Full text of Business Conditions Digest : March 1979

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BUSINESS
CONDITIONS

DIGEST
MARCH 1979




U.S. DEPARTMENT
Of COMMERCE
BUREAU OF
ECONOMIC ANALYSIS




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:
Beatrice N. Vaccara, Chairman, U.S. Department of the Treasury
John E. Cremeans, Bureau of Economic Analysis, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
J. Cortland Peret, Board of Governors of the Federal Reserve System

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

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 .

•" i.-f- r^ S. rvT A'* n\s\i
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

1
1
1
1
4
5
5

Summary of Recent Data and Current Changes

6

MARCH 1979
Data Through February
Volume 19, Number 3

i.
CYCUCAL
COMPOSITE INDEXES AND
1 HEIR COMPONENTS
:

Chart

Table

A1
A2 j
A3
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

10
12
14
15

60
—
—
—

B1 ;
B2
B3
B4
B5
B6
B7~

C Y C L I C A L INDICATORS
BY ECONOMIC PROCESS
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

16
19
21
23
26
28
31

61
63
64
65
68
69
71

36
—
39

74
77
_

DIFFUSION INDEXES
AND RATES OF CHANGE
C1
C2
C3

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

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


KCII




II.
IMPORTANT
NATIONAL INCOME
PRODUCT

A1 1
: A2j
A3 !
i A4J
[__A5 |
i A6_|
A7 |
A8j

GNPand Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income

Chart

40
41
42
43
44
45
46
47

PRICES, WAGES,
AND PRODUCTIVITY
:

B1 ]
'~ B2 "i

Price Movements
Wages and Productivity

48
49

T C1 i

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

51

GOVERNMENT ACTIVITIES
, D1j
'T>2"1

Receipts and Expenditures
Defense Indicators

52
53

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

56
57

INTERNATIONAL COMPARISONS
I FT~1
F2~!
F3 I

Industrial Production
Consumer Prices
Stock Prices

58
59
59

III.
A. MCD and Related Measures of Variability (April 1978 issue)
QCD and Related Measures of Variability (April 1978 issue)
B. Current Adjustment Factors (February 1979 issue)
C. Historical Data for Selected Series
D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide")

E. Business Cycle Expansions and Contractions: 1854 to 1975 (June 1978 issue)
F. Specific Peak and Trough Dates for Selected Business Indicators (October 1978 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

headers are invited to submit comments and
uggestions concerning this publication.
\ddress them to Feliks Tamm, Chief, Statistical
ndicators Division, Bureau of Economic Analysis,
J.S. Department of Commerce, Washington, D.C. 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment

Changes in this issue are as follows:

methods, benchmark

1. The composite indexes of cyclical indicators
(series 910, 913-917, 920, 930, and 940) have been recomputed for the period 1948 to date in keeping with
our policy of periodically updating these indexes. This
updating reflects the following:

data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of

a) Incorporation of historical revisions for component series;
b) Substitution of the deflated M2 money supply
(series 106) for the deflated Ml money supply
(series 105) as a component of the leading
composite index (series 910) and the money and
financial flows composite index (series 917);
c) Incorporation of updated weights for the component series;
d) Calculation of updated standardization factors
for the component series and for the leading,
coincident, and lagging indexes;
e) Calculation of an updated target trend and thus
of new trend adjustment factors for the leading,
coincident, and lagging indexes.
Historical data for the recomputed indexes are shown
on pages 106-107. Current data for the former leading,
coincident, and lagging indexes are listed on page 104.
(continued on page iv.)
The April issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on May 2,



ill

series in relation to
other series, changes
in composition of
indexes, etc.

The diffusion indexes based on the components of the leading,, coincident, and lagging indexes
(series 950, 951, and 952) also have been recomputed for the period 1948 to date. Historical data
for these series will be shown in a subsequent issue.
Further information concerning these indexes may be obtained from the U.S. Department of
Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
2. The Consumer price indexes for all items and for food (series 320 and 322, respectively)
are now shown for all urban consumers -- i.e., the CPI-U version of these indexes. Formerly, the
CPI-W version (urban wage earners and salary workers) was shown for both series.
CPI-U for all items (seasonally adjusted) has also replaced CPI-W as the deflator for series
53 (Wages and salaries in mining, manufacturing, and construction) and for series 105 and 106
(constant-dollar Ml and M2 versions, respectively, of U.S. money supply).
Further information concerning these revisions may be obtained from the U.S. Department of
Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
3. The series on Net business formation (series 12) has been recomputed for the period 1948
to date on the basis of updated standardization factors.
Further information concerning this series may be obtained from the U.S. Department of Commerce,
Bureau of Economic Analysis, Statistical Indicators Division.
4. Series 341 (Real average hourly earnings of production workers in the private nonfarm
economy) has been revised by the source agency for the period 1974 to date. This revision reflects
the recent new seasonal adjustment of consumer price index data.
Further information concerning this revision may be obtained from the U.S. Department of Labor,
Bureau of Labor Statistics, Office of Productivity and Technology, Division of Productivity Research.
5. Most of the series which include data on sales and inventories of retail establishments and
merchant wholesalers (series 31, 54, 56, 57, 59, 71, and 77) have been revised by the source agency
to reflect (1) the benchmarking of sales data to the 1977 Annual Retail Trade Survey and (2) a new
seasonal adjustment of data for merchant wholesalers. Revised sales data cover the period 1967 to
date and revised inventories data cover the period 1973 to date. Revised data are shown in this
issue from 1976 to date for sales and for the full period of the revision for inventories. Revised
sales data for the earlier period will be shown in a subsequent issue.
NOTE: These revisions will be incorporated into series 70 (Manufacturing and trade inventories in
1972 dollars) in July 1979.
Further information concerning these revisions may be obtained from the U.S. Department of
Commerce, Bureau of the Census, Business Division.
6. Appendix C contains historical data for series 44, 60, 85, 90, 91, 102, 104-106, 108, 441,
910, 913-917, 920, 930, and 940.
7. Appendix G contains recovery comparisons for series 8, 20, 36, and 92.




METHOD OF PRESENTATION

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.

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.

Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday



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

All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD)
The resulting
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to periodic review by NBER and on occasion are weights. Because they use series of historically
changed as a result of revisions in important tested usefulness and given timing characteristics
economic time series. The dates shown in this pub- (for example, leading at both peaks and troughs),
lication for the 1948-1970 time period are those with diversified economic coverage and a minimum
determined by a 1974 review. The turning dates for of duplication, composite indexes give more
the 1973-1975 period are detailed in NBER's 1976 reliable signals over time than do any of the
Annual Report.
individual indicators. Furthermore, much of the

1

Cross-Classification of Cyclical Indicators by fcrr:^!".', A. Timing at Business Cycle Peaks
\. Economic
\Process
Cyclical
Timing

N.
N.

(
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

III.

IV.

CONSUMPTION.
TRADE,
O R D E R S , AND
DELIVERIES
(13 series)

FIXED
CAPITAL
INVESTMENT
(18 series)

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

LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

Comprehensive
employment
(1 series)

New and
unfilled orders
and deliveries
(6 series)
Consumption
(2 series)

Capacity
utilization
(2 series)

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

Consumption
and trade
(4 series)

Duration of
unemployment
(2 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED

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

VII.

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
i
!
!
i
!

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

l

;

Unit labor costs
and labor share
(4 series)

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

I
i
!
!
\

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

Interest rates
(1 series)

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

VII.

Stock prices
(1 series)
Commodity
prices
(2 series)
Profits and
profit margins
(6 series)
Cash flows
(2 series)

Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)

Profits
(2 series)

Money flow
(1 series)
Velocity of
money
(1 series)

Unit labor costs
and labor share
(4 series)

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

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

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

Comprehensive
employment
(3 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Inventories on
hand and on
order
(4 series)

Trade
(1 series)

Business
investment
commitments
(1 series)

III.

IV.
FIXED
CAPITAL
INVESTMENT
(18 series)

V.

Inventory
investment
(4 series)

(U)
(8 series)

MONEY
AND CREDIT
(26 series)

l

!
j
[

j
<

\

B. Timing at Business Cycle Troughs
•

—!

"

\

Economic
Process

\.

1.
EMPLOYMENT

AND
UNEMPLOYMENT
(18 series)

Cyclical \
Timing
N.

N^

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

II.
PRODUCTION
AND
INCOME
(10 series)
U_^

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

MONEY
AND CREDIT
(26 series)

J

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)

Unfilled orders
(1 series)

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

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

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

1 nventories on
hand and on
order
(5 series)

of
unemployment
(5 series)

Bank reserves
(1 series)

TIMING
UNCLASSIFIED


(1 series)


.

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established d i f f e r e n c e s in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through +1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 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 U C,C,C," and all components of the lagging
index "Lg,l_g,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,
i n c l u d i n g the 22 i n d i c a t o r s 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.

Gross private domestic investment (A3) is fixed Section C. Labor Force, Employment, and
capital goods purchased by private business and Unemployment
nonprofit institutions and the value of the change
This section contains measures of the civilian
in
the physical volume of inventories held by
This part is divided into six sections which cover
labor
force and its major components: Total
a wide range of quarterly and monthly time series private business. The former include all private numbers of employed and unemployed persons.
measuring various aspects of economic activity. purchases of dwellings, whether purchased for The number of unemployed is subdivided into
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used selected categories defined by sex, age, and class
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services of worker. Also included are data on participation
have to do with particular sectors or markets, and
rates for a few principal segments of the labor
still others relate to U.S. international transactions (A4) is the compensation of government employees force.
or to selected foreign countries. The represented and purchases from business and from abroad. It
variables include incomes, outputs, and excludes transfer payments, interest paid by Section D. Government Activities
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
Receipts, expenditures, and their balance (surlabor resources; g o v e r n m e n t r e c e i p t s , investment by government enterprises but excludes
their
current
outlays.
It
includes
net
purchases
of
plus
or deficit) are shown quarterly on two levels:
expenditures, and defense-related activities; exused
goods
and
excludes
sales
and
purchases
of
(1)
Federal
Government and (2) State and local
ports and imports; and selected indicators for a few
land and financial assets.
government. Also shown is a selection of series
key foreign countries.
Net exports of goods and services (A5) is exports from the discontinued Defense Indicators.
less imports of goods and services. Exports are part These series measure defense activities which
Section A. National Income and Product
of the national production; imports are not, but are influence short-term changes in the national
The national income and product accounts, included in the components of GNP and are
economy. Included are series relating to
compiled by BEA, summarize both receipts and t h e r e f o r e deducted. More detail on U.S.
obligations, contracts, orders, production,
final expenditures for the personal, business, international transactions is provided in section E.
shipments, inventories, outlays, and employment.
foreign, and government sectors of the economy.
National income (A6) is the incomes that These series are grouped according to the time at
Section Al shows the gross national product, originate in the production of goods and services
which the activities they measure occur in the
final sales, and personal and disposable personal attributable to labor and property supplied by
defense order-production-delivery process. Series
income. The four major components of the gross residents of the United States. Thus, it measures
measuring activities which usually precede pron a t i o n a l p r o d u c t — p e r s o n a l c o n s u m p t i o n the factor costs of the goods and services production, such as contract awards and new orders,
expenditures, gross private domestic investment, duced. It consists of the compensation of
are classified as "advance measures of defense
government purchases of goods and services, and employees, proprietors' income, rental income of
activity." Series measuring activities which tend to
net exports of goods and services—are presented in persons, corporate profits, and net interest.
coincide with production, such as employment, and
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income activities which usually follow production, such as
section A are presented in current as well as and expenditures during an accounting period.
shipments, are classified as "intermediate and final
constant dollars. There are also a few per capita Total gross saving includes personal saving,
measures of defense activity."
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and Section E. U.S. International Transactions
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
This group includes monthly series on exports
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market m a j o r e x p e n d i t u r e c o m p o n e n t s o f G N P (excluding military aid) and general imports, plus a
value of final goods and services produced by the (consumption, investment, etc.) are expressed as few selected components of these aggregates. Also
labor and property supplied by residents of the percentages of GNP, and the major income shown are the balances between receipts and
United States, before deduction of allowances for components of national income (compensation of expenditures for goods and services, merchandise,
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as and investment income.
most comprehensive measure of aggregate percentages of national income.
Section F. International Comparisons
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
This section is designed to facilitate a quick
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
review of basic economic conditions in six of the
businesses, nonprofit institutions, private trust
nations with which we have important trade
funds, and private noninsured welfare funds) from
The important data on price movements include relationships. The U.S. business cycle shading has
all sources. It is the sum of wage and salary the monthly consumer and wholesale price indexes been omitted from these charts. Data on industrial
disbursements, other labor income, proprietors' and their major components. Based largely on production, consumer prices, and stock prices for
income, rental income of persons, dividends, these series are the quarterly price indexes from Canada, the United Kingdom, France, West Gerpersonal interest income, and transfer payments, the national income and product accounts, notably many, Japan, and Italy are compared with the corless personal contributions for social insurance.
the GNP implicit price deflator (with weights responding U.S. series. Also included is an inDisposable personal income is the personal reflecting the changing proportions of different dustrial production index for the European
income available for spending or saving. It consists expenditure categories in GNP) and the fixed- countries in the Organization for Economic
of personal income less personal taxes and nontax weighted price index for the gross business prod- Cooperation and Development (OECD). The inpayments to government.
uct. Data on both levels and percent changes are dustrial production series provide cyclically sensitive output measures for large parts of the
Personal consumption expenditures (A2) is presented for the period since 1968.
The
group
of
series
on
wages
and
productivity
economies covered. Changes in consumer price ingoods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and dexes (plotted for the period since 1968) provide
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings important measures of the rates of inflation in the
and financial services received in kind by in- and other benefits) in current and constant dollars, major industrialized countries. Stock prices (also
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and shown beginning in 1968) tend to be significant as
rates of change for most of these measures.
leading indicators.
cluded.


Part II. OTHER IMPORTANT ECONOMIC
MEASURES



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

Basic Data

Arabic number indicates latest
month for which data are
plotted. ("9" = September)

Solid line indicates monthly
data. (D,ata may be actual
monthly figures or moving
averages.)

Dotted line indicates anticipated data.

Broken line indicates actual
monthly data for series where
a moving average is plotted.

Roman
number
indicates
latest quarter for which data
are plotted. ("IV" = fourth
quarter)

Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).

Diffusion Indexes

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

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

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

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

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

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

Solid line with plotting points
indicates percent changes over
3- or 4-quarter spans.

Roman
number indicates
latest quarter used in computing the changes.

HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the

series titles, or

2. See TITLES AND S O U R C E S OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.

Basic data'
Series title

Timing
classification3

Unit
of
measure

Percent change

Average
1977

1978

2d Q
1978

3dQ
1978

4th Q
1978

Dec.
1978

Jan.
1979

Feb.
1979

Dec.
to
Jan.
1979

Jan.
to
Feb.
1979

2d Q
to
3d Q
1978

3d Q
to
4th Q
1978

Series number

1

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

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

1967-100 ..
do. . . .
do. . . .

136.4
131.3
125.4

141.9
140.1
143.1

142.0
139.6
140.0

141.8
141.2
144.7

143.8
144.4
151.9

144.1
145.7
155.0

143,6
144.6
157.3

142.3
144.9
158.3

-0.3
-0.8
1.5

-0.9
0.2
0.6

-0.1

Lg,Lg,Lg
L,L,L
L,L,L
L,L,L
L,L,L.
LXL

do.
do.
do.
do.
do.

98.2
116.0
106.1
107.9
148.4

98.3
115.4
107.0
108.0
147.9

97.7
116.0
105.4
109.9
148.6

99.2
117.4
106.3
109.6
149.2

99.2
117.2
106.9
109.5
149.0

99.1
115.2
107.7
110.7

...

97.2
113.4
103.8
108.2
145.1

i4e!7

98.7
115.2
108.0
110.6
14 3 '.0

-0.1
-1.7
0.7
1 1
-1.5

-0.4
0.0
0.3
—0 1
-2.5

-0.6
0.5
-1.5
1 p. o
l
0.5

Marginal Employment Adjustments:
*1. Average workweek, prod, workers, mfg
L,L,L
21. Avg. weekly overtime, prod, workers, mfg. 2 . .
L,C,L
2. Accession rate, per 100 employees, mfg. 2 . . . .
L,L,L
5. Avg. weekly initial claims (inverted 4 )
L,C,L
4 2
*3. Layoff rate, per 100 employ., mfg. (inv. ) .. L,L,L
4. Quit rate, per 1 00 employees, mfg. 2
L,Lg,U

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

40.3
3.4
4.0
371
1.1
1.8

40.4
3.6
4.1
339
0.9
2.1

40.6
3.6
4.0
335
1.0
2.1

40.4
3.5
3.9
355
0.9
2.0

40.6
3.7
4.4
328
0.9
2.2

40.7
3.8
4.4
325
0.9
2.2

40.7
3.8
4.4
344
0.8
2.3

40.6
3.8
4.2
341
0.8
2.3

0.0
0.0
0.0
-5.8
0.1
0.1

-0.2
0.0
-0.2
0.9
0.0
0.0

-0.5
-0.1
-0.1
-6.0
0.1
-0.1

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

L,Lg,U
L,Lg,U

Ratio
1967=100...

0.518
118

0.738
149

0 .720
146

0.743
150

0.818
162

0.817
165

0.815
161

0 . 8 0 0 - 0 . 0 0 2 -0.015
158
-2.4
-1.9

0.023
2.7

0 .075
8.0

6
4

U,C,C

C,C,C
L,C,U

A.r., bil. Mrs..
Thousands. .
do. . . .
do. . . .

156.53
87,302
82,256
24,238

162.53
91,031
85,760
25,381

1 6 2 . 9 9 163.10
90,785 91,348
8 5 , 6 7 7 86,115
25,376 25,478

164.78
92,270
86,963
25,857

165.47
92,468
87,281
26,030

165.53
93,068
87,465
26,099

165.84
93,335
87,766
26,149

0.0
0.6
0.2
0.3

0.2
0.3
0.3
0.2

0.1
0.6
0.5
0 .4

1.0
1.0
1.0
1 .5

4
4
4
4

U,Lg,U

Percent

57.10

58.60

58.55

58.71

59.01

59 .08

59.28

59.43

0.20

0.15

0.16

0 .30

9

6,855
7.0
3.9
14.3
2.0

6,047
6.0
3.2
11.9
1.4

6,028
6.0
3.1
12.2
1.4

6,027
6.0
3.3
11.6
1.3

5,908
5.8
3.0
11.2
1.2

6,012
5.9
3.1
10.7
1.2

5,883
5.8
3.0
11.2
1 .2

5,881
5.7
3.0
11.3
1.2

2.1
0.1
0.1
-4.7
0.0

0.0
0.1
0.0
-0.9
0.0

0.0
0.0
-0.2
4.9
0.1

2.0
0.2
0.3
3.4
0.1

3
4
4
9
4

1 3 3 2 . 7 1 3 8 5 . 7 1 3 8 2 . 6 1391.4 1414 . 7
1 0 8 6 . 8 1136.3 1127 .4 1 1 4 2 . 0 1161.4 1171.0 1160.1 1156.9
938.4
986.0
979.5
9 9 0 . 0 1 0 0 9 . 5 1018.6 1 0 0 8 . 4 1 0 0 6 . 8

-0.9
-1.0

-0.3
-0.2

0.6
1.3
1.1

1. 7
1.7
2.0

5
5
5

0.3

1.5

5

2.1
3.0
1.2
0.4

1.8
2.2
1.6
3.0

4
7
7
4

1. 0
-1
1. 5

0.9
1
1. 6

8
8
8

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

L,L,L
C.C.C

...
...
...

1.1
3.4

1.4
2.3
5.0

91
92
93

1.5
1.2
0.9

91
91
91
Q
y 1i
91

_ A
T
U . J

0.4

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

Comprehensive Employment:
48. Employee hours in nonagri. establishments . . .
42. Persons engaged in nonagri. activities
*41. Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age 2

u,c,c

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

0.5
0.2
0.5
7.6
0 .0
0.2

2

B2. Production and Income
Comprehensive Output and Income:
50. GNP in 1972 dollars
52. Personal income in 1972 dollars
*51. Pers. income less transfer pay., 1972 dollars ..
53. Wages and salaries in mining, mfg., and construction, 1972 dollars
Industrial Production:
*47. Industrial production, total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83. Capacity utilization rate, mfg., BEA 2
84. Capacity utilization rate, materials, FRB 2 . . . .

C,C,C

C,C,C

A.r., bil. dol.
. . . ! . d o . . ..
do. . . .

C,C,C

do. . . .

232.3

245.1

245.8

246.5

250.1

252.4

252.6

251.5

0.1

-0.4

C,C,C

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

137.1
129.5
148.1
608.4

145.2
139.3
154.8
6 2 9 .7

144 .0
137.8
154.0
627.7

147.0
142.0
155.9
6 3 0 .2

149.7
145.1
158.4
649 .1

150.8
146.5
159.4

150.8
146.0
160.3

151.2
146.7
160.8

0.0
-0.3
0.6

0.3
0.5
0.3

L,C,U

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

82.4
83
81.9

84.2
84
85.0

84.0
84
84.5

85 .0
83
86 .0

85.9
84
87 .6

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

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

69.64
59.78
70.80
38.48
41.85
41 .65
35.30
37.63
37.83
1.53
3.81
3.57
184.83 230.55 2 0 7 . 0 7
55
64
65

69.80
77.42
40.81
44.31
37.19
38.71
2.20
5.63
213.65 2 3 0 . 5 5
62
67

78.62
44.67
39.32
5.19
230.55
68

80.91
80.66
45.00
45.29
38.13
39.99
7.56
7.62
238.11 2 4 5 . 7 3
69
77

2.6
1.4
1.7
2.37
3.3
1

0.3
-0.6
-4.7
0.06
3.2
8

0.2
-2.0
-1.7
-1.37
3.2
-3

10.9
8.6
4.1
3.43
7.9
5

2
9
3

C,C,C

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

Bil. dol
do. . . .
1967=100...
Mil. do!
do. . . .
A.r., bil. dol.
101966=100

224.90
147.08
143.4
59,029
42,664
61.8
86.8

254.78
155.15
147.4
64,972
44,193
67.8
79.4

252.35
155.07
147.2
65,544
43,872
70 .5
81.5

257.79
155.88
148.4
67,204
44,358
67 .9
80.4

273.78
160.64
150.7
70,918
45,754

NA
273.70
158.80
NA
150.5
150.5
71,031 7 1 , 4 7 2
45,214 44,951

0.0
-1.1
-0.1
0.2
-1.2

NA
NA
0.0
0.6
-0.6

72.1

73.9

9.1

2.5

2.2
0.5
0.8
2.5
1.1
-3 .7
-1.3

4.8
2.4
1.0
4.2
2.4
2. 5
-8.6

5
5
7
5
5
5
5

L,L,L
L,L,L

1967=100 ..
Number. . . .

126.5
36,509

133.0
39,985

131.5
133.1
134.9
135.7
134.2
3 8 , 8 7 1 41,278 41,991 4 2 , 4 6 1 41,852

NA
NA

NA
NA

1.2
6.2

1.4
1.7

1
1

c,c,c

c,c,c
C,L,L

c,c,c

L,C,U

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods 2
96. Mfrs.' unfilled orders, durable goods 5
*32. Vendor performance 2 (u)
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 (u)

c,c,c

270.28
159.67
149.9
70,016
45,434
69 .6
73.5

66.1

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




-1.1
-1.4

Basic data 1
Series title

Timing
classification3

Unit
of
measure

Percent change

Average
1977

1978

2d Q
1978

3d Q
1978

4th Q
1978

Dec.
1978

Jan.
1979

Dec.
to
Jan.
1979

Feb.
1979

Jan.
to
Feb.
1979

Series number

1

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

2d Q
to
3d Q
1978

3d Q
to
4th Q
1978

11.6

11.0

1

8.4
5.3

8.7
12.5

2
2

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

L,L,L

Bil. dol

18.16

22.45

20.32

22.68

25.18

24.50

25.73

26.22

5.0

1.9

12.13
15.20

13.88
18.81

12.80
17.90

13.87
18.85

15.07
21.20

14.55
20.79

15.32
22.12

15.39
23.10

5.3
6.4

0.5
4.4

12.50

13.34

13.68

81.48

88.51 105.49

L,L,L
L,L,L

do. . . .
do. . . .

L,L,L

do. . . .

10.20

11.73

11.34

11.67

12.85

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

62.96
15.99
56.50

80.73
16.98
63.70

82.80
14.76
60.19

80.14
16.43
61.26

85.70
19.23
63.70

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

135.80 153.82 150.76

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

196.20 2 3 3 . 4 4 2 2 6 . 6 4 242.12 253.14 2 5 9 . 3 8 2 6 0 . 8 3
149.2
162.0
160.4
165.0
167.6
168.6
168.9
129.8
140.2
140.5
141.7
144.9

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

L,L,L

do. . . .

8.9

10.6

12.7

9.0

8.2

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

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

9.76
27.4
0.88

16.17
41.6
2.02

24.90
44.6
2.18

11.51
36.7
1.61

12.88
39.5
2.51

2,018
142.9
59.8

2,102
148.1
59.9

2.5

2.9

10.1

2

19.2

-3.2
11.3
1.8

6.9
17.0
4.0

1
9

155.41 163.96

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

1,987
145.3
57.7

6.7
8.6

2,044
141.5
59.7

2,078
146.9
60.3

3.1

5.5

6

NA
169.7

0.6
0.2

NA
0.5

6.8
2.9
0.9

4.6
1.6
2.3

6
7
8

-15.5
-0.3

-2.8
-4.5
-0.3

1.7
3.8
1.0

2
2
8

-3.7

-0.8

3

NA - 1 3 . 3 9
NA
-7.9
NA
-0.57

1.37
2.8
0.90

3
3
3

2.7
0.8
1.2

7
7
6

2,074
143.4

1,669
114.1

1,411
113.8

-19.5
-20.4

14.72
33.5
2.41

20.12
64.9
5.94

NA
NA
NA

5.40
31.4
3.53

337.83 379.39 360.36 369.53 379.39 379.39 384.80
2 3 3 . 7 5 244.19 2 4 0 . 3 2 242.31 244.19 244.19 2 4 5 . 6 7
58.91
63.72
61.62
62.96
63.72
63.72
64.58

NA
NA
NA

1.4
0.6
1.3

NA
NA
NA

1.55

NA

0.03

NA

-0.02

7

142.90 167.08 1 5 4 . 7 0 1 5 9 . 5 4 1 6 7 . 0 8 167.08 173.02

NA

3.6

NA

3.1

4.7

7

0.21
5.9

0.31
5.5

0.08
8.6

9
2

6.0

-4.5

1

-1.1
-2.9
0.8
-0.8
-0.1
1.7

9.6
7.6
4.4
2.3
NA
0.3

1
1
7
8
1
1

3
3

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
31. Chg. in book value, mfg, and trade invent. 2 ..
38. Chg. in mti. stocks on hand and on order 2 . . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invent., total, 1972 dol. 5
65. Mfrs.' inventories of finished goods 5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars 2
78. Materials and supplies, stocks on hand and on
order 5

Lg,Lg,Lg
Lg,Lg,Lg

Bil. dol., EOP
do, . . .
do. .. .
Lg,Lg,Lg

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

1.56

1.55

1.55

1.55

1.53

1.52

2.5
0.8
2.2
0.0

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

L,L,L
U,L,L

Percent
1967=100...

0.69
210.4

1.22
231.0

0.99
220.1

1.30
232.1

1.38
252.0

1.56
251.8

1.55
258.3

1.76
273.5

-0.01
2.6

Stock Prices:
*19. Stock prices, 500 common stocks®

L,L,L

1941-43=10.

98.20

96.02

9 5 . 9 3 101.66

97.13

96.11

99.71

98.23

3.7

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

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

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

102.1
70.9
72.3
50.5
5.3
122.2

118.2
76.1
75.6
49.3
NA
122.7

120.5
78.4
78.4
51.5
5.5
122.3

119.2
76.1
79.0
51.1
5.4
124.4

130.7
81.9
82.5
52.3
NA
124.8

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

L.L.L
L,L,L

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

164.4
110.4

183.3
114.3

185.7
117.5

184.5
113.5

196.3
118.9

-0.6
-3.4

6.4
4.8

Lg,Lg,Lg 1967=100...

180.2

196.2

194.6

197.8

200.8

1.6

1.5

6

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

0.952
155.6

1.029
166.4

1.017
165.6

1.038
165.5

1.053
168.9

2.1
-0.1

1.4
2.1

6
6

Percent

76.1

76.4

76.3

76 .2

75 .7

-0.1

-0.5

6

L,L,L

Percent. . . .

0.64

0.54

0.89

0.81

0.04

0.14

-0.44

-0.31

-0.58

0.13

-0.08

-0.77

8

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

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

0.74
0.91
225.9
538.0

0.67
0.90
226.2
542.6

0.81
0.89
226.9
541.6

0.93
0.85
226.6
543.4

0.39
0.92
224.1
541.9

0.23
0.95
222.8
540.1

-0.10
0.92
219.9
534.8

0.18
0 .80
216.7
529.6

-0.33
-0.03
-1.3
-1.0

0.28
-0.12
-1.5
-1.0

0.12
-0.04
-0.1
0.3

-0.54
0.07
-1.1
-0.3

10
10
10
10

C,C,C
C,Lg,C

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

5.764
1.961

5.969
2.016

5.957
2.011

5.975
2.020

6.128
2.047

2.067

2.077

2.086

0.010

0.009

0.018
0.009

0.153
0.027

10'
10£

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

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

89.58
-5.77
51.76

NA
38.50
36.73

NA
NA
29.36
NA
NA - 1 5 . 0 3

NA
-9.14
NA

-1.14
-17.65
-7.26
5.9

3.67
-3.32
4.04
1.4

11:
11:
iH

Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin. corp
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of
national income 2

Lg,Lg,Lg

124.6

170.2

125.2

171.6

125.7

172.8

0.5

0.8

-1.5

0.4

0.7

B7. Money and Credit
Money:
85. Change in money supply (M1 ) 2
102. Change in money supply plus time deposits at
commercial banks (M2) 2
*104. Chg. in total liquid assets (M7) (smoothed 6 ) 2 .
105. Money supply (M1), 1972 dollars
*106. Money supply (M2), 1972 dollars
Velocity of Money:
107. Ratio, GNP to money supply (M1) 2
108. Ratio, pers. income to money supply (M2) 2 ..
Credit
33.
1 1 2.
113.
1 10.

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




81.64
91.97
94.92
93.78
97.45
8.68
15.39
26.93
9.28
5.96
34.96
44.53
50.37
43.11
47.15
283.76 335.75 330.23 349.65 354.54

3:

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

Timing
classification 3

Unit
of
measure

Percent change

Average
1977

1978

3d Q
1978

2dQ
1978

4th 0
1978

Dec.
1978

Jan.
J979

Dec
to
Jan.
1979

Feb.
1979

Jan.
to
Feb.
1979

2d Q
to
3d Q
1978

3d Q
to
4ti Q
1978

•=,
.£
J

I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities Of business failures (mv. 4 )®
39. Delinquency rate, instal. loans (inv. 4 ) 2 5 . . . .

L.L.L
L,L,L

Mil. dol
Percent, EOP

Bank Reserves:
93. Free reserves (inverted 4 ) 2 ®
94. Borrowing from the Federal Reserve 2 ®

L,U,U
ULg.U

Mil. dol
do. . . .

-253

Interest Rates:
119. Federal funds rate 2 ®
1 14 Treasury bill rate 2 ®
1 15. Treasury bond yields 2 ©
1 16. Corporate bond yields 2 ©
1 1 7. Municipal bond yields 2 ©
118. Mortgage yields, residential 2 ®
67. Bank rates on short-term bus. loans 2 ®
*109. Average prime rate charged by banks 2 ®

L,Lg,Lg
C,Lg,Lg
c!Lg,Lg
Lg,Lg,Lg
U,Lq,Lg
Lg,Lg,Lg
Lg,Lg,Lg
Lg,Lg,Lg

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

5.54
5.26
7.06
8.20
5.68
8.68
7.97
6.82

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

Outstanding Debt:
66. Consumer installment debt 5
Lg,Lg,Lg Bil.dol., EOP
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
Lg,Lg,Lg Bil. dol
*95. Ratio, consumer install, debt to pers. income 2 . Lg,Lg,Lg Percent

257.94
2.36

462

NA 1 8 0 . 7 4 1 8 8 . 4 1
2.45
2.44
2.42

NA
2.45

NA
2.45

-1,008

-738
952

-749

874

994

973

9.58
8.68
8.20
9.25
6.27
10.03
11.43

10.03

10.07

10.06

-679

872

7.93
7.22
7.89
8.98
6.02
9.70
9.85
9.06

-808

959

1,167

7.28
6.48
7.85
9.01
6.02

8.10
7.32
7.93
8.96
6.16
9.83
9.95
9.14

NA
NA

-692

NA
NA

-645

NA
NA

NA
NA

-4.2
0.02

NA
-0.03

3

-57
120

-47
-21

200
208

-270
-215

9
9

-0.01
-0.08
0 .0
0.05
-0.15
0.0
NA
0.0

0.82
0.84
0.08
-0.05
0.14
NA
0.82
0.84

1.48
1.36
0.27
0.29
0.11
0.20
1.48
1.67

11
]_]_
11
11
11
11
6
10

1

9.12
s!36
9.30
6.50

9.35
8.43
9.47
6.46

10.16
12.22
11.55

10.17
12.23
11.75

10.17
11.75

0.04
0.2°
o!o7
0.17
-0.04
0.01
0.01
0 .20

269.10 269.10 272.16

NA

1.1

NA

4.4

4.6

6

121.66 1 3 5 . 6 3 1 3 4 . 7 3 1 3 8 . 3 9 1 4 0 . 8 9 1 4 0 . 8 8 1 3 4 . 2 8 1 3 6 . 7 2
13.56
14.50
14 .40
14.65
14.80
14 .85
14.97
NA

NA
0.12

1.8
NA

2.7
0.25

1.8
0.15

7
9

0.9
0.3
1.4

1.2
0.3
1.6

1 7
2.3
-0.1
1.9

2 0
2.0
0.0
2.2

31
32
32
32

1.4
3.3
1.1
0.8
1.2

1.5
2.5
1.7
2.0
1 .9

2.3
5.1
2.6
1.9
2.4

33
33
33
33
33

NA
9.13
8.30

2 2 4 . 5 6 269.10 2 4 6 . 5 3 257.31

10.81

9.27

8 '.43
9.52
6.31

NA

II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1 . Price Movements
310.
320.
320c.
322.
330.
331.
332.
333.
334.

Implicit price deflator, GNP
Consumer prices (CPI), all items®
Change in CPI, all items, S/A 2
CPI, food
Wholesale prices (WPt), all commodities® . . .
WPI, crude materials
WPI, intermediate materials
WPI, producer finished goods
WPI, consumer finished goods

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

141.6
181.5

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

152.1
195.4
0 .7
211.4

151.0
193.4
0.8

0.7

0.7

202.9
0.6

210.7

214.8

219.5

221.3

194.2
214.3
201.7
184.5
178.9

209.3
240.2

215.5
199.1
192.6

208.0
236.9
213,2
197.2
190.9

211.2
242.9
216.8
201.1
194.5

216.0
255.3
222.4
204.9
199.1

257.3
224.0
205.4
200.9

do. . . .

196.8

213.0

211 .1

214.9

219.2

do.
do.
do.
do.

108.4
209.0
115.1
118 .2

109.1
228.0
116.7
118.6

109.2
225.3
116.4
118 .0

108.8
230.4
116 . 6
119 .0

108.6
235.4
116 .7
119 .6

do.
do.
do.
do.
do.

0.5

192.2

153.5
197.9

156.6
201.9

204.7
0.9
224.5

207.1

220.7
263.4
226.6
208.4
203.7

223.9
272.2
229.0

210.1
206.1

1.5
2.4
1.2
1.0
1.4

2 2 0 .7

222.3

223.1

0.7

108.6

108.3

107.4

217.4

1.2

228.1

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

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

0.4

1.8

2.0

34

-0.3

-0.8

-0.4
2 .3
0 .2
0.8

-0.2
2. 2
0 .1
0. 5

34
34
34
37

0.3
0.5
-2.1
0.2
-2.7
-4.6

0.3
0.4
0.0
-2.1
0.5
2.1

0.6
0.7
0.0
-1.7
0.7
1.4

0.8
0.9
-2.0
-1.3
-4.4
0.8

44
44
3
44
44
44

0.3
-0.1
0.3

0.1
0.2
-0.3

-0.2
0.4
0.8

0 .2
0.3
-0.2

45
45
45

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

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

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

Percent
do. ..
do. . . .

79.7
48.1
56.2

79.8
49.6
58.0

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

374.5
422.6
-48.1
296 . 2
266 .6

431 .5
461.4
-29 .9
328.1
299 .7
28 .3

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

9,879 10,372 10,304 10,264 10,370
4,580
NA
6,131
4,408
NA
2,868
3,576
3,849
3,052
4,065

9 7 . 3 7 1 0 0 . 4 2 100.13 1 0 0 . 7 5 1 0 1 . 5 3 1 0 1 .. 8 7102.18 1 0 2 . 5 3
90.54
94.38
94.10
94.73
95.61
9 5 ., 8 5
96.30
96.65
6,855
6,047
6,027
6,028
5,908
6,012
5,883
5,881
2,727
2,252
2,218
2,180
2,151
2,154
2,195
2,200
2,486
2,236
2,276
2,291
2,190
2,227
2,177
2,166
1,642
1,559
1,534
1,555
1, 568
1,590
1,517
1,549

79.8
57.9

79.6
49.8
58.7

79.8
50.1
58.5

.7
.3
.6
.4
297. 7

441.7
464 . 5
-22 .8
329 .2
305 . 8

29.8

23.4

463.2
4 8 3 .8
-20 .6
340 . 1
311 3
28 R

49 . 4

79.9
50.2
58.6

80.2
50.1
58.9

80.3
50.3
58.6

D. Government Activities
D1. Receipts and Expenditures
501 .
502.
500.
51 1 .
512.
510.

Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit 2
State and local government receipts
State and local government expenditures . . . .
State and local govt. surplus or deficit 2

29.6

424
448
-23
327

4.0
3 .6
0 .8
0 .5
2. 7
-6 .4

4.9
4 .2
2. 2
3. 3
1. 8
5 .4

50
50
50
51
51
51

1. 0
NA
33.2
2. 5

51
52
54
56

4.6
0 .1
4.8
3.5
6.0
5.0

60
60
60
61
61
61

D2. Defense Indicators
517
525.
548.
564.

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

9 , 7 5 9 10,833
NA
NA
4,301
2,762

10,101 11,956 1 1 , 8 3 8 1 2 , 5 6 3 1 3 , 1 4 0 1 3 , 1 4 8 1 3 , 3 0 3
1,985
2,483
2,731
2,561
2,559
NA
2,555
1,852
2,500
2,438
2,598
2,722
2,824
NA
1 2 , 3 1 5 1 4 , 3 5 4 1 4 , 0 7 0 1 4 , 6 6 3 15,178 1 5 , 1 8 9 15,178
3,462
3,264
3,129
3,274
3,470
3,417
NA
1,323
1,725
1 ,686 1 , 7 6 7 1,856
NA
1,822

94.3

99.5

98 . 6

99 .6

MA
NA

3,991

11.0
NA
-35.8

NA
NA
44.5

-0.4
-28.1
-20.7
1 .0

NA
NA
NA
NA
NA
NA

1.2
NA
NA
-0.1
NA
NA

NA
NA
NA
NA
NA
NA

6.1
-6.3
6.6
4.2
4.6
4.8

102.1

E. U.S. International Transactions
E1 . Merchandise Trade
602.
604.
606.
612.
614.
616.

Exports, total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts




Mil. dol.
do.
do.
do.
do.
do.

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

Basic data 1
Unit
of
measure

Series title

Percent change

3d Q
1977

4th Q
1977

1st Q
1978

2d Q
1978

3d Q
1978

4th Q
1978

1st Q
to
2d Q
1978

Average

2d Q
to
3d Q
1978

3d Q
to
4th Q
1978

Series number

1

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

1976

1977

1978

28,674
31,012
-2,338
7,311
3,328
42,819
40,478
2,340

30,144
37,926
-7,782
8,025
3,648
45,802
48,448
-2,645

35,461
43,997
-8,536
10,378
5,400
54,506
57,228
-2,721

30,578
37,942
-7,364
8,220
3,610
46,700
48,405
-1,705

29,637
39,009
-9,372
7,997
4,185
45,226
50,298
-5,072

30,787
42,707
11,920
9,392
4,515
48,355
54,657
-6,302

35,256
43,125
-7,869
10,013
5,432
54,175
56,184
-2,009

36,486
44,478
-7,992
10,322
5,444
55,595
58,031
-2,436

39,315
45,678
-6,363
11,787
6,207
59,900
60,038
-138

14.5
1.0
4,051
6.6
20.3
12.0
2.8
4,293

3.5
3.1
-123
3.1
0.2
2.6
3.3
-427

7.8
2.7
1,629
14.2
14.0
7.7
3.5
2,298

618
620
622
651
652
668
669
667

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

1271.0
1700.1
1264.4
1184.4
890.1
5,906
4,136

1332.7
1887.2
1323.8
1303.0
926.3
6,145
4,271

1385.7
2107.6
1375.2
1451.8
966.1
6,340
4,421

1343.9
1916.8
1331.7
1319.1
931.9
6,191
4,293

1354.5
1958.1
1347.1
1359.6
949.6
6,226
4,365

1354.2
1992.0
1341.8
1391.6
952.1
6,215
4,370

1382.6
2087.5
1369.9
1433.3
960.3
6,334
4,399

1391.4
2136.1
1382.4
1468.4
968.7
6,360
4,428

1414.7
2214.8
1406.5
1513.9
983.2
6,453
4,485

2.1
4.8
2.1
3.0
0.9
1.9
0.7

0.6
2.3
0.9
2.4
0.9
0.4
0.7

1.7
3.7
1.7
3.1
1.5
1.5
1.3

50
200
213
224
225
217
227

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

819.4
857.7
891.7
858.0
876.6
873.5
886.3
895.1
911.8
125.9
137.8
144.6
136.9
143.0
137.8
145.8
144.8
150.1
320.2
330.4
339.6
329.2
338.1
333.3
336.3
340.4
348.5
373.2
407.4
389.5
391.8
395.6
402.4
404.2
410.0
413.1
1 0 9 0 . 2 1 2 0 6 . 5 1 3 4 0 . 1 1214.5 1 2 5 5 . 2 1 2 7 6 . 7 1 3 2 2 . 9 1 3 5 6 . 9 1 4 0 3 . 9
156.6
178.4
197.5
177.4
187.2
183.5
197.8
199.5
209.1
442.6
479.0
526.5
479.7
496.9
501.4
519.3
531.7
553.4
491.0
616.2
549.2
557.5
571.1
591.8
605.8
641.4
625.8

1.5
5.8
0.9
0.4
3.6
7.8
3.6
2.4

1.0
-0.7
1.2
1.4
2.6
0.9
2.4
3.3

1.9
3.7
2.4
0.8
3.5
4.8
4.1
2.5

231
233
238
239
230
232
236
237

1.4
1.9
-0.8
4.0
4.2
-0.1 •

241
243
30
240
242
245

II. OTHER IMPORTANT ECONOMIC
MEASURES- Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618.
620.
622.
651
65?
668
669
667.

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

Mil. dol

do
do
do
do
do
do
do

....

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

G N P i n 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 do!. . .

