
0.9
1.9
0.535
121
0.608
134
0.661
140
0.660
138
156.31
86,957
81,871
24,265
157.08
87,613
82,543
24,359
158.58
88,701
83,192
24,497
158.94
S9,2SG
33,429
24,526
157.50
89,527
83,725
24,598
158.78
89,761
84,074
24,753
-0.9
0.09
3.1
3.9
384
3.4
4.0
371
3.4
4.0
36G
3.3
3.8
383
3.5
4.1
351
1.7
1.9
1.9
1.8
Ratio
1967=100...
0.390
95
0.517
118
0.483
112
151.48
SU^ISS
79,41*3
23,332
156.53
87,302
82,140
24,232
3.8
4.0
370
0.9
2.0
L,C,U
U,Lg,U
Percent
56.06
57.11
57.05
57.16
57.71
57.98
53:07
58.08
L,Lg,U
Ulg,U
L,lg,U
7,288
7.7
4.5
"6,855
7.0
3.9
6,889
7.1
3.7
6,736
6.9
3.9
6,:S54
6.6
3.8
6,310
6.4
3.7
G,22G
6.3
3.5
6,090
6.1
3.6
Lg.Lg.Lg
Lg,Lg,l_g
Thousands , .
Percent
do. . . .
Weeks. .
Percent
15.8
14.3
14.5
13.9
13.8
13.8
13.1
12.5
c,c,c
c,c,c
c,c,c
A.r., bil. dol.
do. ...
do. . . .
c,c,c
do
221.8
234.0
234.4
235.2
238.7
238.3
c,c,c
c,c,c
1967=100...
do
do
A.r., bil. dol.
129.8
121.7
140.9
580.1
137.0
129.5
1U8.1
613.1
137.0
129.3
148.0
608.5
138.4
131.5
149.2
617.0
139.5
132.9
150.1
624.4
139.6
133.6
150.5
30.2
82.4
82.7
83.0
82.9
2.0
1.9
1.9
1.8
1.8
1.7
0.0
0.1
-0.2
0.679 -0.001
-1.4
139
A.r., bil. hrs..
Thousands. .
do. . . .
do. . . .
2.5
0.0
-0.5
1.6
0.3
0.4
0.3
1.3
0.1
0.2
5.1
0.1
0.8
0.3
0.0
-11.8
0.0
0.1
-0.2
-0.1
-0.2
-4.6
-0.2
-0.1
0.019
0.7
0.052
8.0
0.073
0.8
0.3
0.4
O.G
0.5
0.8
0.8
0.4
1.0
1.3
0.8
0.6
0.01
2.2
0.2
-0.1
4.6
0.1
0.5
0.2
0.3
8.4
0.3
0.1
10.7
2.2
0.2
6
4
4
k
4
4
9
0.55
0.11
2
2.7
0.3
0.1
0.7
0.1
3
4
4
0
4
1.3
0.8
0.7
1.0
2.3
-0.2
4.1
O.U
B2. Production and Income
Comprehensive Output and Income:
Rfl
PNP in 1Q79 Hnllari;
52 Personal income in 1972 dollars
*51. Pers. income less transfer pay., 1972 dollars ..
53, Wages and salaries in mining, mfg., and construction 1972 dollars
Industrial Production:
*47 Industrial production, total
73 Industrial production, durable mfrs
74 Industrial production, nondurable mfrs
49 Value of goods output 1972 dollars
Capacity Utilization:
82 Capacity utilization rate mfg FRB 2
83 Capacity utilization rate mfg BEA2
84 Capacity utilization rate materials FRB2
C,L,L
c,c,c
L,C,U
LC U
1 2 7 4 . 7 1 3 3 7 . 3 1330.7 1 3 4 7 . 4 1 3 6 0 . 2
1038.1 1093.4 1086.1 1 0 9 5 . 3 1121.0 1130.0 1120.5 1119.2
981.1 9 7 2 . 1
971.4
972.3
940.8
947.8
893.3
946.1
-0.8
-0.9
2.6'
5
5
5
237.6
238.9
-0.3
0.5
0.3
1.5
5
138.5
131.5
149.7
139.2
132.4
150.1
-0.8
-1.6
-0.5
0.5
0.7
0.3
1.0
1.7
0.8
1.4
0.7
1.1
0.6
1.2
4
7
7
4
Percent
do
do
81
80,4
83
81.9
84
82.6
82
82.3
-0.1
-0.1
0.3
-2
82
82.2
-0.1
0
-0.3
-0.1
-1.6
-3.5
-0.7
10.0
-1.78
3.58
8
8
8
B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
L,L,L
6 New orders durable goods
L,L,L
7 New orders durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. . L,L,L
L,L,L
25. Chg. in unfilled orders, durable goods2
L,Lg,U
96 Mfrs ' unfilled orders, durable goods5
*32 Vendor performance2
L,L,L
do,
.
do. . . .
do. . . .
Bil. dol., EOP
Percent
Consumption and Trade:
56 Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars ..
75. Industrial production, consumer goods
54 Sales of retail stores
59 Sales of retail stores 1972 dollars
55 Personal consumption expend autos
58 Index of consumer sentiment© ,
Bil dol
do. . . .
1967=100...
Mil. dol
do
A.r., bil. dol.
101966=100
c,c,c
c,c,c
C.L.C
C,L,U
U,L,U
L,C,C
L,L,L
Bil. dol
62.26
66.16
63.79
63.55
57.78
41.25
33.43
39.04
39.83
36.89
35.97
35.31
36.47
35.60
34.66
2.57
3.36
4.49
3.52
1.72
-0.06
1.50
0.31
167.26 1 8 5 . 2 4 174.86 174.68 1 8 5 . 2 4 1 8 5 . 2 4 188.60 191.17
54
55
56
54
57
55
58
54
50.79
35.01
32.35
199.77
153.47
13G.2
53,542
39,313
55.0
85.4
59.13
38.06
35.00
222.93
141.17
143.4
58,924
41,604
63.9
86.8
58.74
38.23
34.91
221.58
140.14
143.3
57,990
41,384
65.1
89.1
223.03
141.04
145.0
58,862
41,187
62.3
37.6
231.39
144.31
145.3
61,473
42,591
236.25
146.41
145.8
62,054
42,766
63,2
83.1
NA
229.51
NA
141.01
142.5
144.0
59,695 60,080
40,775 40,738
-5.9
-6.8
-3.2
-1,13
1.8
-1
-2.9
-3.7
-2.3
-3.8
-4.7
2.5
1.6
1.9
-0.79
1.4
9
HA
NA
1.1
O.G
0.0
83 7
-0.1
1
0.7
0.6
1.2
1.5
-0.5
-4.3
-1.7
8.0
2.7
6.0
-4
3.7
2.3
0.2
4.4
3.4
1.4
-5.1
2
a
3
5
5
7
5
5
5
5
B4. Fixed Capital Investment
Formation of Business Enterprises:
*17 Net business formation
13 New business incarcerations
L.L.L
L.LL
1967=100...
Number. . . .
117.6
^1
?LIi
127.4
123.8
Ifi .5TS 1* . n ? 9
128.9 1 3 3 . 4 134.7
•^7-fiqs i o n n . 5 3 Q . 7 2 9
137.7
NA
NA
NA
2.2
NA
NA
NA
4.1
7.6
3.5
3.5
1
1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Timing
classification3
Stties ticta
Unit
of
measure
Average
1976
1977
?H n
3dQ
4th Q
1977
197?
1977
Percent change
Dec.
1977
Jan.
1978
Feb.
1978
Des.
Jan.
to
to
Jan.
1978
Feb.
1978
&
to
3d Q
3dQ
to
4th Q
1977
1977
6
e
8
1
1. CYCLICAL INDICATORS=Con.
84. Fixed Capital 1 n vest ment- Con.
Business InvRstmont Commitments:
10. Contracts and orders, plant and equipment . . .
*2Q. Contr, and ordors, plant and equip.,
1972 do!
24. New orders, cap. goods indus., nondofensa . . .
27. New ordors, capital goods industries, nonde°
fense 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor spaco
1 1, New capita! appropriations, mfg
,.
i7. Backlog of capital appropriations, mfg.s
.
L,C,U Mil. sq.ft. ..
U,Lq,U Bil. dot
C,lfl,Lg Bil. dot., EOP
Business Investment Expenditures:
61. Business expend., new plant end equipment ..
69. Machinery ond equipment sales and business
eonstruetion expenditures
76. Industrial production, business equip
86. Nonresid. fixed investment, total, 1972 dol. . . !
C,lg,Lg A.r., bii.dol.
120. 4D
do. . . .
C.lg.lg
C,lg,U 1967=100...
A.r.,
bil.
dol.
C,Lg,C
175.55 196.79 191.9*
149.2
136.3
148.7
116.8
1,26.8
126.4
Residential Construction Commitments and
Investment:
28, Now private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dol
L,L,L
Bil.dol
do. ...
do. ...
L,L,L
L.L.L
do ..
L,L,L
L,L,L
L,L,L
A.r., thous. .
1967=100...
A.r., bil. dol.
15.60
18.52
18.46
18.59
19.31
21.2
20.34
21.69
-4.1
6.6
11.06
12.31+
12.24
15.31
12.48
15.07
12.32
15.09
12.56
16.53
13. G7
17.37
12.96
16.43
13.73
16.81
-5.2
-5.4
5.9
2.3
-1.3
9.15
10.27
10.25
10.05
10.03
11.2'
10.51
10.67
-6.5
1.5
-2.0
51.43
12.1*5
1*7.53
62.90
16.25
57.27
60.07
15.05
50.74
65.78
17.69
54.20
68.57
17.65
57.27
72.04
33.03
67.86
15.3
-18.3
1,937
140.7
2,041
146.7
47.7
56.9
57.6
9.5
6. 0
4.6
200.69 2 0 8 . 8 9 2 1 2 . 2 4 2 0 5 . 7 3
153.4
151.5
154.1
153.4
127.6
128.9
1,987
144.4
0.1
17.5
137.02 1 3 4 . 2 4 140.38 138.11
1,538
112.2
0.7
2,203
156.1
57.5
2,146
159.5
59. Q
14.42
12.17
10.27
26.4
0.38
12.5
0.97
1,547
12G.9
MA
154.3
-3.0
-0.5
HA
0.9
k.G
1.9
0.0
1,580
130.2
-29.0
-17.4
2.1
1.0
3.4
4.3
-0.2
3.0
in
1.9
9.0
20
21
7.0
27
4.2
Q
11
97
-0.2
5.7
-1.6
Gl
1/3
1,0
G9
70
S fi
5.1
0.7
4.2
20
20
00
B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. In business inventories, 1972 dol.2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed6)2
31. Chg. in book value, mfg. and trade invent,2 . ,
38, Chg. in mtl. stocks on hand and on order2 . , . .
Inventories on Hand and on Order;
71. Mfg. and trade inventories total5
*70. Mfg, and trade invent., total, 1972 dol.8
88. Mfrs/ inventories of finished goods 5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order8
do. ...
L,L,L
U,L
L,L,L
1,1,1
do. . . .
do
Bil.dol
'
Bil. dol., EOP
do. ...
do. ...
ig,Lg,tE
Ig.lg.lg
Lg.Lg.Lg Ratio
3.5
3.20
21*. 5
0.51
26.3
0.90
13 2
12.17
32.1
0.85
2.J
-0.5
1.57
11.22
26.0
1.19
3 0 6 . 3 2 3 3 2 . 6 4 322.90 329.51 3 3 2 . 0 4 332.64 334.80
2 2 5 . 9 0 2 3 6 . 4 7 231.61 2 3 5 . 3 6 2 3 6 . 4 7 2 3 6 . 4 7 2 3 6 . 8 8
53.75
58.56 56.67
58.56
59.71
58.56
57.48
1.67
L,Lg,Lg Bil. do)., EOP
11.8
11.61
1.65
131.72 142.52
1.65
138.45
1.66
1.64
1.62
139.60 1 4 2 . 5 2 142.52
1.63
143.72
-7.0
30
NA
HA
NA
26. 5
-0.33
NA
NA
NA
2.25
-5.7
-2.25
-13.9
31
-0.47
0.50
38
NA
NA
NA
0.6
0.2
2.0
NA
NA
NA
2.0
1.6
1.4
NA
HA
0.95
0.06
0.8
1.0
i!o
71
70
63
NA
0.01
-0.02
77
NA
0.8
2.1
78
86. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed6)2 ......
23. Industrial materials prices @
L,L,L
U,L,L
Percent
1967-100...
1.17
0.69
1.28
0.06
0.70
0.99
1.61
1.65
200.7
210.4
215.5
203.2
206.5
210.9
219.7
219.9
Stock Prices:
*19. Stock prices, 800 common stocks©
L,L,L
194143=100.
102.01
98.20
99.03
98.05
93.95
93.82
90.25
83.90
Profits and Profit Margins;
16. Corporate profits after taxos
L.L.L
18. Corp. profits after taxes, 1972 dollars
L.L.L
79, Corp. profits after taxes, with 1 V A and CCA . . L,C,L
BO.
do
in 1972 da!. . . .
L,C,L
1§. Profits (after taxes) per dol, of sales, mfg.2 . . . L.U.
17. Ratio, price to unit labor cost, mffl
L,L,L
A.r., bil. dot.
do. , . .
.... .do. . . .
do. , . .
Cents
1967-100...
102.5
104.3
103.6
104 n
71.3
70.6
49.5
73.2
70.5
49.9
71.5
79.7
55.4
71.3
71.3
48.9
123.1
NA '
5.5
122.9
123.3
5.0
123.7
NA
122.7
153.5
109.0
166.1
111.5
167.6
113.8
1G7.0
111.2
168.9
110.3
Lg,lg,Lg 1987-100...
168.7
179.0
178.5
179.7
182.5
Lg,lg,Lg Dollars
Lg.Lg.Lg 1967-100...
0.39Q
0.947
154.7
0.943
154.0
0.949
154.7
0.964
157.9
76.0
76.0
76.0
75.8
75.9
Cash Flows:
34. Net cash flow, corporate
36, Net cash flow, corporate, 1972 dollars
Unit Labor Costs and labor Share:
63. Unit labor cost, private business sector
88. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin. eorp
*82. Labor cost per unit of output, mfg
64. Compensation of employees as percent of
national income2
A.r., bit.dol.
L LL
do
Lg.Lg.Lg Percent
92.1
67.5
63.3
46.8
5.1*
0.62
4.2
-3.8
0.04
0.1
-1.4
-1.22
-5.7
-1.0
-0.7
-2.3
13.0
11.0
-0.5
122.3
121.1
12i.6
-1.0
0.4
Q.G4
1.6
-4.2
1.3
-0.3
-10. S
-11.7
NA
92
23
19
16
18
79
ao
-o.a
15
17
1.1
34
0.7
1.6
G3
0.6
O.S
1.6
2.1
08
62
0.1
(>4
0.3
-0.4
-2 3
159.1
151.8
162.6
1.7
0.5
-0.2
07. Money and Credit
Money:
85. Chanqo in money supply (Ml ) 2
102. Change in money supply plus time deposits at
commercial banks (M2) 2
,
*104. Chg. in total liquid assets (M7) (smoothed6)2 .
*106. Money supply (Ml), 1972 dollars
106. Money supply (M2), 1972 dollars
L.L.I.
Percent. ...
0.50
0.62
0.62
0.75
0.51
0.60
0.80
-0.09
0.20
-0.89
0.13
-0.24
L,C,U
L,L,L
L.L.L
L,L,L
do, . . ;
do. ...
Bil.dol
do. ...
0.90
0.84
0.74
0.95
0.70
0.85
0.84
0.97
0.37
0.74
0.27
-0.37
-0.20
0.14
0.12
-0.2G
225.0
537.1
223.7
532.8
225.5
539.4
0.47
1.07
220. 8
0.74
0.94
223.6
517.1
0.53
1.09
226. Q
543.9
544.1
225.8
543.7
225.2
542.2
Velocity of Money:
107, Ratio, GNP to money supply (Ml)*
C.C.C
108. Ratio, pen;, income to money supply (M2)2 . . C,Lg,C
Ratio. .....
do.
5.607
1.965
5.795
1.974
5.791
1.973
5.816
1.966
5.851
1.994
2.009
1.998
2.001
-0.011
0.003
Credit Flows:
33. Chanqo in mortgage dobt2
1 1 2. Change in business loans2
113, Change in consumer installment debt2
1 10. Total private borrowing
A.r., bil. do!.
do. ...
do. .
do. ...
93.00
87.52
12.64
29.00
NA
26.16
NA
-5.48
-3.74
NA
13.52
NA
1,1,1
L,L,L
L L,L
L.U.L
53.34
81.05
87.48
89.97
85.64
-4.40
9.15
8.19
7.08
10.29
19.98
30.77
31.90
29.86
32.86
199.25 279.14 276.10 2 9 7 . 8 0 2 8 7 . 0 4
3.34
32.83
-0.13
0.0
-Q.I
9.30
-0.7
-0.3
05
102
0.12
0.8
1.2
0.0
0.8
10S
106
Q.Q25
0.007
O.Q3S
Q.02S
107
100
-1.84
-1.11
-2.04
7.9
4.33
3.21
3.00
-3.6
33
112
113
110
Basic data 1
Timing
classification3
Series title
Unit
of
measure
Percent change
Average
1976
1977
2dQ
3d Q
4th Q
1977
1977
1977
Jan.
Dec.
Dec.
1977
Jan.
1978
Feb.
1978
to
to
Jan.
1978
Feb.
1978
Series number
1
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
2dQ
to
3dQ
3dQ
to
4th Q
1977
1977
-2.G
0.02
NA
0.0
1
3
* 256
226
9
9
I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures (inv.4)©
39. Delinquency rate, instal. loans (inv. 4 ) 2 s
Mil. dot
L.L.L
L.L.L • Percent, EOP
Eiank Reserves:
93. Free reserves (inverted 4 ? 2 ©
94. Borrowing from the Federal Reserve 2 ©
L,U,U
L,Lg,U
hterest Rates:
1 19. Federal funds rate 2 ®
114. Treasury bill rate 2 ©
115. Treasury bond yields 2 ©.
116. Corporate bond yields2©
117. Municipal bond yields2®
118. Mortgage yields, residential 2 ©
67. Bank rates on short-term bus. loans2®
*1Q9. Average prime rate charged by banks2©
Mil.dol
do. . . .
L,Lg,Lg Percent
do.
C,Lg,Lg
do,
C,Lg,lg
do.
Lg,Lg,lg
do.
U,Lg,Lg
do.
Lg,Lg,Lg
do.
Lg,Lg,Lg
do.
LgXg.Lg
...
...
...
...
...
...
...
Outstanding Debt:
66. Consumer installment debt5
Lg,Lg,Lg Bil.dol., EOP
*72, Commercial and industrial loans outstanding,
weekly reporting large comm. banks
Lg,Lg,Lg Bil.dol
"95. Ratio, consumer install, debt to pers. income2. Lg.lg.lg Percent
250.91*
2.1*0
134
84
5.05
5.00
6.73
3.59
6.64
8.82
7.52
6.84
MA 3 2 9 . 0 1 3 3 7 . 6 9
2.36
-253
462
5.54
5.26
7.06
8.20
5.68
3.68
MA
6.82
2.38
-46
178
5.16
4.83
7.10
8.25
5.70
MA
7.61
6.47
NA
NA
2.36
2.36
2.36
-434
-690
-334
630
5.32
5.47
6.98
8.10
5.59
8.73
8.02
6.90
906
6.51
6.14
7.1G
3.29
5.57
8.82
MA
7.67
553
6.56
6. 06
7.24
8.39
5.57
•3.91
NA
7.75
NA
MA
-176
481
6.70
G.45
7.51
8.70
5.71
9.11
NA
7.93
1 7 9 . 9 3 2 1 0 . 7 0 195.01 2 0 2 . 4 8 2 1 0 . 7 0 210.70 213.12
NA
NA
-99
405
6.73
6.46
7.60
8.70
5.62
NA
NA
8.00
NA
NA
-208
-77
0.14
0.39
0.27
0.31
0.1U
0.20
NA
0.13
NA
NA
-77
-76
0.08
0.01
0.09
0.0
-0.09
NA
NA
0.07
383
502
0.66
0.64
-0.12
-0.15
-0.11
NA
0.41
0.43
0.69
0.67
0.18
0.19
-0.02
0.09
NA
0.77
11
11
11
11
11
11
6
10
NA
1.1
NA
3.8
4.1
6
116.36 121.79 1 2 0 . 6 3 1 2 2 . 5 8 1 2 5 . 3 6 1 2 5 . 9 6 127.01 129.19
12.97
12.98
12.33
12.76
NA
12.69
12.91
13.11
0.8
1.7
NA
1.6
2.3
7
9
0.13
0.22
O.OG
II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310.
320.
320c,
322
330.
331
332.
333
334
Implicit price deflator, GNP
Consumer prices {CPU, all items©
Change in CPI, all items, S/A2
CPI food
. . .
.
Wholesale prices (WPI), all commodities© . . .
WPI crude materials
WPI, intermediate materials
WPI producer finished goods
WPI, consumer finished goods
180.8
141.3
181.5
0.5
192.2
140.5
180.7
0.6
192.6
142.2
183.3
0.4
194.2
144.2
185.3
0.4
195.9
136.1
0.4
19B.7
187.1
0.8
199.0
138.4
O.G
201.4
0.5
0.4
1.2
. ..
183.0
205.1
189.3
173.2
1G9.0
194.2
214.3
201.7
184.5
178.9
194.7
220.4
201.6
182.7
179.1
194.9
207.3
202.8
185.4
179.3
197.2
213.1
205.1
190.0
181.8
198.2
217.2
205.9
191.1
132.7
199.9
221.6
207.8
192.0
134.0
202.0
228.7
209.7
195.3
136.3
do. . . .
185.0
198.5
196.5
200.2
204.2
205.2
207.8
. ..
...
...
...
108.5
192.6
113.0
116.5
109.4
209,6
115.4
119.3
108.6
207.8
114.9
118.6
109.3
211.4
115.4
120.2
110.2
215.1
116.2
120.3
110.3
110.8
1972-100...
1967=100...
Percent
1967=100. . .
133.9
170.5
do.
do.
do.
do
do.
...
...
...
0.'*
0.7
-0.2
1.2
1.4
1.4
1.1
0.0
0.9
31
32
32
32
0.6
1.5
0.4
1.2
2.8
1.1
2.5
1.1
33
33
33
33
33
1.9
2.0
34
0.6
1.7
0.4
1.3
0.8
1.8
0.7
0.1
34
34
34
37
1.1
1.4
44
44
3
44
44
44
-0.2
1.2
0.8
0.9
2.0
0.9
0.5
0.7
1.1
3.2
0.9
0.7
1.2
0.1
207.8
1.3
0.0
110.1
0.5
-5.9
B2. Wages and Productivity
340. Average hourly earnings, production workers,
private nonfarm economy
341. Real average hourly earnings, production
workers, private nonfarm economy
345. Average hourly compensation, nonfarm bus. . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector
do.
do.
do.
do.
-0.6
C. Labor Force, Employment, and
Unemployment
441.
442
37
444
445.
446.
Labor
451
452.
453.
Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age
;
Thousands. .
do
dO.
. . .;
do. . . . '
do. . . .
do. . . .
Force Participation Rates:
Males 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age2
9 4 , 7 7 4 9 7 , 4 0 1 97,153 9 7 , 5 5 9 9 8 , 6 2 2 9 3 , 9 1 9 09,107 9 9 , 0 9 3
87,435 90,546 90,264 90,823 92,069 92,G09 92,881 93,003
6,310
6,090
6,554
6,855
6,226
6,889
6,736
7,288
2,434
2,383
2,594
2,522
2,480
3,01*1 2 , 7 2 7
2,719
2,487
2,247
2,085
2,498
2,461 2,409
2,546
2,495
1,570
1
,
4
6
7
1,499
1,622
1,675
1,G43
1,701
1,642
Percent
do. . . .
do. . . .
79.8
47.0
51*. 6
79.7
48.1
56.2
79.7
48.1
56.2
79.4
48.2
56.6
79.9
48.6
57.0
A.r.,bil.dol.
do. . . .
do. . . .
do. . . .
do. . . .
do. . . .
332.3
386.3
-54.0
264.7
246.2
IB. 4
373.9
423.4
-49.5
294.4
265.2
371.2
411.5
-40.3
288.1
262.6
373.2
432.1
-58.9
301.6
268.7
386.2
446.3
-60.1
307.1
276.0
29.2
25.4
32.9
31.1
Mil.dol
do. . . .
Bil.dol
A.r.,bil.dol.
8,998
4,096
9,840
4,571
9,806
4,419
2.46
86.8
2.78
94.3
3.02
93.4
30.0
43.7
57.0
80.0
4S.9
56.9
79.8
48.9
56.5
0.2
0.3
-1.3
1.9
-6.7
2.2
0.0
0.2
-0.1
0.0
0.1
-2.2
-3.9
-7.2
8.2
-0.2
0.0
-0.4
0.4
O.G
-2.2
-4.6
0.1
-1.9
-0.3
0.1
0.4
-2.7
-2.3
-1.5
-4.4
0.5
0.4
0.4
45
45
45
3.5
3.3
50
50
50
51
51
51
D. Government Activities
D1. Receipts and Expenditures
501.
502.
500.
51 1 .
512.
51(1.
Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit2
State and local government receipts
State and local government expenditures
State and local govt. surplus or deficit 2
0.5
5.0
-18.6
4.7
2.3
7.5
-1.2
1.8
2.7
-1.8
D2. Defense Indicators
516
52pi
548
564.
Defense Department obligations, total
Military prime contract awards in U S
New orders defense products
National defense purchases
. .
9 , 7 2 3 10,117
4 , 5 0 1 5,183
1.85
95.6
4.23
98.5
9 , 7 3 4 10, CM
5,444
NA
4.84
2.93
NA
NA
2.80
9.3
NA
-39.5
NA
NA
-4.4
-0.8
1.9
-38.7
2.4
4.1
15.2
128.6
3.0
51
52
54
56
E. U.S. International Transactions
E1. Merchandise Trade
602
604
606.
612
614.
616.
Exports total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports total
Imports of petroleum and products
Imoorts of automobiles and parts
Mil.dol.
do.
do.
do
do.
do.
...
...
. ..
...
...
9 , 9 5 2 11,007 10,014
9 , 5 7 2 10,101 10,177 10,365
1,840
2,111
1,985
HA
2,193
1,947
1,925
NA
1,001 2 , 0 5 6
1,837
1,909
1,838
1,852
1 0 , 0 4 4 12,307 12,155 1 2 , 4 4 4 12,650 13,122 12,393
3,370
3,157
NA
3,540
3,440
3,462
2,658
1.479
i nqfi 1 . 3 ? 3
1.270
1.357
1.457
NA
NA
NA
NA
NA
NA
NA
-9.0
NA
NA
-5.6
NA
NA
MA
NA
NA
NA
NA
NA
1.8
-11.2
3.9
2.4
-4.0
-5.5
-5.7
-2.8
-2.0
6.9
1.7
7.4
GO
GO
60
61
61
Gl
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Series title
Unit
of
measure
Percent change
Average
IdQ
to
SdQ
1977
0.7
-!*.!>
0.3
-0.2
95 -1,320
-3.2
-B.I
2.1
15.3
-5.1
1.1
0.2
1.3
371 - 2 , 0 5 7
3d 0
1976
4th Q
1976
1st Q
1977
2d Q
1977
3dQ
1977
4th Q
1977
26,772 28,674 30,118
211,511 31,001* 3 7 , 9 2 8
2,251 - 2 , 3 3 0 -7,810
if, 332 5,31*2 6,235
2,8(*r* 2 , 8 9 0 3,251
3 6 , 9 0 0 '*0,817 t*i*, 11*0
3 2 , 8 6 0 39,918 1*7,993
1*,OU1
899 -3,853
29,603
32,1*11
-2,308
5,1*83
2,816
1*2,196
1*1,321
875
29,711
33,305
-3,59'*
5,1*21
2,997
1*2,21*3
1*2,580
-337
23,1*57
36,606
-7,11*9
6,071*
2,887
1*3,015
l*G,133
-3,118
30,655
33,309
-7,651*
6,599
3,160
i*'*,960
1*3,320
-3,360
30,870
33,1*29
-7,550
G,591
3,225
1*5,1*1*7
1*8,1*36
-2,989
29,1*90
33,369
-8,879
5,876
3,733
1*3,136
1*9,082
-5,9l»6
l*.l
U.7
-505
3.6
9.5
i*,5
i*,7
-21*2
1202.1
1528.8
1212.0
1081*. l*
857.3
5,629
i*,01l*
1283.7
1727.3
1269.8
1193.3
890.7
5,960
l*,135
1287.1*
1755.1*
1289.2
1222.6
901.5
5,965
l*,177
1311.0
1310.8
1301.2
1252.1*
903.1*
6,051*
I*, 202
1330.7
1869.9
1317.5
1292.5
921*. 5
G,H*3
I*,2G8
131*7.1*
1915.9
1331.8
1323.8
931*. l*
6,207
it, 3 0 5
13G0.2
1961.8
1351.5
1368.3
955,8
6,253
1*,391*
1.5
3.3
1.3
3.2
1.8
1.3
1.6
1.3
2.5
1.1
2.1*
1.1
1.0
0.9
775.1 821.3
861.2
8 2 2 . 7 839. S 850.1* 851*. 1 360.1* Q 7 9 . 8
13G.5 l'*l.G
112.7
130.7
136.9
137.9
127.5
138.2
127.1
3 0 7 . 6 321.6
3 3 3 . 7 321.5
329.1* 3 2 9 . 7 3 3 0 . 0 332.1* 3 U 2 . 7
351*. 8 3 7 2 . 2 3 8 9 . 2 371*. 0 3 7 9 . 7 3 8 3 . 8 5 3 6 . 3 391.1* 3 9 5 . 5
9 8 0 . U 1091*. 0 1211.2 1102.2 1139.0 1172,1* 1191*. 0 1218.9 1259.5
132.9
158.9
179.8
166. 3 177.0
178. G 177. G 13G.O
159.3
1*09.3 1*1*2.7 1*80.7 1* '*(*. 7 1*58.8 ' t G G . 6 1*7'*.!* 1*81.8 1*99.9
5 2 8 . 8 yi*l.l 5 5 9 . 5 5 7 3 . 7
1*38.2 1*92.3 5 5 0 . 7 1*98.2 513.9
O.l*
0.7
0.1
0.7
1.8
0.9
1.7
2.5
0.7
-1.0
0.7
1.3
2.1
-0.6
1.6
3.1*
1975
1976
1977
o>
3dQ
to
4IHQ
1977
IstQ
to
2d Q
1977
e
8
M
II. OTHER IMPORTANT ECONOMIC
MEASURES^Con.
E2. Goods and Services Movements Exoept
Transfers Under Military Grants
Mil dol
Merchandise exports
Merchandise imports
do
2
do
Merchandise trado balance
. ..
Income on U S investments abroad
do
Income on foreign investment in the U.S.
do
Exports of goods and services
do
Imports of goods and services
. ...
do
do
Balance on goods and services2
618
620
622
651
652
668
669
607.
G18
620
622
651
G52
GG3
GGf)
6G7
A. National Income and Product
A1. GNPand Personal Income
60.
200
213
224.
225
217
227.
6NP In 1972 dollars
GNP in current dollars
Final sales 1972 dollars
Disposable personal income, current dollars ...
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Per capita disposable pers. income, 1972 dol. ..
A.r., bil.dol
do
do
do
. .do
A r dollars
do
1271*. 7
1706.5
1266.2
1185 .'8
890.3
5,923
U, 137
1337,3
1889.6
1325.5
1309.2
930.9
6,167
l*;293
1.0
2.1*
1.5
B.I*
2.3
0.7
2.1
50
200
213
221*
225
217
227
2.3
3.7
3.1
1.0
3,3
'*.?
3.3
2.5
231
233
233
239
230
232
23G
237
A2. Personal Consumption Expenditures
231.
233
238
239
230
232
236
237
Total, 1972 dollars
Durable goods 1972 dollars
Nondurable goods 1972 dollars
Services' 1972 dollars
Total current dollars
Durable goods current dollars
Nondurable goods current dollars
Services current dollars
A.r., bil.dol
do
do
do
do
do
do
do
A3. Gross Private Domestic Investment
241
243
30
240
242
246
do
do
.do
do
do
do
Total 1972 dollars
Total fixed investment 1972 dollars
Change in business inventories, 1972 dol.2 ....
Total current dollars
,.,.,..
Total fixed investment, current dollars
Chg in bus inventories, current dol,2
2U
2l>3
30
21*0
?.t»2
2i>5
11*1.6
151.5
-9.9
189.1
200.6
-11.5
173.0
161*. 5
8.5
243.3
230.0
13.3
195.5
183.7
11.8
291*. 2
276.1
18.2
179.1*
165.6
13.8
25»*. 3
232.8
21.5
169.2
171.0
-1.3
21*3.'*
21*1*. 3
-0.9
136.7
177.0
9.7
271.8
25,3.0
13.8
197.2
13.2
291*. 9
273.2
21.7
200.3
135.1
15.7
303.6
280.0
23.6
197.5
138.7
3.7
30G.7
293.2
13.5
5.G
li.O
3.5
8.5
5.9
7.9
1.3
O.G
2.5
3.0
2.5
1.9
do
do
do. ......
do
do
do
263.0
96.7
166.3
338.9
123.3
215. G
261*. i*
96.5
167.9
361. U
130.1
231.2
271.1
101,1*
169.7
395.0
11*5.1*
21*9.6
261*. 6
96.7
168.0
363.0
130.2
232.7
26U. G
97.1
167.5
370.0
131*. 2
235.8
263.3
97.0
166.1*
371*. 9
13G.3
238.5
270.0
101.1
1GS.9
390.G
l'*3.G
2^7.0
271*. 0
103.3
170.7
1*00.9
11*3.1
252.9
277.0
10'K2
17?.. 8
1*13.8
153. S
260. U
2.5
i*.2
1.5
l*.2
5.1*
3.G
1.5
2.2
1.1
2.G
3.1
2.1*
do
do
do
do
do
do
89.9
67. U
22.5
11*7.3
126.9
2Q.I*
95.8
79.8
16.0
162.9
155.1
7.8
97.5
88.0
9.5
171*. 7
185.6
-10.9
97.9
80.9
17.0
163.1*
160.6
7.9
9G.9
33.1
13.3
168.5
165.6
3.0
9G.9
36.3
10. G
170.1*
173. G
-8.2
QC.5
89.1
9.1*
173.1
137.7
-9.7
09.8
37. G
12.2
179.9
187.1*
-7.5
9'*.8
C3.9
5.9
170. G
133.8
-18.2
1.7
3.2
-1.2
l*.5
5.1
-1.5
1.3
-1.7
2.8
l.Q
-0.2
2.2
-5.0
1.5
-G.3
-S.2
0.7
-10.7
257
255
252
253
250
1217.0 1361*.! 1520.5 1379.6 1U02.1 11*50.2 1505.7 151*0.5 1535.1*
9 3 0 . 3 1036.3 1156.3 10t*6.5 1071*. 2 1109.9 1H*1*. 7 11G7.1* 1203.3
86.0
88.0
88.7
95.1
37.0
9 5 . 5 105.0
98.2
86.2
99.3
128.1
139.8
133.5
123.1
125.1* 11*0.2 1U9.0 H*l*. 5
21*. 5
25.5
22.3
23.3
25.3
23.3
21*. 1
2G.I*
2^.9
92.0
79.1
8 8 . U 100.9
90.1
95.3
9 3 . 9 103.1
10G.1
3.8
3.1
2.U
11.8
l.G
3.8
2.3
2.Q
-1.5
G.3
2.1*
fc.2
2.9
3.1
9.9
-3.0
3.5
2.9
220
200
2QZ
23G
231*
28S
10.3
5.7
33.3
-3.1*
1.2
2.6
6.1
7.0
-11.1
0.2
-1.3
-1.5
3.8
-3.0
0.1
290
205
292
2QO
203
...
m.o
-1.6
1.9
-7.0
1.0
4.7
-10.1
A4. Government Purchases
of Goods and Services
261
263
267.
260
262
266.
Total 1972 dollars
Federal Government 1972 dollars
State and local governments, 1972 dollars
Total current dollars
Federal Government current dollars
State and local governments, current dollars . . .
1.1
O.D
1.2
3.2
3.8
2.8
2D1
2 03
2G7
2 GO
202
26G
A5. Foreign Trade
256.
267.
265
262
253.
250.
Exports of goods and services, 1972 dollars ...
ImportG of goods and services, 1972 dollars ...
Net exports of goods and serv , 1 972 dol 2 .
Exports of goods and services, current dol
Imports of goods and services, current dol
Not exports of goods and sorv., current dol.2 . .
25a
A6. National Income and Its Components
220.
280,
282,
286
284.
288
National income
Compensation of employees
Proprietors' income with IVA and CCA
Corporate profits with IVA and CCA
Rental income of persons with CCA
Net interest , . .
do
do
do
do
do
do
A7. Saving
290
296
292.
298
293
Gross saving (private and govt }
Business saving . ,
Personal saving
Government surplus or deficit2
Personal saving rats2
do
do.
do
do
Percent
195.1
179.2
80.2
-Gl*. 3
7.1*
237.0
206.6
65.9
-35. 6
5.6
273.5
226.5
67.3
-20.3
5.1
2'*l*. 8
212.5
61*. 8
-32.1*
5.1*
232.2
205.3
56.3
-29.1*
l*.G
251.1*
211.5
51.1*
-11.5
l*.l
277.2
223. G
68.5
-11*. 9
5.3
28'>.S
237.2
73.3
-26. 0
5.5
280.8
233.7
76.1
-29.0
5.G
NOTE; Series are seasonally adjusted except tor those indicated by®, which appear to contain no seasonal movement. Series indicated by an asterisk {*) are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see 'Titles and Sources of Series" at the back of BCD. NA = not available, a - anticipated.
EOP - end of period. A.r. = annual rate. S/A ° seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA ° national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly «rtes) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1.2,2,1) placed at the terminal month of the span.
http://fraser.stlouisfed.org/
10
Federal Reserve Bank of St. Louis
CYCLICAL INDICATORS
I
A I
i
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart Al. Composite Indexes
(Nov.) (Oct.)
P
(July)(May)
T
P
(Ayg.)(Apr.)
T
P
'.
i
T
(Dec.) (Nov.)
(Apr.)(Feb.)
P
T
•<
P
(Nov.) (Mar.)
T
P
;, , .
'
^
'
i '
\
'1
:
'
i
'
;
I,
i
<
!
•:
'.
f
:
']
:
. • .
:.
i
I!
:
i.
~s -
-J ' /
/
^
-?
"A?/
''
'
.
/*•
>:
f
'
110-
90-
i \
! !
•:
120-
100-
".
•
140130-
H
\\f
ff
r°
S^
'<
/s
-11 , ^y
:
/ r\: s*'
^ /•"
-x / ^ ^
: ~ /vy
- x ^ \ —^
^
„:
10U-
-si! ^
910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105)
1
T
80-
i
i1
70-
1 ;
150140130120-
920. index of four roughly coincident indicators (series 41, 47,51,57)
110-
.r
100-
908070150140130120110-
930. Index of six lagging indicators (series 62,70,72, 91,95,109)
100-
90-
+2
8070-
T+9
z
I
+5
U4
60i+5
50-
!
'!
'
!'
;
'
' '
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 1978
NOTE: Numbers entered on the chart indicate length of leads (-) and lags (+) in months from reference turning dates.
Current data for these series are shown on page 59.
MARCH 1978
KCII
11
CYCLICAL INDICATORS
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart Al. Composite Indexes—Con.
(Nov.) (Oct.)
P
T
(Aug.) (Apr.)
P T
(JulyXMay)
(Apr.) (Fab.)
P T
(Dec.) (Nov.)
P
T
(New.) (Mar.)
P
T
^jj
-9
913. Marginal employment adjustments (series 1t 2, 3, 5)
'
—""
\X
;-
!:
~21. ;;
r>v/
"" \x
\/
H
6
5
_ )2
vv
S/
-,
~"~
^^
-f
^j^^^
"
-1
10090-
ID
i
HO-
914. Capital investment commitments (series 12,20,29)
120
i
110-
-30
HI
"3
100-
-1
1
-
3
915. Inventory investment and purchasing (series 8,32,38,92)
916. Profitability (series 17, 19, 80)
[
-11
jf
120
no-
100-
v
9080*
-10
130'
Av
120-
917. Money an) financial flows (series 104, 105, 110)
110^
100'
9080-
V/
*—
V^
^6
120-
940. Ratio, coincident index to lagging index
110-
7V-T
A/
100-
i!
1948 49 50
•;
;
51 52 53 54 55 56 57 58 59 60
90<
80-^
i
,
61 62 63
; -2
64 65 66 67 68 69 70 71 72 73 74 75 76 77 1978
NOTE: Number* entered on the chart Indicate length of leads (-) and lags {+) In months from reference turning dates.
Current dnta for these series are thown on page 59.
12
MARCH 1978
ltd!
CYCLICAL INDICATORS
A
COMPOSITE INDEXES AND THEIR COMPONENTS-Con.
Chart A2. Leading Index Components
(Nov.) (Oct.)
(July) (May)
(Aug.) (Apr.)
(Apr.) (Feb.)
P T
P T
P T
P T
(Dec.) (Nov.)
P
T
(Nov.) (Mar.)
P
T
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing (per 100 employees-inverted scale)
New orders for consumer goods and materials 1972 dollars (oil, dol.)
32. Vendor performance, percent of cornianies
reporting slower deliveries
20. Contracts and orders for olant and eoiiioment
1972 dollars Ml. dol.
1948 49 50 SI 92 53 54 55 56 §7 58 59 60 61
63 64 65 66
69 7© 71 72 73 74 7S 76 77 1978
Current data for these series are shown on pages 60, 63, 64, and 65.
KCII
MARCH 1978
13
CYCLICAL INDICATORS
I A|
COMPOSITE INDEXES AND THEIR COMPONENTS^Con.
Chart A2. Leading Index Components—Con.
(Nov.) (Oct.)
P
T
(July)(May)
P T
(Aug.)(Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.)(Feb.)
P I
P
'.) (War.)
T
60J
36. Bet change in intones on hart aid o* order. 1972 dollars, sraootlied1 (MB. rate. ML doi.)
•w-
J\\
\ /
\LI
92. Chaif» in sensitive prices, smoothed'(percest)
19. Stock rices, 509 comaon stocks
(iMlex: 1941-43=10)
Effl
+1.5*
1
104. Ctaft ii total liqiid assets, swiotM (percnt)
ly:
0,0*4
?50«j
240-
101 Money supp)y-H1-iii 1972 dollars (nil. dol.)
230-
roi
220*
210-
"X
200-
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 1978
'Thli series Is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data tor these series are shown on pages 66, 67, 68, and 70.
14
MARCH
1978
licit
CYCLICAL INDICATORS
| Al
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A3. Coincident Index Components
(Nov.) (Oct.)
P
T
(July)(May)
P
T
(Aug.)(Apr.)
P T
(Apr.) (Feb.)
F T
(Dec.) (Nov.)
P
T
(Nov.) (Mar.)
P
T
nonagriculturai payrolls (millions)
57, Manufacturing and trade sales, 1972 dollars (bit. dol.)X
'
./•..,'UlJL
-
^jl-,.
.
JL, I
I1
'
':•
1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 1978
Current data for these series are shown on pages 61, 62, and 64.
BCII
MARCH 1978
15
CYCLICAL INDICATORS
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Con.
Chart A4. Lagging Index Components
(Ncv,)(0clt.)
P
T
(JulyXMay)
(Aug.)(Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.)(Feb.)
P I
(Nov.) (Mar.)
P
T
91. Average iteration of unemployment (weeks-inverted scale)
I Lg.Lg.Lg I
S5vL
10-
.7
1214-
fiGtlfi-
70. Manufacturing and trade inventories, 1972 dollars fbil. dol.)
ilolaloi
130-
62. Uteor cost per unit of output, manufacturing (indexM967=108) ^^^^^^^r
U10100-
108. Average prime rate charged by banks (percent)
\
10-
±
6-
72. Commercial and industrial loans outstanding, weekly reporting
large commercial banks (bit. dol.)
95. Ratio, consumer installment debt to personal income (percent)
49 BO §1 §2 S3 §4 m S@ S7 S8 SS SO il it 63 64 6@ Si ©7 SS
71 72
Current data for these series are shown on pages 61, 67, 69, and 72.
16
MARCH 1978
BCII
CYCLICAL INDICATORS
B |
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart Bl. Employment and Unemployment
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Now.)
P
T
(Nov.)
P
(Mar.)
T
] Marginal Employment Adjustments]
1. Average workweek, production workers, manufacturing (hours)
4241-
39-
1
21. Average weekly overtime hours, production workers, manufacturing (hours)
3-
2. Accession rate, manufacturing (per 100 employees)
5. Average weekly initial claims, State unemployment insurance {thousands-inverted scale)
250-
f
450-
3. Layoff rate, manufacturing (per 100 employees—inverted scale)
2-
3-
4. Quit rate, manufacturing (per 100 employees)
1-
1955 56
57
58
5i
60
61
62
63
64
65
66
67
68
ii
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 60.
MARCH 1978
KCII
17
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart Bl. Employment and Unemployment—Con.
(Aug.) (Apr.)
P T
(Dee.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
| Job Vacancies)
60. Rath), help-wanted advertising to number
u«*
QJ-
jg
S
0,4-
o.o-
46. Help-wanted advertising (index: 1967=100)
125-
y
100-
7550170-
[Comprehensive EmploymentJ
160-
150-
48. Employee-hours in nonagricultural establishmats
(ann. rate, fail, hours)
140-
130.
95908580-
42. Persons engaged in nonagricultural activities (Mm)
75-
70-
41. Employees on nofiagricultoral payrolls
C.C.GJ
4fl
FmnlnvfiRS In aftrtrl^-nrorinrino
manufacturing, coistrsction (milliofls)
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for thete series are shown on pages 60 and 61.
18
MARCH 1978
ltd)
CYCLICAL
B I
INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS--Con.
Chart Bl. Employment and Unemployment—Con.
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
j!
| Comprehehsive Employment— Con. |
! 30. Ratio, civilian employment to total population, working age (percent)
j
1
'
IU»L^UI
•!
A
//'"^Nv>
i,
|
jrv V^4\
p,
y^^^"
/ M %AV^W\ **J^S
(Mar.)
T
59-
s
'
/*
^*^*i. !L
^V/
1
j\f
\
i ^^
ryi
58-
1
C7
P/ -
j^S
EC-
v-f-l
ee _
3D
Rd-
•] Comprehensive Unemployment |
37. Number unemployed, total (millions-inverted scale)
M
3-
43. Unemployment rate, total (percent-inverted scale)
45. Average weekly insured unemployment rate (percent-inverted scale)
23-
^\!
91. Average duration of unemployment (weeks—inverted scale)
5
.
4«
Ph
^
i ^
a67810-
V.
12141618-
44. Unemployment rate, persons unemployed 15 weeks and over (percent-inverted scale)
01234-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 61.
MARCH 1978
not
19
CYCLICAL INDICATORS
Bl
CYCLICAL INDICATORS BY ECONOMIC PROCESS~-Con,
Chart B2. Production and Income
(Aug.) (Apr.)
(Dec) (Now.)
P
T
»r.)(Feb.)
5
T
(Nov.)
P
(Mar.)
T
[Comprehensive Output and Income]
1500
1400*
1300-
SO. GNP in 1972 dollars, Q (ann. rate, bil
1100-
52. Personal income in 1972 dollars (ann. rate, bil. dol.)
•—
ftwl
>
IIOOi
51. Personal income less transfer payments,
1972 dollars (ann. rate,fail,dol.)
8S0-
53. Wages and salaries in mining, manufacturing, and construction,
1972 dollars (ann. rate, bil. dol.)"
1955 SS
57
S8
59
60
61
63
63
64
69
66
67
68
69
70
71
72
73
74
7S
76
77
78 1979
Currant data for these serlei are shown on page 62.
20
MARCH 1978
CYCLICAL INDICATORS
B |
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B2. Production and Income—Con.
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
1
(Dec.) (Nov.)
P
T
;
(Nov.)
P
•
(Mar.)
T
"-
47. Industrial production, total (index:! 1967=100)
\Vs
/*
(W)
^J
s
s^ >v^
•
-^
140-
2
130-
\
^
120110100-
160150140-
74. Industrial production, nondurable manufactures
(index: 1967=100)
130120110100700-
73. Industrial production, durable manufactures
(index: 1967=108)
fifon
^
650-
600-
v
550-
aoo450-
49. Value of goods output. 1972 dollars. 0
(ann. rate, bil. dol.)
400-
350-
| Capacity Utilization |
IUU-
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)
;:
*-**-*
.
^^-v^ "^^"^iV^
90-
_
*~*~^
'
*^*\
*-%>ir*v«
»*f
••I ^ "
f—
I
IV
80-
': 'M
100-
82. Rate of capacity utilization, manufacturing (FRB), Q (percent)
eo8)170-
100-
84, Rate of capacity utilization, materials, Q (percent) |L,C,U|
908070-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on pages 62 and 63.
MARCH 1978
KCII
21
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B3. Consumption, Trade, Orders, and Deliveries
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
70-i
6560*
2
1
TT—r
| Orders and Deliveries
7. New orders, durable goods industries, 1972 dollars (Ml. dol.)
r¥-
*r
555045-
iJ
40353025-
6. New orders, durable goods industries,
current dollars (tj)l. M.)
8. New orders for consumer gods art materials
1972 dollars (Ml. dol.)
rrjTl
3§30-
\7
25-
25. Change in unfilled orders, durable goeds industries
L; HCD moving avg.-4-t8ti)
96. Manufacturers' unfilled orders, durable goods ifl&stries (bil. dol.)
[UPI i'
/
/
120-
«
100-
&
80-
60*
32. Vendor performance, percart of companies
reporting slower deliv8ri«s
100-
75-
1
5025-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 63.
22
MARCH 1978
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B3. Consumption, Trade, Orders, and Deliveries—Con.
