Full text of Business Conditions Digest : March 1980
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U.S. DEPARTMENT OF COMMERCE Philip M. Klutznick, 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 of the Bureau of Economic Analysis. Technical staff and their responsibilities for the publication areBarry A. Beckman—Technical supervision and review Brian D. Kajutti—Composite indexes Morton Somer—Seasonal adjustments Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541) The cooperation of government and private agencies that provide data is gratefully acknowledged. Agencies furnishing data are indicated in the list of series titles and sources at the back of this report. This publication is prepared under the general guidance of a technical committee under the auspices of the Office of Federal Statistical Policy and Standards. The Committee consists of the following persons: Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of Commerce 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 Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor 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 analysts of business conditions and prospects. The report's contents were based largely on the list of leading, roughly coincident, and lagging indicators maintained by the National Bureau of Economic Research, Inc. In 1968, BCD was expanded to increase its usefulness to analysts using other approaches to business conditions analysis. Principal additions to the report were series from the national income and product accounts and series based on surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's present title was adopted. The dominant feature of the current BCD is the cyclical indicators section, in which each business cycle indicator is assigned a three-way timing classification according to its behavior at peaks, at troughs, and at all turns. This section is supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which begins on page 1. Most of the data contained in this report also are published by their source agencies. A series finding guide and a complete list of series titles and sources can be found at the back of the report. 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 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. 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. BUSINESS CONDITIONS DIGEST New Features and Changes for This Issue BCII iii METHOD OF PRESENTATION Seasonal Adjustments MCD Moving Averages Reference Turning Dates Part I. Cyclical Indicators Part II. Other Important Economic Measures .. . How To Read Charts How To Locate a Series Summary of Recent Data and Current Changes 1 1 1 1 4 5 5 6 MARCH 1980 Data Through February Volume20, Numbers PART I. CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS Al [ A2 A3T A4 Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components Chart Table 10 12 14 15 60 — — — 16 19 21 23 26 28 31 61 63 64 65 68 69 71 36 — 39 74 77 — CYCLICAL INDICATORS BY ECONOMIC PROCESS Bl B2 83 B4 B5 B6 B7 Employment and Unemployment Production and Income Consumption, Trade, Orders, and Deliveries Fixed Capital Investment Inventories and Inventory Investment Prices, Costs, and Profits Money and Credit DIFFUSION INDEXES AND RATES OF CHANGE Cl | C2 C3 Diffusion Indexes Selected Diffusion Index Components Rates of Change The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has been approved by the Director of the Office of Management and Budget through September 1, 1980. BCII PART II. OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT Al A2 A3 A4 A5 A6 A7 A8 Chart Table 40 41 42 43 44 45 Saving 46 Shares of GNP and National Income 47 80 80 81 81 82 82 82 83 48 49 84 87 51 89 52 53 90 90 56 57 92 93 58 59 59 94 95 96 GNP and Personal Income Personal Consumption Expenditures Gross Private Domestic Investment Government Purchases of Goods and Services Foreign Trade National Income and Its Components , PRICES, WAGES, AND PRODUCTIVITY Bl B2 Price Movements Wages and Productivity LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Civilian Labor Force and Major Components GOVERNMENT ACTIVITIES Receipts and Expenditures Defense Indicators U.S. INTERNATIONAL TRANSACTIONS Merchandise Trade Goods and Services Movements INTERNATIONAL COMPARISONS Industrial Production Consumer Prices Stock Prices „ PART III. APPENDIXES A. MCD and Related Measures of Variability (April 1978 issue) QCD and Related Measures of Variability (April 1978 issue) B. Current Adjustment Factors (February 1980 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 '. F. Specific Peak and Trough Dates for Selected Indicators (October 1979 issue) G. Experimental Data and Analyses Alphabetical Index—Series Finding Guide Titles and Sources of Series 97 104 105 110 114 Readers are invited to submit comments and suggestions concerning this publication. Address them to Feliks Tamm, Chief, Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230 NEW FEATURES AND CHANGES FOR THIS ISSUE A limited number of changes are made from time to time to incorporate recent findings of economic research, newly available time series, and revisions made by source agencies in concept, composition, comparably, coverage, seasonal adjustment methods, benchmark Changes in this issue are as follows: data, etc. Changes may 1. Statistics on retail sales and inventories have been revised by the source agency for the period 1973 to date on the basis of estimates derived from the 1977 Census of Retail Trade and the 1978 Annual Retail Trade Survey. These revisions are incorporated into the following series for the full period of the revision: Series 31, 54, 56, 57, 59, 71, and 77. result in revisions of data, additions or deletions of series, changes in placement of series in relation to other series, changes in composition of Series 70 (Manufacturing and trade inventories in 1972 dollars) and series 36 (Change in inventories on hand and on order in 1972 dollars), of which series 70 is a component, have not been revised pending an expected revision of the series 70 deflators later this year. Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of the Census, Business Division. 2. The Average weekly insured unemployment rate (series 45) has been revised for the period 1975 to date to reflect the source agency's annual updating and new seasonal adjustment of the basic data. Further information concerning this revision may be obtained from the U.S. Department of Labor, Employment and Training Administration, Office of Administration Management. (Continued on page iv.) The April issue of BUSINESS CONDITIONS DIGEST is scheduled for release on May 2. HI indexes, etc. 3. Changes in Consumer price indexes over 6-month spans for series 732c (United Kingdom) and 738c (Japan) have been revised for the periods 1977 to date and November 1976 to date, respectively, to reflect new seasonal adjustments. Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division. 4. The series on Consumer price index, West Germany (series 735 and 735c), have been revised for the period 1957 to date to reflect the updating of the index weights from a 1970 expenditure basis to a 1976 expenditure basis. Further information concerning this revision may be obtained from the International Monetary Fund, Bureau of Statistics, General Statistics Division. 