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

241.
243
30.
240.
242.
245

Total, 1972 dollars
Total fixed investment 1972 dollars
Change in business inventories, 1972 dol. 2 . . . .
Total, current dollars
Total f i x e d investment, current dollars
Chg in bus inventories current dol 2

do
do
do
do
do
do

173.4
166.8
6.7
243.0
232.8
10.2

196.3
187.4
8.9
297.8
282.3
15.6

210.6
200.1
10.6
345.6
329.6
16.0

201.7
189.5
12.2
309.7
287.8
21.9

200.3
192.8
7.5
313.5
300.5
13.1

205.7
193.4
12.3
322.7
306.0
16.7

213.1
200.4
12.7
345.4
325.3
20.1

210.4
201.4
9.0
350.1
336.5
13.6

213.4
205.2
8.2
364.0
350.5
13.5

3.6
3.6
0.4
7.0
6.3
3.4

-1.3
0.5
-3.7
1.4
3.4
-6.5

do
do
do
do
do
do

262.8
96.6
166.2
359.5
129.9
229.6

269.2
101.6
167.6
394.0
145.1
248.9

275.0
100.3
174.7
433.9
153.8
280.2

271.7
102.9
168.8
399.5
146.8
252.7

274.5
103.6
170.9
412.5
152.2
260.3

272.1
101 .2
170.8
416.7
151.5
2 f, 5 . 2

271.9
97.1
174.8
424.7
147.2
277.6

276.7
100.4
176.3
439.8
154.0
285.8

279.4
102.5
176.9
454.5
162.5
292.0

-0.1
-4.1
2.3
1.9
-2.8
4.7

1.8
3.4
0.9
3.6
4.6
3.0

1.0
2.1
0.3
3.3
5.5
2.2

261
263
267
260
262
266

do
do
do
do
do
do

95.9
80.5
15.4
163.2
155.7
7.4

98.2
88.7
9.5
175.5
186.6
-11.1

107.0
98.6
8.4
204.8
216.8
-12.0

100.8
88.2
12.5
180.8
187.8
-7.0

96.0
92.9
3.1
172.1
195.2
-23.2

99.1
96.2
2.9
181.7
205.8
-24.1

108.4
97.1
11.3
205.4
210.9
-5.5

109.0
99.7
9.2
210.1
220.8
-10.7

111.
101.5
10.2
221.9
229.5
-7.6

9.4
0.9
8.4
13.0
2.5
18.6

0.6
2.7
-2.1
2.3
4.7
-5.2

2.5
1.8
1 .0
5.6
3.9
3.1

256
257
255
252
253
250

1703.8 1537.6 1 5 7 6 . 9 1603.1 1688.1 1 7 2 8 . 4 1795.6
1 3 0 1 . 4 1165.8 1199.7 1241.0 1 2 8 7 . 8 1317.1 1 3 5 9 . 8
113.2
97.2
107.3
105.0
110.1
123.0
114.5
159.6
148.2
154.8
163.4
132.6
177.0
165.2
23.4
22.4
22.7
22.8
22.2
24.4
24.3
106.3
97.3
99.0
101.7
104.6
107.4
111.4

5.3
3.8
4.9
23.2
-2.6
2.9

2.4
2.3
4.0
1.1
9.5
2.7

3.9
3.2
7.4
7.1
0.4
3.7

220
280
282
286
284
288

14.7
9.3
-7.4
27.3
-0.6

0.0
2.5
-0.4
-5.6
-0.1

3.6
2.8
-3.9
7.6
-0.4

290
295
292
298
293

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

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

256
257.
255.
252.
253.
250.

F x p o r t s of goods and services 1972 dollars
Imports of goods and services, 1972 dollars . . .
Net exports of goods and serv., 1972 dol. 2 . . . .
Exports of goods and services, current dol
Imports of goods and services, current dol
Net exports of goods and serv., current dol. 2 . .

A5. Foreign Trade

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

National income
Compensation of employees
Proprietors' income with I VA and CCA
Corporate profits with IVA and CCA
Rental income of persons with CCA
Net interest

290.
295.
292.
298.
293.

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

do
do
do
do
do
do

1 3 5 9 . 2 1515.3
1 0 3 6 . 8 1153.4
83.6
99.8
127.0
144.2
22.5
22.5
95.4
84.3

A7. Saving

do
do
do
do
Percent

237.5
202.6
68.0
-33.2
5.7

272.2
223.9
66.9
-18.6
5.1

318.6
243.3
76.9
-1.6
5.3

285.5
236.5
74.3
-25.2
5.6

274.7
230.6
73.7
-29.6
5.4

284.2
222.9
82.4
-21.1
5.9

326.1
243.6
76.3
6.2
5.3

326.2
249.8
76.0
0.6
5.2

338.0
256.8
73.0
8.2
4.8

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 ad|ustment. CCA = capita! consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
2
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timirwj classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed at the terminal month of the span.




A

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes

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

&
3

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

uo-l

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

60-1

• ' ' ? /3 74 75 76 77 78 79 1980
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.




10

MARHH 1Q7Q

itru

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart Al. Composite Indexes—Con.

913. Marginal employment adjustments (series 1, 2, 3, 5)
-12

m

^

915. Inventory investment and purchasing (series 8, 32, 36, 92)

916. ProfJtabili^smgJT,JA

-4

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

940. Ratio, coincident index to lagging index

;-&

v

?h 79 ly

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


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

IICII

11

A

COMPOSITE INDEXES AND THEIR COMPONENTS-Con.

Chart A2. Leading Index Components

1. Average workweek, production workers,
manufacturing (hours)
[y

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

8. New orders for consumer goods and malenafsriBTZ"dollars (bit. fl6RT

32. Vendor pSIormance, percehf of companiK~fepbrfihg slbwefBelivai^ fpercehff^

12. Net business jon^onj[te

20. Contracts and orders for plant and equipment,
1972 dollars (bil. dol.)

Current data for these series are shown on pages 61, 64, 65, and 6




12

MARCH

KCIfc

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A2. Leading Index Components—Con.

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

36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dol.)

92. Change in sensitive prices, smoothed1 (percent)
Ul

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

full

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

fuul

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

iThis series is a weighted 4-term moving average (with weights 1,2,2,1) pla<

Current
for these series are shown on pages 67, 68, 69, and 71.
Digitized
fordataFRASER
http://fraser.stlouisfed.org/
Federal ReserveMARCH
Bank of 1979
St. Louis

ItUI

13

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A3. Coincident Index Components

41. Employees on nonagricultural payrolls (millions)

51. Personal income less transfer payments,

47. Industrial production, total (index:

57. Manufacturing and trade sales, 1972 dollars (bil. dot.)

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




14

MARCH 1979

ItCII

A

COMPOSITE INDEXES AND THEIR COMPONENTS—Con.

Chart A4. Lagging Index Components

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

HHSP

70. Manufacturing and trade inventories, 1972 dollars (bil. doi.)

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, weekly
reporting large commercial banks (bii. dol.)

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

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


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

IICII

15

!NP«C4"?Of-.S
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment

| Marginal Employment Adjustments |
1. Average workweek, production workers, manufacturing (hours)

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

2. Accession rate, manufacturing (per 100 employees)

/Axv^X™
&£

A.

«

\^

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

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

£JT^^^
4. Quit rate, manufacturing (per 100 employees)

1955

56

5-?

^

[^

JIG

»:

Current data for these series are shown on page 61.




16

MARCH 1979

\\i\\

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.

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

46. Help-wanted advertising (index: 1967=iQO]L

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

42. Persons engaged in nonagricultural activities (mikms)

41. Employees on nonagricultural payrolls (millions)
C

JO. JJDQtoyj£s_ in.

manufacturing, construction^^^
(millions) h QJJ| *

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


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

ItCIt

17

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart Bl. Employment and Unemployment—Con.

I Comprehensive Employment—Con~|

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

z

I Comprehensive Unemployment!
37. Number unemployed, total (millions-inverted scale)

EP1

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

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

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

44. Unemployment rate,pgfsgnsi unemployed 15 weeks ami over (percent—inverted scale)

Current data for these series are shown on page 62.




18

MARCH 1979

ItCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income

| Comprehensive Output and Income]

50. GNP in 1972 dollars, Q (ann. rate, biFdol.)

52. Personal incomein1972 dollars (ann. rate, bil. dol.)

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

c,c,c

53. Wages and salaries in mining, manufacturing, and
construction in 1972 dollars (ann. ratejji jdol)

Current data for these series are shown on page 63.


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MARCH
1979
Federal Reserve Bank of
St. Louis

KCII

19

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B2. Production and Income—Con.

Industrial Production

47. Industrial production, total (index: 1967=

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

73. Industrial production, durable manufactures

/
49. Value of goods output in 1972 dollars, Q
ann. rate, MI. aoi.) | c,C,C |

I Capacity Utilization |
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)

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

|L,C,y|

84. Rate of capacity utilization, materials, Q (percent) |L,C>U|

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




20

MARCH 1979

KCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

Chart B3. Consumption, Trade, Orders, and Deliveries

Orders and Deliveries

7. New orders, durable goods industries, 1972 dollars

\

6. New orders, durable goods industries,
current dollars (bit. dol.)
8. New orders for consumer goods and materials

25. Change in unfilled orders, durable goods industries
(bil. dol.; MCD moving avg—4-term)
L,LL

96. Manufacturers' unfilled orders, durable goods industries
(bil. dol.)

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

Current data for these series are shown on page 64.


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MARCH
1979
Federal Reserve Bank of
St. Louis

!!€!»

21

CVCLICAI ;?;,;.••;.••: h;
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B3. Consumption, Trade, Orders, and Deliveries—Con.

| Consumption and Trade

56. Manufacturing and
(bil. doi.)

57. Manufacturing and trade sales

75. Industrial production, consumer goods
(index: 1967=100)

54. Sales of retail stores in current dollars (bil. dol.)
59. Sales of retail stores in 1972 dollars (bil. dol.)

\

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

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

1955 56

67

r

-

Current data for these series are shown on page 65.




22

MARCH 1Q7Q

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment

| Formation of Business Enterprises]
12. Net business formation (index: 1967=100) [L,L,Lj

13. New business incorporations (thousands)

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

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

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

ESP
24. Manufacturers' new orders, capital |oods industries,
nondefense, in current dollars (bil. dol.)

9. Construction contracts, commercial and industrial buildings
(mil. sq. ft. of floor area; MCD moving avg—5-term)1

'This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.


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MARCH 1979
Federal Reserve Bank of St. Louis

KCII

23

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B4. Fixed Capital Investment—Con.

Business Investment Commitments—Con.

11. New capital appropriations, manufacturing 0 (bil. dol.)

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

C,Lg,Lg

61. Business expenditures for new plant and equipment, Q
(ann. rate, bil. dol.) rf~r~

Business Investment Expenditures

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

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

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




24

MARCH 1979

licit

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B4. Fixed Capital Investment—Con.

| Business Investment Expenditures—Con7|

1bO-i

Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil. dot)

140 '

12C-

. Producers' durable equipment, Q

[Residential Construction Commitments and Investment]
28. New private housing units started, total (ann. rate, millions).

Full

29. New building permits, private housing units (index: 1967=1QQ1

89. Residential fixed investment, total, in 1972 dollars,^
(ann. rate, bil. dol.) [777]

''•'•*

5b

57

^3

-a1

r-C

Current data for these series are shown on page 67.


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MARCH
1979
Federal Reserve Bank of
St. Louis

IIUI

25

INUiC.-UC t ::
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B5. Inventories and Inventory Investment

| Inventory Investment|
30. Change in business inventories, 1972 dollars, Q (ann. rate, bil. dd)
+30-1
+20-

„ /A .

f^^/

\/\A^

+10-

5

0-10-20-30-

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

+40+30+20+10-

-20-

31. Change in book value, manufacturing and tractejfjyentories
(ann. rate, bil. dol.; MCD moving avg.-5-terrrly

20-

.

i , JfT7i

..NAAAJ^<,,]|A

i

+10-

3S. Change in stocks of materials and supplies on hand ami on order,
manufacturing (bil. dol.; MCD moving avg.—4-term)

v^ffiZ

_x
^

r.^x/v/A
*\xv
^
75

76

77

78 1979

1

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




26

MARCH 1979

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B5. Inventories and Inventory Investment—Con.

450-

Inventories on Hand and on Order

400350300250-

70. Book value, manufacturing and trade inventories,
1972 dollars (bil. dol.) u L L I \
—~—-^^

200-

71. Book value, manufacturing ani trade inventories,
current dollars (bil. dol.) |i*t«ia|
fc
i
l !J5l> w *•& I

___„.

150-

70-i
65605550-

45»~

65. Book value of manufacturers' £__
of finished goods (bil. dol.) rjTj

40- ;
35- "
c

30-

25-

77. Ratio, deflated inventories to sales, manufacturing and trade
(ratio)
|. . . . ——————

1.9-1
1.81.71.61.5180160140-

78. Stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.) i. . . i

I

120™
100-

80-1

60-

40-*

Ivt-r

56

57

08

59

6C

61

63

64

65

!.>•

Current data for these series are shown on page 68.


http://fraser.stlouisfed.org/
MARCH
Federal Reserve Bank of
St. Louis1979

HOI

27

CYCLICAL
B |

iNL'iO-tK'K".

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B6. Prices, Costs, and Profits

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

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

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

Profits and Profit Margins
18. Corporate profits after taxes, 1972 dollars, Q
(ann. rate, bil. dol.) \

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

80. Corporate fwofits after taxes with IVA and CCA,
1972 dollars, Q (ann. rate, M. dol.)
X

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

LCI

1955 56

6b

66

67

68

69

1979

^his series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 69.




28

MARCH 1979

!!€!»

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

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

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

!!^^
capital consumption adjustmenFs to totaT
Q (percent)
n

15, Profits (after taxes) per dollar of sales, all manufacturing corporations, Q (cents)

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

35. Net cash flow, corporate, in 1972 dollars, Q
(ann. rate, bil. dol.)
|~[~[~[

34. Net cash flow, corporate, in current dollars, Q
(ann. rate, bil. dol.)

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


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MARCH
1979
Federal Reserve Bank of
St. Louis

KCII

29

B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

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

200

190-

I Unit Labor Costs and labor Share]

180170-

IZ.

160ISO-

MO -

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

130

120-

1.051.000,95»
0.900.850.800.75-

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

0.700.65-

62. Labor cost per unit of output, manufacturing (index: 1967=100)
110-

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

73

/$

75

76

77

78 1979

Current data for these series are shown on page 70.




30

MARPM 1Q7Q

itrn

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit

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

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

104. Change in total liquid assets (percent; moving avg.-4-term1)

ECET

105. Money supply-Ml-in 1972 dollars (bil. dol.)

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

108. Ratio, personal income to money supply M2 (ratio) [C,Lg,C]

1~This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 71.


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MARCH 1979
Federal Reserve Bank of St. Louis

ItCII

31

B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[Credit Flaws

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

PSD

112. Change in bank loans to businesses (ana rate, bii. dol.;
MCD moving avg—6-term)
h i il

ft

j|

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

110. Total private borrowing, Q (ann. rate, bil. dol.)

~~

.1955

56

57

"8

59

SO

61

Z

5

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




32

MARCH 1979

!!€!»

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[Credit Difficulties |


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MARCH 1979
Federal Reserve Bank of St. Louis

14. Liabilities of business failures (mil. dol—inverted scale;

39. Delinquency rate, 30 days and over, consumer installment loans
(percent—inverted scale)

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

33

CYUiCAi
B I

INDICATOR.:

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

Chart B7. Money and Credit—Con.

[interest Rates

119. Federal funds rate (percent)—

pV**-*^

J

114. Treasury bin rate (percent)

116. Corporate bond yields (percent)

115. Treasury bond yields (percent)

117. Municipal bond yields (percent)

118. Secondary market yields on FHA mortgages
(Percent)
....
L&L&Lg

1955 56

57

58

59

60

6!

6

64

65

66

67

68

69

70

71

74

7

5

76

77

78 1979

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




34

MARCH 1979

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.
Chart B7. Money and Credit—Con.

Interest Rates—Con.

67. Bank rates on short-term business loans (percent)

fJ

109, Average prime rate charged by banks (percent)

Outstanding Debt
66. Consumer installment debt (bii. dol.)

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

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

191)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

Current data for these series are shown on page 73.


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Federal Reserve Bank ofMARCH
St. Louis1979

KCII

35

DIFFUSION INDEXES AND RATES OF CHANGE

Chart CL Diffusion Indexes

950. Twelve leading Indicator components (6-mo. $pan—, 1-mo. span—)

50-

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

50-

952. Six lagging indicator components (6-mo. span—, 1-mo. span—)
100-1

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

100-

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

963. Employees on private nonagricultural payrolls—172 industries

(6-mo. span—, 1-mo, span—)

50-




36

iown on page 74.

MARCH 197Q

DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart Cl. Diffusion Indexes—Con.

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

965. Newly approved capital appropriations, deflated—17 industries (4-Q moving avg.•-»-•, 1-Q span-—)


http://fraser.stlouisfed.org/
Federal Reserve Bank ofMARCH
St. Louis1979

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

967, Industrial materials prices—13 industrial materials (9-mo. span-—, 1-mo. span—)

968. Stock prices, 500 common stocks—58-82 industries (9-mo. span—, 1-mo. span

)

969. Profits, manufacturing-about 1000 corporations (4-Q span~~, 1-Q span-—)

37

C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

Chart Cl. Diffusion Indexes—Con.

970. Business expenditures for new plant and
equipment—18 industries (1-Q span)
(a) Actual expenditures

100-1

974. Number of employees, manufacturing and trade (4-Q span)1
70-

75*

- ^?CX
rv^"^
;

50-

SL

jf~*~ ^

'\\ rr

50-

25-

4Q-

0'

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

JaLActyal expenditures
75H
50'
25-

0'

976. Selling prices, manufacturing (4-Q span)1

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

972. Net profits, manufacturing and trade (4-Q span)1

977. Selling prices, wholesale trade (4-Q span)1
SO •
8070-

978. Selling prices, retail trade (4-Q span)1

973. Net sales, manufacturing and trade (4-Q span)1

69

70

71

72

73

74

76

77

78 1979

69

70

71

72

73

74

75

76

77

78 1979

1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400
business executives.
Current data for these series are shown on page 76.




38

60-

MARCH 1979

DIFFUSION INDEXES AND RATES OF CHANGE—Con.
Chart C3. Rates of Change

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

^920c._Comgosite index of

930c. Composite index of six lagging indicators

isiJ^^^

50c. GNP in constant (1972) dollars (1-Q span)

47c. Index of industrial production

a—-*--:--

48c. Employee-hours in nonagricultural establishments

51c. Personal income less transfer payments in 1972 dollars ;


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

KCII

39

07HES? )MF\.'P~A?r: *•
A I

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income


http://fraser.stlouisfed.org/
40
Federal Reserve Bank of St. Louis

200. GNP in current dollars, Q (ann. rate, bil. dd.)

ZHD: ;
223. Personal income in current dollars
(ann. rate, bil. dot.)

224. Disposable personal income in current

(ann. rate, bij. do).}

213. Final sales in 1972 dollars, Q (ann. rate, bil. dgjJL.

225. Disposable personal income in 1972
~

217. Per capita GNP in 1972 dollars (ann. rate, thous. aa

227. Per capita disposable personal income in

;>G

hj

v

i pages 63 and 80.

MARCH 1979

lt€

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A2. Personal Consumption Expenditures

Annual rate, billion dollars (current)
Personal consumption expenditures-

Annual rate, billion dollars (1972)

238. Nondurable goods, Q

233. Durable goods, Q

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


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MARCH 1979
Federal Reserveltd)Bank of St.
Louis

41

lMK>T^'<r; EtCrOiVHC,
A

I

NATIONAL INCOME AND PRODUCT—Con.

Chart A3. Gross Private Domestic Investment

Annual rate, billion dollars (current)

Grafi private domesfc liwestment-

245. Change in business inventories, Q

Annual rate, billion dollars (1972)

,:]
22'j~*

v.J

If, -i
^243. Total fixed investment, 0
l.'P -I

,,J

*~\/

1955

56




42

ri

30. Change in business inventories, Q

77

78 1979

MARCH 1979

ItCII

.>M ;.(: GNOMIC
NATIONAL INCOME AND PRODUCT—Con.

Chart A4. Government Purchases of Goods and Services

Annual rate, billion dollars (current)
SOO460420380-

Government purchases of goods and services-

340300260-

260. Total, Q
220-

180-

266. State afidtecal governments, Q
140»

100-

Federal Government, ,

60 J

billion dollars (1972)
340-

IV
261. Total, Q

300260220-

180-

267. State and teal governments, Q

140-

100-

—-*.

263. Federal Government, Q

60-J

72

75

76

77

78 1979

Current data for these series are shown on page 81.


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

KCII

43

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A5. Foreign Trade

Annual rate, billion dollars (current)

252. Exports of goods and services,

\

253. Imports of goods and services, Q

250. Net exports of goods and services, 0

Annual rate, billion dollars (1972)

256. Exports of goods and services, Q

\

257. Imports of goods and services, Q

Current data for these series are shown on page 82.


http://fraser.stlouisfed.org/
44Bank of St. Louis
Federal Reserve

MARCH 1979

HCII

A

NATIONAL INCOME AND PRODUCT—Con.

Chart A6. National Income and Its Components

Annual rate, billion dollars (current)

220. National income, Q

280. Compensation of employees, Q

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

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

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

Current data for these series are shown on page 82.


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Federal Reserve Bank ofMARCH
St. Louis1979

KCII

45

OTHER IMPORTANT ECONOMIC MEAS F c S
IA I

NATIONAL INCOME AND PRODUCT—Con.

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

P

T

Annual rate, billion dollars (current)

290. GrossT saving (private and go^pjaent)
~ if'v-w '

295. Business laving, 0

292. Personal swing, 0

298. Government surplus or deficit, Q

293. Personal sawng rate, 0

r.\s
1955

56

57

58


http://fraser.stlouisfed.org/
Federal Reserve
4R Bank of St. Louis

59

60

61

62

63

64

65

66

67

68

69

70

71

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

MADPU 1Q7Q

Kill

A I

NATIONAL INCOME AND PRODUCT-Con.

Chart A8. Shares of GNP and National Income

Percent Jof'GNP
70-

235. Personal consumption expenditures, Q

65-

602G-

268. State and local government purchases
of goods and services, Q
2K. Federal Government purchases of goods and services, Q

248. Nonresidential fixed investment, Q
249. Residential fixed investment, Q
f! «•

247. Change in business inventories, Q

251. Net exports of goods and services, Q

[Percent of National Income|

64. Compensation of employees, Q

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

285. Rental income of persons with capital consumption adjustment, Q
1955 56

5;?

VI

Current data for these series are shown on page 83.


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

ItCII

47

Bl

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements

| Percent changes at annual rate |

Index: 1972=100
310c. Implicit price deflator,
........ QNJP (14 span)
„
310. Implicit price deflator, GNP, Q

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

Wholesale prices—

311. Fixed weighted price inctoL
gross business product, Q

I 6-month spans

330c. All commodities

Index: 1967 = 1001

Wholesale prices—

«™

330. All commodities

335. industrial commodities

L,.,331 intermediate
materials

333c. Producer finished goods
334. Consumer finished
331 Producer finished
goods

6S

V,

:*•:

334c. Consumer finished goods

.•:•

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




48

MARCH 1979

B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart Bl. Price Movements—Con.

Consumer prices-

Percent changes at annual rate
320c. All Items (6-month span)

Chart B2. Wages and Productivity
26Q~|

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

120-

340. Average hourly earnings of production workers,
private nonfarm economy (current dollars)1
100130

346. Real average hourly compensation, all employees,
nonfarm business sector,

1

120110100-

341. Real average hourlyBeamings
tfj^
private nonfarm economy1 ""

9080-

' Adjusted for overtime (ir
Current data for these seri


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

KCII

seasonally.

49

B

PRICES, WAGES, AND PRODUCTIVITY—Con.

Chart B2. Wages and Productivity—Con.

I Wages—Con.
Change in average hourly earnings of productipn
workers, private nonfarm economy1 —

6-month spans (ann. rate)

, ...
?

340c. Current-dollar earnings ^W >

,„

i

--'Tpiiyy^

'?

i ',: (\.
1-monthi spans2
- ,.

's

'

j |
i
[
. - - . - . - . . - .,—

21;

341c. Real earnings
'1 ll'jl^ll l/v,
6-nionffi spans (arm. rate)'T '1 "|T ' '
Change in average hourly compensation, all employees,
' ,i \<
nonfarm business sector, Q—
? f
345c. Current-dollar compensation
J
1-quarter spans (ann. rate)

XA

.

.

4-quarter spans
346c. Real compensation
1-quarter spans^ann. rate)

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

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

,

370c. Change in output per hour, private business sector, Q
1-quarter spans (ann. rate)
».
:\ a

1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. ^ One-month percent changes have been multiplied by a constant (12) so that they may be shown
against the background of the annualized 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 87 and 88.




50

MARCH 1979

ItCII

C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart Cl. Civilian Labor Force and Major Components

441. Civilian labor force, total (millions)

442. Total employed (millions)

Labor force participation rates (percent)—
45L Males 20 years and over

453. Both sexes 16-19 years of age

452. Females 20 years and over
Number unemployed (millions)—
37. Total unemployed

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

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


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MARCH 1979
Federal Reserve Bank of St. Louis

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

i on page 89.

51

D

GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures

Annual rate, billion dollars (current) _.

_*_

502. Federal Government expenditures, Q

501. Federal Government receipts, Q

500. Federal Government surplus or deficit, Q

511. State and local government receipts, Q

\

512. State and local government
expenditures, Q

510. State and local government surplus or deficit, Q

Current data for these series are shown on page 90.




52

MARCH 1979

ItCil

D

GOVERNMENT ACTIVITIES—Con.

Chart D2. Defense Indicators

I Advance Measures of Defense Activity
517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.—6-term)

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

TPK

,\ *

543. Defense Department gross unpaid obligations outstanding (bil. dot.)

J

^

^X
*~~\

XT

548. Manufacturers' new orders, defense products
(bil. dol.; MCD moving avg.-6-term)

Current data for the;

shown on page 90


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MARCH 1979
Federal Reserve Bank of St.
Louis

KCII

53

D

GOVERNMENT ACTIVITIES—Con.

Chart D2. Defense Indicators—Con.

Intermediate and Final Measures of Defense Activity!
557. Output of defense and space equipment (index: 1967=100)

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

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

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

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

Current data for these series are shown on page 91.




MARCH 1979

ltd!

D

GOVERNMENT ACTIVITIES—Con.

Chart D2. Defense Indicators—Con.

| Intermediate and Final Measures of Defense Activity—Con. |
570. Employment in defense products industries (millions)

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

578. Civilian, direct hire employment

1 !

| National Defense Purchases]
564. Federal Government purchases of goods and services for national
defense, Q (ann. rate, bit. dol.)

565. National defense purchases as a percent of GNP, Q (percent)


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

ItCII

55

E I

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade

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

f
<

/

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

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

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

products (bil. dot)

616. Imports of automobiles and parts (bil. dol.)

1955 56

57

58

59

t>r-

Current data for these series are shown on page 92.




56

MARCH 1979

!!€!»

E

U.S. INTERNATIONAL TRANSACTIONS—Con.

Chart E2. Goods and Services Movements

Annual rate, billion dollars

__

Excess of receipts
Excess of payments

Goods and services—

667. Balance on goods and services,

Merchandise, adjusted—
622. Merchandise trade balance,

\

620. Imports, Q

Investment income—
651. Income on U.S. investments
abroad,
,
. ., Q

652. Income on foreign investments in the U.S., Q

NOTE: Annual totals are shown for the period prior to 1960.
Current data for these series are shown on page 93.


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

ItCII

57

iMPOKTA.NT
JFJ

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production

[index: 1967=100

industrial production—

728. Japan—*1. OKDEuropean countries x^

^V^

V

47. United States

Current data for these series are shown on page 94.




58

MARCH 1979

It! It

F

INTERNATIONAL COMPARISONS—Con.

Chart F2. Consumer Prices

Percent changes at annual rate

Chart F3. Stock Prices

Stock prices—

Consumer prices—

19. United States

320c. United States

748.

735c. West Germany

736c. France

746. France

742. United Jtingdom _„
732c. United Kingdom

737c. Italy

733c. Canada

743. Canada

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


http://fraser.stlouisfed.org/
IKIU St. Louis1979
Federal Reserve Bank ofMARHH

59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

^M COMPOSITE INDEXES

Year
and
month

1977

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

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

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

Leading Indicator Subgroups
913. Marginal
employment
adjustments
(series 1,2, 3,
5)

914. Capital
investment
commitments
(series 12, 20,
29)

915. Inventory
investment
and purchasing
(series 8, 32, 36,
92)

916. Profitability (series
17, 19,80)

917. Money
and financial
flows (series

940. Ratio,
coincident
index to
lagging index

104, 106, 110)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

(1967=100)

Revised:

Revised:

Revised *

Revised 1

Revised *

Revised1

Revised1

Revised 1

Revised l

January
February
March

131.9
133.0
135.6

126.3
127.6
129.7

120.2
121.0
121.7

95.9
96.6
98.0

110.9
111.2
112.0

102.3
102.7
104.1

107.2
106.5
107.3

141.2
142.2
143.3

April
May
June

136.0
135.8
135.5

130.0
130.6
131.3

122.3
123.1
125.0

97.3
97.1
97.2

111 .7
112.5
113.3

105.0
104.7
103.8

108.1
108.8
109.2

143.3
142.2
142.5

106.3
106.1
105.0

July
August
September

135.0
136.9
138.0

131.7
131.9
132.6

125.2
126.5
127.8

96.7
96.2
97.0

112.4
114.8
114.6

103.0
103.3
103.8

109.9
110.1
109.2

144.8
146.9
148.2

105.2
104.3
103.8

October
November
December

139.1
139.4
140.2

133.8
134.7
135.7

129.4
131.1
131.7

97.4
98.0
98.7

115.0
115.7
116.6

104.3
103.8
104.3

108.1
107.5
106.5

148.8
148.8
148.5

103.4
102.7
103.0

January
February
March . .

139.1
140.3
140.3

134.0
135.0
136.9

134.1
135.9
137.2

97.6
97.2
98.3

115.4
115.9
115.0

104.8
105.9
106.3

104.5
103.3
104.2

148.5
148.0
147.4

99.9
99.3
99.8

April
May
June

141.5
141.8
142.6

139.3
139.5
140.1

137.8
140.1
142.2

99.0
98.0
97.8

114.9
115.0
116.2

106.9
107.2
106.9

106.6
108.5
108.8

147.5
147.8
148.4

101.1

July
August
September

141.1
141.7
142.7

140.4
141.6
141.5

143.5
144.4
146.1

97.4
97.3
98.5

115.6
115.8
116.6

105.2
105.5
105.4

108.8
110.3
110.7

148.6
148.4
148.9

97.8
98.1
96.9

October
November
December

143.8
143.5
0)144.1

105.9
106.1
106.9

110.3
109.1
109.5

149.2
0)149.5
149.0

96.8
94.5
94.0

0)110.7
pllO.6

146.7
p!43.0

105.1
105.5
0)106.6

1978

143.2
144.4
0)145.7

147.9
152.8
155.0

98.9

0)99.4
99.2

0)118.0
116.9
117.2

99.6
98.5

1979

January
February
March

2

143.6
142.3

3

144.6
144.9

157.3
(E>*158.3

99.1

p98.7

115.2
p!15.2

107.7
0)P108.0

91.9

p91.5

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 by0>; for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised: "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
1

See "New Features and Changes.for This Issue," page iii.
Excludes series 12 and 36 for which data are not yet available.
Excludes series 57 for which data are not yet available.
^Excludes series 70 and 95 for which data are not yet available.
2
3




CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

B| EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Process
Timing Class

Year
and
month

L,L,L

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

L, L, L

L,C, L

L,C, L

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

(Hours)

5. Average
weekly initial
claims, State
unemployment
insurance 1
(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

L, L g , U

L, L, L

3. Layoff rate,
manufacturing

4. Quit rate,
manufacturing

(Per 100 employees)

(Per 100 employees)

L, Lg, L)

u,c,c

L,Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

46. Index of
help-wanted
advertising
in newspapers

(Ratio)

(1967=100)

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

1977

January
February .
March

39.7
40.3
40.4

3.3
3.3
3.4

4.0
4.4
4.1

386
431
329

1.3
1.4
1.1

1.9
1.9
1.8

0.439
0.434
0.450

105
106
108

152.26
154.86
155.35

April
May
June . .

40.4
40.4
40.5

3.5
3.4
3.5

3.9
3.9
3.9

358
378
363

1.1
1.1
1.2

1.8
1.9
1.8

0.467
0.484
0.484

109
112
114

155.81
156.50
156.62

July
August .
September

40 3
40 3
40.3

3 5
3.4
3.4

3 9
3.7
3.9

382
391
377

1.2
1.3
1.1

1.8
1.8
1.9

0 537
0 535
0 539

121
122
120

157.11
156.99
157.14

October
November
December

40 5
40 5
40.5

3 5
3 6
3.6

4 0
4 1
4.4

372
349
331

1 1
1 0
1.0

1 .9
2.0
2.0

0 573
0 597
0.674

128
133
140

158.69
158.10
158.94

39 8
40 1
40 6

3 5
3 7
3 7

4 2
4 0
3 9

331
370
[fi)320

0 9
0 9
1 0

2.0
2.0
2 0

0 635

n 67Q
n AR9

138
139
141

157.64
158.96
161 20

D 40.8
40.4
40 5

3.8
3.5
3 6

4.2
4.0
3 9

330
328
346

0.9
1.0
1 0

2.2
2.1
2 1

0.717
0.696
0 746

146
144
147

162.93
162.53
163 50

July
August
September

40 5
40 3
40.4

3.6
3 4
3.6

3.8
3 8
4.1

375
361
328

0.9
0 9
0.8

2.0
1 .9
2.0

0 718
0 752
0.759

149
150
152

163.47
162.91
162.93

October
November
December

40.5
40 7
40 7

3.6
3 7
3 8

4.4
ffl) 4 5
4 4

325
334
325

0.9
0 8
0 9

2.3
2 2
2.2

161
161
[H>165

163.68
165 19
r!65 47

r40.7
p40.6

3.8
!H)p3.8

4.4
p4 2

344
p341

IH> po.8

0.8

2.3
[R)P2.3

161
p!58

H65.53
[H}pl65.84

1978

January
February
March
April
May
June

DO. 821
0 01 C
n pi 7

1979

January
February
March

.

0 815

pO 800

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[fi); for
series that move counter to movements in general business activity, current low values are indicated by(H). Series numbers are for identification only and do not reflect series relationships
or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 12, 16 and 17.
Data exclude Puerto Rico which is included in figures published by the source agency.




CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

^fl EMPLOYMENT AND UNEMPLOYMENT-Con.

Minor Economic
Process
Timing Class

Year
and
month

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)

1977

January
February
March

85 529
85 860
86 312

80 483
80 796
81 264

23 635
23 804
?A en?

56 33
56 51

7115

7 A

A

1

1c 9

9

7 268

7 5

A

1

1 A. 8

CC

7

7

A.

o p

1/1 c;

9 9
9 1

April
May
June

86 544
86 81 7
87 209

81 654
pi qq£
82 277

24 205
OA qnA
r>/\ Arn

56 84
cc qp

6 944
c. pqc
7 nnft

7 2

-3 7
o 7
q 7

1 ZL R

July
August
September

87 4D7
07 P.QA

QO

/ICC

9/1

A9A

c.7 in

£ 7P)£

r Q

q p

1/1

QO

CflO

9/1

q7A

R7 91

7 n

87 QQQ

p9

Q7Q

OA

AA1

C7

-31

A 7QR
c £9/1

/I H
/i pi

11 0q . 0
p
i
q yQ
i j.

October
November
December

88 136
88 839
89 257

83 199
83 549
83 719

24 507
24 617
24 626

57 35
57 80
57 95

6 654
6 635
6 187

6 8
6 7
6 3

4 0

iq 7

1

ft

3 8
3 7

11 R

1

ft

13 7

i7

January
February
March

89 560
89 767
89 948

83 871
84 188
84 726

24 648
24 724
24 927

58 10
58 1 1
CQ ] q

fi ?Q?

c

-3

1 7

C

1

19

fi

1 A

C

ICO

C

0

q c
q c
q A

i^ n

f. nqo

10

/!

1

April
May
June

90 430
Qn Tin

PC

Al 0

9C

qi q

CO

00

6

f)(TO

1

1 9 / 1

q/M

CO

AC

c

~\ cc

11 . C
b

9C

q

r\

19

1

Ql

?lfi

QC one

9C £7q

6 1
6 1

q

85 61 8

cp pi

c pc/i

c p

q I

i9 n

iq

July
August
September

91 069
91 ,372
91 ,604

86 033
86,149
86,163

25 501
25 463
25 471

58 61
58 71
58 80

6 1 76
5 940
5 964

fi 1
5 9
5 9

q q
3 5
3 2

n

p

1 q

11 4
11 5

1 2
1 3

91 ,867
92,476
92,468

86 573
87 036
r87,281

25 670
25 872
r26,030

58 85
59 09
59.08

H) 5 836
5 877
6,012

5 8
5 8
5.9

3 o
3 0
3.1

1 1 ft

93 068
[R)93 335

r?fi O Q Q

[jj\ nft7 7fifi

59 28
|jj\cq 40

C7

7-3

1 I

1 R1

7 1

7 9

6

P

"3

9 n
9L . nU

-| r

n

1/1

"3

1 Q

1 4 . 11

1 Q

i.y
i.y

1 Q

1 Q
1 .0

1978

.

October
November
December

9

1

£

A

"3,

11 0
D10.7

1 ?

11 ?

1 9
rn\i 9

1.2

1979

January
February
March

r87 465

fu\ P£O
n?fi ,1
A.Q
j-p
i ^y

c

ppq

C

ppl

c p
fTJ\c

7

[H/o. 7

q pi

[H)p3.0

n

o

.0

[H>i - 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 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, 15, 17, and 18.
i
Data exclude Puerto Rico which is included in figures published by the source agency.




CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR E C O N O M I C
PROCESS

|M PRODUCTION AND INCOME

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

C,C, C

Timing Class

50. Gross national product
in 1972 dollars

Year
and
month

Personal income
223. Current
dollars

(Ann. rate,
bil.dol.)

C,C,C

c,c,c

51. Personal
income less
transfer payments in 1972
dollars

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

C,C,C

(Ann. rate,
bil.dol.)

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

(Ann. rate,
bil.dol.)

c,c,c

47. Index of
industrial
production,
total

(1967-100)

C,C,C

C, L, L

73. Index of
industrial
production,
durable manufactures

74. Index of
industrial
production,
nondurable
manufactures

(1967=100)

(1967=100)

C, C ; C

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil.dol.)

Revised 1

1977
January
February
March

1,306!?

1,451.3
1,470.2
1,490.7

1,057.8
1,065.4
1,075.5

910.5
918.0
927.8

222.5
226.1
231.2

132.3
133.2
135.3

123.4
124.0
126.8

143.4
145.3
147.0

596!6

April
May
June

1,325.5

1,500.0
1,508.3
1,517.4

1,076.8
1,078.1
1,079.2

928.9
932.5
935.3

231.1
232.4
233.8

136.1
137.0
137.8

128.0
129.3
130.5

147.0
148.5
148.4

604! 4

July
August
September

1,343!9

1,533.5
1,540.7
1,556.9

1,087.6
1 ,088.8
1,095.6

938.4
938.9
945.5

234.4
232.7
234.2

138.7
138.1
138.5

131.6
131.3
131.7

148.6
149.4
149.5

613'.3

October
November
December

1,354'.5

1,577.0
1,592.7
1,609.2

1,105.9
1,112.2
1,119.1

955.7
961.0
968.0

236.2
237.3
236.1

138.9
139.3
139.7

132.4
132.7
133.4

149.6
150.1
150.9

620 !l

January
February
March

1,354'.2

1,615.5
1,625.0
1,646.3

1,112.6
1,111.5
1,119.9

962.4
961.7
970.1

235.0
237.1
241.7

138.8
139.2
140.9

131.1
131.5
134.4

149.8
150.6
151.4

611.8

April
May
June

1,382.6

1,669.4
1,682.1
1,695.7

1,127.2
1,126.7
1 ,128.2

978.9
978.4
981 .3

245.9
245.4
246.2

143.2
143.9
144.9

136.9
137.6
139.0

153.2
154.0
154.9

62?!?

July
August
September

1,391.4

1,719.2
1,731.1
1,744.7

1,138.5
1,142.6
1,144.8

986.9
990.3
992.9

247.6
246.2
245.6

146.1
147.1
147.8

141.1
142.2
142.8

155.0
155.6
157.1

630 '.2

1 ,001.6
rl,768.7
rl,153.0
rl,008.4
rl,786.6
rl, 160.1
rl ,811 .6 lH)el, 1 7 1 . 0 'Del ,018. 6

247.5
250.5
252.4

148.7
r!49.6
r!50.8

144.0
r!44.8
r!46.5

157.4
r!58.5
r!59.4

(H>r649.'l

el, 008. 4
el ,006. 8

D252.6
p251.5

r!50.8
(y>pl51.2

H46.0
jH> P 146.7

H60.3
E)pl60.8

1978

October
November
December

E>H9414'.7

1979
January
February
March

rl,8!7.9
K>pl, 829.0

el, 160.1
el, 156. 9

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 D- 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, 19, 20, and 40.

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




•M i i e\-tf\

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

H

MAJOR E C O N O M I C
PROCESS
Minor Economic
Process
.. .

PRODUCTIONAND
INCOME-Con.

Capacity Utilization

L,C, U

Timing Class

83. Rate of
capacity
utilization,
manufacturing
(BEA)

Year
and
month

QJ CONSUMPTION, TRADE, O R D E R S , AND D E L I V E R I E S

(Percent)

82. Rate of
capacity
utilization,
manufacturing
(FRB)
(Percent)

Orders and Deliveries

L, C, U

84. Rate of
capacity
utilization,
materials

(Percent)

L, L, L

L, L, L

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

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

L, L, L

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

L, L, L

L, Lg, U

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil.dol.)

(Bil.dol.)

L, L, L

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

1977

January
February
March

8K2

8CK4

56.36
56.43
59.29

37.45
37.32
38.96

34.50
34.82
36.37

1.83
0.81
0.87

168.27
169.07
169.94

44
55
56

82^7

82^6

58.80
58.84
59.11

38.46
38.30
38.33

35.12
34.99
35.07

1.80
1.56
1.06

171.74
173.30
174.36

58
56
58

83.0

82.3

56.37
59.27
60.36

36.20
37.85
38.23

34.44
35.58
35.20

-1.10
0.62
1.08

173.27
173.89
174.97

59
58
56

82!9

82! 2

63.56
62.82
66.16

40.02
39.36
41.25

35 . 74
35.81
35.91

3.24
2.59
4.04

178.21
180.80
184.83

56
50
56

82J

81 ! 7

63.34
66.68
69.02

39.07
40.81
41.98

35.82
37.01
37.57

3.36
3.60
4.56

188.19
191.80
196.36

55
64
67

84^6

84 .'5

70.03
70.04
68.84

42.16
41.92
40.88

38.67
37.82
37.01

3.54
4.62
2.55

199.90
204.52
207.07

64
64
66

85^6

86.0

65.19
71.58
72.64

38.41
41.81
42.21

36.54
37.70
37.34

-0.04
2.90
3.73

207.03
209.92
213.65

56
65
66

H>r85.9

E)r87'6

76.98
76.65
r78.62

44.42
43.83
r44.67

r38.47
38.35
39.32

6.69
5.02
r5.19

220.34
225.36
r230.55

68
66
68

r80.66
[H}p80.91

B)r45.29
p45.00

[H)r39.99
p38.13

r7.56
[H)p7.62

r238. 11
[H)p245.73

69
H)77

'83

April
May
June

*84

July
August
September

*82

October
November
December

"&2

1978

January
February
March

'84

April
May
June

*84

July
August
September

'83

October
November
December

E>'84

1979

January
February
March

. . .