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
240220-
| Consumption and Trade]
200180160-
56. Manufacturing and trade sales, current dollars (bil. doU-
140120-
100-
57. Manufacturing and trade sates,
1972 dollars (bil, dol.
\ r
75. Industrial production, consumer goods (index: 1967=100)
JLl
150140130120-
110-1
m
54. Sales of retail stores, current dollars (bil. doi.)-^ ^
70
T
65605550-
45-
cu
40-
59. Safes of retail stores, 1972 dollars (bil. do}.)
357570656055504540-
±
55. Personal consumption expenditures, automobiles,
Q (ann. rate,tail,dol.)
3530-
25-
20-
15J
58. Index of consumer sentiment. Q (1st Q 1968=100)
100-
L,L,L
H
90807060J
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 64.
http://fraser.stlouisfed.org/MARCH 1978
Federal Reserve Bank of St. Louis
BCIt
23
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment
(Aug.) (Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
[Formation of Business Enterprises]
(Nov.)
P
(Mar.)
T
12. Net business formation (index: 1967=100)
IUfL|
|121
^j^tf
13. New business incorporations (thousands)
r^^^^r*
/^Ar^^V
222018-
te«
20. Contracts and orders for plant and equipment,
1972 dollars (Ml. dol.)
Business Investment Commitments
14«
8-
*>A
10. Contracts and orders for plant mi equipment
6-
current dollars (bit. dol.)
201816141210-
27. Manufacturers* new orders, capital goods industries,
nondefense, 1972 dollars (hi), dol.)
8-
i8
624. Manufacturers' new orders, capital goods industries,
nnnriofpncp, current dollars (UI.-M.)
mm
\
9. Construction contracts, commercial aid industrial
(mil. sq. ft. of floor area; MGD moving avg.-6-term)1
30 J
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
1979
'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.
Currant data for those series are shown on pages 64 and 65.
24
MARCH 1978
ItCII
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.
(Aug.) (Apr.)
P
(Apr.) (Feb.)
T
P
(Dec.) (Nov.)
T
P
(Nov.)
(Mar.)
P
T
T
Business Investment Commitments—Con.
11. New capital appropriations, manufacturing,
97. Backlog of capital appropriations, manufacturing,
61. Business expenditures, new plant and equipment,
0 (ann. rate, bil. dfftt
C I a I ff
Business,investment Expenditures
69. Machinery and equipment sales and
business construction expenditures
(ann. rate, bil.
76. Industrial production, business
(index: 1967=100)
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
'This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
Current data for these series are shown on pages 65 and 66.
~~°
http://fraser.stlouisfed.org/MARCH 1978
Federal Reserve Bank of St. Louis
HCII
25
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B4. Fixed Capital Investment—Con.
(Aug.) (Apr.)
P T
(Dec) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nw.)
P
(Mar.)
T
I Business Investment Expenditures—Con7|
160140*
Hoflresidwtial fixed invest^!, 1372 dollars, Q (ann. rate, biL ttol.)
120-
86, Total, tt
1flO«
V88. Pacers' durable m\m*t Q
I
[ Residential Construction Commitments and Investmentl
28. Niw private hONsixg anils started, total (ami. rate, millions;
1KB paving avg.-4-terffl)
few kiiMiig (wnnits, private busing nits («dex: 1967=100)
7060-
ItJitartial fixed iivestoeflt, total, 1972 dollars, Q (aw. rate, III, tol.)
lull
\
IV
5040-
V
30ij
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
;|
70
71
72
73
jj
74
75
76
77
78 1979
Current data for these sarles ire shown on page 66.
26
MARCH 1978
HCII
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
| inventory investment!
30. Change in business inventories, 1972 dollars, Q (ann. rate, bil. dol.)
36. Net change in inventories on hand and on order, 1972 dollars
(ann. rate, bil. dol.; moving ayg.-4-term')
31. Change in hook value, manufacturing and trade hwntories
(ann. rate, bit. dol.; MCD moving avg.-6-term)
+4-
38. Change in stocks of materials and supplies on hand and on order, mfg.
(bil. dot.; moving avg.-4-term)
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 67.
MARCH 1978
ItCIt
27
CYCLICAL INDICATORS
B |
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment—Con.
(tag.) (Apr.)
P T
(Nov.)
P
sc.) (Nov.)
(Apr.) (Feb.)
P I
P
T
(Mar.)
T
| Inventories on Hand and on Order]
70. Book value, manufacturing and trade inventories,
1972 dollars (hil. dol.)
|Lg,Lg,Lg|
\
ISO-
71. Book value, manufacturing ami trade inventories,
burnt dollars (Ml. dol) |Lg,ig,Lg[
4B-
Book value of manufacturers' inventories.
tlnisheti goods (bil. dol.)
40-
3S
20 J
77. Ratio, deflated inventories to sales, mapyfacturing and trade (ratio)
\r
1.8-
1.6-
/
1.5-
160140'
78. Stocks of materials and supplies on hand
and on order, mfg. (bil. dol.)
19S5 96
§?
58
i9
60
61
62
63
64
65
66
67
68
69
70
71
L
72
120<
/
/
73
74
109-
7S
76
77
78 1979
Current data lor those series are shown on page 67.
28
MARCH 1978
IICII
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B6. Prices, Costs, and Profits
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
+6n
[Sensitive Commodity Prices|
92. wange in sensitive prices (percent; moving avg.-4-term1)
+4-
+20-2-1
i
/
,j
;
„
j,
>
:;
][
f
l!
!
;
:
ll
/**%
I
:
]' • v
''
ft.
^
Industrial maienals prices (index: T96/MUU)
IU.LLI
-/ysv^ ^-^^/^w
/
>v
y^~ W _ X" ^^/
\ i
;
i
•-
^
.
^
/DU-
i..-
S\S\**f^
\AysX
" / :'
;
•'
.'.:...::':':'..:..::....;.
.
. • • <: •
:
3
1
:•
.;
;
:'
:
180-
140-
'
[Profits and Profit Margins!j
. Corporate profits after taxes, 1972 dollars, 0 (ann. rate, biL dot
Corporate profits after taxes, current dollars,
D (ann. rate, ML dol.) (ITT
10. Corporate profits after taxes with IVA and CCA,
1972 dollar^ Q (ann. rate, bil. idol.)
/a. uorporaie proms aner taxes wnn IVA ana
current dollars, Q (ann. rate, bil. dot.) ;
19!>5 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 68.
ItCII
MARCH 1978
29
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B6. Prices, Costs, and Profits—Con.
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
| Profits and Profit Margins—Con. |
22. Ratio, corporate profits (after taxes) la total corporate
141210-
8-
6-
10-
881. Ratio, corporate pfits (after taxes) with inventory valuation
and fttftital ntm^Hmntiwi adiu^lniiHits tn tnlal
, Q (percent)
4-
21<t
Pmfttc (aftfir tavftO npr rtnlhr nf
l mamifarturiw efirnofatinn^ 0
75*-
V
3130120-
17. Ratio, price to unit labor cost, manufacturing (IMex: 1967=100)
100220200180*
160-
I Cash Flows |
140-
35. Ket cash flow, corporate, 1972 dollars,.
Q (ann. rate, bil. dol.)
120*
100-
V
•8
80-
60-
34. Net cash flow, corporate, current dollars,
0 (aim, ratep:fefl, M.) r—n
I
40 -
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on pages 68 and 69.
30
MARCH 1978
KCII
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B6. Prices, Costs, and Profits—Con.
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Unit Labcjf Costs and Labpr Share]
63. Unit labor cost, private business sector Q (into: 1967-100)
68. Labor cost (current dollars) per unit of gross domestic prrtuct
(1972 dollars), nonfinancial corporations, Q (dollars)
Labor cost per unit of output, manufacturing (index: 1967=100)
64. Compensation of employees as a percent of national income, Q (percent)
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 69.
MARCH 1978
31
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit
(Aug.) (Apr,)
P T
(Apr,) (Feb.)
P
T
(Dec.) (Nov.)
P
(N0v.)
(Mar.)
P
T
T
+1,6-
85. Change in money supply-demand deposits plus currency (Ml)
| (percent; MCD moving avg.«6-tenn) 11
+1,2+0,8-
yf»l|f v
tiv ^(y v » r
5
II
+0,40.0-0,4-1
102. Change in money supply plus time deposits at commercial banks (M2)
(percent; HCD moving avg.-6-term)
„ . , ;.-.-.
i|
+1.6+1.2+0,8+0.4-
v*
1
0.0-
vf 1
-0.4-
104. Change in total liquid assets (percent; moving avg.-4-tenn1)
+1.2+0.8+0,4-
0.0200240-
105. Money supplv-M1-in 1372 dollars (til, dol,)
iLLLl
230220210600§60020-
106. Monty s9pply-H2-ifl 1972 dollars Oil, del.)
480-
440-
400-
3606.5-
IV
60-
5.5"
107. Ratio, SNP to money supply Ml. Q (ratio)
5.0"
4.52.12,01,91.8-
108. Ratio, personal income to mtmev suoolv M2 (ratio) I C.lg.C I
56
57
58
59
60
61
62
63
64
66
67
68
69
70
71
72
73
74
75
1.7-
76
77
78 1979
iThli series Is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 70.
32
MARCH 1978
ItCII
CYCLICAL
INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS^-Con.
Chart B7. Money and Credit—Con.
(Aug.) (Apr.)
P<
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
I Credit FI0ws|
33. Change in mortgage debt (ann. rate, bil. riol
rmi
._ AN
112. Change in bank loans to businesses (ann. rate, fail. dol.; ji
MCO moving avg.-8-term)
' ;|j
113. Change in consumer installment debt (ann. rate, bil. dol.)
110. Total private borrowing, (I (ann. rate, bil. dol.)
z
z
A
200150100-
5flJ
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on pages 70 and 71.
KCII
MARCH 1978
33
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
Chart B7. Money and Credit-—Con.
(Aug.) (Apr.)
P T
1955 56
57
58
59
60
61
(Nov.) (Mar.)
P
T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P T
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these leries are shown on page 71,
34
MARCH 1978
KCII
CYCLICAL INDICATORS
Bj
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
119. Federal funds rate (percent)
114. treasury toll rate (percent)
C,Lg,Lg
116. Corporate bond yields (percent)—*-/
.
r
ji
fatitei ^ yy jj\
.
.
{
r/v r / V ^ |V
ji/ y "N
65"
115. Treasury tiond yields (percent)
4-1
87-
117. Municipal bond yields (percent)
6543-
10-
118. Secondary market yields on FHA mortgages
(percent)
J
r "v
I \
—j^
98^
7-
v^
65
;
" ' '•
1955 56
_i_ji
57
r
(
58
59
5
J
60
61
62
63
64
65
66
67
68
69
J
LJ.
70
Ju.'1-Lj Ji_
71
72
73
74
•...
75
76
••.
77
. . .
78 1979
Current data for these series are shown on pages 71 and 72.
MARCH 1978
ItCII
35
CYCLICAL INDICATORS
B |
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.
(Aug.) (Apr.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
[Interest Rates-Con.|
67. Bank rates on short-term business loans (percent)
109. Average prime rate charged by banks (percent)
Outstanding Debt
66. Consumer installment debt (bil. dol.)
72. Commercial and industrial loans outstanding,
weekly reporting large commercial
banks (bii. dol.)
95. Ratio, consumer installment debt to personal income (percent)
MH^M^-^MHIMBM^^—^MiailMI.MaMlMlB^^BMWWW^^KMMMIW^HHKMBB^a^^i^BKBWHM
1955 56
57
36
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
MARCH 1978
BCD
CYCLICAL INDICATORS
C I
DIFFUSION INDEXES AND RATES OF CHANGE
Chart Cl. Diffusion Indexes
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Twelve leading indicator components (6-tno. span—, 1-mo. span100-
50-
0-
951. Four roughly coincident indicator components (6-iho. span—, 1-mo. span—)
m
100-
50-
ii
ID
952. Six lagging indicator components (6-mo. span—, 1-mo. span—)
0100-
50-
f
0-
961. Average workweek, production workers, manufacturing-^! industries (9-mo. span—, 1-mo. span—)
100-
50-
962. Initial claims, State unemployment insurance-47 areas (percent declining; 9-mo. span—, 1-mo. span —)
100-
50-
0-
963. Employees on private nonagricultural payrolls-172 industries (6-mo, span—, 1-mo. spaB100-
50-
0-
1955 56
BCII
57
58
59
MARCH 1978
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
37
CYCLICAL INDICATORS
C I
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.
(Aug.) (Apr.)
P
(Apr.) (Feb.)
T
P
(Dec.) (Nov.)
P
T
T
(Nov.)
P
(Mar.)
T
964. Nmr inters, durable goods industries--35 industries (9-roo. sp»—, 1-mo. span—-
lOO-i
50-
965. Newly Jftreved capital appropriations, deflated--!? industries1 (4-9 mulng avg. ~«, 1-Q
705030J
966. Industrial production--24 industries (6-mo. span—, 1-mo. span—
967. Industrial materials prices-13 industrial materials (9-n»j, span—, 1-mo. span
fl
968. Stock prices, 500 common stocks-62-82 industries (9-roo. jSpa—, 1-mo. span---)
J8| Profits, manufacturing-about 1,000 corporations (4-Q span «-^, 1-Q span— )
90«i
70-
50"
30-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
'This ft a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board.
Current data for these series are shown on page 74.
38
MARCH 1978
KCII
CYCLICAL INDICATORS
C I
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.
(Dec.) (Nov.)
P
T
(Nov.)
. P
(Dec.) (Nov.)
P
T
(Mar.)
T
(Nov.) (Mar.)
P
T. .
Anticipated
970. Business expenditures for new plant and
i equipment-IB industries (1-Q span)
(a) Actual expenditures
974, Number of employees, manufactory and trade (4-8 span)1
70605040-
975. Level of inventories, manufaclwlag and trade (4-fl span)'
(a) Actual expenditures
976. Selling prices, manufacturing (4-Q span)1
1. New orders, manufacturing (4-8 span)1
10090807060-
1
972. Net profits, manufacturing and jjratfe (4-8 span)
90
807060501
978. Selling prices, retail trade (4-Q span)1
973.; Net sates, manufacturing and trade (4-Q span)
100-
7rY Vt/^\Csfv
\7
/ : V|.
.v*
*
90807060-
1968
69
70
71
72
73
74
75
76
77 1978
1968 69
70
71
72
73
74
75
76
77 1978
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion :ndexss are based on surveys of about 1,400
business executives.
Current data for these series are shown on page 75.
MARCH 1978
ltd
39
CYCLICAL
C I
INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart C3. Rates of Change
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Nov.)
p
(Dec.) (Nov.)
P
T
(Mar.)
T
1-mo. span
J3-mo. span*
Percent changes at annual rats
910c. Composite index of twelve leading indicators
(series 1,3, 8,12,19, 20, 29,32, 36,92,1«, 105)
+40-i
+30+20+10-
0-10-20-
-30-1
920c. Composite index of four roughly coincident indicators
(series 41, 47^ SI, 57)
!
+30+20-
Ay
+10-
0HO-20-
-30-J
930c. Composite index of six lagging indicators
(series 62,7B. 72,91,95,189f~T
SOc. 6NP in constant dollars (1-Q span)
+10-
-Vs£
g=fo
3
47c, Index of industrial production
48c. Employee-hours in nonagricultural establishments
51c. Personal income less transfer payments in 1972 dollars i
1955
56
57
40
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
MARCH 1978
ItCII
OTHER IMPORTANT ECONOMIC MEASURES
A I
NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal Income
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
GNP in current dollars, Q (ann. rate, bit. dol.)
1700
1600
1500
1400
1300
1200
1100
1000
900
223. Personal income in current dollars
(ann. rate, bil. dol.)
224. Disposable personal income in current
dollars, Q (ann. rate, bil. doi.)
dollars, Q {ann. rate, bil. doll
900
1500
1400
1300
1200
1100
1000
213. Final sales in 1972 dollars, Q (ann: rate, bil. dol.}
225. Disposable personal income in 1972
oonarsf u iann. raie, nn. oou
217. Per capita GNP in 1972 dollars, Q (ann. rate, tfious. dol.
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on pages 62 and 79.
MARCH 1978
41
OTHER IMPORTANT ECONOMIC MEASURES
A]
NATIONAL INCOME AND PRODUCT—Con.
Chart A2. Personal Consumption Expenditures
(Aug.) (Apr.)
P T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
Annual rate, mm dollars (current)
Persml consumption ax^nditures-
Annual rate, billion dollars (1972)
1955 56
57
58
§9
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for those series are shown on pages 79 and 80,
42
MARCH 1978
KCII
OTHER IMPORTANT ECONOMIC MEASURES
|A
I
NATIONAL INCOME AND PRODUCT—Con.
Chart A3. Gross Private Domestic Investment
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Annual rate, billion dollars (current)
Gross private domestic investment-
240. Total, tt—
242. Total fixed investment, Q
245. Change in business inventories, Q
Annual rate, billion do to (1972)
241J; Total, 8-*-
243. Total fixed investment, Q
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 80.
KCII
MARCH 1978
43
OTHER IMPORTANT ECONOMIC MEASURES
A I
NATIONAL INCOME AND PRODUCT—Con.
Chart A4. Government Purchases of Goods and Services
(Aug.) (Apr.)
P
T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
Annual rats, billion dollars (current)
500460420380-
Government purchases of goods and services-
340300260-
260. Total, Q
220180-
266. State and local governments, Q
140-
100-
60J
Anaial rate, billion dollars (1972)
340300-
261. Total, Q
220«-
180-
267. State m teal governments, 0
!
\
140-
100-
263. Federal Government, Q
601955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these terfes are shown on page 80.
44
MARCH 1978
ltd*
OTHER IMPORTANT ECONOMIC MEASURES
IA
I
NATIONAL INCOME AND PRODUCT—Con.
Chart A5. Foreign Trade
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Annual rate, billion dollars (current)
240-i
220200180-
IV
160140120-
A.
10080-
60-
252, Exports of goods and services, 8
40-
\
253, Imports of goods and services, Q
250. Net exports of goods and services, Q
+10-
0-10-20-
Annual rate, billion dollars (1972)
120-
100-
256, Exports of goods and services, 9
X
257. Imports of goods and services, Q
40-
255. Net exports of goods and services, Q
+30-
0-10-
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 81.
ItCII
MARCH 1978
45
OTHER IMPORTANT
A I
ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
j
Chart A6. National Income and Its Components
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Aug.) (Apr.)
P T
(Mar.)
T
Annual rate, billion dollars (current)
200018001600140012001000900800700-
§00-
Compeosatiofl of employees, Q
400300-
200180160140120-
286. Corporate profits with inventory valuation and capital consumption adjustments, 0
100-
9080708050-
282. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
V
40-
30-
M Net interest, Q20-
Rental income of persons with capital
consumption adjustment, Q
10-
19i5 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 81.
46
MARCH 1978
BCII
OTHER IMPORTANT
|A I
ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
Chart A7. Saving
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Annual rate, billion dollars (current)
Grass saving (private and
295. Business saving,
292. Personal saving, Q
298. Government surplus or deficit, Q
293. Personal saving rate, Q
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on pages 81 and 82.
BCII
MARCH 1978
47
OTHER IMPORTANT ECONOMIC MEASURES
A I
NATIONAL INCOME AND PRODUCT-^on.
Chart A8. Shares of GNP and National Income
(Aug.) (Apr,)
P T
(Apr.) (Fab.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
70T
235. Personal consumption expeidiiures, Q
65-
I
6D-J
20-1
268. State and local government protases
of pods and services, Q
15-
V
265. Federal Government purchases of goods and services, &
X
10-
248. Nonresidential fixed investment, Q
5-
249. Residential fixed investment,
0J
251. Met exports of goods and services, Q
247. Change in business inventories, Q
Percent
IPercenTof National Income]
64, Compensation of employees, Q
75*
283. Proprietors' income with inventory valuation and
capital consumption adjustments, Q
287, Corporate profits with inventory valuation and
capital consumption adjustments, u
\
1
B-
285. Rental income of persons with capital consumption adjustment,
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 82.
48
MARCH 1978
BCII
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
(Nov.)
P
(Oec.) (Nov.)
P
T
160-1
Index: i3/z-iuu
150-
318. | Implicit price deflator, GNP, Q
IV
140-
(Mar.)
T
changes at annual rate
310c. implicit price
GNP (14 span)
+15-
IV
130-
+5-
120110160-
0-
311c, FixW weighted price index, gross j
business product (1-Q span)T^sT
+15-
150-
+10-
140-
+5-
130-
Fixed weighted price index,
gross business
120-
+10-
0-
Wholesale |T!C«S"
110-
jj
330c. All commodities
1968 69
70
71
72
73
74
75
76
77 1978
1968 69
70
71
72
73
74
75
76
77 1978
Current data for these series are shown on pages 83, 84, and 85.
MARCH 1978
IICII
49
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart Bl. Price Movements—Con.
(Aug.) (Apr.)
P T
(Apr) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(N0v.)
(Mar.)
P
T
Chart B2. Wages and Productivity
i
I
1
ivj
M6X: 1967=100
[Wages)
's
I
!
\
1
i
I
j
I
I
LI]
! t /^
345. Average hourly compensate, all enpligees, —-4^^ ]^^
nonfarm busing ^ei^tgr (cm> dollars), 8
| s^
j
i
740-1
160-
sf\
[s^ i i
i 340. Averap (burly earnings of production workers, private ^^
I
nonfan {conouiy (corretit dollars) '
^^
140-
120-
1
100-
IV
346. Real average hourly compensate ail employees,
nonfana business sector, Q
i! Ny _^
130120110100-
341. toil average hourly earnings of production workers.
private nonfarm economy'
9080-
tJUUL
1955 56
57
58
59
60
61
62
63
64
65
66
67
69
70
, ,i. \
71
72
73
74
75
76
77
78 1979
'AdJurtMi for overtime (in manufacturing only) and interindustry employment shifts and seasonally.
Current d*ta for those series are shown on pages 83, 86, and 87.
50
MARCH 1978
ItCII
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
Chart B2. Wages and Productivity—Con.
(Aug.) (Apr.)
P
T
(Nov.)
p
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
[Wages-ObnT]
Change in average hourly earnings of product?™
workers, private nonfarm economy
Six-month spans (ann. rate) | ji
ReateOTings
^^\
f
,-.{.;;
+10-
.. i k,^J**^^
dollar earnings r;W^l'H'
4
-\
+5-
M'
r
:4^fe^4^^
' r
/W
!l
i—4—-T-A-r'"
six-monn spas (am. rate)
Change IB average hourly
nonfann business sector
345c. Current dollar compensation
One-quarter spans (ann. rate)
One-quarter spans (ann, rate) ;
>^ r
''
Negotiated wage and benefit decisions, all industries-
345. First year avg. changes, Q (at. filB)-*^
349. Average changes over life
qontract, Q (ann, rate)
370. Output pr hour, all persons,
Imsiness sector,
358. Output per hour, alt persons, nonfariR business sector, Q
370c. Change in output per hour, private business sector, Q
+10i
..i.. >
X;\
il
*'
•8
&
7
Frmr-miarlfir
emms
Four-quarter spans
:/ I
+§-
:!
*
\/MHfa^!i
-5«*
i:J!a
1955 56
57
58
,
59
. JijiJl
60
,
61
62
63
64
65
66
67
68
•
k/bL'
69
70
jIjJULiL
71
72
73
74
75
76
77
78 1979
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonaltty. 2 One-month percent changes have been multiplied by a constant (12) so that they may be shown
against the background of the annuallzed changes over 6-month spans. See the current data table for actual 1-month percent changes.
Current data for these series are shown on pages 86 and 87.
ItCII
MARCH 1978
51
OTHER IMPORTANT ECONOMIC MEASURES
C I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components
(Aug.) (Apr.)
P T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
105100-
9590-
441, Civilian labor force, total (mHHois)
858075-
70-
Labor feres participation rates (percent)--
9085807560555045408"
765434-i
444. Males 29 years and over
2-
M
446. Both sexes, 1*19 years of age
6543-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 88.
52
MARCH
1978
KCII
OTHER IMPORTANT ECONOMIC MEASURES
D I
GOVERNMENT ACTIVITIES
Chart Dl. Receipts and Expenditures
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
F T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
Annual rate, billion dollars (current)
502. federal Government expenditures, Q
1 Federal Government
500. federal Government surplus or deficit, Q
511. State and local
\ i!
512. State and local
expenditures,
510. State and local government surplus or deficit, Q
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 89.
ItCII
MARCH 1978
53
OTHER IMPORTANT ECONOMIC MEASURES
D I
GOVERNMENT ACTIVITIES—Con.
Chart D2. Defense Indicators
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
14
1210-
obligations, total (Ml. dot.; MCD moving avg.-6-terK)
4-1
76-
525. Military prime contract awards in U.S. (bil. tJol.; MCD moving avg.-6-tenn)
54-
II
3-
2-
5-1
4
548. Manufacturers' new orders, defense products
. dot.; MCD moviRg avg.-6-temt)
3-
2-
:
1!
'
1 IU-
•:
564, Federal Government purchases of eoods and services for national defg)]^ fl (ann. f^lSi bil. (ioM
ii
^;
i!
njt^^*^>**^^.,1_
]
:•
/
X
56
57
58
59
60
61
;
62
63
64
65
66
^****~~*^~
^
:
[Tv]
"~"
1009080706050-
..x^*4*^**^****^
1955
:
^v^-^^>*^1^'
***
67
68
69
i ;
70
71
72
73
74
40-
75
76
77
78 1979
Current data tor those serios are shown on page 89.
54
MARCH 1978
ItCII
OTHER IMPORTANT ECONOMIC MEASURES
E I
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
12-
ioH
602. Exports, excluding military aid shipments (bil. dol.; MCD moving avg.-6-term)
604. Exports of agricultural products,
Exports of nonelectrical machinery
612. General imports (toil, do).; MCD moving avg.—4-term)
•
Imnnr4n nl nntpnlniim nntl HAltvtlniim
oi4. imports
of petroleum and petroleum
products ton. uoi.)
014
616. Imports of automobiles and parts (bil. dol
1955
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78 1979
Current data for these series are shown on page 90.
BCII
MARCH 1978
55
OTHER IMPORTANT ECONOMIC MEASURES
E I
U.S. INTERNATIONAL TRANSACTIONS-Con.
Chart E2. Goods and Services Movements
(Aug.) (Apr.)
P T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
AwmaJ rate, Wilton dollars [
220200-
Excess of receipts
of payments
180160140120100-
80-
651. \mm on U.S. investments atotai, Q
10-
5-
i
1955
56
57
0-
652. Income on foreign brvestments in ttie U.S., fi '
•l.il.fl
58
Ji.il.il '
59
60
'
61
•
62
63
64
65
•
•
66
:
.
.
67
.
••:- \
68
TJL, L
69
70
JLJiAAJL.
71
72
73
74
75
76
77
78 1979
NOTE: Annual toUti are shown for the period prior to i960.
Current data for thete serlet are thown on page 91.
56
MARCH 1978
BCII
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS
Chart Fl. Industrial Production
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
F T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
240220-
\\\
728. lapan
200180160-
721. QECO European countries.
140120*
100-
722. United Kingdom
80*
60-
1955 56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
1979
Current data for these series are shown on page 92.
ltd* MARCH 1978
57
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS-Con.
Chart F2. Consumer Prices
(Dec.) (Nov.)
P
T
(Nov.)
P
Chart F3. Stock Prices
(Mar.)
T
(Nov.)
P
(Dec.) (Nov.)
P
T
Consumer prices: percent changes over
6-month spans (annual rate)--
(Mar.)
T
Stock prices-
(index: 1967=100
19. United States
+20 T
140-1
/v
Y^M^
/**f~
\r
^*
120-
r****~^~
100-
\f*
80RnHJU~
/
748. Japan/
/
XV
-Liiu- ' -
^"Vr1^^
J3
400350300250-« *?
200-
A/
150-
yvX ^^
100-
*s
745, West Germany
735c. West Germany
140120-
+10-
100-
0-
80-
748. France
+20
736c, France
180n
160140120<
+10
A-7
100'
80-
742. United Kingdom
240.
220H
2or
180160'
140H
\ ./'V
120
100-
8060-
747. Italy
100
til
^KT
743.
Canada
80-
60*
40.
160-,
-S
140120100-
80-
1968 69
70
71
72
73
74
75
76
77 1978
1968 69
70
71
72
73
74
75
76
77 1978
Current data tor those series are shown on pages 93 and 94.
58
MARCH 1978
BCI»
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
VH COMPOSITE INDEXES
910. Index of
12 leading indicators (series
1,3,8, 12, 19,
20, 29, 32, 36,
92, 104, 105)
Year
and
month
(1967=0100)
920. Index of
4 roughly
coincident indicators (series
41,47,51,57)
(1967=100)
930. Index of 6
lagging indicators (series
62, 70, 72,
91,95,109)
(1967=100)
Leading Indicator Subgroups
913. Marginal
employment
adjustments
(series 1,2,3,
5)
914. Capital
investment
commitments
(series 12, 20,
29)
915. Inventory
investment
and purchasing
(series 8, 32, 36,
92)
(1967=100)
(1967=100)
(1967=100)
916. Profitability (series
17, 19,80)
917. Money
and financial
flows (series
940. Ratio,
coincident
index to
lagging index
104, 105, 110)
(1967-100)
(1967=100)
(1967-100)
1976
January
February
March
121.2
122.0
123.2
118.7
120.0
121.2
120.8
120.1
119.8
97.5
97.9
97.9
105.4
104.9
. 106.0
100.3
101.4
107.2
108.5
108.3
106.7
106.3
106.2
101.2
April
May
June
123.0
124.5
125.6
121.9
122.0
122.5
1T9.2
119.7
121.0
96.0
96.5
96.1
104.9
104.9
106.5
102.1
103.0
103.6
108.4
108.0
108.3
107.6
108.0
107.4
102.3
101.9
101.2
July
August
September
125.7
125.6
125.3
122.7
123.2
123.0
121.1
120.9
121.9
95.7
95.5
94.3
106.7
106.5
107.9
103.2
103.3
102.3
109.2
109.3
108.6
107.7
107.9
107.9
101.3
101.9
100.9
October
November
December
126.1
127.0
127.7
122.7
123.9
126.0
121.7
121.2
120.9
94.5
96.0
96.8
109.3
109.0
108.7
101.3
102.0
102.2
107.4
106.7
107.5
109.4
109.7
110.5
100.8
102.2
104.2
126.3
127.3
r!30.0
125.2
126.5
128.8
121.6
122.3
122.8
95.6
96.6
97.9
108.8
109.6
rllO.6
101.0
101.6
103,4
106.8
106,2
107.0
110.3
109.9
rllO.6
103.0
103,4
[H>104.9
April
May
June
r!30.2
r!29.8
129.8
129.1
129.5
130.2
123.3
124.3
126.5
97.1
97.1
97.0
rllO.O
rllO.8
rill. 5
104.0
103.3
102.7
107.7
108.4
108.7
rlll.l
rllO.l
rllO.O
104.7
104.2
102.9
July
August
September
H29.7
H31.9
H32.6
130.5
130.6
131.3
126.9
128.1
129.4
96.1
96.1
96.4
rlll.O
rl!3.2
102.2
H02.6
102.7
109.5
(H>109.6
r!08.8
rill. 6
rl!3.0
rl!4.1
102.8
102.0
101.5
r!33.8
r!34.1
E>rl35.2
132.4
133.3
[H>rl34.6
131.1
132.5
rl32.6
96.8
97.6
D98.5
rl!3.8
rl!4.3
H>rll5.2
102.8
102.4
rl03.2
r!07.6
r!07.1
r!06.7
DH14.8
rl14.1
rl!4.1
101.0
100.6
rl01.5
132.8
133.4
135.0
E> 3 136.7
r96.8
P96.7
rl!4.1
pl!4.8
103.4
(H)pl04.5
rl05.1
p!05.1
rl!2.7
P109.3
r98.4
p97.6
99.3
98.3
99.9
1977
January
February
March
....
....
October
November
December
....
H13J
1978
January
February
March
133,4
M33.4
2
April
May
June
July
August
September
October
November
December
.
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by[H); for
series that move counter to movements in genera! business activity, current low values are indicated by[R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 11 and 12.
Excludes series 12 and 36 for which data are not yet available.
Excludes series 57 for which data are not yet available.
3
Excludes series 70 and 95 for which data are not yet available.
KCII
MARCH 1978
59
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
Bl EMPLOYMENT AND UNEMPLOYMENT
Minor Economic
Process
Timing Class
Y@ar
and
month
I, L, L
1 . Average
workweek of
production
workers,
manufacturing
I, C, L
L, L, L
2. Accession
21. Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing
ployees)
(Hours)
L, l.g, U
L, C, L
1, L, L
5, Average
weekly initial
claims, State
unemployment
insurance1
3. Layoff rate,
manufacturing
(Per TOO em-
(Hours)
(Thous.)
Comprehensive
Employment
Job Vacancies
Marginal Employment Adjustments
*
4, Quit rate,
manufacturing
(Per 100 em-
(Per 100 em-
ployees}
ployees)
1, Lg. U
U, C, C
L, Lg, U
60. Ratio, helpwanted advertising to persons
unemployed
46. Index of
help-wanted
advertising
in newspapers
(Ratio)
(1967--1QOS
4B. KmployBRhuurs in norv
agricultural
establishments
(Ann, rate,
hit. hours)
1976
January
February
March
...
40.4
40.3
40.?
3.1
3.1
3,?
4.1
4.2
4.3
359
342
347
1.1
1.0
1.2
1.6
1.7
1.8
0.352
0.384
0.394
87
93
94
150.59
150.22
150.34
39.4
April
May . . . .
June
40 3
40 2
2.5
3 3
3 1
4.1
4 o
3 8
360
392
397
1.3
1 3
1 4
1.8
1.7
1 7
0.3/8
0.397
0.402
91
94
96
149.66
151.35
151.07
July
August
September . .
40 1
40 0
39 7
3 i
3 0
3 0
3 8
3 8
3 7
403
408
424
1 4
1 5
1 5
1 7
1.6
1 6
0.396
0.390
0.383
98
97
94
151 .73
151.69
1 5? . 1 1
October
November
Decsmber
39 9
40 1
4f) n
3 0
3 1
3 2
3 6
3 9
4 1
428
393
349
1 5
1 3
1 2
1 6
1 5
1 7
0 389
0 394
0 417
96
99
105
152 8?
152 59
153 59
39 5
4 0
4 2
386
431
(H)329
1 2
1 .4
1 1
1.8
1.9
1.9
0 442
0 434
0 450
105
106
108
T52 ?6
154 86
(
15 3 35
1977
January
February
March
40 4
3 2
3 3
3 3
April ,,
May
Jun@
40 3
40 4
40 5
3 4
3 4
3 4
4 0
4 1
3 9
358
378
363
1 i
1 i
1 2
1 9
1.9
1 8
0 472
0 484
n 4Q?
109
112
114
155 81
156 50
IRfi 6P
July
August
September
40 2
40 1
3 4
3 3
3.3
3 8
3 3
3.9
382
391
377
t 3
1 3
1.3
1 8
1 8
1.8
0 536
n in?
0.536
121
122
120
157 11
156 99
157.14
October
November
December
40 4
40 5
3 5
3 5
3 5
3 g
3 9
4 5
372
349
331
1 1
0 9
1 0
1 8
1.9
|H>2 1
0 570
0 594
0 661
1?8
133
H>140
158 69
158 10
[H)rl^8 94
vd n
n
331
p370
0 9
rn\
n gy
OX npu.
rl 9
n? n
0 660
fLA pu.
nH D/3
fi7Q
[n/
138
r!57 50
pi 58 78
40.3
40.3
fHS HU
4f) * J5
[n/
[H}4 6
f
1978
January
February
March
r OQ e
n^Q Q
3 5
Irypj.oCJ
tu\ n Q
n/i
nl ^Q
April
May
Juno . .
July
August
September
October
November
December
NOTE; Sorios are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by@. Current high values are indicated by|H); far
series that move counter to movements in general business activity, current low values are indicated by[H). Series numbers are for identification only and do not reflect series relationships
or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not availabln.
Graphs of these series are shown on pages 13,17, and 18.
Data exclude Puerto Rico which is included in figures published by the source agency.
60
MARCH
1978
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR ECONOMIC
PROCESS
HH EMPLOYMENT AND UNEMPLOYMENT-Con.
Minor Economic
Process .
Comprehensive Unemployment
Comprehensive Employment-Con.
u,c,c
c,c,c
L, C, U
U, Lg,U
L, Lg, U
L, Lg, U
L, Lg, U
Lg, Lg, Lg
Lg, Lg, Lg
42. Persons
engaged in nonagricultural
activities, labor
force survey
41. Employees
on nonagricultural payrolls,
establishment
survey
40. Employees
in goodsproducing industries (mining, mfg., construction)
90. Ratio,
civilian employment to total
population of
working age
37. Number of
persons unemployed, civilian
labor force
43. Unemployment rate,
total
45. Average
weekly insured unemployment rate
State programs 1
91. Average
duration of
unemployment
44. Unemployment rate,
persons unemployed 15
weeks and over
(Thous.}
(Thous.)
(Thous.)
(Percent)
(Thous.)
(Percent)
(Percent)
(Weeks)
(Percent)
Timing Class
Year
and
month
1976
January
February .
March
82,956
83,287
83,562
78,413
78 9 650
78,929
23,069
23,143
23,244
55 70
55 80
55 90
7,359
7 205
7 108
7 9
7 7
7 6
4 4
4 2
4 i
16 7
16 3
16 4
2 9
? 7
? fi
April
May
June
83,825
84,232
84 134
79 228
79 263
79 402
23 371
23 353
23 357
56 08
56 21
Rfi D7
7 174
7 041
7 117
7 fi
7 4
A
1
•ten
&
^
7 c
A A
1R 1
1c p
o p
p p
p d
July
August
September
84 477
84 453
84 512
79 520
79 506
cc pq
7 ?7R
4
c
I C C
56 15
7 an?
A
o
I C C
7Q RQR
23 351
23 293
0-3 404
4
Q
T C
October
November
December
84 554
85 017
pc one
7Q R3R
80 127
on 0,70
85 532
on C7/1
Qf\
cc nc
7 on p
7 7
7 p
7 7
pq qcc
cc no
23 484
^ 91
cc p7
7 ^R1
7 Aftfi
7 AQfl
7 7
7 p
7 p
po cot:
re qq
7 nSfi
pO
C£
7 97"5
7 i /re
7 /I
7 £
7 ZL
po
Kpp
O
5
1
1r O
A
7
1C A
4
a
1C
2 . /14
2 C
n /i
^ . 4
n r
t .D
2 C
1 b . -36
5
(L. bC
1
1C
1
M . 7/
2 .0o
2-5
.J
2 .11
1977
January
February
March
QC
April
May
June
I
000
P7H
7CO
C1
4
4
3
-3
fifi ?QQ
P.1 111
?& m 7
cr 71
QC
pi con
OT 0*37
p/l 1 7C
p/l OCA
Q
p/l
6 pen
6
on/t
6 ,yU4
7 i
on
cc pn
C7 nc
r7 91
7
/ . 11
7
/ .11
3 7
3 . 7/
H .yn
U . oo
1 .8
24 412
24 305
24 360
57 09
6 719
6 821
6 668
fi Q
"3 R
1A I
1 Q
7 o
fi p,
4 n
A n
13 7
1 ft
M
fl
1 Q
24 436
10 Q
1 Q
ip
1 p
cpl
pc nop
07 01 p
July
August
September . .
87 382
87 569
87 889
October
November
December
88 140
88 857
on ppe
-\ C7
82 407
82 474
82 763
OCC
57 14
57 25
OQ
pAC
p/l cop
^.PO
A?Q
v*?yi cpc
^7 '^'i
C7 pi
C7 no
r83 725
[H)p84 074
r24 598
fn\ n ?4 7S1
58 07
(H) 58 08
82 902
PQ/1
fi
fiflft
c
ceo
6
01 n
6
0
c 7
6
A
fi
^
p
7
^ n
3 p
U A
T /I
ft
107
7
10 p
rn\ o c
Iry J • ^
p3 6
13 1
(uS12*5
r>
1 Qy
1i .(. 9
\
Q
1978
January
February
March
.
...
89 527
H)89 761
6 226
(E) 6*090
E) 6 1
1 7
FH>I 's
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ^u). Current high values are indicated by |H);for
series that move counter to movements in general business activity, current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised;"p", preliminary;"e". estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15,16,18, and 19.
1
Data exclude Puerto Rico which is included in figures published by the source agency.
BUI
MARCH 1978
61
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCESS
HI
Minor Economic
Process
Industrial Production
Comprehensive Output and income
•C,C,C
C,C,C
Tirnini) Class
Year
and
month
PRODUCTION AND INCOME
50. Gross national product
in 1972 dollars
Personal income
223. Current
dollars
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
52. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
C,C,C
51. Personal
income less
transfer payments in 1972
dollars
(Ann. rate,
bil.dol.)
C,C,C
53. Wages and
salaries in
mining, mfg.,
and construction in 1972
dollars
(Ann. rate,
bil.dol.)
c,c, c
47. Index of
industrial
production,
total
(1967-100)
C,C,C
C.C.C
C, I, L
73. Index of
industrial
production,
durable manufactures
74. Index of
industrial
production,
nondurable
manufactures
(1967-100)
(1967-100)
49. Value of
goods output
in 1972 dollars
(Ann, rate,
bil.dot.)
Cl)
1976
!
i,25e!6
1,336.9
1,338.9
1,348.3
1,015.2
1,023.6
1,029.2
871.5
877.6
882.6
r217.2
218.7
221.0
125.9
127.6
128.3
116.0
118.4
119.5
137.5
139.9
140.3
57l!s
1,271.'5
1,359.5
1,367.9
1,372.7
1,033.1
1,033.9
1,033.7
888.9
891.8
891.7
r222.0
222.3
221,9
128.7
129.7
129.8
120.3
122.2
122.4
140.4
140.6
140.6
579 '.8
July
Auqust
September
1,283*. 7
1,386.2
1,393.7
1,401.8
1,039.1
1,040.1
1,041.5
893.9
894.6
897.0
r222.5
r221.0
222.6
130.7
131.3
130.6
124.0
125.0
122.4
140.3
140,4
142.3
586^9
October
November
December
1,287 A
1,414.2
1,432.1
1,450.2
1,046.8
1,056.1
1,065.5
902.1
909.8
918.6
r221.9
225.0
225,9
130.2
131.5
133.0
121.4
123.4
125.0
141.9
143.0
143.3
581.' 9
January
February
March
l,3li".6
1,454.3
1,477.0
1,499.1
1,060.0
1,070.3
1,083.2
913.8
923.2
933.7
223.8
227.4
232.2
132.3
133.2
135.3
123.4
124.0
126.8
143.4
145.3
147,0
602 A
April
May
Juno
1,33(K7
1,510,1
1,517.3
1,524.3
1,086.4
1,086.1
1,085.7
938.2
940.9
943.2
r233.1
234.3
r235.7
136.1
137.0
137.8
128.0
129.3
130.5
147.0
148.5
148.4
60S.' 5
1,347 ".4
1,539.2
1,549.0
1,561.3
1,091.6
1,093.9
1,100.3
944.7
946.6
952.1
r235.9
r234.2
235.6
138.7
138.1
138.5
131.6
131.3
131.7
148.6
149.4
149.5
617,'6
[H)rl,366'.2
1,584.0
1,602.3
rl,622.7
1,112.4
rl,120.5
[H>rl, 130.0
964.3
r971.5
Dr981.1
r238.3
E>239.4
238.3
132.4
r!32.7
[H)133.6
149.6
rlSO.l
[H)H50.5
[H)r6?AA
r1,625.9
D pi, 634.1
rl,120.5
el, 119. 2
r972.1
e971.4
r237.6
p238.9
r!31.5
P132.4
r!49.7
plBO.l
January
February
March .
...
April
May
June
1977
July
Autjust
September
.
October
November
December
138.9
139.3
fi>139.6
1978
January
February
March
r!38.5
p!39.2
April
May
June
July ,
August
September
October
November
December
NOTE; Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Cirnmt high values are indicated byjH); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and J 'NA", not available.
Graphs of these series are shown on pages 16, 20, 21, and 41.
*See "New Features and Changes for This Issue,'1 page iii.
62
MARCH 1978
ltd)
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
H
MAJOR ECONOMIC
PROCESS . . . .
Minor Economic
Process
PRODUCTION AND
IWCOME-Con.
Qj CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
Capacity Utilization
L,C, U
Timing Class
83. Rate of
capacity
utilization,
manufacturing
(BEA)
Year
and
month
(Percent)
82. Rate of
capacity
utilization,
manufacturing
(FRB)
(Percent)'
Orders and Deliveries
L, C, U
84. Rate of
capacity
utilization,
materials
(Percent)
L, L, L
L, L, L
Value of manufacturers' new
orders, durable goods industries
6. Current
dollars
(Bil.dol.)
7. Constant
(1972) dollars
(Bil.dol.)
L, L, L
8. New orders
for consumer
goods and
materials in
1972 dollars
(Bil.dol.)
L, L, L
L, Lg, U
25. Change in
unfilled orders,
durable goods
industries
96. Manufacturers' unfilled
orders, durable
goods industries
(Bil.dol.}
(Bil'.dol.)
L, L, L
32, Vendor
performance,
companies reporting slower
deliveries®
(Percent
reporting)
1976
January
February
March
79^3
32.53
33.80
35.87
31.35
31.87
33.47
-1.38
-0.50
"&2
45.90
47.93
51.11
80.' 3
80.' 7
*82
50.24
51.35
51.25
35.14
35.79
35.54
32.48
33.12
32.84
8o!e
81 .*2
51.18
50.38
50.07
35.27
34.55
34. 11
32.39
32.09
31.21
-1.27
79*. 1
April
May
June
July
August
September
*80
October
November
December
"si
0.73
162.20
161.70
162.43
42
50
52
0.10
0.80
0.64
162'. 52
163.32
163.96
58
58
62
0.09
0.01
164.06
162.79
162.80
60
64
60
80 '. 6
8CL3
50.75
52.24
57.04
34.29
35.15
38.13
30.61
32.13
34.68
1.73
1.00
1.74
164.52
165.52
167.26
50
48
45
81 .'2
80."4
55.04
55.13
59.16
36.57
36.46
38.82
33.68
34.14
E>36.72
1.70
0.43
0.31
168.96
169.39
169.70
44
55
56
82 '.7
[H>82.6
58.65
59.18
58.38
38.31
38.48
37.91
34.97
34.95
34.82
1.88
2.46
0.81
171.59
174.05
174.86
58
56
58
82.3
56.03
58.27
59.05
36.03
37.23
37.42
34.01
35.19
34.77
-0.79
E>83.'6
174.07
174.24
174.68
59
58
56
82".9
82.2
62.50
61.98
0)66.16
39.38
38.86
i>41.25
35.05
35.27
36.47
3.24
2.83
(H)4.49
177.92
180.75
185.24
56
50
56
r62.26
p63.79
r38.43
p39.04
r35.31
p35.97
r3.36
p2.57
r!88.60
[H)pl91.17
55
D64
1977
January
February
March
'83
April
May
June
B>84
July
August
September
*82
October
November
December
*82
0.17
0.44
1978
January
February
March
April
May
June
July
August
September .
.
.
October
November
December
NOTE: Series are seasonally adjusted except th'ose series that appear to contain no seasonal movement. Unadjusted series are indicated by <g>. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [H>. Series numbers are for identification only and do not reflect sories relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 21, and 22.
MARCH 1978
63
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR ECONOMIC
PROCFSS
H
UJ CONSUMPTION, TRADE. ORDERS, AND DELIVERIES-Con.
Minor Economic
Process
Formation of Business Enterprises
Consumption and trade
C.C.C
Tiniinq Class
C,C,C
Manufacturing and trade sales
Year
und
month
56. Current
dollars
(Mil. ttol.)
57. Constant
(1972) dollars
(Mil.dol.)
. C, L.C
C.L.U
U, L, U
75. Index of inSeles of retail stores
dustrial production, consumer
goods
59. Constant
54. Current
dollars
(1972) dollars
(1987-100)
(Mil.dnl.)
FIXED CAPITAL
INVESTMENT
(Mil. doi.)
i,c,c
1, L, L
55. Personal
consumption
expenditures
automobiles
58. Index of
consumer
sentiment ©
(Ann. rate,
b'l.dol.)
(IstQ
1966=100)
L, L, L
12. Index of
net business
formation
(19B7-100)
L, L, L
13. Number of
new business
incorporations
(Number)
C1)
1976
January
February .
March
191,810
194,335
196,915
129 S 942
131,732
133,398
132.6
134.6
135.2
51,669
52,076
52,174
38,704
39,461
39,958
52^7
84^5
115.4
114.5
116.3
29,639
29,043
31 ,027
April
May
June
198,492
197,848
200,067
133,325
132,406
133,651
135.4
136.5
136.0
52,600
52,298
52,916
40,012
39,132
39,810
54*. 5
82 '.2
115.7
114.9
118.6
29,876
28,637
31,600
July .
Auqust
September .
200,482
200,823
201,093
133,424
134,962
133,701
136.1
137.0
135.7
52,946
53,197
53,370
39,525
40,061
39,431
54^8
88.' 8
117,8
117.8
118.3
30,114
32,746
32,368
October
November
December
199,569
203,731
212,095
132,414
133,823
138,905
135.9
138.4
141.3
54,171
54,822
56,685
39,705
40,241
41,713
58*. 1
86.*6
120.1
121.3
121.0
32,887
33,496
33,498
January
February
March
209,950
215,281
221,903
136,769
138,674
142,141
139.9
140.5
142.9
55,703
57,291
57,990
40,471
41,288
42,006
65^6
87!5
123.3
123.0
124.3
34,519
33,173
35 , 300
April
May
Juno
221,167
221,327
222,240
140,076
139,895
140,459
142.9
143.1
143.8
58,142
58,003
57,825
41,818
41,472
40,861
(B>65.'i
(H>89.*1
122,4
123.2
125.8
33,394
34,442
37,229
July
August
September
221,255
223,604
224,242
140,084
141,406
141,616
145.4
144.7
144.9
58,552
59,020
59,014
41,165
41,186
41,211
62.*3
87.'e
126.6
130.6
129.6
35,749
39,525
37,812
227,536
142,944
H43,568
230,386
[H)r236,249 Dr!46,406
144.9
r!45.2
[H}H45.8
60,778
61,588
jfi)r62 s 054
42,325
42,681
EJ)r42,766
r63*.2
83 J
132.0
H33.5
134.7
33,943
r38,344
[H)p39,729
p!41,011
r!42.5
p!44.0
r59,695
p60,080
r40,775
p40,788
1977
October
November
December
1978
January
February
March
April
May
June
p229,508
.