5. Appendix C contains historical data for series 6-8, 12, 13, 28, 91, 96, 118, 441, 442, 444-448, 451-453, 614, and 723. 6. Appendix G contains cyclical comparisons for series 12, 29, 36, 57, 64, and 84. IV METHOD OF PRESENTATION This report is organized into two major parts. Part I, Cyclical Indicators, includes about 150 time series which have been found to conform well to broad fluctuations in comprehensive measures of economic activity. Nearly three-fourths of these are individual indicators, the rest are related analytical measures: Composite indexes, diffusion indexes, and rates of change. Part II, Other Important Economic Measures, covers over 140 series which are valuable to business analysts and forecasters but which do not conform well enough to business cycles to qualify as cyclical indicators. (There are a few exceptions: Four series which are included in part I are also shown in part II to complete the systematic presentation of certain sets of data, such as real GNP and unemployment.) The largest section of part II consists of quarterly series from the national income and product accounts; other sections relate to prices, labor force, government and defense-related activities, and international transactions and comparisons. The two parts are further divided into sections (see table of contents), and each of these sections is described briefly in this introduction. Data are shown both in charts and in tables. Most charts begin with 1956, but those for the composite indexes and their components (part I, section A) begin with 1948, and a few charts use a two-panel format which covers only the period since 1969. Except for section F in part II, charts contain shading which indicates periods of recession in general business activity. The tables contain data for only the last few years. The historical data for the various time series are contained in the 1977 Handbook of Cyclical Indicators. In addition to the charts and tables described above, each issue contains a summary table which shows the current behavior of many of the series. Appendixes present seasonal adjustment factors, measures of variability, specific cycle turning dates, cyclical comparison charts, and other information of analytical interest. An index appears at the back of each issue. It should be noted that the series numbers used are for identification purposes only and do not reflect precise relationships or order. However, all series considered as cyclical indicators are numbered in the range 1 to 199. Seasonal Adjustments Adjustments for average seasonal fluctuations are often necessary to bring out the underlying trends of time series. Such adjustments allow for the effects of repetitive intrayear variations resulting primarily from normal differences in weather conditions and from various institutional arrangements. Variations attributable to holidays are usually accounted for by the seasonal adjustment process; however, a separate holiday adjustment is occasionally required for holidays with variable dates, such as Easter, An additional adjustment is sometimes necessary for series which contain considerable variation due to the number of working or trading days in each month. As used in this report, the term "seasonal adjustment" includes trading-day and holiday adjustments where they have been made. Most of the series in this report are presented in seasonally adjusted form and, in most cases, these are the official figures released by the source agencies. However, for the special purposes of this report, a number of series not ordinarily published in seasonally adjusted form are shown here on a seasonally adjusted basis. MCD Moving Averages Month-to-month changes in a series are often dominated by erratic movements. MCD (months for cyclical dominance) is an estimate of the appropriate span over which to observe cyclical movements in a monthly series. (See appendix A.) It is the smallest span of months for which the average change in the cyclical factor is greater than that in the irregular factor. The more erratic a series is, the larger the MCD will be; thus, MCD is 1 for the smoothest series and 6 for the most erratic. MCD moving averages (that is, moving averages of the period equal to MCD) tend to have about the same degree of smoothness for all series. Thus, a 5-term moving average of a series with an MCD of 5 will show its cyclical movements about as clearly as the seasonally adjusted data for a series with an MCD of 1. The charts in this report generally include centered MCD moving averages for those series with an MCD greater than 4. The seasonally adjusted data are also plotted to indicate their variation about the moving averages and to provide observations for the most recent months. Part I. CYCLICAL INDICATORS Business cycles have been defined as sequences of expansion and contraction in various economic processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment, income, and trade. While recurrent and pervasive, business cycles of historical experience have been definitely nonperiodic and have varied greatly in duration and intensity, reflecting changes in economic systems, conditions, policies, and outside disturbances. One of the techniques developed in business cycle research and widely used as a tool for analyzing current economic conditions and prospects is the cyclical indicators approach. This approach identifies certain economic time series as tending to lead, coincide with or lag behind the broad movements in aggregate economic activity. Such indicators have been selected and analyzed by NBER in a series of studies published between 1938 and 1967. During the 1972-75 period, a new comprehensive review of cyclical indicators was carried out by the Bureau of Economic Analysis (BEA) with the cooperation of the NBER research staff. The present format and content of part I of BCD are based on the results of that study. Section A. Composite Indexes and Their Components All cyclical indicators have been evaluated according to six major characteristics: Economic significance, statistical adequacy, consistency of timing at business cycle peaks and troughs, c o n f o r m i t y to business e x p a n s i o n s and contractions, smoothness, and prompt availability (currency). A formal, detailed weighting scheme was developed and used to assess each series by all of the above criteria. (See articles in the May and November 1975 issues of BCD.) The resulting Reference Turning Dates scores relate to cyclical behavior of the series The historical business cycle turning dates used during the period 1947-70. This analysis produced in this report are those designated by the National a new list of indicators classified by economic Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks mark the approximate dates when, according to and troughs. (See tables on page 2 and text below NBER, aggregate economic activity reached its relating to section B,) This information, particularly the scores relating cyclical high or low levels. As a matter of general practice, neither new reference turning dates nor to consistency of timing, served as a basis for the the shading for recessions will be entered on the selection of series to be included in the composite charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring the new reference trough bounding the shaded area series from many different economic-process groups and combine those with similar timing have been designated. The historical reference turning dates are subject behavior, using their overall performance scores as to 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 individual indicators. Furthermore, much of the Annual Report. Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing A. Timing at Business Cycle Peaks ^v Economic \Process Cyclical \. Timing N, LEADING (L) INDICATORS (62 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) LAGGING (Lg) INDICATORS (18 series) TIMING UNCLASSIFIED (U) (8 series) II. ML CONSUMPTION. TRADE, ORDERS, AND DELIVERIES (13 series) IV. FIXED CAPITAL INVESTMENT (18 series) V. INVENTORIES AND INVENTORY INVESTMENT (9 series) VI. PRICES, COSTS, AND PROFITS (17 series) VII. Marginal employment adjustments (6 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive unemployment (3 series) Capacity utilization (2 series) New and unfilled orders and deliveries (6 series) Consumption (2 series) Formation of business enterprises (2 series) Business investment commitments (5 series) Residential construction (3 series) 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) Comprehensive employment (1 series) Comprehensive output and reaf income (4 series) Industrial production (4 series) Consumption and trade (4 series) Backlog of investment commitments (1 series) Business investment expenditures (5 series) 1. EMPLOYMENT AND UNEMPLOYMENT (18 series) PRODUCTION AND INCOME (10 series) Duration of unemployment (2 series) Business investment expenditures (1 series) Comprehensive employment (3 series) Trade (1 series) Business investment commitments (1 series) MONEY AND CREDIT (26 series) Velocity of money (2 series) Interest rates (2 series) Inventories on hand and on order (4 series) Unit labor costs and labor share (4 series) Interest rates (4 series) Outstanding debt (3 series) Commodity prices (1 series) Profit share (1 series) Interest rates (1 series) B. Timing at Business Cycle Troughs \. Economic \Process N. Cyclical Nw Timing X. LEADING (L) INDICATORS (47 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) LAGGING (Lg) INDICATORS (40 series) TIMING UNCLASSIFIED (1 series) 1. EMPLOYMENT AND UNEMPLOYMENT (18 series) PRODUCTION AND INCOME (10 series) CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) III. IV. FIXED CAPITAL INVESTMENT (18 series) Marginal employment adjustments (3 series) Industrial production (1 series) New and unfilled orders and deliveries (5 series) Consumption and trade (4 series) Formation of business enterprises (2 series) Business investment commitments (4 series) Residential construction (3 series) Marginal employment adjustments (2 series) Comprehensive employment (4 series) Comprehensive output and real income (4 series) Industrial production (3 series) Capacity utilization (2 series) Consumption and trade (3 series) Business investment commitments (1 series) 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 of unemployment (5 series) II. V. INVENTORIES AND INVENTORY INVESTMENT (9 series) Inventory investment (4 series) Inventories on hand and on order (5 series) VI. PRICES, COSTS, AND PROFITS (17 series) MONEY AND CREDIT (26 series) 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 tabor share (4 series) Velocity of money (1 series) Bank reserves (1 series) Interest rates (8 series) Outstanding debt (3 series) VII. Bank reserves (1 series) independent measurement error and other "noise" in the included series are smoothed out in the index as a whole. The indexes include only monthly series that are acceptable in terms of relatively prompt availability and reasonable accuracy. The main composite indexes are distinguished by their cyclical timing. Thus, there is an index of leading indicators, series which historically reached their cyclical peaks and troughs earlier than the corresponding business cycle turns. There is an index of roughly coincident indicators, consisting of series which historically reached their turning points at about the same time as the general economy, and an index of lagging indicators, which includes series that typically reached their peaks and troughs later than the corresponding business cycle turns. The leading index contains series with long as well as short leads, but each series leads on the average over time and shows a frequency of leads at the individual turns exceeding that attributable to chance, given the historical distribution of cyclical timing. (An analogous statement applies to 'he components of the lagging index.) Since 1948, »ads were generally more frequent and longer at peaks than at troughs of business cycles, while lags were generally more frequent and longer at troughs than at peaks. The adopted system of scoring and classifying the indicators takes into account these w e l l - e s t a b l i s h e d d i f f e r e n c e s in timing. Consequently, rough coincidences include short leads (-) and lags ( + ) as well as exact coincidences (0). (For monthly series, the range is from -3 through -hi at peaks and from -1 through 4-3 at troughs, where minus denotes leads and plus denotes lags in months.) For purposes of constructing a composite index, each component series is standardized: The monthto-month percent changes in a given series are divided by the long-run average (without regard to sign) of those changes. Thus, the more volatile series are prevented from dominating the index. The coincident index is calculated so that its longterm trend (since 1948) equals the average of the trends of its four components. This trend, which is similar to that of GNP in constant dollars, can be viewed as a linear approximation to the secular movement (at an average growth rate) in aggregate economic activity. The indexes of leading and lagging indicators have been adjusted so that both their trends and their average month-to-month percent changes (without regard to sign) are approximately equal to those of the coincident index. (For a more detailed description of the method of constructing the composite indexes, see.the 1977 Handbook of Cyclical Indicators.) In addition to these principal composite indexes, differentiated according to cyclical timing, there are five indexes based on leading indicators which have been grouped by economic process. Taken together, these additional indexes include all 12 component series of the overall leading index, plus a few related series. Also shown in this section is the ratio of the index of roughly coincident indicators to the index of lagging indicators, a series known to have a useful pattern of early cyclical timing. Numbers entered on the charts of the composite indexes show the length, in months, of leads (-) and lags (+) at each of the reference turning dates covered. The next set of data consists of series included in the principal composite indexes. These are the 12 components of the leading index, the 4 components of the coincident index, and the 6 components