April
May
June
July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated 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 12, 20, and 21.


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

itru

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

ffiflj

Minor Economic
Process
C,C,C

C, C , C

Manufacturing and trade sales
56. Current
dollars

57. Constant
(1972) dollars

(Mil. dol.)

(Mil. dol.)

Revised1

Revised 1

C, L , C

C,L,U

75. Index of industrial producgoods

(1967-100)

U, L, U

Sales of retail stores
54. Current
dollars

FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises

Consumption and trade

Timing Class

Year
and
month

a

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.

59. Constant
(1972) dollars

(Mil. dol.)

(Mil. dol.)

Revised 1

Revised 1

L,C,C

L, L , L

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer
sentiment ©

(Ann. rate,
bil.dol.)

(IstQ
1966=100)

L, L, L

12. Index of
net business
formation

(1967=100)

L, L, L

13. Number of
new business
incorporations

(Number)

Revised 1

1977

January
February
March

213,386
217,515
222,679

143,237
144,752
147,092

139.9
140.5
142.9

57,405
58,474
58,917

41,628
42,159
42,265

6K5

April .
May
June

222,160
222,874
223,941

145,876
145,785
146,403

142.9
143.1
143.8

59,254
59,367
59,203

42,294
42,224
41,988

61 '.9

July
August
September

223,498
225,793
226,866

146,287
147,711
147,628

145.4
144.7
144.9

60,176
60,566
60,973

42,618
42,773
42,969

60.4

October
November
December

229,709
232,762
237,684

148,760
149,635
151,806

144.9
145.2
145.8

61,979
62,862
62,480

43,555
43,990
43,510

January
February
March

232,474
239,609
243,979

146,965
150,491
152,485

141.8
143.8
145.9

61,892
62,898
64>,075

April
May
June

251,323
252,259
253,459

155,474
155,169
154,568

147.5
147.0
147.0

July
August
September

252,755
260,068
260,535

153,552
157,591
156,491

October
November
December

266,946
270,134
E>273,776

p273,704

122.7
122.2
123.6

34,519
33,173
35,300

121.7
122.6
125.1

33,394
34,442
37,229

87.'e

125.7
129.6
128.7

35,749
39,525
37,812

63.*2

83.' 1

130.8
132.3
133.6

38,943
38,344
39,674

42,655
43,051
43,618

63J

83.7
84.3
78.8

133.6
133.7
130.5

36,547
39,253
37,602

65,146
65,522
65,964

43,929
43,827
43,859

E>70.'5

81.6
82.9
80.0

130.7
131.0
132.9

38,498
38,320
39,796

147.7
148.4
149.0

66,224
67,303
68,085

43,886
44,483
44,705

67*9

82.4
78.4
80.4

133.4
133.0
133.0

39,403
D 42,605
41,827

158,819
159,550
E>160,637

149.2
r!49.7
D150.7

68,971
70,158
70,918

44,990
45,557
[R}e45,754

r69.6

79.3
75.0
66.1

135.5
133.6
0)135.7

41 ,945
41,568
42,461

p!58,796
(NA)

nso.5
p!50.5

71,031
E>P71,472

e45,214
e44,951

72.1
73.9

6134.2
(NA)

p41 ,842
(NA)

87!5

ED 89 . 1

1978

1979

January
February
March

(NA)

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 for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 12, 14, 22, and 23.
x

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


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

itrift

1Q7Q

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

l
|
| F I X E D CAPITAL INVESTMENT-Con.

Minor Economic
Process

Business Investment Commitments

L, L, L

Timing Class

L, L, L

Contracts and orders for plant
and equ pment
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.)

L, C , U

U, Lg, U

C, Lg, Lg

9. Construction contracts for commercial and industrial buildings, floor
space 1

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations

97. Backlog of
capital appropriations, manufacturing

(Bil. dol.)

(Bil. dol.)

L, L, L

27. Constant
(1972) dollars

(Bil. dol.)

Square feet

(Millions)

Square meters 2

(Millions)

1977

January
February
March

17.15
17.13
16.65

April
May
June

17.58
19.20
18.46

11.79
11.72
11.38
12.00
12.99
12.36

14.67
14.32
14.61

10.12

53.56
51.27
67.45

4.98
4.76
6.27

14l58

10.01

14.69
14.89
15.49

10.08
10.16
10.42

55.88
63.20
61.12

5.19
5.87
5.68

i5!66

9.32
9.76

5.43
6.60
6.30

17^46

9.83

49i28

July
August
September

16.02
18.28
20.21

10.68
12.19
13.22

13.94
14.53
16.12

10.59

58.48
71.07
67.79

October
November
December

17.94
18.49
20.78

11.81
12.00
13.37

16.10
16.09
16.99

10.63
10.48
10.99

63.06
70.62
72.04

5.86
6.56
6.69

16^92

21.24
r22.78
20.86

13.54
rl4.47
13.31

16.51
17.88
17.51

10.58
11.41
11.22

83.03
67.86
71.94

7.71
6.30
6.68

17*. 52

April
May
June

19.16
21.60
20.21

12.16
13.58
12.66

17.41
18.12
18.16

11.09
11.48
11.44

76.71
88.41
83.27

7.13
8.21
7.74

14.'76

July
August
September

21.05
23.51
23.47

12.99
14.35
14.27

17.07
19.34
20.15

10.66
11.96
12.38

74.82
79.21
86.38

6.95
7.36
8.02

16.'43

October
November
December

0)26.64
24.40
r24.50

D16. 00

14.66
r!4.55

22.22
20.58
r20.79

13.53
12.53
H2.50

84.55
91.08
81.48

7.85
8.46
7.57

Dpl9'.23

r!5.32
p!5.39

r22.12
0}p23.10

r!3.34
Dpl3.68

50.' 68

53.*94

56 '.50

1978

January
February
March

60. '40

60.19

61 .'26

E)p63.70

1979

January
February
March

.

...

r25.73
p26.22

88.51
(H>1 05. 49

8.22

H>9.80

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.
1
Graphs of these series are shown on pages 12, 23, and 24.
This is a copyrighted series used by permission; it may not be reproduced
Converted to metric units
Digitized forwithout
FRASERwritten permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
by the Bureau of Economic Analysis.



CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

^9 FIXED CAPITAL INVESTMENT-Con.

Minor Economic
Process

Residential Construction
Commitments and Investment

Business Investment Expenditures

Timing Class

Year
and
month

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
87. Structures
equipment
88. Producers'
durable equip.
(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

L, L, L

28. New
private housing
units started,
total

(Ann. rate,
thous.)

L, L, L

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

L, L, L

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

1977

January
February
March

13o!l6

182.32
184.25
190.37

142.3
143.5
144.8

126.'8

38.' 3

88 '.5

1,519
1,856
2,064

125.3
132.5
143.3

53^5

April
May
June

134.' 24

190.50
192.57
190.28

147.1
148.9
150.1

129'.1

40.' 6

89.0

1,883
1,985
1,907

142.6
142.7
149.9

ss'.o

July
August
September

140^38

196.50
201.66
203.89

151.2
151.1
152.1

13CL8

40.8

9o!o

2,062
2,023
1,982

144.6
152.5
146.1

58.8

October
November
December

ISS'.II

206.68
206.37
209.06

152.6
153.5
154.0

132*.5

41 ! 6

91 '.5

2,078
2,041
2,151

153.5
[H}157.0
153.2

66!3

January
February
March

144'.25

205.95
211.11
218.57

152.6
154.2
157.4

133^8

41 '.6

92*.9

1,744
1,659
2,011

131.5
132.2
141.9

59^5

April
May
June

150.*76

225.60
222.36
231.96

159.3
160.2
161.8

140'.5

44.6

95.*9

!>2,176
2,037
2,093

149.9
137.6
156.9

59^9

155.'41

232.46
242.06
251.84

163.8
165.4
165.8

14K7

45!6

96J

2,104
2,004
2,024

140.6
134.7
149.2

59.7

0)163;%

247.82
252.23
r259.38

166.9
167.2
r!68.6

H> r46.7

B> r98.2

2,054
2,107
r2,074

148.8
148.6
143.4

[H)r60.3

H>260.83

r!68.9
H>Pl69.7

rl,669
pi ,411

114.1
113.8

1978

July
August
September

.

.

.

October
November
December

(H) H44.9

1979

January
February
March

ra!64.*23

April
May
June

ra!67.52

(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 ®. 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, 24, and 25.




CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

IM INVENTORIES AND I N V E N T O R Y INVESTMENT

Minor Economic
Process

Inventory Investment

U L,L

Timing Class

Year
and
month

L, L, L

L, L, L

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

(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, Eg, Eg

Lg, Eg, Lg

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

Lg, Eg, Lg

70. Constant
(1972) dollars

65. Mfrs.'
nventories of
;
inished
goods, book
value

(Bil.dol.)

(Bil.dol.)

Revised 3

Revised 3

L, Lg, Lg

Lg, Eg, Lg

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

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

(Ratio)

(Bil.dol.)

Revised3

1977

5.8

12.14
9.71
15.64

4.50
6.88
10.26

29.9
28.7
42.5

1.77
0.86
1.55

312.96
315.35
318.89

225.53
226.01
227.04

54.38
54.59
54.79

1.57
1.56
1.54

134.17
135.03
136.58

April
May
June

lo'.o

11.63
9.04
4.72

12.41
12.21
10.28

26.1
38.7
23.3

0.86
1.38
0.15

321.06
324.29
326.24

228.03
228.56
229.32

55.21
56.31
56.89

1.56
1.57
1.57

137.44
138.81
138.96

July
August
September

12*.2

3.83
21.38
13.39

7.16
7.92
11.42

11.3
32.3
38.0

-0.78
0.92
1.10

327.18
329.86
333.03

229.81
231.30
232.36

57.49
57.57
57.97

1.57
1.57
1.57

138.18
139.10
140.21

?'.5

1.43
17.77
9.14

12.47
11.46
10.15

6.7
27.9
23.0

0.60
0.62
1.48

333.60
335.92
337.83

232.31
233.33
233.75

58.50
59.07
58.91

1.56
1.56
1.54

140.80
141.42
142.90

12\3

20.87
12.38
35.36

12.69
15.03
18.50

40.1
33.1
63.2

1.33
1.60
2.34

341.17
343.93
349.20

234.55
235.01
237.28

59.68
59.57
59.88

1.60
1.56
1.56

144.23
145.83
148.17

E>12!7

28.38
22.06
5.39

24.12
(H>26.99
23.60

61.6
36.8
35.4

1.82
2.54
2.17

354.33
357.40
360.36

238.87
239.97
240.32

60.50
61.06
61.62

1.54
1.55
1.55

149.99
152.53
154.70

July
August
September

9.0

6.10
14.92
10.37

14.90
9.99
9.63

36.9
43.3
29.8

0.89
1.52
2.43

363.43
367.04
369.53

240.83
242.10
242.31

62.18
62.87
62.96

1 .57
1.54
1.55

155.59
157.11
159.54

October
November
December

r8'.2

r9.98
r21.25
r!5.50

rll.ll
r!2.81
H4.72

37.4
47.5
33.5

2.45
2.68
2.41

372.64
376.60
379.39

242.67
243.92
r244. 19

62.68
63.50
63.72

1.53
1.53
1.52

161.99
164.67
167.08

H)p37.25
(NA)

p20.12
(NA)

H)P64.9
(NA)

E)5.94 [H>p384.80
(NA)
(NA)

H>p245.67
(NA)

E)64.58
(NA)

pi. 55
(NA)

33)173.02
(NA)

January
February
March

October
November
December
1978

January
February
March
April
May
June

1979

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

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated byH); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 15, 26, and 27.
2
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Series 77
forreached
FRASER
its high value (l.62) in October 1976, 3See "New Features and Changes for This Issue," page iii.

Digitized


R8

M A R P H 1Q7Q

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR E C O N O M I C
PROCESS

BBi PRICES, COSTS, AND PROFITS

Minor Economic
Process

L, L, L

Timing Class

U, L, L

92. Change in sensitive prices
Year
and
month

Stock
Prices

Sensitive Commodity Prices

Monthly
data

Smoothed
data 2 3

(Percent)

(Percent)

23. Index of
industrial
materials
prices®

(1967=100)

L,L, L

19. Index of
stock prices,
500 common
stocks 3 ®

(1941-43=10)

Profits and Profit Margins

L, L, L

L, L, L

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

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

L,C, L

L, C, L

Corporate profits after taxes
with I V A a n d CCA 1
79. Current
dollars
(Ann. rate,
bil. dol.)

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

L, L, L

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

1977

January
February
March

.

April
May
June

-1.76
[H)4.40
1.57
0.43
1.04

-1.35

0.71
-0.14
0.69

210.2
216.4
222.8

103.81
100.96
100.57

96'.5

68.7

61.6

44*2

lo.'o

1.77
1.58
0.53

221.9
218.1
206.4

99.05
98.76
99.29

1 02 .' 8

7K9

7\A

56!3

10J

204.1
202.7
202.9

100.18
97.75
96.23

104^8

72.2

82^6

E>56!7

10.0

July
August
September .

0.22
0.67

0.01
0.04
0.44

October
November .
December

0.21
1.51
2.52

0.77
0.79
1.11

204.7
203.8
210.9

93.74
94.28
93.82

104^4

70.8

74.3

50.'8

10J

January
February
March

0.67
0.03
1.27

1.49
1.32
0.87

219.7
219.9
219.8

90.25
88.98
88.82

102J

68.0

62^6

42*2

9.*5

April
May
June

1.39
0.62
1.85

0.78
1.00
1.19

220.3
217.8
222.1

92.71
97.41
97.66

izo.'s

78^4

78.'4

5K5

10.5

July
August
September

1.59
0.44
1.62

1.32
1.32
1.26

224.7
232.6
239.1

97.19
103.92
103.86

119.2

76.1

79.0

51. l

10.3

October
November
December

rl.44
rl.85
1.13

rl.19
rl.40
1.56

249.4
254.8
251.8

100.58
94.71
96.11

H>pl30.7

DP81.9

E)p82.5

p52.3

(H)pll.O

1.91
2.65

rl.55
1.76

^258.3
E>273.5
"286.8

1.44

1978

1979

January
February
March

5

99.71
98.23
99.80

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[R); 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.
2
Graphsof these series are shown on pages 13, 28, and 29. 1iVA, inventory valuation adjustment; CCA, capital consumption adjustment.
Series
3
is a weighted 4-term moving average (with weights l,2,2,l) placed at the terminal month of the span.
Series 92 (smoothed)

reached its high value (2.1l) in Dec. 1976; series 19 reached its high value (105.45) in Sept. 1976. ^Average for March 6, 13,
s
http://fraser.stlouisfed.org/ ifc,
and 20.
Average for March 7, 14, and 21.

Federal Reserve Bank of St.
*Louis

RQ

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
ProcBss
Timing Class

Year
and
month

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

U,L, L

L, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income 1

15. Prof its (after
taxes) per dollar
of sales, all
manufacturing
corporations 2

(Percent)

(Cents)

Cash Flows

L, L, L

L, L, L

Unit Labor Costs and Labor Share

L, L, L

17. Ratio, price
Net cash flow, corporate
to unit labor
cost index,
manufacturing
35. Constant
34. Current
(1972) dollars
dollars
(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Lg, Lg, Lg

Lg, Lg, Lg

68. Labor cost
63. Index of
unit labor cost, per unit of real
private business gross domestic
product, nonsector
financial
corporations
(1967=100)

(Dollars)

Lg, Lg, Lg

Lg, Lg, Lg

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

64. Compensation of employees as a percent
of national
income

(1967=100)

(Percent)

1977

January
February
March

6^6

5.' 3

121.6
120.9
121.5

157!6

los.'i

176\6

0.932

151.5
153.4
153.8

7o'.5

April
May
June

e'.7

5*. 5

122.8
123.3
122.8

165J

11 T. 8

179'.3

0.946

153.8
154.2
155.0

76J

July
August
September

Dyie

5!6

122.8
123.0
122.7

168^2

ni!s

181.1

0.955

155.4
155.4
156.4

75'.8

October
November
December

e'.9

5^4

122.2
121.7
121.1

167^5

109^5

183^9

0.973

158.0
159.2
160.7

76J

January
February
March

5^5

5'. 6

119.6
119.1
119.2

166^5

10A2

191 '.4

1.008

164.1
166.1
166.8

D77!4

April
May
June

e.'i

5.' 5

121.5
122.3
123.1

185.'?

117.'5

194^6

1.017

165.5
165.6
165.6

76\3

6\6

s.'i

123.4
124.6
125.3

184^5

113^5

197^8

1.038

166.1
165.1
165.4

76\2

125.4
124.5
r!24.6

DP196.3

E>pll8.9

D 20CK8

[H>pl.053

167.2
169.2
H70.2

p75.*7

1978

July
August
September

.

October
November
December

p6.*6

(NA)

1979

January
February
March

H25.2
E>Pl25.7

H71.6
DPI 72. 8

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 byH); for
series that move counter to movements in general business activity, current low values are indicated by JJ>. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 29, and 30.
1
2
IVA, inventory valuation adjustment; CCA, capital consumption adjustment.
Series 15 reached its high value (5.6) in 2d

quarter 1976.



70

MARCH 1979

ItO

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

HRI MONEY A N D C R E D I T

Minor Economic
Process

Velocity of Money

Money

L, L, L

Timing Class

85. Change in
money supply
(M1)

Year
and
month

(Percent)

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

L, L, L

L, L, L

104. Change in total liquid assets

Monthly
data

Smoothed
data 2

(Percent)

(Percent)

105. Money
supply (M1)
in 1972
dollars

106. Money
supply (M2)
in 1972
dollars

(Bil.dol.)

(Bil.dol.)

Revised 3

1977

January .
February
March

0.73

L, L, L

Credit Flows

c, c,c

C, L g , C

L, L, L

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

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

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

(Ratio)

(Ratio)

Revised 3

1.13
1.11
0.74

0.82
0.90
0.98

225.4
224.5
224.4

533.1
532.1
532.9

5.684

0.57

0.93
0.78
0.78

1.942
1.952
1.964

59.32
58.36
71.80

April . .
May
June

0.88
0.34
0.53

0.84
0.56
0.73

0.85
0.64
0.79

0.95
0.82
0.75

224.7
224.5
224.5

533.5
534.2
535.1

5.766

1.959
1.959
1.957

81.52
83.98
97.07

July
August
September . .

1.05
0.58
0.76

1.08
0.73
0.75

1.11
0.97
0.94

0.80
0.90
0.98

226.0
226.4
227.2

539.1
540.6
542.6

5.794

1.956
1.951
1.957

76.76
85.98
94.20

October . . . .
November . .
December

0.69
0.33
0.65

0.72
0.50
0.52

1.15
0.96
0.75

1.01
0)1.02
0.98

227.9
227.4
227.8

544.4
544.2
544.4

5.812

1.968
1.978
1.988

88.38
88.28
94.02

0.94
0.15
0.23

0.82
0.42
0.39

0)1.18
0.79
0.70

0.96
0.94
0.90

0)228.4
227.2
226.0

0)545.0
543.8
541.6

5.816

1.980
1.983
2.001

75.01
77.53
92.63

0)1.37
0.80
0.51

0.94
0.77
0.71

1.05
0.98
0.80

0.87
0.88
0.93

227.2
227.1
226.3

542.1
541.8
540.9

5.957

2.011
2.010
2.012

86.69
98.44
99.62

July
August
September

0.57
0.71
1.15

0.72
0.97
1.09

0.76
0.75
1.14

0.90
0.81
0.83

226.3
226.5
227.1

541.7
543.6
544.8

5.975

2.026
2.020
2.014

83.32
102.07
95.96

October
November
December

0.14
-0.17
0.14

0.54
0.39
0.23

0.74
1.05
rO.99

0.88
0.93
rO.95

225.6
223.9
222.8

543.4
542.3
540.1

0X6.128

2.031
2.043
r2.067

99.56
0)103.21
r89.58

-0.44
p-0.31
"-0.17

r-0. 10
pO.18
"0.18

rO.70
pO.38

rO.92
pO.80

219.9
p216.7

534.8
p529.6

r2.077
0)p2.086

(NA)

0.57

1978

January
February
March
April
May
June

1979

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

.

...

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©.Current high values are indicated by0);for
series that move counter to movements in general business activity,current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
2
Graphs of these series are shown on pages 13, 31, and 32.
Series 102 reached its high value (l.25) in February 1976.
Series is a
3
weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
See "New Features and Changes
A
for This Issue," page iii.
Average for weeks ended March 7 and 14.
FRASER

Digitized for
http://fraser.stlouisfed.org/
IB
MAD/*U
Federal Reserve Bank of St.
Louis

1Q7Q

y|

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR E C O N O M I C
PROCESS

lfl| MONEY AND CREDIT-Con.

Minor Economic
Process
Timing Class

. .

Year
and
month

Credit Flows-Con.

L, L, L

L, L, L

L, L, L

112. Net change
in bank loans
to businesses

(Ann. rate,
bil.dol.)

Credit Difficulties

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

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failures®

(Mil. dol.)

Interest Rates

Bank Reserves

L, L, L

L, U, U

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

(Mil. dol.)

L, Lg, U

94. Member
bank borrowing from the
Federal
Reserve®
(Mil. dol.)

L, Lg, Lg

119. Federal
funds rate®

(Percent)

C, Lg, Lg

1 14. Treasury
bill rate®

(Percent)

1977
January
February
March

7.88
15.76
9.48

25.28
28.33
40.42

256,468

168.54
194.20
248.20

2.37
2.37
2.37

433
-114
155

61
79
110

4.61
4.68
4.69

4.60
4.66
4.61

April
May
June

2.53
8.18
13.91

37.07
34.80
30.77

262,804

207.27
473.89
305.86

2.40
2.43
2.38

-62
72
-149

73
200
262

4.73
5.35
5.39

4.54
4.94
5.00

July
August
September

-0.65
13.04
5 93

28.88
35.22
34 14

310,520

577.82
338.25
[H> 9 6 . 9 9

2.41
2.34
2.36

12
-872
-443

336
1,071
634

5.42
5.90
6.14

5.15
5.50
5.77

October
November
December

11.70
14.05
2.35

38.48
43.15
42.95

305,232

115.69
200.29
168.32

2.41
2.24
2.36

-980
-705
-384

[H}1,319
840
558

6.47
6.51
6.56

6.19
6.16
6.06

January
February
March

11.93
26.50
19.73

29.24
34.34
48.91

308 584

168.31
205.01
324.41

2.42
2.48
2.51

-176
-272
-38

481
405
344

6.70
6.78
6.79

6.45
6.46
6.32

April
May
June

22.19
32.98
25.63

49.27
51 36
50 48

330 228

202.99
160.40
178.84

2.44
2.28
2.44

-475
-975
-974

539
1,227
1,111

6.89
7.36
7.60

6.31
6.43
6.71

July
August
September

3.94
12.00
11.90

41 59
43 58
44 16

231 82
349 648

2 42
2 37
2 42

[H) 1 146
885
-993

1 286
1 147
1 068

7 81
8 04
8 45

7 D7
7 n/1

October
November
December

12.65
11.00
-5.77

2.35
2.34
2.45

-1,049
-417
-749

1,261
722
874

8.96
9.76
10.03

8.13
8.79
9.12

w £Q 9

994
p973
4
977

1978

40.49
49.19 [H}p354,540
H) 5 1 . 7 6

one /in

1 27 02
(NA)

7

CM

1979
January
February
March

ED 2 38 50
2
p29.36
2

3

a

rr

o/r

70

(NA)

/ M A \

(NA)

p-645
it

OOO
-QttL

fu\ -in o 7

in/ 1 u . o/
10.06
^10.12

IH/ y . ob
fO\ 0 QK
5

9.27
9.45

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); tor
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.
x
Graphs of these series are shown on pages 32, 33, and 34.
Series 39 reached its high value (2.19) in November 1976. 2See "New Features and
Changes for This Issue," page iii of the February 1979 issue. 3Average for weeks ended March 7 and 14. ''Average for weeks
FRASER
ended March 7, 14, and 21. 5Average for weeks ended March 1, 8, 15, and 22.

Digitized for


79

IN Ih

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

PQ| MONEY AND CREDIT-Con.

Minor Economic
Process
Timing Class

Outstanding Debt

Interest Rates-Con.

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

1 16. Corporate
bond yields©

1 15. Treasury
bond yields©

1 17. Municipal
bond yields©

(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

1 18. Secondary 67. Bank rates
market yields
on short-term
on FHA
business loans
mortgages©
®

109. Average
prime rate
charged by
banks©

Lg, Lg, Lg

Year
and
month

(Percent)

(Percent)

Lg, Lg, Lg

66. Consumer
installment
debt

(Mil.dol.)

(Percent)

Lg, Lg, Lg

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

Lg, Lg, Lg

95. Ratio,
consumer installment debt
to personal
income

(Percent)

1977
January
February
March

7.96
8 18
8 33

6.68
7 16
7 20

5.87
5 89
5 89

8.40
8 50
8 58

April
May
June

8 30
8 38
8.08

7 13
7 17
6.99

5 73
5 75
5.62

8 57
(NA)
8.74

7 52
7 37

July
August
September

8.12
8.06
8.11

6.98
7.01
6.94

5 63
5.62
5 51

8 74
8.74
8 72

October
November
December

8.21
8 26
8*39

7.08
7 16
7 24

5,64
5 49
5 57

January
February
March

8 70
8 70
8 70

7 51
7 60
7 63

April
May
June

8 88
9 00
9.15

7 74
7 86
7.94

July
August
September

Q 91
8 83
8 78

October
November
December

9.14
9.30
9 30

8.07
8.16
8 36

9.47
E>9.52
2
9 65

8.43
E>8.43
2
8 46

6.25
6 25
6 25

191,713
194 074
197 442

117,463
118 776
119 566

13.21
13 20
13 24

7.93

6 25
6 41
6.75

200 531
203 431
205,995

119 777
120 459
121 ,618

13 37
1 3 49
13.58

7 96
7 87
8 22

6.75
6.83
7 13

208,402
211 ,337
214 182

121 ,564
122,651
123 145

13.59
13.72
13.76

8.78
8 78
8 91

8.35
8 66
8 77

7.52
7 75
7 75

217,389
220 985
224 564

124,120
125 ?91
125 487

13.78
13 87
13 96

5 71
5 62
c ci

9 11
( NA")

8 70
8 95
o no

7 93
8 00
p nn

227 001
229 863
900 qoq

126 481
128 689
l on o o o

14 05
1415
14 21

c on
c. no

Q "37
Q 67

p nn
p 07

oop rMc

TOO

6.22

(NA)

p no
n ni
9.45

8.63

246,532

o ]n

p.

Q Q9

9 70.

7 88
7 82

fi 1 9
c. no

Q 78
Q 7ft

Q Q7

9 pin
Q m

9AQ QQR
oco con

in in

Q

41

o n y oin

6.13
6.19
(H>6 50

9.93
9.99
10 16

10.65
11.43
12.22

9.94
10.94
11.55

260,684

6.46
6.31

10.17
D10.17

[H}12.23
(NA)

11.75
B> 11.75
** 1 1 7 C
II . /5

10)272,157
(NA)

7 48
7 50

1978

op

Q ?Q

0/10

OOt

264,783
269,096

1 OO

i "3Z1 Q^n
137,066
1 07 on/1

1 4 26
1441
14.54

1 ^P ^QZL
1 ^Q ^R£

1 4 54
1 4 65
14 75

140,440
H> 141, 357
140,876

14.74
r!4.82
r!4.85

1979
January
February
March

3

6 34

M34.275
^136,722
5
i ] 3 6 334

[H)pl4.97
(NA)

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 15, 34, and 35.
l

See "New Features and Changes for This Issue," page iii of the Feb. 1979 issue. 2Average for weeks ended March 2, 9, 16, and
A
Average for March 1 through 26. 5Average for weeks ended March 7 and 14.


23. 3Average for weeks ended March 1, 8, 15, and 22.
http://fraser.stlouisfed.org/
Federal ReserveItllfe
Bank of St.MADOU
Louis 1Q7Q

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Qj DIFFUSION I N D E X E S
950. Twelve leading
indicator components
(series 1,3, 8, 12, 19,
20,29,32,36,92, 104,
106)

Year
and
month

1-month
span

Revised1 Revised 1

1977

January
February
March

6-month
span

45.8
50.0
83.3

91.7
79.2
70.8

April
May
June

50.0
41.7
58.3

58.3
83.3
54.2

July
August
September

45.8
70.8
54.2

October
November
December

. .

951. Four ro ughly
coincident in dicator
components (series
4 1 , 4 7 , 5 1 , 5 7)

1-month
span

1-month
span

6-month
span

(')

(l)

(')

100.0
100.0
100.0

66.7
75.0
91.7

6-month
span

0)
25.0

100.0
100.0

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

83.3
83.3

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

1-month
span

9-month
span

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

1-month
span

9-month
span

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

1-month
span

6-month
span

100.0

12.5
97.5
40.0

87.5
90.0
82.5

39.2
25.5
49.0

74.5
70.6
68.6

76.2
66.6
74.7

88.1
87.8
85.2

50.0
47.5
80.0

77.5
77.5
90.0

68.6
23.5
37.3

57.8
53.9
74.5

68.0
64.8
71.2

79.4
75.9
72.1

65.7
82.4
68.6

59.3
51.7
60.8

69.8
74.1
72.1

r75.0

100.0

100.0
100.0
rlOO.O

100.0

100.0
100.0
100.0

62.5
58.3
70.8

75.0
75.0
75.0

100.0
100.0
100.0

75.0
91.7
83.3

100.0
100.0
100.0

17.5
55.0
50.0

50.0
50.0

7.5

80.4
24.5
82.4

75.0
70.8
58.3

66.7
75.0
66.7

100.0
100.0
100.0

100.0
100.0
100.0

r91.7
100.0

100.0
100.0
100.0

77.5
52.5
40.0

27.5
70.0
92.5

76.5
41.2
90.2

70.6
78.4
86.3

60.5
73.8
72.1

77.9
82.0
83.1

45.8
62.5
41.7

58.3
54.2
58.3

25.0
75.0

100.0
100.0
100.0

100.0
100.0
91.7

100.0
100.0
100.0

67.5
95.0

82.5
72.5
60.0

33.3
47.1
54.9

76.5
56.9
47.1

69.8
70.3
70.1

85.5
79.9
77.9

66.7
54.2
62.5

54.2
50.0
58.3

66.7

100.0

72.5

82.4
11.8
58.8

52.9
60.8
60.8

62.8
56.4
67.2

68.9
67.7
59.6

July
August
September

45.8
50.0
54.2

62.5
83.3
66.7

90.0

49.0
42.2
94.1

51.0

r76.5
p22.0

54.9
51.7
57.6

61.3
74.4
r77.9

October
November
December

58.3
41.7
62.5

25.5

(NA)

70.6
80.2

r81.4
p83.4

75.0
75.0

83.3

75.0

1978

January
February
March
April
May
June

...

..

83.3
2

60.0

100.0
100.0
50.0
75.0
75.0

100.0
62.5

100.0
100.0
100.0

3

100.0
100.0
100.0

100.0

0.0

91.7

83.3
83.3

60.0

35.0
52.5
92.5

100.0
100.0
100.0

91.7
83.3
83.3

100.0
100.0
100.0

37.5
32.5
57.5

r42 . 5
r32.5

100.0
100.0

66.7

100.0

100.0
MOO.O

7.5

52.5
87.5

83.3

r47.5

83.3
"62. 5

r62.5
p45.0

p60.0

r29.4
r86.3

r79.7

1979

January
February
March

37.5

54.2
2

35.0

3

66.7

p!6.0
(NA)

r74.4
p65.7

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 36.
i
See "New Features and Changes for This Issue," page iii.
2
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
^Excludes series 70 and 95 for which data are not yet available.




74

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

HI DIFFUSION INDEXES-Con.
964. Value of manufacturers' new orders,
durable goods industries (35 industries)

Year
and
month

1 -month
span

9-month
span

966. Index of industrial
production (24
industries)

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

1 -quarter
span

4-Q moving
avg.

1-month
span

6-month
span

967. Index of industrial
materials pr ces ®
(1 3 industrial materials)

1 -month
span

968. Index of stock
prices, 500 common
stocks® (58-65
industries) '

9-month
span

1-month
span

9-month
span

969. Profits, manufacturing, C tibank
(about 1,000 corporations)

1-quarter
span

4-quarter
span®

1977

January
February
March

60.0
48.6
77.1

91.4
88.6
77.1

48

April
May
June

31.4
60.0
45.7

82.9
82.9
82.9

77

July
August
September

37.1
68.6
65.7

85.7
85.7
80.0

56

October
November
December

62.9
65.7
65.7

88.6
88.6
94.3

48

40.0
71.4
54.3

88.6
91.4
71.4

62

62.9
42.9
45.7

80.0
77.1
91.4

24

July
August
September

31.4
81.4
51.4

88.6
80.0

71

October
November
December

77.1
45.7

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

'eo

37.5
75.0
58.3

83.3
75.0
83.3

34.6
34.6
15.4

50.0
46.2
46.2

49.2
37.0
46.0

54.8
29.0
17.7

60

*57

60.4
72.9
58.3

87.5
79.2
66.7

34.6
50.0
50.0

2

45.8
29.2
41.7

56.5
23.4
15.3

26.6
27.4
22.6

53

'61

62.5
43.8
62.5

70.8
70.8
70.8

45.8
62.5
75.0

11.3
66.9
46.8

19.4
16.1
23.7

61

48

66.7
58.3
70.8

66.7
66.7
2
58.3

30.6
50.0

49.1
62.1
69.8

52

'si

45.8
50.0
75.0

63

P 51

82.8
86.2
87.7
70.2
67.5
68.4

52

2

2

50.0

2

37.5

2

57.7

2

83.3
83.3
91.7

69.2
34.6
46.2

2

83.3
54.2
87.5

89.6
91.7
91.7

50.0
61.5
80.8

69.2
80.8
84.6

90.7
90.7
59.3

3

58.3
58.3
79.2

83.3
83.3

65.4
69.2
76.9

88.5
92.3
88.5

28.8
98.3
37.3

3

88.5
80.8
42.3

^88.5

2

"l2

*73

*73

*79

1978

January
February
March

. ..

April .
May
June

....

r88.6

r83.3

58.3

79.2

p77.1

r62.9

r75.0
r83.3

r48.6
p28.6

P62.5

p88.6

p48

2

88.5

8.1

8.6
0.0

3
3
3

3
3

3
3

39.1

'so

(NA)

(NA)

69.0

1979

January
February
March

64.6

61.5
76.9

94.8
35.5

"73.1

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; 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and
index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated by® .The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
x
Based on 62 components through March 1978, on 59 components through September 1978, on 58 components through January 1979,
and on 55 components thereafter. Component data are not shown in table C2 but are available from the source agency.
2
Based on 12 components (excluding print cloth).
3
Based on 58 components for January 1978 through May 1978 and on 57 components through September 1978.
*Average for March 6, 13, and 20.




•tut ....

7R

CYCLICAL INDICATORS
G

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

D I F F U S I O N INDEXES-Con.

Year
and
quarter

a. Actual
expenditures
(1-Qspan)

b. Later
anticipations

c. Early
anticipations
(1-Qspan)

(1-Qspan)

(4-Qspan)

(4-Qspan)

(4-Qspan)

(4-Qspan)

(4-Qspan)

(4-Qspan)

Anticipated

Actual

Anticipated

Actual

Anticipated

Actual

973. Net sales, manufacturing
and trade 1 ®

972. Net profits, manufacturing
and trade 1 ®

971. New orders, manufacturing 1 ©

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

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

66.7
80.6
72.2
47.2

61.1
77.8
72.2
63.9

75.0
61.1
66.7
83.3

66.7
75.0
88.9
44.4

61.1
72.2
69.4
58.3

61.1
88.9
61.1
66.7

77.8
69.4
63.9
72.2

82

78
78

76
74
72
74

76
80
84
82

66.7
66.7
66.7
72.2

83
82
82

71
74
74
76

78
80
84
82

61.1
66.7
61.1
69.4

83
86
86
86

82
81

82
84
90
87

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

84

82
86
90

81
84
85

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

82
83

73
76
78
78

84
87
92
90

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

5.7

78
82

55.6
72.2

85

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 ©

Actual

Actual

Actual

Anticipated

(4-Qspan)

(4-Qspan)

Anticipated

(4-Qspan)

(4-Qspan)

977. Selling prices, wholesale
trade 1 ®

Anticipated

(4-Qspan)

(4-Qspan)

(4-Q span)

Anticipated

Actual

Anticipated

Actual

978. Selling prices, retail
trade 1 ®

(4-Q span)

(4-Qspan)

(4-Qspan)

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

57
58
58
58

56
60
62
60

62
65
68
69

60
59
61
62

59
60
61
59

74
72
74
75

62
64
64
63

59
60
62
62

76
76
76
78

60
64
70
68

84
80
80
88

80
82
82

86
86
92

81
82
84

87
87

78
81
86
82

87
86
88
90

86
86

90
86
92
92

86
84
89

87
88
90
91

82
84
87
87

92
93
94

84
90
87
90

91
94
94
93

90
88
92
92

82
80
82

1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979
First quarter ..
Second quarter
Third quarter..
Fourth quarter

60
60

86
90

90
92

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.

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


http://fraser.stlouisfed.org/
Federal Reserve
7R Bank of St. Louis

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

Rl S E L E C T E D D I F F U S I O N I N D E X C O M P O N E N T S . Base Data and Direct ons uf Change

Diffusion index components

1978

July

August

September

1979

October

November

December

February p

January

961. A V E R A G E W O R K W E E K OF P R O D U C T I O N W O R K E R S , M A N U F A C T U R I N G '
(Average weekly hours)

o

All manufacturing industries
Percent rising of 20 components . .

+

f

40.5

40.3

(38)

(32)

(58)

(52)

(88)

39.8
39.3

39 . 3 +
39.0

39.6 +
38.8 +

40.1 o
39.0 +

40.1
39.2

41.7
41.8 +

41.6 +
42.0

41.8 o
41.8 +

41.8 +
42.1 +

41.0
42.2

40.9
41.8

o
+

40.9
41.9

40.8
42.0

+

40.4

40.5

o

40.7

40.7

o

40.7

40.6

(48)

(62)

(45)

o
o

40.1
r39.2

40.0
39.1

39.5
38.8

41.9
42.3

+

42.0
42.2

+
+

41.1
42.2

+
+

41.4
r42.5

Durable goods industries:
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries

o

o

41.3
42.2

+

41.5
41 .8

41.2
42.1

+
+

41.3
42.5

Fabricated metal products
Machinery, except electrical

o

Electrical equipment and supplies
Transportation equipment

+
+

40.7
42.1

40.4
41.8

40.1 +
42.5 +

40.3 +
42.6 +

40.4
42.9

+

o

40.5
42.9

+
+

40.6
43.0

+

+

40.7
42.8

Instruments and related products
Miscellaneous manufacturing industries

40.7 +
38.8 +

41.0
39.0 o

40.9 o
39.0

40.9
38.8

o
o

40.9
38.8

o
o

r40.9
38.8

+
+

41.2
39.0

o

o

41.2
38.8

39.8
38.6

39 . 5 o
+
37.7

39.5
37.9

39.9 +
36.7 +

40.0
37.4

o

40.0
r38.1

+

40.1
36.8

40.4 o
35.6
+

40.4
35.7

40.3
35.2

+
+

40.4
35.7

o

r40.4
r35.6

+

40.9
35.3

+

40.1
35.4

o
+

42.7
37.8

42.6
37.7

+
+

43.1
37.9

42.7
37.6

+

42.9
37.7

+
+

43.0
37.8

r41.8
43.7

+

42.0
44.2

o
+

42.0
44.9

r41.2
r36.7

+
+

41.5
36.9

76,654

+ r78,623

+-

80,664

(46)

(63)

f

Nondurable goods industries:
Food and kindred products
Tobacco manufactures

+
,

+

Textile mill products
Apparel and other textile products

o

40.2
35.8

Paper and allied products
Printing and publishing

o
+

42.9
37.6

42.7
37.4

Chemicals and allied products
Petroleum and coal products

+

41.8 +
43.9 +

41.9
44.3

40.9 o
37.2

40.9
37.1

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

+
+

+

41.8
43.8

+
+

41.9
43.9

+
+

42.1
44.2

41.0
37.2

o

41.0
37.1

+

41.1
36.8

964. VALUE OF M A N U F A C T U R E R S ' NEW ORDERS, DURABLE GOODS I N D U S T R I E S 1
(Millions of dollars)
All durable goods industries
Percent rising of 35 components

,.

65,187 +
(31)

71,582 +
(81)

72,645 +
(51)

76,984 (77)

+

+

+
+

39.6
36.3

41.4
36.5

2

+

(49)

80,912
(29)

Primary metals
Fabricated metal products.

-

10,095 +
7,524 +

10,876 +
8,294

11,233 +
8,196 +

11,722 8,524 +

11,092
8,804

+
+

11,806
9,527

+

13,991
9,447

-

13,129
9,217

Machinery, except electrical
Electrical machinery

+
-

11,669 +
7,902 +

11,830 +
8,730 +

12,708 +
8,919 +

13,234 8,988

13,099
8,960

+ r!3,273
+
9,285

+
+

13,458
9,806

+

13,198
9,978

Transportation equipment
Other durable goods industries

-

15,226 +
12,771 +

18,516 +
13,336 -

18,536 +
13,053 +

20,553 +
13,963 -

20,916
13,783

- r20,167
+ 14,565

-

20,121
13,841

+
-

22,050
13,340

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = failing. The "r" indicates revised;
"p", preliminary; and "NA", not available,
*Data are seasonally adjusted by the source agency.
2
Data for most of the 35 diffusion index components are not available for publication; however, they are all included in the
totals and directions of change for six major industry groups shown here.




77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

REI S E L E C T E D D I F F U S I O N I N D E X C O M P O N E N T S : Basic Data and Directions of Change-Con.

1978

Diffusion index components

July

August

1979

September

October

November

January r

December

February^

966. I N D E X OF INDUSTRIAL P R O D U C T I O N '
(1967=100)
All industrial production

+

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

147.1

+

(58)

147.8

+

(79)

148.7

+

(58)

r!49.6

+

(75)

150.8

o

(83)

150.8

+

(65)

151.2
(62)

+
+

123.0
144.0

+
+

126.0
145.8

+
+

127.9
146.3

+
-

128.6
146.0

+
+

r!29.0
146.9

+
+

131.0
149.0

+

124.0
150.8

+
+

124.3
151.5

+
+
+
+

156.1
157.9
132.1
172.2

+
+
+

157.3
156.9
133.4
175.4

+
+
-

158.7
158.3
132.8
174.6

+
+
+

160.3
157.9
137.0
175.3

o
+
+
+

r!60.3
r!59.0
139.3
176.2

+
+
+
+

161.8
161.9
139.4
179.5

+
+
+

162.5
163.7
138.0
180.8

+
+
+

163.8
165.2
137.9
182.5

158.8
138.1

+
-

159.5
136.9

+
+

160.9
139.2

+
+

162.1
141.2

+
+

166.3
142.5

+
+

167.7
146.3

+
+

168.3
146.5

158.1
153.2

+
+

159.0
153.8

+
+

160.7
154.1

+

160.9
153.9

-

157.6
152.1

+

156.7
153.8

+
+

157.8
153.9

141.0
124.5
74.5

+

139.5
127.2
74.0

+
+
+

142.2
130.9
74.1

-

142.1
130.6
73.8

+

144.9
(NA)
74.0

+

144.4
(NA)
74.3

Lumber, clay, and glass
Clay, glass, and stone products
Lumber and products
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

+

(58)

Percent rising of 24 components
Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products

146.1

+

+

+

+

r!43.9
(NA)
r74.1

(NA)
(NA)

-

(NA)
153.3

(NA)
(NA)
(NA)

Paper and printing
Paper and products
Printing and publishing

+

140.5
130.3

+
-

141.9
129.5

+
+

142.3
131.0

+
-

145.8
130.5

+

145.3
132.1

+
+

147.1
133.0

+

144.9
134.9

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

+
+
+

192.3
144.3
259.1

+

192.2
144.1
261.1

+
+
+

194.2
147.1
263.1

+
+
+

195.9
147.9
264.1

+
+
o

r!97.6
r!48.9
r264.2

+
+
+

197.9
149.9
265.6

+

201.1
148.6
266.5

(NA)
147.3
(NA)

+

142.9
120.8

+
-

144.0
118.6

+
+

144.4
120.6

-

143.2
119.0

+
+

144.2
121.5

+
+

145.5
121.7

+

145.9
(NA)

(NA)
(NA)

131.7
126.8

-

124.9
126.2

-

114.7
124.9

+
-

144.0
124.5

+
+

145.1
r!24.9

+
-

146.8
123.7

-

117.6
123.0

117.0
131.3

+
+

117.9
131.6

+

115.6
133.8

+
+

122.1
134.0

+
-

125.3
132.9

+

123.9
134.2

o
+

123.9
136.7

Foods and tobacco
Foods
Tobacco products

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

+

+

+
+

-

146.0
136.0

103.0
122.2
(NA)
(NA)

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) - unchanged, and (-) - falling. The "r " indicates revised,
"p", preliminary; and "NA", not available.
*Data are seasonally adjusted by the source agency.
Where actual data for separate industries are not available, estimates are used to compute the percent rising.