(NA)
(NA)
83.7
(NA)
[H)el37.7
(NA)
(NA)
,
July
August
September .
October .
November
Occam bar
NOTE: Serins are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by(H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13,15, 23, and 24.
l
Sco "New Features and Changes for This Issue," page ill.
64
MARCH 1978
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCESS
M| FIXED CAPITAL INVESTMENT-Con.
Minor Economic
Process
Business Investment Commitments
L, L, L
Timing Class
L, L, L
L, L, L
Contracts and orders for plant
and equipment
Year
and
month
20. Constant
(1972) dollars
10. Current
dollars
(Bil.dol.)
(Bil.dol.)
L, L, L
Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars
(Bil.dol.)
27. Constant
(1972) dollars
(Bil.dol.)
L, C, U
U, Lg, U
C, Lg, Lg
9. Construction contracts for commercial and industrial buildings, floor
space1
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations1
97. Backlog of
capital appropriations, manufactur-
(Bil.dol.)
(Bil.dol.)
Square feet
(Millions)
Square meters 2
(Millions)
ing
1
1976
January
February
March
14.88
14.43
15.39
10.79
10.52
10.93
11.66
11.90
12.17
8.55
8.75
8.69
44.27
50.95
52.32
4.11
4.73
4.86
1 1 .' 38
April
May
June
14.91
13.86
16.08
10.84
9.15
9.09
8.95
52.83
52.65
53.85
4.91
4.89
5,00
12.'22
11.34
12.48
12.67
12.61
July
August
September
16.85
15.15
16.66
11.91
10.72
11.64
13.78
12.69
13.47
9.79
9.02
9.44
52.21
50.78
48.53
4.85
4.72
4.51
n*.83
October
November
December
17.17
15.65
16.22
11.98
10.86
11.26
14.12
12,73
13.84
9.89
8.85
9.62
51.47
52.53
54.81
4.78
4.88
5.09
14^36
17.10
r!7.06
16.64
11.75
rll.67
11.36
14.62
14.25
14.56
10.08
9.79
9.98
53.56
51.27
67.45
4.98
4.76
6.27
14*.63
April
May
June
17.56
19.29
18.53
11.98
13.05
12.40
.14.68
15.00
15.54
10.07
10.23
10.45
55.88
63.20
61.12
5.19
5.87
5.68
15^05
July
August
September
17.05
18.46
20.27
11.37
12.31
13.27
14.41
14.68
16.19
9.64
9.86
5.43
6.60
6.30
0)ri/.*69
10.64
58.48
71.07
67.79
October
'November
December
18.30
18.43
21.21
12.06
11.96
13.67
16.50
15.88
E>17.37
10.90
10.34
0)11.24
63.06
70.62
72.04
5.86
6.56
6.69
p!7.'65
r20.34
(H>p21.69
r!2.96
[H>pl3.73
r!6.43
P16.81
rlO.51
plO.67
0)83.03
67.86
0)7.71
9.92
4e!o7
46! 39
45! 89
47^53
1977
January
February
March
49^29
50.' 74
r54.*20
0)p57.*27
1978
January
February
March
6.30
..
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byLH); for
series that move counter to movements in general business activity, current low values are indicated by 0>. Series numbers are for identification only and do not reflect series relationships or
order Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
?ffS°i?T™3^^
it may not be reproduced without written permission from the source agency:
McGraw-Hill Information Systems Company, F.W. Dodge Division (series 9) or The Conference Board (series 11 and 97).
Converted
to metric units by the Bureau of Economic Analysis.
MARCH 1978
65
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCESS
^H FIXED CAPITAL INVESTMENT-Con.
Minor Economic
Process
....
Timint] Class
Year
and
month
Residential Construction
Commitments and Investment
Business Investment Expenditures
C, Lg, Lg
C, Lg, Lg
61. Business
expenditures
for new plant
and equipment,
total
69. Machinery
and equipment
sales and business
construction
expenditures
(Ann. rate,
bil.dol.)
{Ann. rate,
bil.dol.}
C, Lg, U
c, Lg- C
Lg, Lg, Lg
C, Lg, C
76. Index of
Nonresidential fixed investment in 1972 dollars
industrial production, business
86. Total
88. Producers'
87. Structures
equipment
durable equip.
(1967-100)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol,)
(Ann. rate,
bil.dol,)
L,l, L
28. New
private housing
units started,
total
(Ann. rate,
thous.)
L, L, L
29. Index of
new private
housing units
authorized by
local building
permits
(1967=100)
L, L, L
89. Residential
fixed investmerit, total, in
1972 dollars
(Ann. rate,
bil. dot.)
1976
January
February
March ...
114!?2
166.47
171.03
172.03
131.4
132.8
134.2
113^7
36^8
76^8
1,262
1,452
1,427
102.1
101.3
101.8
April
May
June
ns'.iz
175.66
175.35
172.85
134.4
134.8
136.2
H5.*9
37.' 1
78^9
1,405
1,468
1,508
101.9
100.8
July
Auqust
September
122*.55
177.04
178.36
176.25
137.9
137.6
137.0
ns'.s
37J
81 A
1,410
1,546
1,753
105.9
112.7
127.6
47.' 1
October
Ncivombur
December
125.*22
177.31
177.76
186.53
135.7
140.1
142.3
119.'6
37*.3
81 ".7
1,662
1,680
1,824
127.6
136.4
132.0
52^0
January
February
March
130J6
181.53
184.12
191.29
142.3
143.5
144.8
124 '.3
37.'6
87^3
1,393
1,751
2,090
131. B
April
May
June
134^24
191.94
193.22
190.66
147.1
148.9
150.1
126^4
38^2
ss!i
1,899
1,982
1,931
138.3
139.2
144.6
5?!f>
July
Auqust
September
|H)14o!38
197.09
202.12
202.85
151.2
151.1
152.1
127.'e
38*.9
88^7
2,072
2,038
2,012
141.2
152.7
146.1
57^5
October
November
December
138.11
208.61
205.81
[H)r212.24
152.6
153.5
H54.1
B>rl28.*9
[H>r39.*4
(H)r89.'5
2,139
2,096
®r2,203
159.4
[H>163.1
156.1
[H)r59.'9
P205.78
r!53.4
[H} pi 54. 8
r1,547
pi ,530
128.9
130.2
.
...
44^8
96.5
47*. 1
1977
114.9
52^7
145.4
1978
January
February
March . ,
April
May
June
.
.
...
ral46!25
(NA)
....
a!49J6
July
August
September
October
November
December
. .
NOTE; Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available,
Graphs of these series are shown on pages 14, 25, and 26.
66
MARCH 1978
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCESS
JM INVENTORIES AND INVENTORY INVESTMENT
Minor Economic
process
Inventory Investment
L, L, L
Timing Class
L, L, L
L,L,L
36. Change in inventories on
30. Change in
hand and on order in 1972
business invendollars
tories in 1972
dollars
Monthly
Smoothed
data
data 1
Year
and
month
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
Inventories on Hand and on Order
(Ann. rate,
bil.dol.}
31. Change
in book value
of mfg. and
trade inventories, total
(Ann. rate,
bil.dol.)
L, L, L
38. Change
in stocks of
supplies on
hand and on
order, mfg.
(Bil.dol.)
Lg. Lg, Lg
Lg, Lg, Lg
Lg, Lg, Lg
Manufacturing and trade
inventories, book value
71. Current
dollars
(Bil.dol.)
65. Mfrs.'
inventories of
finished
70. Constant goods, book
(1972) dollars value
(Bil.dol.)
(Bil.dol.)
Lg, Lg, Lg
77. Ratio,
constantdollar inventories to
sales, mfg.
and trade
(Ratio)
L, Lg, Lg
78. Stocks of
materials and
supplies on
hand and on
order, mfg.
(Bil.dol.)
1976
January
February
March
9*. 7
6.77
7.92
-4.40
-1.63
17.18
5.84
18.4
22.8
28.3
8.30
10.88
12.55
14.52
26.1
33.0
42.3
14.66
13,42
10.87
21.8
30.3
36.5
-0.96
9.48
8.01
4.19
21.2
11.0
1.13
1.53
2,1
8.30
4.17
7.45
32.9
26.0
13.96
11.38
0)43.7
7.45
18.42
12.04
11.96
11.59
12.96
36.0
31.4
28.9
10.88
E>23.82
10.81
13.21
14.68
0)15.38
14.5
32.9
31.9
-0.53
18.49
r4.98
14.10
12.13
rlO.27
11.4
26.6
r-0.5
p!5.97
pi 1.22
p26.0
April
May
June
12J
16.44
20.45
July
August
September
13!s
11.47
10.12
5.86
. .
October
November
December
-V.8
7.86
0.62
-1.94
283.37
285.27
287.63
216.93
217.66
218.75
49.83
49.97
50.07
1.67
1.65
1.64
125.80
125.29
126.78
289.81
292.55
296.08
219.59
220.52
222.25
50.52
50.96
51.71
1.65
1.67
1.66
126.78
128.52
128.94
297.90
300.43
303.47
222.90
224.48
225.76
51.96
52.74
53.36
1.67
1.66
1.69
129.19
128.23
128.82
.0.24
305.23
306.15
306.32
226.27
226.25
225.90
53.60
53.78
53.75
1.93
0.58
1.65
309.06
311.23
314.88
227,06
227.47
228.47
0.42
317.87
320.49
322.90
0.60
1.08
0.15
-0.51
1.49
-0.01
1.74
0.42
0.26
0.59
0)1.71
1.69
1.63
129.95
131.48
131.72
54.36
54.48
54.48
1.66
1.64
1.61
133.65
134.23
135.88
229.10
230.24
231.61
55.00
56.18
56.67
1.64
1.65
1.65
136.30
138.44
138.45
324.11
326.85
329.51
232.73
234.40
235.36
56.97
57.14
57.48
1.66
1.66
1.66
137.92
138.52
139.60
0.68
0.67
1.57
330.46
332.67
r332.64
235.42
236.39
r236.47
58.53
58.96
58.56
1.65
1.65
1.62
140.29
140.95
142.52
1.19
(NA)
JH)P334.80
0)p236.88
1)59.71
1.68
(NA)
0)143.72
(NA)
1977
January
February
March
.
19.82
. .
9*. 7
April
May
June .
13J2
July
August
September
E>15.'7
October
November
December
4.43
.
. ,
rB.7
0)2.14
0.00
1978
January
February
March
April .
May
June .
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
...
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byH); for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available,
Graphs of these series are shown on pages 14,16,27, and 28.
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
MARCH 1978
67
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.
MAJOR ECONOMIC
PROCESS
M PRICES, COSTS, AND PROFITS
Minor Economic
Process
Timing Class
Stock
Prices
Sensitive Commodity Prices
L, I, I
,. .
. U, I, L
92. Change in sensitive prices
Year
und
month
Monthly
data
Smoothed
data 2
(Percent)
(Percent)
23. Index of
industrial
materials
prices®
(1967-100)
L, L, L
19. Index of
stock prices,
500 common
stocks®
(1941-43=10)
Prof Us and Profit Margins
L, L, L
L.LL
Corporate profits after taxes
18. Current
dollars
(Ann, rate,
bil.dol.)
18, Constant
(1972) dollars
(Ann. rate,
bil.dol,)
L,C,L
Corporate profits after taxes
with IVA and CCA 1
79. Current
dollars
(Ann. rate,
bil.dol.)
L.L.L
L.C.L
80. Constant
(1972) dollars
(Ann, rate,
bil. dol.)
n. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)
1976
183.6
186.6
193.2
96.86
100.64
101.08
9CL4
67^2
63^4
4?!s
1(X3
1.93
0.66
0.76
0.55
April
May
Juno
2.28
0.29
1.77
0.71
1.18
1.47
200.9
202.7
205.2
101.93
101.16
101.77
93 J
68.' 6
63J
46.'s
[H)10.*5
July , .
2.46
0.08
214.1
209.6
206.2
104.20
103.29
[H)105.45
94.' 6
68.' 5
6?'.6
49 '.6
l6.*2
=0.75
1.48
1.47
1.02
4.17
3.85
0.88
1.79
201.6
201. 0
203.2
101.89
101.19
104.66
90*.9
65.' 6
59*.2
43.' 1
9.*9
0.84
0.20
1.11
210.2
216.4
[H}222.8
103.81
100.96
100.57
97*.2
69.'2
6KQ
43.'8
l6!6
2.01
1.46
0.38
221.9
218.1
206.4
99.05
98.76
99.29
104^3
M>73.2
7CL5
49^9
10^2
100.18
97.75
96.23
r!03.6
7l!s
[H> 7 9 ^ 7
[H)55l4
io!6
93.74
94.28
93.82
0>pl04.9
p71.3
P71.3
P4B.9
plO.2
January
February
March
1.37
-1.61
August
September
October
November
December
....
-3.08
|®2.03
1977
January
February
March
-0.64
[H)4.80
1.42
April
May
June
-0.85
July
August
September
-0.07
rl.08
rO.28
-0.05
r-0.02
rO.24
204.1
202.7
202.9
October
November
f) 066mb or
0.18
1.77
2.01
rO.47
rO.63
204.7
203.8
210.9
rl.91
rl.61
0.27
1.65
0.25
0,61
0.99
'
1978
January
Rjbcuary
March
3
219.7
219.9
219.8
90.25
88.98
"88,40
April
May
June
July
Aucjust
SeptBmber .........
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to eontainno seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by[H); for
series thut move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 29, and 30. ^VA means inventory valuation adjustment) CCA means capital consumption adjustment.
Series is a weighted 4-term moving avcirage (with weights 1,2,2,1) placed at the terminal month of the span. 3Average for
March 7, 14, and 21. "Average for March 1, 8, 15, and 22.
2
68
MARCH 1978
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.
MAJOR ECONOMIC
PROCESS
.
Q PRICES, COSTS, AND PROFITS-Con.
Minor Economic
Process
Profits and Profit Margins-Con.
U, L, L
Timing Class
L, L, L
81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income1
Year
and
month
(Percent)
Cash Flows
U L, L
15. Profits (after 17. Ratio, price
taxes) per dollar to unit labor
manufacturing
corporations
(Cents)
manufacturing
(1967=100)
L, L, L
Unit Labor Costs and Labor Share
L, L, L
Net cash flovv, corporate
34, Current
dollars
(Ann. rate,
bil.dol.)
35. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
Lg, Lg, Lg
i-Q. Lg, Lg
Lg, Lg, Lg
Lg, Lg, Lg
63. Index of
unit labor cost,
68. Labor cost
per unit of real
62. Index of
labor cost per
64. Compensation of employ-
sector
product, nonfinancial
corporations
manufacturing
of national
income
(1967=100)
(Dollars)
(1967=100)
(Percent)
1976
January
February
March
6.9
5.5
121.9
122.7
122.4
151.0
109.3
165.1
0.870
143.9
143.1
143.8
75.7
April
May
June
6.8
|H) 5.6
122.4
123.0
123.5
154,0
110.3
H67.1
0.880
144.7
144.5
144.8
75.7
July
August
September
7 1
5.3
156.2
110.2
169.4
0.892
144.5
144.7
146.7
75.9
October
November
December
6.1
5.0
123 1
123.0
123 5
153.0
106.3
173.0
0.916
147 4
147.9
148 4
5.9
5.3
122.1
121.5
122.3
160.7
110.5
175.2
0.930
150.8
152.6
152.8
76.5
6.6
5.5
123.1
123.6
123.2
167.6
[H>113.8
178.5
0.943
153.4
153.9
154.6
76.0
July
August
September
H>7.5
5.6
123.6
123.8
123.7
167.6
111.2
179.7
0.949
154.5
154.4
155.1
75.8
October
November
December
p6.7
123.0
122.8
122.3
(H)pl68.9
pllO.3
H> 182.5
(H>p0.964
E>124.4
124.3
123.3
E>76.6
1977
January
February
March
April
May
June
(NA)
157.0
157.7
p75.9
r!59.T
1978
January
February
March
rl61 8
fH>n162 fi
r!21 1
p!21 6
April
May
June
July
August
September
October
November
December
....
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©, Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 16,3Q,and 31.
1TV
A means inventory valuation adjustment; CCA means capital consumption adjustment.
MARCH 1978
69
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR ECONOMIC
PROCESS
EM
Minor Economic
Process
MONEY ANDCREDIT
Timinq Cioss
L, L, L
85, Change in
money supply
(Ml)
Yoar
find
month
1976
L, L, L
L, C, U
102. Change
in money
supply plus
time deposits
at commercial
banks (M2)
(Percent)
IPercent)
iu* vised 2
Revised*
104. Change in total liquid assets
Smoothed
data 1
Monthly
data
(Percent)
Credit Flows
Velocity of Money
Money
(Percent)
1,1,1
1,1,1
105. Money
supply (Ml)
in 1972
dollars
106. Money
supply (M2)
in 1972
dollars
C, C , C
107. Ratio,
gross national
product to
money supply
(Ml)
(Bil.dol.)
(Bil.dol.)
Revised2
Revised 2
(Ratio)
Revised 2
C, Lg, C
1, 1, L
33. Net change
108. Ratio,
personal income in mortgage debt
to money supply held by financial
institutions and
(M2)
life insurance
companies
(Ann. rate,
(Ratio)
bil.dol.)
Revised 2
0.98
0.88
0.78
222.0
223.1
223.6
503.3
508.8
511.0
5.547
0.68
0.78
0.87
0.64
1.978
1.971
1.971
49.33
49.21
57.10
0.73
0.60
0.07
0.94
0.78
0.42
0.98
0.80
0.77
0.80
0.82
0.83
224.2
224.2
223.4
513.3
514.3
514.3
5.588
1,969
1.966
1,965
49.75
43.73
46.74
July
August . . . . . .
September , .
0.20
0,56
0.33
0.74
0.84
0.92
0.99
0.67
0.74
0.85
0.83
0.80
223,0
223.2
223.0
516.0
517.9
520.5
5.652
1.970
1.964
1.957
54.76
52.52
50.71
Octobor
November .
December . .
1.08
0.16
0.64
0.91
1.04
1.15
0.73
0.76
0.83
0.86
0.88
224.5
224.3
224.8
525.1
528.6
532.0
5,643
1.950
1.956
1.961
§5.18
66.28
64.81
0,74
0.44
0.63
0.92
0.76
0.80
1.04
1.05
0.74
0.86
0.90
0.95
224.7
223.5
223.6
532.6
531.5
532.4
5,721
1.948
1.964
1.977
53.69
58.24
71,41
!H}1.16
0,12
0.59
0.90
0.46
0.75
0.98
0.55
0.86
0.93
0.84
0.78
224.3
223.3
223.5
532.7
532.2
533.6
5.791
1.974
1,975
1,969
81.41
84.26
[H)96.78
July
August
September
0.99
0.52
0.73
1.12
0.64
0.75
1.32
0.97
1.02
0.85
0.98
1.08
225.0
225.3
226.1
537.8
539.2
541.1
5.816
1.966
1.966
1.967
76,87
85.91
94,13
October
November
December
0.90
0.03
0.60
0.81
0.45
0.47
H>1.32
1.10
E>227.4
226.4
226.8
543.7
543.8
B> 544.1
i>5.85i
1.980
1.993
IB) 2, 009
88.48
88.43
r93.00
0.74
0,37
rO.68
pO.44
226.8
p225,2
543.7
P542.2
1.998
p2.001
P87.S2
(NA)
January
February
March
. ...
0.48
0.68
0.47
April
May
Juno
.....
.
.
1.01
1.27
B)1.28
1977
January
February
March
April
May
Juno
0.96
0.85
S&I.IO
1.07
1978
January
February
March
9
0,80
-0.09
-0.06
a
0.94
pO.74
0.29
April
May
June
July
August
September ...,,,
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by (]H>. Series numbers are fur identification only nnd do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated: "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 14, 32, and 33.
A
Series is a weighted 4-term moving average (with weights 1,2.,2,1) placed at the terminal month o£ the span.
2
Bee "Now Features and Changes for This Issue," page iii.
9
Average for weeks ended March 1, 8, and 15.
70
MARCH 1978 ltd)
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
MAJOR ECONOMIC
PROCESS
^9 MONEY AND CREDIT-Con.
Minor Economic
Process
Credit Flows-Con.
L, L,L
Timing Class
112. Net change
in bank loans
to businesses
Year
and
month
(Ann. rate,
bil.dol.)
L, L, L
113. Net
change in
consumer installment
debt
(Ann. rate,
bil.dol.)
Credit Difficulties
L, L, L
110. Total
private
borrowing
(Ann. rate,
mil.dol.)
L, L, L
14. Current
liabilities
of business
failures®
(Mil.dol.)
Bank Reserves
L, L, L
L, U, U
L, Lg, Lg
L, Lg, U
39. Delinquency 93. Free
rate, 30 days
reserves ©
and over, consumer installment loans
(Percent)
Interest Rates
94. Member
bank borrowing from the
Federal
Reserve©
(Mil. do!.)
(Mil.dol.)
C, Lg, Lg
119. Federal
funds rate©
114. Treasury
bill rate®
(Percent)
(Percent)
1976
January
February
March
-11.59
4.00
-34.49
15.97
21 14
20 45
257.07
211.76
247.65
2.49
2.46
2.45
130
-62
378
79
76
58
4 87
4 95
177,260
4.77
4.84
4.85
5.05
April
May
June
-36.50
4.43
6.04
22 93
21 13
18 41
206 42
233 28
373.64
2 34
2 41
45
261
-3
44
121
120
4 82
5 29
4 88
185 504
5.48
5.18
5.44
July
August
September
-10.19
-5.72
7.16
17 36
18 34
21.97
204 444
-53
193
212
123
104
75
5 31
5 29
5 28
5 15
5.25
5.08
9 70
10 88
3 47
i °. no
fifi
R m
A
QQ
QA
4
4
QC
A
01
CC
4
-3C
October
November
December
1 Q fiT
on on
99Q 7Qfi
2.40
305 55
263 96
250.32
2 39
2 39
1 00 1:7
9 co
977 fin
onn AA
2.36
ocm
O\9. 1
1 y
Q
[n/t
9 An
CO
1977
7.88
15.76
January .
February
March
25 87
23 81
[H)35 65
255 624
34 78
31 86
29 06
276,100
[H) 297, 804
7.54
29 57
31 81
28 21
12.84
r!4 68
r3 34
31 51
34 24
r32 83
p287,036
r!2 64
ffT>o26 16
M5 31
29 09
9.48
2.53
8.59
April
May
June
13.46
July
August
September
....
October
November
December
....
-0.22
13.93
194 20
248.20
2 37
2 37
2 37
207.27
473 89
305.86
2 40
2 43
2 38
577.82
338 25
0)96.99
2 41
2 34
2.36
115.69
200 29
2.41
2.24
168.54
(NA)
433
-114
155
-62
72
-149
12
-872
-443
[H>-980
-70S
-384
2 36
4.61
61
79
110
4 68
4.69
73
200
262
4.73
336
1,071
634
5.42
5 35
5.39
4.66
4.61
4,54
4.94
5.00
6.14
5.15
5.50
5.77
6.47
6.51
6.19
6.16
6 56
6 06
6 70
H>6.'78
2
6.78
6 45
E>6 46
;1
6 32
5 90
|H>1,319
840
558
4.60
1978
January .
February
March
April
May
June
....
(NA)
" (NA)
r-176
2
p-99
-174
481
p405
2
329
....
.
..
°
July
August . .
September
October
November
December
....
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated by [H>; for
series that move counter to movements in general business activity,current low values are indicated by|H>. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available,
Graphs of these series are shown on pages 33, 34, and 35.
Average for weeks ended March 1, 8, and 15. 2Average for weeks ended March 1, 8, 15, and 22. 3Average for weeks ended
March 2, 9, 16, and 23.
MARCH 1978
71
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.
MAJOR tiCQNQMIC
PROCFSS
RH| MONEY AND CREDIT-Con.
Minor fconnmic
Process
TimirHj Class
Interest Rates-Con.
Outstanding Debt
Lg, Lg, Lg
C, Lg, Lg
U, Lg, Lg
Lg, Lg, Lg
116. Corporate
bond yields®
11 5. Treasury
bond yields®
117. Municipal
bond yields®
11 8. Secondary
market yields
on FHA
mortgages®
1
Year
and
month
(Percent}
(Percent)
(Percent)
Lg, Lg, Lg
(Percent)
67. Bank rates
on short-term
business loans x
®
(Percent)
Lg, Lg, Lg
109. Average
prime rate
charged by
banks®
(Percent)
Lg, Lg, Lg
66. Consumer
installment
debt
(Mil.dol.)
Lg, Lg, Lg
72. Commercial
and industrial
loans outstanding, weekly
reporting large
commercial
banks
(Mil. do!.)
1-9, Lg, Lij
95. Ratio,
consumer installment debt
to personal
income
(Percent)
1976
January
February
March . . .
8.97
8 71
8,73
6 93
6 92
6.88
7.07
6.94
6.92
9.06
9.04
(NA)
7.54
7.00
6.75
6.75
161 ,283
163,045
164,749
120,242
120,575
117,701
12.18
12.22
1?J5
April
May
Juno
6 73
7 oi
6 92
6.60
9 00
8 90
6 87
6 87
8.82
9 03
9 05
7 44
6 75
6 75
7 20
166,660
168,421
169,955
114,659
115,028
115,531
12.26
12 31
1? 38
July
August . . .
Sop tern be r
8 76
8 59
8 37
6 85
6 82
6 70
6 79
6 61
6 51
8 99
8 93
8 82
7 80
7 25
7 01
7 00
171 ,402
172 930
174 761
114,682
114,205
114 802
12 36
12 41
12 47
October
November
December
8 9^
e fiR
e
on
8 55
fi 78
RR?
115 610
12 43
6 CO
6 -30
6
5
on
m
8
8
8
177
dfSA
El 7
1 9 ^Q
one
1 9 Al
/liSO
IP R?
77fc
1? Afi
1 9 dfi
8.68
17
7 on
QA
/rr
7 on
/ . ^O
OC
S
6
en
*3C
1 7Q Q9&
m
m
1977
January
February
March
8 18
8 00
7 Ifi
April . ,
M»y
June ....
8 0f|
8 QG
8 no
710
July
August
September ... .
8
8
8
October
November
December
8
7 Qfi
6
C.Q
7 9fi
717
R
ft7
^ RQ
e on
8 An
8 ^n
8 CO
OR
1R9 ORd
fi
?R
m
C
OC
1 R7 n^Q
7
6
6
6
Or
1AQ CT47
7 "37
7 no
d.l
1 Q9
^C19
ion /1Q^
1 ? AQ
7C
m
rni d
191
61IRb
l <; l ,b
1 9 7Q
7/1
7
/ .QA
yo
7 07
/ . o/
6
6
7?
8
99
7 IT
8
qc
7 ^9
7 7R
7 7Ci
R 7^
c 7C
8 G7
(MM
\nn)
c\9
6
QQ
E
£9
87/1
19
6
no
8
8
8
7/1
7 m
5
5
CO
r\£.
8
8
78
70
0
G1
[U\Q
1]
7/ . y
QTj
( Mfl ^j
^IVM
fu\ p nn
1 9
6
R ?1
9fi
P, "3Q
QA
CO
c ci
? n&
n K/L
7
5
1A
/1 Q
7 24
e £7
7 51
5 71
5 62
3
R fin
m
m
m
m
6
7 AR
7 Rf)
/ . yj
rn\ o c£
[H/O.DD
fWfi^
\wn)
7C
po
OfiR
£££.
T O
777
EQ
1Q7 d7S
1 91 RQ.7
i^i , by/
19 AM
OAn 1
9Q
£uu,
i ffy
1 O*3 7KQ
1 £^ , /DO
T O O 'SQe
1 9 Q9
1 £J , Job
1 9 Q7
1 O/t
ono /i on
OHR infi
9n 7 0 K O
r210 695
/I K.F
124,456
IP Q f\
tf«19K
A7Q
n
&D ,b/y
19 QA
^lOC 0^7
rl? 98
1978
January
February
March
8 70
|H>8 70
A
B 70
IHW fin
?
'l 61
^8 00
fuNoi o i n n
/MA \
INM;
if<
r 11 1,9i'? ,nU i1 Un
QA
H)pl^9> 1i"0
'•> 1
i ,50
o A,466
yi e £
ru\ n i ^ VI
lH; p i J . i i
fTi\ «1 f^Q
/ M A\
U\IAj
April
May
Juru1 . . . .
July
August
September
»
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to containno seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated byN); for
series that move counter to movements in general business activity,current low values are indicated by [H). Series numbers are for identification only and do not reflect stirius relationships or
order. Complete titles and sources are shown at thu back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series ars shown on pages 16, 35, and 36. Beginning February 1977, data are monthly and represent the banking system.
2
Avcrage for weeks ended March 3, 10, 17, and 24. 9Average for weeks ended March 2, 9, 16, and 23. **Average for March 1
through 23. 3Average for weeks ended March 1, 8, and 15.
72
MARCH 1978
licit
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE
Q DIFFUSION INDEXES
Year
and
month
950. Twelve leading
indicator components
(series 1,3, 8,12, 19,
20,29,32,36,92, 104,
951. Four roughly
coincident indicator
components (series
4i; 47, 51, 57)
952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109)
961. Average workweek
of production workers,
manufacturing (21
industries)
105)
962. Initial claims for
State unemployment
insurance, week including the 12th
(47 areas) 1
1-month
span
6- mo nth
span
76.6
78.7
76.6
78.5
77.9
74.1
83.1
81.7
79.9
55.3
27.7
48.9
53.2
23.4
14.9
79.4
66.6
54.1
79,4
70.9
68.6
40.5
50.0
52.4
51,1
27.7
38.3
29.8
63.8
44.7
57.3
47.1
69.8
57.0
57.3
63.7
61.9
71.4
71.4
69.1
55.3
83.0
66.0
72.3
53.2
42.4
69.5
73.0
69.8
73.5
78.5
100.0
97.6
47.6
88.1
92.9
81.0
29.8
55.3
66.0
80.9
74.5
74.5
75.0
73.5
82.3
89.0
86.6
83.1
42.9
57.1
73.8
69.0
69.0
95.2
29.8
42.6
46.8
61.7
38.3
(NA)
77.6
68.6
63.7
80.5
71.5
68.0
57.1
65.7
50.0
61.3
68.3
68.3
r72.1
59.9
75.9
r74.9
p80.4
1 -month
span
6-month
span
1 -month
span
9-month
span
1-month
span
100.0
100.0
100.0
50.0
33.3
75,0
16.7
66.7
58.3
73.8
33.3
31.0
90.5
64.3
59.5
68.1
36.2
42.6
62.5
100.0
100.0
100.0
75.0
75.0
75.0
83.3
83.3
83.3
83.3
11.9
92.9
23.8
52.4
19.0
11.9
50.0
66.7
75.0
100.0
100.0
100.0
66.7
83.3
38.1
23.8
23.8
100.0
100.0
100.0
66.7
41.7
50.0
83.3
83.3
83.3
69.0
73.8
54.8
83.3
83.3
1-month
span
1-month
span
6-month
span
58.3
66.7
70.8
75.0
91.7
79.2
100.0
100.0
100.0
50.0
54.2
54.2
75.0
66.7
62.5
100.0
July
August
September
41.7
37.5
33.3
50.0
54.2
66.7
October
November
December
54.2
58.3
58.3
50.0
58.3
6-month
span
963. Number of employees on private
nonagricultural payrolls
(172 industries)
9-month
span
1976
January
February
March
....
April
May
June
..
75.0
75.0
100.0
50.0
25.0
r75.0
100.0
100.0
79.2
66.7
62.5
100.0
100.0
100.0
100.0
100.0
66.7
75.0
91.7
75.0
75.0
100.0
100.0
83.3
83.3
100.0
75.0
100.0
100.0
100.0
100.0
75.0
75.0
100.0
100.0
100.0
66.7
83.3
83.3
100.0
100.0
100.0
54.8
57.1
r64.3
r4.8
59.6
42.6
63,8
75.0
83.3
81.0
52.4
(NA)
100.0
r66.7
100.0
"100.0
p21.4
100.0
1977
January
February
March
29.2
50.0
r83.3
April
May
June
r58.3
58.3
79.2
54.2
July
August
September
50.0
79.2
50.0
70.8
66.7
70.8
October
November
December
70.8
62.5
54.2
45.8
37.5
58.3
2
50.0
25.0
100.0
100.0
100.0
100.0
3
7.1
9.5
r47.6
r73.8
rO.O
r67.5
p72.2
1978
37.5
January
February
March
2
65.0
3
25.0
66,7*
100.0
"100.0
p64.3
April
May
June
July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950, 951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
Component data are
Excludes series 12
Excludes series 57
^Excludes series 70
2
MARCH 1978
not
and
for
and
available for publication and therefore are not shown in table C2.
36 for which data are not yet available.
which data are not yet available.
95 for which data are not yet available.
73
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
BB DIFFUSION INDEXES-Con.
Year
and
month
984. Value of manufacturers' new orders,
durable goods industries (35 industries)
1 -month
span
9-month
span
966. Index of industrial
production (24
industries)
965. Newly approved
capital appropriations,
deflated, The
Conference Board 1
(17 industries)
1 -quarter
span
967. Index of industrial
materials prices ®
(13 industrial materials)
1 -month
span
9-month
span
989. Profits, manufacturing, Citibank
(about 1,000 corporations)
968. Index of stock
prices, 500 common
stocks® (132-85
industries)2
1 -month
span
9-month
span
1 -quarter
span
4=0 moving
avg.
1 -mo nth
span
6-month
span
83.3
83.3
83.3
65.4
61.5
73.1
65.4
65.4
80.8
100.0
83.1
53.1
90.8
93.8
95.4
63
*57
68.8
83.3
64.6
68.8
66.7
70.8
65.4
65.4
69.2
69.2
73,1
65.4
31.5
41.5
50.8
89.2
93.8
64.6
55
*55
66.7
68.8
52.1
70.8
70.8
75.0
73.1
34.6
34.6
57.7
61.5
76.9
80.0
43.1
56.2
45.4
56.5
62.9
S3
54
52.1
62.5
60.4
66.7
77.1
83.3
50.0
61.5
65.4
76.9
73.1
69.2
15.4
50.8
91.9
57.3
56,5
48.4
55
*57
50.0
58.3
54.2
81.2
91.7
85.4
69.2
73.1
80.8
57.7
50.0
50.0
46.0
27.4
43.5
33.0
43.5
54.8
55
*56
37.5
75.0
58.3
83.3
75.0
83.3
34.6
34.6
15.4
50.0
46.2
46.2
49.2
37.0
46.0
54.8
29.0
17.7
60
p53
60.4
72.9
58.3
34.6
50.0
50.0
9
45.8
329.2
Ml. 7
56.5
23.4
15.3
26.6
27.4
22.6
53
3
11.3
66.9
46.8
19.4
61
4-quartsr
span @
1976
January
February
March
54.3
68,6
62.9
97.1
82,9
87.1
56
April
May
Juna
55.7
50.0
50.0
82.9
82.9
82.9
62
July
August
September
64.3
47.1
50.0
68,6
71.4
80.0
44
October
November
December
40.0
51.4
71,4
85.7
84.3
74.3
59
January
February
March .
54.3
54.3
62.9
85,7
82.9
74.3
50
April
May
June
37.1
55.7
44.3
80,0
71.4
80.0
74
July
August ,
September
51.4
71.4
62.9
82.9
88.6
r?4.3
K2
62.5
43.8
62. B
87.5
79.2
r62.5
October
November
December
62.9
62.9
74.3
p85.7
p45
66.7
' r58.3
r72.9
r70.8
p75.0
*69
65
*64
*73
1977
9
50.0
37.5
57.7
3
45.8
"58.3
*72
*73
1978
January
February
March
r37.1
p60.0
r33.3
p77.1
69.2
34.6
*46. 2
8.1
30.6
April
May
June
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 an
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quartsr indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 90S, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated by ®. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
*Thls Is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference
Board.
a
Baaed on 65 components through November 1976, and on 62 components thereafter. Component data aire not shown in table C2
but are available from the source agency.
9
Based on 12 components (excluding print cloth).
4
Average for March 7, 14, and 21.
74
MARCH 1978
»€!»
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
DIFFUSION INDEXES-Con.
Year
and
quarter
970. Business expenditures for new plant and
equipment (18 industries)
a. Actual
expenditures
(1-Qspan)
c. Early
anticipations
b. Later
anticipations
(1-Qspan)
(1-Qspan)
971, New orders, manufacturing 1 <u>
972. Net profits, manufacturing
and trade'®
Actual
Actual
Anticipated
(4-Qspan)
Actual
Anticipated
(4-Qspan)
(4-Qspan)
973. Net sales, manufacturing
and trade 1 ®
Anticipated
(4-Q span)
(4-Qsp3n)
(4-Qspan)
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
38.9
44.4
38.9
36.1
36.1
41.7
50.0
61.1
66.7
52.8
66.7
61.1
50
54
64
71
72
59
70
73
52
53
58
66
68
58
'66
67
57
58
66
70
75
62
73
74
66.7
80.6
72.2
47.2
61.1
77.8
72.2
63.9
75.0
61.1
66.7
83.3
80
80
78
78
82
84
88
86
76
74
72
74
76
80
84
82
82
81
80
80
82
84
90
87
66.7
75.0
88.9
44.4
61.1
72.2
69.4
58.3
66.7
66.7
66.7
72.2
83
82
82
86
88
84
71
74
74
76
78
80
84
82
80
81
84
85
82
86
90
1976
First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978
first quarter ..
Second quarter
Third quarter..
Fourth quarter
79
82
82
83
61.1
66.7
87
DIFFUSION INDEXES-Con.
Year
and
quarter
974. Number of employees,
manufacturing and trade 1 ®
975. Level of inventories,
manufacturing and trade 1 @
976. Selling prices, manufacturing 1 (u)
Actual
Actual
Actual
Anticipated
Anticipated
977. Selling prices, wholesale
trade 1 ®
Anticipated
Anticipated
Actual
978. Selling prices, retail
trade 1 ©
Actual
Anticipated
(4-Qspan)
(4-Qspan)
(4-Qspan)
44
44
48
52
53
48
54
54
58
52
56
57
64
54
50
54
81
78
78
78
76
68
74
80
79
81
81
87
74
70
76
80
84
86
57
58
58
58
56
60
62
60
62
65
68
69
60
64
70
80
82
80
82
75
78
80
80
84
80
80
88
80
82
82
84
86
86
92
86
81
82
84
86
60
59
61
62
59
60
61
59
74
72
74
75
65
68
72
70
86
86
87
87
78
81
86
82
87
86
88
90
80
86
86
84
90
86
92
92
86
84
(4-Qspan)
(4-Qspan)
(4-Qspan)
(4-Q span)
(4-Qspan)
(4-Qspan)
(4-Q span)
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
75
72
79
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977
First quarter ..
Second quarter
Third quartet ..
Fourth quarter
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
59
60
67
70
82
84
84
90
90
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by @ , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "MA", not available.
Graphs of these series are shown on page 39.
1
This is a copyrighted series used by perm4
Inc. Dun and Bradstreet diffusion indexes a.
ItCII MARCH
1978
H may not be reproduced without written permission from Dun and Bradstreet,
a surveys of about 1,400 business executives.
75
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.
^9 SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
1978
1977
Pit fusion index components
August
July
September
October
November
Januaryr
December
February^
961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING '
(Average weekly hours)
All marufaetudnt] industries
.
P@rc@nt rising of 21 components
.
...
.
40.2
...
+
40.3
(10)
(55)
40.3
40.4
38.8
40.2
39.6
39.0
o
40.3
+
40.4
(57)
+
40.5
o
(52)
(81)
40.5
39.6 +
39.9
(48)
(0)
(64)
Durable goods industries:
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
+
+
+
+
+
40.6
40.0
39.2
+
+
+
40.8
40.1
39.5
+
40.2
40.3
39.4
+
+
r41.1
r40.2
r39.5
40.2
39.4
37.7 +
39.0
39.3
39.6
41.0
40.9
+
+
41,1
41.3
+
o
41.8
41.3
+
r41.6
41.4
40.4 +
40.7 +
40.5
41.2
o
41.1
41.9
+
o
r41.S
41.9
40.1 +
41.0 +
40.6
41 . 7
Stone clay, and qlass products
Primary metal industries
41.4
41.1
Fabricated metal products. .
Machinery, except electrical
41,0
41,8
o
40.9
41.8
o
o
40.9
41.8
+
+
41.1
42.0
40.2
42.0
+
+
40.3
42.3
o
+
40.3
42.6
o
+
40.3
42.7
40.2
42.5
+
-
40.3
r42.2
39.5 o
41.1
39.5
40.7
40.3
38.7
o
+
40.3
38.8
o
+
40.3
39.0
+
+
40.6
39.1
40.4
39.0
o
r40.4
38.9
39.7 +
38.1 +
40.7
38.2
39.7
37.8
39.5
38.6
o
+
39.5
38.2
+
•+
39.8
38.8
-
39.7
r38.3
39.2 +
37.5
39.6
36.5
Electrical equipment and supplies
Transportation equipment.
.
..
....
Instruments and related products . .
Miscellaneous manufacturing industries
o
41.4
41.0
Nondurable goods industries:
Food and kindred products
Tobacco manufactures
.
.
Textile mill products
...
..
Apparel and other textile products
39.8
38.6
...
..
, .,
Paper and allied products
Printing and publishing
40.1
35.3
+
Chemicals and allied products
Petroleum and coal products
42.7
37.8
Rubber and plastic products, n.e c
I eatber and leather products
40.2
35.5
+
40.3
35.3
+
+
40.5
35.6
+
+
40.7
35.7
+
r40.6
35.8
40.0 +
33.9 +
40.2
3S.4
42.4
37.7
+
+
42.7
38.0
+
42.8
37.9
o
42.7
37.9
+
o
42.9
r37.9
42.2 +
37.5 o
42.4
37,5
42.8
+
+
41.8
43.0
41.7
42.8
+
41.6
43.2
+
+
41.7
43.3
o
+
r41 . 7
r43.9
41.5 +
43.7
41,7
43.6
40.6
36.8
+
+
40.8
37.3 +
40.7
37.6
+
+
40.9
37.7
o
+
40.9
37.8
-
r40.7
37.2
39.8
36.6 o
39.5
36.6
+
66,162
62,256 +
63,786
41. 7
...
+
+
964. VAl.Ut OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES '
(Millions of dollars)
All durable pods industries
.
...
-
Percent rising of 35 cotnp onsn ts
Primary metals
Fabricated metal products
Machinery, except electrical
Electrical machinery .
....
Transportation equipment
Other durable tjoods industries
.
...
56,031
+
...
+
(71)
(51)
.
58,270
59,048
+
62,503
-
61,984
2
(63)
(63)
(63)
8,094
+ ' 7,759
+
+
8,901
8,051
+
-
8,948
7,609
-
(74)
(37)
(60)
+
+
9,205
7,810 +
9,122
8,166
+
-
8,311
6,798
+
+
8,576
7,346
+
-
8,692
7,204
. +
10,130
6,901
+
+
10,897
6,973
+
10,823
7,070
+
+
11,162
7,112
+
10,717
7,762
+
-
11,650
7,768
+
10,561 +
8,448
11,059
8,127
+
12,667
11,224
+
12,417
12,061
+
+
13,145
12,114
+
+
16,141
12,235
-
14,413
12,140
+
+
17,229
12,958
-
14,026 +
12,206 +
15,004
12,308
NQTF: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
"p", preliminary; and "NA", not available.
(+) « rising, (o) ~ unchanged, and (=) " falling. The "r" indicates revised;
x
Data are seasonally adjusted by the source agency.
Data for most of the 35 diffusion index components are not available for publication; however, they are all included in Che
totals and directions of change for six major industry groups shown here.
76
MARCH 1978
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
EJ SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change -Con.
1977
Diffusion index components
July
September
August
1978
October
December1"
November
January1"
February^
966. INDEX OF INDUSTRIAL PRODUCTION '
(1967=100)
All industrial production
+
Percent rising of 24 componsnts^
Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products
138.7
138.1
(62)
(44)
+
138.5 +
(62)
138.9
+
139.3
+
(58)
(67)
139.6
-
(73)
138.5
+
(33)
139.2
(77)
109.0 +
133.6 o
113.5
133.8
+
111.2
135.8
+
111.0
136.4
+
107.4
136.8
+
107.0
137.4
+
+
+
+
147.4 +
144.6
125.5
160.3 +
148.9
144.2
124.3
162.2
+
+
+
r!49.7
r!46.0
r!22.0
H63.1
+
+
+
+
151.7
147.3
122.2
164.7
-
150.7
145.8
116.8
162.9
+
+
+
+
151.5
147.7
119.0
164.5
148.8
131.8
145.5 +
137.1
148.0
135.7
+
+
H52.8
r!37.5
o
+
152.8
138.1
+
151.1
137.1
143.0
150.4
142.9
147.5
+
+
145.6 +
150.7 +
146.6
151.0
+
r!46.0
151.8
+
+
146.6
152.5
+
145.6
152.7
136.6
124.1
+
+
r!41.6
r!25.1
r78.1
144.2
125.7
-
138.0
77.0
+
+
+
74.5
140.7 +
127.7 +
74.0 +
142.4
129.0
o
137.2
121.1 +
74.1 +
Paper and printing
Paper and products
Printing and publishing
+
139.2 +
124.9 +
140.3
125.0
139.1
124.2 +
137.9
125.7
+
H37.8
126.2
+
+
138.9
127.5
+
138.0
129.0
+
+
138.4
129.5
Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products
+
o
182.6 o
140.4
235.2 +
182.6
139.9
237.4
181.3 +
141.9
239.5
182.3
141.4
236.3
+
+
H83.1
r!40.5
r238.5
+
+
-
182.9
139.7
240.0
-
138.8
+
181.9
139.3
240.9
138.3 +
114.5 +
139.3
117.0
138.3
113.5 +
137.3
113.8
+
+
r!39.4
117.5
+
+
140.0
118.6
-
139.3
-
140.6
r!17.8
+
118.3
+
+
104.3
126.5
+ 121.2
+ 127.7
+
114.4
132.0 +
112.5
134.0
+
+
+
+
145.7
143.6 +
125.6
159.0
145.2
143.9
124.3
158.3
Lumber, clay, and glass
Clay, glass, and stone products
Lumber and products
+
+
148.0 +
132.9
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
+
+
+
Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments
Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products . •
Apparel products
Leather and products
Foods and tobacco
Foods
Tobacco products
Mining:
Coal
Oil and gas extraction
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
..
+
+
+
+
120.7
120.6
113.6
119.3
+
+
133.0 +
119.6
141.4
119.4
101.9
126.7
70.0
125.0
+
+
71.4 +
126.7 +
128.1
80.0
+
84.8
- 127.2
(NA)
(NA)
(NA)
+
(NA)
(NA)
(NA)
(NA)
75.2
75.8
(NA)
(NA)
(NA)
(NA)
(NA)
54.8
74.6
119.0
153.2
+
+
56.5
119.8
(NA)
(NA)
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: {+} = rising, (o) = unchanged, and Hs falling. The "r " indicates revised;
"p", preliminary; and "NA", not available.
1
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute the percent rising.
MARCH 1978
77
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE—Con.
H| SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Changs -Con,
Diffusion indox components
1978
1977
August
July
October
September
November
December
March 1
February
January
967. INDEX OF INDUSTRIAL MATERIALS PRICES 2
Industrial materials price index (1967::j100) . . . . Percent rising of 13 components . ... . .
204.1 (35)
202.7 +
(50)
202.9
+
(50)
204.7
203.8 +
-
3
(50)
(38)
210.9 +
(58)
219.7 +
(69)
219.9 o
E19.S
(35)
(46)
Dollars
Coppor scrap
(pound)
(kilogram). .
0,412 0,908
0,382 +
0.842
0,385
0.849
+
0.392
0.864
-
0.388 +
0.855
0.431 +
0.950
0.475 1 1,047
0.460
1.014
+
0,463
1.021
Load scrup
(pound)
(kilogram). .
0.114 0.251
0.113 o
0.249
0.113
0.249
o
0.113
0.249
+
0.120 +
0.265
0.123 0.271
0.122 0.269
0.120
0.265
+
0.121
0.267
Stool scrap
(U.S. ton). . (metric ton). .
58.000 o
63.933
58.000 63.933
57.000
62.831
- 50.000
55-115
-
46.000 +
50.706
59.000 +
65,036
72.000 o
79.366
72.000
79.366
o 72.000
79.366
Tin
(pound), . +
(kilogram). .
4.702 +
10.366
5.164 <•
11 . 385
5.170
11.398
+
5.674
12.509
+
5.948 13.113
5.766 12.712
5.526 12.183
5.512
12.152
-
5.3S7
11.810
2inc
(pound). . o
(kilogram). .
0.340 o
0.750
0.340 o
0.750
0.340
0.750
-
0.318
0.701
-
0.308 0.679
0.305 o
0.672
0.305 0.672
0.302
0.666
-
0.293
0.646
(yard)
+
(meter), .
0.186 +
0.203
0.191 +
0.209
0.198
0.217
+
0.240
0.262
-
0.212 +
0,232
0.229 +
0.250
0.234 o
0.256
0.234
0.256
-
0,227
0.248
(pound). . (kilogram). .