of the lagging index. Following the title of each series, its typical timing is identified by three letter symbols in a small box. The first of these letters refers to the timing of the given indicator at business cycle peaks, the second to its timing at business cycle troughs, and the third to its timing at all turns, i.e., at peaks and troughs combined. "L" denotes a tendency to lead, "C" a tendency to roughly coincide with the business cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency to lag. Since these series have been selected for the consistency of their timing at both peaks and troughs, all components of the leading index are denoted "L,L,L," all components of the coincident index "C,C,C," and all components of the lagging index "Lg,Lg,Lg." It should be remembered that these classifications are based on limited evidence, namely the performance of the indicators during the business cycles of the 1948-70 period, which included five peaks and five troughs. While the timing classifications are expected to agree with the patterns prevailing in the near future, they will not necessarily hold invariably in every instance. The timing of the series in the post-1970 period can be determined by inspection of the charts where the 1973-75 recession is shaded according to the dates of the NBER reference cycle chronology. Section B. Cyclical Indicators by Economic Process This section covers 111 individual time series, including the 22 indicators used in the construction of the composite indexes. The peak and trough timing classifications are shown on the charts in the same manner as described above, but this section includes series with different timing at peaks and at troughs, as well as series where the timing is not sufficiently consistent to be classified as either L,C, or Lg according to the probabilistic measures and scoring criteria adopted. Such series are labeled U, i.e., unclassified as to timing at turning points of the given type. Eight series are unclassified at peaks, one series at troughs, and 19 series at all turns (of the 19, 15 have definite but different timing at peaks and at troughs). No series that is classified as U both at peaks and at troughs is included in the list of cyclical indicators. The classification scheme which groups the indicators of this section by economic process and cyclical timing is summarized in the two tabulations on page 2. Cross-classification A is based on the observed behavior of the series at five business cycle peaks (November '48, July '53, August '57, April '60, and December '69); crossclassification B, on their behavior at five business cycle troughs (October '49, May '54, April '58, February '61, and November 70). Each tabulation distinguishes seven major economic processes and four types of cyclical timing. The titles in the cells identify subgroups of the given economic process with the given timing characteristic. The number of series in each such group is given in parentheses following the title. Complete information on how individual indicators are classified by timing at peaks, troughs, and all turns, along with selected measures and scores, is provided in the 1977 Handbook of Cyclical Indicators. Section C. Diffusion Indexes and Rates of Change Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a given timespan is summarized by a diffusion index which indicates the percentage of components that are rising (with half of the unchanged components considered rising). Cyclical changes in these diffusion indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, they are computed from changes measured over 6- or 9-month (or 3- or 4-quarter) spans, as well as 1-month (or 1-quarter) spans. Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes are shown for the component series included in each of the three composite indexes and for the components of some of the aggregate series shown in section B. Diffusion measures can be derived not only from actual data but also from surveys of anticipations or intentions. Indexes based on responses of business executives about their plans and expectations for several operating variables are presented, along with the corresponding indexes based on actual data, as the last set of diffusion series. This section also records rates of change for the three composite indexes (leading, coincident, and lagging) and for four indicators of aggregate economic activity: GNP in constant dollars (quarterly), industrial production, employee hours in nonagricultural establishments, and personal income less transfers in constant dollars. Rates of change are shown for 1- and 3-month spans or for 1-quarter spans. Although movements in diffusion indexes and in rates of change for the same aggregates are generally positively correlated, these two measures present information about two related but distinct aspects of economic change. Diffusion indexes measure the prevailing direction or scope of change, white rates of change measure the degree as well as the overall direction. As is the case for diffusion indexes, cyclical movements in the rates of change tend to lead those of the corresponding indexes or aggregates, and thus, they tend to lead at the business cycle turns as well. Part II. OTHER IMPORTANT ECONOMIC MEASURES This part is divided into six sections which cover a wide range of quarterly and monthly time series measuring various aspects of economic activity. Some of these series are very comprehensive, pertaining to the U.S. economy as a whole, others have to do with particular sectors or markets, and still others relate to U.S. international transactions or to selected foreign countries. The represented variables include incomes, outputs, and expenditures; prices, earnings, and productivity; labor resources; government receipts, expenditures, and defense-related activities; exports and imports; and selected indicators for a few key foreign countries. Section A. National Income and Product The national income and product accounts, compiled by BEAt summarize both receipts and final expenditures for the personal, business, foreign, and government sectors of the economy. Section Al shows the gross national product final sales, and personal and disposable personal income. The four major components of the gross national product—personal consumption expenditures, gross private domestic investment, government purchases of goods and services, and net exports of goods and services—are presented in sections A2 through A5. Most of the series in section A are presented in current as well as constant dollars. There are also a few per capita series. The national income and product accounts, briefly defined below, are described more fully in the Survey of Current Business, Part I, January 1976. Gross national product (GNP) is the market value of final goods and services produced by the labor and property supplied by residents of the United States, before deduction of allowances for the consumption of fixed capital goods. It is the most comprehensive measure of aggregate economic output. Final sales is GNP less change in business inventories. Personal income is the income received by persons (individuals, owners of unincorporated businesses, nonprofit