2




7fi

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

RH SELECTED D I F F U S I O N INDEX C O M P O N E N T S : Basic Data and Directions of Change-Con.

1978

Diffusion index components

August

July

1979

September

November

October

December

January

February

-

+

+

March 1

967. INDEX OF INDUSTRIAL MATERIALS PRICES 2

Industrial materials price index (1967=100) . . . .

+

Percent rising of 13 components

224.7

+

(65)

232.6

+

(69)

239.1

+

(77)

249.4

+

(88)

254.8

251.8
(42)

(81)

258.3
(62)

273.5

+

(77)

286.8
(73)

Dollars
Copper scrap

(pound). .
(kilogram). .

-

0.498
1.098

+

0.524
1.155

+

0.529
1.166

+

0.552
1.217

-

0.538
1.186

+

0.549
1.210

+

0.594
1.310

+

0.714
1.574

+

0.743
1.638

Lead scrap

(pound). .
(kilogram). .

o

0.108
0.238

+

0.128
0.282

+

0.144
0.317

+

0.174
0.384

-

0.171
0.377

-

0.159
0.351

+

0.178
0.392

+

0.195
0.430

+

0.206
0.454

Steel scrap

(U.S. ton). . + 7 7 . 7 5 0
(metric ton). .
85.704

~ 74.800
82.452

- 70.000
77.161

+ 72.000
79.366

+ 80.000
88.184

+ 87.000
95.900

+ 94.000
103.616

+104.000
114.639

+114.333
126.029

Tin

(pound). .
(kilogram). .

+

5.624
12.399

+

5.850
12.897

+

6.252
13.783

+

6.934
15.287

+

7.018
15.472

-

6.512
14.356

-

6.429
14.173

+

6.832
15.062

+

7.177
15.822

Zinc

(pound)
(kilogram). .

+

0.300
0.661

+

0.320
0.705

+

0.328
0.723

+

0.339
0.747

+

0.348
0.767

o

0.348
0.767

+

0.350
0.772

+

0.370
0.816

+

0.378
0.833

(yard). .
(meter). .

-

0.181
0.198

-

0.180
0.197

-

0.176
0.192

-

0.174
0.190

+

0.180
0.197

o

0.180
0.197

+

0.181
0.198

o

0.181
0.198

o

0.181
0.198

(pound). .
(kilogram). .

-

0.568
1.252

+

0.597
1.316

+

0.602
1.327

+

0.642
1.415

+

0.655
1.444

-

0.640
1.411

-

0.618
1.362

-

0.606
1.336

-

0.589
1.299

(yard). .
(meter). .

+

0.580
0.634

+

0.582
0.636

+

0.590
0.645

+

0.594
0.650

+

0.610
0.667

o

0.610
0.667

-

0.604
0.661

o

0.604
0.661

-

0.593
0.649

Wool tops

(pound). .
(kilogram). .

o

2.580
5.688

o

2.580
5.688

o

2.580
5.688

+

2.596
5.723

+

2.600
5.732

o

2.600
5.732

o

2.600
5.732

o

2.600
5.732

o

2.600
5.732

Hides

(pound). .
(kilogram). .

+

0.510
1.124

+

0.552
1.217

+

0.618
1.362

+

0.630
1.389

+

0.686
1.512

+

0.689
1.519

+

0.754
1.662

+

0.898
1.980

+

1.070
2.359

Burlap

Cotton, 12-market average

Print cloth, average

Rosin

,

(100 pounds). . o 28.500
(100 kilograms). .
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28.500
62.831

o 28,500
62.831

o 28.500
62.831

Rubber

(pound). .
(kilogram). .

+

0.497
1.096

+

0.520
1.146

+

0.549
1.210

+

0.578
1.274

+

0.582
1.283

-

0.556
1.226

-

0.546
1.204

+

0.579
1.276

+

0.614
1.354

Tallow

(pound)
(kilogram). .

+

0.190
0.419

-

0.189
0.417

+

0.195
0.430

+

0.199
0.439

+

0.202
0.445

-

0.191
0.421

+

0.199
0.439

+

0.205
0.452

+

0.226
0.498

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-) = falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
1
Average for March 6, 13, and 20.
Series components are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis




7Q

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

50. Gross national product in 1972 dollars

200. Gross national product in current dollars

(Ann. rate,
bil. dol.)

a. Total

c. Percent
change at
annual rate

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

b. Difference

(Ann. rate,
bil. dol.)

217. Per capita
GNP in 1972
dollars

213. Final sales
in 1972 dollars

(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

1975
First quarter . . .
Second quarter .
Third q u a r t e r . . ,
Fourth quarter

1,454.7
1,498.6
1,564.0
1,598.0

2.3
43.9
65.4
34.0

0.6
12.6
18.6

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

-28.1
18.3
30.1

9.0

1,171.6
1,189.9
1,220.0
1,227.9

51.7
35.7
30.2
34.2

13.6
9.0
7.3
8.2

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

27.6

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

57.0
60.2
49.8
41.3

13.7
14.0
11.1

1,992.0
2,087.5
2,136.1
r2,214.8

33.9
95.5
48.6

7.1

20.6
9.6

r78.7

r!5.6

-9.1
6.4
10.5
2.6

5,503
5,579
5,706
5,731

1,191.0
1,206.5
1,217.9
1,233.1

12.5
8.5
7.5

9.3
4.0
2.7
2.3

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

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

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

22.7
18.8
18.4
10.6

7.3
5.9
5.7
3.2

6,044
6,119
6,191
6,226

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

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

-0.3
28.4
8.8

-0.1
8.7
2.6

6,215
6,334
6,360

r23.3

r6.9

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

7.9

1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter

GNP AND PERSONAL INCOME-Con.

quarter

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

Disposable personal income

Year
and

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

(Ann. rate,
bil. dol.)

r6,453

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

227. Per capita in
1972 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1975
First quarter ..
Second quarter
Third quarter..
Fourth quarter

1,025.4
1,095.1
1,100.3
1,125.8

829.8
874.1
863.1
871.7

3,898
4,098
4,037
4,069

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

881.8
886.3
891.5
900.9

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

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

935.7
964.9
994.0
1,021.6

757.2
770.2
779.7
791.1

122.7
128.1
136.3
143.5

106.4
109.4
115.2
119.7

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

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

806.3
814.0
820.9
836.2

152.2
154.7
156.7
162.8

124.8
125.2
125.3
128.5

904.8
918.6
931.9
949.6

4,185
4,241
4,293
4,365

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

846.6
849.5
858.0
876.6

173.2
175.6
177.4
187.2

134.9
136.2
136.9
143.0

952.1

4,370
4,399
4,428

1,276.7
1,322.9
1,356.9
rl,403.9

873.5
886.3
895.1
r911.8

183.5
197.8
199.5
r209.1

137.8
145.8
144.8
150.1

1976
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1977
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1978
First quarter ..
Second quarter
Third quarter..
Fourth quarter

960.3
968.7
r983.2

r4,485

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 40 and 41.


http://fraser.stlouisfed.org/
Federal Reserve
QflBank of St. Louis

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Con.

[Q GROSS PRIVATE DOMESTIC INVESTMENT

^H PERSONAL CONSUMPTION EXPENDITURES-Con.

Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

238. Nondurable
goods in 1972
dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil.doi.)

239. Services in
1972 dollars

(Ann. rate,
bil.doi.)

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.doi.)

(Ann. rate,
bil.doi.)

1975

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

393.7
405.5
415.0
421.4

302.0
307.5
307.5
309.5

419.3
431.3
442.7
456.7

348.8
353.4
357.0
361.9

177.7
175.2
206.8
203.9

134.6
133.3
153.7
148.9

198.0
197.5
202.3
208.8

154.0
149.9
151.5
154.1

430.3
437.4
444.5
458.3

314.6
318.2
320.5
327.7

471.3
483.0
497.2
512.6

366.9
370.6
375.1
380.0

231.5
243.5
249.9
247.1

168.5
174.7
177.1
173.4

220.1
228.1
235.3
247.6

161.0
164.6
167.8
173.6

465.9
473.6
479.7
496.9

327.1
327.2
329.2
338.1

528.6
539.4
557.5
571.1

384.6
386.0
391.8
395.6

272.5
295.6
309.7
313.5

186.1
197.1
201.7
200.3

262.2
278.6
287.8
300.5

180.3
187.1
189.5
192.8

501.4
519.3
531.7
r553.4

333.3
336.3
340.4
r348.5

591.8
605.8
625.8
r641.4

402.4
404.2
410.0
r413.1

322.7
345.4
350.1
r364.0

205.7
213.1
210.4
r213.4

306.0
325.3
336.5
r350.5

193.4
200.4
201.4
r205.2

1976

First quarter
Second quarter
Third quarter
Fourth quarter
1977

First quarter
Second quarter
Third quarter
Fourth quarter
1978

First quarter
Second quarter
Third quarter
Fourth quarter

D
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST.-Con.

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

^J GOVERNMENT P U R C H A S E S O F GOODS AND SERVICES

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.doi.)

261. Total in
1972 dollars

(Ann. rate,
bil.doi.)

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,
bii.dol.)

(Ann. rate,
bil.doi.)

1975

First quarter
Second quarter
Third quarter
Fourth quarter

-20.2
-22.3
4.6

-19.4
-16.7
2.1

-4.9

-5.2

325.8
334.2
342.2
351.5

259.3
261.6
263.8
265.7

119.4
121.4
123.6
127.9

95.9
96.2
96.7
97.3

206.4
212.8
218.7
223.6

163.4
165.4
167.2
168.4

354.0
357.2
360.4
366.3

264.3
263.2
262.5
261.3

127.1
127.8
129.9
134.6

96.2
95.9
96.8
97.5

226.9
229.4
230.5
231.7

168.1
167.3
165.7
163.8

375.0
388.8
399.5
412.5

262.8
267.9
271.7
274.5

138.3
142.9
146.8
152.2

98.7

101.3
102.9
103.6

236.7
245.9
252.7
260.3

164.1
166.6
168.8
170.9

416.7
424.7
439.8
r454.5

272.1
271.9
276.7
r279.4

151.5
147.2
154-0
r!62.5

265.2
277.6
285.8
r292.0

170.8
174.8
176.3
r!76.9

1976

First quarter
Second quarter
Third quarter
Fourth quarter

11.4
15.4
14.5
-0.6

7.5
10.1

9.3
-0.2

1977

First quarter
Second quarter
Third quarter
Fourth quarter

10.3
17.0
21.9
13.1

5.8
10.0
12.2

7.5

1978

First quarter
Second quarter
Third quarter
Fourth quarter

16.7
20.1
13.6

12.3
12.7

r!3.5

r8.2

9.0

101.2
97.1

100.4
H02.5

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41, 42, and 43.


http://fraser.stlouisfed.org/
Federal Reserve Bank of St.
Louis IOTA
MADS^LJ

Q1

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

NATIONAL INCOME
AND ITS COMPONENTS

F O R E I G N TRADE

Year
and
quarter

252. Current
dollars

255. Constant
(1972) dollars

250. Current
dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bii.dol.)

(Ann. rate,
bil.dol.)

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

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

280. Compensation of
employees

220. National income in current
dollars

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

15.5
24.3
20.9
20.9

20.5
24.7
22.8
22.2

147.4
142.6
147.0
152.2

89.6
87.4
90.1
93.0

131.9
118.3
126.1
131.2

69.1
62.7
67.3
70.8

1,156.5
1,188.6
1,243.2
1,271.8

903.2
914.3
939.0
967.8

10.4
9.7
6.9
2.8

16.5
16.1
16.1
13.1

154.4
160.7
168.2
169.4

93.2
95.2
98.0
97.3

144.1
150.9
161.3
166.6

76.7
79.2
81.9
84.2

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

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

11.2
11.0
12.5
3.1

170.9
178.1
180.8
172.1

97.1

96.0

179.4
184.0
187.8
195.2

85.9
87.9
88.2
92.9

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

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

2.9

181.7
205.4
210.1
r221.9

99.1
108.4
109.0
111.7

205.8
210.9
220.8
r229.5

96.2

1,603.1
1,688.1
1,728.4
pi,795.6

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

1976

First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter
1977

First quarter ..
Second quarter
Third q u a r t e r . .
Fourth quarter

-8.5
-5.9
-7.0
-23.2

98.9
100.8

1978

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

-24.1
-5.5
-10.7
r-7.6

11.3

9.2
rlO.2

97.1

99.7
rl01.5

NATIONAL I N C O M E 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
profits with
inventory valuation
and capital consumption adjustments
(Ann. rate,
bil. dol.)

SAVING

288. Net interest

(Ann. rate,
bil.dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil. dol.)

295. Business
saving

292. Personal
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil.dol.)

1975

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

79.9
85.0
91.8
91.2

22.3
22.6
22.4
22.5

75.0
88.2
110.1
110.3

76.0
78.4
79.9
80.0

177.0
183.7
210.9
210.1

155.6
171.5
187.2
190.3

66.0
106.6
82.2

88.6
88.8
87.4
89.5

22.5
22.4
22.4
22.8

126.8
128.6
130.0
122.5

80.1
82.0
86.2
88.9

230.1
240.9
243.5
235.6

201.4
200.9
206.1
202.1

73.6
69.9
68.1
60.7

95.6
98.9
97.2
107.3

22.5
22.4
22.4
22.7

129.9
143.7
154.8
148.2

91.7
93.7
97.3
99.0

251.8
276.8
285.5
274.7

207.4
221.1
236.5
230.6

52.2
67.5
74.3
73.7

105.0
110.1
114.5
r!23.0

22.8
22.2
24.3
24.4

132.6
163.4
165.2

101.7
104.6
107.4

284.2
326.1
326.2

222.9
243.6
249.8

82.4
76.3
76.0

p338.0

P256.8

r73.0

79.8

1976

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

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

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

p!77.0

rill. 4

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.

Graphs of these series are shown on pages 44, 45, and 46.


http://fraser.stlouisfed.org/
Federal Reserve
no Bank of St. Louis

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Con.

PH SHARES OF GNP AND NATIONAL INCOME

MRj SAV!NG-Con.

Year
and
quarter

298. Government
surplus or deficit,
total

(Ann. rate,
bil.dol.)

293. Personal
saving rate
(percent of disposable personal
income)

Percent of Gross National Product
235. Persona! consumption expenditures, total
(Percent)

(Percent)

249. Residential
fixed investment

248. Nonresidential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

1975

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

-44.5
-94.4
-58.5
-60.0

6.4
9.7
7.5
7.1

64.3
64.4
63.6
63.9

10.4

9.9
9.6
9.5

3.2
3.2
3.4
3.6

-44.9
-29.9
-30.6
-27.1

6.4
6.0
5.7
5.0

63.9
63.8
64.0
64.8

9.6
9.6
9.8
9.7

3.8
3.9
3.9
4.4

0.7
0.9
0.8
0.0

-7.8

-11.8
-25.2
-29.6

4.2
5.3
5.6
5.4

64.6
63.7
63.4
64.1

10.0
10.0
10.1
10.2

4.5
4.9
4.9
5.1

0.6
0.9
1.1
0.7

-0.5
-0.3
-0.4
-1.2

-21.1
6.2
0.6

5.9
5.3
5.2

64.1
63.4
63.5

10.3
10.5
10.6

5.0
5.0
5.1
5.1

0.8
1.0
0.6

-1.2
-0.3
-0.5

1.1
1.6
1.3
1.3

-1.4
-1.5

0.3
-0.3

1976

First quarter
Second quarter
Third quarter
Fourth quarter

0.6
0.6
0.4
0.2

1977

First quarter
Second quarter
Third quarter
Fourth quarter
1978

First quarter
Second quarter
Third quarter
Fourth quarter

p8.2

r4.8

r63.4

no. 7

rQ.6

r-0.3

^S SHARES OF GNP AND NATIONAL INCOME-Con.

Year
and
quarter

Percent of GNP-Con.
265. Federal Govt.
purchases of goods
and services
(Percent)

Percent of National Income

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

64. Compensation of
employees

(Percent)

283. Proprietors'
income with IVA
and CCA 1

285. Rental income
of persons with
CCA

1

(Percent)

(Percent)

(Percent)

(Percent)

289. Net interest

287. Corporate
profits with IVA
and CCA 1

1975

First quarter
Second quarter
Third quarter
Fourth quarter

8.2
8.1
7.9
8.0

14.2
14.2
14.0
14.0

78.1
76.9
75.5
76.1

6.9
7.2
7.4
7.2

1.9
1.9
1.8
1.8

6.5
7.4
8.9
8.7

6.6
6.6
6.4
6.3

7.7
7.6
7.6
7.7

13.8
13.6
13.4
13.2

75.9
76.1
76.2
76.8

6.7
6.6
6.4
6.4

1.7
1.7
1.6
1.6

9.6
9.5
9.5
8.8

6.1
6.1
6.3
6.4

7.7
7.7
7.7
7.8

13.1
13.2
13.2
13.3

76.5
76.1
75.8
76.1

6.6
6.6
6.3
6.8

1.6
1.5
1.5
1.4

9.0
9.6
9.4

6.3
6.2
6.3
6.3

7.6
7.1
7.2
7.3

13.3
13.3
13.4
13.2

77.4
76.3
76.2

6.5
6.5
6.6

1.4
1.3
1.4
pi. 4

8.3
9.7
9.6

6.3
6.2
6.2

1976

First quarter
Second quarter
Third quarter
Fourth quarter
1977

First quarter
Second quarter
Third quarter
Fourth quarter

10.1

1978

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

p75.7

p6.9

P 9.9

p6.2

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
do3 inot reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 46 and 47.
X
IVA means inventory valuation adjustment; CCA means capital consumption adjustment.




OTHER IMPORTANT ECONOMIC MEASURES
B |

PRICES, WAGES, AND PRODUCTIVITY

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

310. Index

(1972=100)

310c. Change
over 1 -quarter
spans 1

(Ann. rate,
percent)

Fixed weighted price index,
gross business product
311. Index

(1972-100)

31 1c. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

1977

January
February
March

138.' 3

April
May
June

140 '.9

July
August
September

142.6

October
November
December

144^6

6.0

(1967=100)

(Percent)

(Ann. rate,
percent)

Revised 2

Revised 2

Revised 2

322. Index

(1967=100)
Revised 2

322c. Change
over 1-month
spans 1

322c. Change
over 6-month
spans 1

(Percent)

(Ann. rate,
percent)

Revised 2

Revised 2

0.7
1.0
0.6

7.9
8.1
8.3

183.9
187.7
188.6

0.6
2.1
0.5

10.1
11.1
11.5

7.9

179.6
180.6
181.8

0.7
0.4
0.6

7.5
6.4
5.9

191.2
191.8
193.0

1.4
0.3
0.6

10.1
6.9
6.6

4.7

182.6
183.3
184.0

0.3
0.4
0.4

5.2
5.4
5.2

193.0
194.1
194.7

0.0
0.6
0.3

4.1
5.1
4.9

6.3

184.5
185.4
186.1

0.4
0.5
0.5

6.0
6.4
7.3

195.1
196.6
197.7

0.2
0.8
0.6

7.4
8.5
10.5

6.7

187.2
188.4
189.8

0.7
0.6
0.8

8.3
8.9
9.8

200.0
202.2
204.7

1.2
1.1
1.2

13.8
14.6
16.6

12.1

191.5
193.3
195.3

0.8
0.8
0.9

9.5
9.4
9.6

208.1
210.5
213.5

1.7
1.2
1.4

14.2
12.6
11.3

8.0

196.7
197.8
199.3

0.6
0.6
0.9

9.5
9.0
8.5

213.7
214.6
216.0

0.1
0.4
0.7

9.6
8.4
7.4

8.0

200.9
202.0
202.9

0.8
0.6
0.6

9.2
10.4

217.9
219.2
221.3

0.9
0.6
1.0

10.4
13.0

204.7
207.1

0.9
1.2

224.5
228.1

1.4
1.6

143.'?

5.5

320c. Change
over 6-month
spans 1

175.3
177.1
178.2

142!i)

5.1

320. Index ® 320c. Change
over 1-month
spans 1

Consumer prices, food

6.7

139.4

7.7

Consumer prices, all items

145^9

1978

January
February
March

147!l

April
May
June

15l!6

July
August
September

153^5

October
November
December

ise.'e

7.2

148!3

11.0
152 '.6

6.9

155.6

r8.2

158.*6

1979

January
February
March

. ...

April
May
June
July
August
. . . .
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 48 and 49.
1
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month
changes are placed on the 2d month, and 6-month changes are placed on the 4th month,
2
See "New Features and Changes for This Issue," page iii.




OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

RH PRICE MOVEMENTS-Con.

Wholesale prices, all commodities
Year
and
month

330. Index©

330c. Change
over 1-month
spans 1

(1967=100)

(Percent)

Wholesale prices, crude materials

Wholesale prices, industrial commodities

330c. Change
over 6-month
spans 1

(Ann. rate,
percent)

335. Index®

(1967=100)

335c. Change
over 1 -month
spans 1

(Percent)

335c. Change
over 6-month
spans 1

(Ann. rate,
percent)

331. Index

(1967=100)

331 c. Change
over 1-month
spans 1

33 1c. Change
over 6-month
spans 1

(Percent)

(Ann. rate,
percent)

1977

January
February
March

188.1
190.2
192.0

0.4
1.0
1.0

9.5
9.3
7.2

188.4
190.0
191.7

0.5
0.8
0.7

7.3
7.3
7.4

210.6
217.0
218.6

April
May
June

194.3
195.2
194.5

1.0
0.4

6.5
4.8
3.5

193.3
194.2
194.7

0.7
0.5
0.3

7.8
7.2
6.8

222.0
220.3
211.8

July
August
September

194.8
194.6
195.3

0.1
0.2
0.4

2.4
3.1
4.8

195.9
196.9
197.8

0.7
0.5
0.6

6.4
5.8
6.2

209.6
208.1
208.1

October
November
December

196.3
197.1
198.2

0.5
0.8
0.5

6.3
7.9
8.9

199.1
199.3
200.0

0.5
0.2
0.5

6.2
6.4
6.2

209.9
216.6
219.5

0.9
3.2
1.3

12.4
18.5
21.3

200.1
202.1
203.7

0.8
0.9
0.8

10.2
10.0
10.7

201.6
202.9
204.1

0.7
0.6
0.4

6.8
7.9
8.4

222.2
226.5
229.2

1.2
1.9
1.2

24.1
18.6
20.4

April
May
June

206.5
208.0
209.6

1.1
0.7
0.8

206.1
207.4
>208.7

0.8
0.7
0.7

8.3
8.3
8.7

233.8
235.9
240.9

2.0
0.9
2.1

18.1
13.7
14.9

July
August
September

210.7
210.6
212.4

0.4
0.3
0.8

210.1
211.4
212.5

0.7
0.6
0.6

r8.7
9.0
8.7

241.5
241.5
245.7

0.2
0.0
1.7

r!6.8

October
November
December

r214.9
215.7
217.4

rO.8
rO.S

9.8
10.8

0.6

r252.7
256.0
257.3

r2.8
rl.3

0.6

214.7
216.0
217.0

1.4
1.3

219.9
222.4

1.2
1.0

263.4
272.2

2.4
2.3

-0.4

0.4
3.0
0.7

16.4

1.6

-0.9
-8.0
-9.4

-0.8
-3.9
-1.0
-0.7

0.0

9.4
0.3

-10.6
-3.3

7.4

1978

January
February
March

..

. . .

rl.l
rO.8

9.9
8.6
8.5
r8.6

9.0
8.7
10.8
12.9

17.8
14.1
19.0
27.0

0.5

1979

January
February
March
April
May
June

220.7
223.9

. . .

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 48.
Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.




OTHER IMPORTANT ECONOMIC MEASURES
BI

PRICES, WAGES, AND PRODUCTIVITY—Con.

HI

Wholesale prices, intermediate materials
Year
and
month

332. Index

(1967=100)

332c. Change
over 1-month
spans 1

(Percent)

332c. Change
over 6-month
spans 1

(Ann. rate,
percent)

PRICE MOVEMENTS-Con.

Wholesale prices, consumer fin shed goods

Wholesale prices, producer finished goods
333. Index

(1967=100)

333c. Change
over 1 -month
spans 1

(Percent)

333c. Change
over 6-month
spans 1

(Ann. rate,
percent)

334. Index

(1967=100)

334c. Change
over 1-month
spans 1

(Percent)

334c. Change
over 6-month
spans1

(Ann. rate,
percent)

1977

January
February
March

195.9
197.3
198.9

0.5
0.7
0.8

8.6
8.3
6.8

178.9
179.9
180.7

0.3
0.6
0.4

6.0
6.5
5.8

173.2
174.9
176.7

0.5
1.0
1.0

April
May
June

200.7
201.5
201.4

0.9
0.4
0.0

6.4
5.7
5.0

181.7
182.7
183.5

0.6
0.6
0.4

6.4
6.6
6.4

177.6
179.0
178.9

0.5
0.8

'July
August
September

202.1
202.8
203.8

0.3
0.3
0.5

3.6
3.9
5.0

184.5
185.7
186.4

0.5
0.7
0.4

8.1
8.0
8.5

179.3
180.0
180.6

0.2
0.4
0.3

4.2
4.1
5.0

October
November
December

204.3
205.4
206.4

0.2
0.5
0.5

5.9
6.8
7.1

188.9
189.9
191.1

1.3
0.5
0.6

8.6
8.5
8.8

181.3
182.6
183.3

0.4
0.7
0.4

6.0
7.0
7.8

January
February
March

208.0
209.6
210.9

0.8
0.8
0.6

7.7
7.8
7.9

192.3
193.4
194.4

0.6
0.6
0.5

7.3
7.8
8.1

184.6
186.2
187.5

0.7
0.9
0.7

9.5
9.2

April
May
June

212.0
213.3
214.4

0.5
0.6
0.5

7.2
7.0
7.0

195.7
197.2
198.7

0.7
0.8
0.8

8.3
8.0
8.1

189.7
190.8
192.3

1.2
0.6
0.8

10.1

July
August
September

215.4
216.8
218.2

0.5
0.6
0.6

r8.5
8.7
9.2

200.1
201.0
202.1

0.7
0.4
0.5

r8.0
8.0
7.9

193.7
194.0
195.8

0.7
0.2
0.9

r8.3

October
November
December

r220.8
222.4
224.0

rl.2
rO.7

10.7
11.6

rO.6
rO.7

8.5
9.3

10.6
12.9

0.7

r!97.4
199.1
200.9

rQ,8
rO.9

0.7

r203.4
204.9
206.4

1.2
1.1

208.4
210.1

1.0
0.8

203.7
206.1

1.4
1.2

-0.1

9.5
10.1

7.8
7.2
5.9
4.5

1978

10.1

8.6
9.0

8.9
9.1

0.9

1979

January
February
March

226.6
229.0

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 48.
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.




OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Con.

B| WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
nonfarm business sector

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

Current dollar earnings
340. Index

(1967=100)

340c. Change
over 1-month
spans 2
(Percent)

Real earnings

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

341. Index

(1967=100)
Revised 3

1977

341 c. Change
over 1 -mo nth
spans 2
(Percent)

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

345. Index

(1967=100)

( )

8.7

191.1
191.9
193.0

0.8
0.4
0.6

7.9
7.6
7.4

108.7
108.2
108.2

r-0.5
0.0

-0.5
-0.8

April
May
June

194.4
195.5
196.4

0.7
0.6
0.5

7.1
6.7
6.9

108.1
108.2
108.1

-0.1
rO.l
-0.1

-0.3

July
August
September

197.8
198.2
199.6

0.7
0.2
0.7

7.4
7.2
7.4

108.6
108.3
108.6

r-0.3
0.3

201.4
202.4
203.5

0.9
0.5
0.5

8.5
8.6
8.9

109.3
109.2
109.2

January
February
March

206.0
206.6
208.3

1.2
0.3
0.8

8.9
8.7
8.8

109.8
109.4
109.5

-0.4
rO.l

April
May
June

210.2
211.0
212.2

0.9
0.4
0.6

7.9
7.9
7.7

109.6
109.1
108.8

-0.5
-0.3

-1.3
-1.2
-1.5

225*.3

July
August
September

214.0
214.6
216.2

0.8
0.3
0.7

7.5
7.7

0.3
r-0.4
0.0

-1.7
-1.1
-0.4

230 .'4

r8.1

109,1
108.7
108.7

218.0
219.0
r220.7

0.8
0.5

r7.9
p8.1

-0.1

-1.4

r-0.1
0.1

p-2.5

rO.8

108.7
108.5
108.6

r222.3
P223.1

rO.7
pO.4

108.3
p!07.4

r-0.3
p-0.8

. . .

345c, Change
over 4-quarter
spans 2
(Ann. rate,
percent)

Revised 3

3

January
February
March

October
November
December

345c. Change
over 1-quarter
spans 2
(Ann. rate,
percent)

rO.l

rO.5

0.6
r-0.1
rO.O

0.0

0.3
0.9

203.6

l'.9

6.7
206^9

l'.6

7.8

2.2
1.8
2.0

2l6.*8

2.3
2.0
1.6

214.'6

8^5
7.4
8.9

1978

October
November
December

. .

0.5

0.1

12.2

0.6
-0.1
-0.7

22CK9

9-3
8.3
9\7

9.4

8.8
235!4

1979

January
February
March
April
May
June

„

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the
4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month
of the 3d quarter.
3
See "New Features and Changes for This Issue," page iii.




OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Con.

^fl WAGES AND PRODUCTIVITY-Con.

Year
and
month

Average hourly compensation, all employees,
nonfarm business sector-Con.
Real compensation
346. Index

(1967-100)

346c. Change
over 1 -quarter
spans 1
(Ann. rate,
percent)

346c. Change
over 4-quarter
spans 1
(Ann. rate,
percent)

Negotiated wage and benefit
decisions, all ndustries®
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)

(Ann. rate,
percent)

Output per hour, all persons, private
business sector
370. Index

(1967=100)

370c. Change
over 1-quarter
spans 1

(Ann. rate,
percent)

370c. Change
over 4-quarter
spans 1

(Ann. rate,
percent)

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

(1967=100)

1977

January
February
March

115.0

April
May
June

114^4

July
August
September

ns.'i

October
November
December

115i9

0.3

9.0

7.5

\'.2

8.9

-2.0

6.0

CK9

2.7

i.'s

10.2

lu'i

2.5

iisie

1.5

115.2

-CL2

116.'2

6'.5

116.'4

o.'i

115.*5

6!5

116!6

5.1

6.2

0.4

6.3
119'.6

i!7

K5

-1.7

118^9
9.5

2.6

ny.'g

1978

January
February
March
April
May
June

4.1

-2.3

. . .

116.4

July
August
September

H6\6

October
November
December

116^7

13.2

8.2

1.2

117.'6

0.7

0.4

o!7

6.8

n/.'e

-4.5

1.2

6.0

118.0

r7.2

r6.1

5.9

ii9!6

3.5
116.*6

2.1

r5.2

119.6

117.3

1979

January
February
March
April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
'Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.


http://fraser.stlouisfed.org/
Federal Reserve
QQBank of St. Louis

OTHER IMPORTANT ECONOMIC MEASURES
C I LABOR FORCE, EMPLOYMENT, AND U N E M P L O Y M E N T

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

441. Total

442. Em-

ployed

(Thous.)

(Thous.)

Labor force participation rates
451. Males
20 years
and over

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

(Percent)

(Percent)

(Percent)

448. Num-

Number unemployed
37. Total

(Thous.)

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

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

ber employed
part-time
for economic
reasons

(Thous.)

1977

January
February
March

95,774
96,316
96,654

88,659
89,048
89,503

79.7
79.9
79.8

47.3
47.6
47.8

54.4
55.3
55.7

7,115
7,268
7,151

2,983
3,059
2,877

2,453
2,539
2,582

1,679
1,670
1,692

5,663
5,731
5,605

3,312
3,451
3,288

April
May
June .

96,749
97,062
97,508

89,805
90,166
90,500

79.6
79.6
79.8

47.9
48.2
48.0

55.7
55.4
57.4

6,944
6,896
7,008

2,776
2,802
2,686

2,515
2,441
2,541

1,653
1,653
1,781

5,545
5,477
5,466

3,177
3,273
3,369

97,311
97,698
97,811

90,605
90,903
91,187

79.6
79.6
79.4

48.0
48.1
48.6

56.3
57.2
56.0

6,706
6,795
6,624

2,660
2,667
2,488

2,443
2,489
2,476

1,603
1,639
1,660

5,385
5,448
5,256

3,445
3,256
3,283

98,028
98,838
98,748

91,374
92,203
92,561

79.7
79.9
79.9

48.2
48.8
48.7

56.7
57.4
56.6

6,654
6,635
6,187

2,605
2,489
2,387

2,440
2,524
2,362

1,609
1,622
1 ,438

5,304
5,179
4,869

3,226
3,257
3,208

99,215
99,139
99,435

92,923
93,047
93,282

80.0
79.9
79.9

48.9
48.9
49.1

57.1
56.7
56.9

6,292
6,092
6,153

2,464
2,376
2,394

2,288
2,112
2,169

1,540
1,604
1,590

4,949
4,836
4,778

3,045
3,203
3,184

April
May
June

99,767
100,109
100,504

93,704
93,953
94,640

79.8
79.9
79.8

49.3
49.4
49.6

57.2
57.9
58.7

6,063
6,156
5,864

2,279
2,264
2,112

2,211
2,322
2,294

1,573
1,570
1 ,458

4,676
4,782
4,529

3,310
3,247
3,433

July
August
September

100,622
100,663
100,974

94,446
94,723
95,010

79.7
79.5
79.5

49.7
49.6
50.1

58.6
59.1
58.3

6,176
5,940
5,964

2,187
2,181
2,172

2,413
2,231
2,230

1,576
1 ,528
1,562

4,890
4,641
4,652

3,316
3,298
3,203

October
November
December

101,077
101 ,628
101,867

95,241
95,751
95,855

79.5
79.9
79.9

49.9
50.1
50.2

58.6
58.4
58.6

5,836
5,877
6,012

2,145
2,113
2,195

2,134
2,208
2,227

1,557
1,556
1,590

4,505
4,491
4,597

3,164
3,131
3,058

102,183
102,527

96,300
96,647

80.2
80.3

50.1
50.3

58.9
58.6

5,883
5,881

2,200
2,154

2,166
2,177

1,517
1,549

4,500
4,584

3,159
3,147

....

July
August
September

....

October
November
December
1978

January
February
March

1979

January
February
March
April .
May
June

....

July
August
September
October
November
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonai movement. Unadjusted seriesare indicated by @. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 51.




itnt

on

OTHER IMPORTANT ECONOMIC MEASURES
D|

GOVERNMENT ACTIVITIES

[Q RECEIPTS AND EXPENDITURES
Federal Government 1
Year
and
month

J3| DEFENSE INDICATORS

State and local governments'

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dot)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
military prime
contract awards

(Mil. dol.)

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense products

(Mil. dol.)

(Mil. dol.)

1977

January
February
March

-37.*3

366^6

403^9

29^5

283^6

253^5

9,804
9,763
9,873

3,354
4,369
4,819

49,258
50,229
50,761

2,104
2,055
2,538

April
May
June

-40 '.3

371.4

411 '.7

28!5

292 '.6

263. * 5

9,671
9,919
9,835

4,303
4,654
4,300

51,236
52,170
52,625

3,279
2,888
2,590

July
August
September

-56\4

374*.3

430 '.7

31.2

30 1'. 8

27CK7

9,498
10,486
9,143

4,624
4,623
4,255

53,383
54,262
52,697

2,064
2,508
2,110

October . . .
November
December

-58.6

385^5

444'.1

29^0

307. '9

278.9

10,697
10,208
9,652

6,028
4,100
5,530

54,775
55,479
55,771

4,459
3,421
4,396

January
February
March . . .

-52!6

396\2

448^8

31 ! 5

315^7

284 '.2

10,959
10,410
10,272

4,552
4,071
5,878

57,304
58,401
58,986

2,871
2,656
4,485

April
May
June

-23!6

424^7

448 ! 3

29^8

327!i

297.*7

10,107
10,988
9,818

4,501
6,614
7,278

59,348
60,723
60,549

4,031
4,078
3,437

July
August
September

-22^8

441.7

464^5

23^4

329^2

305^8

10,188
10,169
10,436

3,862
4,500
r4,863

61,833
62,028
62,730

2,281
3,357
3,518

October
November
December

p-20.6

p463.2

r483.8

p28'.8

p340'.i

r31l!'3

10,733
10,619
9,759

4,480
(NA)

63,006
63,440
64,470

3,236
4,659
r4,301

65,120
(NA)

r2,762
p3,991

1978

1979

January
February
March

.

10,833
(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 pages 52 and 53.
1

Based on national income and product accounts.




Itrifc

OTHER IMPORTANT ECONOMIC MEASURES
Dl

GOVERNMENT ACTIVITIES—Con.

|Q DEFENSE INDICATORS— Con.
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

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

(1967-100)

(Mil. dol.)

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

588. Manufacturers' shipments, defense
products

(Mil. doi.)

(Mil. dol.)

(Mil. dol.)

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

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

1977
January
February
March

78.0
78.5
78.5

6,458
6,423
6,248

31,556
30,988
30,875

7,476
8,017
7,961

2,650
2,623
2,651

1,069
1,074
1,069

2,077
2,078
2,075

994
995
995

91.9

5J

April
May
June

79.9
80.0
80.3

6,227
6,242
6,311

31,659
31,936
31,873

8,069
8,404
8,023

2,495
2,611
2,653

1,084
1,086
1 ,095

2,071
2,070
2,075

995
997
1,009

93^7

5^6

July
August .
September

80.4
80.8
80.9

6,310
6,351
6,318

31,292
31,259
30,707

8,040
8,119
8,046

2,645
2,541
2,662

1,105
1,098
1,098

2,079
2,073
2,075

1,008
998
982

94.4

4.*9

October
November
December

78.9
79.3
79.5

6,149
6,263
6,403

32,558
33,293
35,006

8,563
8,652
8,782

2,608
2,686
2,683

1,060
1,061
1,085

2,072
2,069
2,060

983
985
983

97.'l

5.0

January
February
March

79.7
79.2
81.9

6,454
6,636
6,621

35,200
35,087
36,690

8,209
8,061
8,433

2,678
2,769
2,883

1,110
1,116
1,127

2,065
2,062
2,058

982
982
982

97^9

4^9

April
May
June

82.9
83.6
84.6

6,738
6,863
6,816

37,782
39,058
39,625

9,338
8,303
9,113

2,938
2,801
2,871

1,131
1,150
1,160

2,054
2,046
2,057

982
988
1,000

98^6

4^7

July
August
September

85.9
87.1
87.1

6,885
6,877
6,761

39,151
39,697
40,281

8,426
9,810
7,934

2,755
2,811
2,933

1,171
1,180
1,181

2,062
2,062
2,062

1,002
994
980

99^6

4.' 7

October
November
December

86.7
87.2
r87.9

6,932
6,968
7,171

40,755
42,508
43,812

9,428
8,645
9,658

2,762
2,907
r2,995

1,193
1,203
1,220

2,058
2,050
2,041

981
981
978

102J

i!e

r88.6
p89.5

7,402
(NA)

r43,499
p44,610

r9,602
p9,390

r3,Q75
p2,878

pi, 223
(NA)

2,040
p2,034

972
(NA)

1978

1979
January
February
March
April
May ,
June
July
August
September
October
November . . .
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (u). Series numbers are for identification only amid
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; am
"NA", not available.
Graphs of these series are shown on pages 54 and 55.




01

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL

TRANSACTIONS

Rflj MERCHANDISE TRADE

Year
and
month

602. Exports, excluding
military aid shipments,
total

(Mil.dol.)

604. Exports of agricultural products

(Mil.dol.)

606. Exports of nonelectrical machinery

(Mil.dol.)

612. General imports,
total

(Mil.dol.)

614. Imports of
petroleum and
petroleum products

616. Imports of
automobiles and parts

(Mil.dol.)

(Mil.dol.)

1977
January
February
March

9,666
9,898
10,164

1,762
2,004
2,112

1 ,831
1 ,892
1,859

10,444
12,613
12,424

3,075
3,247
4,171

1,083
1,248
1,299

April
May
June

9,940
10,529
10,091

2,142
2,360
2,077

1,808
1,835
1,868

11,798
11 ,170
13,334

3,803
2,885
3,933

1,266
1,183
1,360

July
August
September

10,372
9,683
11,039

1,976
1,801
2,064

1,862
1,732
2,133

12,483
12,101
12,942

3,212
3,318
3,789

1,315
1,328
1,428

October
November
December

9,357
9,478
10,999

1,654
1,755
2,111

1,556
1,791
2,056

12,587
12,407
13,474

3,325
3,627
3,157

1,426
1,465
1,479

January
February
March

10,014
9,922
10,912

1,818
2,058
2,363

2,084
2,187
2,450

12,381
14,440
13,699

2,968
3,586
2,996

1,529
1,661
1,581

April
May
June

11,635
11,754
12,126

2,428
2,861
2,904

2,415
2,472
2,427

14,496
13,992
13,723

3,051
3,084
3,252

1,715
1,659
1,684

July
August
September

11,792
12,469
13,429

2,392
2,774
2,512

2,451
2,528
2,815

14,779
14,090
15,120

3,082
3,291
3,448

1,812
1,666
1,822

October
November
December

13,010
13,262
13,148

2,596
2,533
2,555

2,625
2,718
2,824

15,138
15,207
15,189

3,454
3,539
3,417

1,872
1,875
1,822

13,303
(NA)

(NA)

(NA)

15,178
(NA)

(NA)

(NA)

1978

1979
January
February
March
April
May
June
July
August
September
October
November . .
December

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56.




OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Con.

Qj GOODS A N D SERVICES MOVEMENTS ( E X C L U D I N G T R A N S F E R S UNDER M I L I T A R Y GRANTS)
Merchandise, adjusted 1

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol.)

669, Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on investments
620. Imports

(Mil. dol.)

651. U.S. investments abroad

(Mil. dol.)

652. Foreign
investments in
the U.S.

(Mil. dol.)