0.585 1.290
0.525 1,157
0.492
1.085
o
0.492
1.085
-
0.480 +
1.058
0.484 +
1.067
0.513 +
1.131
0.530
1.168
+
Q,55f>
1.224
(yard). . o
(meter). ,
0.582 0
0.636
0.582 o
0.636
0.582
0.636
o
0.582
0.636
0.532 +
0.582
0.533 0.583
0,531
0.581
-
0,630
0.580
(pound)
(kilogram). ,
2,580 0
5.688
2.580 o
5.688
'2.580
5.688
o
2.580
5.688
+
2.592 +
5.714
2.600 5.732
2.592 5.714
2.580
5.688
o
2.580
5.688
Hides
(pound). . (kilogram). .
0.359 +
0.791
0.371 0.818
0.364
0.802
-
0.358
0.789
+
0.392 +
0.864
0.425 +
0.937
0.500 1.102
0.488
1.076
-
0.470
1.036
Rosin
(100 pounds). o
(100 kilograms). .
28.500 o
62.831
28.500 o
62.831
28.500
62.831
o 28.500
62.831
o
28.500 o
62.831
28.500 o
62,831
28.500 o
62.831
28.500
62.831
(pound), . +
(kilogram). .
0.394 +
0.869
0.409 *•
0.902
0.446
0.983
-
0.444
0.979
-
0.440 0.970
0.425 +
0.937
0.437 +
0.963
0.449
0.990
+
0.458
1.003
(pound). . -
0.167 0.368
0.153 0.337
0,149
0.328
+
0.156
0.344
-
0.155 0.342
0.150 +
0.331
0.154 +
0.340
0.160
0.353
+
0.171
0.377
Burlap .
.,
Cotton, 12 market average
Print cloth, average
Wool tops
.
Rubber
Tallow
.
(kilogram). .
(NA)
(NA)
- 28.167
62.097
NQTF: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, end (• •) • • falling. The "r" indieutfis revised;
"p", preliminary; and "NA", not available.
^Average for March 7, 14, and 21.
Series components arc not seasonally adjusted. Components are converted to metric units by the Buzeau of Economic Analysis.
9
BaHcd on 12 components.
78
MARCH 1978
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
GNPAND PERSONAL INCOME
Year
and
quarter
50. Gross national product in 1972 dollars
200. Gross national product in current dollars
a. Total
c. Percent
change at
annual rate
. Difference
(Ann. rate,
bil.dol.)
..Total
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol,)
c. Percent
change at
annual rate
b. Difference
(Ann. rate,
bil.doL)
217. Per capita
GNPin1972
dollars
213. Final sales
in 1972 dollars
(Ann. rate,
dollars)
(Ann. rate,
bil.dol.)
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1,453.0
1,496.6
1,564.9
1,600.7
0.6
43.6
68.3
35.8
0.2
12.5
19.5
9.5
1,169.8
1,188.2
1,220.7
1,229.8
-29.9
18.4
32.5
1,651.2
1,691.9
1,727.3
1,755.4
50.5
40.7
35.4
28.1
13.2
10.2
26.2
6.7
1,256.0
1,271.5
1,283.7
1,287.4
1,810.8
1,869.9
1,915.9
rl,961.8
55.4
59.1
13.2
13.7
10.2
r9.9
1,311.0
1,330.7
1,347.4
rl,360.2
23.6
9.1
-9.6
6.4
5,495
11.4
5,709
5,740
1,189.7
1,206.2
1,217.8
1,234.4
5,571
3.0
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
8.6
8.8
5.1
3.9
1.2
15.5
12.2
3.7
5,853
1,246.3
1S259.4
1,269.8
1,289.2
5,915
5,960
5,965
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
46.0
r45.9
7.5
6.2
5.1
r3.8
19.7
16.7
H2.8
1,301.2
1,317.5
1,331.8
rl,351,5
6,064
6,143
6,207
r6,253
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
GNP AMD PERSONAL INCOME-Con.
Year
and
quarter
PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars
Disposable personal income
232. Durable goods
in current dollars
233. Durable goods
in 1972 dollars
227.. Per capita in
1972 dollars
224. Current do liars 225. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
231. Total in 1972
dollars
y
(Ann', rate,
bil.dol.)
(Ann. rate,
dollars)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Ann, rate,
bil.dol.)
(Ann. rate,
bil.dol.)
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1,025.4
1,092.2
1.095.7
1,124.1
828.8
871.1
859.1
870.2
3,893
4,084
4,062
1,024.1
1,153.3
1,174.1
1,193.3
1,222,6
881.5
887.8
890.7
901.5
4,107
4,130
4,135
4,177
1,056.0
1,078.5
1,102.2
1,139.0
1,252.4
1,292.5
1,323.8
rl,368.3
908.4
924.5
934.4
r955.8
4,202
4,268
4,305
r4,394
1,172.4
1,194.0
1,218.9
rl,259.5
4,018
936.5
965.9
995.1
756.9
770.4
780.2
792.8
122.8
127.8
136.7
144.3
106.2
109.0
115.4
120.2
807.2
822.7
839.8
153.3
156.7
159.3
166,3
125.4
126.7
127.1
130.7
850.4
177.0
854.1
178.6
860.4
r879.8
177.6
H86.0
136.9
137.9
136.5
H41.6
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
815.5
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41 and 42.
MARCH
1978
79
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
Q GROSS PRIVATE DOMESTIC INVESTMENT
M| PERSONAL CONSUMPTION EXPENDITURES-Con.
236. Nondurable
goods in current
dollars
Year
and
quarter
(Ann. rate,
bil.doi.)
238. Nondurable
goods in 1972
dollars
(Ann. rate,
bit.dol.)
237. Services in
current dollars
(Ann. rate,
bil. dol.)
239. Services in
1972 dollars
(Ann. rate,
bil. dol.)
240. Total in
current dollars
(Ann. rate,
bil.doi.)
241. Total in
1972 dollars
(Ann. rate,
bil.doi.}
242. Fixed investment, total, in
current dollars
243. Fixed investment, total, in
1972 dollars
(Ann. rate,
bil. do!.)
(Ann. rate,
bil. do!.)
1975
First quarter
Second quarter
Third quarter . ,
Fourth quarter
,. .
394.0
406.4
415.0
421.9
301.8
308.4
308.6
311.5
419.7
431.7
443.4
457.9
349.0
353.0
356.2
361.2
175.1
171.2
205.4
204.7
133.0
130.9
153.1
149.2
197.1
196.3
200.5
208.4
152.9
148.9
150.2
153.8
430.4
437.1
444.7
458.8
316.1
319.3
321.5
329.4
472.4
484.6
498.2
513.9
365.6
369.6
374.0
379.7
231.3
244.4
254.3
243.4
168.1
175.2
179.4
169.2
216.8
226.1
232.8
244.3
158.4
163.1
165.6
171.0
466.6
474.4
481.8
r499.9
329.7
330.0
332.4
342.7
528.8
541.1
559.5
r573,7
383.8
386.3
391.4
r395.5
271.8
294.9
303.6
r306.7
186.7
197.2
200.8
r!97.5
258.0
273.2
280.0
r293.2
177.0
184.0
185.1
r!88.7
1976
First quarter .
Second quarter
Third quarter
Fourth Quarter
1977
First quarter
Second quarter
Third quartsr ...
Fourth quarter
1978
First qusrtsr
Second quarter
Third quarter
Fourth quarter
B
GROSS PRIVATE
DOMESTIC INVEST .-Con.
24 b. Change in
business inventories in current
doll.irs
Year
and
quarter
(Ann. rate,
bit. do!.)
•M GOVERNMENT PURCHASES OF GOODS AND SERVICES
30, Change in
business inventories in 1972
dollars
260. Total in
current dollars
(Ann, rate,
bil, dol.)
(Ann. rate,
bil. dot)
261. Total in
1972 dollars
(Ann. rate,
bil. dot.)
262. Federal
Government in
current dollars
263. Federal
Government in
1972 dollars
(Ann. rate,
bil.doi.)
(Ann. rate,
bil.doi.)
266. State and
local government
in current dollars
267. State and
local government
in 1972 dollars
(Ann. rate,
bil.doi.)
(Ann. rato.
bil. dol.)
1975
First quarter
Second quarter
Third quarter
Fourth quarter
-22,0
-25.1
4.9
-20.0
-18.0
2.9
-3.6
-4.6
14.5
18.3
21.5
-0.9
12.1
13.8
-1.8
326.0
335.2
343. g
351.0
259.4
262.3
264.8
265.4
119.6
121.8
123.8
128.1
96.0
96.5
96.9
97.4
206.4
213.3
219.7
222.9
163.4
165.8
167.8
168.0
353.6
358.9
363.0
370.0
263.9
264.5
264.6
264.6
127.6
128.5
130.2
134.2
96.4
96.1
96.7
97.1
225.9
230.4
232.7
235.8
167.5
168.4
168.0
167.5
374.9
390.6
400.9
r413.8
263.3
270.0
274.0
r277.0
136.3
143.6
148.1
153.8
97.0
101.1
103.3
104,2
238.5
247.0
252.9
r260.0
166.4
168.9
170.7
r!72.B
1976
First quarter .......
Second quarter
Third quarter .
Fourth quarter
..
9.7
1977
First quarter
Second quarter
Third quarter
Fourth quarter
13.8
21.7
23.6
r!3.5
9.7
13.2
15.7
r8.7
1978
First quarter
Second quarter
Third quarter
Fourth quarter
NOTE; Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 42,43, and 44.
MARCH
1978
ItO
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.
I
FOREIGN TRADE
Year
and
quarter
252. Current
dollars
255. Constant
(1972) dollars
250. Current
dollars
(Ann. rate,
bil.dol.)
Imports of goods
and services
Exports of goods
and services
Net exports of
goods and services
(Ann. rate,
bil.dol.}
(Ann. rate,
bil.dol.)
256. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
NATIONAL INCOME
AND ITS COMPONENTS
220. National income in current
dollars
280. Compensation of
employees
257. Constant
(1972) dollars
253. Current
dollars
(Ann, rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.}
(Ann. rate,
bil.dol.)
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
15.4
24.3
20.8
20.8
20.5
24.5
22.7
22.3
147.4
142.7
146.9
152.1
89.7
87.4
89.7
92.8
131.9
118.3
126.1
131.3
69.2
62.9
67.0
70.6
1,156.0
1,191.4
1,244.9
1,275.7
904.6
914.4
936.7
965.6
10.2
10.2
16.8
16.4
17.0
13.8
153.9
160.6
168.4
168.5
93.1
95.2
97.9
96.9
143.7
150.4
160.6
165.6
76.3
78.9
80.9
83.1
1,321.0
1,353.9
1,379.6
1,402.1
999.6
1,024.9
1,046.5
1,074.2
10.6
170.4
178.1
179.9
H70.6
96.9
98.5
99.8
r94.8
178.6
187.7
187.4
86.3
89.1
87.6
r!88.8
r88.9
1,450.2
1,505.7
1,540.5
pi,585,4
1,109.9
1,144.7
1,167.4
rl,203.3
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
7.9
3.0
1977
-8.2
-9.7
-7.5
First quarter ..
Second quarter
Third quarter..
Fourth quarter
r-18.2
9.4
12.2
r5.9
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
NATIONAL INCOME AND ITS COMPONENTS-Con.
Year
and
quarter
282. Proprietors'
income with'inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)
284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bil.doi.)
286. Corporate
prof its with
inventory valuation
and capita! consumption adjustments
(Ann. rate,
bil.dol.)
SAVING
288. Net interest
(Ann. rate,
bil.dol.)
290. Gross saving
(private and government)
(Ann. rate,
bil.dol.)
292. Personal
saving
295. Business
saving
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter
65.4
115.6
114.7
76.4
77.6
79.9
82.3
175.6
183.6
209.8
211.4
155.1
175.2
192.1
194.5
23.0
22.9
23,3
24.1
126.5
129.2
133.5
123.1
85.0
86.5
90.1
92.0
228.9
242.1
244.8
232.2
203.6
205.0
212.5
205.3
24.5
24.9
25.5
26.4
125.4
140.2
149.0
p!44.5
95.3
98.9
251.4
211.5
51.4
277.2
223.6
237.2
68.5
73.3
p233.7
r76.1
78.9
84.3
90.4
90.4
22.1
22.3
22.2
22.6
86.9
90.4
86.2
88.7
95.1
74.0
92.7
103.1
76.7
75.5
1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
72.4
70.3
64.8
56.3
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
97.0
95.5
105.0
103.1
r!06.1
284.5
p280,8
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 45, 46, and 47.
ItCII MARCH 1978
81
OTHER IMPORTANT ECONOMIC MEASURES
A I
NATIONAL INCOME AND PRODUCT-Con.
PJ SHARES OF GNP AND NATIONAL INCOME
IQj SAVING-Con,
Year
and
quarter
298. Government
surplus or deficit,
total
(Ann. rale,
bil. dot.)
293. Personal
saving rate
(percent of disposable personal
income)
Percent of Gross National Product
235. Personal consumption expenditures, total
(Percent)
(Percent)
249. Residential
fixed investment
248. Presidential
fixed investment
247. Change in
business inventories
(Percent)
(Percent)
(Percent)
(Percent)
251. Net ex ports of
goods and services
1975
First quarter
Second quarter
Third quarter
Fourth quartor
-44.9
-94.7
-59.0
-58.7
6.4
9.4
7.0
6.7
-47.1
-33.3
«32.4
-29.4
-11.5
-14.9
-26.0
p-29.0
63.6
64.0
9.9
9.5
9.4
3.3
3.2
3.3
3.6
6.3
6.0
5.4
4.6
64.0
63.7
63.8
64.9
9.4
9.4
9.5
9.5
3.7
3.9
3.9
4.4
4.1
5.3
5.5
64.7
63.9
63.6
64.2
9.8
9.8
9.8
9.9
4.5
4.9
4.8
5.1
64.5
10.3
'64.5
1.1
1.6
1.3
1.3
-1.5
-1.7
0,3
-0.2
1976
First quarter
Second quarter
Third quarter . ,
Fourth quarter
0.9
1.1
1.2
0.6
0.6
0.5
0.2
-0.1
1977
First quarter
Second quarter
Third quarter .......
Fourth quarter
r5.6
0.8
1.2
1.2
-0.4
-0.5
-0.4
r-0.9
rO.7
1978
First quartsr
Second quarter
Third quarter
Fourth quarter
M SHARES OF GNP AND NATIONAL INCOME-Cori.
Year
and
quarter
Percent of National Income
Percent of GNP--Con.
265. Federal Govt.
purchases of goods
and services
(Percent)
260. State and
local govt. purchases of goods
and services
(Percent)
64. Compensation of 283. Proprietors'
employees
income with IVA
and CCA 1
(Percent)
285. Rental income
of persons with
CCA
1
(Percent)
(Percent)
(Percent)
287. Corporate
profits with IVA
and CCA 1
289. Not interest
(Percent)
1975
First quarter
Second quarter , .
Third quarter
Fourth quarter
8.2
8.1
7.9
8.0
14.2
14.3
14.0
13.9
78.3
76.8
75.2
75.7
6.8
7.1
7.3
7.1
1.9
1.9
1.8
1.8
6.4
7.8
9.3
9.0
6.6
6.5
6.4
6.5
7.7
7.6
7.5
7.6
13.7
13.6
13.5
13.4
75.7
75.7
75.9
76.6
6.6
6.7
6.2
6.3
1.7
1.7
1.7
1.7
9.6
9.5
9.7
8.8
6.4
6.4
6.5
6.6
7.5
7.7
7.7
7.8
13.2
13.2
13.2
76.5
76.0
75.8
6.6
6.4
6.2
8.6
9.3
9.7
6.6
6.6
6.7
r!3.3
p75.9
1.7
1.7
1.7
pi. 7
1976
First quarter
Second quarter
Third quarter
Fourth quarter
1977
First quarter . .
Second quarter
Third quarter ,
Fourth quarter .....
p6.6
p9.1
p6.7
1978
First quarter
Second quarter
Third quarter
Fourth quarter
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 47 and 48.
*IVA means inventory valuation adjustment; CCA means capital consumption adjustment.
82
MARCH 1978
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY
Em
Implicit price deflator,
gross national product
Year
and
month
310. Index
(1972=100)
310c. Change
over 1 -quarter
spans1
(Ann. rate,
percent)
Fixed weighted price index,
gross business product
311. Index
(1972=100)
PRICE MOVEMENTS
Consumer prices, all items
31 1c. Change 320. Index © 320c. Change
over 1 -quarter
over 1-month
spans1
spans1
(Ann. rate,
percent)
(1967=100)
(Percent)
Consumer prices, food
320c. Change
over 6-month
spans1
(Ann. rate,
percent)
322. Index
(1967=100)
322c. Change
over 1-month
spans1 0
(Percent)
322c. Change
over 6-month
spans'
(Ann. rate,
percent)
1976
4.1
January
February
March
131.5
April
May
June
133il
July
August
September
134.' 6
October
November
December
136*.4
4.3
166.7
167.1
167.5
0.5
0.2
0.2
5.1
5.1
4.9
180.8
179.6
178.6
5.3
168.2
169.2
170.1
0.5
0.6
0.4
4.7
5.3
5.7
179.7
181.0
181.2
4.5
171.1
171.9
172.6
0.4
0.5
0.4
5.5
4.8
4.8
181.1
181.6
181.7
173.3
173.8
174.3
0.4
0.2
0.4
5.6
6.6
7.1
182.1
181.5
182.0
6.8
175.3
177.1
178.2
0.8
1.0
0.6
8.0
8.7
8.9
7.5
179.6
180.6
181.8
0.8
0.6
0.5
182.6
183.3
184.0
132.1
4.9
133.*8
4.6
135^3
5.4
5.5
137.'l
-0.2
-0.7
-0.6
0.6
0.7
0.1
-0.1
0.3
0.1
0.2
0.3
0.9
0.1
0.3
2.2
3.5
2.7
0.6
0.9
0.3
2.7
6.5
7.7
183.5
187.4
188.6
0.8
2.1
0.6
10.6
12.6
13.4
7.9
6.6
6.1
191.5
192.6
193.8
1.5
0.6
0.6
11.2
0.3
0.4
0.4
5.1
4.8
4.7
193.5
194.3
194.7
184.5
185.4
186.1
0.3
0.4
0.4
5.7
6.2
195.0
196.0
196.7
0.2
0.5
0.4
187.1
188.4
0.8
0.6
199.0
201.4
1.4
1.2
-0.3
1977
January . .
February .
March
...
5.3
139*.4
138.'l
April
May
June
14CK5
July
August
September
142'.2
October .
November
December
r!44."2
7.1
14K9
4.8
5.0
143.'6
r5.9
r5.4
r!45."5
-0.2
0.4
0.2
7.5
6.6
3.7
3.6
3.0
5.8
7.4
1978
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
1
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month
changes are placed on the 2d month, and 6-month changes are placed on the 4th month.
MARCH 1978
83
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Con.
JQJ PRICE MQVEMENTS-Con,
Wholesale prices, all commodities
Year
end
month
330. Index®
(1967-100)
330c. Change
over 1 -mo nth
spans'
(Percent)
Wholesale prices, crude materials
Wholesale prices, industrial commodities
330c. Change
over 6-month
spans'
(Ann. rate,
percent)
335. Index®
335c. Change
over 1 -month
spans1
(1967-100)
(Percent)
335c. Change
over 6-month
spans1
(Ann. rate,
percent)
331. Index
(1967-100)
331 c. Change
over 1 -mo nth
spans1
33 1c. Change
over 6-month
spans1
(Percent)
(Ann rate,
percent)
1976
January
February
March
April
May .
Juno
...
...
0.3
2.4
3.0
4.3
177.4
178.1
179.0
0.6
0.3
0.3
6.0
5.4
5.4
203.1
202.3
199.6
0.8
0.2
0.7
4.7
4.7
5.3
180.1
180.5
181.5
0.6
0.2
0,6
5.6
6.2
6,7
205.2
204.1
208.2
0.4
0.5
4.3
4.9
4.9
182.7
183.8
184.8
0.7
0.6
0.6
7.0
7.8
7.2
208.6
204.2
203,7
-2.1
-0.2
5.0
7.4
8.5
186.3
187.1
187.4
0.7
0.6
0,3
6.9
7.4
7.6
203.6
208.6
209.5
0.0
2.5
0.4
188.4
190.0
191,7
0.6
0.8
0.7
7.7
7.5
7.6
210.2
219.0
221.0
0.3
4.2
0.9
0.7
0.5
0.3
7.7
2.9
193.3
194.2
194.7
6.7
225.5
222.3
213.4
2.1
2.6
4.4
195.9
196.9
197.8
rO.5
rO.6
6.1
5.5
5.8
209.8
r206.3
205.7
6.1
8.0
199.1
199.2
200.0
0.5
0.3
0.5
6.1
6.5
207.7
214.4
217.2
1.0
3,2
1.3
11.6
22.9
201.5
202.8
0.7
0,7
221.6
228.7
2.0
3,2
179.4
179.4
179.7
-0.1
181.3
181.9
183.2
0.2
July
August
September
184.4
183.8
184.8
October
November .
December
185.3
185.6
187.1
0.3
0.5
0.6
Januury
February
March
188.1
190.2
192.0
0.5
1.1
1.1
April
May
Juno
194.3
195.2
194.5
1.0
0.4
July .
Aufjust
September
194. 6
195.3
0.3
October
November . .
December
196.3
197.0
198.2
0.6
0.7
0.4
199.9
202.0
0.9
1.0
-0.1
0.0
-0.4
-1.3
2.8
-0.5
2.0
0.2
-1.4
-0.7
5.0
5.5
1.9
4.2
-1.6
4.5
1.3
1.5
15.0
17.7
1977
194.8
-0.5
0.1
rO.l
10.1
9.9
7.5
6.6
r4.5
0.6
r6.9
2.0
22.7
13,6
3.8
-0.4
-1.4
-4.0
r-11.3
-13.4
-1.7
-15.2
r-1.7
r-0.3
-7.0
3.6
1978
January
Fobruary
March
.,
April
May
Juno
July
Auqust
September
October
November
December
NOTF: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"MA", not available.
Graphs of these series are shown on page 49.
Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.
84
MARCH 1978
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
Q| PRICE MOVEMENTS-Con.
Wholesale prices, intermediate materials
Year
and
month
332. Index
(1967=100)
332c. Change
over 1 -month
spans1
(Percent)
Wholesale prices, producer finished goods
332c. Change
over 6-month
spans1
(Ann. rate,
percent)
333. Index
(1967=100)
333c. Change
over 1 -month
spans1
(Percent)
Wholesale prices, consumer finished goods
333c. Change
over 6-month
spans1
(Ann. rate,
percent)
334. Index
334c. Change
over 1-month
spans1
(Percent)
(1967-100)
334c. Change
over 6-month
spans1
(Ann. rate,
percent)
1976
January
February
March
184.3
185.2
186.0
0.6
0.5
0.4
4.8
5.0
5.8
H68.8
169.7
170.5
0.7
0.5
0.5
6.5
6.0
5.8
168.0
167.5
167.4
-0.2
-0.3
-0.1
0.7
0.2
0.7
April
May
June
186.6
187.3
188.4
0.3
0.4
0.6
6.3
5,4
6.2
171.2
171.7
172.5
0.4
0.3
0.5
5.4
4.8
5.2
168.5
168.6
168.9
0.7
0.1
0.2
1.1
1.1
2.3
July
August
September
190.0
190.1
191.7
0.8
0.1
0.8
6.3
6.6
6.5
173.3
173.7
174.9
0.5
0.2
0.7
6.3
6.3
7.1
168.9
168.4
169.3
0.0
-0.3
0.5
1.0
1.9
3.5
October
November
December
192.4
193.4
194.4
0.4
0.5
0.5
6.1
7.7
8.1
176.5
177.0
178.5
0.9
0.3
0.8
6.6
7.3
6.7
169.3
170.2
171.8
0.0
0.5
0.9
4.9
8.2
9.1
January
February
March
195.7
197.3
199.3
0.7
0.8
1.0
9.2
9.1
7.5
178.9
179.9
180.7
0.2
0.6
0.4
6.0
6.7
5.9
173.0
175.2
176.8
0.7
1.3
0.9
10.7
11.4
April
May
June
201.1
202.0
201.6
0.9
0.4
6.8
5.4
4.3
181.7
182.8
183.7
0.6
0.6
0.5
6.4
178.1
179.6
179.5
0.7
0.8
-0.1
7.7
5.2
3.9
184.5
H85.4
186.4
0.4
0.5
0.5
8.1
7.9
8.2
179.7
180.2
0.0
0.1
0.3
3.1
2.6
3.6
188.9
189.9
191.1
1.3
0.5
0.6
8.3
8.7
180.8
181.9
182.7
0.3
0.6
0.4
5.1
7.5
192.0
193.3
0.5
0.7
184.0
186.3
0.7
1.3
1977
July
August
September
October
November
December
-0,2
...
202,2
202.6
203.5
0.3
0.2
0.4
3.2
3.2
4.3
. ..
204.3
205.2
205.9
0.4
0.4
0.3
5.6
7.1
.
207.8
209.7
0.9
0.9
r6.2
6.4
179. 5
c
9.2
1978
January
February
March
April
May
June
...
.
.
July
August
September
October
November
December
.
...
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by <§). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 49.
1
Percent changes are centered within the spans; 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.
MARCH 1978
85
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
BB WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
nonfarm bus I ness sec tor
Average hourly earnings, production workers, private nonfarm economy, adjusted 1
Year
and
month
Current dollar earnings
340, Index
(1967-100)
340c. Change
over 1 -month
spans2
(Percent)
Current dollar compensation
Real earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)
341. Index
(1967=100)
34 1c. Change
over 1 -month
spans2
(Percent)
34 1c. Change
over 6-month
spans2
(Ann, rate,
percent)
345. Index
(1967=100)
346 c. Change
over 1-quarter
spans2
(Ann, rate,
percent)
345e. Change
over 4-qu«jrter
spans2
(Ann. rate,
percent)
1976
January
February
March
179.6
180.5
181.4
0.7
0.5
0.5
7.0
6.6
6.8
107.5
r!07.9
108.2
182.4
183.6
184.2
0.6
0.7
0.3
6.8
6.9
6.8
108.2
108.3
108.2
185.5
186.6
187.5
0.7
0.6
0.5
6.7
6.7
7.1
108.6
108.7
108.7
188.4
189.7
190.7
0.5
0.7
0.5
7.7
7.1
7.3
108,9
109.3
109.5
January
February
March
192.6
193.2
194.2
1.0
0.3
7.7
7.2
7.2
109.7
109.0
108.8
April
May
June
195.6
196.4
197.4
0.7
0.4
0.5
7.3
7.1
7.4
108,7
108.6
108.6
199.4
199.9
201.2
1,0
0.3
0.7
8.0
8.0
r8.1
109.3
109.2
109.5
203.3
204.1
r205.2
1.0
0.4
r8.5
p8.1
r2Q7.8
p207.8
April .
May
Juno
,
....
July
August
September
October
November
December
.. .
•
1.8
1.4
1.8
186.*7
1.9
1.5
1.0
190^7
0.4
0.1
0.0
1.1
1.9
2.2
194.*7
0,2
0.4
0.2
2.0
0.5
0.2
19&\3
0.2
rO.4
rO.3
0.0
0.1
-0.1
10.9
B.B
9.0
9!6
8.5
<L3
7.6
0
1977
July
August
September .
October
November .
December
...
sO.5
0.2
-0.6
-0.2
-0.1
-0.1
0.0
-0.3
-1.3
-1.6
0.4
1.1
0.3
0.6
0.0
pi. 8
rO.5
110.2
110.2
rllO.3
rO.l
rl.3
pO.O
rllO.8
pllO.l
p-0,6
8.*6
7,8
-0.6
2.8
3.1
3.2
0.6
-0.1
12.2
204^6
S.'f)
207.' 8
7.0
21K4
7.2
r2.7
215J
1978
January
February
March
rO.5
April
May
June
July
Auqust
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; V, estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages SO and 51.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the
4th month, l~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.
MARCH 1978
BCII
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Con.
Q| WAGES AND PRODUCTlVITY-Con.
Average hourly compensation, alt employees,
nonfarm business sector-Con.
Year
and
month
Real compensation
346. Index
(1967-100)
346c. Change
over 1 -quarter
spans'
(Ann. rate,
percent)
346c. Change
over4-quarter
spans1
(Ann. rate,
percent)
Negotiated wage and benefit
decisions, all industries©
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)
(Ann. rate,
percent)
Output per hour, alf persons, private
business sector
370. Index
(1967=100)
370c. Change
over 1 -quarter
spans1
(Ann, rate,
percent)
370c, Change
over 4-quarter
spans'
(Ann. rate,
percent)
358. Index of
output per hour,
all persons,
nonfarm
business sector
(1967-100)
1976
January
February
March
ni'.e
April
May
JunG
112'.)
July
August
September
113.' 3
October
November
December
114.2
6.1
10.5
115!4
8.9
4.2
116.*4
10.0
117.*2
6.8
2.9
5.2
3*. 5
niis
3.*6
115.1
K9
ni!6
2. 5
ne.'i
2.1
neis
-0.1
117^2
T.9
na',9
2.8
7.4
3!2
3*.6
3.5
7.2
3^8
2.3
7.8
8.0
3.2
1977
January
February
March
m'.2
April
May
June
114*.9
3.8
-0.9
July
August
September
.
...
1.7
i!s
i.'s
r9.0
r8.9
10.2
ns'.g
ns'.e
ne'.z
5.4
r6.2
117*.4
120.' 2
2.8
. ...
-1.0
r6.0
115.*4
October
November
December
6.1
r7.5
r9.5
r6.3
0.5
126! 3
117,*5
1978
January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 50 and 51.
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.
MARCH 1978
87
OTHER IMPORTANT ECONOMIC MEASURES
C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month
,
441. Total
442. Em-
ployed
(Thous.)
(Thous.)
451, Males
20 years
and over
452, Females 453. Both
20 years
sexes, 16-19
and over
years of age
(Percent)
(Percent)
(Percent)
440. Num-
Number unemployed
Labor force participation rates
37. Total
(Thous.)
445. Females 446. Both
444. Males
20 years and 20 years and sexes, 16-19
over
years of age
over
(Thous.)
(Thous.)
{Thous.)
447. Fulltime
workers
ber employed
part-time
for economic
reasons
(Thous.)
(Thous.)
1976
January
February . . . .
Mutch
93,652
93,757
93,936
86,293
86 9 552
86,828
79.8
79.7
79.7
46.6
46.6
46.6
54.2
54.2
54.4
7,359
7,205
7,108
3,127
2,999
2,976
2,526
2,501
2,441
1,706
1,705
1,691
S,924
5,735
5,714
3,292
3,204
3,176
April
May
June
94,391
94,568
94,549
87,217
87,527
87,432
79.9
79.9
79.8
46.8
46.8
47.0
55.2
55.2
53.8
7,174
7,041
7,117
2,924
2,906
3,074
2,475
2,435
2,464
1,775
1,700
1,579
5,703
5,630
5,869
3,224
3,275
3,159
September
95,176
95,208
95,089
87,801
87,806
87,777
79.9
79.7
79.8
47.2
47.2
47.2
55.6
55.4
53.8
7,375
7,402
7,312
3,076
2,971
3,031
2,637
2,648
2,613
1,662
1,783
1,668
5,871
5,983
6,018
3,191
3,213
3,369
October
November
December
95,197
95,741
95,936
87,844
88,255
88,446
79.7
80.0
79.9
47.0
47.4
47.5
54,6
54.5
54.6
7,353
7,486
7,490
3,020
3,182
3,174
2,623
2,589
2,586
1,710
1,715
1,730
6,044
6,000
6,048
3,421
3,478
3,392
January
February
March
95,719
96,320
96,623
88,653
89,047
89,478
79.7
79.9
79.8
47.3
47.6
47.8
54.2
55.1
55.6
7,066
7,273
7,145
3,010
3,073
2,898
2,416
2,512
2,536
1,640
1,688
1,711
5,623
5,697
5,550
3,243
3,441
3,271
April
May
June
96,746
97,161
97,552
89,877
90,267
90,648
79.6
79.6
79.9
48.0
48.3
48.1
55.7
55.7
57.1
6,869
6,894
6,904
2,728
2,768
2,661
2,474
2,462
2,550
1,667
1,664
1,693
5,427
5,450
5,443
3,192
3,268
3,390
July
August .
September
97,307
97,614
97,756
90,588
90,793
91 ,088
79.5
79.5
79.3
48.0
48.0
48.6
56.5
57.5
55.7
6,719
6,821
6,668
2 5 647
2,658
2,478
2,459
2,523
2,513
1,613
1,640
1,677
5,401
5,535
5,336
3,464
3,253
3,306
October
November
December
98,071
98,877
98,919
91,383
92,214
92,609
79,7
79.9
80.0
48.3
48.8
48.7
56.7
57.4
57.0
6,688
6,663
6,310
2,621
2,512
2,434
2,447
2,528
2,409
1,620
1,623
1,467
5,387
5,215
4,938
3,263
3,285
3,220
99,107
99,093
92,881
93,003
80.0
79.8
48.9
48.9
56.9
56.5
6,226
6,090
2,480
2,383
2,247
2,085
1,499
1,622
4,891
4,791
2,986
3,193
July
AlKJUSt
...
1977
1978
January
February
March
April
May
June
July
August
September
October
November
December .
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 52.
MARCH
1978
OTHER IMPORTANT ECONOMIC MEASURES
ID
I
GOVERNMENT ACTIVITIES
M DEFENSE INDICATORS
|M RECEIPTS AND EXPENDITURES
Federal Government1
Year
and
month
500. Surplus
or deficit
501. Receipts
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
516. Defense
Department
obligations,
512. Expendi- total, extures
cluding
military
assistance
State and local governments1
502. Expendi- 510. Surplus
or deficit
tures
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
511. Receipts
(Ann. rate,
bil.dol.)
(Ann. rate,
bil.dol.)
(Mil. dot.)
525. Military
prime contract awards
to U.S,
business
firms and
institutions
548. Value
of manufacturers' new
orders, defense
products
(Mil. dol.)
(Bil.dol.)
564. Federal
purchases
of goods
and services
for national
defense
(Ann. rate,
bil.dol,)
1976
January
February
March
-60 ".3
318*.4
378^7
13^3
253^8
240 ! 5
8,433
8,463
8,812
3,536
3,101
6,713
1.44
2.19
2.82
86^3
April
May
June
-46\2
329^1
375!3
12*9
25&\4
245 ".5
9,140
8,567
8,676
3,489
3,543
3,854
2.69
2.40
2.61
86^0
July
August
September
-53*.5
337." 1
390.6
21 '.1
269.0
24A9
9,835
7,096
10,351
2,535
3,652
4,985
1.24
1.92
2.15
86*4
October
November
December
-55!9
344^5
400 ! 4
26\5
277.'5
251 !l
9,629
8,894
10,082
4,897
4,114
4,729
2.84
3.14
4.05
88.' 4
January
February
March
-38*.8
364*. 9
403^7
27.3
281.0
253^7
9,476
9,705
9,958
3,354
4,369
4,819
1.95
1.89
2.21
89.7
April
May
June
-40.3
371^2
411^5
25*.4
288 '.1
262*.6
9,619
9,761
10,039
4,303
4,654
4,300
3.60
3.29
2.18
93^4
July
August
September
-58 '.9
373*. 2
432^1
32^9
301 ! 6
268^7
9,072
10,465
9,631
4,624
4,623
4,255
1.93
2.00
1.63
95*.6
October
November
December
p-60.1
p386.2
r446.3
p31.1
276."6
10,415
10,202
r9,734
p6,008
rp4,096
p5,444
4.27
3.57
4.84
98.* 5
1977
p307.1
1978
January
February
March
10,641
(NA)
(NA)
r2.93
p2.80
....
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 53 and 54.
1
Based on national income and product accounts.
ltd*
MARCH 1978
89
OTHER IMPORTANT ECONOMIC MEASURES
E I
U.S. INTERNATIONAL TRANSACTIONS
Q| MERCHANDISE TRADE
802. Exports, excluding
military aid shipments,
total
Year
and
month
604. Exports of agricultural products
(Mil.dol.)
(Mil.dol.)
(Mil.dol.)
606. Exports of nonelectrical machinery
614. Imports of
petroleum and
petroleum products
616. Imports of
automobiles ana" parts
(Mil.dol.)
(Mil.dol.)
{Mil.dol.)
l
1
()
C )
1976
612. General imports,
total
January
February
March
9,097
8,919
9,020
1,917
1,630
1,668
1,780
1,817
1,806
9,001
9,032
9,469
2,471
2,129
2,334
1,085
1,041
1,117
April
May
June
9,369
9,564
9,722
1,892
1,950
1,948
1,818
1,836
1,871
9,643
9,182
10,154
2,699
1,874
2,739
1,221
976
1,169
July
August
September
9,956
9,733
9,796
2,039
2,058
2,160
1,952
1,675
1,883
10,717
10,477
10,651
2,824
2,803
3,053
1,025
1,055
1,238
October
November
December
9,698
9,594
10,397
2,231
1,750
1,860
1,821
1,814
1,983
10,555
10,623
11,020
2,753
3,134
3,087
871
1,128
1,221
r9,664
r9,896
rlO.164
1 S 762
2,004
2,112
1,831
1,892
1,859
r!0,971
r!2,882
r!2,082
3,075
3,247
4,171
1,083
1,248
1,299
r9,953
rl 0,489
rl 0,090
2,142
2,360
2,077
1,808
1,835
1,868
r!2,087
rl 0,983
r!3,396
3,803
2,885
3,933
1,266
1,183
1,360
July
Aucjust
September
rl 0,385
r9,674
rll,036
1,976
1,801
2,064
1,862
1,732
2,133
r!3,077
rll,651
r!2,605
3,212
3,318
3,789
1,315
1,328
1,428
October
November . .
December
r9,375
r9,475
rll,007
1,654
1,755
2,111
1,556
1,791
2,056
r!2,996
rl 1,833
r!3,122
3,325
3,627
3,157
1,426
1,465
1,479
(NA)
(NA)
12,393
(NA)
(NA)
(NA)
1977
January
February
March
April
May
Juno
.
.
.
.
1978
January
February
March
10,014
(NA)
April
May
June
July
August
September
October
November
December
NOTE; Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (§), Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 55.
''See "New Features and Changes for This Issue," page iii.
90
MARCH 1978
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL TRANSACTIONS—Con.
JR GOODS AND SERVICES MOVEMENTS {EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted 1
Goods and services
Year
and
month
668. Exports
667, Balance
(Mil. dol.)
(Mil. dot,)
669, Imports
(Mil. dol.)
622. Balance
(Mil. dol.)
618. Exports
(Mil. do!.}
Income on investments
620. Imports
(Mil, do!.)
651. U.S. investments abroad
(Mil. dol.)
652. Foreign
investments in
the U.S.
(Mil. dol.)
1976
January
February .
March
1,552
38,591
37,039
-1,343
27,666
28,343
5,298
1,505
40,237
38,732
-1,575
28,380
29,955
5,167
2,887
42,196
41,321
-2,808
29,603
32,411
5,483
2,816
42,243
42,580
-3,594
29,711
33,305
5,421
2,997
r-3,118
r43,015
r46,133
r-7,149
29,457
r36,606
r6,074
r2,887
r-3,360
r44,960
r48,320
r-7,654
r30,655
r 38, 309
r6,599
r3,To6
July
August
September
r-2,989
r45,447
r48,436
r-7,559
r30,870
38,429
r6,391
r3,225
October
November
December
p-5,946
p43J36
p49,082
rp-8,879
rp29,490
rp38,369
p5,876
p3,733
.
.
.
•
2,861
April
May
June
July
August
September
875
October
November
December
-337
1977
January .
February
March
April
...
t
May
June
'.....
1978
January
February
March
April
May
June
July
August
September
October
November
December
.
...
.
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (g). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56.
'Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).
MARCH 1978
91
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS
HH INDUSTRIAL PRODUCTION
47. United States, 721.0ECD 1
European counindex of industrial production tries, index of
industrial
production
Year
and
month
(1967^100)
(1967-100)
728. Japan,
index of industrial production
(1967-100)
725. West
Germany, index
of industrial
production
(1967-100)
726. France,
index of industrial production
(1967-100)
722. United
Kingdom, index
of industrial
production
(1967-100)
727. Italy, index
of industrial
production
(1967=100)
723, Canada,
index of industrial product ion
(19B/"100)
Revised2
1976
January
February
March
125.9
127.6
128.3
141
142
143
176.8
180.6
186.3
143
147
146
149
148
150
113
116
115
130.9
138.9
139.2
141.7
143.0
144.0
April
Moy
June .
128.7
129.7
129.8
144
146
146
191.0
187.3
190.7
147
148
148
150
150
151
116
119
113
138.7
145.1
139.8
145.0
147.0
144.6
July
Autjust
September
130.7
131.3
130.6
144
146
148
193.2
192.3
192.9
148
148
151
153
153
159
116
116
117
143.5
139.1
147.8
144.1
145.8
145.0
October
November
December
130.2
131.5
133.0
149
149
149
193.2
197.9
197.7
151
151
152
151
157
154
118
118
118
143.6
150.4
154.7
144.6
146.3
147.1
132.3
133.2
135,3
153
150
152
198.3
194.8
199.1
154
152
155
159
156
159
119
119
119
153.7
153.6
153.9
149.5
148.7
149.0
136.1
137.0
137.8
150
149
148
200.8
196.7
199.4
152
151
152
154
151
157
118
119
115
144.1
147.3
137.3
148.6
149.5
150.6
195.4
197.7
198.6
151
152
154
153
153
154
118
118
118
138.6
139.3
143. 9
148.9
150.1
149. S
197.9
203.5
150
156
pi 50
(NA)
152
154
pl56
116
r!48
p!51
rl!6
pl!7
r!37.8
140.2
p!36.4
149.9
150.8
151.0
(NA)
(NA)
(NA)
1977
January
February
March
April ...
May
June
...
...
July
Autjust
September ,
138.7
138.1
138.5
October
November
December
138.9
139.3
139.6
r!48
148
150
149
1978
January
February
March
r!38.5
p!39.2
(NA)
(NA)
p!49.3
(NA)
April
May
June
July
Aufjust
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). Series numbers are for identification only and
do nut reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 57.
1
0rganization
8
for liconomic Cooperation and Development.
See "New Features and Changes for This Issue," page iii.
92
MARCH 1978
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS-Con.
R9 CONSUMER PRICES
United States
Year
and
month
Japan
320, Index® 320c. Change
over 6-month
spans1
(1967-100)
(Ann. rate,
percent)
738. Index®
(1967=100)
West Germany
738c. Change
over 6-month
spans1
(Ann. rate,
percent)
735. Index®
(1967=100)
735c. Change
over 6-month
spans1
(Ann. rate,
percent)
France
United Kingdom
736. Index® 736c. Change
over 6-month
spans1
732. Index® 732c. Change
over 6-month
spans1
(1967=100)
(Ann. rate,
percent)
(1967-100)
(Ann. rate,
percent)
1976
January
February
March
166.7
167.1
167.5
5.1
5.1
4.9
216.0
217.3
218.1
April
May
June
168.2
169.2
170.1
4.7
5.3
5.7
223.5
224.1
224.5
171.1
171.9
172.6
5.5
4.8
4.8
225.7
223.9
229.8
173.3
173.8
174.3
5.6
6.6
7.1
231.3
231.3
233.7
January
February
March
175.3
177.1
178.2
8.0
8.7
8.9
April
May
June
179.6
180.6
181,8
July
August
September
October
November
December
July . .
August
September .
. . .
October
November
December
148.0
149.0
149.6
4.8
5.0
4.9
187.2
188.5
190.1
9.7
9.8
9.1
237.6
240.6
241.9
150.5
151.1
151.5
3.8
4.2
3.6
191.8
193.0
193.9
9.1
9.4
9.7
246.6
249.3
250.6
11.5
14.0
150.9
151.4
151.4
3.0
2.4
2.9
195.7
197.1
199.3
251.1
254.6
258.0
16.0
18,2
20.7
8.4
151.5
151.8
152.6
4.2
3.7
4.3
201.1
202.8
203.5
9.0
8.7
8.4
262.7
266.3
269.9
24.2
21.4
19.8
236.0
237.2
238.7
8.2
8.8
6.1
154.0
154.9
.155.5
4.7
5.3
5.2
204.1
205.5
207.3
8.8
9.1
9.7
276.9
279.7
282.4
18.9
16.0
14.7
7.9
6.6
6.1
242.6
244.9
243.6
5.6
7.1
7.2
156.2
156.9
157.6
4.5
4.2
3.2
210.0
212.0
213.6
11.3
11.2
11.0
289.6
291.9
294.9
11.2
11.9
11.6
182.6
183.3
184.0
5.1
4.8
4.7
243.0
243.0
247.3
6.9
3.7
2.8
157.4
157.3
157.1
3.1
2.2
1.8
215.5
216.7
218.6
10.3
295.3
296.7
298.3
10.2
184.5
185.4
186.1
5.7
6.2
248.6
245.7
245.1
2.2
157.3
157.5
157.9
r2.2
1.9
220.3
221.1
221.7
8.4
8.5
10.1
8.8
8.2
10.5
8.8
9.8
11.0
9.8
10.2
10.2
10.6
10.6
13.5
11.8
9.8
9.3
1977
(NA)
9.0
8.1
7.1
(NA)
299.6
301.0
302.6
9.4
9.5
8.4
6.5
1978
187.1
188.4
January
February
March
246.1
(NA)
H58.9
159.6
222.8
(NA)
304.4
306.2
April
May
June
July
August
September
October
November
December .
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
'Changes over 6-month spans are centered on the 4th month.
MARCH 1978
93
OTHER IMPORTANT ECONOMIC MEASURES
F I
INTERNATIONAL COMPARISONS—Con.
Qj STOCK PRICES
Qj CONSUMER PRICES-Con.
19. United
States, index
of stock
737. Index® 737c, Change 733. Index® 733c. Change prices, 500
over 6-month
over 6-month common
stocks®
spans*
spans1
Italy
Year
and
month
(1967-100)
Canada
(Ann. rate,
percent)
(1967-100)
(Ann. rate,
percent)
(1967-100)
748. Japan,
index of
stock
prices®
(1967-100)
Revised
1976
2
745, West
Germany,
index of
stock
prices®
746. France,
index of
stock
prices®
742. United
Kingdom,
index of
stock
prices®
(1967-100)
(1967-100)
(1967-100)
Revised
a
( )
Revised
2
747. Italy,
index of
stock
prices®
741 Canada,
index of
stock
prices®
(1967-100)
(1967^100)
2
<")
( )
January
February
March
197.7
202.1
206.1
21.2
23.2
22.0
167.7
168.3
169.0
6.5
5.7
6.0
105.4
109.5
110,0
305.4
305.2
309.4
131.9
135.0
136.5
143.5
150.8
r!46.6
150.7
152.6
152.5
r60.0
62.6
r58.3
112.1
r!21.7
123.6
April
May
JUFH)
211,6
215.8
216.8
21.4
19.8
17.9
169.7
171.1
171.9
5.3
4.7
5.1
110.9
110.0
-110.7
302.9
309.1
319.3
132.6
126.7
127.2
140.1
r!38.2
135.4
154.0
155.9
145.8
52.9
53.6
r56.7
122.5
r!23.9
121.6
July . . . . . . ,
Aucjust
September . ... .
217.9
220.3
224.0
18.9
19.4
22.1
172.6
173.4
174.2
5.7
5.6
5.7
113.3
112.4
114.7
318.1
321.8
321.5
124.8
122.0
122.3
r!29.7
130.5
r!26.8
146.4
140.1
131.9
64.3
63.9
59.5
119.4
H17.4
rl!5.8
October
November
December . ,
230. S
235.5
238,6
20.1
21.1
21.4
175,4
176.0
176.5
7.0
9.0
9.6
110.8
110.1
113.8
318.4
314.2
330.6
115,9
115.8
117.1
112.5
108.4
rl!5.2
116,6
121.5
132.7
51,6
50.3
r55,6
108.9
r!04.1
103.2
238.8
243.4
246.5
17,0
14.8
12.7
178.0
179.7
181.5
9.3
9.5
10.0
112.9
109,8
109.4
343.8
344.7
341.3
119.5
118.3
118.1
116,0
109.7
rl01.6
149.6
157.0
164,2
52.9
50.0
48.7
r!07,l
108,1
110.2
249.5
252.6
254.3
14.7
13.4
14.4
182.5
184.0
185.3
9.8
7.8
7.3
107.7
107.4
108.0
339.3
343.3
340.7
124.0
128.4
125,2
93.9
97.2
104.0
164.9
180.3
178.6
r46.2
r44.4
43.4
r!08.3
r!05.5
104.6
August
September
255.8
258.2
263.9
14.4
15.1
15.4
187.1
187.9
108.9
8.2
8.6
9.1
109.0
106.3
104.7
339.6
345.0
351.2
124.3
126.0
124.9
r99.8
H05.3
109.7
178.4
191.6
208.7
43.9
r45.3
50.3
r!06.7
104.4
rlOO.O
October . ,
November
December
266.7
270.7
272.0
15.7
14.5
190.8
192.0
193.3
8.4
9.5
102.0
102.6
102.1
345.0
332.5
328.6
126.4
128.5
125.4
rill. 9
rill. 3
105.3
210.4
197.7
198.8
r46,2
r43.6
r40.0
r97.4
96.3
100.4
98.2
96.8
p96.2
339.0
348.3
p355.6
126.5
rp!27.3
p!25.5
rpl!5.4
rpl!9.6
pl!7.5
198.2
187.7
P186.9
40.7
43.5
p44.2
98.5
rp96.6
p99.7
1977
Janusry
February
March
April .
May
June
. . .
July
1978
January
February
March
274.6
277.4
194.0
195.3
April
May
Juno
July
Auqust
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
Changes over 6-month spans are cantered on the 4th month.
2
See "New Features and Changes For This Issue," page ill.
94
MARCH 1978
APPENDIXES
13. Current Adjustment Factors
19 78
19 77
Cprjpo
July
5. Average weekly initial claims, State
unemployment insurance
13 New business incorporations1
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
May
June
79.2
73.2
84.2
100.3
139.1
154 0
112 4
95 4
87 0
80 1
85 3
100.6
99.1
95.5
94.3
90.2
95.8
101 2
89 8
114 7
100 5
109 5
108 2
100.7
98.4
93 9
33. Net change in mortgage debt held by financial
institutions and life insurance companies1 3 .