institutions, private trust funds, and private noninsured welfare funds) from all sources. It is the sum of wage and salary disbursements, other labor income, proprietors' income, rental income of persons, dividends, personal interest income, and transfer payments, less personal contributions for social insurance. Disposable personal income is the personal income available for spending or saving. It consists of personal income less personal taxes and nontax payments to government. Personal consumption expenditures (A2) is goods and services purchased by individuals, operating expenses of nonprofit institutions, and the value of food, fuel, clothing, rent of dwellings, and financial services received in kind by individuals. Net purchases of used goods are also included. Gross private domestic investment (A3) is fixed capital goods purchased by private business and nonprofit institutions and the value of the change in the physical volume of inventories held by private business. The former include all private purchases of dwellings, whether purchased for tenant or owner occupancy. Net purchases of used goods are also included. Government purchases of goods and services (A4) is the compensation of government employees and purchases from business and from abroad. It excludes transfer payments, interest paid by government, and subsidies. It includes gross investment by government enterprises but excludes their current outlays. It includes net purchases of used goods and excludes sales and purchases of land and financial assets. Net exports of goods and services (A5) is exports less imports of goods and services. Exports are part of the national production; imports are not, but are included in the components of GNP and are therefore deducted. More detail on U.S. international transactions is provided in section E. National income (A6) is the incomes that originate in the production of goods and services attributable to labor and property supplied by residents of the United States. Thus, it measures the factor costs of the goods and services produced. It consists of the compensation of employees, proprietors' income, rental income of persons, corporate profits, and net interest. Saving (A7) is the difference between income and expenditures during an accounting period. Total gross saving includes personal saving, business saving (mainly undistributed corporate profits and capital consumption allowances), and government surplus or deficit. Shares of GNP and national income (A8).—The major expenditure components of GNP (consumption, investment, etc.) are expressed as percentages of GNP, and the major income components of national income (compensation of employees, corporate profits, etc.) are expressed as percentages of national income. Section 6. Prices, Wages, and Productivity The important data on price movements include the monthly consumer and producer price indexes and their major components. Based largely on these series are the quarterly price indexes from the national income and product accounts, notably the GNP implicit price deflator (with weights reflecting the changing proportions of different expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are presented for the period since 1969. The group of series on wages and productivity consists of data on average hourly earnings and average hourly compensation (including earnings and other benefits) in current and constant dollars, output per hour of work in the business sector, and rates of change for most of these measures. Section C. Labor Force, Employment, and Unemployment This section contains measures of the civilian labor force and its major components: Total numbers of employed and unemployed persons, The number of unemployed is subdivided into selected categories defined by sex, age, and class of worker. Also included are data on participation rates for a few principal segments of the labor force. Section D. Government Activities Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels: (1) Federal Government and (2) State and local government. Also shown is a selection of series from the discontinued Defense Indicators, These series measure defense activities which influence short-term changes in the national economy. Included are series relating to obligations, contracts, orders, production, shipments, inventories, outlays, and employment. These series are grouped according to the time at which the activities they measure occur in the defense order-production-delivery process. Series measuring activities which usually precede production, such as contract awards and new orders, are classified as "advance measures of defense activity." Series measuring activities which tend to coincide with production, such as employment, and activities which usually follow production, such as shipments, are classified as "intermediate and final measures of defense activity." Section E. U.S. International Transactions This group includes monthly series on exports (excluding military aid) and general imports, plus a few selected components of these aggregates. Also shown are the balances between receipts and expenditures for goods and services, merchandise, and investment income. Section F. International Comparisons This section is designed to facilitate a quick review of basic economic conditions in six of the nations with which we have important trade relationships. The U.S. business cycle shading has been omitted from these charts. Data on industrial production, consumer prices, and stock prices for Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European countries in the Organization for Economic Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the economies covered. Changes in consumer price indexes (plotted for the period since 1969) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1969) tend to be significant as leading indicators. HOW TO READ CHARTS Basic Data Peak (P) of cycle indicates end of expansion and beginning of recession (shaded area) as designated by NBER. Trough (T) of cycle indicates end of recession and beginning of expansion as designated by NBER. Arabic number indicates latest month for which data are plotted. ("9" = September) Solid line indicates monthly data. (Data may be actual monthly figures or moving averages.) Dotted line indicates anticipated data. Broken line indicates actual monthly data for series where a moving average is plotted. Roman number indicates latest quarter for which data are plotted. ("IV" = fourth quarter) Solid line with plotting points indicates quarterly data. Parallel lines indicates a break in continuity (data not available, extreme value, etc.). Various scales are used to highlight the patterns of the individual series. "Scale A" is an arithmetic scale, "scale L-1" is a logarithmic scale with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles in that distance, etc. Diffusion Indexes Solid line indicates monthly data over 6- or 9-month spans. Broken line indicates monthly data over 1-month spans. Arabic number indicates latest month for which data are used in computing the indexes. Broken line with plotting points indicates quarterly data over 1-quarter spans. Roman number indicates latest quarter for which data are used in computing the indexes. Solid line with plotting points indicates quarterly data over various spans. Diffusion indexes and rates of change are centered within the spans they cover. Solid line indicates percent changes over 3- or 6-month spans. Broken line indicates percent changes over 1-month spans. Dotted line indicates anticipated quarterly data over various spans. Rates of Change Arabic number indicates latest month used in computing the changes. J?