1977

January
February
March

r-2,224

r44,775

r46,999

r-7,619

r29,501

r37,120

7,796

3,197

April
May
June

r- 1,581

r46,507

r48,088

r-6,775

r30,860

r37,635

8,088

3,601

July
August
September

r-1,705

r46,700

r48,405

r-7,364

r30,578

r37,942

8,220

3,61*6

October
November
December

r-5,072

r45,226

r50,298

r-9,372

r29,637

r39,009

7,997

4,185

r-6,302

r48,355

r54,657

r-11,920

r30,787

r42,707

r9,392

r4,515

r-2,009

r54,175

r56,184

r-7,869

r35,256

r43,125

r!0,013

r5,432

r-2,436

r55,595

r58,03i

r-7,992

r36,486

r44,478

rlO,322

r5,444

p-138

p59,9C)6

p60,038

rp-6,363

rp39,315

rp45,678

pll,787

p6,207

1978

January
February
March
April
May . .
June

.......

July
August
September

.. .

October
November
December
1979

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

NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted 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 57.
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).




•trit

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL

COMPARISONS

Q| INDUSTRIAL PRODUCTION

Year
and
month

1
47. United States, 7 2 1 . 0 E C D
European counindex of industries, index of
trial production
industrial
production

(1967=100)

728. Japan,
index of industrial production

(1967=100)

(1967=100)

725. West
Germany, index
of industrial
production

(1967=100)

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

(1967=100)

(1967=100)

727. Italy, index
of industrial
production

(1967=100)

723. Canada,
index of industrial production

(1967=100)

1977
January
February
March

132.3
133.2
135.3

152
152
153

191.4
188.8
191.4

153
152
154

157
155
157

122
123
123

153.6
153.4
153.8

149.6
149.4
150.2

April
May
June

136.1
137.0
137.8

149
150
149

190.4
189.8
191.1

152
152
153

152
151
157

122
124
121

144.0
147.1
137.3

149.2
149.5
151.3

July
August
September

138.7
138.1
138.5

149
149
150

187.9
191.6
191.2

152
152
153

152
152
152

123
124
123

139.7
140.9
144.5

150.5
151.1
151.6

October
November
December

138.9
139.3
139.7

149
149
150

190.1
193.4
194.9

152
152
156

150
152
148

122
122
123

140.9
142.0
137.9

152.6
153.0
153.7

January
February
March

138.8
139.2
140.9

153
r!50
150

196.9
197.0
201.2

157
152
152

152
152
155

123
124
r!23

143.7
145.9
145.9

152.6
155.8
156.7

April
May
June

143.2
143.9
144.9

153
152
153

201.3
202.0
202.1

152
152
154

161
157
154

r!28
126
r!28

r!43.4
r!43.7
r!45.2

157.2
155.9
157.9

July
August
September

146.1
147.1
147.8

153
H53
156

200.3
203.5
205.1

157
156
159

155
155
r!58

129
129
126

144.0
143.9
145.6

158.7
157.7
163.3

October
November
December

148.7
H49.6
H50.8

156
156
p!57

204.8
207.1
p210.1

r!59
159
p!60

r!58
158
p!61

r!25
126
p!29

r!53.2
153.8
p!51.4

r!50.8
p!51.2

(NA)

(NA)

(NA)

(NA)

(NA)

1978

162.7
H63.8
H66.6

1979
January
February
March

(NA)

p!67.7
(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 seriesare indicated by @, Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.
1

0rganization for Economic Cooperation and Development.


http://fraser.stlouisfed.org/
Federal Reserve
0/1Bank of St. Louis

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

R| CONSUMER P R I C E S

United States
Year
and
month

320. Index®

(1967=100)
Revised 2

West Germany

Japan

320c. Change
over 6-month
spans 1

(Ann. rate,
percent)

738. Index®

(1967=100)

738c. Change
over 6-month
spans 1

(Arm, rate,
percent)

735. Index®

(1967=100)

United Kingdom

France

735c. Change
over 6-month
spans 1

(Ann. rate,
percent)

736. Index®

(1967=100)

736c. Change
over 6-month
spans 1

(Ann. rate,
percent)

732. Index® 732c. Change
over 6-month
spans 1

(1967=100)

(Ann. rate,
percent)

Revised 2

1977

175.3
177.1
178.2

7.9
8.1
8.3

236.0
237.2
238.7

8.2
8.8
6.1

154.0
154.9
155.5

4.7
5.3
5.2

204.1
205.5
207.3

9.5
9.3
9.7

276.9

18.9

279.7
282.4

16.0

179.6
180.6
181.8

7.5
6.4
5.9

242.6
244.9
243.6

5.6
7.1
7.2

156.2
156.9
157.6

4.5
4.2
3.2

210.0
212.0
213.6

11.3
10.8
10.4

289.6
291.9
294.9

11.2

July
August
September

182.6
183.3
184.0

5.2
5.4
5.2

243.0
243.0
247.3

6.9
3.7
2.8

157.4
157.3
157.1

3.1
2.2
1.8

215.5
216.7
218.6

9.7
8.8
8.1

295.3
296.7
298.3

October
November
December

184.5
185.4
186.1

6.0
6.4
7.3

248.6
245.7
245.1

2.2
1.1
2.0

157.3
157.5
157.9

2.2
2.0
2.9

220.3
221.1
221.7

7.1
7.6
8.1

299.6
301.0
302.6

8.4
6.5
6.0

January
February
March

187.2
188.4
189.8

8.3
8.9
9.8

246.1
247.1
249.4

1.4
3.5
4.6

158.9
159.7
160.3

2.5
2.9
2.8

222.8
224.4
226.4

8.4
9.3
9.9

304.4
306.2
308.1

6.3
5.5
5.6

April
May
June

191.5
193.3
195.3

9.5
9.4
9.6

252.1
253.5
252.1

7.0
7.7
4.9

160.7
161.1
161.5

2.9
2.7
1.5

228.9
231.1
232.8

11.7
11.2
10.1

312.6
314.4
316.8

7.5
9.7
9.2

July
August
September

196.7
197.8
199.3

9.5
9.0
8.5

253.1
253.3
256.4

5.0
2.9
2.5

161.5
161.0
160.6

1.6
1.8
2.4

235.7
237.1
238.6

10.2
9.8
9.6

318.2
320.3
321.6

October
November
December

200.9
202.0
202.9

9.2
10.4

256.8
254.1
253.7

0.1
(NA)

160.6
161.1
161.8

r3.1
3.4

240.8
242.1
243.2

8.7
(NA)

323.1
325.3
328.0

January
February
March
April
May
June

.

. .

14.7

11.9
11.6

9.4
10.2

9.5

1978

10.1
11.0
10.7
11.2

9.3

1979

January .
February
March

. . .

204.7
207.1

253.9
(NA)

r!63.5
164.5

245.5
(NA)

332.9
335.6

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 59.
Changes over 6-month spans are centered on the 4th month.
2
See "New Features and Changes for This Issue," page ill.




OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Con.

Qj STOCK PRICES

Qj CONSUMER PRICES-Con.
748. Japan,
19. United
States, index index of
stock
of stock
prices®
737. Index® 737c. Change 733. Index® 733c. Change prices, 500
over 6-month
over 6-month common
1
1
stocks®
spans
pans
Italy

Year
and
month

(1967=100)

Canada

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967-100)

(1967=100)

745. West
Germany,
'ndex of
stock
prices®

746. France, 742. United
ndex of
<ingdom,
stock
ndex of
stock
prices®
prices®

(1967=100)

(1967=100)

747. Italy,
ndex of
stock
prices®

743. Canada,
ndex of
stock
prices®

(1967=100)

(1967=100)

(1967=100)

1977

112.9
109.8
109.4

343.8
344.7
341.3

119.5
118.3
118.1

116.0
109.7
101.6

149.6
157.0
164.2

52.9
50.0
48.7

107.1
108.1
110.2

9.8
7.8
7.3

107.7
107.4
108.0

339.3
343.3
340.7

124.0
128.4
125.2

93.9
97.2

104.0

164.9
180.3
178.6

46.2
44.4
43.4

108.3
105.5
104.6

187.1
187.9
188.9

8.2
8.6
9.1

109.0
106.3
104.7

339.6
345.0
351.2

124.3
126.0
124.9

105.3
109.7

178.4
191.6
208.7

43.9
45.3
50.3

106.7
104.4
100.0

12.8
11.6
12.5

190.8
192.0
193.3

8.4
9.5

102.0
102.6
102.1

345.0
332.5
328.6

126.4
128.5
125.4

111.9
111.3
105.3

210.4
197.7
198.8

46.2
43.6
40.0

97.4
96.3

100.4

271.1
273.9
277.4

10.3
10.9
11.5

194.0
195.3
197.5

98.2
96.8
96.6

339.0
348.3
359.7

126.5
127.9
126.1

98.0

100.3
120.0

198.2
187.7
187.5

40.7
43.5
42.8

98.5
97.1
99.1

April
May
June

280.0
282.7
285.1

12.1
12.6
12.0

197.9
200.7
202.4

9.6
7.3

100.8
106.0
106.2

371.8
371.0
373.2

124.9
124.0
127.1

130.6
133.3
135.7

191.9
202.9
201.2

41.4
43.2
44.0

105.1
107.1
108.8

July
August
September

286.8
288.3
292.9

12.7
11.4
11.6

205.4
205.5
205.2

8.6
8.2
7.7

105.7
113.0
113.0

382.8
380.3
387.6

129.1
132.3
136.4

149.8
150.6
165.1

204.4
220.3
223.3

44.8
48.4
57.3

110.3
118.0
122.3

October
November
December

295.5
298.1
300.3

13.5
(NA)

207.3
209.0
209.6

6.8
8.7

109.4
103.3
104.5

395.0
398.9
404.9

138.7
134.8
133.9

158.7
155.4
158.7

217.4
208.1
213.3

57.5
51.6
51.2

126.8
123.0
128.4

108.5
106.9
p!08.6

416.1
409.9
p405.9

135.0
131.9
pi 30. 2

rp!65.7
p!57.6

p210.3
rp213.3
p234.9

p52.0
rp54.3
p56.7

p!35.2
rp!37.0
p!41.6

January
February
March

238.8
243.4
246.5

17.0
14.8
12.7

178.0
179.7
181.5

April
May
June

249.5
252.6
254.3

14.7
13.4
12.3

182.5
184.0
185.3

July
August
September

255.8
258.2
261.5

13.0
12.5
12.7

October
November
December

265.0
267.6
268.9

January
February
March

9.3
9.5
10.0

10.0

99.8

1978

8.5
9.3
9.6
11.0

1979

January
February
March

306.1
(NA)

211.2
213.2

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.




APPENDIXES
C. Historical Data for Selected Series
Quarterly

Monthly

Annual

Year

Jan.

Feb.

Apr.

Mar.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

910. COMPOSITE INDEX OF 12 LEADING INDICATORS
(1967=100)
1947
1948. . .
1949. . .
1950 ...
1951. . .
1952. . .
1953.. .
1954. . .
1955.. .
1956. . .

II Q

III

Q

IV Q

AVERAGE FOR PERIOD

55.0
50.0
54.3
60.4
58 .2
62.5
56.8
66.4
69 .0
67.5

53.8
49.8
55.1
59.7
58.6
62.6
57.5
67.6
68.3
67.2

54.1
49.3
55.9
59.4
59.0
62.9
57.5
68.2
68.6
67 .0

54.5
49 .0
57.3
58.6
58.3
62.7
58.1
68.4
68.9
66.5

54.1
48.9
58.5
58 .4
58.2
62.1
59.2
68.6
67.3
66 .4

54.5
48.9
59.2
57.6
59.3
61.1
60.0
68.8
67.0
66.8

54.0
49.8
60.9
57.2
58.5
61.0
60.7
69.7
67.3
66 .9

53.4
51.1
61.6
56.9
60.0
59.8
60.9
70.0
67.5
66.4

52.9
52.7
60.0
57.4
61.4
58.1
61.7
70.5
67 .6
65.4

52.6
52.8
59.8
57.4
61.1
57.4
63.3
70.1
68.1
64.1

51.6
53.1
59.2
57 .2
61.3
56.6
64.7
70.2
68.1
62.9

50.9
53.6
59.3
57.7
61.8
56.7
65.2
69.5
67.9
62.4

54.3
49.7
55.1
59.8
58.6
62.7
57.3
67.4
68.6
67.2

54.4
48.9
58.3
58.2
58.6
62.0
59.1
68 .6
67.7
66 .6

53.4
51.2
60.8
57.2
60.0
59.6
61.1
70.1
67.5
66 .2

51.7
53.2
59.4
57.4
61.4
56.9
64.4
69 .9
68.0
63.1

53.4
50.8
58.4
58.2
59.6
60.3
60.5
69.0
68.0
65.8

1958. . .
1959. . .
1960 . . .
1961. . .
1962. . .
1963. . .
1964. . .
1965. . .
1966. . .
1967. . .
1 9 6 8 ...

62.4
73.6
73.1
70.5
78.9
81.3
86.4
93.3
99.4
95.8
103.3

62.5
74.5
71 .8
71.2
79.9
82.4
86.9
93.6
100.2
96.0
104.9

62.8
75.6
70 .4
72.6
80.1
82.9
87.2
93.9
100.6
96.5
105.1

63.2
75.7
70.5
74.4
79.7
83.6
88.2
93.6
100.2
97 .2
103.9

64.5
75.7
70.5
75.1
78.5
84.5
89.0
94.2
99.4
98.0
104.9

66.3
75.1
70.3
76.1
77.7
84.2
89.0
94 .4
98.5
99.5
105.6

67.3
74.9
70.9
76.2
78.5
83.8
89.8
95.0
97.9
100.7
106.4

68.9
74.4
71.1
77.1
79.0
84.0
90.2
95.1
96.9
102.6
106.5

70.3
74.0
71.5
76.2
79.7
85.0
91.3
95.5
96.2
102.9
108.2

71.1
72.6
71.3
77.6
79.3
85.5
91.6
96.4
95.7
103.0
110.1

72.6
72.2
70.9
78.6
80.1
85.8
92.4
97.4
95.5
103.5
1]0.7

72.3
73.1
70.1
78.8
80.5
86.1
92.6
98.4
95.2
104.3
111.5

62 .6
74.6
71.8
71 .4
79.6
82.2
86.8
93.6
100.1
96.1
104 .4

64.7
75.5
70.4
75.2
78 .6
84.1
88.7
94.1
99.4
98.2
104.8

68.8
74.4
71.2
76.5
79.1
84.3
90.4
95.2
97.0
102.1
107.0

72.0
72.6
70.8
78.3
80.0
85.8
92.2
97.4
95.5
103.6
110.8

67.0
74.3
71.0
75.4
79.3
84.1
89.6
95.1
98.0
100.0
106.8

1969 . . .
1970. . .

111.8
104.9
109.0
118.9
132.3
130.1
106.9
124.5
131.9

111.2
104.1
110.9
120.3
133.4
130.4
106.4
125.7
133.0

110.5
103.7
113.1
122.1
133.2
130.1
107.1
126.4
135.6

111.4
103.9
113.5
122.7
132.4
127.7
109.4
126.3
136.0

111.0
104.0
113.9
122.9
132.4
127.0
111.9
128.0
135.8

110.2
103.7
114.2
123.2
132.6
124 .9
115.5
129.7
135.5

108.7
103.4
114.0
124.1
132.1
123.2
118.3
130.2
135.0

108 .2
103.6
113.4
125.8
130.9
120.5
119.2
129.9
136.9

108.3
104.6
113.8
127.8
130.6
116.9
119.9
130.1
138.0

108.3
104.7
115.3
129.2
130.8
114.2
120 . 5
129.9
139.1

107.2
105.1
116.0
130.1
131.1
111.3
121.2
131 .8
139.4

106.2
107.4
117.5
131.6
129.8
109.2
121.7
132.5
140.2

111.2
104.2
111.0
120.4
133.0
130.2
106.8
125.5
133.5

110.9
103.9
113.9
122.9
132.5
126.5
112.3
128.0
135.8

108.4
103.9
113.7
125.9
131.2
120.2
119.1
130.1
136.6

107.2
105.7
116.3
130.3
130.6
111.6
121.1
131.4
139.6

109.4
104.4
113.7
124.9
131.8
122.1
114.8
128 .8
136.4

1 9 5 7 ...

1971.
1972.
1973.
1974.
1975.
1976.

.
.
.
.
.
.

.
.
.
.
.
.

1977 . . .
1978. . .

920. COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS
(1967=100)

1947. . .
1948. . .
1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
1956. . .
1 9 5 7 ...
1958. . .
1959. . .
1960 . . .
1961. . .
1962. . .
1963. . .
1964. . .
1965. . .
1966. . .
1967. . .
1 9 6 8 ...

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

.
.
.
.
.
.
.
.
.
.

AVERAGE FOR PERIOD

50.2
49.8
48.2
57.7
58.0
63.8
60.2
62.1
68.4
69.7

50.1
49.3
47.9
57.5
58.9
64.3
60.2
62.5
68.3
70 .2

50.6
48.8
49.4
57.7
58 .9
64.9
59 .6
63.7
68.3
70.1

50.2
48.4
50.5
58.0
58.7
64.9
59.3
64.5
68.9
69.4

50.5
47.8
51.7
57.9
58.9
65.0
59.1
65.4
68.5
69.1

51.4
47.5
52.9
58 .0
58.5
64.7
59.2
65.7
68 .5
69.2

51.5
46.9
54.9
57.4
57.5
64.9
59.0
66.4
66.1
69.2

51.6
47.4
56.6
57.7
60.0
64.1
59.0
66.3
68.3
69.2

51.5
48.1
55.9
57.4
61.7
63.4
59.3
66.9
69.0
68.6

51.6
46.0
56.1
57.7
62.5
63.1
59.6
67.5
69 .7
67.9

51.3
46.9
55.9
57 .9
62.9
62 .0
60.7
67 .9
69.6
66.8

50.8
47.5
57.2
57.9
63.4
60.9
61.4
68.3
70.0
65.6

50.3
49.3
48.5
57.6
58.6
64.3
60.0
62.8
68.3
70.0

50.7
47.9
51.7
58.0
58.7
64.9
59.2
65.2
68.6
69.2

51.5
47.5
55.8
57.5
59.7
64.1
59.1
66.5
67.8
69.0

51.2
46.8
56.4
57.8
62.9
62.0
60.6
67.9
69.8
66.8

50.9
47.9
53.1
57.7
60.0
63.8
59.7
65.6
68.6
68.8

64.6
67.3
72.0
67.4
72.3
74.8
78 .9
85.5
93.7
99.3
102.8

63.3
68.0
71.8
67.1
73.0
75.4
79.7
86.1
94.4
98.8
103.5

62.4
69.0
71.2
67.6
73.5
75.7
79.7
87.0
95.5
98.9
103.9

61.4
70.0
71.4
67.9
73.9
76.3
80.7
87.4
95.6
99.2
104.2

61.6
70 .8
71.1
68.6
74.0
76.6
81.3
88.0
96.1
99.0
105.0

62.4
71.1
70.7
69.6
73.9
77.0
81.5
88.6
97.1
99 .2
105.8

63.4
70.4
70.3
69.7
74.3
77.1
82.1
89.5
97.4
99.5
106.3

64.0
68.4
69 .9
70.4
74.5
77.3
82.7
89 .8
97.6
100.3
106.4

64.6
68.1
69 .6
70.4
74.5
77.7
83.3
90.3
97.8
100.4
106.7

65.0
67.9
69.3
71.3
74.7
78.3
82.3
91.4
98.3
100.3
107.4

66.5
68.5
68.5
72.3
75.1
78.0
83.8
92.2
98 .3
101.9
108.1

66.2
71.1
67.5
72.7
74.8
78.6
85.3
93.2
98.5
103.2
108.5

63.4
68.1
71.7
67.4
72.9
75.3
79.4
86.2
94.5
99.0
103.4

61.8
70 .6
71.1
68.7
73.9
76.6
81.2
88.0
96.3
99.1
105.0

64.0
69.0
69.9
70.2
74 .4
77.4
82.7
89.9
97.6
100.1
106.5

65.9
69.2
68.4
72.1
74.9
78.3
83.8
92.3
98.4
101.8
108.0

63.8
69.2
70.3
69.6
74.0
76.9
81.8
89.1
96.7
100.0
105.7

108.7
110.3
108.3
113.8
124 .8
127.7
115.4
120.3
126.3

109 .4
110.3
108.1
114.2
126.1
127.0
113.7
121.6
127.6

109.9
110.4
108.5
115.4
126.7
126.9
112.3
122.4
129.7

110.2
110.1
108.9
116.4
126.6
126.6
112.6
123.3
130.0

110.3
109.7
109.3
116.9
126.9
127.0
113.4
123.4
130.6

110.8
109.2
109.5
116.6
127.2
127.1
114.2
123.6
131.3

111.5
109.3
109.3
117.5
127.7
126.9
115.1
124.0
131.7

111.8
108.9
109.0
119.0
127.2
126.1
116.7
124.3
131.9

111.9
108.7
109.8
119.4
127.9
125.4
117.5
124.3
132.6

112.4
106.4
109.9
121.3
128.9
124.2
117.9
124.1
133.8

111.4
105 .4
110.8
122.6
129.7
121.2
118.4
125.6
134.7

111.5
107.3
112.0
123.9
129.0
117.7
118.9
127.1
135.7

109.3
110.3
108.3
114.5
125.9
127.2
113.8
121.4
127.9

110.4
109.7
109.2
116.6
126.9
126.9
113.4
123.4
130.6

111.7
109.0
109.4
118.6
127.6
126.1
116.4
124.2
132.1

111.8
106.4
110.9
122.6
129.2
121.0
118.4
125.6
134.7

110.8
108.8
109.4
118.1
127.4
125.3
115.5
123.7
131.3

930. COMPOSITE INDEX OF 6 LAGGING INDICATORS
(1967=100)
1947
1948. . .
1949. . .

46.1

.
.
.
.
.
.
.

47 .4
53.9
60.4
64.7
67.2
61.9
68.1
73.7

46.4
49.6
47.2
54.7
60.4
65.4
66.6
62.0
68.4
73.3

46.7
49.4
47.0
55.5
60.8
65.9
65.8
62.5
69 .4
73.5

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

74.3
68.2
74.1
76.1
73.3
76.4
79.6
83.9
90.3
99.9
100.8

73.2
68.4
75.4
75.8
73.1
76.6
80.2
84.5
91.5
99.7
101.5

72.8
68.7
76.2
75.2
73.6
76.7
80.5
85.4
92.5
100.2
101.5

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

108 .0
118.0
108.7
105.4
112.5
132.9
140.6
119.5
120.2

108.8
118.1
108.2
104.6
114.2
131.8
135.9
119.0
121.0

109.7
117.6
107.3
104.9
115.9
131.5
132.4
118.7
121.7

1 9 5 0 ...
1951.
1952.
1953.
1954.
1955.
1956.
1957.

.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

49 . 5

NOTE: These series contain



i
!
i

AVERAGE FOR PERIOD

46.9
49.1
47.3
56.2
60.6
67.0
65.3
62.2
70.4
74 .0

47.0
49.0
47.9
57.0
61.4
67.4
64.5
62.7
71.4
74.1

47.5
48.6
48.1
57.9
62.4
67.4
63.7
63.7
71.9
74.3

48 .4
48.2
48.3
58.1
62.2
67 .9
63.3
64.1
73.0
74.4

48.9
47.8
49.2
58.6
62.0
67.9
62.3
65.6
72.0
75.1

49.1
47.6
50 .4
58.8
62.3
68 .4
61 .8
66 .2
72.4
75.7

48.5
48.1
51.3
59.0
62.6
68 .2
61.5
66.8
72.5
74.8

49.4
47.5
52.6
59.2
63.0
67.9
61 .8
67.5
73.3
75.2

49.1
47.4
52.8
59.8
63.9
67.7
61.8
67.4
73.1
75.2

46.4
49.5
47.2
54.7
60.5
65.3
66 .5
62.1
68.6
73.5

47.1
48.9
47.8
57.0
61.5
67.3
64.5
62.9
71.2
74.1

48.8
47.9
49.3
58.5
62.2
68.1
62.5
65.3
72.5
75.1

49.0
47.7
52.2
59.3
63.2
67.9
61.7
67.2
73.0
75.1

47.8
48.5
49.1
57 .4
61.8
67.2
63.8
64.4
71.3
74.4

71.9
69.2
76.4
74.2
74.0
76.6
80.9
86.1
93.5
99.7
102.3

70.2
69 .9
77.2
73.8
74.3
76.8
80.8
86.7
94.5
99.8
103.7

69.0
70.9
77.7
73.1
74.9
77.2
81.2
86.9
95.6
100.1
104.1

68.4
71.8
77.4
72.6
75.1
77.8
81.0
87.1
96.6
100.2
103.9

67.7
73.0
77.2
72.6
75.4
78.0
81.9
87.8
97.5
99.8
104 .4

68.0
73.9
76.7
72.8
75.7
78.2
82.8
87.5
97.6
100.0
104.6

68.0
74.7
76.4
72.7
76.1
78.8
82.9
97.8
99.5
104.5

67.8
74.6
76.6
72.3
76.5
79.6
82.3
88.9
99.0
99.9
105.2

68.3
74.1
76.9
72.5
76.5
79.9
83.2
89.9
99.4
101.0
106.8

73.4
68.4
75.2
75.7
73.3
76.6
80.1
84.6
91.4
99.9
101.3

70.4
70.0
77.1
73.7
74.4
76.9
81.0
86.6
94.5
99.9
103.4

68.0
72.9
77.1
72.7
75.4
78.0
81.9
87.5
97.2
100.0
104.3

68.0
74.5
76.6
72.5
76.4
79.4
82.8
89.0
98.7
100.1
105.5

70.0
71.4
76.5
73.6
74.9
77.7
81.4
86.9
95.5
100.0
103.6

111.2
115.6
106.5
105.6
118.2
135.5
129.0
118.7
122.3

112.1
115.5
106.7
106.3
119.5
139.4
126.9
119.2
123.1

114.4
115.9
105.8
106.9
121.7
140.4
122.4
120.1
125.0

115.1
115.7
107.1
106.9
124.4
142.2
122.7
120.4
125.2

115.4
116.0
108.1
107.2
127.4
142.6
122.4
120.0
126.5

116.0
115.3
108.1
108.1
129.6
143.2
122.1
121.1
127.8

116.9
114.2
107.3
108.9
129.6
143.1
122.7
120.7
129.4

116.7
112.7
106.6
109.5
130.0
141.9
120 .6
120.2
131.1

117.3
111.1
106.6
110.2
131.5
141.9
120.1
119.9
131.7

108.8
117.9
108.1
105.0
114.2
132.1
136.3
119.1
121.0

112.6
115.7
106.3
106.3
119.8
138.4
126.1
119.3
123.5

115.5
115.7
107.8
107.4
127.1
142.7
122.4
120.5
126.5

117.0
112.7
106.8
109.5
130.4
142.3
121.1
120.3
130.7

113.5
115.5
107.2
107.0
122.9
138.9
126.5
119.8
125.4

revisions beginning with 1948.

88 . 2

(MARCH 1979)

97

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Annual'

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

913. COMPOSITE INDEX OF MARGINAL EMPLOYMENT ADJUSTMENTS
(1967=100

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. .

.
.
.
.
.

II

Ml Q

Q

IVQ

AVERAGE FOR PERIOD

102.6
94.1
96.8
104.3
101.3
104.1
93.5
98.4
99.8
98.6

101.3
94.4
96.6
104.1
101.5
104.0
93.5
99.4
98.4
98.5

101.3
92.9
98.1
104.6
101.1
103.8
93.4
100.1
98.7
98.5

101.4
92.0
99.1
103.6
99.6
103.7
93.0
100.3
99.5
97.3

100.6
92.4
100.4
102.5
100.8
102.3
93.8
100.6
97.5
96.4

101.9
93.4
100.9
101.5
100.1
101.9
94.7
99.4
98.2
97.3

101.5
93.7
102.8
99.8
96.3
100.9
95.3
99 .1
97.8
96.7

100.2
93.5
105.5
98.7
102.6
99.4
94.4
99.5
98.6
95.9

99.8
95.1
103.8
99.2
104.3
97.4
94.6
100 . 7
98.7
94.1

100.0
93.3
103.5
99.3
104.5
96.4
95.9
100.4
100.0
93.2

99.0
93.5
102.2
100.4
104.2
94.4
97.6
101.0
99.1
92.2

96.9
97.1
102.2
101.1
103.8
94.4
97.7
100 .4
99.3
91.1

101.7
93.8
97.2
104.3
101.3
104.0
93.5
99.3
99.0
98.5

101.3
92.6
100.1
102.5
100.2
102.6
93.8
100.1
98.4
97.0

100.5
94.1
104.0
99.2
101.1
99.2
94.8
99.8
98.4
95.6

98.6
94.6
102.6
100.3
104.2
95.1
97.1
100 .6
99.5
92.2

100.5
93.8
101.0
101.6
101.7
100.2
94.8
99.9
98.8
95.8

90.7
97.2
98.6
92.6
96.9
96.4
96.9
100.0
102.1
101.3
100.0

89.8
97.9
97.1
91.9
97.2
96.9
97.6
100.0
102.7
99.4
101.2

89.4
98.9
95.1
94.2
97.8
97.1
97.6
100.6
103.8
98.6
101.4

89.7
99.0
95.1
94.9
98.0
96.7
98.6
99.7
103.5
98.9
100.4

91.3
98.9
95.2
94.9
97.3
97.2
98.3
100.3
103.1
99.5
101.6

92.8
98.1
94.7
95.6
96.9
97.5
98.4
100.4
102.5
99.9
101.5

93.7
97.5
94.4
95.4
97.1
97.6
98.8
100 .2
102.0
99.7
101.3

94.4'
97.0
93.9
96.5
96.3
96.9
99 .4
99.6
102.8
100.3
101.1

94.8
96.8
94.0
94.7
97.0
97.4
98.4
100 . 5
103.0
100.4
101.6

95.3
94.6
93.2
97.1
96.1
97.6
98 .6
101.1
102.5
100.2
102.1

95.9
94.9
92.7
97.4
96 .6
97.2
98.6
101.6
101.9
100.8
102.2

95.8
98.9
91.4
97.2
96.3
97.3
99.2
102.1
101.0
101.1
102.0

90.0
98.0
96 .9
92.9
97.3
96.8
97.4
100.2
102.9
99.8
100.9

91.3
98.7
95.0
95.1
97.4
97.1
98.4
100.1
103.0
99.4
101.2

94.3
97.1
94.1
95.5
96.8
97.3
98.9
100.1
102.6
100.1
101.3

95.7
96.1
92.4
97.2
96.3
97.4
98.8
101.6
101.8
100.7
102.1

92.8
97.5
94.6
95.2
97.0
97.2
98.4
100.5
102.6
100.0
101.4

102.3
99.2
96.5
98.9
101.3
99.0
90.0
97.9
95.9

101.6
98.3
96.5
99.2
102.4
98.7
89.7
98.1
96.6

102.3
97.4
96.5
99.5
101.9
98.8
90.1
97.6
98.0

102.4
96.0
96.7
99.8
101.7
97.9
91.7
96.1
97.3

102.0
96.3
96.7
99.4
101.3
99.1
91.4
96.5
97.1

102.0
96.6
97.0
98 .7
101.0
98.2
92.5
96.1
97.2

101.5
97.7
96.9
98.8
100.5
98.1
94.5
96.1
96.7

101.2
96.3
95.7
100.2
100.3
97.0
94.5
95.5
96.2

101.4
95.2
95.9
100.3

100 .9
94.7
96.9
100.5
101.1
94.9
95.0
95.1
97.4

100.3
94.9
97.5
101.1
101.0
92.0
95.6
96.1
98.0

100.4
95.9
98.6
101.1
99.8
91.1
97.0
96.9
98 .7

102.1
98.3
96.5
99.2
101.9
98.8
89.9
97.9
96.8

102.1
96.3
96.8
99.3
101.3
98.4
91.9
96.2
97.2

101.4
96.4
96.2
99.8
100.6
97.2
94.4
95.5
96.6

100 .5
95.2
97.7
100.9
100.6
92.7
95.9
96.0
98.0

101.5
96.5
96.8
99.8
101.1
96.8
93.0
96.4
97.2

ini.i

96.5
94.3
95.0
97.0

914. COMPOSITE INDEX OF CAPITAL INVESTMENT COMMITMENTS
(1967=100)

AVERAGE FOR PERIOD

1947. . .

1957. . .

101.5
90.9
94.2
97.8
94.6
97.0
92.6
98.3
97.7
94.7

100.0
90.3
95.3
96.6
95.9
97.0
92.3
99.8
97.6
94 .8

99.1
89.7
96.1
95.8
95.9
96.4
91.7
99.5
97.4
94.8

100.5
89.2
97.1
94.7
94.9
96.3
92.4
99.0
97.9
93.9

98 .9
89 .4
97.5
96.1
95.0
95.8
92.8
99.0
97.5
94.0

99.1
89.7
97.9
94.2
96.0
94.0
93.6
99.2
96.9
94.4

97.4
89.1
99.5
93.8
96.0
94.6
94.3
99.0
96.4
93.7

95.8
90.0
99.1
93.7
96.3
93.8
94.4
98.8
95.9
93.9

94.6
92.2
96.8
94.9
98.5
93.3
95.3
99.0
95.4
93.0

94.9
92.2
96.0
93.9
96.9
93.9
96.5
98.3
95.7
93.0

93.3
93.4
96.1
94.2
96.4
92.7
96.9
98.1
95.7
92.4

93.4
94.0
97.8
94.5
96.8
92 .7
96.9
98.0
95.3
91.8

100.2
90.3
95.2
96.7
95.5
96.8
92.2
99.2
97.6
94.8

99.5
89.4
97.5
95.0
95.3
95.4
92.9
99.1
97.4
94.1

95.9
90.4
98.5
94.1
96.9
93.9
94.7
98.9
95.9
93.5

93.9
93.2
96.6
94.2
96.7
93.1
96.8
98.1
95.6
92.4

97.4
90.8
97.0
95.0
96.1
94.8
94.1
98 .8
96 .6
93.7

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

91.9
97.3
97.2
93.0
95.6
96.7
99.1
100.2
101.9
97.3
101.8

90.6
97.8
96.8
93.5
96.8
96.9
99.5
99.9
101.7
96.9
103.9

91.1
99.5
95.4
93.6
96.2
97.3
98.9
100.2
102.0
97.7
105.3

91.3
98.5
96.2
94.1
96.8
97.3
99.0
99.6
101.0
98.1
103.1

92.6
98.6
96.0
94.1
95.9
98.2
100.1
99.8
100.3
99.0
102.1

93.7
98.0
95.2
94.8
95.8
97 .8
99.6
100.3
99.3
100.3
102.8

94.3
97.8
95.5
95.2
96.2
97.7
99.4
100.4
99.1
100.4
104.5

95.6
97.4
94.9
95.2
96.3
98 .1
99.4
100.2
98 .0
101.7
105.2

96.4
97.5
94.7
94.6
96.7
98.8
100.0
100.4
97.3
101.6
105.6

96.3
97.0
94 .4
95.4
96.4
98.9
100 .0
100.6
96.8
101.6
107.5

97.4
96.8
93.6
96.2
96.8
98.7
100.1
101.1
95.9
102.5
106.1

96.6
97.6
93.5
95.8
97.0
99.3
100.0
101.5
96.1
102.7
107.2

91.2
98.2
96.5
93.4
96.2
97.0
99 .2
100.1
101.9
97.3
103.7

92.5
98.4
95.8
94.3
96.2
97.8
99.6
99.9
100.2
99.1
102.7

95.4
97.6
95.0
95.0
96.4
98.2
99.6
100.3
98.1
101.2
105.1

96.8
97.1
93.8
95.8
96.7
99.0
100.0
101.1
96.3
102.3
106.9

94.0
97.8
95.3
94.6
96.4
98.0
99.6
100.4
99.1
100.0
104.6

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

107.9
104.5
104.6
109.8
112.1
107.3
98.8
106.4
110.9

108.3
104.6
104.5
109.6
112.6
107.7
98.2
106.0
111.2

107.2
103.7
106.2
110.1
112.2
107.9
98.2
106.7
112.0

108.3
103.7
106.1
110.6
111.2
107 .6
100.3
106.0
111.7

107.2
103.7
107.3
110.8
111.6
107.1
101.3
105.7
112.5

106.9
103.2
108.3
110.5
111.8
106.1
103.1
107.7
113.3

106.4
103.0
107.9
111.4
110.8
106.6
104.1
107.8
112.4

106.6
102.9
108.2
110.9
110.6
105.1
104.3
107.8
114.8

106 .4
103.3
108 . 3
112.6
109.5
103.6
104.1
109 .4
114.6

106.2
103.5
108 .6
112.5
108.8
101.3
10 3. .9

105.2
104.1
109.3
112.0
109.2
100 .3
104 .2
110.3
115.7

105.1
105.6
109.9
112.9
107.4
101.7
104 .8
110.2
116.6

107.8
104.3
105.1
109.8
112.3
107.6
98 .4
106.4
111.4

107.5
103.5
107.2
110.6
111.5
106 .9
101.6
106.5
112.5

106.5
103.1
108.1
111.6
110.3
105.1
104.2
108.3
113.9

105.5
104.4
109.3
112.5
108.5
101 .1
104.3
110.1
115.8

106.8
103.8
107.4
111.1
110.6
105.2
102.1
107.8
113.4

1948.. .
1949.. .
1950...

1951. . .
1952. . .
1953.. .

1954. . .
1955. . .
1956...

.
.
.
.
.
.
.
.
.
.

915. COMPOSITE

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.. .

109 .8
115.0

INDEX OF INVENTORY INVESTMENT AND PURCHASING
(1967=100)

AVERAGE FOR PERIOD

93.3
88.9
92.1
102.6
92.9
97.0
89.0
97.0
97.7
95.4

92.9
88.5
93.1
102.3
92.6
97.4
89.8
97.6
97.4
94.8

92.4
88.0
93.8
102.2
93.4
97.6
90.2
99.3
97.1
93.7

92.6
87.2
95.0
100.1
93.9
96.9
90.9
99.6
97.0
93.2

92.9
86.4
96.9
98.3
93.3
95.6
91.9
98.9
96.1
93.6

93.7
85.9
97.8
97 .0
95.2
95.3
92.8
98.5
95.4
94.3

94.2
87.4
101.6
95.8
95.4
95.0
92.5
99.4
95.8
94.7

93.8
90.5
103.6
94.2
94.8
93.1
92.1
100.1
96.2
94.3

92.7
92.6
102.0
93.7
95.0
90.7
92.8
100.2
96.7
93.4

91.4
93.2
101.7
94.4
94.8
88.9
94.3
99.7
97.1
92.3

90.2
93.3
100.4
93.1
95.2
88 .4
95.8
99.1
96.6
90.8

89.0
91.8
99.8
92.8
95.9
88 .6
96.5
98.2
95.9
90.1

92.9
88.5
93.0
102.4
93.0
97.3
89.7
98.0
97.4
94.6

93.1
86.5
96.6
98.5
94.1
95.9
91.9
99.0
96.2
93.7

93.6
90.2
102.4
94.6
95.1
92.9
92.5
99.9
96.2
94.1

90.2
92.8
100.6
93.4
95.3
88.6
95.5
99.0
96.5
91.1

92.4
89.5
98.2
97.2
94.4
93.7
92.4
99.0
96.6
93.4

91.2
97.8
96.2
93.1
98.5
97.4
99.2
102.1
102.9
100.6
101.7

91.1
99.3
94.8
93.4
98.9
98.3
98.9
102.2
104.3
100.6
101.8

91.2
99.8
93.4
94.4
98.5
98.9
99.3
101.5
105.4
99.3
101.1

91.3
100.2
92.8
95.9
96.5
99.4
100.0
101.6
105.0
98.9
100.4

92.2
99.3
93.0
96.8
95.8
99.1
100.2
101.6
104.1
98.3
100.5

93.2
98.3
93.6
97.3
95.4
98.1
99.8
101.3
103.6
98.7
100.5

94.5
97.5
94.2
97.0
96.2
97.4
100.4
101.3
103.5
99.4
100.5

95.6
97.2
94.4
97.6
96.7
97.3
100.6
101.3
103.3
100.5
99.8

96.8
98.0
94.7
97.8
97.2
97.7
102.1
100.8
102.2
100.5
100.6

97.3
97.9
94.2
97.8
97.6
98.1
101.6
100.7
101.8
100.5
101.8

98.1
97.1
93.9
97.7
97 .5
98.4
101.7
101.4
101.6
100.8
103.0

97.4
97.2
93.6
98.0
97.2
98.2
101.9
102.3
101.2
101.7
102.8

91.2
99.0
94.8
93.6
98.6
98.2
99.1
101.9
104.2
100.2
101.5

92.2
99.3
93.1
96.7
95.9
98.9
100.0
101.5
104.2
98.6
100.5

95.6
97.6
94.4
97.5
96.7
97.5
101.0
101.1
103.0
100.1
100.3

97.6
97.4
93.9
97.8
97.4
98.2
101.7
101.5
101.5
101.0
102.5

94.2
98.3
94.1
96.4
97.2
98.2
100.5
101.5
103.2
100.0
101.2

103.1
100.5
100.3
101.6
107.3
110.6
94.3
100.2
102.3

102.8
100.4
101.2
102.0
108.2
110.5
92.9
101.1
102.7

102.8
99.9
101.5
102.5
108.9
109.8
92.1
102.0
104.1

103.4
100.1
101.1
102.2
108.7
109.0
93.2
102.9
105.0

103.5
101.4
100.5
102.3
108.9
107.6
94.5
103.8
104.7

103.7
101.2
99.6
102.7
108.9
105.8
95.9
104.5
103.8

103.7
99.6
99.2
102.9
108.9
104.7
97.3
104.3
103.0

103.7
99.2
99.1
103.8
108.6
104.1
98.4
104.2
103.3

103.8
99.4
99.5
104.8
108.5
102.0
100.0
103.2
103.8

103.5
98.5
100.4
105.9
109.0
100.2
100.8
102.3
104.3

102.3
98.3
100.7
106.2
110.3
98.1
100.4
103.2
103.8

101.7
99.3
101.1
106.6
110.5
95.9
99.6
103.3
104.3

102.9
100.3
101.0
102.0
108.1
110.3
93.1
101.1
103.0

103.5
100.9
100.4
102.4
108.8
107.5
94.5
103.7
104.5

103.7
99.4
99.3
103.8
108.7
103.6
98.6
103.9
103.4

102.5
98.7
100.7
106.2
109.9
98.1
100.3
102.9
104.1

103 .2
99.8
100.4
103.6
108.9
104.9
96.6
102.9
103.8

1978. . .
NOTE: These series contain revisions beginning with 1948.




(MARCH 1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year

Jan.

Feb.

Apr.

Mar.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

916. COMPOSITE INDEX OP PROFITABILITY
(1967=100)

II

Q

III Q

IV Q

AVERAGE FOR PERIOD

1947.. .

1948 . . .
1949. . .
1950. . .
1951. . .

68.8
68.9
68.9
72.4
73.1
73.1

68.9
69.1
69.4
72.9
72.6
72.7

70.1
68.6
70.1
73.2
72 .2
71.9

71.1
67.9
70.7
73.9
71.7
72.1

71.5
67 .6
71.6
73.6
71.7
71.3

70.8
68.2
71.7
73.6
72.6
71.7

70.3
69.2
73.3
74.0
72.4
71.7

70.3
69.0
73.9
74.0
72.6
70.7

70.9
68.5
73.9
74 .0
72.5
70.1

70.0
63.4
73.8
73.3
73.2
69.5

70.0
68.4
73.4
73.2
73.1
69.8

68.9
69.3
69.0
73.0
73.1
73.0

70 .9
68.0
70.8
73.6
71.9
71.8

70.5
68.8
73.0
73.9
72.5
71.4

70.3
68.4
73.7
73.5
72.9
69.8

70.1
68.6
71.6
73.5
72.6
71.5

1953. .
1954.
1955. .
1956. .
1957. .