781
.766
-2
-497
-354
318
72. Commercial and industrial loans outstanding. .
100.0
99.3
99.4
99.9
100.6
516 Defense Department obligations total
91 5
83 5
121 0
132 6
525. Military prime contract awards in U.S. . . . . .
79 9
81 1
173 2
604. Exports of agricultural products
88 5
85 6
606. Exports of nonelectrical machinery
95.8
614 Imports of petroleum and products
969. Profits, manufacturing (Citibank)'*
Apr.
103.7
15. Profits (after taxes) per dollar of sales,
manufacturing2
, ....
616 Imports of automobiles and parts
Mar.
107 5
-1409
-1291
-166
101.6
100.6
99.0
99.8
100.2
99.9
99.8
107 9
98 5
103 4
89 5
89 6
104 6
ft? fi
Q4 4
128 8
111 6
95 7
100 0
84 0
89 2
94 4
81 3
77 2
84 0
103 1
118 6
110 1
106 9
100 5
106 6
103 3
95 4
90 9
95.5
91.8
104.3
98.6
101.8
95.9
94.3
109.9
105.2
106.1
102.9
103 7
107 2
Q3 4
Q5 4
Ql fi
in? i
infi 1
QD 4
infi fi
Ififi d
QR R
QQ R
93 9
84 2
83 6
97 3
101 1
103 8
101 8
94 8
117 3
TOR i
in? i
1DQ 3
-8
-2
-8
140
760
1245
18
NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc., rather than by the source agency. Seasonal adjustments
are kept current by the Bureau of Economic Analysis. Seasonally adjusted data prepared by the source agency will be used in Business Conditions Digest whenever they are available. For a description of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, The X-11 Variant of the Census Method II Seasonal Adjustment Program.
1
Factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
These quantities, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to yield the seasonally adjusted net change. These factors are
computed by the additive version of the X-11 variant of the Census Method II seasonal adjustment program.
M-quarter diffusion index; factors are placed in the first month of the quarter. The unadjusted diffusion index is computed and these factors, computed by the additive version of the X-11
variant of the Census Method II seasonal adjustment program, are subtracted to yield the seasonally adjusted index.
2
3
95
C. Historical Data for Selected Series
Quarterly
Monthly
Annual
Year
Jan.
Feb.
Mar,
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
36. NET CHANGE IN I N V E N T O R I E S OH H A N D AMD QM ORDER IN 1972 DOLLARS, MONTHLY DATA
( A N N U A L RATE, 8ILLIOHS OF DOLLARS)
1947...
1948. ..
1949...
1900...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
9.18
5.S4
53.60
7.80
50.21
-20.14
2.65
11.89
-2.63
= 0.44
-4.15
2.45
34.45
= 2.11
4.91
-12.22
5.14
11. 7S
-2.96
4.20
= 4.38
7,80
36.43
14.90
= 0,35
=19.33
1958,..
1959...
I960...
1961...
1962..,
1963...
1964. ..
1963...
1966...
1967. . .
1968...
-25.28
11,46
-6.Q4
=10.72
15.60
6.59
12.07
18.72
13.36
14.38
6.35
1969...
1970...
1971...
1072. ..
1973...
1974. ..
197S...
1976...
1977. , .
1978...
6.04
=12.55
12.59
6.34
29.95
16.62
-40.24
6,77
II Q
IN Q
tVQ
AVERAGE FOR P E R I O D
16,00
= 0.10
= 5.78
0,78
= 8,40
5.58
33,58
11,32
10.75
=15.66
= 2.88
16.40
1.40
0.10
= 3.71
19.52
32.26
2.04
4,81
=12.90
8.94
7.32
= 3.01
11.62
-10.34
13.80
22.37
26.11
1.91
-15.31
15.84
5.24
-5.02
10.00
0.49
10.48
19.36
6.52
-11.06
-15.22
9.92
17.05
-9.64
-9.19
1,78
44.28
12.46
-3.31
-18.29
-13.69
7.93
10,50
-3.47
-4.69
9.41
18.91
3.66
13.13
-20.47
2.10
1.08
4.81
-1.70
-4.93
-6.37
16.63
11.41
10.04
-23.26
2.30
14.03
-1.03
-24.02
-4.84
-7.82
19.75
11.46
3.38
-21.53
0.18
5.36
4.10
-10.60
-10.37
-12.86
10.10
12.24
7.49
-16.04
0.24
10.91
0,01
-6.24
5.26
41.49
6.86
18.26
-17.23
7.93
7.85
-3.79
4.17
-7.48
12.97
29.40
13.16
5.82
-14.62
7.30
9.65
-2.21
-21.88
26.68
= 0.22
-4.12
10.64
14.32
7.50
12.96
24.59
6.56
S.63
-10.90
21.12
= 8.11
= 3.00
7.22
15.67
10.31
15.34
28.30
2.88
0.94
= 8.93
22.80
=14.09
8.05
= 9.97
10.78
13,33
6.18
21.52
9.59
10.10
= 2.47
3.35
0.08
12.50
8. 00
7.97
10.94
14.02
26.47
1.76
12.49
2.29
4.93
-3.17
5.47
3.95
0.64
14.84
12.23
27,71
1.54
7.52
2.93
11.89
0.10
7.56
6.61
2.74
11,98
16.44
22.51
19.85
-8.66
-0.95
5.72
-6,19
8.40
4.68
7.25
12.50
10.20
19.36
17.92
9.40
9.48
4.36
0.28
7.08
9.37
6.50
29.36
3.94
14.08
7.28
14.69
3.13
9.35
-9.73
2.65
8.84
11.15
6.46
8. 56
22.01
2.76
15.43
6.58
1.33
-2.17
15.38
-3.89
7.12
18.28
11.76
12.04
14,26
12.42
14.68
15.23
-17.63
13.54
7,04
-0.72
18.60
19.22
11.54
23.96
14.89
-19.35
19.75
-4.79
-5.95
11.15
12.19
9.96
15.67
22.75
7.94
4.31
-3.04
10.36
-5.73
B.67
0.66
6.46
13,04
11.08
25.23
4.30
10.04
12.01
= 2.20
12.28
6.13
28.79
10,88
-46.27
7.92
12.38
=0,62
6.88
3.29
28.88
12.61
= 3 4 . S2
17.18
12.55
5.27
= 3.73
3.06
18.19
= 3.36
-27.92
8.30
12.83
=6.40
= 3.00
14.78
33,12
17.03
=24.61
16,44
17.76
8.40
-6.73
13.52
28.92
16.18
-18.58
20.45
16.75
2.51
-7.72
4.38
23.29
= 6.59
-1.02
5.86
10.58
3.95
1.82
25.56
16.64
-17.65
6.73
11.47
13.82
-2.81
3.32
24.60
24.06
-6.86
-4.24
10.12
7.56
-7,99
6.25
17.02
24.07
-9.53
6.28
7.86
-4.79
8.06
2.03
16.33
28.28
-19.92
-8.18
0.62
4.44
7.97
8.47
20.96
34.38
-19.15
-11.54
-1.94
10.14
-5.12
10.58
5.25
29.21
13.37
-40.34
10.62
14.38
2.42
-4.49
10.45
26.74
9.95
-23.70
15.06
o!22
36. NET CHANGt! IN INVENTORIES OH H A N D AND ON ORDER IN 1972 DOLLARS, SMOOTHED DATA 1
{ A N N U A L RATE, BILLIONS OF DOLLARS)
= 1.29
3.89
24.56
11.83
5.45
-16.61
= 8.94
6.31
10.81
= 4.94
3.82
7.32
-1.94
7.68
6.89
S.50
17.95
10.19
18.65
15.02
5.14
13.72
1.22
= 0.86
18.18
21.33
-10.37
0.49
9.15
= 3!lO
14.5?
23,61
8.11
= 3.20
= 9.97
7,91
7.33
-6.14
8.13
8.64
= 9.84
10.52
4.00
5 . 8 !i
14.45
13.18
15.20
13.66
14.25
-2.61
11.52
= 5.57
5.23
5.67
7. 50
13.85
12.53
20.46
10.23
8 . 4 ;i
2.40
2,68
5.58
19.10
28.91
=16.20
-4.48
2.18
10.16
0.10
2.70
13.00
26.Sr»
-0.81
-17 .01
9.2r»
A V BRAGG FOR 1» U R I O D
1947, . .
1940. . .
1949, ,.
1950...
1951...
1952...
1953...
1954...
1953...
19S6...
1957,. .
-4.36
-7.03
21.65
11.10
13.66
-19.76
0,96
9.74
0.76
= 1.89
=3.33
30.27
0,24
20,61
=17.68
1.85
10.45
= 0.68
= 0.78
1.82
37,10
6.42
19.56
=16.60
5.30
9.68
= 2.82
= 2.71
5.27
38.16
7.45
11.68
-16,48
7.01
8.60
= 3.12
1 , 60
-5.57
8.12
34.45
8.73
5.09
-15.85
6.72
8.61
-2.45
2.93
-6.49
11.97
31.75
11.29
5.45
-15.29
7.33
9.76
-2.34
5 .70
-6,00
13.78
27.03
12.36
2.19
-14.55
9.43
9.76
-4.05
5.69
-3.60
18.73
21.36
10.66
-5.30
-14.61
11.40
10.40
-5.97
1 .43
0.60
23.70
14.94
7.61
-12.88
-11.84
8.77
10.87
-5.49
-3 .78
2.75
25.58
10.50
6.03
-18.64
-6. 02
6.99
7.79
-7,33
-5.54
0.01
22,52
9.01
7.73
-21.21
-0.79
7.25
3.71
-10.92
-5 .77
-5.30
16.96
10.27
7.91
-21.01
1.22
8.46
1.84
-12.86
-2.85
29.67
8.59
17.94
-18 .04
2.70
9.96
=0.91
-4.92
8.45
34.79
9.16
7.41
-15.87
7.02
8 .66
=2.64
18.74
21.11
10.21
-5.33
-13.67
9.87
10.34
-5.17
21.69
9.93
7,22
-20.29
= 1 .86
7.57
4 .43
-10.37
19 S B . . .
1959. . .
1960...
1961.,.
1962. ..
1963...
1964. ..
1965...
1966...
1967...
I960. ..
=13.83
9.52
6.07
-10,01
12.68
3.62
6.00
16.49
14.31
13,92
14.26
=15.92
14.26
3.25
=10.50
14.05
6.28
6.22
17.65
17.58
11.74
13,42
=18.58
18,68
= 0.90
-8.38
12.21
10,75
8.12
16,22
21.24
9,33
8.14
-16.63
21.64
-6.13
= 2.82
6.89
12,89
10.17
13,58
23,78
7.14
4.93
-10.67
19.64
-7.42
3.08
2,19
12.53
10.95
11.80
25.12
5.S4
6. 70
-5.23
13.06
-6.55
7.26
1.21
8.97
12.28
11.59
25.33
4 . 52
8.94
-1.06
8.54
= 3.36
8.59
3.42
5.12
12.81
12.79
25.40
6.01
6.91
1.17
7.12
-2.04
7.83
5.63
3.66
12.85
13.73
24.38
10.41
3.27
2.62
7.42
-2.51
7.41
5.98
4.52
15.53
11.57
20.92
14.06
3.95
3,85
6.90
-3.57
6.86
7.26
6.90
17,03
S.88
18.57
12.17
9.16
5.14
5.74
-4.54
7.21
6. 20
8.28
17.07
7.83
17.26
8.71
13.68
7.26
6.82
-6.86
9.45
4.38
7.05
16.24
10.63
15.62
10.88
14.21
-16.11
14.15
2.81
-9,63
12.98
6.88
6.78
16.79
17.71
11.68
11.94
=10.84
18.11
-6.70
2.51
3.43
11.4(3
11.13
12.32
24.74
5.73
6.86
0.91
7.69
= 2,64
7.94
5.01
4.43
13.73
12.70
23.57
10.16
4.71
5.42
6.49
= 4.99
7.84
5.95
7.41
16.78
9.11
17. IS
10.99
12.35
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
19741...
12.60
-0.9S
6.11
5.60
20.26
27.67
=21,32
-4.40
11.05
= 3.87
10.24
6.30
24.49
23.53
-= 3 0 . 8 3
= 1.63
10,56
= 4.28
10,76
6.12
27,89
17.00
-• 3 7 . 7 8
5.84
11.23
-2.15
7.86
4.71
27.25
10,04
-38.29
10.88
12.45
0.12
2. 60
5.60
26,01
7.73
-32.63
12.55
13.48
0.92
-2.22
8.75
26.74
9.35
-26.36
14.52
15.08
1.96
-5.15
10.67
27.59
9.41
-19.22
14.66
15.40
3.23
-5.01
12.69
25.70
3.09
-9.51
13.42
14.37
3.08
-2.53
16.33
22.14
-6.53
-1.90
10.87
12.18
-0.53
1.47
20.29
21.46
-10.86
1.71
9,48
8.09
-1.60
3.83
20.85
23.53
-11,72
0.44
8.01
3.9?
0.88
4.72
18.71
27.19
-14.15
-3.26
4.19
11.43
-3.03
9.04
6.01
24.21
22.73
-29.98
-0.06
12.39
-0.37
2.7!i
6.35
26.67
9.04
-32.43
12.65
14.95
2.76
= 4.23
13.23
25.14
1,99
-10.21
12.98
-Q.42
3.34
19.95
24.06
=12.24
= 0.37
7,23
37.
.! !
= 6.71
= 9.02
11.49
11.70
6.97
-20.28
0.91
10,10
1,03
=13,62
4.27
-2." 34
NUMBER OP PERSONS UNEMPLOYED, LABOR FORCE S U R V E Y
(THOUSANDS)
-aioo
= 5.0 '!
-b!ss
a. OB
-2.78
11. 31
23.87
8.79
-0.0V
=12.36
6.79
n .3 s
= 4.77
= 'i.l8
11.61
-2.8H
2.16
6 .84
7 .S 5
12.11
12.73
20.79
9,54
8.96
11.71
•=0.27
2.72
11,38
25.02
5.38
-18.25
8.20
AVERAGE FOR PKRIQD
1947. . .
1948...
1949.,,
19SO...
1951...
1952. , .
1953...
1954...
19S3...
1956...
19S7...
2,034
2,596
4,026
2,305
1,972
1,839
3,077
3,157
2,666
2,796
2,328
2,849
3,936
2,117
1,957
1,636
3,331
2,969
2,606
2,622
2,399
3,030
3,876
2,125
1,813
1,647
3,607
2,918
2,764
2,509
2,386
3,260
3,575
1,919
1,811
1,723
3,749
3,049
2,650
2,600
2,118
3,70?
3,434
1,856
1,063
1,596
3,767
2,747
2,861
2,710
2,214
3,776
3,367
1,995
1,884
1,607
3,551
2,701
2,882
2,856
2,213
4,111
3,120
1,950
1,991
1,660
3,659
2,632
2,952
2,796
2,350
4,193
2,799
1,933
2,087
1,665
3,854
2,784
2,701
2,747
2,302
4,049
2,774
2,067
1,936
1,821
3,927
2,678
2,635
2,943
2,259
4,916
2,625
2,194
1,839
1,974
3,666
2,830
2,571
3,020
2,285
3,996
2,589
2,178
1,743
2,211
3,402
2,780
2,861
3,454
2,429
4,063
2,639
1,960
1,667
2,818
3,196
2,761
2,790
3,476
2,254
2,825
3,946
2,182
1,914
1,707
3,338
3,015
2,679
2,642
2,239
3,581
3,459
1,923
1,853
1,642
3,689
2,832
2,798
2,722
2,288
4,118
2,898
1,983
2,005
1,715
3,813
2,698
2,763
2,829
2,324
4,323
2,618
2,111
1,730
2,334
3,421
2,?9Q
2,741
3,317
2,278
3,636
3,289
2,0 c i4
1,884
1,836
3, S3 3
2,853
2,752
2,859
1950...
1959. ..
1960...
1961...
1962...
1963...
1904...
1965...
1966...
1967...
1968...
3,875
4,068
3,615
4,671
4,081
4,074
4,029
3,572
2,988
2,968
2,878
4,303
3,963
3,329
4,832
3,871
4,238
3,932
3,730
2,S20
2,915
3,001
4,492
3,801
3,726
4,853
3,921
4,072
3,950
3,510
2,887
2,889
2,87?
5,016
3,571
3,620
4,893
3,906
4,055
3,918
3,593
2,828
2,895
2,709
5,021
3,479
3,569
5,003
3,863
4,217
3,764
3,432
2,950
2,929
2,740
4,944
3,429
3,766
4,885
3,844
3,977
3,814
3,387
2,872
2,992
2,938
5,079
3,528
3,836
4,928
3,819
4,051
3,608
3,301
2,876
2,944
2,883
5,025
3,588
3,946
4,682
4,013
3,878
3,655
3,254
2,900
2,945
2,768
4,821
3,775
3,884
4,676
3,961
3,957
3,712
3,216
2,798
2,958
2,686
4,570
3,910
4,252
4,573
3,803
3,987
3,726
3,143
2,798
3,143
2,689
,188
,003
,330
,295
,024
,151
,551
3,073
2,770
3,066
2,715
4,191
3,653
4,61?
4,177
3,907
3,975
3,651
3,031
2,912
3,018
2,685
4,223
3,945
3,557
4,785
3,958
4,128
3,970
3,604
2,898
2,924
2,919
4,994
3,493
3,652
4,927
3,871
4,083
3,832
3,471
2,883
2,939
2,796
4,975
3,630
3,889
4,762
3,931
3,962
3,658
3,257
2,858
2,949
2,779
4,316
3,855
4,400
4,34B
3,911
4,038
3,643
3,08?,
2,827
3,076
2,696
4,601
3,739
3,852
4,714
3,912
4,071
3,78S
3,36S
2,878
2,977
2,816
1969...
1970...
1971...
1972...
1973. . ,
1974.,.
1975...
1976...
1977.. .
1978...
2,718
3,213
'4,968
4,966
<i,265
4,555
7,366
7,359
2,692
3,448
4,877
4,876
4,406
4,666
7,431
7,205
2,712
3,628
4,956
4,981
4,335
4,560
7,873
7,108
2,7SB
3,796
4,926
4,902
4,399
4,537
8,081
7,174
2,713
3,913
4,956
4,876
4,300
4,678
8,442
7,041
2,816
4,016
4,915
4,880
4,278
4,807
8,051
7,117
2,868
4,180
5,015
4,877
4,239
4,976
8,020
7,375
2,856
4,252
5,132
4,912
4,238
4,934
7,814
7,402
3,040
4', 4 5 4
5,032
4,833
4,292
5,371
7,859
7,312
3,049
4,837
5,001
4,924
4,074
5,444
7,814
7,353
2,856
4,88S
5,141
4,557
4,321
6,051
7,685
7,486
2,884
5,056
5,112
4,478
4,425
6,574
7,687
7,490
2,707
3,430
4,934
4,941
4,335
4,594
?,5S7
7,224
2,76?,
3,908
4,932
4,886
4,326
4 ,674
8,191
7,111
2,921
4,295
5,060
4,874
4,256
5,094
7,898
7,363
2,930
4,859
5,085
<3,653
4,273
S,023
7,729
7,443
2,832
4,088
4,994
4 ,840
4,306
5,076
7,830
7,288
NOTt: These series contain revisions beginning with 1973.
month of the span.
96
'Series is a weighted 4-tern moving average (with weights 1,2,2,1) placed at the terminal
(MARCH 1978)
C. Historical Data for Selected Series—Continued
Monthly
Quarterly
Year
Jan.
Feb.
Annual
Apr.
Mar.
May
June
July
Aug.
Sept.
Nov.
Oct.
.Dec.
IQ
42. TOTAL NUMBER OF PERSONS ENGAGED IN NONAGRICULTURAL ACTIVITIES, LABOR FORCE SURVEY1
(THOUSANDS)
1947 .
1948...
1949...
1950...
1951.. .
1952...
1953...
1954...
1955...
1956...
1957...
49,984
50,385
50,570
52,808
53,312
54,958
53,951
54,640
57,163
57,842
50,500
50,186
50,694
52,923
53,442
55,421
54,073
54,873
57,061
58,132
50,338
50,035
50,612
53,543
53,440
55,590
53,791
54,722
57,190
58,441
50,734
49,836
51,319
53,167
53,384
55,082
54,043
55,152
57,154
58,211
50,713
49,485
51,372
53,436
53,861
55,082
53,698
55,307
57,486
57,986
51,152
49,370
51,767
53,091
53,690
55,095
53,630
55,538
57,485
58,194
51,366
49,169
51,875
53,555
53,637
55,130
53,421
56,075
57,480
58,139
50,894
49,793
52,549
53,204
53,616
54,832
53,766
56,222
57,692
58,061
50,648
50,287
52,583
53,155
53,984
54,708
53,829
56,131
57,704
58,393
1958.. .
1959...
1960...
1961. ..
1962...
1963...
1964. ..
1965...
1966...
1967...
1968...
57,389
58,387
59,889
60,354
61,014
62,190
63,724
65,726
68,121
69,781
70,792
57,244
58,255
60,177
60,116
61,249
62,372
64,188
65,805
68,056
69,883
71,270
57,170
58,590
59,714
60,444
61,336
62,655
64,397
66,121
68,119
69,682
71,475
57,029
58,875
60,488
60,337
61,363
62,972
64,942
66,209
68,402
70,134
71,686
57,227
58., 907
60,698
60,350
61,724
62,886
65,028
66,310
68,567
70,186
72,293
57,220
59,137
60,752
60,773
61,727
63,007
64,662
66,581
68,808
70,589
72,376
57,220
59,447
60,367
60,455
61,643
63,211
64,808
67,070
68,940
70,687
72,267
57,339
59,402
60,375
60,486
62,102
63,304
64,890
67,007
69,225
70,804
72,307
57,728
59,323
60,512
60,520
62,325
63,524
64,959
67,015
69,306
71,003
72,414
1969. ..
73,101
1970. . . 75,440
1971. ..
75,319
1972...
77,283
1973...
79,196
1974...
82,083
81,281
1975...
1976...
82,956
1977...
1978...
73,557
75,264
75,199
77,350
79,928
82,172
80,923
83,287
73,699
75,320
74,995
77,778
80,419
82,336
80,848
83,562
73,894
75,333
75,182
77,860
80,540
82,285
80,875
83,825
73,706
74,998
75,453
78,063
80,650
82,546
80,875
84,232
74,217
74,883
75,275
78,264
81,062
82,769
81,032
84,134
74,411
75,179
75,717
78,306
81,133
82,885
81,385
84,477
74,637
75,173
75,904
78,476
81,089
82,705
81,658
84,453
74,699
75,000
76,034
78,508
81,458
82,708
81,627
84,512
c
50,793
50,512
52,534
53,137
54,239
54,393
54,423
56,602
57,799
57,983
50,756
50,466
52,669
53,432
54,593
54,048
54,268
57,031
58,104
57,885
50,274
50,202
50,625
53,091
53,398
55,323
53,938
54,745
57,138
58,138
50,866
49,564
51,486
53,231
53,645
55,086
53,790
55,332
57,375
58,130
50,969
49,750
52,336
53,305
53,746
54,890
53,672
56,143
57,625
58,198
50,770
50,478
52,545
53,314
54,200
54,413
54,240
56,632
57,914
58,013
50,716
49,992
51,759
53,236
53,753
54,921
53,904
55,721
57,517
58,123
57,912
59,556
60,196
60,716
62,298
63,592
65,032
67,277
69,489
71,043
72,483
57,899
59,050
60,596
60,991
62,016
63,573
65,239
67,631
69,895
71,192
72,736
58,028
59,883
60,156
60,908
62,300
63,584
65,492
67,903
69,823
71,397
73,032
57,268
58,411
59,927
60,305
61,200
62,406
64,103
65,884
68,099
69,782
71,179
57,159
58,973
60,646
60,487
61,605
62,955
64,877
66,367
68,592
70,303
72,118
57,429
59,391
60,418
60,487
62,023
63,346
64,886
67,031
69,157
70,831
72,329
57,946
59,496
60,316
60,872
62,205
63,583
65,254
67,604
69,736
71,211
72,750
57,450
59,065
60,318
60,546
61,759
63,076
64,782
66,727
68,920
70,529
72,104
74,928
75,267
76,218
78,479
81,858
82,674
81,814
84,554
75,064
75,169
76,543
78,938
82,001
82,326
81,976
85,017
75,331
75,101
76,753
79,266
82,008
81,889
82,251
85,206
73,452
75,341
75,171
77,470
79,848
82,197
81,017
83,268
73,939
75,071
75,303
78,062
80,751
82,533
80,927
84,064
74,582
75,117
75,885
78,430
81,227
82,766
81,557
84,481
75,108
75,179
76,505
78,894
81,956
82,296
82,014
84,926
74,296
75,165
75,732
78,230
80,957
82,443
81,403
84,188
AVERAGE FOR PERIOD
3.7
5,9
5.6
3.1
3.0
2,6
5 '.8
4.4
4.2
4.1
3.8
6.7
4.6
3.2
3.2
2.7
6.0
4.1
4.1
4.2
3.8
7.0
4.2
3.4
2.8
3.7
5.3
4.2
4.1
4.9
3.8
5.9
5.3
3.3
3.0
2.9
5.0
4.2
4.2
5.2
3.7
4.7
6.4
3.5
3.1
2.7
5.3
4.7
4.0
3.9
6.2
5.3
6.6
6.0
5.5
5.5
5.0
4.0
3.8
3.8
3.4
6.3
5 '.8
5.1
6.8
5.6
5.8
5.5
4.9
3.9
3.8
3.7
7.4
5,1
5.2
7.0
5.5
5.7
5.2
4.7
3.8
3.8
3.6
7.3
5.3
5.5
6.8
5.6
5.5
5.0
4.4
3.8
3.8
3.5
6,4
5.' 6
6.3
6.2
5.5
5.6
5.0
4.1
3.7
3.9
3.4
6 .8
s!§
5.5
6.7
5.5
5.7
5.2
4.5
3.8
3.8
3.5
6.1
6.0
5.1
4.9
7.2
8.2
7.8
3.4
4.2
5.9
5.8
4.9
5.0
8.2
7.7
3.4
4.7
5.9
5.6
4.9
5.2
8.9
7.5
3.6
5.2
6.0
5.6
4.8
5.6
8.5
7.7
3.6
5.9
6.0
5.3
4.8
6.6
8.3
7.8
3.5
4.9
5.9
5.6
4.9
5.6
8.5
7.7
3.4
4,3
6.5
3.7
3.2
2.9
4.9
4.9
4.0
4,2
3.8
4.7
6.4
3.4
3.1
2. 6
5.2
4,7
3.9
3.9
4.0
5.0
6.3
3.4
2.9
2.6
5.7
4,6
4.2
3.7
3.9
5.3
5.8
3.1
2.9
2.7
5.9
4.7
• 4.0
3.9
3.5
6.1
5.5
3.0
3.0
2.5
5.9
4.3
4.3
4.1
3.6
6.2
5.4
3.2
3.0
3.6
6.7
5.0
3.1
3.2
3.9
6.8
4.5
3.1
3.4
3.8
6.6
4.4
3.3
3.1
3.7
7.9
4.2
3.5
3.0
3.8
6.4
4.2
3.5
2.8
4.0
6.6
4.3
3.1
2.7
5.6
4.2
4.3
4.3
5.8
4.0
4.4
4.2
6.0
4.2
4.1
4.1
6.1
4.1
3.9
4.4
5.7
4.3
3.9
4.5
5.3
4.2
4.3
5.1
19 58 ...
1959...
1960...
1961...
1962...
1963...
1964. . .
1965. ..
1966...
1967...
1968 ...
5.8
6.0
5.2
6.6
5.8
5.7
5.6
4.9
4.0
3.9
3 .7
5.6
5.4
6.9
5.6
5.7
5.4
4.7
3.8
3.8
3 .7
5.2
5.2
7.0
5.6
5.7
5.3
4.8
3.8
3,8
3 .5
5.1
5.1
7.1
5.5
5.9
5.1
4.6
3.9
3.8
3.5
5.0
5.4
6.9
5.5
5.6
5.2
4.6
3.8
3.9'
3.7
5.1
5.5
7.0
5.4
5.6
4.9
4.4
3.8
3.8
5.2
5.6
6.6
5.7
5.4
5.0
4.4
3.8
3.8
7 1
5.5
5.5
6.7
5.6
5.5
5.1
4.3
3.7
3.8
6 7
s!?
6.1
6.5
5.4
5.5
5.1
4.2
3.7
4.0
6.2
5.9
4,8
6.9
5.5
5.9
5.4
5.1
3.8
3.8
3 .8
sis
1969...
1970. ..
1971...
1972...
1973. ..
1974. ..
1975...
1976. ..
1977. . .
1978...
3.4
3.9
5.9
5.8
4.9
5.0
8.0
7 .9
3.4
4.2
5.9
5.7
5.0
5.1
8.1
7 .7
3.4
4.4
5.9
5.8
4.9
5.0
8.6
7 .6
3.4
4.6
5.9
5.7
5.0
5.0
8.8
7 .6
3.4
4.7
5.9
5.6
4.9
5.2
9.1
7 .4
3.5
4.9
5.9
5.6
4.8
5.3
8.7
7.5
3.5
5.0
6.0
5.6
4.8
5.5
8.6
3.5
5.1
6.1
5.6
4.8
5.4
8.4
3.7
5.4
6.0
5.6
4.8
5.9
8.5
3.7
5.6
5.9
5.7
4.6
5.9
8.4
3.5
5.9
6.0
. 5.2
4.8
6.6
8.3
6.1
6.1
5.7
5.7
4.8
4.1
3.6
3.9
"7
44. UNEMPLOYMENT RATE, 15 WEEKS AND OVER 3
(PERCENT)
sie
4.4
4.1
4.3
AVERAGE FOR PERIOD
0.5
1.4
1.2
0.4
0.3
0.3
1.5
1.0
0.8
0.8
0.5
1.5
1.0
0.4
0.3
0,3
1.6
0.8
0.8
0.8
0.5
1.6
1.0
0.4
0.4
0.3
1.6
0.9
0.9
0.8
0.5
1.6
0.9
0.4
0.4
0.3
1.6
0.9
0.8
1.0
0.5
1.7
0.8
0.5
0.3
0.4
1.5
0.9
0.9
1.0
0.5
1.6
0.8
0.4
0.4
0.5
1.3
0.9
0.9
1.1
0.5
0.6
1.5
0.6
0.4
0.3
0.9
1.3
0.8
0.8
0.5
1.0
1.4
0.4
0.4
0,3
1.3
1.1
0.8
0.8
0.5
1.5
1.1
0.4
0.3
0.3
1.6
0.9
0.8
0.8
0.5
1.6
0.8
0.4
0.4
0.4
1.5
0.9
0.9
1.0
0.5
1.1
1.3
0.5
0.4
0.3
1.3
1.1
0.8
0.8
2.5
1.4
1.2
2.3
1.5
1.5
1.4
1.1
0.6
0.5
0.5
2.6
1.3
1.3
2.6
1.5
1.5
1.4
0.9
0.6
0.5
0.5
2.8
1.3
1.3
2.3
1.5
1.6
1.3
1.0
0.6
0.6
0.5
2.6
1.3
1.4
2.2
1.5
1.5
1.3
1.0
0.6
0.6
0.5
2.5
1.3
1.7
2.1
1.4
1.5
1.2
0.9
0.6
0.6
0.5
2.3
1.4
1.7
2.0
1.5
1.5
1.3
0.9
0.6
0.6
0.5
2.2
1.3
1.6
1.9
1.5
1.4
1.2
0.9
0.6
0.6
0.4
1.5
1.9
1.3
2.0
1.8
1.6
1.4
1.1
0.8
0.6
0.6
2.3
1.4
1.2
2.3
1.6
1.5
1.3
1.1
0.7
0.5
0.5
2.7
1.3
1.3
2.4
1.5
1.5
1.3
1.0
0.6
0.6
0.5
2.3
1.3
1.7
2.0
1.5
1.5
1.2
0.9
0.6
0.6
0.5
2.1
1.5
1.4
2.2
1.6
1.5
1.3
1.0
0.7
0.6
0.5
0.5
0.8
1 .4
1.3
0.9
1.0
3.0
2.4
0.5
0.8
1 .5
1.3
0.8
1.0
3.1
2.4
0.5
0.8
1 .5
1.3
0.9
1.0
3.0
2.5
0.5
0.9
1.5
1.3
0.9
1.1
3.1
2.4
0.5
0.9
1 .5
1.3
0.9
1.2
2.9
2.5
0.5
1.0
0.5
1.3
0.4
0.6
0.5
0.7
0.5
0.8
0.5
1.1
1.2
0.9
1.2
3.0
2.5
1.1
0.8
1.4
3.1
2.6
1.5
1.0
0.9
2.0
2.7
1.3
0.9
1.0
2.8
2.3
1.3
0.9
1.0
3.1
2.4
1.2
0.9
1.3
3.0
2.5
0.5
0.8
1.4
1.3
0.9
1.0
2.7
2.5
1948. . .
1949...
1950...
1951...
1952. . .
1953...
1954. . .
1955...
1956. ..
1957...
0.5
0.5
1.5
0.7
0.5
0.4
0.6
1.4
0.8
0.8
0.5
0.6
1.5
0.6
0.4
0.3
0.8
1.3
0.8
0.8
0.5
0.7
1.5
0.6
0.4
0.3
1.2
1.3
0.8
0.8
0.5
0.8
1.5
0.5
0.4
0.3
1.2
1.3
0.7
0.8 •
0.5
1.0
1.4
0.4
0.4
0.3
1.4
1.1
0.8
0.8
0.5
1.2
1.4
0.4
0.3
0.3
1.4
1.0
0.8
0.8
1958. ..
1959. ..
1960. ..
1961...
1962. . .
1963...
1964...
1965. ..
1966 . . .
1967...
1968...
1.3
2.1
1.3
1.9
1.8
1.6
1.5
1.1
0.8
0.6
0.6
1.5
1.9
1.2
2.0
1.8
1.6
1.4
1.2
0.8
0.6
0.6
1.7
1.8
1.4
2.1
1.7
1.5
1.4
1.1
0.8
0.6
0.6
2.1
1.5
1.3
2.3
1.6
1.5
1.3
1.1
0 .8
0.6
0.5
2.2
1 .4
1.1
2.4
1.6
1.6
1.3
1.0
0.7
0.5
0.5
1969...
1970. ..
1971...
1972. . .
1973. . .
1974. ..
1975. ..
1976.. .
1977...
1978...
0.4
0.5
1.3
1.5
1.1
0.9
1.7
2.9
0.4
0.6
1.3
1.5
1.0
0.9
2.0
2.7
0.4
0.6
1.3
1.4
1.0
0.9
2.2
2.6
0.5
0.7
1 .3
0.5
0.7
1 .4
1.3
0.9
0.9
2.8
2.2
.
'this series contains revisions beginning with 1973, 'This series contains revisions beginning with 1974.
IV Q
50,761
50,455
52,432
53,374
53,769
54,797
54,028
56,263
57,838
58,171
1948..,
1949...
1950...
1951...
1952...
19 53 ...
1954...
1955...
1956...
1957...
1.4
III Q
AVERAGE FOR PERIOD
43, UNEMPLOYMENT RATE, TOTAL1
(PERCENT)
0.9
1.0
2.6
2.2
II Q
(MARCH 1978)
97
C. Historical Data for Selected Series—Continued
Quarterly
Monthly
Year
Annual
Jan.
Feb.
Mar.
Apr.
May
June
July • Aug.
Sept.
Oct.
Nov.
92.35
92.74
93.69
88.55
Dec.
IQ
II Q
92.16
91.91
93.66
93,54
90.68
92,46
99.98
100.24
104.41
99.98
104.17
107.36
107.76
91.63
94.11
89.58
9S.86
99. 6B
101.02
103.54
99.58
105.36
107.21
107.69
103. 4 S
102.53
100.78
106.52
108.41
105.95
102,16
108,78
110.19
108.26
112.79
114.54
117,17
122.26
128.51
130.39
133.70
103.35
108,23
109.80
109.49
113.27
115.23
118.02
123.30
129.49
131,33
135.10
105.03
108,51
108,60
110.62
113.24
115.79
119.44
125,04
130.41
132,48
135.98
103.111
108.07
109.66
109.06
112.61
114.71
117.65
151.07
14L.47
15Q.38
138.66
138.38
138.19
143.32
149.28
150.79
145.50
150.61
139.54
137.68
138.09
144.26
150.12
151.59
146.68
151,34
140.5(1
136.75
139.58
145.IB
151.10
Ilj0 . ?,9
138.94
137.93
138. 3 a
143.79
149.51
158.93
146.HW
131.48
-0.1
1.1
-6.8
13. S
0.8
-2.4
-2.0
-3.3
5.9
2.1
-2.5
-1.0
-1.0
-1.3
13.7
= 2.4
12.1
= 6.0
= 0.9
4.6
1.3
-1.1
8.3'
-5.0
-1.7
1.5
2.7
2.3
2.0
3.5
1.0
3,9
3.5
ii . 2
7.8
-8,0
5.4
-1.7
O.B
3.?
7.2
,1 . 1
3.4
2,3
0.4
4.2
-2.2
3.7
2.4
2.3
4.2
4.5
4.0
1.9
?,.'!
1.9
= 2.6
= 0.2
3.0
1.8
0.0
6.4
?. . 8
1.4
5.0
0.5
S.7
3.1
3.0
=7.4
5.1
4.0
4,9
3.8
-2.3
48. EMPLOYEE HOURS IH NQNAGRICULTURAL ESTABLISHMENTS1
(ANNUAL RATE, BILLIONS OF EMPLOYEE dQURS)
1947.. .
1948...
1949...
1950,,.
1951...
1952...
1953...
1954. ..
1955...
1956...
1957. ..
92.09
93.69
92.56
19.22
98,83
100.62
103.97
100.64
101.3?
107.00
107.87
92.19
93.36
92.35
08.90
99.14
101.14
104.46
101.00
101.99
107.24
108.68
92.20
93.94
91.51
90.63
99.77
100.55
104.86
100.65
103.26
106,97
108.38
91.73
92.92
91.33
91.27
99.96
100. IS
104.64
100.35
103.30
107.32
107.78
91.84
93.60
90.12
92.59
100.02
100.68
104.27
99.81
104.52
107.25
107.82
92.15
94.10
91.65
89.89
93.53
99.96
99.87
104.32
99.79
104.69
107.52
107.68
89. S5
94.56
100.00
99.46
104.34
99.67
104.99
106.32
107.78
1958..,
1959...
1960...
1961. ..
1962...
1963...
1964...
1965.. .
I960..,
1967...
1968,. .
105.05
106.27
110.12
107.76
109.91
113.10
114.62
120.72
126.32
131.21
131.39
103.37
106.4?
110.31
107.88
111.43
113.34
116.46
121.26
127,25
130.24
132.92
102.93
107.48
109.75
107.96
112.06
113.34
116.83
121.68
128.00
130.13
132.77
101.98
108.18
110.45
107.49
112.58
114.20
116.76
121.76
127.96
130.05
133. OB
102.24
108.92
110.14
108.34
112.84
114.58
117.31
122.51
128.30
130.48
133,73
102.27
109.24
109.99
108.96
112.94
114,81
117.44
122.50
129.27
130.63
134.28
1969...
1970...
1971...
1972...
1973...
1974. ,.
1975...
1976...
1377.. .
1978...
136.95
139.42
137.07
141.13
146,34
150.77
147.82
150.59
136.55
137.94
136.76
141.92
147,70
151.29
146,16
150.22
137.48
139.33
137.67
142.12
148.52
151.15
145.42
ISO. 34
138.09
138.88
137.82
143.03
148,89
149.16
145.54
149.66
138.74
138.26
138.32
143.07
149.23
151.57
145.62
151.35
139,15
138.00
138.42
143.85
149.71
151.63
145.35
151.07
91.36
94.13
89.61
91.87
96.60
99,68
100.99
103.57
99.50
105.22
107.63
107.90
87.99
97.08
99.37
102.93
103.40
99.94
106.03
108.21
106.23
99.74
103.21
102.41
101.06
106.59
108.39
10S.92
93.42
88.92
97,32
100.18
104,21
101.79
101.33
106.94
108.64
105.69
102.59
108.92
109.99
109.34
112.96
115.09
117.86
122.88
129.21
130.87
134.91
103.14
107.94
109.90
109.79
113.17
115.08
118.20
123.45
129.66
131.23
134.96
104.31
107.84
109.51
109.34
113.68
115.51
118.00
123.56
129.60
131.89
135.44
104.29
107.63
109,19
110.17
113.12
115.92
118.52
124.36
130.11
131.80
135.80
105.25
108.12
109.66
110.93
113.42
115,73
119.48
125.04
130.48
132.65
135.77
10:.62
109.79
106.96
110.75
113,18
115.72
120.33
125.73
130.64
132.99
136.38
103, 7S
139.17
138.21
137.77
143.71
139.65
137.76
138.19
144.15
149.98
151.54
146.87
151.69
139.80
137.08
138.32
144.91
150.36
151.64
147.62
152.11
139.99
136.70
138,94
145.35
150.27
152.57
148.56
152.82
140.20
136.36
139.55
146.30
151.64
149.82
148.57
152.59
141.50
137,19
140.25
145.98
151.40
148.47
149.52
153.59
136.99
133.90
137.43
141.72
ISO. 03
151,60
145.56
151.73
93.51
97.51
92.14
09.58
99.25
100.77
104.43
100,76
102.21
107.07
108.31
106.74
110.06
107.87
111.13
113.29
115.97
121.22
127.19
130.53
132.36
147 .52
40-C. CHAHGU IM GMPLOYCE HOURS IS NQN AGRICULTURAL ESTABLISHMENTS OVER 1-MOI1TJ SPAMS 2
(COMPOUND ANNUAL RATE, PERCENT}
1947...
1940. . .
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
.
7.7
-10.5
4.1
20.3
3.4
= 2,7
-12.7
0.5
0.7
-3.2
1.3
= 4.1
= 2.7
-4.2
3.8
6.4
5.8
4.4
7.6
2,7
9.4
0.1
7.7
-10.4
26.0
7.9
-6.8
4.7
= 4.1
16.0
-3.0
= 3.3
1958...
1959...
1960...
1961...
1962. . .
1963.. .
1964., ,
1965. ..
1966...
1967...
1968...
= 7.0
7.6
3.7
9.4
= 8.7
0.0
= 10.8
4.0
(
j .0
5.4
-13.5
-18.5
2,3
2.1
1,3
17.9
1.7
21.1
5.5
9.2
= 8.5
14.9
-3.9
12,0
= 5.9
0.9
7,0
0.0
3,9
4.2
7.3
-1.0
= 1.3
= 10,5
8.1
7.9
™S .1
5.7
9.5
-0.7
0.8
= 0.4
= 0.7
2.8
1969...
1970...
1971. ..
1972...
1973...
1974. ..
1975...
1976...
1977...
1978...
5,1
-16.3
6.1
7.8
3.0
= 4.9
= 5.1
= 3.4
= 12.0
= 9.2
6.9
11.7
4.2
= 12.7
= 2.9
22.5
10,2
8.5
12,8
8.3
1,7
6.9
-1.1
-5.9
1.0
3.9
5.5
= 3.1
1.3
8,0
3.0
-14.7
1.0
-5.3
3.6
a. 9
=-9.9
=10.3
= 5.9
= 12.3
= 2.3
8.8
2.3
= 4.3
- 2. S
= 3.5
0.5
4.0
= 6.4
1.4
9.1
-6.5
18.8
0.7
6.2
-4.2
= 6.3
15.1
-0.3
0.4
3.1
8.5
-3.3
9.9
2.8
4.1
5.8
7.6
3.2
4,0
6.0
5.8
-5.2
4.4
0.3
2.8
21.2
0.7
14.4
S.4
5.2
2.3
7.9
5.4
4.6
3.3
-10.9
14.3
6.5
2.0
-3.4
4.9
= 3.4
5.1
= 2.3
5.4
12.3
-7.0
3.3
4.0
2.8
= 2.6
3 !i
-7.9
8.6
10.7
1.7
2.6
-4.1
8.0
0.1
-0.7
14. 5
-1.1
-4.2
-4.8
5.5
4.6
-2.0
1.1
-0.6
6,2
4.4
-0.2
-2.3
-3.5
9.5
-5.8
4.3
5.4
8.1
4.8
-0.8
3.2
11.6
5.6
5.3
8,6
3.2
-1.9
10.2
6.8
3.S
8.0
-0.3
4.3
20.2
= 25.9
-1.9
-2.5
-0.1
8.9
6.8
1.5
3.1
5.5
-9.8
7.3
0.0
3.9
S.4
0.6
4.7
4.6
7.4
-1.4
0.0
-2.3
&.?
1.0
fi.O
1.3
-5.8
1.1
6.5
3.1
0.8
6.3
3.4
1.2
1.6
-3.3
5.S
3.7
-0.7
7.6
7.9
5.7
12.5
1.8
-2.9
5.4
8.1
11.5
-19.6
0.1
-1.8
-4.4
11.7
7.6
6.2
-2.6
-1.9
-10.3
7 .9
8.2
6,6
3.4
-5.2
1.7
5.5
7.2
-0.6
-7.9
2.3
5.5
5.0
-3.7
2.2
S.O
3.2
2. 3
-b.3
3 ".4
-4.4
14.0
0.5
-4.8
0.2
-1.4
3.5
-12.6
1.1
. -3-7
-2.9
0.8
29.2
-3.8
20.1
-8.5
-2.0
2.7
15.8
1.3
6.9
-3.6
-0.3
-2.2
-3.9
20.9
0.4
3.6
-1.6
7.1
1.1
2.9
1.3
-0.1
9.5
1.4
5..Q
3.8
-3.5
0.0
4.3
0,2
2.5
4.4
-0.6
2.2
5.8
6.6
-10.3
-1.0
5.1
2.3
-0.1
3.5
5.7
4.3
3.3
0.4
3.6
-2.2
0.9
6.7
3.9
0.5
-2.2
-2.2
0.9
0.2
1.8
-5.5
-1.2
2.6
-0.2
1.7
5.4
3.8
4.2
-3.8
3.7
3.7
-0.4
-0.5
11.3
-0.3
-0.9
3.0
Q!?
7.5
0.7
-5.6
92.73
93.54
18.49
97.30
99.76
i43.ee
153.00
9?,, 11
93,71
90.22
93.80
99.67
101.37
133.73
100,27
104.56
107,51
107.43
laa'iso
131.13
134.29
AVURAGG FOR PBKXOD
6.5
-4.1
-19.4
0.5
0.2
3.9
8.5
4.1
1.9
6.0
-12.1
4.1
6.6
-11,6
12.9
-0.7
-9.2
0.6
-0.2
2.0
3.1
-1.5
IV Q
AVURA3B FOR PERIOD
93.11
93.84
89.59
96.42
99.35
102.60
102.70
99.55
105.86
107.69
107.38
94.36
IIIQ
3.5
2.1
2.8
0.1
1.6
4.6
=0.2
2.3
3.3
5 5
-ii?
= 2.1
3.9
3.4
6.5
-3.1
7.4
4.1
3.6
= 6.0
0 ! ')
-4.5
sii
4.4
= 2.1
= 0.2
5 .6
1.8
4.1
3.8
-1.4
?, ! ^
3.8
48=C. (MANGE! I fc! EMPLOYEE '1QURSIS UOflACIRICULTORAL ESTABLISHMENTS OVER 3-MOflTl SPAtlS*
AVERAGE FOR t'EKIOO
(COMPOUND ANNUAL RATE, PERCENT)
2.7
= 5.6
1.6
6.9
5,7
4.9
-S.4
3 7
2.5
1.1
3.6
= 7.9
7.9
10.5
1.5
2.5
= 4.4
7 8
0.1
= 1.0
1959...
1960...
1961. . .
1962...
1963...
1964.. .
1965...
1966...
1967...
1968...
-9.6
4.7
8.4
-6.3
1.8
= 0.3
2.5
6.1
7.3
°Q .7
0.8
= 10.0
7.2
= 0.1
3.8
4.S
0,6
3.9
4,6
7.4
= 1,6
= 0.7
1969...
1970...
1971. . .
1972...
1973...
1974. . .
1975...
1976...
1977...
1978., .
2.3
= 6.3
1.2
7.0
3.9
-0.9
= 9.4
4.5
6.1
1.7
3.3
"6.0
1.4
S.4
7.1
= 0.7
= 8.0
2.2
4.7
1948...
1949...
1950...
19S1. . .
1952...
1953.,.
1954...
1955,
1956!!!
1957,..
I9sa...
= 3.2
= 5.2
9.5
4.7
-1,7
2,6
-1.1
1.2
-0,3
-11.2
7.4
1.2
10 '.1
3.7
7.7
3.5
5.3
-3.5
S.2
3.4
-1 . 5
= 0.1
S.5
7.2
-4.2
= 6.0
-2.4
9.7
-2.' 6
-0 . 3
6.3
-7.6
15.2
0.2
-2.8
-1.1
-2.7
6.7
-3.7
0.0
-3.9
9.5
-0.6
1.7
5.2
4.4
3.0
4.2
3.3
0.7
2.S
-2.5
6.7
0.9
3.8
3.2
5.4
2.1
2.7
4.0
1.5
4.6
2.4
2.8
-1.7
7.1
1.4
3.2
3.8
3.7
4.0
2.5
5.6
6.6
0 .9
4.6
3.3
4.2
0.7
-1.5
3.0
4.3
4.9
-3 . 8
2.2
3.0
3.2
1.3
-0.2
2.0
3,3
3.2
-1 . 9
-0.1
1.9
3.1
6.7
0.1
5.6
3,4
1.0
= 6.5
17.7
3.6
-1.8
-0.7
= 4.6
10 . 3
0.0
= 3.1
0.7
-6.9
13.4
0.8
-2.7
-2.0
-3.4
sii
This series contains revisions beginning with 1972.