^^^ V V _-—— lP*F"v ^ ; \j' !* i, i, J 5- ! o^ Broken line with plotting points indicates percent changes over 1-quarter spans. *5i 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 keywords and phrases of the series titles, or- 2. See TITLES AND SOURCES OF SERIES at the back of the report where series are listed numerically according to series numbers within each of the report's sections. Table 1. Summary of Recent Data and Current Changes for Principal Indicators Basic data' Timing classification3 Series title Percent change ,_ Unit Average of Dec. measure 1979 1978 2dQ 3dQ 4th Q 1979 1979 1979 Dec. 1979 Jan, 1980 Feb. 1980 Jan. to to Jan, 1980 Feb. 1980 2dQ to 3dQ 3dQ to 4th Q 1979 1979 -0.6 -2.6 .3 S I. CYCLICAL INDICATORS A. Composite Indexes 910 Twelve leading indicators 920 Four coincident indicators 930. Six lagging indicators . ... Leading Indicator Subgroups: 913 Marginal employment adjustments 914. Capital investment commitments 915. Inventory investment and purchasing 916. Profitability 917. Money and financial flows i L.L.L C.C.C 1967=100 .. Lg,Lg,Lg L,U L,L,l .. UL.L L,L,L L.LL 140.2 145.0 166.4 135.2 145.7 178.3 do. ... do. . . . 141.8 140.1 143.1 . .. ... ... ... ... 98.1 96.7 96.2 96.1 96.3 96.3 96.5 96.3 115.7 106.2 113.8 107.1 114.1 105.0 91.9 91.9 149.0 113.7 105.7 NA 145.4 147.0 147.5 112.4 102.4 NA 140.9 111.9 102.2 NA 137.4 111.4 102.5 NA 134.6 109.5 102.5 NA 135.4 40.4 40.2 39.8 40.2 40.2 40.2 40.3 40.1 do. do. do. do. do. 93.2 141.1 144.9 162.6 140.3 144.9 167,2 136.7 144.9 177.6 135.6 145.1 177.9 134.9 145.2 181.1 -0.3 0.4 0.2 0.2 -0.4 0.3 NA -2.0 -0,2 -0.3 1.6 -0.2 -1.7 0.0 NA 0.6 0.0 2.8 -0.1 0.3 -2.0 0.0 0.3 0.0 6.2 0.2 -1.5 -2.5 NA -4.5 910 920 930 913 914 915 916 917 B, Cyclical Indicators by Economic Process B1. Employment and Unemployment Marginal Employment Adjustments: *1. Average workweek, prod, workers, mfg 21. Avg. weekly overtime, prod, workers, mfg.2 . . 2. Accession rate, per 100 employees, mfg.2 5. Avg. weekly initial claims (inverted 4 ) *3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 .. 4. Quit rate, per 100 employees, rnfg.2 L.L.L L,C,L L,l,L L,C,L L.L.L l,Lg,U Percent Thousands. . Percent Job Vacancies; 60. Ratio, help-wanted advertising to persons unemployed2 46. Help-wanted advertising LLg.U t,lg,U Ratio 1967=100... 0.738 149 u,c,c u,c,c c,c,c A.r.,bil.hrs.. Thousands. . Comprehensive Employment: 48. Employee hours in nonagri. establishments . . , 42. Persons engaged in nonagri, activities *41. Employees on nonagri. payrolls 40. Employees in mfg., mining, construction 90. Ratio, civilian employment to total population of working age2 Comprehensive Unemployment: 37. Total unemployed (inverted 4 ) 43. Unemployment rate, total (inverted 4 ) 2 45. Avg. weekly insured unemploy. rate (inv. 4 ) 2 . . *91. Avg. duration of unemployment (inverted 4 ) . . 44. Unemploy. rate, 15 weeks and over (inv. 4 ) 3 .. LC,U Hours do. . . . do, . . . do. . . . do. . . . 3.3 3.9 384 1.1 2.0 3.2 4.0 390 1.1 2.0 3.2 3.8 389 1.3 1.9 3.2 4.0 411 1.2 2.0 3.2 4.0 413 1.2 1.9 3.2 4.1 404 1.3 2.0 3.1 3.9 375 1.3 1.9 0.786 0.778 0.775 0.789 0.778 158 154 156 161 159 0.714 154 0.713 151 163.84 91,031 25,597 25,598 168.87 93,648 89,497 26,579 168.09 93,232 89,353 26,630 169.29 93,915 89,759 26,638 169.95 94,319 90,108 26,587 170.55 94,553 90,241 26,655 171.02 94,534 90,590 26,778 170.72 94,626 90,731 26,771 3.6 4.1 338 0.9 2.1 U,Lg,U Percent 58.59 59.25 59.10 59,33 59.31 59.38 59.24 59.26 Ulg.U Thousands . . Percent 6,047 5,963 5,890 6,008 6,084 6,087 6,425 6,307 Ug,U L,Lg,U Lg,Lg,Lg Lg,Lg,Lg do. . . . Weeks Percent 6.0 3.2 5.8 3.0 5.8 2.9 5.8 2.9 5.9 3.0 5.9 3.1 6.2 3.2 6.0 3.1 11.9 c,c,c A.r., bil.dol. 10.8 10.8 10.5 10.5 10.5 10.5 10.7 0.2 0.0 0.1 2.2 1.0 0.0 -0.2 -0.1 0.1 0.1 -0.064 -0.001 • 0 . 0 0 3 -3.1 -1.9 1.3 0.014 3.2 60 46 0.4 0.4 0.4 48 42 41 40 -0.1 0.1 0.3 0.0 0.4 0.5 -0.14 -5.6 -0.3 -0.1 0.0 7.2 0.0 -0.1 -0.2 0.1 0.2 0.0 0.02 1.8 0.2 0.1 -1.9 -0.2 0.3 0.7 0.7 0.5 0.0 0.23 -2.0 0.0 0.0 2.8 0,1 1.2 -0.1 O.I 1 3 9 9 , 2 1431.6 1 4 2 2 . 3 1433.3 1 4 4 0 . 3 1145.2 1177.8 1173.0 1179.3 1184.5 1191.0 1188.3 1177.9 9 9 5 . 7 1024.1 1022.0 1021.3 1029.1 1033.2 1028.5 1021.7 -0.2 -Q.S -0.9 -0.7 -0.1 -0.9 -0.5 -1.6 1.4 1.2 1.2 1.1 1.2 1.2 1.3 0,0 0.0 0.2 1 21 2 5 3 4 -0.5 -0.1 -0.2 -5.7 -0.2 -0.02 90 -0,1 37 43 45 91 44 0,5 0.4 0.8 50 52 51 -1.3 -0.1 -0.1 0.0 B2. Production and Income Comprehensive Output and Incorna: 50 GNP in 1972 dollars 52. Personal income in 1 972 dollars *61. Pers. income less transfer pay., 1972 dollars .. 53. Wages and salaries in mining, mfg., and construction, 1972 dollars C.C.C do. . . . c,c,c ..do c,c,c do 243,5 246.0 247.9 243.9 241.5 241.6 239.5 238.4 146.1 139.7 156.9 639.5 152.2 146.3 163.2 653.1 151.9 146.6 162.5 647.3 152.3 145.8 164.3 651.3 152.2 145.0 164.3 655.1 152.2 144.4 164.5 152.7 144.6 165.4 153.0 145.1 165.5 85.6 85.9 85.4 84.6 Industrial Production: *47. Industrial production, total 73. Industrial production, durable mfrs 74. Industrial production, nondurable mfrs 49. Value of goods output, 1972 dollars c,c,c 1967=100... C.C.C C,L,L C.C.C do. . . . do. . . . A.r., bil. dol. Capacity Utilization: 82. Capacity utilization rate, mfg., FRB 2 83. Capacity utilization rate, mfg., BEA2 84. Capacity utilization rate, materials, FRB2 L.C.U Percent L,C,U do. . , . do. . . . 84.4 84 82 83 82 0.3 0.1 0.5 0.2 0.3 0.1 0.8 0.5 0.3 -0.5 1.1 0.6 -0.5 -1 81 -0.1 85.6 87.2 87.3 87.2 86.3 70.16 41.47 37.54 77.25 76.32 41.44 36.97 41.36 37.13 74.71 39.67 36.01 76.61 39.51 35.19 77.75 39.77 34.54 82.03 40.98 36.40 82.64 40.85 37.20 3.24 3.20 0.71 2.17 3.64 4.22 3.08 -1.0 53 -0.1 -0.5 47 73 74 49 0.0 0.6 -0.8 -1 -0.9 82 83 84 B3. Consumption, Trade, Orders, and Deliveries Orders and Deliveries: 6, New orders, durable goods 7. New orders, durable goods, 1972 dollars *8. New orders, cons, goods and mtls.. 1972 dol. . 25. Chg. in unfilled orders, durable goods2 96. Mfrs.' unfilled orders, durable goods5 .. . *32. Vendor performance 2 @ Consumption and Trade: 56. Manufacturing and trade sales *57. Manufacturing and trade sales, 1972 dollars . . 75. Industrial production, consumer goods 54, Sates of retail stores 69. Sales of retail stores, 1972 dollars 55. Personal consumption expend., autos 58. Index of consumer sentiment {§) U,L L,L,L L,L,L L.UL L.Lg.U U,L Bil.dol do. . . . do. . . . do. . . . Bil.dol., EOP Percent c,c,c c,c,c Bil.dol C.L.C C.L.U U,L,U L.C.C L,L,L 1967=100... do. . . . A.r., bil. dol. 1 01966=100 L,L,l L.L.L 1967=100... Number. . . . do Mil. dol 3.66 228.18 64 2 6 7 . 0 7 2 5 8 . 4 6 2 6 0 . 5 8 2 6 7 . 0 7 2 6 7 . 0 7 271.29 2 7 4 . 3 7 63 74 55 49 49 48 42 2 5 4 . 2 2 2 8 8 . 3 6 2 8 2 . 2 4 2 9 2 . 9 9 3 0 0 . 0 2 3 0 2 . 4 8 311.79 1 5 6 . 