.

69 .0
69.9
68.6
73.7
73.5
73.3

.
.
.

78.9
82.2
81.5

79.7
82.1
81.4

80.0
82.6
81.4

80.8
82.9
81.4

80 .9
82.3
81 .8

8l!s
81.9
82.1

82.3
81.3
82.5

82.0
82.1
81.5

82.8
81.9
80.9

82.3
81.4
79.4

82.7
81.1
78.2

82.9
81.4
77.6

79.5
82.3
81.4

81.1
82.4
81.8

82.4
81.8
81.6

82.6
81.3
78.4

81.4
81.9
80.8

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

.
.
.
.
.
.
.
.
.
.
.

77.3
84.9
86.6
83.6
89.4
89.7
94.4
98.3
102.2
99.3
100.2

76.4
85.3
85.8
84.0
90.3
89.9
94.7
98.9
101.9
99.5
99.0

76.6
86.0
85.0
84.9
90.2
90.0
94.7
99.2
101.5
99 .3
99.0

76.7
86.9
84.9
86.0
89.4
91.2
95.3
99.9
101.7
99.8
100.5

77.5
87.5
84.2
86.3
88.3
91.7
95.5
100.5
101.0
99.9
100.8

78.8
86.8
84.5
86.3
86.5
91.8
95.3
99.9
100.6
99.7
101.3

79.5
86.3
84.3
86.6
87.1
91.5
96.1
100 .4
100.6
99.8
101.1

80 .4
85.2
84.5
87.3
87.5
92.1
95.8
100.7
99.3
100.0
100.5

81.1
84.6
83.7
87.7
87.9
92.4
95.7
101.2
98.8
100.6
100.7

82.4
84.3
83.1
88 .0
87.5
92.7
96.0
101.5
98.8
100.9
100.6

83.3
84.3
83.0
88.9
88 .7
92.6
96 .6
101.5
99.0
100.6
101.0

83.8
86.1
83.2
90.0
89.2
92.9
96.9
101.9
99.1
100.6
100.7

76 .8
85.4
85.8
84.2
90.0
89.9
94.6
98.8
101.9
99.4
99.4

77.7
87.1
84.5
86.2
88 .1
91.6
95.4
100.1
101.1
99.8
100.9

80.3
85.4
84.2
87.2
87.5
92.0
95.9
100.8
99.6
100.1
100.8

83.2
84.9
83.1
89.0
88.5
92.7
96.5
101.6
99.0
100.7
100.8

79.5
85.7
84.4
86.6
88.5
91.5
95.6
100.3
100.4
100.0
100.4

1969. . .
1970. . .

100.3
93 .9
94 .4
100.2
104.9
101.6
93.6
106.4
107.2

100.5
93.2
95.6
100.8
104.9
100.6
95.2
107.9
106.5

99.8
93.3
96.3
101.3
104.9
101.1
96.1
107.8
107.3

99.7
93.0
97.2
101.9
103.9
99.9
97.8
107.9
108.1

99.9
91.4
97.4
102.0
104.0
99 .2
99.9
108.0
108.8

99.1
91.2
97.4
102.3
104.2
98.3
102.1
108.4
109.2

98 .3
91.3
97.7
102.6
104.2
96.5
103.9
109.2
109.9

97.8
91.5
97.0
103.5
105.1
94.6
104.0
109.1
110.1

97.2
91.9
98.0
103.4
104.6
93.6
103.9
108.8
109.2

96.8
92.1
98.0
103.6
105.0
94 .0
104 .3
107.6
108.1

96.3
91.7
97.5
104.6
103.6
94.1
104.6
107.0
107.5

94.9
93.3
98.6
105.3
102.0
92.4
104 .6
107.7
106.5

100.2
93.5
95 .4
100.8
104.9
101.1
95.0
107.4
107.0

99.6
91.9
97.3
102.1
104.0
99.1
99.9
108.1
108.7

97.8
91.6
97.6
103.2
104.6
94.9
103.9
109.0
109.7

96.0
92.4
98.0
104.5
103.5
93.5
104.5
107.4
107.4

98 .4
92.3
97.1
102.6
104.3
97.2
100.8
108.0
108.2

1952...

1971...

1972. . .
1973. . .
1974. ..
1975 . . .
1976. . .
1977. . .
1978 . . .

917. COMPOSITE INDEX OF MONEY AND FINANCIAL FLOWS
(1967=100)

1947. . .
1948. . .
1949 . . .
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
1 9 5 6 ...
1957. . .
1958. .
1959. .
1960. .
1961. .
1962. .
1963. .
1964. .
1965. .
1966. .
1967. .
1968. .

.
.
.
.
.
.
.
.
.
.
.

1969.. .

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

57.3
54.4
57.4
54.7
58.1
59.9
57.5
64.1
66.6
65.0

57.5
54.5
57.7
53.1
58.7
59.9
58.0
64.7
66.2
65.3

61.8
70.8
68.3
68.1
75.3
79.3
83.2
89.1
95.7
93.1
103.0

62.6
71.0
69.0
68.7
75.5
80.1
83.7
90.0
95.4
95.5
103.2

111.1
102.3
111.4
123.3
138.8
134.6
118.4
130.7
141.2

110.5
101.5
114.3
125.7
138.7
134.9
117.9
132.0
142.2

57.9
54.8
58 .0
52.8
58.9
60.2
58.4

AVERAGE FOR PERIOD

55.5
55.3
58 .9
52.8
58.4
60.5
58.5
64.9
65.3
65.4

54.1
56.0
59.2
53.4
58.1
60.5
59.0
65.6
64.2
65.1

53.7
56.0
59.1
54.3
58.0
59.9
59.6
66.6
64.0
64.2

53.4
56.6
58.4
55.3
58.0
59.4
60.6
67.5
63.9
63.9

53.8
56.3
57.6
56.1
58.5
59.0
61.5
67.6
63.9
63.9

54.4
55.8
56.6
56 .4
59.3
58.3
62.0
67.4
64.3
63.5

54.4
56.1
56.0
56.5
59.6
57 .4
62.9
67 .6
64.4
63.0

54.5
56.0
55.9
57.1
60.2
56.7
63.3
67.4
64.7
62.2

54.6
56.7
55.4
57.4
60.0
57.0
63.6
67.1
64.7
62.1

57.6
54.6
57.7
53.5
58.6
60.0
58.0
64.5
66.2
65.3

54.4
55.8
59.1
53.5
58 .2
60.3
59.0
65.7
64.5
64.9

53.9
56.2
57.5
55.9
58 .6
58.9
61.4
67.5
64.0
63.8

54.5
56.3
55.8
57.0
59 .9
57.0
63.3
67.4
64.6
62.4

55.1
55.7
57.5
55.0
58.8
59.1
60.4
66.3
64.8
64.1

68.8
69.3
76.0
80.5
84.1
90.4
95.5
97 .0
103.7

63.6
71.5
68.2
70.1
76.6
81.2
84 .6
90.5
96.2
97.5
104.2

64.1
72.0
67.2
70.9
76.6
81.8
85.3
90.6
96.7
98.6
104.8

64.6
72.0
66.8
71.9
76.7
82.1
85.8
91.5
95.8
100 .0
105.5

64.9
72.2
67.3
72.6
76.9
82.1
86.3
92.5
94.1
101.6
106.2

65.5
71.6
68.0
73.0
77.1
82.1
86.6
93.2
92.1
102.5
107.5

66.8
70.3
68 .7
72.8
77.1
82.5
87.1
93.5
91.6
103.0
108.5

68.1
68.5
68.7
73.3
76.9
82.8
87.9
94.2
90.9
103.7
109.3

69.4
67.3
68.5
74.3
76.9
83.3
94.7
90.4
103.9
110.2

69.9
67.6
68.2
74.7
77.9
83.0
88 .8
95.2
91.8
103.5
111.1

62.5
71.0
68.7
68.7
75.6
80.0
83.7
89.8
95.5
95.2
103.3

64.1
71.8
67.4
71.0
76.6
81.7
85.2
90.9
96.2
98.7
104.8

65.7
71.4
68.0
72.8
77.0
82.2
86.7
93.1
92.6
102.4
107.4

69.1
67.8
68.5
74.1
77.2
83.0
88.4
94.7
91.0
103.7
110.2

65.4
70.5
68.1
71.6
76.6
81.7
86.0
92.1
93.8
100.0
106.4

109.4
102.1
116.4
127.0
137.7
134.2
119.1
132.0
143.3

108.8
103.1
117.5
127.2
136.4
133.7
118.9
133.0
143.3

108.4
103.3
118.3
127.1
136.2
132.7
119.6
133.7
142.2

106.8
103.0
119.5
128.0
136.7
131.7
123.5
134.5
142.5

104.6
103.1
120.7
129.1
136.8
130.2
125.8
135.4
144.8

103.0
104.9
121.3
130.3
134.9
127.9
127.5
135.9
146.9

103.0
106.7
120.6
131.9
134.2
125.4
127.1
136.5
148.2

103.5
107.8
120.2
133.5
133.4
123.9
126.8
137.9
148.8

103.7
108.0
119.8
134.8
132.8
122.0
128.4
139.3
148.8

102.8
109.2
121.0
137.0
133.4
119.6
129.3
140.4
148.5

110.3
102.0
114.0
125.3
138.4
134.6
118.5
131.6
142.2

108.0
103.1
118.4
127.4
136.4
132.7
120.7
133.7
142.7

103.5
104.9
120.9
130.4
135.3
127.8
126.8
135.9
146.6

103.3
108.3
120.3
135.1
133.2
121.8
128.2
139.2
148.7

106.3
104.6
118.4
129.6
135.8
129.2
123.5
135.1
145.1

64 . 7
65.9
65.6

63.0
71.1

88 . 5

940. RATIO, COINCIDENT COMPOSITE INDEX TO LAGGING COMPOSITE INDEX
(1967=100)

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. .

.
.
.
.
.
.

AVERAGE FOR PERIOD

108.9
100.6
101.7
107.1
96.0
98 .6
89.6
100.3
100.4
94.6

108 .0
99.4
101.5
105.1
97.5
98 .3
90.4
100 .8
99 .9
95.8

108.4
98.8
105.1
104.0
96.9
98.5
90.6
101.9
98.4
95.4

107.0
98.6
106.8
103.2
96.9
96.9
90.8
103.7
97.9
93.8

107.4
97.6
107.9
101.6
95.9
96.4
91.6
104.3
95.9
93.3

108.2
97.7
110.0
100.2
93.8
96.0
92 .9
103.1
95.3
93.1

106.4
97.3
113.7
98.8
92.4
95.6
93.2
103.6
90.5
93.0

105 . 5
99.2
115.0
98.5
96.8
94 .4
94.7
101.1
94 .9
92.1

104.9
101.1
110.9
97.6
99 .0
92.7
96.0
101.1
95.3
90.6

106.4
95.6
109.4
97.8
99.8
92.5
96.9
101.0
96.1
90 .8

103.8
98.7
106.3
97.8
99.8
91.3
98.2
100.6
95.0
88 .8

103.5
100.2
108.3
96.8
99.2
90.0
99.4
101.3
95.8
87.2

108.4
99.6
102.8
105.4
96.8
98.5
90.2
101.0
99.6
95.3

107.5
98.0
108.2
101.7
95.5
96.4
91.8
103.7
96.4
93.4

105.6
99.2
113.2
98.3
96.1
94.2
94.6
101.9
93.6
91.9

104.6
98.2
108.0
97.5
99.6
91.3
98.2
101.0
95.6
88.9

106.5
98 .7
108.0
100.7
97.0
95.1
93.7
101.9
96.3
92.4

86.9
98.7
97.2
88.6
98.6
97.9
99.1
101.9
103.8
99.4
102.0

86.5
99 .4
95.2
88.5
99.9
98.4
99.4
101.9
103.2
99.1
102.0

85.7
100.4
93.4
89.9
99.9
98.7
99.0
101.9
103.2
98.7
102.4

85.4
101.2
93.5
91.5
99.9
99.6
99.8
101.5
102.2
99.5
101.9

87.7
101.3
92.1
93.0
99.6
99.7
100.6
101.5
101.7
99.2
101.3

90.4
100.3
91.0
95.2
98.7
99.7
100.4
102.0
101.6
99.1
101.6

92.7
98 .1
90.8
96.0
98.9
99.1
101.4
102.8
100.8
99.3
102.3

94.5
93.7
90.5
97.0
98.8
99.1
101.0
102.3
100.1
100.5
101.9

95.0
92.2
90.7
96.7
98.4
99.4
100.6
103.2
100.2
100.4
102.0

95.6
90.9
90.7
98.1
98.2
99.4
99.3
103.6
100.5
100.8
102.8

98.1
91.8
89.4
100.0
98.2
98.0
101.8
103.7
99 .3
102.0
102.8

96.9
96.0
87.8
100.3
97.8
98.4
102.5
103.7
99.1
102.2
101.6

86.4
99.5
95.3
89.0
99.5
98.3
99.2
101.9
103.4
99.1
102.1

87.8
100.9
92.2
93.2
99.4
99.7
100.3
101.7
101.8
99.3
101.6

94.1
94.7
90.7
96 .6
98.7
99.2
101.0
102.8
100 .4
100.1
102.1

96 .9
92.9
89.3
99.5
98.1
98.6
101.2
103.7
99.6
101.7
102.4

91.3
97.0
91.9
94.6
98.9
99.0
100.4
102.5
101.3
100.0
102.0

100.6
93.5
99.6
108.0
110.9
96.1
82.1
100.7
105.1

100.6
93.4
99.9
109.2
110.4
96.4
83.7
102.2
105.5

100.2
93.9
101.1
110.0
109.3
96.5
84.8
103.1
106.6

99.1
95.2
102.3
110.2
107.1
93.4
87.3
103.9
106.3

98.4
95.0
102.4
110.0
106.2
91.1
89.4
103.5
106.1

96.9
94.2
103.5
109.1
104.5
90.5
93.3
102.9
105.0

96.9
94.5
102.1
109.9
102.7
89.2
93.8
103.0
105.2

96.9
93.9
100.8
111.0
99.8
88.4
95.3
103.6
104.3

96.5
94.3
101.6
110.5
98.7
87.6
96.2
102.6
103.8

96.2
93.2
102.4
111.4
99.5
86.8
96.1
102.8
103.4

95.5
93.5
103.9
112.0
99.8
85.4
98.2
104.5
102.7

95.1
96.6
105.1
112.4
98.1
82.9
99.0
106.0
103.0

100.5
93.6
100.2
109.1
110.2
96.3
83.5
102.0
105.7

98.1
94.8
102.7
109.8
105.9
91.7
90.0
103.4
105.8

96.8
94.2
101.5
110.5
100.4
88.4
95.1
103.1
104.4

95.6
94.4
103.8
111.9
99.1
85.0
97 .8
104.4
103.0

97.7
94.3
102.1
110.3
103.9
90.4
91 .6
103.2
104.8

NOTE: These series contain revisions beginning w i t h 1948.




(MARCH 1979)

99

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year

Annual

Jan.

Feb.

Apr.

Mar.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

44. UNEMPLOYMENT RATE, 15 WEEKS AND OVER 1
(PERCENT)

1947 . .
1948. . .
1949. . .
1950. . .
1951. . .
1952. . .

0.5
0.5
1.5
0.7
0.5

1! Q

III Q

IV Q

AVERAGE FOR PERIOD

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

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

1953.. .

0 .4

1954. . .
1955. . .
1956. . .

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

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

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

0.4
0.5
1.3
1.5
1.1
0.9
1.7
2.9
2.3

0.4
0.6
1.3
1.5
1.0
0.9
2.0
2 .7
2.2

0.4
0.6
1.3
1.4
1.0
0.9
2.2
2.6
2.1

0.5
0.7
1.3
1.4
0.9
1.0
2.7
2.3
2.0

0.5
0.7
1.4
1.3
0.9
1.0
2.8
2.2
2.0

0.5
0.8
1.4
1.3
0.9
1.0
3.0
2.4
1.9

0.5
0.8
1.5
1.3
0.8
1.0
3.1
2.4
1.9

0.5
0.8
1.5
1.3
0.9
1.0
3.1
2.5
1.9

0.5
0.9
1.5
1.3
0.9
1.1
3.1
2.4
1.8

0.5
0.9
1.5
1.3
0.9
1.1
2.9
2 .4
1.8

0.5
1.0
1.5
1.2
0 .9
1.2
3.0
2.4
1.8

0.5
1.3
1.5
1.1
0.8
1.4
3.0
2.4
1.7

0.4
0.6
1.3
1.5
1.0
0.9
2.0
2.7
2.2

0.5
0.7
1.4
1.3
0.9
1.0
2.8
2.3
2.0

0.5
0.8
1.5
1.3
0.9
1.0
3.1
2.4
1.9

0.5
1.1
1.5
1.2
0.9
1.2
3.0
2.4
1.8

0.5
0.8
1.4
1.3
0. 9
1.0
2 .7
2.5
2.0

1957...

1958.
.
1959.
.
1960. .
1961. .
1962.
.
1963.
.
1964.
.

.
.
.
.
.
.
.

1965.. .
1966.. .

. .
. .

1967.
1968.

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

.
.
.
.
.
.
.
.
.
.

60. RATIO, HELP-WANTED ADVERTISING IN NEWSPAPERS TO NUMBER OF PERSONS UNEMPLOYED 1
( RATIO)

1947
1948. . .
1949. . .
1950. . .
1951...
1952...
1953...

1954 . . .
1955. . .
1956. . .
1957. . .
1958...

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

.
.
.
.
.
.
.
.
.

1968...

0.952
0.539
0.251
0.801
1.027
1.165
0.435
0.443
0.759
0.735

0.806

0.330
0.366
0.519
0.300
0.445
0.424
0.458
0.608
0 .996
1.033
1.065

0.277
0.390
0.564
0.283
0.462
0.407

0.418
0.257

0 .886
1.020
1.327
0.384

0.491
0.800
0.749

0 .462
0.607

1 .077
1.042
1.012

0.851

.
.
.
.

0.310
0.350
0.439

0.305
0.385
0.434

0 .280
0.394
0.450

0 .810
0.513

0.718

0.715

0.405

0.385

0.243
0.515
0.408
0.337
0.438
0.445
0.554
0.778
1.078
1.011
1.194

0.272
0.497
0.398
0.344
0.436
0.436
0.553

0.293
0.465
0.350

0.334
0.454
0.337
0.409
0.422
0.423
0.604

0.355
0.505
0.303

0.815
1.096

0.862

0.996

0.956

1.253

1.318

0 .940
1.108
0.971
1.305

1.214

1.191

0.582

0.520
0.500

0.305
0.465

0 .427

0 .434

0.514

0.523

0 .646
1.095
1.029
1.165

0.703

1.060

0.721
1.098

0.569
0.739

l.OOG

0.985

1.152

1.074

1.339

1.361
0.715

1.268

1.236

0.682
0.509
0.604
0.884

0.634
0.493

0 .846

0.486
0.598
0.872

0.906

1 .220
0.616
0.487
0.636
0.885

0 .272

0 .261

0.375
0.467

0.398
0.484

o!297
0.397

0^312
0.396
0.537

0.317
0.391
0.535

0.505
0.484

1975.
.
1976. .
1977. .
1978. .

0.568

0.486

0.234
0.540
0.427
0.308
0.468

0.219

0 .492

1.350
0.837
0.480
0.568
0.872

1.321

0.686
0.376
0.728

0.229
0.538

0.220

1.350
0.941
0 .488

1.265

0.325
0.679
0.655
0.639

0.252
0.431
0.479
0.288
0.456
0.431
0.467
0.653
1.113
1.021
1.077

1.336
1.019
0.467
0.546
0.879

1.197
0.845
0.325
0.683

0.344
0.639
0.702
0.605

0.607

.
.
.
.
.

1.092
0.997
0.303
0.744
0.746
0.566

0.987

0.518
0 .787
0.710

1969. .
1970. .
1971.
.
1972. .
1973. .

0.882

0.690
0.224
0.609
0.888

1.027
1.296

1.086
1.295
0.326

0.485
0.286
0.457
0.426
0.494

0.734
0.483
0.583

0.830
0.305
0.329

1.059
1.038
1.362
0.316
0.718
0 .670

0.291
0.478
0.402

0.451

0 .484

0.246

0.410
0 .977
1.201

1.097
0 .981
1.126

0.617

.
.
.
.
.

1952...
1953...

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

.
.
.
.
.
.
.
.
.
.

-0.29
0.78
-0.07
0.14
0.13
0.40
0.26
0.31
0.70
-0.11
0.48

0.52
0.21
-0.28
0.35
0.13
0.20
0.25
0.12
0.41
0.97
0.48

0.22
0.42
-0.07
0.21
0.27
0.26
0.32
0.30
0.46
0.73
0.42

0.37
0.14
0.14
0.28
0.20
0.33
0.13
0.24
0.75
-0.39
0.47

0.36
0.42
-0.28
0.34
0.0
0.39
0.63
0.06
-0.06
1.07
1.05

0.65
0.21
0.07
0.21
0 .07
0.46
0.31
0.66
0.17
0.78
0.67

.
.
.
.

0 .44
0.86
0.59
0.86
1.02
0.55
-0.14
0.41
0.73

0.49
-0.47
0.81
0.81
0.19
0.51
0.11
0.78
0.57

0.29
0.67
0.67
0.88
-0.08
0.51
0.64
0.37
0.57

0.24
0.62
0.67
0.63
0.31
0.11
-0.14
0.57
0.88

0.24
0.33
1.02
0.25
1.00
0.29
0.98
0.76
0.34

0.24
0.05
0.57
0.37
0.88
0.65
1.39
0.03
0.53

1968...

1969. .
1970. .
1971.
.
1972. .

1973.. .

1974. .
1975. .
1976. .
1977. .
1978. .

.
.
.
.
.

This series contains revisions beginning with 1974. Th




inn

0.24
0.28
0.61
0.99
0.27
0.18
0.10
0.26
1.05

0.223

0.250

0.512

0.521

0.473
0.294
0.467

0.517
0.411

1.241

1.187

0.494
0.498
0.738
0.868

0.477
0.507

0.818
0.814

0.561

0.55
0.56

0.43
-0 .28
0.0
0.34
0.33
0.45
0.37
0.71
-0.34
0.59
0.66

0.57
-0.07
-0.07
0.41
0.40
0.71
0.43
0.35
0.06
0.27
0.85

0.05
0.93
0.43
0.77
0.19
0.29
0.48
0.56
0.58

0.19
0.69
0.22
0.81
0.0
0.25
0.41
0.39
0.76

0.0

0.286
0.396

1.297

0 .29
-0.21
0.21
0.34
-0.07
0.26
0.56
0.72
0.57
0.65
0.61

0.0

0.713
0 .608

1.062
1.032
1.051

0.35
-0.27
0.09
0.17
0.83
0.32
0.0
0.46
-0.22
0.22
-0.15

-0.22
0.07

0.736
0.662

0.386
0.488
0.768
0.752

1.043

-0 .09
-0.09
0.0
0.43
0.50
0.24
0.08
0.46
0.15
0.07
-0.22

0.51
-0.28
0.35
0.20
-0.13
0 .06
0.50
0.30

.
.
.
.

1.012
1.114
0.312

0.462
0.623

0.36
-0.09
-0.09
0.17
0.67
0.56
-0.08
0.15
0.15
0.37
-0.22

0.0
0.49
0.56
0.07
-0.13
0 . 39
0.69
0.24
-0.40
0.88
0.67

1954. .
1955. .
1956.
.
1957. .

1.050
1.318
0 .329
0 . 588

0.587
0.972

0.390
0.573

0.36
0 .43
0.16
0.47
0.08
-0.22
0.15
0.07

0.0

1.038
1.295

0 .454
0.421

0.384
0.539

0.36
0.09
-0.18
0.35
0.42
0.32
0.08
0.31

0.777
0.238
0.489
0.957

0.290

o!337
0.395
0.597

0.09
0.18
-0 .09
0 .44
0.42
0 .24
0 .08
0.31
0.30
0.0
0 . 07

0.766

0.737
0.309
0.330
0.997

0.413

0.317

0.928

0.410

0.830
0.450
0.259
0.870

0 .464

0.315

0.36
-0.09
-0.18
0.35
0.34
0 .40
0.0
0.15
-0.15
0.15
-0.07

0.0

0.27
-0.27
0.27
0.43
0.33
-0 .08
0.16
0.53
0.22

0.551

0.576
0.988

0.434

0.671

0.54
-0.18
0.18
0 .44
0.34
0.32
0.16
0.86
0.52
-0.15
0.07

0.55
-0.53

0.446
0.448

0.653
0.867

0.73
-0.27
0.09
0 .62
0.17
0.24
0.23
-0.46
0.22
0.22
0.0

0.18
-0.18
0.0
0.54
0.34
0.41
0.08
0.08
0.68
0.0
-0.07

0.371

1.096

0.491

85. CHANGE IN MONEY SUPPLY Ml (DEMAND DEPOSITS PLUS CURRENCY)
(MONTHLY RATE, PERCENT)

1947. .
1948. .
1949. .
1950. .
1951.
.

0 . 588
0.212

0.802
0.235
0.536
0.908

0.781

0.737
0.347
0.308
0.992

0.751
0.188
0.612

0.748
0.234
0.521
0 .986
0.956
1.145
0 .309
0.674
0.739
0.618

0.793
0.276
0.354
0.940

0.732
0.393
0.269
0.924
1.067
1.392
0.338
0.531
0 .744
0.771

AVERAGE FOR PERIOD

0.99G

0.418
0.510
0.690

0.699

0.330

0 .447
0.438
0.559
0.777

0.676
0.208
0.599

0 .768
0.301
0.419

0.919
1.261
0 .672

1.090
1.100

0.370
0.726
0.748
0.434
0.327
0.475
0.330
0.398
0.434
0.445

0.581
0.925

0.936

0.349
0.625

0.741
0.614
0.272
0.475
0.434
0.328

0.451
0.431
0.52S
0.754

1.084
1.007
1.130

1.090

1.082

0.996

0.974

1.191

1.307

1.080
1.002
1.170

1.345

1.323

1.274

0.727
0.493
0.595
0.867
0.759

1.223
0.611

1.206

0.932
0.478

0.692

0 .277

o!315

0 .423

0.867
0.756
o!298
0.376

0.390

0.674

0.441

0.390
0.478

0.497
0.502
0.742
0.870
0.459
0.332
0.403

0 . 537

0.615

-0.18
-0.27
0.18
0.26
0.57
0 .24
0.08
0.15
0.22
0.22
-0.29

-o!l5
-0.09
0.39
0.40
0.30
0.16
0.10
0.33
0.12
0.0

0.54
-0 .18
0.03
0.47
0.28
0.32
0.13
0.18
0.20
0 .07
0.0

0.27
0 .06
-0.12
0.32
0.50
0.37
0.03
0.26
0.15
0.05
-0.02

0.03
-0.21
0 .09
0.29
0.63
0.26
0.05
0.36
0.05
0.17
-0.22

-0.12
-0.02
0.37
0.45
0.31
0.09
0.22
0.18
0.10
-0.06

0.14
-0.21
0.0
0.20
0.27
-0.25
0.06
0.59
0.23
0.43
0.85

0.15
0.47
-0.14
0.23
0.18
0 .29
0.28
0.24
0.52
0.53
0.46

0.4G
0.26
-0.02
0.28
0.09
0.39
0.36
0.32
0.29
0 .49
0.73

0.26
0.0
0.37
0.20
-0.11
0.24
0.58
0.42
0.06
0.69
0.61

0.38
-0.19
-0.02
0.32
0.33
0.30
0.29
0.55
-0.02
0.43
0.79

0.31
0.14
0.05
0.26
0.12
0.30
0.38
0.38
0.21
0.54
0.65

0 .05
0.50
0.39
1.23
0.67
0.25
-0.27
0.61
0.65

0.41
0.35
0.69
0.85
0 .38
0.52
0.20
0.52
0.62

0.24
0.33
0.75
0.42
0.73
0.35
0.74
0.45
0.58

0.16
0.63
0.42
0.86
0.15
0.24
0.33
0.40
0.80

0.24
0.35
0.23
0.81
0.67
0.42
0.14
0.65
0.56

0.386
0^343

0.490
0.635
0.886
0.663

0.491
0.633
0.873
0.659
o!306
0.390

0.518

2

AVERAGE FOR PERIOD

0.39
0.28
0.22
0.72
0.41
0.39
-0.17
0.94
0.69

sions beginning with 1970.

0.29
0.28
0.09
0.48
0.94
0.61
0.85
0.39
0.33

0 .26
0.42
0.52
0.73
0.48
0.38
0.35
0.51
0.64

(MARCH 1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Nov.

Oct.

Dec.

Q

102. CHANGE IN MONEY SUPPLY M2 (DEMAND DEPOSITS AMD CURRENCY PLUS TIME DEPOSITS AT COMMERCIAL
(MONTHLY RATE, PERCENT)
BANKS OTHER THAN LARGE CD'S 1

1947. . .
1948. . .
1949 . . .
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
1956. . .
1957. . .
1958. . .
1959. . .
1960 . . .
1 9 6 1 ...
1962. .
1963. .
1964. .
1965. .
1966. .
1967. .
1968. .

.
.
.
.
.
.
.

1969. .
1970. .
1971. .
1972. .

.
.
.
.

1 9 7 3 ...
1974. . .

1 9 7 5 ...
1976. . .
1977. . .
1978. . .

0.49
-0.40

0.28
0.27
-0.14
0.20
0.33
0.37
0.12
0.29
0.50
0.11
0.37

0.0
0.0

0.21

0.27
0.33
0.25
0.53
0.29
-0.11
0.22
0.37

-0.10
0.97
-0 .09
0.41
0.70
0 .74
0.39
0.72
0.83
0.47
0.49

1.19
0.05
-0.38
0.69
0.65
0.45
0.46
0.72
0.49
1.03
0.74

0.82
0.29
-0.10
0.23
0.78
0.53
0.38
0.57
0.52
0.90
0.59

0.39
0.25
1.18
1.17
0.99
0.86
0.54
1.02
0.93

0.47
-0.31
1.52
1.05
0.51
0.89
0.62
1.25
0.73

0.36
0.64
1.38
0.95
0.41
0.64
0 .76
0 .63

0.0

0.54
0.20

0 . 50
0.18
0.29
0.61
0.0

0 . 78

0.34

0.63
-0.20
0.14
0.54
0.19
0.31
0 .29
-0.06
0.27
0.27
0.16

0 .48
-0.14
0.20
0.47
0.32
0.37
0.29
0.86
0.38
-0.05
0.31

0.76
0.33
0.29
0.55
0.69
0.61
0.34
0.50
0.91
0.43
0.53

0 .65
0.33
-0.10
0.59
0.21
0.56
0.68
0.35
0.42
1.25
0.81

0 .90
0 .24
0 .24
0.40
0.42
0.56
0 .60
0.81
0.32
1.09
0.69

0.21
0.50
1.10
0.67
0.98
0.37
1.17
0 .84
0.56

0.38
0.52
0.78
0.75
0.77
0.75
1.45
0.42
0 .73

0.34
0.84
1.04
0.74
0.56
0.51
0.38
0 .94
0.84

0.0
-0.07
0.27
0.32
0.43
0.12
0.28

0.0
0.27
0.10

0.14
0 .14
-0.07
0.26
0.51
0.30
0.23
0.51
0.27
0.11
0.31

0 .40
0.43
0.71
0 .40
0.25
0.52
0 .68
0.66
0.19
1.01
0.63
-0.23
0.90
0.64
0.98
0.47
0.40

0 . 56
0.70
1.08

0.55
0.14
-0.14
0 .20
0.45
0.42
0.23
0.51
0.0
0.0
0.26

0.48
-0.07
-0.07
0.07
0.70
0.60
0.12
0.17
0.27
0.43
0 .05

0 .14
-0.07
0.26
0 .44
0.30
0.29
0.45
0.16
0.11
0.10

0.41
-0.14
0.07
0.20
0.76
0.48
0.17
0 . 39
-0.05
0.27
0.10

0.64
-0.24
0.66
0 .40
0.13
0.44
0.67
0 . 66
0.38
0.86
0 .90

0.29
-0.05
0.56
0 .40
0 .34
0 .47
0.78
0.89
0.57
0.73
0.87

0.34
-0.19
0.37
0 .44
0.67
0.67
0.55
0.99
0.09
0.79
0.89

0.54
0.09
0.46
0 . 53
0 .67
0 .90
0.69
0.78
0.25
0 . 52
1 .04

-0.18
1.18
0 .48
0.98
0.67
0.54
0.60
0.92
0.73

0.15
0.95
0 . 52
0.91
0.43
0.40
0.51
0.94
0.75

0.0

0.26
0.60
0.71
0.64
0.91
0.53
0.93
0.91
0.50

0.15
0.72
0.63
0.84
0.81
0.73
0.41
1.23
0.72

1 9 4 9 ...
1950. . .
1951. . .
1952. . .
1953. . .
1954 . . .
1955. . .
1956. . .
1957. . .

-0.13
0.17
0.08
0.95
0.48
0.25

0 . 51
0.38
0.46

0.51
0.63
0.28
0.51
0.51
0.55

-0.13
0 .18
0.34
0.21
0 .47
0.88
0.21
0.03
0.16
0.61

0.04
0.13
0.39

0.19
-0.14
0.28
0.13
0 . 58
-0 .04

-0.04
-0.05
0.34
0.29
0.37
0.28
0.29
0.33
0.11
0.32

0.0

1958. . .
1959. . .
1960. . .
1961. . .
1962. . .
1963. . .
1964. . .
1965. . .
1 9 6 6 ...
1967. . .
1968. . .

0.12
0.85
0.43
0.21
0.71
0.81
0.65
0.68
0 .63
0.37
0.53

0.38
0.31
0.32
0.59

0.26
0.61
0.29
0.33

0 . 56
0.61
0.56
0.60
0.50
0.73
0.72

0.72
0.65
0.62
0.54
0.39
0.62
0.71

0.21
0.75
0.29
0.54
0 .69
0.82
0.53
0.65
0.72
0.50
0.55

1969 . . .
1970. . .

0 .44
0.35
1.01
1.09
1.11
1 .04
0.63
0.85
1 .13

0.61
0.28
1 .00
1.05
1.06
0 .94
0.62
0.88
1.11

0.51
0.54
0 .88
0 .93
1.03
0.70
0.59
0.68
0.74

0.52
0.52
0 .87
0.97
0.99
1.05
0.58
0.94
0.85

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

0 .26
0.60
0.96

0.05
0.88
0.86
1.12
0.90
0.33
0.35
1.05
0.52

0.41
0.19
1.36
1.06
0.64
0.80
0.64
0.97
0.83

0.31
0.62
0.97
0.72
0.77
0 . 54
1.00
0.73
0.71

-0.09
1.01
0.55
0.96
0.52
0.45
0.56
0.85
0.85

0.15
0.73
0.73
0.87
0.87
0.53
0. 56
1.06
0.58

0.20
0.64
0.90
0.90
0.70
0 .58
0 .69
0.90
0.74

1947. . .
1948 ...
1949. . .

0.03
0.21
0.27
0.71
0.53
0.20
0.41
0 .44
0.38

0.01
0.25
0.20
0 .74
0.53
0.24
0.43
0 .42
0 .44

0.04
0.29
0.13
0 .68
0.60
0.25
0 .40
0 .39
0.50

0.12
0.36
0.12
0.52
0.71
0 .20

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

0.16
0.66
0.15
0.25
0.62
0.65
0.60

0 .26
0.57
0.31
0.36
0.62
0.69
0.58
0.58
0.55
0.52
0.64

0 .27
0.57

0.67
0.30
0.62

0 .22
0.63
0.24
0.29
0.60
0.70
0 .59
0.56
0.62
0.39
0.61

1969. . .
1970. . .

0.75
0.26
0.73
0.80
1.16
0.94
0.35
0.92
0.82

0.65
0.29
0.83
0.91
1.16
1.02
0.43
0.86
0.90

0.57
0.34
0.92
1.00
1.11
0.96
0.56
0.80
0.98

0.53
0.42
0.94
1.00
1.05
0.89
0.60
0.82
0.95

1 9 5 0 ...
1951. . .

1 9 5 2 ...
1953. . .
1954. . .
1955. . .

1 9 5 6 ...
1957. . .

1971.. .

1972. . .
1973. . .
1974 . . .
1975. . .
1976. . .
1977. . .
1978. . .
]

0 . 56

0 . 36
0 .29
0.51

0.32
0. 3
0.G
0.9
0. 9
0. 0
0.53
0.59
0.66

-0.06
0.21
0.42
0.21

0 . 36
0 . 75
0.20
0.43
0 .17
0 .43

AVERAGE FOR PERIOD

0.35
0.52
0.11
0.53
0.69
0.70
0.65
0.85
0.30
0.86
0.73

0.15
0.87
0.40
0.53
0.77
0.63
0.50
0.69
0.17
0.80
0.84

0.64
0.27
0.42
0.35
0.75
0.80
0.52
0.70
0.26
0.81
0.87

0.46
0.11
0.50
0.35
0.39
0.62
0 .88
0 . 74
0. 50
0 .79
0.65

0.58
0.16
0.31
0.72
0.37
0.49
0 .67
0 .80
0 .24
0.72
0.79

0.77
0.08
0.29
0 .67
0.71
0.80
0.61
0 .69
0.31
0.60
0.83

0.51
0.08
0.21
0.49
0.64
0.44
0 .41
0 .58
0.29
0.65
0.80

0.25
0 . 59

0.07
0.11
0.95
0.91
1 .00
0.64
1.22
0.82
0.79

-0 .07
0.75
0.91
0.99
0 .74
0.49
0.81
0.91
1.11

0 .20
0.79
0.82
1.04
1.08
0.53
0.82
0 .71
0.97

0.41
0.59
0.80
1.01
0.74
0.46
0.74
0.75
0.94

0.24
0.73
0.83
1.05
0.55
0.57
0.82
0.99
1.15

0.26
0.67
0.65
1.13
0.95
0.21
1.28
0.72
0.96

0. 24
0.64
0.80
1.27
1.08
0.25
0.65
0.67
0.75

104. PERCENT CHANGE IN TOTAL LIQUID
( PERCENT)
-0.05
0.23
0.42
0.31
0.35
0 .67
0.21
0.58
0.13
0.33

ASSETS, SMOOTHED

0.01
0 .22
0.38
0.40
0.42

0 . 59
0.24

0 . 70
0.15
0.30

0.08
0.19
0.29
0.46
0.52
0 . 55
0.29
0 .66
0 .16
0.34

0.14
0.14
0.19
0.49
0.56
0 .47
0.33
0 .62
0.21
0.32

0.13
0.13
0.14
0.53
0.57
0.32
0.42
0 .62
0.31
0.23

0.09
0.14
0.16
0.59
0 . 58
0.19
0 .44
0.59
0.37
0.13

0.06
0.18
0.24
0.65
0.56
0.17
0.43
0.53
0.37
0.12

0.58
0.15
0.39
0.53
0.50
0.64
0.70
0.74
0.34
0.74
0 .76
0.29
0.68
0.79
1.05
0.77
0.47
0.87
0.82
1.02

0 .32
0.61
0.23
0.53
0 .68
0 .70
0 .58
0 .76
0.28
0,84
0.80

0 .40
0.48
0.37
0 .44
0.69
0.70

0.62
0.53
0.65
0.67

0.14
0.58
0.61
0.73
0.62
0.76
0.40
0.81
0.73

0.73
0.28
0.81
0.80

0 .49
0.30
0.42
0.44
0.57
0.66
0 .66
0.73
0.32
0.79
0.78

0.48
0.44
0.93
0.98
1.05
0.85
0.66
0.84
0.82

0.34
0.37
0.95
0.98
1.07
0.80
0 .83
0.87
0.75

0.17
0.33
0.97
0.98
1.02
0.70
0.97
0.89
0.80

0.07
0.46
0.93
0.98
0 .96
0.58
0.98
0.85
0.90

0.12
0 .63
0.87
1.00
0.90
0.52
0.87
0.80
0.98

0.23
0.71
0.83
1.02
0.82
0.51
0.79
0 .80
1.01

0.72

0 . 59

0 . 59

T h i s series contains r e v i s i o n s beginning with 1959. 2 T h i s series contains revisions beginning with 1970.
at the terminal month of the span.

( w i t h weights 1 , 2 , 2 , 1 ) placed



0.41
0.39
0.64
0.27
0.31

0.35
0.38
0.66
0.69
0.61
0.61
0.52
0.57
0.65

0.28
0 .63
0.12
0.59
0.59
0.76
0.62
0.75
0.50
0.76
0.69

0.42
0 .42
0 .44
0.41
0.64
0.68
0.63
0.71
0.31
0.80
0.79

0.62
0.11
0.27
0.63
0.57
0.58
0.56
0.69
0.28
0.66
0.81

0.39
0.44
0.30
0.50
0.62
0.68
0.61
0.69
0.40
0.70
0.73

0.52
0.39
0.96
1.02
1.07
0.89
0.61
0.80
0.99

0.27
0.30
0.96
0 .98
1.07
0.79
0.93
0.89
0.76

0.18
0.71
0.84
1.01
0 .85
0.49
0.79
0.79
1.01

0.25
0.68
0.76
1.15
0.86
0.34
0.92
0.79
0.95

0.30
0.52
0.88
1.04
0.96
0.63
0.81
0.82
0.93

0.37
0.61
0.19
0.68
0.14
0.27

0.15
0.13
0.14

0 . 52
0.56

0.16
0.29
0.41

0 . 53
0.47
0.31
0.54
0.28
0.32

AVERAGE FOR PERIOD

0 . 27
0.65

0 . 50
0.63

-0.01
0.23
0.42
0 . 36

0.06
0.21
0.31
0.66
0.55
0 .19
0.41
0.47
0.35
0.15

0 .06
0.30
0.10
0 .64
0.66
0.25
0.35
0.35
0.54

DATA 2 3

0.27
0.65
0.15
0 .55
0 .60
0.75
0.62
0.70
0.51
0.72
0.68

0.27
0.61
0.24

0.0
0.30
0.43
0.39
0.23
0.35
0.21
0.16
0.20

0.58
0.80
0.44
0 .49
0.95

0.72
0.06
0.48

0.22
0.26
1 .06
1.05
1.21
0.68
1.00
0.92
0.64

0.0

-0.06

0.55
0.18
0.24
0.43
0.51
0.53
0.57
0.70
0.45
0 .80
0.76

0 .09
0.30
0.42
0.68
0.52
0.25
0.31
0.41
0.40
0.30

0.29
0.63
-0.03
0.69
0.40
0.77
0.69
0.76
0.47
0.92
0 .78

0.57

0.18
-0.14
0.07
0.24
0.59
0.36
0.23
0.34
0.11
0.20
0.07
0.36
-0.08
0.37
0.37
0.64
0.51
0.61
0.86

0 .04
0.17
0.21
0.68
0.56
0.14
0.41
0.42
0.37
0.12

0.27

0.0

0.39
0.07
-0.09
0.18
0.55
0.44
0.19
0.40
0.18
0.18
0.21

0 .44
0.05
0.64
0.40
0.24
0.48
0.71
0.74
0.38
0.87
0.80

0.04
0.17
0.29
0.61
0.57
0.18
0.51
0.58
0.28
0 .03

0.13
0.17
0.29
0.53
0.50
0.68
0.35

0.48
-0.11
0 .09
0.43
0.28
0.37
0.23
0.36
0.22
0.16
0.19
0.77
0.30
0.14
0.51
0 .44
0.58
0.54
0 . 55
0.55
0.92
0.68

0.13
0.09
0.04
0.65
0.61
0.11
0 .41
0.75
0.53
0.15

0.09
0.17
0.34
0 .49
0.62
0.47
0 .07
0.59
0.19
0.24

0 .22
0.55
0.25
0 .19
0.77

IV Q

0.64
0 .44
-0.19
0.44
0 . 71
0.57
0.41
0 .67
0.61
0.80
0.61

0 .18
0.13
0 .08
0.37
0.57
0.43
0 .41
0.46
0.22
0.30

-0.13
0.31
0.38
0.33
0.31
0.58
0.49
0.87
0.22
0.30

0.0

III Q

AVERAGE FOR PERIOD

0.0
-0.20
0.14
0.26
0.56
0.30
0.23
0.17
0.22
0.21
0 .0

104. PERCENT CHANGE IN TOTAL LIQUID ASSETS, MONTHLY DATA 2
(PERCENT)
1947
1948. . .

II Q

3

0.03
0.25
0.20
0.71
0.55
0.23
0.41
0.42
0.44

0.19
0.40
0.21
0.41
0 .71
0.20
0.46
0.20
0.42

0.08
0.18
0.29
0.45
0.50
0.54
0.29
0.66
0.17
0.32

0.61
0.11
0.32
0.60
0.53
0.61
0.64
0.72
0.31
0.68
0.78

0.21
0.62
0.23
0.30
0.61
0.68

0 .33
0 .58
0.25
0.52
0.66
0.71
0.60
0.75
0.32
0.82
0.78

0 .56
0.19

0 .34

0.38
0.52
0.53
0.64
0.67
0.73
0.32

0.40
0.62

0.27
0.61
0.24
0.49
0.63
0.72
0.60
0.64
0.52
0.65
0.67

0.77

0.27
0.46
0 .61
0.69
0.61
0.67
0 .44
0.65
0.71

0.27
0 .67
0.76
1.11
0.80
0.38
0.93
0.81
0.98

0.66
0.30
0.83
0.90
1.14
0.97
0.45
0.86
0.90

0.45
0.41
0.94
0.99
1.06
0.85
0.70
0.84
0.84

0.12
0 .47
0.92
0.99
0.96
0.60
0.94
0.85
0.89

0.26
0.69
0.79
1.06
0.80
0.45
0.86
0.81
1.00

0.37
0.47
0.87
0.98
0.99
0.72
0.74
0.84
0.91

0 . 59
0.57
0.61

T h i s series is a weighted 4-term moving average

0.09
0.15
0.18
0.59
0.57
0.23
0.43
0.58

0 . 35
0 .16

0 . 74

0.14
0.28
0.36
0.55
0.51
0.29
0.53
0 .28
0.34

0 . 50

(MARCH 1 9 7 9 )

im

C. Historical Data for Selected Series—Continued
Monthly

Quarterly

Year
Jan.