2
-2 . 1
2 '.3
-5.2
18.5
-1.4
1.2
-2.7
-1.2
2.7
1.4
0.3
-1 . 2
-iis
12.9
-2.4
11.4
-6.1
-0.9
4.5
0.6
-1.1
3.6
8.2
-3.6
-0.9
-5.0
-1.7
5.5
1.2
1.8
3.1
3.1
4.3
2.3
3.7
1.4
2.6
2.3
1.9
3.5
1.0
3.9
3.5
2.6
1.9
-1 .4
-0*.4
-2 .6
3.1
2.0
3!o
1.7
0.0
6.4
2.8
1,3
-0.1
3.5
0.9
1.3
™0.1
-0.8
= 4.4
14.2
-2.1
9.1
= 4.1
= 0.3
3.7
3.1
= 2.1
5 ,9
= 2.6
= 0.6
S.O
2.9
-4.6
10,2
-6.'i
6.5
4.4
ii?
-5.9
3.8
= 2.0
"? •3
1*4
= 2.5
6.2
= 4.4
= 1.8
3.3
1.5
2.3
2.4
3.8
2.7
3.0
3.3
7.1
5.9
= 5,11
2.9
=0.2
= 0.3
6.7
6.1
3.1
2.2
2! 9
0.4
3.6
= 1.0
2.3
2.5
1.9
4,2
4.6
4,0
1.2
3.0
6,2
-1.9
-4.6
3,8
0.2
9.1
-4.4
6.4
5 .5
-1.8
-3.0
3.8
3.4
6.4
-3.5
7.3
5.9
-4.0
5.7
7.4
5.1
4.1
= 10.3
5.8
-6.2
6.3
7.4
1.8
3.3
-3.6
2.9
-7.1
3.6
-6.1
-1.3
-4.4
1.3
-0.1
=i .9
6,8
-4.7
-2.9
3.1
0.6
2.9
2.3
4.9
2.8
2.9
2.7
8.4
0.7
-0.9
4.2
0.9
2.3
4.4
5.3
2.6
4.4
2.4
5.1
7.4
-9.0
5.3
-1.7
0.7
8.1
7.2
3.2
3.4
2.8
7.8
9.6
-5.1
-0.9
0.2
-4.4
7.6
S.5
3.4
-1.2
3.4
-10,3
6.4
3.2
-1.2
5.6
1.3
4.7
4.7
6.7
-1.9
1.8
-1.3
6.3
-0,5
4.2
3.3
4.3
3.0
3,5
3.8
1.6
2.4
—4. 3
3 '.4
4.6
0.6
2.6
8.5
2.9
4.1
1.6
-4.0
4*.Q
6.1
4.5
-4.5
4.7
2.4
2.9
S.O
-1.6
3.0
4.9
2.3
5,7
3.0
2.8
-8.1
S.2
3.9
4.7
6.5
2.8
1.3
-11.9
5.6
-1.5
-3,0
0.8
6.0
6.1
-1.9
-7.8
1.4
6,8
2.2
3.4
3.5
2.9
-O.I
3.5
3.7
0.9
3.6
1.4
0,8
6.1
2.2
2 '.2
3 .1
-6 '.8
11.1
-2.5
14.7
-3.6
1.1
4,0
7.3
-5.6
This series contains revisions beginning with 1947.
I.'o
-0.7
2.?
-7.0
15.4
1.3
-2.4
-1.3
= 3.6
7.6
-bis
1.7
= 0 .1
5 ".4
4.0
2.9
=8,2
5.2
1.6
1.5
6ii
2.4
3.0
=
?!"3
4 i2
3.S
-1.6
0.7
2.2
3.6
(MARCH 197
C. Historical Data for Selected Series—Continued
1
Monthly
Year
Jan.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Quarterly
IQ
91. AVERAGE ( M E A N ) DURATION OF UNEMPLOYMENT
{WEEKS}
1947...
1948...
1949. ..
1950...
1951...
1952...
1953...
1954...
1955...
1956. ..
1957...
1958...
1959...
1960...
1961...
1962...
1963.. .
1964. ..
1965...
1966...
1967...
1968...
1969. ..
1970...
1971...
1972.. .
1973...
1974...
1975...
1976...
1977...
1978...
92.
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967. ..
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
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...
IV Q
Annual
AVERAGE FOR PERIOD
8.4
8.3
11.8
10.8
8.8
8.4
9.5
14.2
12.5
10.7
8.7
8.3
12.4
10.1
8.4
8.5
10.6
13.4
11.6
10.8
8.5
8.8
12.6
10.6
9.0
7.8
10.9 .
14.3
11.0
10.6
9.1
9.1
12.7
9.9
7.8
7.9
11.6
14.4
10.4
10.4
8.8
10.0
13.1
8.7
7.3
8.2
12.3
13.4
10.1
10.2
8.6
10.8
12.5
9.2
7.5
7.9
12.5
13,8
10.5
10.1
8.8
11.0
12.2
9.1
7.6
8.0
12.8
12.3
12.0
10.5
8.5
11.7
12.2
9.1
8.1
7.1
12.9
11.7
11.8
9.8
9.5
10.9
12.3
8.9
9.1
7.2
13.3
11.5
11.6
11.1
7.8
11.6
10.7
9.7
9.5
7.9
13.2
11.3
10.9
10.4
8.1
11.8
10.7
9.3
8.8
8.0
13.4
12.0
11. .4
10.4
8.7
8.3
11.8
10.5
8.8
8.7
9.6
13.7
11.9
10.6
8.8
9.3
12.8
9.7
8.0
8.0
11,6
14.0
10.5
10.4
8.6
11.2
12.3
9.1
7.7
7,7
12,7
12.6
11.4
10,1
8.5
11.4
11.2
9.3
9.1
7.7
13.3
11.6
11.3
10.6
8.6
10.0
12.1
9.7
8.4
8.0
11.8
13.0
11.3
10.5
10.5
16.3
13.5
13.7
15.3
13.8
13.5
12.2
11.9
9.3
9.4
11.0
15.5
13.1
13.6
16.0
14.1
13.2
12.6
11.2
9.2
8.7
11.2
15.3
13.0
14.1
15.0
14.5
13.5
12.0
11.1
8.9
8.5
12.1
14.9
12.6
15.5
14.9
14.5
12.4
11.4
10.8
8.8
8.7
13.1
14.7
11.9
15.6
15.5
14.5
13.6
11.1
10.2
8.7
8.2
14.4
14.9
11.9
16.2
15.1
14.0
13.6
11.6
9.7
8.3
7.9
14.6
14.3
12.6
17,3
14.6
14.0
14.7
11.6
9.7
8.3
8.4
15.7
13.7
12.2
17.0
14.5
13.9
13.0
11.9
9.8
8.9
8.3
16.5
13.7
12.9
16.1
14.1
14.2
12.7
11.9
10.1
8.4
8.2
16.5
1'2.9
13.5
15.9
14.1
13.9
12.6
12.1
10.3
8.7
8.4
16.4
13.1
13.9
17.0
13.3
13.3
14.0
11.7
9.7
8.9
8.1
15,7
13.1
12.4
15.8
13.6
13.3
12.7
11.4
9.5
8.6
8.2
10.9
15.7
13.2
13.8
15,4
14.1
13.4
12.3
11.4
9.1
8.9
13.2
14.8
12.1
15.8
15.2
14.3
13.2
11.4
10.2
8.6
8.3
15.6
13.9
12.6
16.8
14.4
14.0
13.5
11.8
9.9
8.5
8.3
16.2
13.0
13.3
16.2
13.7
13.5
13.1
11.7
9.8
8.7
8.2
13.9
14.4
12.8
15.6
14.7
14.0
13.3
11.8
10.4
8.7
8.4
8.1
7.9
10.5
12.2
11.0
9.5
10.7
16.7
7.9
8.0
10.4
12.4
10.5
9.6
11.7
16.3
7.9
8.3
10.6
12.3
10.6
9.7
11.7
16.4
7.9
8.3
10.9
12.4
10.0
9.8
12,9
15.9
7.9
8.6
11.2
12.3
10.1
9.6
13.4
15.1
7.7
8.7
11.6
12.4
9.6
9.7
15.3
16.8
7.8
8.9
11.5
11.8
9.6
9.9
14.9
15.6
7.9
8.8
11.5
11.8
9.8
9.8
15.5
15.5
8.0
8.9
11.9
12.1
9.4
9.6
16.0
15.3
7.6
8.6
12.6
11.7
10.2
9.9
15.5
15.3
8.0
9.4
12.0
11.4
9.9
9.7
16.6
15.4
8.0
9.8
11.5
11.4
9.5
10.2
16.6
15.3
8.0
8.1
10.5
12.3
10.7
9.6
11.4
16.5
7.8
8.5
11.2
12.4
9.9
9.7
13.9
15.9
7.9
8.9
11.6
11.9
9.6
9.8
15.5
15.5
7.9
9.3
12.0
11.5
9.9
9.9
16.2 ,
15.3
7.8
8.6
11.3
12,0
10.0
9.8
14.2
15.8
'
CHANGE I N S E N S I T I V E PRICES ( W P I OF CRUDE MATERIALS EXCLUDING FOODS, FEEDS AND F I B E R S ) ,
MONTHLY DATA
(PERCENT)
AVERAGE FOR P E R I O D
1.83
-0.76
0.0
1.61
-0.73
-0.65
-1.25
2.36
1.17
-1.04
2.95
0.68
-2.51
1.69
0.19
-0.42
1.63
-0.81
2.09
-1.73
-1.34
4.92
-0.45
-1.34
1.43
0.0
0.21
0.21
-0.46
0.54
0.98
-0.68
1.82
3.37
-4.53
1.76
0.09
-0.63
-0.53
1.52
0.75
1.07
-1.76
-3.71
1.41
-3.08
3.00
-0.28
0.21
-0.43
2.64
-0.53
-1.44
1.59
0.0
-0.21
-0.98
4.03
-1.78
-2.64
1.61
-0.56
0.11
-4.19
2.06
6.11
2.90
-0,87
1.08
-1.90
-0.65
1.06
-0.56
3.20
0.20
-0.29
2.25
-0.52
0.0
3.51
-2.52
-0.33
-1.36
-1.13
1.86
2.84
-1.25
0.0
-0.94
3.24
2.57
-0.80
-0.66
-2.02
0.11
2.43
0.49
-2.54
3.06
-1.27
-0.48
1.80
-0.80
0.99
-2.60
2.17
-0.59
0.29
.- 2 . 6 0
1.07
0.0
0.73
2.26
-2.63
0.11
^0.11
0.67
0.20
1.27
-2.26
2.47
-0.75
-0.36
1.35
-0.21
0.98
-1.90
-1.11
2.09
1.84
0.63
...
0.69
-1.54
1.04
0.60
-0.31
0.40
-0.84
1.66
0.14
-1.02
-0.63
1.52
-2.86
2.93
-0.66
-1.02
0.22
1.20
0,11
-1.52
0.63
2.79
0.48
0.79
2.39
-1.74
-0.55
-0.77
-0.53
2.50
1.18
-1.36
2.20
-0.67
-0.04
1.80
-1.21
0.69
-1.54
0.58
0.57
1.13
-1.41
-0.91
2.04
-0.75
-0.30
-0.42
0.10
1.21
0.23
-0.79
-0.84
0.30
-0.10
-0.32
0.72
-0.63
0.0
-1.98
1.07
-0.49
-0.29
1.05
1.41
-1.65
0.63
-0.31
0.11
-0.32
0.0
1.25
-0.79
0.30
-0.52
0.79
-1.88
1.16
-1.12
0.0
0.32
0.30
0.76
-0.80
0.79
-0.84
0.29
0.30
0.73
-0.93
-0.21
1.43
0.71
-0.28
-1.31
-1.66
0.53
0.0
0.20
0.31
-0.31
0.0
-0.42
1.20
0.19
0.61
-0.79
0.53
0.39
-1.20
0.10
-0.84
-0.11
0.42
-0.40
0.66
0.61
0.70
0.63
0.0
-0.71
0.51
-0.11
0.0
0.83
0.10
0.19
0.20
0.79
0.73
0.0
-1.02
0.51
-0.32
-0.64
1.24
0.99
-3.18
-0.20
0.20
0.93
0.59
-0.41
0.30
0.32
0.11
0.0
-0.20
-0.19
0.40
0.20
2.45
0.29
-1.04
0.51
-0.32
0.43
0.81
0.49
-0.19
0.20
1.18
0.40
0.58
-0.73
-2.52
-0.21
0.11
0.61
0.49
-0.29
1.00
0.58
-1.29
-0.87
0.0'
0.93
0.85
0.53
1.31
0.19
-0.78
0.59
0.58
-0.10
0.83
-1.21
0.49
-0.24
-0.17
0.0
-0.56
1.03
-0.69
0.27
0.07
0.23
-0.23
0.38
-0.69
-0.11
0.49
0.50
0.19
-0.03
-0.58
0.76
0.20
-0.71
0.44
-0.04
-0.18
0.69
0.30
-1.06
0.13
0.40
0.52
0.0
-0.59
-0.36
0.11
0.36
0.91
0.39
-0.42
0.60
0.78
0.31
0.31
-0.69
0.24
-0.21
-0.02
0.52
0.16
-0.07
0.0
0.22
0.48
0.69
0.25
0.40
0.94
4.17
-1.03
1.37
0.10
1.46
0.0
0.16
1.22
6.42
-0.05
-1.61
1.53
0.17
-0.33
1.58
0.07
4.35
-1.67
1.93
1.22
0.51
1.49
-0.39
2.05
4.93
0.97
2.28
1.02
0.17
-0.08
0.70
2.35
-3.34
1.68
0.29
1.10
0.42
-0.16
0.39
. 2.64
1.08
0.85
1.77
1.18
-0.59
0.81
1.01
1.12
5.87
-0.80
2.46
1.80
-0.76
-0.16
1.53
1.63
0.17
0.85
0.08
0.88
1.36
0.49
0.45
3.40
0.31
2.53
-0.75
0.26
1.59
0.24
1.35
2.85
0.26
-0.56
4.17
0.0
-1.98
-0.64
1.70
5.90
0.30
-0.30
3.85
0.70
1.93
1.62
1.02
3.70
-3.33
1.88
-3.08
0.70
0.77
-0.03
0.71
0.74
4.98
-0.92
0.56
1.11
0.37
0.42
0.23
2.35
0.89
1.17
1.45
1.29
0.0
0.38
1.00
2.05
2.12
0.86
0.60
0,32
0.51
0.41
1.36
4.15
-0.92
0.34
1.65
0.86
0.41
0,29
0.82
2.32
1.77
0.36
1.06
1947 ...
1952. ..
III Q
8.9
8.2
11.3
10.6
9.3
9.3
8.7
13.4
11.7
10.4
9 2 . CHANGE IN SSNS I T I V E PRICES ( W P I OF CRUDE M A T E R I A L S EXCLUDING
SMOOTHED DATA 1
(PERCENT)
1948...
1949...
1950...
1951...
II Q
FOODS, FEEDS AND F I B E R S ) ,
AVERAGE FOR P E R I O D
r.63
0 .19
1.48
-2.92
2.50
-0.36
-0.54
-0.02
1.22
0.18
-0.66
0.17
0 .09
1.44
-2.25
2.82
-0.99
-1.02
0.48
0.85
0.52
-1.66
0.87
1.79
1.04
-1.13
2.79
-1.69
-1.12
0.59
-0.12
1.32
-1.10
0.65
2.79
0.60
0.09
2.63
-1.90
-0.88
-0.17
-0.64
2.11
0.40
-0.59
2.28
-0.21
0.85
2.51
-1.56
-0.27
-1.38
-0.07
1.86
1.19
-1.74
1.57
-0.82
1.04
2.42
-1.39
0.07
-1.78
0.68
0.96
0.94
-2.30
1.79
-0.70
0.56
2.01-1.31
0.42
-1.56
0.78
0.62
0.91
-1.94
-0.98
0.35
1.33
-0.80
0.45
-1.20
0.96
0.67
0.19
1.25
-2.66
1.89
0.0
-0.34
0.16
0.50
0.75
-0.13
-0.58
1 .56
1.03
-1.10
2.75
-1.53
-1.01
0.30
0.03
1.32
-0.79
0.31
1.88
-0.58
0.82
2.31
-1.42
0.07
-1.57
0.46
1.15
1.01
-1.99
0.83
-0.98
1.83
-0.40
-0.52
-0.17
-0.05
1.04
0.19
-0.52
-0.43
0.21
-0.53
-0.10
-0.05
0.03
0.15
-0.02
0.71
-0.61
0.35
-0.13
0.57
-0.75
0.67
-0.68
. -0.08
0.40
0.35
0.47
-0.61
-0.30
0.54
0.16
-0.67
0.36
-0.40
-0.14
0.56
0.31
-0.29
0.24
0.23
1.09
0.29
-0.73
-0.03
-0.05
0.09
0.65
0.34
-0.71
0.34
0.59
0.27
0.31
-0.67
0.23
-0.29
-0.03
0.44
0.24
0.04
-0.16
0.22
0.56
0.65
0.35
0.58
1.11
.4 . 6 4
-1.25
0.66
1.03
0.52
0.31
0.52
1.38
3.38
0.07
1.12
1.22
-0.04
0.25
0.77
2.01
1.69
0.63
1.32
0.72
0.44
0.20
1.15
3.26
0.38
0.70
1.57
0.88
0.39
0.28
0.75
1.94
2.52
0.04
1.17
1.99
-0.59
0.04
1.77
-1.20
0.42
-1.31
0.61
0.86
0.91
1.72
-0.92
0.28
1.39
-0.82
0.40
-1.20
0.88
0.83
0.25
1.17
-1.44
0.74
0.82
-0.38
0.52
-1.08
1.39
0.32
-0.60
0.94
-2.16
1.33
0.35
-0.30
0.42
-0.38
1.39
0.12
-1.14
2 .12
1.32
-2.89
1.84
0.01
-0.17
0.09
0,66
0.69
0.15
-0.77
-1.12
0 .16
-0.06
-0.47
-0.32
0.05
0.28
0.44
0.49
-0.47
0.51
-0.27
-0.03
-0.50
-0.12
0.08
0.06
0.14
-0.12
0.71
-0.62
0.32
0.09
0.49
-1.04
0.30
0.10
-0.03
0.03
-0.39
0.93
-0.74
0.23
-0.10
0.83
-1.14
0.66
-0.51
-0.10
0.25
-0.11
0.80
-0.83
0.04
-0.19
0.59
-0.77
0.79
-0.79
-0.05
0.48
0.54
0.40
-0.73
-0.37
-0.10
0.29
-0.35
0.56
-0.74
-0.09
0.48
0.62
0.21
-0.26
-0.57
0.32
0.18
-0.40
0.34
-0.56
-0.07
0.38
0.40
0.27
0.22
-0.18
0.60
0.13
-0.77
0.34
-0.42
-0.14
0.55
0.26
-0.21
0.34
0.40
0.70
0.16
-0.84
0.41
-0.23
-0.21
0.76
0.26
-0.92
0.17
0,48
1.07
0.24
-0.77
0.44
-0.07
-0.11
0.69
0.36
-1.12
0.13
0.46
1.31
0.39
-0.77
-0.06
0.09
0.58
0.34
-0.70
0.33
0.59
0.89
0.24
-0.66
-0.46
0.02
0.29
0.69
0.32
-0.32
0.57
0.72
0.66
0.39
0.29
0.43
1.29
4.37
-1.14
0.66
0.47
0.71
0.40
0.59
1.14
4.68
-1.41
0.76
0.54
0.86
0.35
0.72
0.90
4.87
-1.19
0.55
0.82
0.74
0.18
0.58
0.93
5.11
-0.58
0.71
1.10
0.50
0.37
0.54
1.30
3.61
0.04
1.18
1.18
0.32
0.39
0.43
V
1.92
1.43
0.75
1.47
1.11
0.18
0.30
0.47
2.19
1.05
0 .87
1.48
1.23
-0.15
0.18
0.84
1.92
1.79
0.44
1.47
1.32
-0.15
0.27
0.99
1.92
2.24
0.58
1.02
1.13
0.37
0.28
1.05
2.34
1.18
0.90
0.88
0.68
0.53
0.11
1.14
3.34
0.27
0.75
1.79
0.35
0.42
0.22
1.26
4.10
-0.32
0.45
2.03
-0.09'
NOTE: These series contain revisions beginning with 1973. Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal
month of the span.
...
ols'o
(MARCH'1978)
99
C. Historical Data for Selected Series—Continued
Quarterly
Monthly
Year
Annual
Jan.
Feb.
Mar.
441.
Apr.
June
May
July
Sept.
Aug.
Oct.
Nov.
Dec.
IQ
TOTAL CIVILIAN LABOR FORCE, LABOR FORCE SURVEY
(THOUSANDS)
II Q
IIIQ
IV Q
AVERAGE FOR PR RICH)
1947 . , .
1948...
1949,..
1950...
1951...
1952...
1933...
1954...
1955...
1956...
1957...
60,095
60,771
61,661
61,941
62,432
63,439
63,101
63,910
66,419
66,428
60,524
61,057
61,687
61,778
62,419
63,520
63,994
63,696
66,124
66,879
60,070
61,073
61,604
62,526
61,721
63,657
63,793
63,882
66,175
66,913
60,677
61,007
62,158
61,808
61,720
63,167
63,934
64,564
66,264
66,64?
59,972
61,259
62,083
62,044
62,058
62,615
63,675
64,381
66,722
66,695
60,957
60,948
62,419
61,615
62,103
63,063
63,343
64,482
66,702
67,052
61,181
61,301
62,121
62,106
61,962
63,057
63,302
65,145
66,752
67,336
60,806
61,590
62,596
61,927
61,877
62,816
63,707
65,581
66,673
66,706
60,815
61,633
62,349
61,780
62,457
62,727
64,209
65,628
66,714
67,064
60,646
62,185
62,428
62,204
61,971
62,867
63,936
65,821
66,546
67,066
60,702
62,005
62,286
62,014
62,491
62,949
63,759
66,037
66,657
67,123
61,169
61,908
62,068
62,457
62,621
62,795
53,312
66,445
66,700
67,398
60,230
60,967
61,651
62,082
62,191
63,539
63,629
63,829
66,239
66,740
60,535
61,071
62,220
61,622
61,9)60
62,9)48
63,651
64,476
66,563
66,798
60,934
61,508
62,355
61,938
62,099
62,867
63,739
65,451
66,713
67,035
60,839
62,033
62,261
62,225
62,361
62,870
63,669
66,101
66,634
67,196
60,622
61,288
62,210
62,017
62,139
63,016
63,642
63,023
66,553
66,928
1958,. .
1959...
I960..,
1961.,,
1962..,
1963...
1964...
1965...
1966...
1967..,
1968...
67,095
67,936
68,962
70,447
70,189
71,146
72,356
73,569
75,186
76,639
77,578
67,201
67,649
68,949
70,420
70,409
71,262
72,683
73,857
74,954
76,521
78,230
67,223
68,068
68,399
70,703
70,414
71,423
72,713
73,949
73,075
76,328
79,256
67,647
68,339
69,579
70,267
70,278
71,697
73,274
74,228
75,338
76,777
78,270
67,895
61,178
69,626
70,452
70,551
71,832
73,395
74,466
75,447
76,773
78,847
67,674
68,278
69,934
70,878
70,514
71,626
73,032
74,412
75,647
77,270
79,120
67,824
68,539
69,745
70,S36
70,302
71,956
73,007
74,761
75,736
77,464
78,970
68,037
68,432
69,841
70,534
70,981
71,786
73,118
74,616
76,046
77,712
78,811
68,002
68,545
70,151
70,217
71,153
72,131
73,290
74,502
76,056
77,812
78,858
68,045
68,821
69,884
70,492
70,917
72,281
73,308
74,838
76,199
78,194
78,913
67,658
68,533
70,439
70,376
70,871
72,418
73,286
74,797
76,610
78,191
79,209
67,740
68,994
70,395
70,077
70,854
72,188
73,465
75,093
76,641
78,491
79,463
67,173
67,884
68,770
70,523
70,337
71,277
72,584
73,792
75,072
76,496
78,021
67,739
68,265
69,713
70,532
70,448
71,718
73,234
74,369
75,47?
76,940
78,746
67,954
68,505
69,912
70,429
70,812
71,958
73,138
74,626
75,946
77,663
78,880
67,814
60,783
70,239
70,315
70,881
72,296
73,353
74,90*)
76,483
78,292
79,195
67,637
68,368
69,629
70,460
70,613
71,034
73,090
74,453
75,777
77,350
78,737
1961...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978.. ,
79,523
82,077
83,678
8S,S96
86,898
90,364
92,008
93,652
80,019
82,155
83,346
85,567
87,742
90,6S3
91,694
93,757
80,079
82,446
83,302
86,189
88,211
90,603
92,053
93,936
80,281
82,690
83,682
86,132
88,326
90,376
92,234
94,391
80,125
82,456
83,847
86,340
88,301
90,714
92,821
94,568
80,696
82,446
83,514
86,534
88,830
90,943
92,433
94,549
80,827
82,876
84,114
86,635
88,892
91,273
92,833
95,176
81,106
82,843
84,428
86,982
88,736
91,047
92,877
95,208
81,290
82,906
84,431
86,902
89,077
91,525
92,979
95,089
81,494
83,250
84,626
87,027
89,337
91,527
93,002
95,197
81,397
83,422
85,085
87,000
89,899
91,763
92,966
95,741
81,624
83,536
85,227
87,331
90,075
91,809
93,102
95,936
79,874
82,226
83,442
85,784
87,617
90,540
91,918
93,782
80,367
82,531
83,681
86,335
88,486
90,678
92,496
94,503
81,074
82,875
84,324
86,840
88,902
91,282
92.H96
95,1 SB
81, SOS
83,403
84,979
87,119
19,770
91,700
9 3, OHO
95,625
80,734
8?,,71r>
84,113
86, '142
88,716
91,011
9?, fill
94,774
442. TOTAL CIVILIAN EMPLOYMENT, LABOR FORGE SURVEY
(THOUSANDS)
1947...
1940...
1949,,.
1950...
1951..,
1952...
1953...
1954...
1955...
1956.,.
1957...
58,061
58,175
57,635
59,636
60,460
61,600
60,024
60,753
63,753
63,632
1958..,
1959...
I960...
1961...
1962...
1963...
1964...
1965...
1966...
1967,. .
19613,..
1969...
1970...
1971...
1972...
1973...
1974., .
1975...
1976...
1977...
1978..,
AVERAGE FOR PERIOD
58,196
58,208
57,751
59,661
60,462
61,884
60,663
60,727
63,518
64,257
57,671
S8,043
57,728
60,401
59,908
62,010
60,186
60,964
63,411
64,404
58,291
57,747
58,583
59,889
59,909
61,444
60,185
61,515
63,614
64,047
57,854
57,552
58,649
60,188
60,195
61,019
59,908
61,634
63,861
63,985
58,743
57,172
59,052
59,620
60,219
61,456
59,792
61,781
63,820
64,196
58,968
57,190
S9,001
60,156
59,971
61,397
59,643
62,513
63,800
64,540
58,456
57,397
59,797
§9,994
59,790
61,151
59,853
62,797
63,972
63,959
58,513
57,584
59,575
59,713
60,521
60,906
60,282
62,950
64,079
64,121
58,387
57,269
59,803
60,010
60,132
60,893
60,270
62,991
63,975
64,046
58,417
58,009
59,697
59,836
60,748
60,738
60,357
63,257
63,796
63,669
58,740
57,845
59,429
60,497
60,954
59,977
60,116
63,684
63,910
63,922
57,976
58,142
57,705
S9,899
60,277
61,831
60,291
60,815
63,561
64,098
58,296
57,490
58,761
59,899
60,108
61,306
59,962
61,643
63,765
€4,076
58,646
5?, 390
59,458
59,954
60,094
61,151
59,926
62,753
63, $50
64,207
58,315
57,708
59,643
60,114
60,611
SO, 536
60,248
S3, 311
63,894
63,879
58,344
57,652
58,921
39,963
60,25s
61,180
60,109
62,170
63,801
64,069
63,220
63,868
65,347
63,776
66,108
67,072
68,327
69,997
72,198
73,671
74,700
62,898
63,684
65,620
6S,588
66,538
67,024
68,751
70,127
72,134
73,606
75,229
62,731
64,267
64,673
65,850
66,493
67,3SI
68,763
70,439
72,188
73,439
75,379
62,631
64,768
65,959
65,374
66,372
67,642
69,356
70,633
72,510
73,882
75,561
62,874
64,699
66,057
65,449
66,683
$7,615
69,631
71,034
72,497
73,844
76,107
62,730
64,849
66,168
65,993
66,670
67,649
69,218
71,025
72,775
74,278
76,182
62,745
65,011
6S,909
65,608
66,483
63,181
64,770
66,267
65,541
67,192
68,174
69,578
71,286
73,258
74,854
76,172
63,475
64,911
65,632
65,919
67,114
68,294
69,582
71,695
73,401
75,051
76,224
63,470
64,530
66,109
66,081
66,847
68,267
69,735
71,724
73,840
75,125
76,494
63,549
65,341
65,778
65,900
66,947
68,213
69,814
72,062
73,729
75,473
76,778
62,950
63,940
65,213
65,738
66,380
69,399
71,460
72,860
74,520
76,087
63,012
64,844
65,895
65,852
66,968
67,908
69,463
71,362
73,146
74,767
76,043
73,572
75,103
62,745
64,772
66,061
65,605
16,577
67,635
69 ,402
70 , 897
72,594
74 ,001
75,950
62,979
64,875
66,024
65,667
66,881
67,996
69 ,480
71 , 369
73 ,088
74,714
76,101
63,498
64,927
65,840
65,967
66,969
68 ,2S8
69 ,710
71,827
73,657
75,216
76,499
63,036
64,629
63,777
65,746
66,703
67 ,763
69 ,305
71,088
72 ,899
74,373
73,921
76,805
78,864
78,710
80,630
82,633
8S,3Q9
84,642
86,293
77,327
78,707
78,469
80,691
83,336
83,987
84,263
86,552
77,367
78,818
78,346
81,208
83,876
86,043
84,180
86,828
77,523
78,894
78,756
81,230
83,927
85,839
84,153
87,217
77,412
78,543
78,891
81,464
84,001
86,036
84,379
87,527
77,880
78,430
78,599
81,654
84,552
86,136
84,382
87,432
77,959
78,696
79,099
81,758
84,653
86,297
84,813
87,801
78,250
78,591
79,296
82,070
84,498
86,113
85,063
87,806
78,250
78,452
79,399
82,069
84,785
86,154
85,120
87,777
78,445
78,613
79,625
82,103
85,263
86,083
85,188
87,844
78,541
78,537
79,944
82,443
85,578
85,712
85,281
88,255
78,740
78,480
80,115
82,853
85,650
85,235
85,495
88,446
77,166
78,796
78,508
80,843
83,282
85,946
84,362
86,550
77,605
78,622
78,749
81,449
84,160
86,004
84,305
87,392
78,153
78,580
79,265
81,966
84,645
86,180
84,999
87,795
78,375
78,543
79,895
92,466
85,497
85,677
85,321
88,182
77,902
78,627
79,119
81,702
84,410
15,931
84,784
87,483
1,357
1,450
i
67, 90S
444. NUMBER UNEMPLOYED, MALES 20 YEARS AND OVER
(THOUSANDS)
67 ,149
68 ,614
70,188
72 ,173
LABOR FORCE SURVEY
AVERAGE FOR PERIOD
1947. ..
1948...
1949...
1950...
1931.. ,
1953...
1953,,.
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961., .
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
.1970. ..
1971...
1972...
1973...
1974...
1975...
1976...
1,233
1,570
1,281
1,734
1,334
1,87$
1,367
1,936
1,199
2,349
2,293
2,327
2,235
1,191
1,309
2,265
1,236
998
1,078
1,662
1,812
1,442
1,457
1,096
994
901
1,816
1,719
1,425
1,391
1,007
947
342
1,989
1,712
1,459
1,280
910
938
975
2,133
1,833
1,376
1,415
2,019
898
904
933
2,175
1,529
1,477
1,420
2,333
2,522
2,553
1,917
994
1,001
884
2,113
1,482
1,491
1,512
1,817
961
1,078
917
2,121
1,420
1,455
1,447
1,632
1,002
1,168
905
2,216
2,63S
2,062
2,899
2,964
2,985
2,284
2,460
2,258
1,926
1,772
1,827
1,923
1,810
1,893
1,811
1,968
2,544
2,042
2,087
2,579
1,977
2,581
1,296
2,008
2,053
2,656
2,043
2,006
2,021
1,887
1,600
1,203
1,037
1,065
1,948
2,137
1,805
1,615
1,161
1,040
1,105
1,780
1,525
1,174
1,078
1,043
1,748
1,570
1,103
1,079
976
927
1,189
903
1,331
900
1,383
2,083
2,037
3,273
2,468
2,446
1,459
1,147
930
1,044
1,387
1,087
876
1,278
2,280
2,293
2,254
2,008
1,464
1,412
1,463
1,354
1,404
1,644
1,465
1,330
1,710
1,455
1,481
1,947
1,427
968
872
1,575
1,876
1,439
1,532
3,027
2,997
1,850
1,877
2,124
2,531
2,772
2,093
2,646
2,076
2,29S
2,439
2,297
2,353
2,269
2,043
2,413
1,883
1,970
1,543
1,224
1,078
1,071
933
1,908
1,596
1,204
1,119
1,089
887
1,003
2,014
2,158
1,769
1,525
2,341
3,451
3,182
1,062
2,158
2,155
1,702
1,595
2,045
2,622
2,139
2,371
1,932
1,851
1,740
1,260
1,016
1,046
950
2,082
2,466
2,009
1,667
1,517
1,085
1,077
947
1,994
1,900
1,663
1,394
1,121
1,034
962
1,839
1,633
1,386
1,125
1,067
987
1,804
1,703
1,344
1,063
991
962
904
1,490
904
1,548
923
1,623
985
1,734
1,072
1,827
2,146
1,883
1,510
1,939
1,064
1,934
?,(j§9
1S^BO
957
1,753
2,166
1,892
1,537
1,904
3,379
3,547
2,971
3,031
3,433
3,020
2,052
2,033
2,024
1,996
1,667
1,702
3,090
1,984
1,642
1,758
3,169
3,127
2,999
3,438
2,976
2,569
2,039
1,335
2,456
1,557
1,013
1,064
981
1
1,913
1,743
1,404
1,105
1,077
1,013
1,960
1,678
1,785
3,187
1,661
1,721
2,787
1,340
2,924
2,000
2,045
2,072
1,643
1,699
1,957
1,59?
1,757
1,94?
1,534
1,789
3,725
2,906
3,557
3,074
3,552
3,076
2,098
1,982
1,428
2,081
2,030
2,508
2,182
2,035
2,692
3,308
3,174
1,283
1,726
1,207
2,178
2,057
1,280
2,510
1,669
980
940
934
948
931
1,103
893
980
934
1,822
1,748
1,442
1,376
2,140
1,615
1,448
1,449
2,231
1,413
1,424
1,518
1,299
2 ,046
1,453
1,448
1,896
1,019
2,035
1,580
1,442
1,541
2,437
2,201
1,892
2,568
1,999
2,092
1,824
1,580
1,179
1,058
1,071
2,949
1,816
1,928
2,671
2,034
1,973
1,719
1,497
1,098
1,078
2,932
1,940
2,103
2,540
2,028
1,848
1,666
1,375
1,103
1,031
2,499
2,085
2,385
2,274
2,QQ3
1,910
1,626
1,229
1,071
1,069
2,681
2,022
2,060
2,318
2,016
1,971
1,718
1,435
1,120
1,060
979
970
923
993
910
910
1,301
2,056
1,998
1,669
1,736
3,238
3,034
1,554
2,046
1,974
1,627
1,738
3,617
2,968
1,005
1,771
2,128
1,90?
1,527
1,87?
3,493
3,026
1,043
2,035
2,137
1,818
1,516
2,371
3,397
3,12S
1,636
2,086
1,928
1,394
1,918
3,428
3,041
2,324
1,113
992
1,381
2,729
1,424
1,067
1,305
2,219
1,922
1,029
963
1977. . .
1978...
NOTE: These so.ries contain revisions beginning with 1973.
100
(MARCH 1
C. Historical Data for Selected Series—Continued
Monthly
Quarterly
Year
Annual
Feb.
Jan.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
IQ
445. NUMBER UNEMPLOYED, FEMALES 20 YEARS AND OVER, LABOR FORCE SURVEY
(THOUSANDS)
1947...
1948...
1949...
II Q
III
Q
IV Q
AVERAGE FOR PERIOD
1957. ..
413
589
1,030
721
592
475
913
891
765
851
593
646
999
692
623
445
955
822
697
783
584
621
962
769
537
520
1,071
782
824
745
584
751
842
693
567
455
1,058
792
823
713
520
857
861
683
592
411
1,054
783
863
806
590
877
945
663
534
440
1,038
796
851
838
590
996
839
631
558
453
1,035
789
1,009
838
620
1,002
714
589
582
466
1,018
843
857
804
578
957
751
711
515
551
1,071
843
812
828
560
965
718
733
576
553
934
893
816
844
537
922
799
706
531
594
957
807
842
927
600
955
743
674
485
775
852
830
844
882
532
619
997
727
584
480
981
832
762
793
565
828
883
680
564
435
1,050
790
846
786
596
985
768
644
552
490
1,041
827
893
823
566
947
753
704
531
641
914
843
834
884
564
841
854
689
559
510
997
823
832
821
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965.. .
1966...
1967...
1968.. .
1,058
1,163
1,003
1,283
1,257
1,201
1,272
1,069
945
1,131
1,061
1,225
1,140
937
1,408
1,144
1,216
1,281
1,196
879
1,029
1,052
1,239
1,137
1,017
1,421
1,161
1,167
1,295
1,107
884
1,065
1,006
1,385
1,064
1,003
1,447
1,126
1,196
1,274
1,093
889
1,040
963
1,349
1,040
996
1,456
1,133
1,242
1,212
1,055
1,001
1,035
968
1,321
1,004
1,060
1,482
1,119
1,193
1,171
1,119
905
1,067
992
1,304
1,029
1,120
1,448
1,144
1,220
1,161
1,038
890
1,051
989
1,351
985
1,084
1,285
1,235
1,210
1,123
1,040
938
985
967
1,269
1,002
1,039
1,327
1,243
1,238
1,135
970
904
1,134
928
1,221
1,113
1,172
1,371
1,174
1,231
1,130
967
955
1,199
954
1,065
1,017
1,254
1,224
1,190
1,257
1,157
1,033
900
,127
,050
,318
,258
,168
,226
1,112
970
980
1,088
955
1,174
1,147
986
1,371
1,187
1,195
1,283
1,124
903
1,075
1,040
1,352
1,036
1,020
1,462
1,126
1,210
1,219
1,089
932
1,047
974
1,308
1,005
1,081
1,353
1,207
1,223
1,140
1,016
911
1,057
961
1,138
1,060
1,248
1,284
1,177
1,238
1,133
990
945
1,130
962
1,242
1,063
1,080
1,368
1,175
1,216
1,195
1,056
921
1,078
985
1969...
1970...
1971...
1972...
1973.. .
1974...
1975...
1976...
1977...
1978...
993
1,048
1,632
1,610
1,527
1,560
2,561
992
1,161
1,623
1,493
1,470
1,568
981
1,285
1,681
1,611
1,474
1,548
1,029
1,245
1,694
1,604
1,456
1,545
979
1,346
1,650
1,683
1,406
1,632
979
1,379
1,603
1,689
1,509
1,703
1,074
1,464
1,635
1,674
1,395
1,825
1,013
1,591
1,695
1,508
1,493
2,134
977
1,619
1,664
1,493
1,544
989
1,165
1,645
1,571
1,490
1,559
1,015
1,293
1,653
1,646
1,460
1,605
1,016
1,347
1,650
1,610
1,486
1,748 '
2,441
2,648
2,613
2,639
2,623
2,580
2,589
2,615
2,501
2,899
2,435
2,576
2,526
2,776
2,475
2,594
2,489
2,797
2,458
1,030
1,389
1,646
1,667
1,516
1,777
2,612
1,021
1,558
1,665
1,558
1,477
2,682
1,043
1,359
1,685
1,670
1,523
1,736
2,615
1,068
1,428
1,649
1,643
1,516
1,893
2,540
1,038
1,288
1,615
1,651
1,517
1,637
2,716
2,633
2,599
1950. ..
1951...
1952...
1953...
1954...
1955...
1956...
2,464
2,645
2,637
.1,102
976
2,267
2,586
446. NUMBER UNEMPLOYED, BOTH SEXES 16-19 YEARS OF AGE, LABOR FORCE SURVEY
(THOUSANDS)
2,075
2,611
2,649
2,546
AVERAGE FOR PERIOD
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
383
437
647
348
382
286
497
454
459
488
454
469
642
329
340
290
560
428
484
448
481
535
587
349
329
285
547
424
481
484
435
573
498
316
306
293
558
424
451
472
302
535
554
275
367
252
538
435
521
484
425
566
505
338
349
283
400
423
540
506
432
593
464
358
355
290
503
423
488
511
. 421
638
453
342
337
294
556
477
432
480
384
636
466
343
357
289
563
476
419
471
364
678
448
314
333
377
478
472
425
466
391
606
403
385
336
339
437
518
538
580
379
662
469
318
310
468
468
492
414
564
439
480
625
342
350
287
535
435
475
473
387
575
519
310
341
276
499
427
504
487
412
622
461
348
350
291
541
459
446
487
378
649
440
339
326
395
461
494
459
537
409
576
513
336
345
307
501
450
478
497
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
601
621
686
844
782
786
870
903
840
780
752
618
567
620
845
779
885
846
919
780
846
844
618
602
732
851
752
852
875
878
829
746
828
732
680
694
790
737
853
896
932
836
776
770
708
629
680
760
709
975
885
860
864
817
825
638
614
738
834
686
871
900
864
862
848
933
748
649
671
858
681
931
784
869
865
859
932
677
726
738
866
696
329
899
828
837
893
814
780
680
706
883
709
915
874
902
831
833
796
703
721
785
831
697
905
856
916
827
898
785
684
689
723
802
791
924
851
816
792
893
806
651
720
791
737
704
841
943
857
813
841
843
612
597
679
847
771
841
864
900
816
791
808
693
641
704
795
711
900
894
885
854
814
843
735
685
705
869
695
892
852
866
844
862
847
679
710
766
790
731
890
883
863
811
877
811
678
654
712
828
721
884
872
874
837
839
838
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
798
976
1,253
1,319
1,077
1,274
1,715
1,706
797
956
1,202
1,423
1,258
1,313
1,704
1,705
831
960
1,242
1,374
1,194
1,310
1,753
1,691
325
1,061
1,208
1,314
1,301
1,234
1,736
1,775
830
1,019
1,237
1,213
1,251
1,347
1,818
1,700
855
1,105
1,255
1,272
1,164
1,413
1,778
1,579
904
1,067
1,340
1,241
1,196
1,484
1,823
1,662
856
1,140
1,281
1,350
1,178
1,294
1,820
1,783
900
1,199
1,237
1,307
1,266
1,539
1,736
1,668
911
1,239
1,268
1,268
1,251
1,538
1,742
1,710
840
1,280
1,288
1,280
1,303
1,576
1,654
1,715
845
1,279
1,293
1,283
1,286
1,615
1,764
1,730
809
964
1,232
1,372
1,176
1,299
1,724
1,701
837
1,062
1,233
1,266
1,239
1,331
1,777
1,685
887
1,135
1,286
1,299
1,213
1,439
1,793
1,704
865
1,266
1,283
1,277
1,280
1,576
1,720
1,718
853
1,105
1,258
1,302
447. NUMBER UNEMPLOYED, PULL-TIME WORKERS, LABOR FORCE SURVEY
(THOUSANDS)
,1,226
1,410
1,752
1,701
AVERAGE FOR PERIOD
1949. . .
1952. , .
1958. . .
1963...
1964...
1965...
1966...
1967...
1968...
3,719
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976.. .
1977...
1978...
2,088
2,404
3,889
3,896
3,357
3,508
5,969
5,924
NOTE:
3,466
3,041
2,391
2,285
2,257
3,722
3,377
3,391
3,163
2,301
2,193
2,980
2,349
2,250
2,333
2,201
3,539
3,339
3,029
2,365
2,247
2,009
2,071
2,026
2,107
2,664
3,838
2,111
2,939
3,830
3,811
3,399
3,548
6,034
5,735
3,624
3,866
3,857
3,345
3,498
6,390
5,714
3,812
3,334
3,554
6,666
5,703
3,613
3,196
3,283
2,794
2,295
2,296
3,422
2,985
2,692
2,277
2,236
3,317
2,875
2,423
2,277
2,049
3,053
2,696
2,235
2,267
3,105
2,610
2,171
2,179
2,115
2,026
3,.160
2,162
3,143
3,910
2,171
2,137
3,277
3,990
3,875
3,330
4,062
3,853
3,238
3,842
6,392
5,983
3,915
3,916
3,271
3,583
6,992
5,630
These series contain revisions beginning with 1973.
3,365
3,146
3,800
3,200
3,678
6,670
5,869
3,201
3,859
6,648
5,871
2,225
2,295
2,042
3,410
3,081
2,470
2,218
2,417
. 2,046
2,286
3,489
4,050
3,720
3,247
2,240
3,690
3,965
4,184
6,617
6,018
4,375
6,574
6,044
3,812
3,121
3,520
2,925
2,493
2,279
2,388
2,042
3,451
3,688
3,029
2,459
2,286
2,347
3,411
3,061
1,934
3,506
3,227
2,899
2,347
2,243
2,264
2,361
2,273
2,076
3,341
3,460
3,505
3,048
2,666
2,246
2,266
3,012
2,261
3,178
2,791
2,315
2,384
2,007
2,138
2,112
2,169
2,190
2,062
2,098
2,198
3,959
4,045
4,090
3,382
3,359
2,615
3,081
3,864
3,855
3,367
3,885
3,843
3,268
3,605
6,776
5,734
3,365
4,034
4,113
3,439
3,328
4,778
6,334
6,000
5,201
6,192
6,048
3,518
6,131
5,791
3,816
3,229
3,962
6,552
5,957
2,474
2,200
3,898
4,056
3,544
3,269
4,785
6,367
6,031
2,293
2,142
3,202
3,949
3,770
3,292
3,942
6,439
5,874
(MARCH 1978J
101
C. Historical Data for Selected Series—Continued
Monthly
Year
Jan.
FE b. Mar.
Apr.
May
June
July
Quarterly
Aug.
Sept.
Annual
Oct.
Nov.
Dec.
IQ
4 4 8 . NUMBER EMPLOYED, PART-TIME WORKERS FOR ECONOMIC REASONS, LABOR FORCE SURVEY
(THOUSANDS)
II Q
IIIQ
IVQ
AVBRAGG FOR PERIOD
1947, ..
1049..,
19SQ...
1951...
1952...
1953...
1954...
193S...
1956.,.
1957...
1,847
1,923
1,874
2,086
1,678
2,091
1,846
2,034
1,805
1,992
2,127
1,755
2,088
2,187
1,912
2,026
2,207
1,881
2,107
2,133
1,864
2,138
2,158
1,836
2,036
2,249
1,872
2,018
2,378
1,884
2,009
2,501
1,8*66
2,033
1,975
2,116
1,886
2,090
2,166
1,864
2,021
2,376
1,839
1,967
2,169
1958...
1959..,
1960...
1961...
1962..,
1963,..
1964...
1965...
1966...
1967...
1969...
3,022
2,511
2,287
3,087
2,161
2,298
2,120
2,108
1,797
2,048
1,633
3,174
3,440
2,314 2,475
2,379
2,197
3,278
3,024
2,296 2,414
2,282
2,281
2 , 2 3 2 2,166
1,973 1 , 9 9 4
1,637 1,627
2,077
2,039
1,819
1,748
3,334
2,310
2,545
2,994
2,280
2,296
2,246
1,927
1,629
2,104
1,659
3,306
2,123
2,413
2,932
2,403
2,249
2,205
1,983
1,706
1,702
1,714
3,019
2,205
2,577
2,748
2,290
2,288
2,173
1,898
1,737
1,838
1,826
2,771
2,302
2,S52
2,727
2,369
2,179
2,062
1,986
1,723
1,850
1,727
2,808
2,282
2,558
2,731
2,288
2,419
2,043
1,963
1,563
1,765
1,705
2,756
2,205
2,755
2,647
2,390
2,381
2,114
1,776
1,616
1,875
1,659
2,646
2,423
2,737
2,563
2,398
2,330
2,119
1,859
1,592
1,840
1,658
2,414
2,469
2,864
2,549
2,485
2,277
2,025
1,884
1,566
2,034
1,742
2,514
2,462
2,960
2,405
2,322
2,200
2,143
1,761
1,807
1,832
1,697
3,212
2,433
2,288
3,130
2,290
2,287
2,173
2,025
1,687
2,055
1,740
3,220
2,213
2,512
2,891
2,324
2,278
2,208
1,936
1,691
1,881
1,733
2,778
2,263
2,622
2,702
2,349
2,326
2,073
1,908
1,634
1,830
1,697
2,525
2,451
2,054
2,506
2,40?,
2,269
2,096
1,835
1,655
1,902
1,699
2,953
2,136
2,560
2,813
2,337
2,291
2,137
1,928
1,664
1,913
1,715
1969...
1970...
1971...
1972...
1973...
1974...
1973...
1976...
1977..,
1978...
1,721
1,993
2,540
2,456
2,000
2,455
3,593
3,292
1,707
1,902
2,523
2,323
2,154
2,632
3,585
3,204
1,686
2,321
2,462
2,499
2,119
2,330
3,782
3,224
1,746
2,233
2,474
2,361
2,185
2,628
3,665
3,275
1,854
2,145
2,211
2,557
2,515
2,543
3,488
3,159
1,750
2,271
2,405
2,493
2,462
2,577
3,415
3,191
1,875
2,192
2,415
2,52$
2,416
2,710
3,360
3,213
1,907
2,111
2,341
2,408
2,399
2,887
3,313
3,369
1,897
2,368
2,484
2,295
2,391
2,939
3,333
3,421
1,855
2,357
2,565
2,230
2,403
3,188
3,279
3,478
1,869
2,542
2,399
2,174
2,536
3,305
3,242
3,392
1,746
1,955
2,520
2,399
2,100
2,508
3,637
3,224
1,762
2,233
2,382
2,472
2,273
2,S03
3,645
3,219
1,844
2,191
2,38?