3 2 159.82 159.14 160.03 158.89 158.72 161.33 NA NA 149.1 150.5 151.0 149.0 148.3 149.6 147.8 149.2 6 6 , 7 4 1 7 3 , 8 3 7 71,997 7 4 , 8 8 6 7 6 , 3 8 5 77,150 7 9 , 5 2 3 7 8 , 9 8 9 44,314 44,800 44,189 45,072 44,879 44,881 45,703 44,855 68.0 79.4 69.2 66.0 132.9 131.0 68.2 66.6 67.9 63.9 66.8 62.1 61.0 131.5 129.7 128.3 67.0 66.9 5.5 3.0 5.4 0.58 1.6 -1 3,,1 1,6 -0.3 3.1 1.8 9.8 0.7 -0.3 2.2 -1.14 1.1 -6 NA NA 0.9 -0.7 -1.9 -0.1 -2.1 -4,1 -3.0 -2.49 0.8 -19 3,8 0.6 -0.9 4.0 2,0 -0.4 -4.1 2.5 -0.4 -2.3 1.46 2.5 -6 2.4 -0.7 -0.4 2.0 -0.4 -1.6 -2.8 6 7 8 25 96 32 56 57 75 54 59 55 58 B4. Fixed Capital Investment Formation of Business Enterprises: *12. Net business formation 13. New business incorporations 130.8 39,996 43,714 43,324 4 4 , 0 8 4 44,956 43,579 NA NA NA NA NA NA NA NA 0.5 1.8 -1.4 2.0 12 13 Basic data1 Series title Timing classification3 Unit of measure Percent change Average 1978 to to Jan. 1980 Feb. 1980 2dQ to 3dQ 3dQ to 4th Q 1979 1979 Dec. 1979 2dQ 3dQ 4th Q 1979 1979 1979 Dec. 1979 Jan. 1980 < ' Feb. 1980 Jan. Series number 1 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued 1. CYCLICAL INDICATORS-Con. B4. Fixed Capital Investment-Con. Business Investment Commitments: 1 0. Contracts and orders, plant and equipment . . . *20. Contr. and orders, plant and equip., 1972 dol 24. New orders, cap. goods indus., nondefense . . , 27. New orders, capital goods industries, nondefense 1972 dollars 9. Construction contracts, commercial and industrial buildings floor space 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 22.01 25.14 24.31 23.92 25.83 27.99 27.35 24.67 -2.3 -9.8 -1.6 8.0 1 L,L L L,L,L . . . ...do. . . . 13.60 18.30 14.49 21.65 14.11 21.16 13.45 20.93 14.56 21.76 15.68 22.86 14.65 23.86 13.53 21.59 -6.6 do. . . -7.6 -9.5 -4.7 -1.1 8.3 4.0 2 2^ L LL do. . . . 11.42 12.69 12.46 11.93 12.55 13.14 13.24 12.01 -9.3 -4.3 5.2 2 80.73 16.78 63.43 90.34 22.67 77.85 88.25 21.03 70.15 88.17 22.55 73.58 86.02 24.52 77.85 80.79 104.43 85.46 -18.2, -0.1 L,C,U Mil. sq. ft. . . j ; U,Lg,U Bil. dol C,Lg,Lg Bil. dol., EOF C,Lg,Lg A.r., bil. dol. do. . . . C,Lg,Lg C,Lg,U 1967=100... C,Lg,C A.r., bil. dol. L,L,L L,L,L L,L,L 4.4 0.8 29.3 i 1 5 3 . 8 2 176.37 1 7 3 . 4 8 179.33 186.95 1 A.r., thous. . 1967=100. . . A.r., bil. dol. 230.22 270.89 263.24 277.41 282.24 286.78 297.49 172.2 17 2. "9 174.2 175.2 160.3 171.3 170.5 150.5 140.1 148.8 146.9 150.7 2,020 145.4 1,744 123.0 1,820 128.5 1,809 133.5 1,593 109.0 60.1 56.7 56.7 56.5 55.8 1,548 100.5 1,424 102.1 NA 175.7 1,334 92.2 3.7 0.6 -8.0 1.6 NA 0.3 -6.3 -9.7 -2.4 1 9 7.2 4.9 8.7 5.8 3.4 4.2 6 5.4 1.0 2.6 1.7 0.4 6 7 8 -0.6 3.9 -0.4 -0.1 -11.9 -18.4 -1.2 2 2 8 B5. Inventories and Inventory Investment Inventory Investment: 30. Chg. in business inventories, 1972 dol.2 *36. Change in inventories on hand and on order, 1972 dollars (smoothed6)2 . . . 31. Chg. in book value, mfg. and trade invent.2 . . 38. Chg. in mtl. stocks on hand and on order2 . . . Inventories on Hand and on Order: 71 Mfg and trade inventories, total 5 *70. Mfg. and trade invent., total, 1972 dol.5 65. Mfrs.' inventories of finished goods5 77. Ratio, inventories to sales, mfg. and trade, constant dollars 2 78. Materials and supplies, stocks on hand and on order5 . do. . . . L,L,L L LL L,L,L L,L,L do. . . . do. . . . Bil. dol Lg,Lg,Lg Bil. dol., EOF do. . . . Lg,Lg,Lgj do. . . . Lg,Lg,Lg Lg,Lg,Lg Ratio 14.1 9.7 18.1 7.1 18.96 10.65 17.42 11.17 43.2 2.04 47.1 2.55 59.2 2.51 47.1 1.28 1.4 -11.0 -7.65 -9.52 -9.80 32.8 2.08 10.1 1.44 -0.28 46.4 3.31 NA NA NA 3 8 0 . 3 5 4 2 7 . 4 0 4 0 7 . 4 3 419.20 4 2 7 . 4 0 4 2 7 . 4 0 431.27 2 4 9 . 5 9 2 5 7 . 3 2 256.18 2 5 7 . 6 3 2 5 7 . 3 2 2 5 7 . 3 2 256.89 7 0 . 4 2 7 0 . 4 2 71.77 63.80 70.42 68.26 69.95 NA NA -0.2 NA -0.03 NA NA 1.7 NA 1.57 L,Lg,Lg Bil. dol., EOF 167.95 1.60 1.60 198.53 188.46 1.62 192.30 1.62 1.62 198.53 1 9 8 . 5 3 1.59 201.84 36.3 1.87 0.9 1.9 NA NA NA -6.25 -12.1 -1.23 NA NA NA 2\'5 2.9 -5.7 -18.82 -14.3 0.80 2.0 -0.1 0.02 2.0 0.7 0.0 3.2 3 3 3 3 7 7 6 7 7 86. Prices, Costs, and Profits Sensitive Commodity Prices: *92 Chg in sensitive prices (smoothed6)2 23 Industrial materials prices® L,L,L U,L,L Percent 1967=100... 1.23 2.08 1.97 2.10 2.44 2.56 2.51 2.72 231.0 293.0 294.1 297.6 307.1 309.6 316.2 322.5 -0.05 2.1 Stock Prices: *19 Stock prices 560 common stocks@ L,L,L 194143=10. 9 6 . 0 2 103.01 101.18 106.22 105.30 107.78 110.87 115.34 2.9 Profits and Profit Margins: 16. Corporate profits after taxes 18. Corp. prof its after taxes, 1972 dollars 79. Corp. profits after taxes, with 1 VA and CCA . . 80 do in 1972 dol. . . . 15. Profits (after taxes) per dol. of sales, mfg.2 . . . 26. Ratio, price to unit labor cost, nonfarm bus L,L,L L,L,L L,C,L L,C,L L,L,L L,L,L A.r.,bil.dol. , do. . . . do. . . . do. . . . Cents 1967=100... 121.5 144.6 139.3 148.3 148.8 78.5 83.1 54.2 85.9 86.1 51.8 83.7 87.9 53.4 86.9 86.8 51.5 85.8 82.2 48.0 95.6 94.3 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. . . . 194.1 121.5 222.8 129.1 Lg,Lg,Lg 1967=100... 194.2 Lg,Lg,Lg Dollars Lg,Lg,Lg 1967=100...: Unit Labor Costs and Labor Share: 63, Unit labor cost, private business sector 68. Labor cost (cur. dol.) per unit of gross domestic product (1972), nonfin. corp *62 Labor cost per unit of output, mfg 64. Compensation of employees as percent of national income2 Lg,Lg,Lg Percent 5.4 5.6 5.8 0.21 0.13 2.0 1.2 4.0 5.0 6.5 3.8 -1.3 -3.6 NA 0.2 0.34 3.2 -0.9 0.3 -1.3 -5.3 -6.8 NA 9 2 1 1 1 7( 8 1. 2 94.2 94.0 217.3 127.4 228.3 130.5 229.6 128.6 5.1 2.4 214.0 211.7 217.0 221.1 2.5 1.9 6 1.020 164.1 1.114 175.4 1.104 174.2 1.127 176.0 1.149 180.0 2.1 1.0 2.0 2.3 6f 6, 75.7 75.8 75.9 75.8 75.9 0.1 6< 94.4 -0.2 182.0 182.6 183.4 0.3 0.4 -0.1 -0.2 0.6 -1.5 3' 3. B7. Money and Credit Money: 85 Change in money supply (Ml )2 102. Change in money supply plus time deposits at commercial banks (M2)2 *104. Chg. in total liquid assets <M7> (smoothed*)2 . 105. Money supply (M1), 1972 dollars 1 *106 Money supply (M2), 1972 dollars L.L,L Percent. . . . 0,54 0.46 0.95 0.79 0.26 0.45 0.29 0.99 -0.16 0.70 -0.16 -0.53 8 LCU L,L,L L,L,L L,L,L . . . do ... do. . . . Bil. dol do. . . . 0.69 0.97 0.67 0.93 0.94 1.03 1.00 0.99 0.57 0.84 0.45 0.70 0.56 0.62 0.91 0.74 0.11 0.06 -0.08 -0.04 -0.43 -0.15 226.1 542.7 213.8 526.9 214.8 527.0 213.5 526.5 209.6 521.7 207.9 518.3 205.4 513.4 204.6 511.0 -1.2 -0.9 0.35 0.12 -0.4 -0.5 -0.6 -0.1 -1.8 -0.9 10' 10' 105 10( Velocity of Money: 107, Ratio, GNPto money supply (M1)2 108. Ratio, pers. income to money supply (M2)2 .. C,lg',C do. . . . 6.028 2.027 6.384 2.103 6.345 2.102 6.372 2.099 6.452 2.110 2.123 2.135 2.123 0.012 -0.012 0.027 -0.003 0.080 0.011 10' 10J L,L,L L,L,L L,L,L A.r.,bil.dol. do. . . . do. . . . do. ... 52.14 NA 55.48 16.46 NA 35.83 NA NA NA 5 0 . 9 3 -19.65 NA 0.27 -2.54 -12.13 -42.43 -13.57 -30.2 11: 11: IK Credit 33 112 1 13. 1 10. Flows: Change in mortgage debt2 , „ Change in business loans2 Change in consumer installment debt2 Total private borrowing Ratio UL,L 90.05 7 7 . 