Feb.
105.

Annual
Mar.

Apr.

MONEY SUPPLY M l

May

June

July

Aug.

( D E M A N D DEPOSITS PLUS C U R R E N C Y )
(BILLIONS OF DOLLARS)

Sept.

Oct.

Nov.

Dec.

1 Q

211.8
200.3

1! Q

III Q

IV Q

I N 1972 DOLLARS 1
A V E R A G E FOR P E R I O D

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

213.2
200.3
193.8
198.4
192.4
194.7
200.0
200.3
207.9
211.3
207.0

212.3
200.1
194.5
198.6
189.6
195.6
200.3
200.1
208 .9
211.0
205.9

209.8
200.5
194.6
199.1
190.1
196.3
201.0
200.6
208.6
211.1
205.6

211.4
197.2
194.6
200.2
190.2
196.1
201.2
200.2
209.0
211.3
204.9

212.8
195.3
195.1
200.1
190.2
196.7
201.3
201.4
210.3
210.1
204.7

212.4
193.9
194.6
199.9
191.3
197.1
200.7
201.7
210.4
209.6
203.7

211.1
192.3
196.3
199.3
192.3
196.5
200.9
202.8
210.7
208.5
203.2

210.2
192.2
195.9
198.8
193.5
197.1
200.5
203.6
211.0
207.9
202.8

206.9
192.7
195.3
198.0
193.6
198.5
200.0
204.3
210.4
208.4
202.1

206.2
192.9
196.1
197.6
193.4
198.6
199.8
205.8
210.8
207.3
201.7

205.4
193.5
195.9
197.0
194.0
199.3
200.4
206.4
210.0
207.6
200.7

202.1
194.0
197.1
194.6
193.9
199.6
200.5
206.8
210.6
207.2
199.7

1958.. .
1959. . .
I960.. .
1961. . .
1962. . .
1963. . .
1964. . .
1965. . .
1966. . .
1967. . .
1968. . .

197.9
205.0
204.1
202.5
207.4
208.2
212.1
219.6
226.4
222.9
231.1

198.5
205.6
203.2
203.0
207.1
208.3
212.9
219.8
225.9
224.6
231.5

197.7
206.6
203.1
203.5
207.2
208.7
213.3
220.3
226.4
226.3
231.6

198.1
206.8
202.4
204.3
207.3
209.5
213.5
220.3
227.2
224.9
232.0

198.8
207.3
201.7
204.8
207.2
210.2
214.7
219.8
226.7
226.9
233.8

200.2
207.1
201.7
205.2
207 .6
210.5
215.1
220.4
226.7
227.7
234.4

200.3
208.0
203.1
204.7
207.2
210.7
216.5
221.0
225.4
229.0
234.6

201.1
207.2
203.5
205.1
206 .5
210.5
217.6
221.9
224.0
229.4
235.1

201.8
206.2
203.8
205 . 5
205.4
211.2
218.4
223.0
224.8
230.0
235.6

202.7
205.0
202.9
206.2
206.4
211.9
218.9
224.4
223.1
230.6
236.0

203.6
204.8
202.5
207.0
207.1
213.1
219.3
224.6
223.2
230.6
236.9

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

238.6
232.7
232.1
239.7
252.7
243.6
226.6
222.5
225.4

238.9
230.4
233.6
240.5
250.4
241.8
225.4
223.9
224.5

237.6
230.9
234.6
242.2
249.3
240.6
226.1
224.1
224.4

236.9
231.1
235.4
243.2
248.1
239.4
224.6
224.5
224.7

236.8
230.9
236.6
243.2
248.9
237.4
225.7
225.0
224.5

236.1
230.2
236.8
243.5
249.7
236.9
227.3
224.1
224.5

235.6
230.0
237.6
245.1
250.2
235.8
225.5
223.8
226.0

234.6
231.6
238.1
246.4
246.2
233.5
225.8
223.9
226.4

234.0
231.8
238.2
247.4
245.3
231.3
225.5
223.7
227.2

233.9
231.3
238.3
248.6
244.5
230.1
223.7
224.9
227.9

233.3
231.2
238.1
249.0
244.9
229.6
224.1
225.0
227.4

194.3
198.7
190.7
195.5
200.4
200.3
208.5
211.1
206.2

212.2
195.5
194.8
200.1
190.6
196.6
201.1
201.1
209.9
210.3
204.4

209.4
192.4
195.8
198.7
193.1
197.4
200.5
203.6
210.7
208.3
202.7

204.6
193.5
196.4
196.4
193.8
199.2
200.2
206.3
210.5
207.4
200.7

209.5
195.4
195.3
198.5
192.0
197.2
200.6
202.8
209.9
209.3
203.5

203.8
204.0
202.2
207.2
207.8
212.0
219.1
225.1
223.4
230.9
238.2

198.0
205.7
203.5
203.0
207.2
208.4
212.8
219.9
226.2
224.6
231.4

199.0
207.1
201.9
204.8
207.4
210.1
214.4
220.2
226.9
226.5
233.4

201.1
207.1
203.5
205.1
206.4
210.8
217.5
222.0
224.7
229.5
235.1

203.4
204.6
202.5
206.8
207.1
212.3
219.1
224.7
223.2
230.7
237.0

200.4
206.1
202.8
204.9
207.0
210.4
216.0
221.7
225.3
227.8
234.2

232.0
231.1
238.1
251.3
244.7
228.1
222.3
225.3
227.8

238.4
231.3
233.4
240.8
250.8
242.0
226.0
223.5
224.8

236.6
230.7
236.3
243.3
248.9
237.9
225.9
224.5
224.6

234.7
231.1
238.0
246.3
247.2
233.5
225.6
223.8
226.5

233.1
231.2
238.2
249.6
244.7
229.3
223.4
225.1
227.7

235.7
231.1
236.5
245.0
247.9
235.7
225.2
224.2
225.9

106. MONEY SUPPLY M2 ( D E M A N D DEPOSITS AND C U R R E N C Y PLUS
TIME DEPOSITS AT C O M M E R C I A L B A N K S O T H E R T HAN
LARGE C D ' S ) IN 1972 DOLLARS 2
( B I L L I O N S OF D O L L A R S )

A V E R A G E FOR P E R I O D

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

278.0
263.0
256.7
263.2
252.8
255.4
265.0
269.9
283.8
289.1
286.5

277.2
263.3
257.6
263.5
248.8
256.9
265.8
270.2
284.9
288.6
285.8

273.7
264.0
257.7
263.8
249.2
258.0
266.8
271.4
284.7
289.0
286.2

275.5
259.9
257.9
265.1
249.4
257.9
267.2
271.9
285.5
289.4
285.7

277.1
257.4
258.6
265.0
249.5
258.8
267.7
273.6
286.8
288.1
286.1

276.6
255.9
258.3
264.5
250.8
259.4
267.2
274.3
287.4
287.7
285.2

275.1
253.6
260.5
263.3
252.3
258.7
267.9
276.5
287.8
286.5
285.3

274.5
253.7
260.1
262.2
254.0
259.8
267.8
278.0
288.2
286.3
285.1

270.5
254.3
259 .4
261.0
254.2
261.8
2C7.7
279.0
287.7
287.2
284.9

270.1
254.6
260.4
260.0
253.8
262.1
267.9
281.1
288.2
285.8
285.3

269.2
255.8
260.1
259.2
254.4
263.4
269.2
281.8
287.6
286.4
284.6

265.4
256.7
261.6
256.0
254.3
264.0
269.7
282.3
288.4
285.8
284.1

276.3
263.4
257.3
263.5
250.3
256.8
265.9
270.5
284.5
288.9
286.2

276.4
257.7
258.3
264.9
249.9
258.7
267.4
273.3
286.6
288.4
285.7

273.4
253.9
260.0
262.2
253.5
260.1
267.8
277.8
287.9
286.7
285.1

268.2
255.7
260.7
258.4
254.2
263.2
268.9
281.7
288.1
286.0
284.7

273.6
257.7
259.1
262.2
252.0
259.7
267.5
275.8
286.8
287.5
285.4

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

282.0
300.6
300.1
305.7
320.6
336.2
351.4
373.3
398.7
405.9
431.6

284.8
301.0
298.4
307.6
321.8
337.4
353.4
375.9
398.1
409.2
433.6

285.3
302.0
298.3
308.4
323.6
338.8
354.3
377.7
399.2
412.9
434.4

287.0
302.8
297.7
310.3
325.4
341.1
355.4
378.5
401.3
413.8
435.5

288.9
303.4
297.2
311.9
325.8
342.7
357.5
378.9
402.3
418.2
437.7

291.6
303.2
297.6
313.2
327.7
343.6
359.3
380.4
403.0
421.0
439.0

293.0
304.2
300.2
313.4
328.3
344.4
361.6
383.0
403.0
424.0
439.3

294.5
303.3
301.7
314.6
328.1
345.4
364.0
386.0
402.1
425.9
441.5

295.5
302.3
303.2
315.4
327.7
347.2
366.2
388.6
403.4
427.3
443.7

296.6
300.8
303.0
316.9
330.3
349.2
367.7
392.0
402.2
429.4
445.5

297.8
300.9
304.0
318.4
332.3
351.8
369.4
394.1
403.1
430.4
448 .0

298.2
300.1
304.5
318.6
334.4
350.7
371.0
395.8
404 .4
431.2
450.9

284.0
301.2
298.9
307.2
322.0
337.5
353.0
375.6
398.7
409.3
433.2

289.2
303.1
297.5
311.8
326.3
342.5
357.4
379.3
402.2
417.7
437.4

294.3
303.3
301.7
314.5
328.0
345.7
363.9
385.9
402.8
425.7
441.5

297.5
300.6
303.8
318.0
332.3
350.6
369.4
394.0
403.2
430.3
448.1

291.3
302.0
300.5
312.9
327.2
344.0
360.9
383.7
401.7
420.8
440.1

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

451.4
434.3
450.2
485.1
519.7
516.1
493.1
503.9

451.9
430.7
456.2
487.8
516.7
514 .0
493.0
509.3
532.1

449.8
431.6
461.4
491.6
516.8
512.2
495.2
511.3
532.9

448.8
432.9
464.6
494.1
515.8
511.7
494.6
513.9
533.5

448 .4
433.2
467.4
496.2
517.3
507.9
497.8
515.5
534.2

447.7
434.0
468.7
498.7
518.5
507.2
501 .6
515.7
535.1

444.6
436.3
470.5
502.0
520.6
506.1
500.0
517.0
539.1

441.8
440.4
471.6
505.7
514.8
502.4
501.2
519.0

440.5
441.9
473.3
508.2
515.1
498.4
501.0
521.5

439.2
442.9
475.5
511.3
515.4
497.4
500.0
525.7

438.0
444.0
478.1
512.9
515.9
495.9
501.3
528.7

435.5
445.7
480.3
517 .0
516.9
493.0
500.3
531.8

451.0
432.2
455.9
488.2
517.7
514.1
493.8
508.2
532.7

448.3
433.4
466.9
496.3
517.2
508.9
498.0
515.0
534.3

442.3
439.5
471.8
505.3
516.8
502.3
500.7
519.2
540.8

437.6
444.2
478.0
513.7
516.1
495.4
500.5
528.7
544.3

444.8
437.3
468.1
500 .9
517.0
505.2
498.3
517.8
538.0

108. RATIO, PERSONAL INCOME TO MONEY SUPPLY M 2 3
(RATIO)

A V E R A G E FOR P E R I O D

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

1.308
1.349
1 .407
1.457
1.583
1.609
1.664
1.644
1.633
1.731
1.801

1.302
1.345
1.401
1.469
1.597
1.625
1.673
1.645
1.632
1.741
1.814

1.295
1.374
1.409
1.499
1.609
1.624
1.680
1.634
1.647
1.745
1.815

1.267
1.383
1.400
1 .460
1.624
1.617
1.677
1.629
1.659
1.756
1.814

1.264
1.394
1.394
1.456
1.628
1.629
1.680
1.620
1.667
1.759
1.817

1.279
1.423
1.381
1.459
1.633
1.632
1.685
1.617
1.673
1.766
1.829

1.279
1.426
1.372
1 .483
1.622
1.620
1 .678
1.611
1.694
1.759
1.831

1.276
1.441
1.385
1.509
1.633
1.658
1 .670
1.612
1.695
1.786
1.835

1.370
1.443
1.407
1.522
1.625
1.665
1.668
1.619
1.703
1.789
1.829

1.314
1.449
1.382
1.539
1.636
1 .667
1.674
1.622
1.708
1.806
1.827

1.314
1.443
1.398
1.550
1.630
1 .655
1.660
1.631
1.722
1.801
1.827

1.330
1 .428
1.404
1.581
1.627
1.662
1.651
1.633
1.729
1.808
1.821

1.302
1.356
1.406
1.475
1.596
1.619
1.672
1.641
1.637
1.739
1.810

1.270
1.400
1.392
1 .458
1.628
1.626
1.681
1.622
1.666
1.760
1.820

1.308
1.437
1.388
1 .505
1.627
1.648
1.672
1.614
1.697
1.778
1.832

1.319
1.440
1.395
1.557
1.631
1.661
1.662
1.629
1.720
1.805
1.825

1.300
1.408
1.395
1 .499
1.621
1.639
1.672
1.626
1.680
1.771
1.822

1958. . .
1959...
I960...
1961.. .
1962. . .
1963. . .
1964. . .
1965. . .
1966. . .
1967...
1968. . .

1.823
1.781
1.873
1.852
1.861
1.859
1.846
1.856
1.852
1.908
1.855

1.799
1.791
1.881
1.849
1.863
1.843
1.846
1.843
1.861
1.892
1.863

1.793
1.800
1.885
1.850
1.864
1.840
1.849
1.844
1.864
1.888
1.874

1.775
1.809
1.897
1.844
1.863
1.835
1.857
1.848
1.856
1.884
1.873

1.770
1.815
1.906
1.847
1.863
1.834
1.856
1.858
1.856
1.868
1.878

1.764
1.823
1.903
1.858
1.8G1
1.839
1.855
1.858
1.866
1.861
1.881

1.789
1.817
1.892
1.859
1.863
1.833
1.853
1.857
1.873
1.857
1.885

1.777
1.808
1.880
1.853
1.866
1.834
1.855
1.852
1.882
1.853
1.881

1.782
1.812
1.873
1.850
1.869
1.836
1.851
1.886
1.888
1.846
1.878

1.780
1.820
1.872
1.858
1.861
1.836
1.843
1.858
1.897
1.836
1.873

1.791
1.838
1.861
1.866
1.858
1.824
1.843
1.860
1.904
1.844
1.867

1.796
1.867
1.845
1.875
1.855
1.842
1.854
1.861
1.901
1.856
1.860

1.805
1.791
1.880
1.850
1.863
1.847
1.847
1.848
1.859
1.896
1.864

1.770
1.816
1.902
1.850
1.862
1.836
1.856
1.855
1.859
1.871
1.877

1.783
1.812
1.882
1.854
1.866
1.834
1.853
1.865
1.881
1.852
1.881

1.789
1.842
1.859
1.866
1.858
1.834
1.847
1.860
1.901
1.845
1.867

1.787
1.815
1.881
1.855
1.862
1.838
1.851
1.857
1.875
1.866
1.872

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

1.861
1.968
1.941
1.891
1.885
1.916
1.947
1.977
1.942

1.867
1.986
1.917
1.896
1.899
1.909
1.946
1.970
1.952

1.877
1.988
1.906
1.890
1.910
1.909
1.941
1.964
1.964

1.884
2.020
1.896
1.890
1.915
1.918
1.946
1.963
1.959

1.893
1.999
1.887
1.887
1.909
1.933
1.944
1.958
1.959

1.899
1.987
1.914
1.855
1.909
1.939
1.963
1.960
1.957

1.919
1.981
1.882
1.872
1.915
1.957
1.950
1.964
1.956

1.936
1.970
1.885
1.872
1.920
1.956
1.961
1.961
1.951

1.945
1.967
1.882
1.864
1.931
1.960
1.968
1.953
1.957

1.953
1.947
1.879
1.882
1.936
1.964
1.977
1.946
1.968

1.957
1.939
1.882
1.894
1.937
1.955
1.972
1.953
1.978

1.969
1.938
1.889
1.888
1.932
1.959
1.974
1.954
1.988

1.868
1.981
1.921
1.892
1 .898
1.911
1 .945
1.970
1.953

1.892
2.002
1.899
1.877
1.911
1 .930
1.951
1.960
1.958

1.933
1.973
1.883
1.869
1.922
1.958
1.960
1.959
1.955

1.960
1.941
1.883
1.888
1.935
1 .959
1 .974
1.951
1.978

1.913
1.974
1.897
1.882
1.916
1 .940
1.957
1.960
1.961

This series contains revisions beginning with 1970. This series contains revisions beginning with 1960. This series contains revisions beginning with 1969.




1(19

(MARCH 1979)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly

Annual

Year
Jan.

Feb.

Apr.

Mar.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

90. RATIO , CIVILIAN EMPLOYMENT TO TOTAL POPULATION OF WORKING AGE, LABOR FORCE SURVEY
( PERCENT)

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. . .

55.91
55.41

55.45
55.20
54.36

56.01

56.31

56.15

56.00
55.40
54.43
55.68
55.85
56.26

53.97

54.51

54.12

54.07
56.02

55.29
56.22
54.03
54.22
55.88

56.10

56.18

55.81

54.60

54.28

54.51
54 .86
54 .50
54.12
54.01
54 .11
54 . 53

54 . 29

54.09
54.73

53.96
55.09
55.23
54.02

54.36
55.69
55.89

56.27
55.60

55.42

55 .69
55.51

56.14
56 . 70
55.63

55 .72
56.16
57.33
55.62
55.66
56.33

55.54
54.65

55.12

55.16

55.80
55.26
55.68
54.00
54.67
56.03

56.03
55.47
55.25

53.71

54.71

54.85
55.07
55.37
55.53
56.27

56.41

56.45
56.48
55.43
55.93

56.81
57.10

55.18
55.89
56.73

5 5.39

54.95
55.23
53.55
55.65

55.57
54.95
53.89
55.73

54.89
53.82
55.72

56.15
55.4 9

56.18

56 .04

55.58

55.45

54.10
54.91

54.18

54.36
54.86
54.62

55.91
55.16
55.50

53.41

55.11

54.82

56.50
55.22
55.98
56.85
57.36

55.71

55.98
55.62

53.95
55.04

54.74
55.27
55.37
55.88

56.47
56.50
55.39
55.69
56.57
57.37
55.29
55.76

54.49
55.82

54.12

54.31

55 .46

55.91

54.36
56.08

55.40

55.83

54.14

55.64
55.95

55 .90

54.21

56.11

54.23

54.47
54.34
54.07

56.42

56.18
55.71

54.14

54 .19

56.35
54.24
55.49
55.46
55.44
55.60
53.57
54.83

55.44
56.04
56.05

54.73

54.97
55.26
54.02
54.33

55.04
54.30
54.43
53.90
54.37
54.57
55.30
55.57
55.83

56.51

54.88

56.28

56.15
55.45
56.02
56.78

55 .29

53.92

54 .46

54.30

54.29

54.31

54.21

54.49

55.13

54 . 50
54 .99

55.66
55.94
55.98

55.67
55.92
55.99

54.43
55.23
55.70
55.99
55.96

56.65
55.95
55.50

56.57
55.77
55.48

56.19

56.10

56.88
57.00
55.36

56.99
56.92

56 . 54
56 .00
55.16

56.52

56.07
57.07

57.18

55.05
56.03

57.15
55.11
56.15

57.13
55.01
56.00

55.24
56.24

56 .84

56.98

57.11

57.10

55.83
55.07

54.15

55.28
55.52
55.88

55.44
56.05
57.06

55.91

54.37

54.21
54.51

56.11

54.71
53.85

54.18

54.08
54.45
54.98
55.52
55.78
56.25

56.1 0

55.16

55.72
54.80
55.83
55.40
55.68

54.29
54.48
54.93
54.20
54.00

54.95

54 . 29

54.14

56.21
57.21

55.31
56.11
57.31

54.13

54.47

55.19
55.96
55.97
56.07

56 .62
55 .80

56.61
55 .66

55.56
56.04
57.22
56.76
55.24
56.02
57.35

55.70

56.19
57.36
56.44
55.25
56.23
57.80

55.99
54.60
55.54
55.97
55.82
53.98
53.59
56.24
55.89
55.25

55.79
55.34
54.38
55.89
55.68

55.97

56.21
54.17
54.14

55.51

56.06
55.96

55.78

54.29

54.32

54.01

55.11

54.51

54.57

55.03
55.26

54.10
54 .46

54.70
54.42
54.30
53.99
54.26

54 .00
53.99

55.38
55.80

56.15
56.20

56 .68
55.54
55.74
56.39
57.32

56 .06
55.32
56.28
57.95

54.61

54 . 59
55.26
55.76
55.39
53.76
54.74

56.11

54.15
54.25

54.15
54.67
54.96
55.45
55.65

56.08
54.35
55.77
55.67
55.23
55.23
53.62

55.61
56.12
55.71

55.82

55.91

54.51

54.70
55.30
55.75
55.46
55.37
53.82

55.78
55.66
55.55
54.53
53.75
55.96
55.92
55.26

54.31

54.18

54.82

55.12

54.71
54.11
54.10
54.21

54.82
54.95

54.03
54.30
54.22
54.50

54.45

55.13

55 . 27

55.62

56.16

56.02

56.34
56.57

56.42

55.41

55.35

56.58
55.94
55.47

56.64
55.67
55.67

55.80
56.53
57.35
55.36
55.77
56.52

56 .01
56 .89
57.13

56.11

56.21

56.98
57.03
55.30

57.30

56.21

55.06
56.06
56.98

55.11
56.05
55.68

54.07
54.94

55.82
56.04
56.08

55.33
55.54
55.74

91. AVERAGE (MEAN) DURATION OF UNEMPLOYMENT
(WEEKS)

1947. . .
1 9 4 8 ...
1949. . .
1950. . .
1951. . .
1952. . .
1953 . . .
1954. . .
1955. . .
1956. . .

IV Q

AVERAGE FOR PERIOD

54.80
55.20
53.87

55.22
54.04
54.06

54.42

55.74

III Q

II Q

55.91

56 .19
57.21

54.18
54.24

54.14
54 .47
54.99
55.55
55.79
56.00
56.49

56.10

56.18

55.47
56.03
56.92
56.98
55.25
56.05

57.70

57.10

56 .42
55.27

AVERAGE FOR PERIOD

1957.. .

8 .9
8 .2
11.3
10.6
9.3
9. 3
8.7
13.4
11.7
10.4

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
0.8
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

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

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
12.9
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
3.9
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
3 .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

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

8.1
7.9
10.5
12.2
11.0
9. 5
10.7
16.6
15.2

7.9
8.0
10.4
12.4
10.5
9.6
11.7
16.3
14.8

7.9
8.3
10.6
12 .3
10 .6
9.7
11.8
16.5
14.5

7.9
8.3
10.9
12.4
10 .0
9.8
13.0
15.9
14.5

7.9
8.6
11.2
12.3
10.1
9.6
13.5
15.1
15.0

7 .7
8.7
11.6
12.4
9.6
9.7
15.3
16.8
14.3

7.8
8.9
11.5
11.8
9.6
9.9
15.0
15.6
14.1

7.9
8.8
11.5
11.8
9.8
9.8
15.5
15.6
13.8

8.0
8.9
11.9
12.1
9.4
9.6
16.0
15.2
13.9

7.6
8.6
12.6
11.7
10.2
9.8
15.4
15.2
13.7

8.0
9.4
12 .0
11.4
9.9
9.6
16.5
15.2
13.5

8.0
9.8
11.5
11.4
9.5
10.1
16.6
15.3
13.7

8.0
8.1
10.5
12.3
10.7
9.6
11.4
16.5
14.8

7.8
8.5
11.2
12.4
9.9
9.7
13.9
15.9
14.6

7.9
8.9
11.6
11.9
9.6
9.8
15.5
15.5
13.9

7.9
9.3
12.0
11.5
9.9
9.8
16.2
15.2
13.6

7.8
8.6
11 .3
12.0
10.0
9.8
14.2
15.8
14.3

441. TOTAL CIVILIAN LABOR FORCE, LABOR FORCE SURVEY
(THOUSANDS)

1947. . .
1948. . .
1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954 . . .
1955. . .
1956. . .
1957. . .
1959 ...
1960. . .
1961
1962. . .
1963 ...
1964. . .
1965. . .
1 9 6 6 ...
1967. . .
1968. . .

60,095
60,771
61,661
61,941
62,432
63,439
63,101

63 ,910
66,419
66,428

67 ,936
68 ,962
70,447
70,109
71,146
72,356
73,569
75,106
76,639
77,578

1 9 6 9 ... 79,523
1970. . . 82,077
1971. . . 83,678
1972. . . 85,596
1973. . . 86,898
1974. . . 90,367
1975. . . 92,064
1976. . . 93,614
1977. . . 95,774
1978. . .

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

68)278
69,934
70,878
70,514
71,626
73,032
74,412
75,647
77,270
79,120

68, 539

70,267
70,278
71,697
73)274
74,228
75,338
76,777
70,270

68,178
69,626
70,452
70,551
71,832
73)395
74,466
75,447
76,773
78,847

80,281
82,690
83,682
86,132
88,326
90,355
92,245
94,356
96,749

80,125
82,456
83,847
86,340
88,301
90,690
92,790
94,475
97,062

80,696
82,446
83,514
86,534
88,830
90,952
92,442
94,527
97,508

80,827
82,876
84,114
86,635
88,892
91,271
92,857
95,130
97,311

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

67)649
68,949
70,420
70,409
71,262
72)683
73,857
74,954
76,521
78,230

68 ,068

68)339

68,399

69, 579

70 ,703
70,414
71,423
72,713
73,949
75,075
76,328
78,256

80,019
82,155
83,346
85,567
87,742
90,633
91,703
93,683
96,316

80,079
82,446
83,302
86,189
88,211
90,633
92,101
93,909
96,654

63 ,934
64,564
66,264
66,647

NOTE: These series contain r e v i s i o n s beginning w i t h 1974.




62 , 106
61 ,962
63,057
63,302
65,145
66,752
67,336

69,745
70,536
70,302

71 ,956
73,007
74,761
75,736
77,464
78,970

60 ,806
61,590
62,596
61,927

61 ,877

60,815
61,633

62 , 349
61,780
62,457

AVERAGE FOR PERIOD

60, 646
62,185
62,428
62,204
61,971

60,702
62,005
62,286
62,014
62,491

61,169
61,908
62,068
62,457
62,621

60,230
60,967

60,934

60,839

61 ,071
62, 220

62, 033

62,082
62,191

61,822
61,960

61 , 508
62, 355
61 ,938

63,312

63,629

63)651

63)739

63)669

63)643

66,700

66,239
66,740

66,553
66,798

66,713
67,035

66)634
67,196

66)552
66,929

67,739
68,265
69,713
70,532
70,448

67,954
68,505
69,912
70,429
70,812

67,814
68,783
70,239
70,315
70,801

67,639
68,369
69,620
70,459

73,091
74,455
75,770
77,347
78,737
80,734
82,715
84,113
86,542
88,714
91,011
92,613
94,773
97,401

62,099

62,261
62,225
62,361

64I209
65,628
66,714
67,064

63)936
66,546
67,066

63)759
66,037
66,657
67,123

68,321
69,884
70,492
70,917
72,201
73,308
74,838
76,199
78,194
78,913

68,533
70,439
70,376
70,871
72,418
73,286
74,797
76,610
78,191
79,209

68,994
70,395
70,077
70,054
72,188
73,465
75,093
76,641
78,491
79,463

67,884
68,770
70,523
70,337

77,712
78,811

68,545
70,151
70,217
71,153
72,131
73,290
74,502
76,056
77,812
78,858

72,584
73,792
75,072
76,496
78,021

73,234
74,369
75,477
76,940

73,138
74,626
75,946
77,663

78 ,746

78 ,880

73,353
74,909
76,483
78,292
79,195

81,106
82,843
84,428
86,982

81,290
82,906
84,431
86,902

89 ,077

79,874
02,226
83,442
85,784
87,617

80,367
82,531
83,681
86,335
88,486

91,073
92,956
95,285
97,698

91,516
93,044
95,143
97,811

81,397
83,422
85,085
87,000
89,899
91,731
93,027
95,745
98,838

81,624
83,536
85,227

00 , 736

81,494
83,250
84,626
87,027
89,337
91,473
93,011
95,163
98,028

90 , 544

90 ,666

91,956
93,735
96,248

92,492
94,453
97,106

81,074
82,875
84,324
86,840
88,902
91,287
92,952
95,205
97,607

81,505
83,403
84,979
87,119
89,770
91,656
93,081
95,583
98,538

63)707

65, 581
66,673
66,706
68,432
69,841
70,534
70,981
71,786
73|ll8
74,616

76 , 046

65 ,821

60,621
61,286
62,208
62,017
62,138

60,535

61 ,651

67 , 398

87, 331
90,075
91,765
93,205
95,840
98,748

70 ,614

(MARCH 1 9 7 9 )

G. Experimental Data and Analyses

FORMER COMPOSITE INDEX OF 12 LEADING INDICATORS
Year

Jan.

Feb.

Ma r.

1975

106.5

106.2

107.1

109.4

1976

121.2

122.0

123.2

123.0

1977

126.3

127.3

130.0

1978

134.4

135.3

135.2

1979

138.3

136.8

June

July

Aug.

Sept.

111.7

115.2

117.8

118.6

124.5

125.6

125.7

125.6

130.4

129.9

129.7

129.4

136.7

137.1

137.8

136.6

Apr.

May

Oct.

Nov.

118.9

119.0

119.3

119.6

125.3

126.1

127.0

127.7

131.4

132.5

133.8

134.2

135.4

137.2

138.2

139.1

138.4

139.0

Oct.

Nov.

Dec.

Dec.

FORMER COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS
Year

Jan.

Feb.

1975

113.9

112.3

1976

118.7

120.0

1977

125.2

126.5

1978

132.6

133.6

1979

143.1

143.4

Me r.

Apr.

May

110.9

111.4

121.2

121.9

128.8
135.5

June

July

Aug.

Sept.

111.8

112.7

113.7

115.4

116.3

116.7

116.9

117.6

122.0

122.5

122.7

123.2

123.0

122.7

123.9

126.0

129.1

129.5

130.2

130.6

130.7

131.3

132.4

133.2

134.3

137.9

138.0

138.6

138.9

140.1

140.0

141.6

142.8

144.1

FORMER COMPOSITE INDEX OF 6 LAGGING INDICATORS
Year

Jan.

Feb.

M^ir.

1975

143.4

138.1

134.5

1976

120.8

120.1

119.8

1977

121.6

122.3

122.8

1978

135.8

137.6

139.0

1979

160.7

161.8


http://fraser.stlouisfed.org/
Federal Reservem/i
Bank of St. Louis

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

130.8

128.5

124.1

124.2

124.5

124.4

125.3

123.1

122.0

119.2

119.7

121.0

121.1

120.9

121.9

121.7

121.2

120.9

123.3

124.3

126.5

126.9

128.2

129.5

131.1

132.7

133.4

139.5

141.8

144.1

145.6

146.5

148.3

150.5

155.8

158.4

G. Experimental Data and Analyses

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
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
( i n d e x - 1967=100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion d o l l a r s )
29. New building permits, private housing
units ( i n d e x 1 1967-100)
36. Change in inventories on hand and on order in
1972 do!., smoothed 2 (ann. rate, bil. dol . ) .
92. Change in sensitive p r i c e s , smoothed 2
(percent) . .
. . .
. . .
19. Stock prices, 500 common stocks
(index: 1941-43-10)
104. Change in total liquid a s s e t s , smoothed 2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dol 1 ars )
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 production, total
(index: 1967-100)
. . . .
. . . .
57. Manufacturing and trade s a l e s in 1972
dollars (million d o l l a r s )
920. Composite index of 4 roughly coincident
indicators 3 ( i n d e x - 1967-100)
LAGGING INDICATORS
91. Average duration of unemployment 1
(weeks )
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
( i n d e x - 1967-100)
109. Average prime rate charged by banks
(percent)
72. Commercial and industrial loans outstanding
(million dollars)
95. Ratio, consumer installment debt to
personal income (percent)
930. Composite index of 6 lagging indicators 3
( i n d e x - 1967-100)

Nov.
1978

Jan.
1979

Dec.
1978

40.7

Net contribution to index

Feb.
1979

r40.7

40.7

Jan.

Nov.

Dec.

to

to

to

Dec.
1978

Jan.
1979

Feb.
1979

P40.6

0.0

0.0

-0.10

pO.8

-0.10

0.10

0.0

0.8

0.9

0.8

38.35

39.32

r39.99

p38.13

66

68

69

r!33.6

135.7

14. 6 G

0.13

0.09

-0.30

77

0.07

0.04

0.34

e!34.2

NA

0.23

-0.16

r!4.55

r!5.32

p!5.39

-0.02

0.12

148.6

143.4

114.1

113.0

-0.10

-0.67

r!2.81

r!4 . 7 2

p20.12

NA

0.12

0.34

NA
0.01

-0.01

MA

rl.40

1.56

rl.55

1.76

0.07

-O.OC

94.71

90.11

99.71

98.23

0.09

0.23

-0.11

0.93

rO.95

rO.92

pO.80

0.07

-0.10

-0.48

r540.1

r534.8

p529.6

-0.17

-0.42

-0.49

143.6

p!42.3

0.42

-0.35

-0.91

r87,465

p87,766

0.22

0.17

0.35

el f O G 6 . 8

0.50

-0.49

-0 .10

0.22

0.0

0.09

0.15

-0.25

NA

0.90

-0.75

0.21

0.17

-0.28

-0.08

0.05

0.29

r542.3
143.5

87,036
rl,008.4

144.1

r37,281
el, 0 1 8 . 6

el, 0 0 8 . 4

r!49.6

rl50.8

r!50.8

plSl.2

r!59,550

r!60,637

p!58,796

NA

144.4

11.0

145.7

P144.9

144.6

11 .2

10.7

11.3

0.11

NA

243.92

r244.19

p245.67

NA

169.2

r!70.2

r!71.6

p!72.8

0 .13

0.26

0.33

10.94

11 .55

11.75

1.19

0.39

0.0

pl46,954

-0.07

0.53

0.60

11.75
4

144,3?4

A

141,357

140,876

r!4 .82

r!4.85

p!4.97

NA

0.10

0.41

152.8

155.0

157.3

p!58.3

1.44

1.48

NA
0.64

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 d i v i d i n g that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
x
This
2
This
3

series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.
^The actual January value (134,275) and February value (136,722) are adjusted (multiplied by 1.07484) to make them comparable
with the earlier data. See "New Features and Changes for This Issue," page iv (item 10) in the February 1979 issue.



1flR

G. Experimental Data and Analyses

TABLE 1. SCORES, STANDARDIZATION FACTORS, AND WEIGHTS FOR COMPOSITE INDEX COMPONENTS
Recomputed index

Former index

Score1

Standardization
factor2

Weight 3

73
76
74
69
73
72
76

0.476
.170
3.128
3.899
1.053
5.519
4.816

0.984
1.025
.998
.930
.984
.971
1.025

71
72

2.496
.319
2.664
.050
.331

.957
.971
1.079
1.011
1.065

Series

LEADING INDEX
1. Average workweek, production workers, manufacturing
3. *Layoff rate, manufacturing 4
8. New orders for consumer goods and materials, 1972 dollars . . . .
32. *Vendor performance, companies reporting slower deliveries . . . .
12. Net business formation
20. Contracts and orders for plant and equipment, 1972 dollars . . .
29. New building permits, private housing units
36. *Change in 5 inventories on hand and on order, 1972 dollars,
smoothed
92. *Change in sensitive prices, smoothed 5
19. Stock prices, 500 common stocks
104. *Change in total liquid assets, smoothed 5
105. Money supply (Ml) in 1972 dollars
106. Money supply (M2) in 1972 dollars
COINCIDENT INDEX
41. Employees on nonagricultural payrolls
51. Personal income less transfer payments in 1972 dollars
47. Industrial production, total
57. Manufacturing and trade sales in 1972 dollars

75
79

Standardization
factor2

Weight 3

78
81
76
69
73
71
72

0.457
.160
2.880
3.863
.999
6.115
4.831

1.027
1.067
1.001
.909
.962
.935
.948

78
68
81
83

2.440
.321
2.610
.049

1.027
.896
1.067
1.093

81

.378

1.067
1.040
1.017
1.029
.913

Score1

78

.331
.518
.960
1.065

1.067
.945
1.042
.945

79

.330
.517
.937
1.048

LAGGING INDEX
91. Average duration of unemployment 4
70. Manufacturing and trade inventories, total, in 1972 dollars . .
62. Labor cost per unit of output, manufacturing
109. ^Average prime rate charged by banks
72. Commercial and industrial loans outstanding
95. *Ratio, consumer installment debt to personal income

73
87
83
74

3.825
.462
.616
.100
.990
.061

1.068
.994
.907
1.081
1.031
.919

87
81
76
82
81
82

3.655
.446
.633
.110
.960
.062

1.067
.994
.933
1.006
.994
1.006

MARGINAL EMPLOYMENT ADJUSTMENTS
1. Average workweek, production workers, manufacturing
2. Accession rate, manufacturing
5. Average weekly initial claims,
State unemployment insurance 4 . . .
3. *Layoff rate, manufacturing 4

73
65
72
76

.476
3.957
5.532
.170

1.021
.909
1.007
1.063

78
74
80
81

.457
3.885
5.543
.160

.997
.946
1.022
1.035

CAPITAL INVESTMENT COMMITMENTS
12. Net business formation
20. Contracts and orders for plant and equipment, 1972 dollars . . .
29. New building permits, private- housing units

73
72
76

1.053
5.519
4.816

.991
.977
1.032

73
71
72

.999
6.115
4.831

1.014
.986
1.000

74
69

3.128
3.898

1.035
.965

76
69

2.880
3.863

1.045

71
72

2.496
.319

.993
1.007

78

2.440
.321

1.072
.935

59
70

2.664
2.419
.680

1.148
.847
1.005

62
62

2.610
2.511
.695

1.185
.907
.907

75
79

.050
.331

1.023
1.077

83

.049

1.046

"Q\

3.372

.900

.378
3.263

1.021
.933

INVENTORY INVESTMENT AND PURCHASING
8. New orders for consumer goods and materials, 1972 dollars . . . .
32. *Vendor performance, companies reporting slower deliveries . . . .
36. *Change in 5 inventories on hand and on order, 1972 dollars,
smoothed
92. *Change in sensitive prices, smoothed5
PROFITABILITY
19. Stock prices, 500 common stocks
80. Corporate profits after taxes, with IVA and CCAdj, 1972 dollars .
17. Ratio, price to unit labor cost, manufacturing
MONEY AND FINANCIAL FLOWS
104. *Change in total l i q u i d assets, smoothed 5
105. Money supply (Ml) in 1972 dollars
106. Money supply (M2) in 1972 dollars
110. Total private borrowing

88
78

66

74

*First differences rather than symmetrical percent changes are computed for this series.
Scores for the former index are based on five business cycles (1948-70); scores for the recomputed index are based on six
business cycles (1948-75).
Standardization factors are computed over the period 1948-75 for the former index and 1948-78 for the recomputed index.
3
The weight for a given series is the ratio of that series' score to the average score of all series in that index.
4
Changes for this series are inverted; i.e., they are multiplied by -1.
5
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.



me:

G. Experimental Data and Analyses

TABLE 2.

INDEX STANDARDIZATION FACTORS
Former index, 1948-75

Composite index

Average
absolute
change 1

Leading index
Coincident index

..

Lagging index

Recomputed index, 1948-78

Index standardization
factor2

Average
absolute
change 1

Index standardization
factor2

0.482

0.570

0.474

0.556

.845

1.000

.853

1.000

.676

.800

.669

.784

x

The average absolute change is obtained as follows: (a) For each month, a weighted average of the standardized changes of
all components in that index is computed; (b) A long-term average without regard to sign is calculated from these averages.
2
This measure is the ratio of the average absolute change in each index to the average absolute change in the coincident
index.
TABLE 3. TARGET TREND COMPUTATION
Recomputed index

Former index
Series

Specific cycles
(trough to trough)

Monthly
trend 1
(percent)

Initial

Terminal

Oct. 49Aug. 54
July 49Apr. 54
Oct. 49Apr. 54
July 49Dec. 53

Nov. 70June 75
Nov. 70Feb. 752
Nov. 70Mar. 75
Nov. 70Mar. 75

Monthly
trend 1
(percent)

Specific cycles
(peak to peak)
Initial

Terminal

Sep. 48June 53
Oct. 48June 53
July 48July 53
Dec. 48Mar. 53

Oct. 74Feb. 79
Nov. 73Dec. 78
June 74Feb. 79
Mar. 74Dec. 78

COINCIDENT INDEX COMPONENTS
41.

Employees on nonagri cultural payrolls

51.

Personal income less transfer payments, 1972 dollars

.301

47.

Industrial production, total

.357

0.178

57. Manufacturing and trade sales in 1972 dollars . . . .
TARGET TREND

3

.290
.282

0.178
.284
.340
.286
.272

"The total percent change from the initial specific cycle average to the terminal specific cycle average is converted to a
monthly rate by the compound interest formula.
2
Because there was no specific cycle trough in this series corresponding to the November 1970 reference trough, the reference date was used for purposes of the trend computation.
3
The target trend is the simple average of the monthly trends in the four components.