2,476
2,426
2,725
3,363
3,258
1,874
2,422
2,483
2,233
2,443
3,144
3,285
3,430
1,810
2,196
2,440
2,408
2,311
2,709
3,499
3,272
1,810
1,970
2,490
2,418
2,146
2,437
3,733
3,176
451. C I V I L I A N LABOR FORCE PARTICIPATION RATE, MALES 20 YEARS AND OVER, LABOR FORCE SURVEY
(PERCENT)
WE RACK FOR PERIOD
. . . . ... ..
-
1947, . .
1948...
1949...
1950...
1951...
1952,,.
1953...
1954..,
1953...
1956...
1957...
80.7
88,5
88.1
88.0
88.8
88.3
87.8
87.4
88,1
87.0
89
80
88
88
89
88
8B
87
S7
S7
0
5
Q
4
0
6
1
2
9
2
88.2
88.3
88.0
88.8
88.6
88.7
87,7
87.4
87.9
87.2
08,3
88.4
88.2
88.3
88.5
88.2
88.2
87.5
87.8
07.1
88.1
88.4
88.4
88.4
88.4
88.0
87.9
87.4
87.6
87.0
88.5
88.4
88,3
88.4
88.4
88.0
87.8
87.2
87.6
87,3
88.7
88.2
88.1
88.2
88.3
88.1
87.7
87.6
87.5
87.1
88.8
88.7
88. S
86.5
88.0
87.9
88.2
87.6
87.5
86.7
88.5
88.6
88.4
88.2
88.0
87.6
88,4
87.6
87.3
86.9
88.8
89.5
88,2
88.6
87.6
87.6
88.0
87.6
87.2
86.6
88.7
88,7
88,2
38.4
87.6
38.0
87.6
87.7
87.3
86. S
89.0
88.7
88.2
88.7
88,5
87.8
87.3
87.8
87.3
36.6
88.6
88.5
88.0
88.4
88.8
88.5
87.9
87.3
88.0
87.1
88.3
88.4
88.3
88.4
88.4
88.1
80.0
87.4
87,7
87-1
88.7
88. S
88.3
87.6
08.1
87.9
88,1
97.S
87.4
06.9
38.8
89.0
88.2
88.6
17.9
87.8
87.6
87.7
87.3
86.6
38,6
88.6
88.2
88.2
08.3
88.1
87.9
87,5
117. g
86.9
1958...
19S9...
1960...
1961...
1962...
1963...
1964, . .
1963...
1966...
1967...
1968...
86.4
86.2
86.2
86.1
85,1
84.3
84.2
84.1
83.6
83.7
83.1
86 2
86 0
86 0
85 8
85 3
84 3
84 1
84 1
83 5
83 5
83, 1
8S.2
86.3
85.6
85.9
85.3
84.4
84.Q
84.1
83.6
03.3
83.0
86.6
36.4
86.1
85.8
94.7
04.4
84.5
84.1
83.7
83.5
83.1
86. 9
86.2
86.0
85.9
85.0
84.3
84.5
§4.3
83.6
83.4
83.2
86.3
86.1
85.9
85.8
14.3
84,3
84.Q
83.8
83.6
83.5
83.4
87.0
86.6
85.9
8S.6
84.4
84. S
84.3
83.9
83.4
83.5
83.3
87.1
86.3
86.0
85.6
84.9
84.3
84.1
83.8
83,5
83.4
83.2
87.1
86.5
86.2
85.5
84.8
34.4
84.2
83.6
83.5
83.2
83.0
87.0
86,4
86.1
85.5
84.6
84.2
84.2
83.6
83.4
83.4
82,9
86.5
86.3
86.3
85,5
84.6
84.3
84.0
81.5
83.5
83.3
82.9
86,3
86.5
86.3
85.3
84.4
84.2
83.9
83.6
83.6
83.4
83.1
86.3
86.2
85.9
85.9
85,2
84.3
84.1
84.1
83.6
83.5
83.1
86,8
86,2
86.0
85.8
84.8
84.3
84.3
84.1
83.6
83.5
83.2
87.1
86.5
86.0
85.6
84.7
84,4
84.2
83.8
13.5
83.4
83,2
86.6
86.4
86.2
35,4
84.5
84.2
84.0
83.6
83,5
83.4
83.0
86.3
86.0
85,7
04.8
84.1
84.2
83.9
(13.5
83. 4
83.1
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977, . .
1978...
82.9
82.8
82.3
81.6
81.2
81.8
8Q.6
79.8
83 1
82 8
81 9
81 5
81 4
81 7
80. 4
79 7
83.0
82. 8
81.9
81.8
81.6
81.3
80.4
79.7
82.8
82.9
82.2
81.6
81.4
8.1.0
80.4
79.9
82.7
82.8
82.3
81.6
81,2
81.1
80.7
79.9
82,7
82.6
82.0
81.7
81,3
81.0
80.3
79.8
82.7
82.6
82.1
81.8
81.4
80.7
30.4
79.9
82,9
82.5
82.2
81.6
81.0
80.8
80.2
79.7
82.9
82,5
82.1
81,6
81.0
80.8
80.2
79.8
82.8
82. S
81.9
81.6
81.0
80.8
79.9
79.7
82.5
82,5
81.9
81.4
81.3
80.9
79.9
80.0
82.6
82.5
81.9
81.5
81.4
80.8
79.7
79.9
83.0
82.8
82.0
81.6
81.4
81.6
80.5
79.7
82.7
82,8
82.2
81.6
81.3
81.0
80.5
79.9
82.8
82.5
82.1
81.7
81.1
80. B
80.3
79.8
82.6
82.5
81.9
81.5
81.2
80.8
452. C I V I L I A N LABOR FORCK PARTICIPATION RATE, FEMALES 20 YEARS AND OVER, LABOR FORGE SURVEY
( PERCENT)
79. e
73.9
8fi.7
82.8
82.6
82.1
81.6
81.3
81. Q
80.1
79.8
AVBRAGK FOR PERIOD
1948...
1949...
1950...
1951...
1952. ..
1953...
1954...
1955,,.
1956,..
1957...
31.0
31,7
32.7
33.7
34.4
34.6
33.4
34.5
36.3
'36.2
31 4
32. 1
32. 8
33. 6
34. 3
34. 2
34. 5
34. 4
36, 0
36. 7
31.1
31.9
32.7
34.3
33, S
34.5
34.5
34.3
36.0
36.5
32.1
31,9
33.4
33.8
33.6
34.0
34.4
3S.1
36.2
36.2
31,3
32.3
33.0
34.1
34.0
33.4
34.3
34.7
36.7
36.3
32,5
32.2
33.8
33.6
33.8
34.1
34.1
35.0
36.4
36.4
32.7
32.9
33.2
34. S
33.7
34.1
33.8
35.5
36.6
36.9
32.0
32.7
33.6
33.9
33.9
33.7
33.9
36.0
36.6
36.4
32.3
32.5
33.1
33.8
34.9
33.7
34.5
35.9
36.8
36.5
31.7
32.7
33.6
34.2
34.2
34.0
34.4
36.0
36.6
36.6
31.8
32.9
33.7
34.1
34.8
33.6
34.4
36,0
36.4
36.6
32.1
32.7
33.3
34.5
34.2
33.2
34.0
36.4
36.4
36.9
31.2
31.9
32.7
33.9
34.1
34.4
34.1
34.4
36.1
36.5
32.0
32.1
33.4
33.8
33.8
33.0
34.3
34 .<)
36.4
36.3
32.3
32.7
33.3
34.1
34.2
33.8
34.1
35.8
36.7
36.6
31.9
32.8
33. S
34.3
34.4
33. fe
34.3
36.1
36.5
36.7
U.8
12.4
31.2
34.0
34.1
33.9
14,2
3S.3
36.4
M. [ i
1958...
1959...
I960., .
1961...
1962.,.
1963...
1964. ..
1965...
1966.,.
1907...
1968...
36.7
37.0
36,9
38,1
37.9
38.0
38.5
39.0
39.8
40.7
40.9
36, 8
36. 7
36, 9
38. 4
38. 0
30. 2
38. 8
39, 2
39. 6
40. 5
41. 3
36.8
37.0
36.3
38. 5
37.7
38.2
38.8
39.2
39.6
40.4
41,4
37,1
37,1
37.6
37,9
37.6
38.4
39.3
39.2
39.8
40,8
41.4
37.0
37.1
37.7
38,1
37. g
38.4
39.3
39.2
40 .0
40.8
42.0
37.0
37.2
37.9
38.4
37, S
38.2
39.0
39.7
39.9
40.9
41.9
37,0
37.1
37.9
38.0
37,6
38.3
38.7
39.7
40,0
41.0
41.7
37.2
36.9
37.9
37.7
38.1
38.1
38.9
39.6
40.3
41.1
41.3
36.8
36.9
38.1
37.5
38.3
38.4
38.6
39.3
40,6
41,4
41.6
36.8
37.3
37.6
37.9
37.9
38.6
38.8
39.4
40.6
41.7
41.6
36.6
37.0
38.2
37.6
37.8
38.7
38.7
39.5
40.9
41.6
41.9
36.7
37.2
38,2
37.5
37.8
38.5
38.9
39.6
40.8
41.8
41.9
36.8
36,9
36,7
3S.3
37.9
38.1
38.7
39.1
39.7
40.5
41.2
37.0
37.1
37.7
38.1
37.6
38.3
39.3
39.4
39. S>
40.8
41.8
37.0
37.0
38. Q
37 .7
38.0
38.3
38.7
39.5
40.3
41.2
41.5
36. 7
37.2
38.0
37.?
37.8
38.6
38.8
39.5
49.8
41.7
41.8
36.9
37. Q
37.6
30.0
37,8
38.3
38.9
39.4
40.2
41.1
41. S
1969., .
1970,..
1971...
1972...
1973...
1974...
1975.,,
1976...
1977..,
1978...
42.0
43.'2
43,6
43.6
43.6
44,6
45.8
4S.6
42. 4
43. 1
43. 3
43. 4
44. 0
44, 9
45. 5
46. 6
42.4
43.4
43,2
43.7
44.0
45.0
45. i
46.6
42.6
43.5
43.2
43.6
44.2
45.1
46,0
46.8
42.5
43.0
43.1
43.7
44.3
45.2
46.1
46,8
42.8
43.2
43.0
43.6
44.5
45,2
46. Q
47,0
42.7
43,5
42.9
43.6
44.5
45.7
46.0
47.2
42,8
43.3
43.2
43.8
44.4
45.4
46.1
47.2
42,8
43.0
43,4
43.7
44.5
45.5
46.1
47.2
42.9
43.4
43.5
43.7
44.5
45.3
46.2
47.0
42.8
43,4
43.8
43.6
44.9
45.4
46.1
47.4
42.9
43,4
43.8
43.7
44.8
45.5
46.2
47.5
42.3
43.2
43.4
43.6
43.9
44.8
45,7
46.6
42.6
43.2
43,1
43.6
44.3
45.2
46.0
46.9
42.8
43.3
43.2
43.7
44.5
4S.5
46.1
47.2
42.9
43.4
43.7
43.7
44.7
45.4
46.2
47.3
42.7
43.1
43.3
43.6
44.4
45,2
46.0
47.0
NOTE: These series contain revisions beginning with 1973.
102
(MflRCH 1978)
C. Historical Data for Selected Series—Continued
Monthly
Quarterly
Year
Feb.
Jan.
Mar.
Apr.
May
June
July
453. C I V I L I A N LABOR FORCE PARTICIPATION RATE, BOTH SEXES, 16-19
(PERCENT)
1947...
1948...
1949.,.
1950...
1951...
Aug.
Sept,
Nov.
Oct.
Dec.
Annual
•id
II Q
IIIQ
IV Q
YEARS OF AGE, LABOR FORCE SURVEY
AVERAGE FOR PERIOD
1953...
1954...
1955...
1956...
1957..,
53.2
52.8
51.9
51.4
52.2
52.4
50.9
46.8
51.4
49.5
53.7
53.7
51.7
Sl.O
51.8
54.0
51.4
45.4
50.5
49.8
54.1
54.5
50.2
53.3
50.9
53.1
51.7
46.3
50.0
50.6
54.2
53.0
50.8
50.9
50.7
51.8
50.1
47.3
49.4
49.5
50.9
53.4
50.9
52.6
52.3
49.5
48.6
47.6
52.1
49.4
53.8
49.8
50.4
51.3
52.8
50.9
46.3
46.7
52.5
50.2
52.6
50.3
50.8
52.6
51.2
49.5
47.1
48.4
51.7
50.2
51.5
51.9
52.0
53.0
50.0
49.6
48.0
49.6
50.6
48.4
51.5
53.1
52.5
52.7
50.5
49.1
48.5
50.5
50.3
49.3
50.6
52.5
53.5
52.4
50.2
48.2
47.3
51.1
49.7
49.3
51.0
52.9
52.6
51.9
51.4
46.9
46.3
52.7
50.4
49.4
53.1
52.6
52.5
52.9
51.1
49.2
44.6
53.4
50.3
49.3
53.7
53.7
51.3
51.9
51.6
53.2
51.3
46.2
50.6
50.0
53.0
52.1
50.7
51.6
51.9
50.7
48.3
47.2
51.3
49.7
51.9
51.8
51.8
52.8
50.6
49.4
47.9
49,5
50.9
49.3
51.6
52.7
52.9
52.4
50.9
48.8
46.1
52.4
SO.l
49.3
52.5
52.5
51.6
52.2
51.3
50.5
48.4
48.8
50.7
49.6
1958...
1959...
1960...
1961...
1962...
1963...
1964.. .
1965...
1966...
1967...
1968...
47.4
47.5
47.2
47.4
45.6
45.4
44.4
43.0
48.0
48.3
46.6
48.0
46.7
47.4
46.7
45.9
45.1
45.3
43.7
46.7
48.2
48.5
47.5
46.7
46.7
47,6
46.8
44.8
45.0
44.1
46.9
47.5
48.2
48.1
47.7
48.5
46.0
46.5
45.3
44.0
45.3
47.4
47.6
47.9
48.9
46.2
48.1
45.8
47.4
46.2
44.8
45.6
46.9
47.2
48.2
46.5
46.0
49.7
47.8
47.8
44.6
44.4
44.0
48.5
48.8
49.3
46.8
46.3
47.3
47.1
46.5
45.0
44.0
46.3
49.1
49.0
49.1
47.1
46.6
46.9
48.0
46.4
44.8
44.2
45.5
49.3
49.5
49.0
47.9
46.9
47.4
46.4
45.8
45.7
45.5
46,5
47.5
48.3
47.9
47.9
46.6
47.3
46.4
45.3
45.8
44.1
47.8
48.2
48.7
48.0
46.8
46.3
47.4
47.4
44.9
44.8
44.1
47.1
49.1
48.3
47.7
47,1
47.4
46.5
45.6
44.8
43.9
44.3
48.1
49.3
48.3
47.8
47.6
47.0
47.1
47.2
46.1
45.1
44.9
43.6
47.2
48.0
47.8
47.8
46.6
48.8
46.5
47.2
45.4
44.4
45.0
47.6
47.9
48.5
47.3
46.6
47.2
47.2
46.2
45.2
44.6
46.1
48,6
48.9
48.7
47.3
46.8
47.1
46,5
45.0
44.8
44.2
47.7
48.9
48.4
47.8
47.5
46.7
47.5
46.8
46.1
4S.1
44.5
45.6
48.1
48.4
48.3
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
47.7
50.5
49.9
51.2
50.9
55.2
54.9
54.2
47.8
50.3
49.7
51.3
52.9
55.3
54.1
54.2
48.3
50.2
48.9
51.8
53.6
55.1
54.2
54.4
48.7
49.8
49.5
51.8
53.7
53.9
53.6
55.2
47.5
49.7
49.3
51.6
53.2
54,4
54.7
55.2
49.6
49.0
48.0
52.0
54.4
55.2
53.7
53.8
50.0
49.5
50.7
51.4
53.4
55.0
54.3
55.6
50.0
49.9
50.6
52.8
53.3
53.9
54-.0
55.4
50.5
50.6
49.3
51.7
54.3
55.8
54.1
53.8
50.9
50.2
49.6
52.0
54.8
55.6
53.7
54.6
50.9
50.1
50.5
52.4
55.2
55.2
53.3
54.5
50,4
50.0
50.6
52.9
55.2
54.7
54.1
54.6
47.9
50.3
49.5
51.4
52.5
55.2
54.4
54.3
48.6
49.5
48.9
51.8
53.8
54.5
54.0
54.7
50.2
50.0
50,2
52.0
53.7
54.9
54.1
54.9
50.7
50.1
SO. 2
52. 4
55. 1
55.2
53.7
54.6
49.4
49.9
49.7
52.0
53.7
54.9
54.1
54.6
1952, ..
•
516.
DEFENSE DEPARTMENT OBLIGATIONS INCURRED, TOTAL, EXCLUDING MILITARY ASSISTANCE.
( M I L L I O N S OF DOLLARS)
TOTAL FOR PERIOD
1947. . .
1948. . .
1949. . .
1950 ..
1951. . .
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961,..
1962...
1963...
1964...
1965...
1966...
2,120
2,952
2,442
3,376
3,325
2,812
1,899
2,613
3,009
3,594
4,248
3,254
3,720
3,538
3,234
3,334
4,091
3,601
3,739
3,368
3,537
3,439
4,065
4,086
3,641
4,434
4,632
4,137
5,317
4,351
4,278
3,839
5,179
1967. ..
5,100
6,518
6,595
1968...
7,033
7,615
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
7,578
6,586
6,647
7,050
6,340
6,643
7,361
7,271
6,840
7,669
7,337
7,474
7,856
8,463
7,861
8,433
4,421
4,233
4,133
4,624
5,879
6,343
6,208
2,568
3,180
3,515
3,543
4,078
3,620
3,362
3,381
4,477
4,078
4,544
4,593
6,444
6,211
6,765
7,080
8,067
6,520
6,658
6,977
6,892
6,739
7,885
7,838
8,812
9,140
6,543
6,634
6,718
7,111
7,361
4,630
5,447
7,732
2,817
2,591
4,588
2,745
3,017
2,915
3,184
2,855
3,818
3,355
3,263
3,824
5,344
4,385
4,580
4,237
5,223
3,541
3,906
3,999
4,874
3,892
4,596
3,802
3,357
4,296
4,535
3,771
3,893
4,082
4,481
4,349
4,520
7,084
6,891
7,441
6,929
6,319
6,144
6,588
6,646
6,946
7,269
7,428
8,477
8,567
2,298
3,701
2,376
4,279
3,863
4,251
4,818
2,247
3,378
3,522
3,358
4,179
2,874
2,366
3,569
3,677
3,727
3,999
4,507
2,150
2,579
2,602
2,689
2,945
2,379
3,447
2,837
2,449
3,240
3,020
6,829
6,211
7,097
7,069
7,668
8,443
8,676
3,729
5,305
3,784
4,517
4,349
4,677
4,258
4,998
5,928
7,544
6,906
6,728
7,570
7,063
7,020
7,866
8,296
9,835
1,145
7,215
7,003
7,659
6,472
6,029
6,469
7,470
6,853
7,821
8,245
7,096
3,145
3,430
3,499
3,481
3,608
,109
,121
,920
,093
,228
,896
1,180
3,014
6,971
3,254
3,349
3,406
7,867
10,633
10,173
8,279
7,995
10,934
9,308
8,925
7,046
11,393
3,816
3,160
11,145
10,878
10,041
11,243
12,941
13,002
13,801
12,741
16,158
19,456
20,856
12,608
11,052
10,810
11,001
12,558
13,066
13,711
13,743
18,975
20,834
21,135
21,171
19,560
20,008
21,743
21,538
22,223
23,784
25,708
18,983
20,075
19,834
20,935
21,077
22,981
24,758
26,383
3,583
4,653
4,140
4,371
4,160
5,112
4,405
5,276
6,579
7,479
7,989
3,773
4,962
6,059
7,449
7,520
6,394
6,804
6,050
7,041
6,281
7,142
6,801
6,925
7,487
7,246
6,600
7,082
7,507
8,357
8,151
7,815
8,314
8,172
9,629
8,894
10,082
6,559
3,245
8,226
10,351
5,989
6,565
7,286
5,325
5,669
6,023
6,331
6,834
6,833
6,811
6,917
7,070
7,798
6,685
6,852
7,418
5,725
9,532
9,116
9,924
9,760
33,707
31,129
42,884
38,357
10,714
10,898
13,128
14,002
12,794
13,089
13,319
14,757
18,792
20,410
23,192
11,893
10,570
11,049
13,070
13,595
13,576
13,326
15,527
18,071
20,345
21,640
46,360
43,398
45,028
49,316
51,888
52,733
54,157
56,768
71,996
81,045
86,823
19,772
19,561
20,089
21,334
20,432
23,932
24,767
27,282
20,685
20,268
21,540
20,692
21,846
23,917
24,138
28,605
80,611
79,464
81,471
84,704
84,893
93,053
97,447
107,978
8,221
52 , . MILITARY PRIME CONTRACT AWARDS TO U . S . BUSINESS FIRMS AND INSTITUTIONS
( M I L L I O N S OF DOLLARS)
TOTAL FOR PERIOD
1947
1951...
1952...
1953...
1954...
1955...
1956...
1957...
3,976
2,528
3,682
3,493
5,479
2,295
616
1,049
1,474
1,756
564
1,306
1,388
1,927
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966..,
1967...
1968...
2,103
1,625
1,850
1,989
3,271
1,232
1,898
1,754
2,186
2,180
2,611
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977,..
1978,..
NOTE:
2,429
2,372
2,097
2,952
3,364
2,887
2,958
1,846
3,001
2,959
2,381
826
1,028
1,502
1,563
2,892
2,088
2,462
1,068
1,468
1,404
2,312
2,243
2,142
1,966
1,904
1,987
1,726
2,552
2,463
1,966
2,451
2,204
2,274
2,295
2,023
2,502
2,843
3,461
2,906
3,930
3,445
2,956
3,034
3,124
3,026
3,488
3,398
2,855
2,508
3,520
2,824
3,441
2,904
2,904
2,825
3,104
3,218
3,731
3,144
4,061
3,101
2,928
2,985
2,568
4,372
4,023
3,489
3,536
2,623
2,704
2,982
2,899
3,025
2,947
2,990
3,168
6,713
2,591
3,760
3,059
2,038
1,326
841
1,782
808
1,116
1,287
3,043
1,893
2,228
2,222
2,252
1,963
1,855
2,140
2,413
2,229
2.,127
2,366
2,640
2,150
2,024
1,093
4,097
1,158
2,035
886
971
1,196
1,619
4,241
1,002
1,089
767
1,231
2,108
1,310
2,333
2,823
2,116
1,004
2,143
959
2,271
1,136
1,972
1,594
2,454
597
2,091
1,297
1,511
2,192
2,151
1,993
1,888
2,216
1,692
1,964
1,910
2,580
1,963
2,390
3,693
3,566
3,067
2,313
2,775
3,940
3,545
3,937
3,165
3,173
3,720
3,836
2,744
2,896
2,324
2,896
3,001
2,680
2,717
2,916
2,786
3,154
3,171
3,211
3,814
2,897
3,402
>,680
3,854
3,074
2,024
3,295
3,635
2,535
2,782
3,093
2,638
2,962
3,553
2,982
2,725
3,235
3,504
4,419
3,102
3,652
4,985
2,978
4,040
4,203
3,070
2,545
2,231
3,543
These series contain revisions beginning with 1973,
2,759
4,292
2,042
2,200
2,143
2,167
2,722
3,690
2,308
1,793
2,250
2,033
2,032
2,635
2,163
2,419
3,541
2,113
3,462
3,295
265
481
1,310
1,934
1,819
1,880
1,937
1,327
1,704
2,102
1,938
2,494
2,308
2,946
2,814
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
4,897
1,814
2,075
2,995
3,225
3,308
3,378
3,399
3,148
390
913
2,194
1,891
1,671
2,328
1,298
1,922
2,491
2,044
2,149
1,997
2,988
10,470
10,966
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
3,513
8,814
3,479
10,328
9,456
3,613
2,734
2,746
3,092
3,589
3,347
3,667
3,062
2,765
4,114
4,729
3,181
3,066
2,532
3,292
3,051
3,413
9,743
8,382
8,316
9,527
8,670
9,352
10,960
13,350
9,411
10,671
4,276
9,684
8,586
3,596
2,799
5,395
4,226
3,665
4,640
5,797
5,084
7,413
6,319
5,941
5,511
9,439
6,542
3,510
5,210
4,213
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
4,128
4,107
5,949
6,601
6,169
1,614
5,912
5,337
5,187
6,087
7,573
6,706
7,507
10,646
10,955
10,946
7,293
7,804
6,082
6,039
8,773
10,121
10,413
10,894
8,577
8,486
8,437
8,764
9,067
7,612
8,991
9,391
8,221
9,631
10,352
11,156
11,172
10,581
9,341
13,740
40,236
33,267
20,642
13,288
14,418
20,766
18,769
24,414
23,094
23,237
25,982
28,456
27,960
27,093
30,057
39,713
42,328
42,054
3S,445
33,417
33,554
35,956
35,158
41,270
42,974
49,148
(MARCH 1978)
103
G. Experimental Data and Analyses
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index
Basic data
(and
Series title
unit of measure)
LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
.
3. Layoff rate, manufacturing 1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies reporting
slower deliveries (percent) . . . .
12. Net business formation
(index: 1967-100) .
-. .
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967-100)
36. Change in inventories on hand and on order in
1972 do!., smoothed2 (ann. rate, bil. dol.) .
92. Change in sensitive prices, smoothed2
(percent)
19. Stock prices, 500 common stocks
(index: 1941-43=00)
104. Change in total liquid assets, smoothed2
(percent)
105. Money supply (Ml) in 1972 dollars
(billion dollars)
*
....
910. Composite index of 12 leading indicators 3
(index: 1967^100)
ROUGHLY COINCIDENT INDICATORS
41, Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars). . . .
47. Industrial productions total
(index: 1967-100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators 9 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars) .
62. Labor cost per unit of output, manufacturing
(index: 1967=100)
109. Average prime rate charged by banks
(percent)
72. Commercial and industrial loans outstanding
(million dollars)
95, Ratio, consumer installment debt to
personal income (percent)
930. Composite index of 6 lagging indicators 9
(index: 1967=100)
Dec.
1977
Nov.
1977
Nov.
to
Dec.
1977
Feb.
1978
Jan.
1978
Dec.
to
Jan.
1978
Jan.
to
Feb.
1978
-O.G8
0.27
-0.09
0.09
0.0
0.1G
-0.15
0.10
CU
0.21
-0.03
0.37
el37.7
MA
0.12
0.30
rl2.9G
p!3.73
0.31*
-O.H
0.18
156.1
128.0
130.2
-O.U
-0.59
O.Ol*
12.13
rlO.27
pll.22
rO.63
0.99
rl.61
1.65
9<*.28
93.82
90.25
38.98
-0.03
-0.23
-0.10
1.10
1.07
0.94
p0.7U
-0.09
-0.38
-0.70
r22G.t*
r226.8
r22G.G
p225.2
0.08
0.0
-O.fcO
rl3**.l
rl35.2
rl33.U
P133.I*
0.82
-1.33
0.0
83,2(15
r83,U29
r83,725
p3l*,07l*
0.18
0,29
r071.5
r931,l
r972.1
e971.f*
0.'*5
-O.fc2
-0.01*
130.3
139.6
r!38.5
p!39.2
0.06
-0.21
0.18
rli*6,i*06
pUl,011
MA
Q.kk
-0.83
MA
rl3i*.6
r!32.8
pl33.U
0.98
-1.3'*
Q.l*5
12.5
-Q.OU
0.30
0.40
NA
U0.5
**0.5
r39.G
p39.0
0.0
0.9
1.0
0.9
pO.9
35.27
36. U7
r35.31
P3S.97
50
5G
55
r!33.5
r!3<*.7
11.90
13.67
163.1
rl**3,568
133.3
13.7
236.59
157.7
7.75
13.8
13.1
NA
-0.10
0.1G
O.OS
0.28
IMA
NA
0.02
O.U
r236.**7
P23G.88
NA
0.02
0.03
r!59.1
rlBl.8
P162.G
0.27
0.52
0.22
7.75
7.93
8.00
0.0
O.U1
0.23
0.54
rl25/957
r!27 / 010
p!29,100
0.05
0.18
12.98
r!2.93
pl3.ll
MA
0.0
O.M
NA
132.5
r!32.6
r!35.0
P13G.7
0.08
1.81
1.26
rl25,679
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the 1977 HANDBOOK OF C1CLICAL
(pp. 74-75)
for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated,
x
This
2
This
3
series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0,170; for the coincident index, -0.158; for the lagging index, -0.153.
104
G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
10. Index of 12 leading
indicators
Deviations
from
ref.
peak
Actual
data
for
current
cycle
MONTHS DEVIFROM ATIONS CURRENT MONTH
AMD
FROM ACTUAL
REF.
PATA YHAR
TROUGH 11/75
• 155
+15
+10
910.
SERIES 910
1907=100
Percent
+20
I.JU.H,.
23
-2.5
2k
-Q.k
127.3
130.0
2/77
3/77
25
-0.2
-0.5
-0.5
-0.6
130.2
129.8
129.8
129.7
k/77
26
27
28
29
30
31
32
1.1
1.6
2.5
2.8
131.9
132.6
133.8
131*. i
8/77
9/77
10/77
11/77
33
31*
35
3.6
2.2
2.2
135.2
133.1*
133.1*
12/77
1/78
2/78
"I""'!"™!
Index of 12 leading
indicators
5/77
6/77
7/77
H25
MOUTHS DEVIFROM ATIONS CURRENT MOUTH
AMD
SPEC.
FROM ACTUAL
TROUGH
DATA YEAR
2/75
+5
• 135.
SERIFS yio
1967*100
-5
• 125
• 115
-15
-1 -20
40. Ratio, coincident index to
lagging index
0
1958
19.9
127.3
2/77
25
26
27
23
22. k
22.6
22.2
22.2
130.0
130.2
129.8
129.8
5/77
6/77
129.7
131.9
132.6
133.8
3/77
9/77
10/77
29
30
31
32
-10
• 105
• 120
2k
22.1
2k. 2
24.9
2G.O
3/77
k/77
• 115
7/77
- +5
26.3
131*. 1 11/77
33
12/77
27,3
135.2
3U
1/78
133.4
25.6
35
2/78
25.6
36
133.1*
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR
• 110
940.
SERIES 940
1967=100
• 105
Ratio, coincident index to
lagging index
Percent
23
24
5.9
7.5
103.4
104.9
2/77
3/77
• 105
25
26
27
28
7.3
6.8
5.4
5.3
104.7
104.2
102.9
102.8
4/77
5/77
6/77
7/77
+30
• 100
29
30
31
32
4.5
4.0
3.5
3.1
102.0
101.5
101.0
100.6
8/77
9/77
10/77
11/77
+25
33
34
35
4.0
0.8
0.0
101.5
98.4
97.6
12/77
1/78
2/78
'ercent
+10
+5
• 95
-5
+35
• 105
+20
DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
1/75
DATA YEAR
TROUGH
110 NTH S
• 90
• 100
«95
+15
SERIES 940
1967=100
• 90
-10
• 85
-15
• SO
-20
-12 -6
0 +6 +12 +18+24 +30 +36
Months from reference troughs
25
26
27
28
30.2
32.1
31.9
31.2
103.4
104.9
104.7
104,2
2/77
3/77
4/77
5/77
+10
29
30
31
32
29.6
29.5
28.5
27.8
102.9
102.8
102.0
101.5
6/77
7/77
8/77
9/77
+5
33
34
35
36
27.2
26.7
27.8
23.9
101.0
100.6
101.5
98.4
10/77
11/77
12/77
1/78
37
22.9
97D6
2/78
980
-12 -6
0 +6 +12+18 +24+30 +36
Months from specific troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 104 of the January 1978 issue.
105
G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
nmiimi|IMIIiiminuiurn mm
Deviations
from
ref.
913. Marginal employment
adjustments, composite index
Actual
data
for
current
cycle
m
"I +5
-
0
• 105
• 100
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
PROM ACTUAL
AND
TROUGH
11/73
DATA YEAR
SERIES 913
1967=100
23
24
-4.1
-2.8
96.6
97.9
2/77
3/77
25
26
27
28
-3.6
-3.6
-3.7
-4.6
97.1
97.1
97.0
96.1
4/77
5/77
6/77
7/77
29
30
31
32
-4.6
-4.3
-3.9
-3.1
96.1
96.4
96.8
97.6
8/77
9/77
10/77
11/77
33
34
35
-2.2
-3.9
-4.0
98.5
96.8
96.7
12/77
1/78
2/78
l(l|l(l[||lmi
ui mi Im 11 limn mium|imiji m
913. Marginal employment
adjustments, composite index
Deviations
frcm
spec,
trough
Actual
data
for
current
cycle
Percent
• 100
MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
2/75
DATA YEAR
SERIES 913
1967=100
• 95
• 90
914. Capital investment
commitments, composite index
24
7.3
96.6
2/77
25
26
27
28
8.8
7.9
7.9
7.8
97.9
97.1
97.1
97.0
3/77
4/77
5/77
6/77
29
30
31
32
6.8
6.8
7.1
7.6
96.1
96.1
96.4
96.8
7/77
8/77
9/77
10/77
33
34
35
36
8.4
9.4
7.6
7.4
97.6
98.5
96.8
96.7
11/77
12/77
1/78
2/78
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR
914. Capital investment
commitments, composite index
SERIES 914
1967=100
+5
• 105
-5
• US
23
24
0.2
1.1
109.6
110.6
2/77
3/77
25
26
27
28
0.5
1.3
1.9
1.5
110.0
110.8
111.5
111.0
4/77
5/77
6/77
7/77
29
30
31
32
3.S
3.4
4.0
4.5
113.2
113.1
113.8
114.3
8/77
9/77
10/77
11/77
33
34
35
5.3
4.3
4.9
115.2
114.1
114.8
12/77
1/78
2/78
• uo
• 1,09
MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAR
2/75
SERIES 914
1967=100
• 100
-10
-12 -6
0 +6 +12 +18 +24 +30 +36
24
12.4
109.6
2/77
25
26
27
28
13.4
12,8
13.6
14.4
110.6
110.0
110.8
111.5
3/77
4/77
5/77
6/77
29
30
31
32
13.8
16.1
16.0
16.7
111.0
113.2
113.1
113.8
7/77
8/77
9/77
10/77
33
34
35
36
17.2
18.2
17.0
17.7
114.3
115.2
114.1
114.8
11/77
12/77
1/78
2/78
Months from reference troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 104 of the January 1978 issue.
106
m n lit mm iimlnmliimlimimMMumlii
-12 -6
0 -1-6 +12 -1-18 +24 +30 +36
Months from specific troughs
G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
Tim 11111111111111111) 111 ii 111 run [ rn T ini11111
915. Inventory investment and
purchasing, composite index
Deviations
from
ref.
Actual
data
for
current
cycle
+5
• 110
• 105
-5
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH 11/73
DATA YEAR
SERIES 915
1967=100
23
24
-7.3
-5.7
101.6
103.4
2/77
3/77
25
26
27
28
-5.1
-5.7
-6.3
-6.8
104.0
103.3
102.7
102.2
4/77
5/77
6/77
7/77
29
30
31
32
-6.4
-6.3
-6.2
-6.6
102.6
102.7
102.8
102.4
8/77
9/77
10/77
11/77
33
34
35
-5.8
-5.7
-4.7
103.2
103.4
104.5
12/77
1/78
2/78
MONTHS DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL . AND
SPEC.
TROUGH
3/75
DATA YEAR
SERIES 915
1967=100
• 100
-10
• 95
-15
916. Profitability, composite index
Percent
—, +15
• 120
23
24
9.4
11.3
101.6
103.4
2/77
3/77
25
26
27
28
11.9
11.2
10.5
10.0
104.0
103.3
102.7
102.2
4/77
5/77
6/77
7/77
29
30
31
32
10.4
10.5
10.7
10.2
102.6
102.7
102.8
102.4
8/77
9/77
10/77
11/77
33
34
35
11.1
11.3
12.5
103.2
103.4
104.5
12/77
1/78
2/78
minimum imi|iim|i mil mi MI ii i)|imi|in
915. Invei itory investment and
pure hasing, composite index
[
B
Deviations
from
spec.
trough
Actual
data
for
current
cycle
Percent
+20
-\
\
• 110
+15
V
11/53
5
A
• 105
i
+10
• 100
+5
• 95
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
11/73
DATA YEAR
SERIES 916
1967=100
+10
+5
• 115
• 110
• 105
23
24
1.8
2.5
106.2
107.0
2/77
3/77
25
26
27
28
3.3
3.9
4.2
5.0
107.7
108.4
108.7
109.5
4/77
5/77
6/77
7/77
29
30
31
32
5.1
4.3
3.2
2.7
109.6
8/77
108.8.
9/77
107.6
10/77
107.1
11/77
33
34
35
2.3
0.8
0.8
106.7
105.1
105.1
916. Profitability, composite index
Percent
+20
+15
12/77
1/78
2/78
• 105
MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
12/74
DATA YEAR
+10
SERIES 916
1967=100
-5
• 95
-10
-12-6
0 +6 +12+18+24+30+36
26
27
28
14.3
15.2
15.9
106.2
107.0
107.7
2/77
3/77
4/77
29
30
31
32
16.7
17.0
17.9
18.0
108.4
108.7
109.5
109.6
5/77
6/77
7/77
8/77
33
34
35
36
17.1
15.8
15.3
14.9
108.8
107.6
107.1
106.7
9/77
10/77
11/77
12/77
37
38
13.1
13.1
105.1
105.1
1/78
2/78
Months from reference troughs
NOTE:
+5
• 95
-12-6
0 +6 +12+18+24+30+36
Months from specific troughs
For an explanation of these charts, see "How to Read Charts" on p. 104 of the January 1978 issue.
107
G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
Devi-
917. Money and financial flows,
composite index
(it ions
Actual
data
from
for
ref.
current
cycle
peak
• 120
• 115
MONTI IS DEVIFROM ATIONS CURRENT MONTH
Ann
FROM ACTUAL
RF.F.
DATA YEAR
TROUGH 11/73
ni]miTTTTM!jnirrnitTT|iirir[niinMnunrrT[riT
917, Money and financial flows,
composite index
Q
SERIES 017
1907=100
EEE
23
2k
-7.1
-C.5
109.9
110. G
2/77
3/77
25
2C
27
28
-G.I
-6.9
-7.0
-5.7
111.1
110.1
110.0
lll.G
k/77
5/77
G/77
7/77
29
30
31
32
-It. 5
-3.G
-3.0
-3.G
a/77
115.0
Q/77
1U.1
111*. 8 10/77
1U.1 11/77
HIS
uk. i 12/77
33
-3.fi
1/78
112.7
-if.'/
3l>
109.3
2/73
-7.C
35
MONTHS D E V I FROM ATIONS CURRENT MONTH
FROM ACTUAL
AMP
SPEC.
TROUGH
2/75
TATA YEAR
• 110
105
SERIES 917
1067^100
• 110
• 105
-I-15
950, Diffusion index of twelve
leading indicator components
(6-mo. span)
• 100
109,9
2/77
10,5
9.G
0.5
110. G
111.1
110.1
110,0
3/77
k/77
5/77
G/77
29
30
31
32
11.0
12.4
13.5
UK 2
lll.G
113.0
11U.1
1U.8
7/77
G/77
9/77
10/77
33
31*
35
36
13.5
13.5
12.1
8.0
Ilk. I
Ilk. I
112.7
109.5
11/77
12/77
1/78
2/78
2k
Q.U
25
2C
27
28
in.o
SERIES 950
PCT. R I S I N G
+90
20
58.3
11/76
+80
21
22
23
21*
75.0
79.2
6G.7
G2.5
12/76
1/77
2/77
3/77
25
2G
27
2S
58.3
79.2
5k.2
70.8
(*/77
5/77
G/77
7/77
29
30
31
32
GG.7
70.8
58.3
50.0
8/77
9/77
10/77
11/77
+60
+50
+40
MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
SPEC.
DATA YEAR
TROUGH 10/71*
11/76
12/76
1/77
2/77
25
26
27
28
50. 5
75.0
79.2
66. 7
58.3
75.0
79.2
GG.7
29
30
31
32
62.5
58,3
79.2
5U.2
62.5
58.3
79.2
St. 2
0 +6 +12 +18 +24 +30 +38
33
3k
35
36
70.8
66.7
70.8
58.3
7/77
70.8
0/77
66.7
9/77
70.8
58. 3 10/77
Months from reference troughs
37
50.0
50.0
+10
0
3/77
'1/77
5/77
6/77
11/77
NOTE: For an explanation of these charts* see "How to Read Charts" on p. 104 of the January 1978 issue.
108
+80
•so
+60
• 60
+40
• 40
+20
• 20
SERIES 950
PCT. RISING
+30
+20
•loo
CUR RE I IT MOUTH
ACTUAL
AMP
DATA YEAR
FROM
RF.F.
TROUGH
+70
Actual
MONTHS
-1+100
-12 -6
950. Diffusion index of twelve
leading indicator components
(6-mo. span) (UJ]
E
o
-12 -6
0 +6 +12-h18 +24+30 +36
Months from specific troughs
•o
ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Current issue
(page numbers)
Series
number
Charts
Tables
Historical
Series
data
descriptions
(issue date} (issue date}
A
Accession rate manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Employees, manufacturing and trade, 01
Inventories manufacturing and trade 01
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Prices, selling, wholesale trade, Dl
Profits, net, manufacturing and trade, Dl
Seles, net, manufacturing and trade, Dl
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts
8/68
2
604 •
17
55
60
90
1/78
6/77
61
970
58
974
975
971
976
978
977
972
973
25
39
23
39
39
39
39
39
39
39
39
66
75
64
75
75
75
75
75
75
75
75
8/77
a/77
1/77
8/77
8/77
8/77
8/77
8/77
8/77
8/77
8/77
11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
55
616
23
55
64
90
10/77
6/77
10/69*
B
Balance of payments-See International transactions.
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment, Dl . . . .
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving
72
112
93
94
16,36
33
34
34
72
71
71
71
a/77
8/77
6/77
2/78
29
76
61
970
14
12
13
14,26
25
25
39
34
13 24
24
66
66
66
75
71
64
64
8/77
2/78
8/77
Q/77
12/77
12/76
1/77
295
47
81
M/ll
C
Canada— See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB}
Materials
Capital appropriations, manufacturing
Backlog
. .
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Cap tal investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
83
82
84
21
21
21
63
63
63
1/78
1/78
1/78
97
11
965
25
25
38
65
65
74
1/78
1/78
Mill
914
35
34
12
30
30
59
69
69
442
90
441
37
52
19
52
19,52
88
61
88
61 ,88
920
920c
951
940
9
72
112
11
40
37
12
24
16,36
33
73*"
59
65
72
71
345
50
345c
280
59
nn
10/77
10/77
3/78
4/77
3/78
3/78
nn
11/72
11/72
11/72
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarnn economy, percent changes .
Wage and benefit decisions, first year
Wage and benefit decisions life of contract
Wages and salaries, mining, manufacturing, and
construction
Composite indexes
Coincident indicators
Four coinciders
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
Twelve leaders, rate of change
Construction
Building permits" new private housing
Contracts awarded, commercial and industrial bldgs. . .
Expenditures, plus machinery and equipment sales
Gross private domestic fixed investment
Nonresidential, as percent of GNP .
Nonresidential structures constant dollars
Nonresidential total constant dollars
Residential as percent of GNP
Residential, total, constant dollars
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer installment debt
Debt outstanding
Net change
„ .
Ratio to personal income
Consumer installment loans, delinquency rate
4/69
Consumer prices-See also International comparisons.
All items, index
1 1 /68
All items, percent changes
11/68*
Food index
Food, percent changes
Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol. . .
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt net change
Crude materials-See Wholesale prices.
1/72*
1/72
4/72*
4/72*
4/72*
11/75*
1111
2/78
nn
1/78
8/77
8/77
11/72
11/72
86
6/76*
10/72*
51
46
86
81
6/76*
11/77
10/72*
10/69
64
31 S 48
69,82
10/77
10/69*
346
50
87
6/76*
10/72*
346c
51
87
6/76*
10/72*
340
50
86,
10/77
6/72*
340c
51
86
10/77
6/72*
341
50
86
10/77
6/72*
341 c
348
349
51
51
51
86,
87
87
10/77
3/77
Q/77
6/72*
6/72*
6/72*
53
20
62
1/78
Compensation, average hourly, all employees,
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Current issue
(page numbers)
Series
number
Charts
920
920c
940
n
Tables
59
40
12
59'"
n
59
Historical
Series
descriptions
data
(issue date! (issue date)
nn
nn
nn
nn
nn
nn
nn
nn
nn
im
nn
nn
11/75*
930
930c
40
914
915
913
917
916
910
910c
12
12
12
12
12
11
40
59
59
59
59
59
59
29
9
69
14,26
24
25
66
65
66
a/77
4/69
1/78
Q/77
9/68*
248
87
86
249
89
28
48
26
26
48
26
26
82
66
66
82
66
66
11/77
10/77
10/77
11/77
10/77
4/77
8
75
13,22
23
63
64
Mil
2/73
66
113
95
39
36
33
16,36
34
72
71
72
71
Mill
12/77
1/78
12/77
10/72
10/72
320
320c
322
322c
58
50
50,58
50
50
23
83,93
83,93
83
83
64
3/77
3/77
3/77
3/77
nn
5/69*
5/69*
5/69*
5/69*
11/68*
20
10
116
13,24
24
35
65
65
72
Q/77
Q/77
9/77
9/68'
7/64
112
110
72
33
33
16,36
71
71
72
Q/77
10/77
8/77
11/72
7/64
11/72
66
113
95
39
33
36
33
16,36
34
33
72
71
72
71
70
Mill
Mill
1/78
Mill
4/77
10/72
10/72
525
564
548
516
54
54
54
54
89
89
89
89
3/78
10/77
1/78
3/78
39
32
34
13,22
71
63
Mill
1/78
11/72
12/74
970
965
951
974
963
967
39
38
37
39
37
38
8/77
Mill
2/78
8/77
2/78
11/68*
966
38
962
975
952
950
964
37
39
37
37
38
971
968
976
978
977
969
972
973
961
39
38
39
39
39
38
39
39
37
75
74
73
75
73
74
78
74
77
73
75
73
73
74
76
75
74
75
75
75
74
75
75
73
76
11/75*
5/75*
10/69*
io/69*
6/72'
11/72
ii/72
D
Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
New orders, defense products
Obligations incurred, total
Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries vendor performance
...
• ...
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations, manufacturing
Coincident indicators
Employees manufacturing and trade
....
Employees on private nonagricultural payrolls
Industrial materials prices
..
Industrial materials prices components
Industrial production
Industrial production components
Initial claims, State unemployment insurance
Inventories manufacturing and trade
Lagging indicators
..
...
Leading indicators
New orders durable goods industries
New orders durable goods industries components
New orders manufacturing
Prices 500 common stocks
Prices selling manufacturing
Prices, selling, retail trade
Prices selling wholesale trade
Profits manufacturing
Profits net manufacturing and trade
Sales, net, manufacturing and trade
Workweek mfg production workers
Workweek, mfg. production workers, components ....
Disposable personal income-See Income.
nn
10/69*
ii/68*
4/69*
9/7?'
8/77
2/78
2/78
2/78
6/69*
11/68*
8/77'
6/77
Q/77
a/77
a/77
5/77
8/77
a/77
2/78
ii/68*
5/69*
11/68*
11/68*
11/68*
ii/68*
11/68*
NOTE: Tbe following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPOI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.
109
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(Set) complete titles in "Titles wul Smmwsof
Ss'.ris," UiHwwttj thisindoxj
Current issue
{paqt! numbers)
Surit;s
number
Charts
Tables
Historical
Series .
data
descriptions
{issue date ( ISSUE date)
E
hirnirois- Sisi; Ctntipensttmn.
hniiloyinent and une.mpluymem
Accession rate iMiinukii.turinf]
Civilian liitiitr ffirro, total . , . . . ...
E.mployee hours in ntHuif|ri(,'ulUinil
(istfloIishmcHUs
,
hrnployft) hours in rmifirieultimil
establishments, rate of ehantje .
Rmploynes in min'mi), mffj., and construction
finployras manufacturing and tfiitte Dl
Frnpltiyws on nona£;ri(;ultural pay rolls ,
Finplnyoe.s on pfivute nnnafj payrolls 01
t'rnpltiyfnent, nitio to population
t mjiloymwu, lutiil i'witiiiH .
., .
Help-wanted advertising in newspapers
Help-wanted titlwrlisiiu), f »it to to unemployment
Initial claims, Klate unemployment insurance
Initiiil Mums, Stato uuuiHploytnunt insuwiieo, Dl
Layoff rate, ircinuliieturinf]
Marginal employment tutus' monts, CI
Overtime hours, niffj. proiluetinn workers
f\midi«ui»ii nufi, both KTOS, KM9 VKHS old ,
Participation r»tte, female W yews and over
Participation, rate males ?Q years and over
PjfHitw; wyrkers for economic reasons
,,..,..
fV'tsom; e.n(j;i«|t«l in wmynfieulumil 'activities;
.
Unit win, nianufacturniii
Unemployed both sexe^ 10-19 years old
Unwnplnye:), females ?0 years and over
llt'inniployo.d fnll-tiitui wurkofii
Uneniplnyed, males 20 years and Wfir
Unemployment average duration
UnnniiitoyiiKmt rate, Hi wtwks and over
UmetUfiluyiTOii rati;, insured, iivuuifjo weekly . . . . . . . .
Unemployment rate, total
Unemployment total civilian
Workweek, niff|. production workers
Wwkvwk iflfii production workers fonipotwtits
Workweek, ttifq. production workers, Dl
f'liiiiprnent Si;:; Investment, capital.
Imports S)!(! f'fiwifiti trade ansl International transactions.
2
441
17
52
48
18
48c
40
974
41
963
90
442
46
60
5
982
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1
40
IB
39
15,18
37
19
52
18
18
17
3?
13,17
12
17
52
52
52
52
IB
17
52
52
52
52
16,19
19
19
19
19,52
13,17
961
37
60
88
60
61 '"
75
61
73
61
SB
60
60
60
73
60
59
60
88
88
88
88
61
60
88
88
88
88
61
61
61
61
61,88
60
76
73
1/78
3/73
3/78
3/78
1/78
8/77
1/78
2//e
4/77
3/78
12/77
Gross bus mess pro duct
Fixed weighted price indox
Fixed wp'QhtgfJ price indpx piTcwt cfiarnji's
Gross dotwstic product labor cost per unit
Gross
national product
8/68
GIMP constant dollars
4/72*
GNP constant dollars differenees
GNP constant dollars percent chanqes
8/68*
GNP current dollars
8/68*
GNP current dollars differences
GNP current dollars percent ch'innes
11/68*
GNP ratio to money supply
8/68
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
4/72*
Per eipitti GNP constant dollars
12/74
Gross private domestic invest, -Sou InvRstnimu, capital.
Mill
6/69"
9/77
1/78
7/77
1/78
3/78
3/78
3/78
3/78
3/78
1/78
3/78
3/78
3/78
3/78
3/78
3/78
6/69*
8/68*
12/77
3/78
3/78
1/78
12/74
4/72
119
35
71
9/77
34
41
12
71
79
59
2/78
7/77
311
311c
49
49
83
83
10/77
10/77
567
622
613
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251
56
56
56
55
55
4S
45
56
55
56
55
55
45
45
56
55
45
45
48
91
91
91
90
90
81
81
91
90
91
90
90
81
81
91
90
81
81
82
8/77
8/77
8/77
6/77
6/77
34
71
4/72
6/69
4/72
4/72*
8/68
110
draaiiiWins
(ISSIIH il'.IO)
311
31k
68
49
49
31
83
83
69
10/77
10/77
10/77
50
Mb
SOe
200
20,41
62,79
10/69*
10/69*
10/69*
12/77
12/74
7/68
21?
21
49
49
41
70
62
83
83
79
11/77
11/77
11/77
11/77
11/77
11/77
10/77
10/7?
10/77
10/77
11/77
46
60
IS
18
60
60
4/77
21
1
17
13,17
961
37
60
60
76
73
28
23
89
249
26
14,26
26
48
66
66
66
82
4/77
8/77
6/72
4/69
10/77
11/77
10/69*
310
31Cc
49
49
S3
83
10/77
10/77
10/69*
10/69*
345
50
86
6/76*
10/72*
345c
86
81
6/76*
10/72*
280
64
SI
46
31,48
69,8?
11/77
10/7?
10/69
10/69*
346
50
87
6/76*
10/72*
346e
51
16,36
46
48
41
41
41
87
72
81
6/76*
10/72*
79
79
12/77
12/77
11/7?
11/77
11/77
340
50
86
10/77
6/72*
340c
51
86
10/77
6/72*
341
50
86
10/77
6/72*
341 c
882
BH1
288
289
220
52
223
51
51e
103
282
51
56
56
46
48
46
20
41
15,20
40
32
46
86
91
91
81
82
81
62
62
62
10/77
6/72*
81
11/77
10/69
283
284
285
348
349
53
13
23
48
46
4S
51
SI
20
24
29
11/77
11/77
12/77
B/ 7 7
10/69*
10/69
10/69*
6/72*
6/72*
1/78
1/77
1/78
4/69"
967
38
82
B1
82
87
87
62
64
68
78
74
7/77*
4/69*
7G
75
73
74
47
2S
23
21
21
66
64
62
62
15,21,57
62,92
SS6
47c
38
40
5
962
46
17
37
19
io'"
41
200b
20(1c
10?
49
310
310c
11/77
11/77
8/77
6/77
8/77
6/77
6/77
11/77
11/77
8/77
6/77
11/77
11/77
11/77
6/77
49
21
62
10/77
§02
501
§00
512
511
510
298
53
53
53
S3
53
53
47
89
89
89
89
89
89
82
10/77
10/77
10/77
10/77
10/77
10/77
12/77
263
262
265
564
267
266
268
261
260
44
44
48
54
44
44
48
44
44
80
80
82
89
80
80
82
80
80
11/77
11/77
11/77
10/77
11/77
11/77
11/77
11/77
11/77
Implicit price deflator GNP
.
....
IniplicU pricB dsflytor GNP percent changes
Imports-Sue Foreign trade stud Intornutional transactions.
Income
Compensation, average hourly, till employees,
nunftinri businpss sector
Compensation, average hourly, all employees,
nonfarm business sector percent chanties .... ....
Compensation of employees
CompKnssititm of employees, pd. of nat'l. ineoiro —
Compensation, real averarje liour'y, all employees,
5/69*
5/69*
Compensation, real averap hourly, all employees,
nonfarm business sec tor, percent changes
Consumer installment debt, ratio to parsons1 income . .
Corporate profits with IVAand CCA
Corp. pi of its with IVA and CCA, pet. of nat'l. income .
Disposable personal income, constant dollars
Disposable pprsonal income inrpnt del lacs
Disposable personal income, per capita, constant iJnl. . .
Earnings, average hourly, production workers,
pfiwste nonfarm economy
Earnings, averap hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
Earnings, real average hourly, production
workers, private nonfarm economy, percoft changes .
Income on foreign investment in the U.S.
Income on U S investments abroad
5/69*
Interest net
5/69*
Interest net percent of national income
National income
Persona! income constant dollars
5/69"
Personal income current dollars
.
5/69*
Personal income, less transfers, constant oollars
Personal income, less transfers, constant dois. rate of chg.
Pers4Hv.il income, ratio to money supply
5/69
Proprietors' incums with IVA and CCA
10/69*
Proprietors' income with IVA and CCA, percent
ol national income
11/72
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. ineonrw
Wage and benefit decisions first ytw
Wage and benefit decisions life of contract
Wages and salaries, mining, mfg., and construction
Incorporations new businesses
7/68*
Industrial materials prices
7/68*
Industrial motsrials prices components
7/68*
Industrial inaigngls prices 01
Industrial production - See also International comparisons.
Business equipment
Consumer goods
10/69
Dufablp msnufacturos
Nondurable manufactures
11/73
Total
10/69
Total components
Total DI
10/69*
10/69*
Total, rate of change
11/73 Installment dabt--S«s Credit,
10/69
Insured unemployment
Avg, weekly initial claims, iinernploy. insurance
10/69*
Avg. weekly initial claims, unemploy. insurance, Dl . . .
Avg. weekly insured unemployment rate
10/69
5/69'
5/69*
95
288
287
225
224
227
NOTl;, Tde following abbreviations are mid in this index: CI, composite index; 01, diffusion index; GPDI, gross private domestic investment; end NIPA, national income ana product accounts,
*T"no identiSiuiitinn number for this snrios has. been eluinrjed since the publication date shown.
TilblHS
Si!fIt!S
(iilti)
32'"
79
79
79
79
n
10/69
10/69
10/69
io/69*
10/69*
10/69
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing
Avpfaije vi'fiskly ovsrtinift
AvfiratjB workweek
....
Averse workweek components
Average workweek, 01
,
Housiiif)
Housing starts
,.
Housing units siuthon/ed by local blfJg piwiits
Residential GPPI constant dollars
Residential GPD1, percent of GNP
11/73
11/77
a
i sods output in constant dollars
fiovtsnwtrmt liudtjct, NIPA
t-iidurui nxpondituros
I 'fidc-ral foctiipts
f 'iidnral surplus or dufieit ,
State and losial (ixponditortss
Stiiio and loeai rucnipts
,
Suite and loail aurjilus or tteficil . ,
Surplus or dot icit, total
(lOwrnniont pun;tiasiis of jioods and survicos
fisdnftil, wins la tit jJnllars . ,
f-'udmil, cumsnt dollars
f ! (idoral, percont of GNP
National dfiionai
Stati) and loeal, cunstnni dulkirs
Stiito and local, corront dollars
,.
State and local, percent of GNP
,
Total, constant dollars
Total, fuirrfitU dollars
Charts
Mistime!
tisswi (4)!e
1/78
1/78
12/74
8/68
i/'/iV
1
2/78
94
213
917
93
Cum nt issue
(p.)i]« numbers)
Sftfius
number
4/77
F
'wfural funds liHft
V.toal (jtjwnuiwni- Sfit! Gtmsmtreiit.
'(idera! Reserve member tank borrowing from
'iiial salos in constant tlotlais
'inaneitil Hows and money CI
"ixi'd mwstmwn -See Inv«stntfint, capital.
'ixiid weighted [Hioe indux NIPA
:
ixf>d weighted pricu indfix, percent thanijes, WIPA , , . . .
• ottfl Si'i* Consumer pfit'(!§,
inuifju tuidf! Sftii Ohio tntnmational tuinsnctions.
Bialanw* tin ipods and s'ifvicus
,
Balanw on fHfircliandiss! trade
('Sports, innramni-liso, (idjustort, fixe, military
i sports, niprchtitHiisfi, total tjxu. military aiti
,
Fxporis of »i(|rieuH(irtiI products .
Rxijtirtj; of fjoods unii airviens, constant (Jol.f NIPA
Noons of fjoodsanrJ sorvicos, eurmnt clol., NIPA .
r.spurtK of fjsHtds and hijrvicHS, exss, military
1 xfiorls of nonolOGtrit-til macltinory
Imports, mfircliandisfi, adpustod, RXC. military
Imports, mrrfiliantJi.sfi, totiil . , . . . . . , , .
Imports of 'outomohiliffltind parts
Imports; of pods and swvictis, constant d»L, NIPA
Imports of (pods and airvieis, Gtirrfmt do!., WIPA
Imports ol floods and sorvicos, total .
Imports o( ]>otiol(imn untl products
N(H imports, iiiiotls and sw vices, constant dol., NIPA . .
Not ox [torts, (toods and siifvicos, fuirrnnt dol., WIPA ...
Niit exports, floods and stwiefis, pfjrcnnt of HNP, NIPA
ttuiicc St'i1, lotfnwtional KiHtipafiSStfus.
friuj rosfrws
Series titles
fSi>6 complete titles in "Titltjsand Sources of
Series," following Shis index)
m
n
1/78
B//7
8/7?
12/7?
12/77
11/77
9/77
9/77
9/77
10/69
10/69*
10/69
10/69
10/69
e/69*
5/69*
10/69
10/60*
10/69
7/68*
12/77
?6'"
77
74
60
73
61
9/77
8/77
2/7B
2/78
2/78
2/78
12/77
11/68
12/77
12/77
12/77
9/77
12/77
6/69
6/69*
6/69
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
.
..
Canada, percent changes
France index
France, percent changes
Italy index
Italy percent changes
..
Japan index
Japan, percent changes
United Kingdom index
United Kingdom percent changes
United States, index
United States percent changes
West Germany, index
West Germany percent changes
Industrial production
Canada
France
Italy
Japan .
..
...
...
....
OECD European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdonn
United States
West Germany
'.
International transactions-See also Foreign trade.
Elalance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Fxports merchandise total exc military aid
Exports of agricultural products
Exports of goods and services exc military
Exports of nonelectrical machinery
Imports merchandise adjusted exc military
Imports merchandise total
1 mports of automobiles and parts
Imports of goods and services total
1 mports of petroleum and products
Income on foreign investments in U.S
Income on US investments abroad
inventories
Business inventories change constant dollars
Business inventories change current dollars
Business inventories change percent of GNP
Finished goods, manufacturers'
Inventories on hand and on order, net change . ;
Inventories to sales ratio, mfg. and trade (deflated) ....
Inventory investment and purchasing, Cl
Manufacturing and trade constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade Dl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand snd on order, mfg,,
change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments Cl
Construction contracts, commercial and industrial ....
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment, current dollars
Inventories, business, change in-See Inventories.
Nonresidential total constant dollars
Nonresidential total percent of GNP
Producers' durable equip., nonresid., constant dol.
Residential total constant dollars . .
. . .
Residential total percent of GNP
Structures, nonresidential, constant dollars
Total constant dollars
Total current dollars
New orders, capital good's, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars
Current issue
(page numbers)
Series
number
Charts
Tables
Historical
Series
data
descriptions
(issue date) (issue date}
288
289
46
48
81
82
12/77
12/77
10/69
10/69*
67
116
119
118
117
109
114
115
36
35
35
35
35
36
35
35
72
72
71
72
72
72
71
72
5/77
9/77
9/77
9/77
9/77
9/77
9/77
9/77
12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Current issue
(page numbers}
Series
number
Plant and equipment
Business expenditures new
Business expenditures new Of
Contracts and orders constant dollars
Contracts and orders current dollars
Investment, foreign
Income on foreign investments in U S
Income on U S investments abroad
Italy-See International comparisons.
Charts
Tables
Historical Series
descriptions
data
(issue date] (issue date)
61
970
20
10
25
39
13,24
24
66
75
65
65
8/77
8/77
8/77
8/77
9/68"
652
651
56
56
91
91
8/77
8/77
5/69*
5/69*
68
62
63
17
31
16,31
31
30
69
69
69
69
10/77
9/77
1/77
9/77
7/68
11/68
10/72
11/68
930
930c
952
3
11
40
37
13,17
59
11/75*
73*"
60
im
im
2/78
1/78
910
910c
950
14
104
n
59
40
37
34
14,32
im
nn
73
71
70
2/78
12/77
12/77
913
78
12
28
59
67
38
27
67
5/77
8
84
13,22
21
63
63
Mil
1/78
11/68
11/68*
J
Japan-See International comparisons.
733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c
58
58*"
58
58
58
50
50,58
58**'
94
94
93
93
94
94
93
93
93
93
83,93
83,93
93
93
bill
bill
bin
bin
bill
bill
bill
bill
6/77
3/77
3/77
6/77
6/77
723
726
727
728
721
722
47
725
57
57
57
57
57
57
15,21,57
57
92
92
92
92
92
92
62,92
92
im
nn
im
nn
nn
im
12/77
mi
743
746
747
748
742
19
745
58
58
58
58
58
58
58
94
94
94
94
94
94
94
1/78
1/78
1/78
1/78
1/78
1/78
1/78
667
622
618
602
604
668
606
620
612
616
669
614
652
651
56
56
56
55
55
56
55
56
55
55
56
55
56
56
91
91
91
90
90
91
90
91
90
90
91
90
91,
91
8/77
8/77
8/77
6/77
bill
8/77
bill
8/77
bill
30
245
247
65
36
77
915
70
71
31
975
78
27,43
43
48
28
14,27
28
12
16,28
28
27
39
28
67,80
80
82
67
67
67
59
67
67
67
75
67
5/77
2/78
2/78
8/77
2/73
38
27
67
5/77
.
9/72*
L
9/72*
Labor cost per unit of gross domestic product
Labor cost per unit of output manufacturing . ...
Labor cost per unit of output, private business sector
Labor cost price per unit of manufacturing . . ' .
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
..
...
Layoff rate manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
'. . . .
Diffusion index ....
.'
Liabilities of business failures
Liquid assets change in total
Loans-See Credit.
6/77
bin
8/77
8/77
8/77
9/72*
9/72*
9/72*
5/69*
5/69*
9/72*
10/72*
10/72*
10/72*
10/72*
M
10/72*
11/68
10/72* Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl
,.
Materials and supplies on hand and. on order, mfg
Materials and supplies on hand and on order, mfg,
change
Materials, crude and inter mediate -See Wholesale prices.
Materials, industrial-See Price indexes. .
Materials, new orders for consumer goods and
Materials, rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows Cl
5/69*
Money supply
5/69*
Liquid assets change in total . .
Money supply Ml
5/69*
Money supply M1 percent changes
Mnney supply M2
5/69*
Money supply M2 percent changes
Ratio GNP to money supply Ml
5/69*
Ratio personal income to money supply M2
Mortgage debt net change
..
5/69*
Mortage yields secondary market
Municipal bond yields
5/69*
5/69*
N
8/68*
5/75*
nn
2/78
917
12
59
im
104
105
85
106
102
107
108
33
118
117
14,32
14,32
32
32
32
32
32
33
35
35
70
70
70
70
70
70
70
70
72
12
12/77
5/77
bill
5/77
5/77
10/77
9/77
4/77
9/77
9/77
•
10/72
10/72
7/64"
7/64
10/77
n/77
11/77
2/73
3/78
5/77
nn
1/78
1/78
12/77
97
11
965
9H
9
25
25
38
12
24
65
65
74
59
65
69
25
66
8/77
243
242
43
43
80
80
n/77
11/77
86
248
88
89
249
87
241
240
26
48
26
26
48
26
43
43
66
82
. 66
66
82
66
80
80
10/77
11/77
10/77
10/77
11/77
10/77
11/77
11/77
27
24
65
4/77
24
24
65
4/77
nn
1/78
National defense-See Defense.
National Government-See Government,
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant dol
Capital goods industries, nondefense, current dol
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol. . .
2/69*
Contracts
and orders, plant and equip., current dol. . . .
2/69
Defense products
.
.....
...
11/68*
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
..
. . . . . . . . . ....
Diffusion index
,
New orders manufacturing Dl
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars ......
Structures constant dollars
Total, constant dollars
Total percent of GNP
...
9/63*
0
10/69
10/69*
9/68
Obligations incurred Defense Department
OECD European countries industrial production
Orders-See New orders and Unfilled orders.
io/69* Output -See also Gross national product and
Industrial production.
Goods output, constant dollars
...'..
Labor cost per unit of
10/69*
Per hour nonfarm business sector
Per hour private business sector
10/69
Per hour, private business sector, percent changes
Ratio to capacity manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity materials
....
9/68
Overtime hours, production workers, manufacturing ....
4/77
Mil
4/77
8/77
8/77
1/78
5/77
5/77
38
39
65
65
63
65
65
89
63
63
76
74
75
2/78'
8/77
11/68*
88
87
86
248
26
26
26
48
66
66
66
82
10/77
10/77
10/77
11/77
10/69*
516
721
54
57
89
92
3/78
49
62
358
370
370c
83
82
84
21
21
16,31
51
51
51
21
21
21
17
62
69
87
87
87
63
63
63
60
10/77
9/77
6/76*
6/76*
6/76*
1/78
1/78
1/78
1/78
27
24
8
20
10
548
7
6
24
24
13,22
13,24
24
54
22
22
964
971
9/68
9/68*
9/68'
im
il/68
6/68*
10/72*
10/72*
i2/74
NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NtPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.
111
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
SWIDK tillfiS
(Him cnmpltM lilies-; in "Tith!s itml Sinuci's of
Hint's," following this inttax}
Current issuo
ipiige numbers)
Stsritni
numhar
Charts
Tables
Historical
Senas
data descriptions
( issue duttj {issue date)
P
Kuuuiiwtim wits, civilian Mbor fum»
Hoth M'xosi, IB 1U VMS of ni|i!
t tmuli") ?0 yp.jrii tint) tjvur
tVrsoinil (iwamiptittn I'xiJimiHiUwy
Auiuimiliilrj
UiiMhlr i|i)titJ;;, (HinsitHtt dollar;;
Putablt1 ijuotlii, tuirtwu tltilltiifc . . . . . , . ,
Ntiwttihjljli1 f|innls, cpiH.liinl dollars
NwnhiMbltt tpnta, niirrmit dollar;;
453
452
451
52
52
52
88
88
88
3/78
3/78
3/78
55
233
232
238
236
239
237
231
230
235
23
42
42
42
42
42
42
42
42
48
64
79
79
80
80
80
80
79
79
82
10/77
11/77
11/77
11/77
11/77
11/77
11/77
11/77
11/77
11/77
Series tillos
(S«fi complete titles in "Titles and Sources of
Series," following this index)
Charts
Hpsi'fvws fn*fl
Residential fixed invest men t, constant dollars, GPOI —
Residential fixed investment percent of OMP . . . . . . . .
Residential structures-Sett Housimj.
Retail sales, eomtnm dollars
H{*t*iil *y|ps ruffPtii dollars
01
970
20
10
90
25
39
13,24
24
19
66
75
65
65
61
320
320c
322
322c
50
50,58
50
50
83,93
83,93
83
83
3/77
3/77
3/77
3/77
311
967
1?
92
38
30
14,29
83
83
83
83
68
78
74
69
68
10/77
10/77
10/77
10/77
23
49
49
49
49
29
19
968
14,29
38
68
74
Coitsuniiir htiifJwJ tftntfls, index
Uiinsintirr liitisltin) i|i»tt)s, [H'nt'iil tJwntic?
Crudi1 iiititi'Hiilt; uttlcs
330
330c
334
334e
331
t'ttlili! (Itilll'flrll1! (Si'ttl'Ilt ulltlltljl'S
331c
hilcruiiHlihili* nii)K'ritil:i, inilux . . ....
ItiUJNiti'tlitiln tdiitffiiilfi, [iorcfsnt fjidtiiji'?;
332
332c
333
333c
17
49
49
49
49
49
49
49
49
49
49
30
84
84
85
85
84
84
85
85
85
85
69
976
978
977
525
109
39
39
39
54
36
75
75
75
89
72
8/77
8/77
8/77
3/78
9/77
,
., .
(
MurHtituil swim] mil!
hstfolnufti tint) products imports
I'lont iinti iHiuipnmnt Kim iilso Investnwni, cafiiUil
HiisiiicsH oxponditun's lor
Husiiuj'iS i'xuPH(liuiiMi lur Ul
CiinltatHS tint) unJnrs fur, wmslwit dnlkirs
roiiUiit'ls iinti uidoni fot nirnint ilullors
Pui)iili)liun, (sivitiun Dmplovmont us purcisnl of
(Yum indoxos
Consumer pried;; Sim iilso IntdriitHiunal comparisons.
All items index
All iiiMHSj, [HiiiMit t:luiiti|P!i . , ,
I mill, index . .
UulMUii!,, NII'A
f ixinJ wi!H)hlwl, f|rosii Inisint",1, product, iinfnx
1 ixnif wmiihtiitl, t)itib'i liusinns-s product, put, c:luiiii|Hs
Implicit puce (lofliitor (INI* index
Implicit pitU! iltillitliir GIMP purrunt cbtimji";
IlldUJillltll UMli'lMliS
,,
„
InduMtwl tiuili'.iulsi, t;ii»i|iunt'iUr,
Industrial nuHWMls, ill
1 illtOf W;,t, (Mill1 |it!l Illlil Of
..
1
....
Jji'ii'titivr prift'i] f'lwntjf it)
Slut:!. |tnnt(i Xi'fi tilsti Inlernalional t:i)m|iiiri(i!iiis.
.'iOO ( unilMfiti SlOUkS , ,
,
IjOUtMinnniin slocks PI
WlH(lt";itli! nri''*'!*
All ctitMUiyttiiiiis, indt!x
All I'tWWMttiltlt'fi, j!t?H,WH t;h,tlltjH
I'tildlH'.l't flHliilllHl tjtXItJs IlHlfiX
PiijdiH i,r hiiiiihfil t|utnls, [iffctiiit c!);int]iis
IVifiij tiHinit Itibtii com itiiiiuiiiiuturtitt)
Pntttis, Kulliint
Mi!Mii[t)durii)t| 1)1
HisliiH trmJi! PI
Wlmlostili! ti'iidij PI
I't'nuo cuiiifiiuts iiiilitticy
I'l inui nit!1 uluiiiii'tl by bunks
f'rwliiuw liniiiliiul (|uinls St!i) Wlioliistulo PNUOS.
IVuduwirs' ddfiifilst iHiuipnusnl:, ntJiiroKid,, til'OI
IVoifiialioii' Sins liidiisl.i'ii!l|)roddt;lidiiiind HIM!',
h'tiddulivity
Odljiui [)(!r hour, ininfiinii husiitoss soiuor .
Output |ior hour, privaio liusinossi siuHur . . , ,
Qul|idt pur Imur, iirivjiio fjtisiniKss sisclor, |ict. (;funiji:s .
Pftilitiitiiliiy Cl . . . .
Profits
Otii|iotiili( tilti't itix("i ciint'itl dtilliii'j
Cortioriiti!, iilur liiKt!,';, with IVA iiud Ct'A,
njnsliinl tliill.ii
npiiiufdti', ;iHi«r idsi'u, willi IVAdiul UCA, cur. dtil. . . .
Uwnwaui with IVA and CtlA
CtitiJiir.ili!, with IVA .nit) CCA, |ii;t. pi ritit'I. inusiiin . . .
Minuif*u;tufttn) inn! inuli*, 1)1
, ....
Mmiuliicliirimi.DI
l¥t ihilltir sit silrs, nuinufticiuniut
hnhiiii)iiiiv. ui ...
,
H.iliti, profits Id ( <jf[»pnui! diiiiH'Ktir inciiittu
fi.itiu, |irufilt!i willi IVA .Hid CCA to wiritfinitc dniucstie
inctiitHt . . . . .
PntjiritHtiPi' HicniiM' wilh IVAiind CCA
Prp|irii;tprK' n»miiii! wills IVA unit CCA, pet. »f inil'l. int. .
292
293
614
311c
310
310c
47
47
55
81
82
90
12/77
12/77
6/77
1/78
4/69
7/77
9/77
3/78
4/69*
11/68
12/77
5/69
6/77
5/69*
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
3/77
9/77
6/69*
Hunml tncoini! of pnrsons, wilt) CCA, pyrcunt of mitiimal
inutnuo . . .
*
..
.
....
7/77
18
16
29
29
68
68
10/77
10/77
1/72
7/68
80
79
286
287
972
969
15
916
22
29
29
46
48
39
38
30
12
30
68
68
81
82
75
74
69
59
68
10/77
10/77
12/77
12/77
81
282
283
30
46
48
69
81
82
8/77
5/77
1/78
7/77
10/77
10/77
11/77
11/77
4
17
60
1/78
284
46
81
11/77
285
48
82
12/77
6/77
n/72
10/77
11/7?
io/69*
59
54
23
23
64
64
10/76
213
41
79
11/77
69
57
56
973
77
59
54
25
15,23
23
39
28
23
23
66
64
64
75
67
64
64
8/ 7 1
12/76
9/68*
2/7H
8/77
5/77
2/69*
11/68*
295
293
290
292
293
47
47
47
47
47
81
82
81
81
82
12/77
12/77
12/77
92
14,29
68
3/78
19
968
78
14,29
38
28
68
74
67
12/77
5/69
6/77
2/78
5/69*
38
27
67
5/77
114
115
35
35
71
72
9/7?
9/77
91
60
5
962
3
16,19
18
1?
37
13,17
61
60
60
73
CD
446
445
447
444
37
4
52
52
52
52
19,52
17
88
88
88
88
61,88
60
3/78
1/78
4/72*
44
45
43
19
19
19
61
61
61
3/78
3/78
4/72
6/69
4/72
96
25
22
22
63
63
2/78
5/77
9/68
9/6B
107
108
32
32
32
13,22
70
70
63
9/77
1/78
330
330e
334
334c
331
49
49
49
49
49
49
49
49
49
49
14,29
13,17
84
84
85
85
84
84
85
85
8S
85
68
60
3/77
3/77
3/77
3/7?
3/77
3/7?
3/77
3/77
3/77
3/77
3/78
1/78
37
76
73
2/78
10/69
10/69*
11/68*
Velocity of money
GiMP to money supply Ml. ratio
Personal income to money supply M 2, ratio
Vendor performance
6/7?,'
10/76
2/?U
vim
12/77
6/72
10/69
10/69
10/69
7/68*
7/64
7/64
3/78
' 4/77
12/77
9/77
1/78
6/69
6/69*
0/68*
3/78
3/70
3/78
a/ 78
12/77
10/77
i^/74
W
Wages and salaries-See Compensation.
West Germany- See International comparisons,
3/69*
Wholesale prices
All commodities, index
7/68'
All commodities, percent changes
Consumer finished goods, index
Consumer finished goods, percent changes
10/69
Crude
materials, index
10/69*
Crude materials percent changes
Intermediate materials index
Intermediate materials percent changes
Producer finished pods, index
Producer finished goods, percent changes
Sensiiivs prices change in
.,
Workweek of product ion workers manufacturing
Workweek of production workers, manufacturing,
10/69
components
10/69* Workweek of production workers, manufacturing, Dl ....
331c
332
332c
333
333e
92
1
361
NO VI", Tint fnllnwinij ubbroyiiilionsiifi! usud in this index; Ct, eoi?) wsite index; Dl, diffusion index; GPDI, gross private domestic invest merit; and NIPA, national incomn and {jrotluct accounts.
*Tho idiintiliailiuit nuniljor for this sonos htis bai»n utumftod sin an 1 1 ! ptiblicsition date shown.
112
nn
U
6/76*
6/76*
6/76*
R
HOMtill ilKSOUK! l)f (KifSOIlS, With CCA
Treasury bill rate
Treasury bond yiB'ds
87
87
87
59
10/77
71
66
82
T
51
51
51
12
66
Q
Unit fiiKs, munuli'HJUiMiiti
10/69
10/69
10/69
10/69*
358
370
370c
916
26
34
26
48
ib/69
Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio
Initial claims, avtj. weekly, unemplav. insurance
Initial claims, avg. weekly, unemptoy. insurance, 01 ...
Layoff fate, manufacturing
Number unemployed, civilian labor force
Both sexes, 1609 years of aqe
Females ?0 years and over
Full-time workers
11/68
Males 20 years an tf over
Total unemployed
11/68*
Quit rate, manufacturing
11/68*
Unemployment rates
11/68*
1 5 weeks and over
Insured average weekly
....
il/73
Total
Unfilled orders, manuldclurers'
Durable goods industries
..
Durable goods industries change in
6/68* United Kin()dtmi--Sno International comparisons,
10/72*
10/72*
V
88
93
89
243
S
io/69
8/77
8/77
3/77
8/77
4/77
tVUiOIWl ItilVlllt)
.
Tables
Histwicul Sums
iliSfinptifflig
(tow
fissiw (ItJto fissim tliitn)
10/69*
Salaries- See Compensation.
Sales
Final Stilfis constant dollars
Machinery and c.quipmatu sales and business
construction ON pendi turns
Manufacturing and trade sites, constant dollars . . . . . . .
Miinufaeturififj and trade sales, current dollars
Monufacturint) and trade sales, 01
,
10/69
Ratio, inventories to sales, mft], and trade
7/68*
Retail sales, constant dollars
Retail solos current dollars
Savinij
11/68
Business saving
,
,,
.
11/68*
Government surplus or deficit
Gross sfivini] private and government
9/68
Personal saving
Personal saving rate
...
.,
...
Selling prices-See Prices, selling.
5/69* Sensitive prices ehiintp in
5/69* Statfi and local tiovomment- -Sfit) Government.
5/69* Stock prices-See also International comparisons.
bQO common stocks
5/69*
1)00 common stocks, PI
Stocks nf maiorittlsand supplies on hand mid on order . . .
Stocks of materials and supplies on hand and on order,
.,
....
10/69* change
10/69* Surplus- -S(H? Government.
S(!fVil'l!5), Constant U^IItUS .
SlJfVIKI'it CllfM'flt dollar'!
I'Ulilt (On'ilidH dullatS
fold! tHJfri'llt lltllltlfS
llUiil OWW'iU Hi tlNI1 .
hifiitlfltll intHlllli! Sl'U InWIItW.
Cue rout issue
(puiji) n imlwis)
Series
number
6/69*
8/68"
TITLES AND SOURCES OF SERIES
Series are listed betow 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 toy 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.
5. Average weekly initial claims for unemployment insurance, State programs (M).—U.S. Department of
Labor, Employment Training Administration; seasonal
adjustment by Bureau of Economic Analysis (17,60)
6. Value of manufacturers' new orders, durable goods industries, in current dollars (M).-Source 2 (22,63,76)
7. Value of manufacturers' new orders, durable goods industries, in 1972 dollars (M).—Sources 1, 2, and
3
(22,63)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).—Sources 1, 2, and
3
(13,22,63)
9. Construction contracts awarded for commercial and industrial buildings, floor space (M).—McGraw-Hill Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written permission from the source.)
(24,65)
10. Contracts and orders for plant and equipment in
current dollars (M).-Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by
Bureau of the Census and Bureau of Economic
Analysis
(24,65)
I-A. Composite Indexes
910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105)
(M).-Source 1
(11,40,59)
913. Composite index of marginal employment adjustments
(includes series 1, 2t 3, 5) (M).-Source 1 (12,59)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (12,59)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(12,59)
916. Composite index of profitability (includes series 17,19,
80) (M).-Source 1
(12,59)
917. Composite index of money and financial flows (includes
series 104, 105, 110) (M).-Source 1
(12,59)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(11,40,59)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(11,40,59)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1(12,59)
11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference Board. (Used
by permission. This series may not be reproduced
without written permission from the source.) (25,65)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(13,24,64)
13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(24,64)
1. Average workweek of production workers, manufacturing (M).-Source 3
(13,17,60,76)
2. Accession rate, manufacturing (M).—Source 3 (17,60)
(17,60)
24. Value of manufacturers' new orders, capital goods industries, nondefense, in current dollars (M).—Source
2
(24,65)
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(22,63)
27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).—Sources 1,
2, and 3
(24,65)
28. New private housing units started, total (M).—Source
2
(26,66)
29. Index of new private housing units authorized by local
building permits (M)-Source 2
(14,26,66)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(27,43,67,80)
31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2
(27,67)
32. Vendor performance, percent of companies reporting
slower deliveries (M).—Purchasing Management Association of Chicago
(13,22,63)
33. Net change in mortgage debt held by financial institutions and life insurance companies (M).—American
Council of Life Insurance; Federal National Mortgage Association; U.S. Department of Housing and Urban
Development, Government National Mortgage Association; National Association of Mutual Savings Banks; U.S.
Savings and Loan League; and source 4; seasonal adjustment by Bureau of Economic Analysis
(33,70)
34. Net cash flow, corporate, in current dollars (Q).—
Source 1
(30,69)
15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q).—Federal Trade Commission and
Securities and Exchange Commission; seasonal adjustment by Bureau of Economic Analysis
(30,69)
35. Net cash flow, corporate, in 1972 dollars (Q).—Source
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(29,68)
17. Index of price per unit of labor cost, manufacturingratio, index of wholesale prices of manufactured goods
(unadjusted) to seasonally adjusted index of compensation of employees in manufacturing (sum of wages,
salaries, and supplements to wages and salaries) per
unit of output (M).-Sources 1, 3, and 4
(30,69)
19. Index of stock prices, 500 common stocks (M).Standard & Poor's Corporation
(14,29,58,68,94)
20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company
(13,24,65)
3. Layoff rate, manufacturing (M).-Source 3 (13,17,60)
4. Quit rate, manufacturing (M).—Source 3
23. Index of industrial materials prices (M).—Source
3
(29,68,78)
14. Current liabilities of business failures (M).-Dun &
Bradstreet, Inc.
(34,71)
18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(29,68)
1-8. Cyclical Indicators
22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(30,68)
21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(17,60)
1
"
(30,69)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(14,27,67)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(19,52,61,88)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(27,67)
39. Percent of consumer installment loans delinquent 30
days and over (EOM).—American Bankers Association
(34,71)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and construction (M).-Source 3
(18,61)
41. Number of employees on nonagricultural payrolls, establishment survey (M).-Source 3
(15,18,61)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(18,61)
43. Unemployment rate, total (M).-Sources 2 and 3(19,61)
113
TITLES AND SOURCES OF SERIES- Continued
44. Unemployment rate, 15 weeks and over (M).-Sources 2
and 3
(19,61)
45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment
Training Administration
(19,61)
46. Index of help-wanted advertising in newspapers (M),—
The Conference Board
(18,60)
47. Index of industrial production, total (M).-Source
4
(15,21,40,57,62,77,92)
48. Employee - hours
(M).-Source 3
in nonagricultural
establishments
(18,40,60)
49. Value of goods output in 1972 dollars (Q)-Source
1
(21,62)
50. Gross national product in 1972 dollars (Q).-Source
1
(20,40,41,62,79)
51. Personal income, less transfer payments, in 1972
dollars (M).-Source 1
(15,20,40,62)
52. Personal income, total, in 1972 dollars (M).-Source
1
(20,62)
66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally adjusted figure for previous month to obtain current
figure
(36,72)
67. Bank rates on short-term business loans
Source 4
(Q).—
(36,72)
68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).-Source 1
(31,69)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).-Source
2
(25,66)
70. Manufacturing and trade inventories, total book value,
in 1972 dollars (EOM).-Sources 1, 2, and 3(16,28,67)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (28,67)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).-Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(16,36,72)
53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).-Sources 1 and
3
(20,62)
73. Index of industrial production, durable manufactures
54. Sales of retail stores in current dollars (M).—Source
(23,64)
74. Index of industrial production, nondurable manufactures (M).-Source 4
(21,62)
55. Personal consumption expenditures, automobiles (Q). Source 1
(23,64)
75. Index of industrial production, consumer goods (M).—
Source 4
(23,64)
56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(23,64)
76. Index of industrial production, business equipment
57. Manufacturing and trade sales in 1972 dollars (M).Sources 1, 2, and 3
(15,23,64)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(28,67)
2
58. Index of consumer sentiment (Q).—University of
Michigan, Survey Research Center
(23,64)
59. Sales of retail stores in 1972 dollars (M). - Sources 1
and 3
(23,64)
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources 1, 2, 3, and The Conference
Board
(18,60)
61. Business expenditures for new plant and equipment,
total (Q).-Souree 1
(25,66)
62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of industrial production, manufacturing (M).—Sources 1 and
4
(16,31,69)
63. Index of unit labor cost, private business sector (Q).~
Source 3
(31,69)
64. Compensation of employees as a percent of national income (Q).-Source 1
(31,48,69,82)
65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).-Source
2
(28,67)
114
(M).-Source 4
(M).-Source 4
(21,62)
(25,66)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(28,67)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(29,68)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(29,68)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(30,69)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(21,63)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(26,66)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(26,66)
89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q)-Source 1
(26,66)
90. Ratio, civilian employment to total population of working age (M).-Sources 1, 2, and 3
(19,61)
91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(16,19,61)
92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).Sources 1 and 3
(14,29,68)
93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(34,71)
94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(34,71)
95. Ratio, consumer installment debt to personal income
(EOM).-Sources 1 and 4
(16,36,72)
96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(22,63)
97. Backlog of capital appropriations, manufacturing
(EOQ).—The Conference Board. (Used by permission.
This series may not be reproduced without written permission from the source.)
(25,65)
102. Change in money supply M2 (demand deposits and
currency plus time deposits at commercial banks other
than large CD's) (M).-Source 4
(32,70)
104. Change in total liquid assets (smoothed) (M). Sources
1 and 4
(14,32,70)
105. Money supply Ml (demand deposits plus currency) in
1972 dollars (M).-Sources 1, 3, and 4 (14,32,70)
106. Money supply M2 (demand deposits and currency plus
time deposits at commercial banks other than large
CD's) in 1972 dollars (M).-Sources 1, 3, and 4(32,70)
107. Ratio,gross national product to money supply Ml (Q).Sources 1 and 4
(32,70)
108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(32,70)
109. Average prime rate charged by banks (MX -Source
4
(36,72)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(33,71)
83. Rate of capacity utilization, manufacturing (EOQ).~~
Source 1
(21,63)
112. Net change in bank loans to businesses (M).-Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(33,71)
84. Rate of capacity utilization, materials (Q) -Source
4
(21,63)
113. Net change in consumer installment debt (M).- Source
*
(33,71)
85. Change in money supply Ml (demand deposits plus
currency) (M)-Source 4
(32,70)
114. Discount rate on new issues of 91-day Treasury bills
86. Gross private domestic fixed investment, total nonresidential, in 1972 dollars (Q).-Source 1 (26,66)
115. Yield on long-term Treasury bonds (M), - U.S. Department of the Treasury
(35,72)
(M).-Source 4
(35,71)
TITLES AND SOURCES OF SERIES- Continued
116. Yield on new issues of high-grade corporate bonds
(M).-Citibank
Treasury
and
U.S. Department of the
(35,72)
117. Yield on municipal bonds, 20-bond average (M).-The
Bond Buyer
(35,72)
118. Secondary market yields on FHA mortgages (M).—U.S,
Department of Housing and Urban Development, Federal
Housing Administration
(35,72)
119. Federal funds rate (M).-Source 4
950. Diffusion index of twelve leading indicator components
(37,73)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(37,73)
952. Diffusion index of six lagging indicator components
(M).-Source 1
227. Per capita disposable personal income in 1972 dollars
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(39,75)
231. Personal consumption expenditures, total, in 1972
dollars (Q).-Source 1
(42,79)
974. Diffusion index of number of employees; manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(39,75)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(42,79)
(37,73)
961. Diffusion index of average workweek of production
workers, manufacturing-21 industries (M).-Sources 1
and 3
(37,73,76)
962. Diffusion index of initial claims for unemployment insurance, State programs—47 areas (M).—Source 1 and
U.S. Department of Labor, Employment Training Ad*
ministration; seasonal adjustment by Bureau of
Economic Analysis
(37,73)
963. Diffusion index of number of employees on private nonagricultural pay rolls-172 industries (M)-Source
3
(37,73)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries-35 industries (M).-Sources
1 and 2
(38,74,76)
965. Diffusion index of newly approved capital appropriations, deflated-17 industries (Q).-The Conference
Board. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,74)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(39,75)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (39,75)
977. Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (39,75)
978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (39,75)
II-A. National Income and Product
(38,74,77)
967. Diffusion index of industrial materials prices—13 industrial materials (M).-Sources 1 and 3 (38,74,78)
968. Diffusion index of stock prices, 500 common stocks—
62-82 industries (M).-Standard & Poor's Corporation
(38,74)
969. Diffusion index of profits, manufacturing—about 1,000
corporations (Q).-Citibank; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc.
(38,74)
970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).-Source
1
(39,75)
971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (39,75)
(41,79)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(42,79)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(42,79)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).-Source 1
(48,82)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(42,80)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(42,80)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(42,80)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(42,80)
240. Gross private domestic investment, total, in current
dollars (Q).-Source 1
(43,80)
241. Gross private domestic investment, total, in 1972
dollars (Q).-Source 1
(43,80)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(43,80)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(43,80)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(27,43,67,80)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q),Source 1
(43,80)
50. Gross national product in 1972 dollars (Q).-Source
1
(20,40,41,62,79)
247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(48,82)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(Q).-Sources 1 and 2
(35,71)
I-C. Diffusion Indexes
(M).-Source 1
972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(39,75)
64. Compensation of employees as a percent of national income (Q).-Source 1
(31,48,69,82)
200. Gross national product in current dollars (Q).—Source
1
(41,79)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(41,79)
217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(41,79)
220. National income in current dollars (Q).—Source
1
(46,81)
223. Personal income in current dollars (M).—Source
1
(41,62)
224. Disposable personal income in current dollars (Q).—
Source 1
(41,79)
225. Disposable personal income in 1972 dollars (Q),Source 1
(41,79)
248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(48,82)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(48,82)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(45,81)
251. Net exports of goods and services as a percent of gross
national product (Q). -Source 1
(48,82)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).-Source
1
(45,81)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(45,81)
115
TITLES AND SOURCES OF SERIES- Continued
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).- Source
1
(45,81)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q). Source 1 (45,81)
295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(47,81)
298. Government surplus or deficit, total (Q).—Source
1
(47,82)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).- -Source 1 (45,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(44,80)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Souree 1
(44,80)
265, Federal Government purchases of goods and services as
a percent of gross national product (Q) Source
1
(48,82)
266. State and local government purchases of goods and services in current dollars (Q).-Source 1
(44,80)
267. State and local government purchases of goods and services in 1972 dollars (Q).-Source 1
(44,80)
268. State and local government purchases of goods and services as a percent of gross national product (Q).—
Source 1
(48,82)
280, Compensation of employees (Q),- Source 1
(46,81)
282. Proprietors1 income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(46,81)
283, Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national income (Q).-Source 1
(48,82)
284. Rental income of persons with capital consumption adjustment (Q).-Souree 1
(46,81)
285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).—Source
1
(48,82)
286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(46,81)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national income (Q).-Source 1
(48,82)
288. Net interest (Q).-Source 1
(46,81)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(19,52,61,88)
441. Total civilian labor force, labor force survey (M). •
Sources 2 and 3
(52,88;
442. Total civilian employment, labor force survey (M).
Sources 2 and 3
(52,88)
260. Government purchases of goods and services, total, in
current dollars (Q)-Source 1
(44,80)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(44,80)
II-C. Labor Force, Employment, and Unemploy
ment
II-B. Prices, Wages, and Productivity
444. Number unemployed, males 20 years and over, labor
force survey (M),~Sources 2 and 3
(52,88)
310. Implicit price deflator, gross national product (Q).—
Source 1
(49,83)
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(52,88)
311. Fixed weighted price index, gross business product
446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(52,88)
(Q).-Source 1
(49,83)
320. Index of consumer prices, all items (M).—Source
3
(50,58,83,93)
322. Index of consumer prices, food (M).-Source 3(50,83)
330. Index of wholesale prices, all commodities (M).—Source
3
(49,84)
331. Index of wholesale prices, crude materials for further
processing (M).-Source 3
(49,84)
332. Index of wholesale prices, intermediate materials, supplies, and components (M).—Source 3
(49,85)
333. Index of wholesale prices, producer finished goods
(M).-Source 3
(49,85)
334. Index of wholesale prices, consumer finished goods
(M).-Source 3
(49,85)
335. Index of wholesale prices, industrial commodities
(M).-Source 3
(49,84)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonally (M).^Source 3
(50,86)
447. Number unemployed, full-time workers, labor force survey (M).-Sources 2 and 3
(52,88)
448. Number employed, part-time workers for economic
reasons, labor force survey (M). Sources 2 and
3
(52,88)
451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(52,88)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(52,88)
453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(52,88)
II-D. Government Activities
500. Federal Government surplus or deficit; national income
and product accounts (Q). -Source 1
(53,89)
501. Federal Government receipts; national income and
product accounts (Q),™Souree 1
(53,89)
502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(53,89)
510. State and local government surplus or deficit; national
income and product accounts (Q). Source 1 (53,89)
341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for overtime (in manufacturing only), interindustry employment
shifts, and seasonally (M),- Source 3
(50,86)
511. State and local government receipts; national income
and product accounts (Q) Source 1
(53,89)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(50,86)
512. State and local government expenditures; national income and product accounts (Q).—Source 1 (53,89)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(50,87)
516. Defense Department obligations incurred, total, excluding military assistance (Q). U.S. Department of
Defense, OSD, Comptroller, Directorate for Program
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,89)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(51,87)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(51,87)
525. Military prime contract awards to U.S. business firms
and institutions (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Management Information Operation and Control; seasonal adjustment by
Bureau of Economic Analysis
(54,89)
(47,81)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(50,87)
548. Value of manufacturers' new orders, defense products
(M).- Source 2
(54,89)
293. Personal saving rate—personal saving as a percent of
disposable personal income (Q), Source 1 (47,82)
370. Index of 'output per hour, all persons, private business
sector (Q).-Source 3
(50,87)
564. Federal Government purchases of goods and services for
national defense (Q).-Souree 1
(54,89)
289. Net interest as a percent of national income (Q). Source 1
(48,82)
290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(47,81)
292. Personal saving (Q).-Souree 1
116
TITLES AND SOURCES OF SERIES- Continued
II-E. U.S. International Transactions
It-F. International Comparisons
602. Exports, excluding military aid shipments, total (M).Source 2
(55,90)
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (14,29,58,68,94)
604. Exports of agricultural products (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(55,90)
47. United States, index of industrial production, total
606. Exports of nonelectrical machinery (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(55,90)
612. General imports, total (M).-Source 2
(55,90)
614. Imports of petroleum and petroleum products (M).—
Souroe 2; seasonal adjustment by Bureau of Economic
Analysis
(55,90)
616. Imports of automobiles and parts (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(55,90)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(15,21,40,57,62,77,92)
320. United States, index of consumer prices, all items
(M).-Source 3
(49,58,83,93)
721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and
Development (Paris)
(57,92)
722. United Kingdom, index of industrial production (M)Central Statistical Office (London)
(57,92)
723. Canada, index of industrial production (M).-Statistics
Canada (Ottawa)
(57,92)
(56,91)
620. Merchandise imports, adjusted, excluding military
(Q).-Source 1
(M).-Source4
(56,91)
725. West Germany, index of industrial production (M).—
Federal Statistical Office (Wiesbaden); seasonal adjustment by OECD
(57,92)
622. Balance on merchandise trade (Q).-Source 1 (56,91)
651. Income on U.S. investments abroad (Q).-Source
1
(56,91)
652. Income on foreign investments in the United States
(Q).-Source 1
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(57,92)
(56,91)
667. Balance on goods and services (Q).-Source 1(56,91)
727. Italy, index of industrial production (M).-lnstituto
Centrale di Statistica (Rome)
(57,92)
733. Canada, index of consumer prices (M).-Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(58,94)
735. West Germany, index of consumer prices (M).—Federal
Statistical Office (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic
Analysis
(58,93)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(58,93)
737. Italy, index of consumer prices (M).—Institute Centrale
di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(58,94)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally adjusted by Bureau of Economic Analysis
(58,93)
742. United Kingdom, index of stock prices (M).-The Financial Times (London)
(58,94)
743. Canada, index of stock prices (M).-Statistics Canada
(Ottawa)
(58,94)
745. West Germany, index of stock prices (M).-Federal
Statistical Office (Wiesbaden)
(58,94)
746. France, index of stock prices (M).-lnstitut National de
la Statistique et des Etudes Economiques (Paris)(58,94)
747. Italy, index of stock prices (M).-Banca d'ltalia
(Rome)
(58,94)
668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(56,91)
669. Imports of goods and services, total (Q).-Source
1
(56,91)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (58,93)
728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(57,92)
748. Japan, index of stock prices (M).-Tokyo Stock Exchange (Tokyo)
(58,94)
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