TABLE 4. TREND ADJUSTMENT FACTORS
Former index
Composite index

Leading index

Trend in
raw index 1
(percent)
....

Recomputed index

Trend adjust-2
ment factor
(percent)

Trend in
raw index 1
(percent)

Trend adjust-2
ment factor
(percent)

0.112

+0.170

0.173

+0.099

Coincident index

.440

-.158

.436

-.164

Lagging index

.435

-.153

.442

-.170

^ee table 3 (above) for the method of computing trends.
The trend adjustment factor is the target trend minus the trend in the raw index.

2




G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
MONTHS
FROM

CURRENT MONTH
ACTUAL
AND
DATA
YEAR

REF.
TROUGH

r"rmirm|""T""i iiimimiii r im i r
36. Net change in inventories on hand
and on order, smoothed 1

SERIES
36
ANN. RATE

BIL. DOL.
12.69
1/78
15.03
2/78
18.50
3/78

34
35
36
37
38
39
40

26.99
23.60

41
42
43
44

24.12

Deviations
from
spec.
trough

Actual

+60

14.90

4/78
5/78
6/78
7/78

+50

9.99
9.63
11.11
12.81

8/78
9/78
10/78
11/78

+40

45
14.72
12/78
46
20.12
1/79
MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
SPEC.
4/75
YEAR
DATA
TROUGH
SERIES

33
34
35
36
37
38
39
40
41
42
43
44
45

2. Change in sensitive prices, smoothed

51.20
53.54

57.01
62.63
65.50

26.99
23.60

+20
1/78
2/78
3/78
4/78

+10

14.90
9.99

5/78
6/78
7/78
8/78

53.23

9.63
11.11
12.81
14.72

9/78
10/78
11/78
12/78

58.63

20.12

1/79

Actual

CURRENT MONTH
AND
ACTUAL
DATA
YEAR

-i +6

62.11
53.41
48.50

48.14
49.62

51.32

MONTHS
FROM

LIT

36
ANN. RAT
BIL. DOL
12.69
15.03
18.50
24.12

+30

REF.
TROUGH

92. Change in sensitive prices, smoothed 1
IJT

SERIES
92
PERCENT

35
36

1.32
0.87

2/78
3/78

37
38
39
40

0.78
1.00
1.19
1.32

4/78
5/78
6/78
7/78

41
42
43
44

1.32
1.26
1.19
1 .40

8/78
9/78
10/78
11/78

45
46
47

1.56
1.55
1.76

12/78
1/79
2/79

-1-5

+3

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM ACTUAL
AND
SPEC.
TROUGH
2/75
DATA YEAR

+2

SERIES
92
PERCENT

-1 -2
-12 -6

36

2.86

1.32

37
38
39
40

2.41
2.32
2.54
2.73

0.87
0.78
1.00
1.19

3/78
4/78
5/78
6/78

41
42
43
44

2.86
2.86
2.80
2.73

1.32
1.32
1.26
1.19

7/78
8/78
9/70
10/78

45
46
47
48

2.94
3.10
3.09
3.30

1.40
1.56
1.55
1.76

11/78
12/78
1/79
2/79

0 +6 +12 +18 +24 +30 +36 +42+48
Months from reference troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 105 of the January 1979 issue.
"This is a weighted 4-tertn moving average (with weights 1,2,2,1) placed on the terminal month of the span.




-12-6

0 +6 +12+18+24 -1-30 +36-1-42 +48
Months from specific troughs

G. Experimental Data and Analyses—Continued
Recovery Comparisons: Current and Selected Historical Patterns
"I"111! | IIMI I I"1"!"111!111"! |"nrn
8. New orders for consumer goods and
materials, 1972 dollars, smoothed 1

Deviations
from

Actual
data
for
current
cycle

ret.

peak

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
11/73
DATA
YEAR

New orders for consumer goods and
materials, 1972 dollars, smoothed 1

full

81

SERIES

BIL. DOL.

+20
+15
• 40

-1-10
-1-5

0
• 35

-5

34
35
36

1.2
2.7
5.4

36.25
36.80
37.75

1/78
2/78
3/78

37
38
39
40

6.1
5.6
3.6
3.5

38.02
37.83

4/78
5/78
6/78
7/78

41
42
43
44

3.8
5.6
6.2
8.1

37.19

45
46

9.5
9.3

39.22

37.12
37.08

37.84
38.05

38.71

39.15

Deviations
from
spec,
trough

Actual
data
for
current
cycle

Perc

+45
+40
+35

8/78
9/78
10/78
11/78

• 36

+30
• 34

+25

12/78
1/79

+20

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
ACTUAL
AND
SPEC.
TROUGH
DATA
YEAR
3/75

.32

+15
• 30

8l

SERIES

BIL.

-10
-15

+10

DOL.

34
35
36

35.2
37.2
40.8

36.25
36.80
37.75

1/78
2/78
3/78

37
38
39
40

41.8
41.1
38.4
38.3

38.02
37.83

4/78
5/78
6/78
7/78

41
42
43
44

38.7
41.1
41.9
44.3

37.19

45
46

46.2
46.0

+5
0

-20
-25

20. Contracts and orders for plant and
equipment, 1972 dollars, smoothed
+30
• 17

+25

37.12
37.08

37.84

38 .05
38.71
39.22

39.15

8/78
9/78
10/78
11/78

20. Contracts and orders for plant and
equipment, 1972 dollars, smoothed

12/78
1/79

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
11/73
DATA
YEAR

+65
• 15

+60
+20

0.0
2.5
0.2

13.34
13.67
13.37

1/78
2/78
3/78

37
38
39
40

0.3
-3.1
-3.7
0.4

13.38
12.93
12.85
13.39

4/78
5/78
6/78
7/78

41
42
43
44

1.7
7.9
11.1
11.4

13.57
14.40
14.82
14.87

8/78
9/78
10/78

+40

11/78

+35

45
46

13.4
12.3

15.13
14.98

12/78
1/79

+30

+15
• 15

+10

+5

*14

0
• 13

DEVIMONTHS
FROM ATI Of JS CURRENT
FROM
ACTUAL
SPEC.
DATA
TROUGH
12/75

-5

+55

34
35
36

-10

+50
+45

MONTH

• 11

25
26
27

-25

•lo

.12

+25

AND

+20

43.9
47.4
44 .2
44 .3

13.34
13.67
13.37
13.38

1/78
2/78
3/78
4/78

39.4
38.5
44 .4
46.3

12.93
12.85
13.39
13.57

5/78
6/78
7/78
8/78

55.3
59.8
60.3
63.1

14 .40
14.82
14.87
15.13

61.5

14.98

11

+15
+10

-20
30
31
32

»13

YEAR

SERIES 201
BIL. DOL.

-15

• 14

10
+5
0

-30

-12-6

0 +6 +12+18+24+30+36+42+48

-5
1/79

-12 -6

0 +6 +12 +18 +24 +30 +36 +42
Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 105 of the January 1979 issue.
'This series is an MCD moving average placed on the center month of the span. Specific trough dates used, however, are those for the actual monthly series.
Numeral indicates latest month used in computing the series.

2




1fl9

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series, "following this index)

Curren issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
descriptions
data
(issue date) (issue date)

A

Accession rate, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Prices, selling, wholesale trade, Dl
Profits, net, manufacturing and trade, Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts

2
604

16
56

61
92

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

55
616

22
56

65
92

1/78

8/68

12/78

2/79

11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*

9/78

10/69*

2/79
2/79
8/78
2/79
2/79
2/79
2/79

• •2/79
2/79
2/79

12/78

B

Balance of payments-See International transactions.
Bank loans to businesses loans outstanding
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing-See Credit.
Budget-See Government.
Building-See Construction.
Building permits, new private housing
Business equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl . . . .
Business failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving

72
112

93
94

15,35
32

33
33

73
72

72
72

4/78
4/78

12/78

11/72
11/72

11/72

2/78

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

7/78

295

46

82

11/78

7/78

4/69

2/78
2/79
2/79

11/68
11/68*

2/79
7/78

C

Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction

83
82
84

20
20
20

64
64
64

1/78

97
11
965

24
24
37

66
66
75

1/78

914
35
34

11
29
29

60
70
70

3/79

1/78
1/78

1/78
2/79

9/78

1/72'

9/78

1/72

442
90
441
37

51
18
51
18,51

89
62
89

3/79

62,89

3/78

4/72*
4/72*

920
920c
951
940
9
72
112

10
39
36
11
23
15,35
32

60

3/79

11/75*

345

345c
280

49
50
45

3/78

4/72*

3/79

7/78

74"'
60
66
73
72

87
87
82

2/73
3/79
1/78
4/78
4/78

6/76*
6/76*
11/78

11/72
11/72

10/72*
10/72*
10/69

64

30,47

70,83

9/78

10/69*

346

49

88

6/76*

10/72*

346c

50

88

6/76*

10/72*

340

49

87

8/78

6/72*

340c

50

87

8/78

6/72*

341

49

87

8/78

6/72*

341c

50
50
50

87
88
88

8/78

348
349

8/78

6/72*
6/72*
6/72*

53

19

63

9/78

8/78

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

Composite indexes
Coincident indicators
Four coinciders
,
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs. . .
Expenditures, plus machinery and equipment sales . . . .
Gross private domestic fixed investment
Nonresidential as percent of GNP
Nonresidential structures, cons:ant dollars
Nonresidential total constant dollars
Residential as percent of GNP
Residential, total, constant dollars
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income . ,
Consumer installment loans, delinquency rate
Cnisumer prices-See also International comparisons.
All items index
All items, percent changes
Food, index
„
Food percent changes
Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol. . .
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing, total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
,
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt net change
Crude materials-See Wholesale prices.

Charts

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

920
920c
940

10
39
11

60
60* "

3/79

930
930c

10
39

60

3/79

914
915
913
917
916
910

60
60
60
60
60
60

910c

11
11
11
11
11
10
39

29
9
69

13,25
23
24

67
66
67

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67

8
75

12,21
22

64
65

6/78

66
113
95
39

35
32
15,35
33

73
72
73
72

12/77
12/77
2/79

li/72

320
320c
322
322c
58

49
49,59
49
49
22

84,95
84,95
84
84
65

5/78

5/69*
5/69*
5/69*
5/69*
11/68*

20
10
116

12,23
23
34

66
66
73

112
110
72

32
32
15,35

72
72
73

66
113
95
39
33

35
32
15,35
33
32

73
72
73
72
71

525
564
548
517

53
55
53
53

90
91
90
90

8/78

39
32

33
12,21

72
64

1/78

11/72
12/74

970
965
951
974
963
967

38
37
36
38
36
37

2/79

11/68*

966

37

962
975
952
950
964

36
38
36
36
37

971
968
976
978
977
969
972
973
961

38
37
38
38
38
37
38
38
36

76
75
74
76
74
75
79
75
78
74
76
74
74
75
77
76
75
76
76
76
75
76
76
74
77

3/79

11/75*

7/78

11/75*

7/78
3/79
3/79
3/79
3/79
3/79
3/79

5/75*

7/78

83
67
67

7/78

4/69

1/78
9/78

9/68*

11/78

10/69*

9/78
9/78

11/78

10/69*

9/78
6/78

6/72"

2/73

10/72
10/72

9/78

5/78
5/78
5/78
8/78

9/78
6/78

9/68'

1/79

7/64

4/78

11/72

2/79

7/64

4/78

11/72

12/77
12/77

10/72
10/72

9/78
2/79

\\'/Yl

7/78

D

Debt-Sec Credit.
Defense
Military prime contract awards
National defense purchases
New orders, defense products
Obligations incurred
„
Deficit-See Government.
Deflators-See Price indexes.
De inquency rate, consumer installment loans
De iveries vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations, manufacturing
Coincident indicators
Employees manufacturing and trade
Employees on private nonagncultural payrolls
ndustrial materials prices
ndustrial materials prices, components
ndustrial production
,
ndustrial production components
nitial claims, State unemployment insurance
nventories, 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
D sposable personal income-See Income.

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
shown.

*The identification number for this series has been changed since the publication date



Current issue
(page numbers)

Series
number

8/78
9/78

10/69*

8/78

2/79

2/79
2/78
2/79

11/68*

2/78
4/78

4/69*

12/77
6/78'
2/79

6/69*
11/68*

2/78
2/78
7/78

2/79"
6/77
2/79
2/79
2/79

ii/68*
5/69*
11/68*
11/68*
11/68*

8/78
2/79
2/79

12/78

ii/68*
11/68*

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Curren t issue
(page n jmbers)

Series
number

Charts

Tables

Series
Historical
data
descriptions
(issue date) issue date)

E

Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Employee hours in nonagricultural
establishments
Employee hours in nonagricultural
establishments rate of change
Employees in mining mfg and construction
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
Employees on private nonag payrolls Dl
Employment, ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate, manufacturing
Marginal employment adjustments, Ci
Overtime hours, mfg. production workers
Participation rate, both sexes, 16-19 years old
Participation rate males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagricultural activities
Quit rate, manufacturing
Unemployed, both sexes, 16-19 years old
Unemployed, females 20 years and over
Unemployed full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 1 5 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment total civilian
Workweek, mfg. production workers
Workweek, mfg. production workers, components . . . .
Workweek, mfg. production workers, Dl
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions.

2
441

16
51

61
89

1/73
3/79

48

17

61

3/78

48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1

39
17

62

38
14,17
36
18
51
17
17
16
36
12,16
11
16
51
51

76
62
74
62
89
61
61
61
74
61
60
61
89
89

51
51

89
89

17
16
51
51
51
51
15,18
18
18
18
18 51
12,16

961

36'"

62
61
89
89
89
89
62
62
62
62
62 89
61
77
74

3/78
12/73
2/79
12/78
2/78
3/79
3/78
12/77
3/79
12/77
6/78
1/78
3/79
12/78
3/78
3/78
3/78
3/78
3/78
1/78
3/78
3/78
3/78
3/78
3/79
3/79
12/77
3/78
3/78
IP/78
12/78

F

Federal funds rate
Federal Government-See Government.
Federal Reserve, member bank borrowing from
Final sales in constant dollars
Financial flows, and money, CI
Fixed investment-See Investment, capital.
Fixed weighted price index, NIPA
Fixed weighted price index, percent changes, NIPA
Food -See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, constant dol., NIPA . . . .
Exports of goods and services, current dol., NIPA
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, ad|usted, exc. military
Imports, merchandise, total
1 mports oi automobiles and parts
Imports of goods and services, constant dol., NIPA . . . .
Imports of goods and services, current dol., NIPA
Imports of goods and services, total
Imports of petroleum and products
Net exports goods and services constant dol NIPA
Net exports, goods and services, current dol., NIPA . . .
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.

119

34

72

1/79
2/78

94
213
917

33
40
11

72
80
60

311

84
84

9/78

311c

48
48

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47

93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83

11/78
11/78
11/78
12/78
12/78
11/78
11/78
11/78
12/78
11/78
12/78
IP/78
11/78
11/78
11/78
12/78
11/78
11/78
11/78

10/78
3/79

9/78

93

33

49

20

63

9/78

502
501
500
512
511
510
298

52

90

52
52

90
90

52
52

90
90

52
46

90
83

10/78
10/78
10/78
10/78
10/78
10/78

43
43

81
81

72

12/78

G

Goods output in constant dollars
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus o r deficit
. . . .
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal current dollars
Federal percent of GNP
....
...
National defense .
State and local, constant dollars
State and local, current dollars
State and local percent of GNP
Total, constant dollars
Total, current dollars

263
262
265
564
267
266
268
261
260

Gross business product
Fixed weighted price index
Fixed weighted price index, percent changes
Gross domestic product, labor cost per unit
Gross national product
8/68
GNP, constant dollars
4/72*
GNP, constant dollars, differences . . ,
GNP, constant dollars, percent changes
8/68*
GNP current dollars
8/68*
GNP current dollars differences
GNP current dollars percent changes
11/68*
GNP, ratio to money supply
8/68
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
4/72*
Per capita GNP, constant dollars
12/74
Gross private domestic invest. -See Investment, capital.
6/69"
6/69*
8/68*
12/74

9/78

11/78
11/78
1 1/78
11/78
11/78

48
48
30

84
84
70

9/78
9/78
9/78

19,40

217

10/78
10/78
10/78
10/78
10/78
10/78
2/79
9/78
9/78
9/78
10/78

10/69*
10/69*
10/69*
10/69
10/69
10/69

31
20
48
48
40

63,80
80
80
80
80
80
71
63
84
84
80

46
60

17
17

61
61

12/77
3/79

12/74

21
1

16

61

12/78
12/78

311
311c

68
50
50b
50c
200
200b
200c
107
49
310
310c

39
40

7/68'

10/69*
10/69*
10/69

H

Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime
Average workweek comoonents
Average workweek D 1
Housing
Housing starts
Housing units authorised by local bldg. permits
Residential GPDI, constant dollars „
Residential GPDI percent of GNP

19 i c

c-\

12/74
8/68

77

12/78

28
29
89
249

25
13,25
25
47

67
67
67
83

6/78
7/78
9/78
1 1 /78

6/72

6/69

310

4/72

310c

48
48

84
84

9/78
9/78

10/69*
10/69*

345

49

87

6/76*

10/72*

345c
280
64

50
45
30,47

87
82

6/76*

70,83

11/78
9/78

10/72*
10/69
10/69*

346

49

88

6/76*

10/72*

346c
95
286
287
225
224
227

50
15,35
45
47
40
40
40

88
73
82
83
80
80
80

6/76*

10/72*

9/78
11/78
11/78
10/78
10/78
10/78

10/69
10/69*
10/69
10/69
10/69

340

49

87

8/78

6/72*

340c

50

87

8/78

6/72*

341

49

87

8/78

6/72*

8/78
11/78
11/78
11/78
11/78
10/78
9/78
9/78
9/78
1/79
3/79
11/78

6/72*
5/69*
5/69*
10/69
10/69*
10/69

4/69

10/69*

1
4/72"

Implicit price deflator, GNP
Implicit price deflator, GNP, percent changes
Imports See Foreign trade and International transactions
8/68
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, pet. of nat'l. income . . . .
Compensation, real average hourly, all employees,
11/73
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income ..
Corporate p r o f i t s with 1 VA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal in-come, per capita, constant dol. . .
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
5/69*
private nonfarm economy, percent changes
5/69*
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
5/69'
workers, private nonfarm economy, percent changes .
5/69*
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
Personal income, constant dollars
5/69"
Personal income, current dollars
5/69*
Personal income, less transfers, constant dollars
Personal income, lesstransfers, constant dols. rate of chg.
Personal income ratio to monov supply
5/69
Proprietors' income with IVA and CCA
10/69*
Proprietors' income with IVA and CCA, percent
of national income
Rental income of persons with CCA
11/72
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions, first year
Wage.and benefit decisions, life of contract
Wages and salaries, mining, mfg., and construction . . . .
Incorporations, new businesses
7/68*
Industrial materials prices
7/68*
Industrial materials prices components
7/68*
Industrial materials prices Dl
Industrial production - See also International comparisons.
4/72*

11/73
10/69
10/69*
10/69*
11/73
10/69
10/69*

83
91

Tables

74

11/78
1 1/78
1 1/78

81
81
83
81
81

Charts

Series
Historical
descriptions
data
(issue date) issue date)

36

10/69

43
43
47
43
43

Curren t issue
(page n jmbers)

Series

961

4/72

11/78

47
55

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

10/69

Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total components
Total Dl
Total rate of change
Installment debt-See Credit.
Insured unemployment
Avg weekly initial claims unemploy insurance
Avg. weekly initial claims, unemploy. insurance, Dl . . .
Avg. weekly insured unemployment rate

341 c
652
651
288
289
220
52
223
51
51c
108
282

50
57
57
45
47
45
19
40
14,19
39
31
45

87
93
93
82
83
82
63
63
63

283
284
285
348
349
53
13
23

47
45
47
50
50
19
23
28

83
82
83
88
88
63
65
69

11/78
11/78
11/78
8/78
8/78
9/78
7/78
1/78

10/69*
10/69
10/69*
6/72*
6/72*

967

37

79
75

4/78

4/69*

67
65
63
63
63,94

2/78
2/78
2/78
2/78
12/77

11/68

76
75
73
74
47

24
22
20
20
14,20,58

71
82

7/68*

10/69

4/69

78
966
47 c

37
39

75

12/77
12/77

5
962
45

16
36
18

61

12/77
6/78
12/77

74
62

6/69

6/69*
6/69

NOTE: The following abbreviations are used in this index: CI, composite index; Dl, diffusion ir
*The FRASER
identification number for this series has been changed since the publication date shown.
for

Digitized


111

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series, " f o l l o w i n g this index)

Interest, net
Interest net percent of national incom p
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada index
Canada, percent changes
France, index
France percent changes
Italy, index
Italy, percent changes
Japan, index
Japan, percent changes
United Kingdom index
United Kingdom, percent changes
United States index
United States, percent changes
West Germany, index
West Germany percent changes
Industrial production
Canada
France
..
. .
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, e x c . military
E x p o r t s merchandise total exc military aid
E x p o r t s of agricultural products
E x p o r t s of goods and services, exc. military
E x p o r t s of nonelectrical machinery
Imports, merchandise, adjusted, e x c . military
imports merchandise total
1 mports of automobiles and parts
Imports of goods and services total
Imports of petroleum and products
income on foreign invesiments in U S
Income on U.S. investments abroad
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GIMP
Finished goods, manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated) . . . .
Inventory investment and purchasing Cl
Manufacturing and trade, constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade, Dl
Materials and supplies on hand and on order mfg
Materials and supplies on hand and on order, mfg.,
change .
. .
.
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments Cl
Construction contracts, commercial and industrial . . . .
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment current dollars
Inventories, business, change in-See Inventories.
Nonresidential, total constant dollars
Nonresidential, total, percent of GNP
Producers' durable equip., nonresid., constant dol.
Residential, total, constant dollars
Residential, total, percent of GNP
Structures nonresidential constant dollars
Total, constant dollars
Total, current dollars
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars




11?

Curren t issue
(page n jmbers)

Series
number

Charts

288
289

67
116
119
118
117
109
114
115

45
47
35
34
34
34
34
35
34
34

Tables
82
83
73
73
72
73
73
73
72
73

Historical
Series
data
descriptions
(issue date) (issue date)

11/78
11/78

10/69
10/69*

7/78

12/74

1/79

7/64

1/79

11/73

1/79

7/64

1/79

7/64

1/79

11/73

1/79

7/64

1/79

7/64

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

Plant and equipment
Business expenditures new
Business expenditures, new, Dl
Contracts and orders constant dollars
Contracts and orders current dollars
Investment, foreign
Income on f o r e i g n investments in U.S
Income on U.S. investments abroad
Italy-See International comparisons.

Currer t issue
(page n jmbers)

Series

Charts

Tables

Series
Historical
descriptions
data
(issue date) issue date)

Q

61
970
20
10

24
38
12,23
23

67
76
66
66

6/78

9/68

652
651

57
57

93
93

11/78
11/78

5/69*
5/69*

68
62
63
17

30
15,30
30
29

70
70
70
70

9/78

7/68

9/78
9/78

1 1/68
10/72
11/68

930

10
39
36
12,16

60

3/79

11/75*

950
14
104

10
39
36
33
13 31

913
78

11
27

60
68

3/79

38

26

68

6/78

8
84

12,21
20

64
64

6/78

917

11

60

3/79

104
105
85
106
102
107
108
33
118
117

13 31
31
31
13 31
31
31
31
32
34
34

71
71
71
71

3/79
3/79
3/7Q

10/72

71
71

3/79
Q/78

10/72

71
71

3/79

27
24
8
20
10
548
7
6

23
23
12,21
12,23
23
53
21
21

2/7
2/79

1 1/68
11/68*

9/78

J
Japan-See International comparisons.

735c

59

96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95

723
726
111
728
721
722
47
725

58
58
58
58
58
58
14,20,58
58

94
94
94
94
94
94
63,94
94

2/79

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

1/78

667
622
618
602
604
668
606
620
612
616
669
614
652
651

57
57
57
56
56
57
56
57
56
56
57
56
57
57

93
93
93
92
92
93
92
93
92
92
93
92
93
93

11/78
11/78
11/78
12/78
12/78
11/78
12/78
11/78
12/78
12/78
1 1/78
12/78
1 1/78
11/78

30
245
247
65
36
77
915
70
71
31
975
78

26,42
42
47
27
13,26
27
]]
15,27
27
26
38
27

68,81
81
83
68
68
68
60
68
68
68
76
68

9/78

38

26

68

733
733c

59

736
736c

59'"

737
737c

59

738
738c

59'"

732
732c

320
320c

59
49
49,59

735

1/79

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
D i f f u s i o n index
Liabilities of business f a i l u r e s
Liquid assets change in total
Loans-See Credit.

1/79
1/79
1/79
1/79

9/72*

1/79
1/79

9/72*

1/79
1/79

9/72*

1/79
5/78
5/78
1/79

5/69*
5/69*
9/72*

1/79

2/79
2/79
2/79

10/72*
10/72*
10/72*
10/72*

930c

952
3
910
910c

1/77

7/78

74
61

2/78
1/78

8/68*

60

3/79

5/75*

74
72
71

2/78

7/78
2/79
3/79

2/79
2/79

10/72*

12/77

11/68

2/79

10/72*

1/78
1/78
1/78
1/78
1/78
1/78

5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*

M
Man-hours-See Employment and unemployment
Marginal employment adjustments, Ci
Materials and supplies on hand and on order, rnfg
Materials and supplies on hand and on order mfg
change
Materials, crude and intermediate-See Wholesale prices.
Materials industrial-See Price indexes
Materials new orders for consumer goods and
Materials, rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense
Money and f i n a n c i a l flows, Cl
Money supply
Liquid assets change in total
Money supply Ml
Money supply Ml, percent charges
Money supply M2
Money supply M2, percent charges
Ratio GNP to money supply Ml
Ratio personal income to money supply M2
Mortgage debt net change
Mortage yields s e c o n d a r y market
Municipal bond yields

73
73

6/78

1/78

3/79

7/78
1/79

7/64

1/79

7 / AA

N
11/78
11/78

10/69

6/78

9/68

10/69*

12/78
10/78
3/79

10/78
10/78
10/78
2/79
6/78

2/69'
2/69

11/68*

6/78

97
11
965
914
9

24
24
37
U
23

66
66
75
60
66

2/79

69

24

67

9/78

1/78
1/78
3/79
1/78

National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondetense, constant dol
Capital goods industries nondetense current dol
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol. . .
Contracts and orders, plant and equip., current dol. . . .
Defense products
Durable goods industries, constant dollars
Durable goods industries, current d o l l a r s
Components
D i f f u s i o n index
New orders, manufacturing, Dl
Nonresidential f i x e d investment, G P D I
Producers' durable equipment, constant dollars
Structures constant dollars
Total, constant d o l l a r s
Total, percent of GNP

6/78

964
971

37
38

66
66
64
66
66
90
64
64
77
75
76

88
87
86
248

25
25
25
47

67
67
67
83

11/78

517
721

53
58

90
94

2/79

49
62
358
370

20
15,30
50
50
50
20
20
20
16

63
70
88
88
88
64
64
64
61

6/78

9/68

6/78
9/78
6/78

9/68"

8/78
6/78
6/78

9/68

7/78
2/79

11/68*

9/78
9/78
9/78

10/69*

9/68*

0
243
242

42
42

81
81

11/78
10/78

86
248
88
89
249
87
241
240

25
47
25
25
47
25
42
42

67
83
67
67
83
67
81
81

9/78

27

23

66

6/78

24

23

66

6/78

11/78

10/69*

9/78
9/78

11/78

10/69*

9/78

10/78
10/78

10/69

9/68

Obligations incurred Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
Output-See also Gross national product and
Industrial production.
Goods output, constant d o l l a r s
Labor cost per unit of
Per hour nonfarm business sector
Per hour private business sector
Per hour, private business sector, percent changes
Ratio to capacity, manufacturing ( B E A )
Ratio to capacity, manufacturing ( F R B )
R a t i o to capacity, materials
Overtime hours production workers manufacturing

370c

83
82
84
21

8/78

9/78
9/78

6/76*
6/76*
6/76*

11/68
6/68*
10/72*
10/72*

1/78
1/78
1/78

12/78

12/74

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

t issue
(page n jmbers)

Series
number

Charts

Tables

Series
Historical
descriptions
data
(issue date)

Series titles
(Set; complete titles in "Titles and Sources of

Charts

P
Participation rates, civilian labor force
Both sexes, 1 6-1 9 years of age
Females 20 years and over
Males 20 years and over
Persona! consumption expenditures
Automobiles
Durable goods constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products, imports
Plant and equipment-See also Investment, capital.
Business expenditures for
Business expenditues f o r , Dl
Contracts and orders for, constant dollars
Contracts and orders for, current dollars
Population, civilian employment as percent of
Price indexes
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
Food, index
Food, percent changes
D e f l a t o r s NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator, GNP, index
Implicit price deflator, GNP, percent changes
Industrial materials
Industrial materials, components
Industrial materials, Dl
Labor cost, price per unit of
Sensitive prices, change in .
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Wholesale prices
All commodities, index
All commodities, percent change
Consumer finished goods, index
Consumer finished goods, percent changes
Crude materials, index
Crude materials, percent changes
Intermediate materials index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Price to unit labor cost, manufacturing
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Wholesale trade, Dl
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers' durable equipment, nonresid., GPDI
Production-See Industrial p r o d u c t i o n and GNP.
Productivity
Output per hour, nonfarm business sector
Output per hour, p r i v a t e business sector
Output per hour, private business sector, pet. changes ,
Profitability, Cl
Profits
Corporate, after taxes, constant dollars
Corporate, after taxes, current dollars
Corporate, after taxes, with 1 VA and CCA,
constant dollar
Corporate, after taxes, with IVA and CCA, cur. dol. . . .
Corporate, with 1 VA and CCA
Corporate, with IVA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, Dl
Manufacturing Dl
Per dollar of sales, manufacturing
Profitability Ci
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCA to corporate domestic
income
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc. .

453
452
451

51
51
51

89
89
89

3/78
3/78
3/78

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78
10/78

H'jsid.jntiHl f i x u d investment, constant d o l l a r s , GPDI . . . .
Residential f i x e d investment, percent of GNP
Residential structures-See Housing.
Retail sales, constant dollars
Retail sales, current dollars

10/69

ir e ^

24
38

67
76
66
66
62

2/79
2/79
9/78
6/78
3/79

hinl sa s i

320

49

320c

49,59

322

49
49

84,95
84,95
84
84

5/78
5/78
5/78
5/78

84
84
84
84
69
79
75
70
69

9/78
9/78
9/78
9/78
1/78
4/78
9/78
3/78

4/69*

69
75

12/77
6/77

5/69

17

5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
9/78

6/69*

48
48
48
48
48
29

85
85
86
86
85
85
86
86
86
86
70

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

2/79
2/79
2/79
8/78
1/79

11/68*
11/68*
11/68*

10/69

t'f 1

it
nf
\ j 1
i

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7/68*

11/68

S

til

310c

23
967
17
92

19
968

37
29
13,28
13,28

37

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5/69*
5/69*
5/69*

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59
54

22
22

65
65

9/78

213

40

80

10/78

69
57
56
973
77
59
54

24

9/78

9/68*

22
38
27
22
22

67
65
65
76
68
65
65

10/78
10/78

2/69

2/79

11/68*

9/78

6/72'

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11//8
11/78
11/78
11/78
11/78

10/69
10/69
10/69

92

13,28

69

3/78

19
968
78

13,28

69
75
68

12/77

5/69

37
27

6/77

5/69*

38

26

68

6/78

114
115

34
34

72
73

1/79
1/79

91
60

15,18
•j 7

5
962
3

16
36

62
61
61
74
61

446
445
447
444
37
4

51
51
51
51

12/78
11/78

9/78

11/72
10/69*

6/72

14,22

10/78
9/78

7/68*

6/78

4/69
T

11/68
l i e i ' u r / hill ' m>
Treasury hnnJ v " 1 J<

7/64
7/64

5/69*

330c

334
334c
331
331c

332
332c

333
333c

88

48
48
48
48
48

25

67

916

88
88
88
60

18
16

28
28

69
69

9/78
9/78

80
79
286
287
972
969
15
916
22

28
28
45
47
38
37
29
11
29

69
69
82
83
76
75
70
60
69

9/78
9/78
11/78
11/78
2/79
8/78
1/78
• 3 / /7 y0
~i/
9/78

370c

81
282
283

29
45
47

70
82
83

6/76*
6/76*
6/76*

1r W (

11/73
Int

6/68*
10/72*
10/72*

16

61

1",

1

1

n ur mce
i n s i r m c f Dl

12,16

3/79
3/79

12/77

6/69

6/78

6/69*
8/68*

1/78

t.

1

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Rural) i gi id
di ' i
change n
Umtid K i r gdi i
' iti rna 101 il u m uris r

3/78
1/78

4/72*

16

89
89
89
89
62,89
61

44
45
43

18
18
18

62
62
62

3/79

4/72

12/77

6/69

3/78

4/72

96
25

21
21

64
64

6/78

9/68

6/78

9/68

107
108
32

31
31

71
71
64

2/79
1/78

12/74

330

48
48
48
48
48
48
48
48
48

5/78

6/69*

18,51

3/78
3/78
3/78
3/78

V

3/79

9/78
11/78
11/78

i i rage

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11/68

9/78

50
50
50
11

358
370

U itnpl v TIP t
D jr ti m t jn mp yrrnit

1/72
7/68

A

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Of

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Person i f i i r nj ti m nt v upply M2 r ,{<c
Vtiul r p e r f o r m nrp

12,21

3/79

• 10/69
10/69*
11/68*

3/69
7/68

10/69
10/69*

1/78

W
Wages and sdiani's See Compensation.
West Germany -Sen International comparisons.
Wholesale prices
All Lurnrmdities, -ndex
All commodities, pe<u"it cnanges
Consumer finished goods, index
Consumer finished goods, percent changes
Crude materials, index
Crude materials, percent changes
Intermediate material, mde*
intermediate materials, percent changes
Producer (unshed goods, index
Producer finished goods, percent changes

R




9/78

U
330

4

Rental income of persons with CCA
Rental income of persons, with CCA, percent of national
i ncome

72
67
83

1

11/68*

^

310

t i d h

i ^
r r | nd tndf
W i n f rt
M d tnrk

P

311c

33
25
47

no

M

61
970
20
10
90

48
48
48
48
28

mp

rr r
M ich ntr md ] j p
i s r ] b •- i s
r i i x,nd fuu
(
M i i
i i md tr cK ]
c i tan' d ar

10/69*

11/78
11/78
12/78

311

93
89
249

ile

Q
Quit rate, manufacturing

0

10/69
10/69
10/69

82
83
92

322c

Tables

Series
Historical
data
fescriptions
(issue date) issue date)

S

10/69

46
46
56

12,23

t issue
jmbers)

10/69*

292
293
614

23
18

Currer
(page n

Series
number

284

45

82

11/78

10/69

285

47

83

11/78

10/69*

W u r k w e u k of p r o d u c t i o n w o r k e r s , manufacturing
Workweek of production w o r k e r s , manufacturing,
components
Workweek o f production w o r k e r s , manufacturing, Dl . . . .

333c
92

48

1

12,16

85
85
86
86
85
85
86
86
86
86
69
61

961

36'"

77
74

330c

334
334c

331
331c

332
332c

333

I n op
1 J , LO

5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
5/78
3/78

1?/7R

12/78

8/68"

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.

Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).-Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations,
1,000
manufacturing corporations (Q),—The Conference
Board
(24,66)
12. Index of net business formation (M).-Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

I-A. Composite Indexes

14. Current liabilities of business failures (M).—Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series 17, 19,

80) (M).-Source 1

(11,60)

917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).-Source
1
(11,60)

1-B. Cyclical Indicators
1. A v e r a g e w o r k w e e k of p r o d u c t i o n w o r k e r s ,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)
3. Layoff rate, manufacturing (M).—Source 3 (12,16,61)
4. Quit rate, manufacturing (M).-Source 3

(16,61)

5. Average weekly initial claims for unemployment
insurance, State programs (M).—U.S. Department of
Labor, Employment Training Administration; seasonal
adjustment by Bureau of Economic Analysis (16,61)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).—Source 2(21,64,77)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of

http://fraser.stlouisfed.org/
Federal Reserve
114Bank of St. Louis

15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission;
seasonal a d j u s t m e n t by Bureau of Economic
Analysis
(29,70)
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)
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 (29,70)

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 E c o n o m i c
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).—
Source 1
(29,70)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(29,70)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)
39. Percent of consumer installment loans delinquent 30
days and over (EOM). — A m e r i c a n Bankers
Association
(33,72)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)
44. Unemployment rate, 15 weeks and over (M).—Sources 2
and 3
(18,62)

18. Corporate profits after taxes in 1972 dollars (Q).—
Source 1
(28,69)

45. Average weekly insured unemployment rate, Mate piugrams (M).—U.S. Department of Labor, Employment
Training Administration
(18,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,64)

47. Index of industrial production, total (M).-Source
4
(14,20,39,58,63,78,94)

21. Average weekly overtime hours of production workers,
manufacturing (M).—Source 3
(16,61)
22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
23. Index of industrial materials
3

prices (M).—Source
((28,69,79)

24. Value of manufacturers' new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)
28. New private housing units started, total (M).-Source
2
(25,67)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26,42,68,81)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies reporting
slower deliveries (M).-Purchasing Management
Association of Chicago
(12,21,64)

48. Employee-hours

(M)-Source 3

in

nonagricultural

establishments

(17,39,61)

49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)
52. Personal income, total, in 1972 dollars (M).—Source

1

(19,63)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).-Sources 1 and
3
(19,63)
54. Sales of retail stores in current dollars (M).—Source

2

(22,65)

55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)
56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1972 dollars (M).—
Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).-University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
and 3
(22,65)

TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).—Sources 1, 2, 3, and The C o n f e r e n c e
Board
(17,61)

84. Rate of capacity utilization, materials (Q).—Source
4
(20,64)

119. Federal funds rate (M).-Source 4

(34,72)

85. Change in money supply Ml (demand deposits plus
currency) (M).-Source 4
(31,71)

1-C. Diffusion Indexes

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)

86. Gross private domestic fixed investment, total
nonresidentiai, in 1972 dollars (Q).-Source 1(25,67)

950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)

87. Gross private domestic fixed investment, nonresidentiai
structures, in 1972 dollars (Q).-Source 1
(25,67)

951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)

88. Gross private domestic fixed investment, nonresidentiai
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

63. Index of unit labor cost, private business sector (Q).—
Source 3
(30,70)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1 (25,67)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

90. Ratio, civilian employment to total population of
working age (M).—Sources 1, 2, and 3
(18,62)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).—Source
2
(27,68)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)

66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).—
Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) (M).—Source 4
(33,72)

67. Bank rates on short-term business loans (Q,M).—Source
4
(35,73)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).—Source 1
(30,70)

95. Ratio, consumer installment debt to personal income
(EOM).-Sources 1 and 4
(15,35,73)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)

96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations,
(EOQ).-The Conference Board

manufacturing
(24,66)

961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M),—Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).—Source 1
and U.S. Department of Labor, Employment Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital appropriations, deflated—17 industries (Q).—The Conference
Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of industrial materials prices—13
industrial materials (M).—Sources 1 and 3 (37,75,79)

102. Change in money supply M2 (demand deposits and
currency plus time deposits at commercial banks other
than large CD's) (M).-Source 4
(31,71)

968. Diffusion index of stock prices, 500 common stocks—
58-82 industries (M).-Standard & Poor's Corporation
(37,75)

71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)

104. Change in total liquid assets (smoothed) (M).—Sources
1 and 4
(13,31,71)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(15,35,73)

105. Money supply Ml (demand deposits plus currency) in
1972 dollars (M).-Sources 1, 3, and 4
(31,71)

969. Diffusion index of profits, manufacturing—about 1,000
corporations (Q).—Citibank; seasonal adjustment by
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc.
(37,75)

106. Money supply M2 (demand deposits and currency plus
time deposits at commercial banks other than large
CD's) in 1972 dollars (M)-Sources 1, 3, 4 (13,31,71)

970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).—Source
1
(38,76)

107. Ratio gross national product to money supply Ml (Q).—
Sources 1 and 4
(31,71)

971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

70. Manufacturing and trade inventories, total book value,
in 1972 dollars (EOM).-Sources 1, 2, and 3(15,27,68)

73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Source 4

nondurable
(20,63)

75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM),—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(28,69)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q)-Source 1
(28,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)




108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to business (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)
113. Net change in consumer installment debt (M).—Source
4
^
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115. Yield on long-term Treasury bonds (M).-U.S.
Department of the Treasury
(34,73)
116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).—U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
11C

TITLES AND SOURCES OF SERIES- Continued
977. Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)

292. Personal saving (Q).-Source 1

248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(47,83)

295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)

249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

II-A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

251. Net exports of goods and services as a percent of gross
national product (Q).—Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)

255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).-Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)

217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(40,80)

257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)

220. National income
1

(Q).—Source
(45,82)

260. Government purchases of goods and services, total in
current dollars (Q).-Source 1
(43,81)

dollars (M).—Source
(40,63)

261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)

224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)

262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)

225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)

263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)

227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)

265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)

200. Gross national product in current dollars (Q).—Source
1
(40,80)

in current

223. Personal income in current
1

dollars

230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)

266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)


http://fraser.stlouisfed.org/
Federal Reserve
11C Bank of St. Louis

320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).—Source 3(49,84)
330. Index of wholesale prices, all commodities (M).—Source
3
(48,85)
331. Index of wholesale prices, crude materials for further
processing (M).—Source 3
(48,85)
332. Index of wholesale prices, intermediate materials, supplies, and components (M).—Source 3
(48,86)
333. Index of wholesale prices, producer finished goods
(M).-Source 3
(48,86)
334. Index of wholesale prices, consumer finished goods
(M).-Source 3
(48,86)
335. Index of wholesale prices, industrial
(M).-Source 3

commodities
(48,85)

340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)
341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).—Source
3
(49,87)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)

(45,82)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)

311. Fixed weighted price index, gross business product
(Q)-Source 1
(48,84)

280. Compensation of employees (Q).-Source 1

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)

II-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)

298. Government surplus or deficit, total (Q).—Source
1
(46,83)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)

286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).-Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
i49,88)

II-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M)-Sources 2 and 3
(18,51,62,89)

(45,82)

441. Total civilian labor force survey (M).—Sources 2 and
3
(51,89)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)

290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

288. Net interest (Q).-Source 1

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).—Sources 2 and

3

(51,89)

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)

453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)

II-D. Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

II-E. U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)

502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)

604. Exports of agricultural products (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

511. State and local government receipts; national income
and product accounts (Q).—Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).-Source 1 (52,90)
517. Defense Department obligations incurred (M).—U.S.
Department of Defense, OSD, Comptroller, Directorate
for Program and Financial Control; seasonal adjustment
by Bureau of Economic Analysis
(53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).-U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
(M).- Source 2
(53,90)
557. Output of defense and space equipment (M).— Source

606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted,
(Q).-Source 1

excluding military
(57,93)

622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).—Source
1
(57,93)
652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)
667. Balance on goods and services (Q).—Source 1(57,93)

(54,91)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

669. Imports of goods and services, total (Q).—Source
1
(57,93)

4

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).-Institute
Centrale di Statistica (Rome)
(58,94)

500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).-Organization for Economic Cooperation and Development (Paris)
(58,94)

II-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis
(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).-lnstituto Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices (M).—The
Financial Times (London)
(59,96)
743. Canada, index of stock prices (M).-Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).-Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Institute Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)

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