9 2 90.83 86.57 87.58 31.61 38.15 -4.28 14.27 22.88 23.77 39.88 37.34 44.35 35.50 346.63 357.02 364.22 420.58 293.48 4.55 16. ,19 2.47 6.54 15.5 3: Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued Basic data1 Timing classification3 Series title Percent change £ Unit Average of measure 1978 1979 2dQ 3dQ 4tnQ 1979 1979 1979 Dec. 1979 Jan. 1980 Feb. 1980 E c 8 to to Jan. 1980 Feb. 2dQ to 3dQ 11980 1979 1979 NA -0.14 NA -0.05 14 39 -111 -150 340 588 93 94 0.77 0.26 0.04 2.63 2.17 1.13 1.69 0.92 119 114 115 116 117 118 67 109 Dec. Jan. 3dQ to 4th Q £ I. CYCLICAL INDICATORS-Con. B7. Money and Credit-Con, Credit Difficulties: 14. Liabilities of business failures (inv/1)® 39. Delinquency rate, instal. loans (inv. 4 ) 2 s L,L,L L,U Mil.dol Percent, EOP Bank Reserves: 93. Freo reserves (inverted 4 ) 2 © 94, Borrowing from the Federal Reserve 2 ® L,U,U L,lg,U Mil.dol Ug,Lg C,Lg,lg C,Lg,lg Percent Interest Rates: 119 Federal funds rate2® 1 14, Treasury bill rate2® 115. Treasury bond yields2® 116 Corporate bond yields 2 ® 117, Municipal bond yields2® 118, Mortgage yields, residential 2 ® . . 67. Bank rates on short-term bus. loans2® *109. Average prime rate charged by banks 2 ® Lg.Lg-Lg U,Lg,Lg Lg,L9,Lg Lg.Lg-Lg Lg,Lg,Lg 2.45 -679 do. . . . do, do. do. do. do. do. do. 221.33 ... ... . .. . .. ... . .. ... Outstanding Debt: 66. Consumer installment debt 5 Lg l_9,Lg Bil.dol., EOP *72, Commercial and industrial loans outstanding, weekly reporting large comm. banks Lg.Lg.Lg Bil.dol *95, Ratio, consumer install, debt to pers. income2. Lg,lg,Lg Percent 872 7.94 7.22 7.89 8.98 6.02 9.75 9.80 9.06 NA 2 3 8 . 7 9 2.64 2.45 NA 2.59 NA 2.64 -1,104 -1,188 -1,077 -1,417 NA 2.64 -951 NA NA -949 NA NA -1,490 1,337 1,357 1,207 1,795 1,454 1,264 1,660 11.20 10.04 10.18 10,95 9.63 8.48 9.64 6.28 13.58 11.80 13.78 12.07 11.30 13.82 12.04 10.03 11.65 14.13 12.81 11.55 13.23 6.52 9.37 8.44 9.67 6.22 7.22 7.35 8.16 10.89 13.18 12.67 NA 12.34 11.72 10.80 12.31 12.12 8.74 10.05 9.61 11.33 7.20 NA 15.81 15.08 9.58 NA NA NA NA -2 541 396 -190 0.04 -0.03 0.45 0.35 0.13 0.36 0.31 0.77 1.52 1.58 0.81 12.24 12.60 NA 15.30 15.25 15.63 -0.05 3 0 3 . 3 3 3 0 3 . 1 3 2 8 7 . 8 5 297.19 3 0 3 . 1 3 303.13 3 0 4 . 5 0 NA 0.5 NA 126.31 147.06 143.94 152.40 154.59 1 5 9 . 2 2 162.20 3.0 -0.06 1.9 NA 1.4 0.2 0.0 1.4 0.0 0.0 2.1 2.0 2.6 1.8 0.7 1.8 154.92 14.34 14.99 15.06 15.07 15.04 14.95 14.89 1972=100.,. 1967=100. . . Percent 1967=100. . . 152.0 195.4 0.7 211.4 165.5 217.4 1.0 234.5 163.8 214.1 1.0 233.2 221.1 1.1 236.2 227.6 229.9 233.2 236.4 1.1 242.0 1.2 244.8 1.4 244.8 1.4 244.7 do. do. .do do. do. ... ... 209.3 240.2 275.6 237.3 ... ... 216.6 215.5 215.1 210.8 239,1 287.1 247.1 218.5 218.4 247.3 298.3 257.3 222.9 227.3 249.4 302.2 259.9 224.5 229.6 254.7 299.5 215,5 199.1 192.6 235.5 282.2 242.7 267.1 228.2 233.2 259.8 307.4 272.0 229.8 237.3 212.9 229.8 227.8 232.5 237.2 239.5 240.3 242.2 ... ... ... ... 109.0 228.7 117.0 120.1 105.8 246.8 113.2 118.1 106.4 244.1 114.0 118.2 105.2 249.2 112.9 117.8 104.0 254.4 111.7 117.6 103.8 102.7 102.1 NA NA 0,38 -0.03 0.06 NA -0.03 0.40 NA 3.50 2.96 3.2 2.0 66 5.9 1.7 -0.03 72 95 2.1 3.3 0.1 1.3 2.0 2.9 0.0 2.5 310 320 320 322 3.1 4.2 4.1 1.6 3.6 3.4 3.9 4.1 2.0 4.1 330 331 332 333 334 0.01 II. OTHER IMPORTANT ECONOMIC MEASURES B. Prices, Wages, and Productivity Bl. Price Movements 310. 320, 32Qe. 322. 330. 331 332 333 334 Implicit price deflator, GNP Consumer prices (CPU, all items® Change in CPI, all items, S/A 2 CPI, food Producer prices (PPI), all commodities ® PPI, crude materials , PPI intermediate materials PPI capital equipment PPI, finished consumer goods [ 231.8 -0.9 2.8 1.6 1.6 B2. Wages and Productivity 340. Average hourly earnings, production workers, private nonfarm economy . . . . . 341. Real average hourly earnings, production workers, private nonfarm economy 345. Average hourly compensation, nonfarm bus. . . 346, Real avg. hourly comp., nonfarm business . . . 370. Output per hour, private business sector do do. do. do. do. 0.3 -1.1 0.8 -0.6 2.1 -1.1 2.1 -1.0 -0.3 2.0 -1.1 2.1 -1.1 -0.2 340 341 345 346 370 C. Labor Force, Employment, and Unemployment 441 , 442. 37. 444. 445. 446. Labor •451. 452, 453. Total civilian labor force Total civilian employment j Number of persons unemployed .... Unemployed males, 20 years and over Unemployed females, 20 years and over Unemployed persons, 16-19 years of age Force Participation Rates: Males, 20 years and over 2 Females, 20 years and over 2 Both sexes, 16-19 years of age2 Millions do. . . . Thousands. . do. . . . do. . . . do. . . . Percent do. . . . do. . . . 1 0 0 . 4 2 102.91 1 0 2 . 3 6 1 0 3 . 2 4 103.75 1 0 4 . 0 0 1 0 4 . 2 3 1 0 4 , 2 6 96.94 94.37 96.47 97.23 97.66 97.80 97.91 97.95 5,963 5,890 6,047 6,008 6,084 6,087 6,425 6,307 2,223 2,252 2,274 2,163 2,318 2,303 2,577 2,507 2,213 2,201 2,209 2,236 2,235 2,257 2,304 2,254 1,528 1,526 79.8 49.6 58.0 79.8 50.6 58.1 79.7 50.3 57.9 79.9 50.9 57.5 432.1 459.8 -27.7 331.0 303.6 497.9 509.0 -11.2 354.6 330.0 485.8 492.9 345.9 326.1 504.8 516.1 -11.3 359.8 334.5 525.8 540.4 -14.7 368.9 342.9 27.4 24.7 19.7 25.3 26.0 1,559 1,524 1,531 79.6 51.0 58.2 1,527 79.5 51.1 58.6 1,545 79.4 51.4 58.2 1,547 79.6 51.3 57.4 0.2 -0.1 5.6 11.9 2.1 1.2 -0.1 0.3 -0.4 0.0 0.2 -1.8 -2.7 -2.2 0.1 0.2 -0.1 -0.8 0.9 0.8 2.0 5.1 0.4 -0.1 0.2 0.6 -0.4 0.5 0.4 1.3 1.9 1.2 0.5 -0.3 o.i 0.7 441 442 37 444 445 446 451 452 453 D. Government Activities D1. Receipts and Expenditures 501 . Federal Government receipts 500. 51 1 . 512. 510. Federal Government surplus or deficit2 State and local government receipts State and local government expenditures State and local govt. surplus or deficit 2 617. 525. 548. 564. Defense Department obligations Military prime contract awards New orders, defense products . . National defense purchases A.r.,bil.dol. do. do. do. do. do. ... . .. ... ... ... -7.0 3.9 4.7 -4.3 4.0 2.6 5.1 4.2 4.7 -3.4 2.5 2.5 P. 7 501 502 500 511 512 510 D2. Defense Indicators Mil.dol do. . . , do. . . . A.r.,bil.dol. 1 0 , 3 6 0 11,132 1 0 , 3 8 6 11,891 11,325 11*565 NA 4 , 9 2 4 5,157 NA 5,927 NA 3,287 3,468 3,109 3,189 3,603 3,776 99.0 108.3 106.0 109.0 NA NA 3,469 NA NA 3,810 NA NA -8.1 NA NA 9.8 114.6 14,5 20.4 2.6 2.8 -4.8 NA 13.0 5.1 517 525 548 564 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. . . . 1 1 / 9 5 5 15,152 14,261 1 5 , 7 7 4 1 6 , 8 7 8 1 6 , 7 9 2 1 7 , 3 4 8 2,483 2,635 2,896 3,101 3 , 3 6 8 3,434 3,439 2,866 2,500 3,009 3,139 3,221 3 , 2 4 0 3,297 1 4 , 3 3 3 17,199 16,438 17,873 19,049 19,870 2 0 , 9 4 5 3,278 4,676 4,010 5,101 5,968 6,502 5,614 1,725 1,853 1,846 1,926 1,887 1,871 1,899 NA NA NA NA NA NA 3.3 0.1 1.8 5.4 -13.7 1.5, NA NA NA NA NA NA 10.6 17.7 9.5 8.7 27.2 4.3 7.0 8.6 2.6 6.6 17.0 -2.0 602 604 606 612 614 616 Basic data1 Unit of measure Series title Average 1977 1978 1979 Percent change 3d Q 4th Q 1st Q 2dQ 3dQ 4th Q 1978 1978 1979 1979 1979 1979 IstQto 2dQ 2dQ to 3dQ 3ttQ to 4th Q 1979 1979 1979 Series number 1 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued II. OTHER IMPORTANT ECONOMIC MEASURES-Con. E2. Goods and Services Movements Except Transfers Under Military Grants Mil dol Merchandise exports Merchandise imports .do 2 .do Merchandise trade balance . . .do Income on U.S. investments abroad Income on foreign investment in the U.S. . . .' ; . ' .do .do Exports of goods and services ......... . . .do Imports of goods and services do Balance on goods and services2 618 620 622 651 652 668 669 667 . . .... .... 30,204 37,922 -7,718 8,147 3,650 46,149 48,505 -2,356 35,514 43,953 -8,440 10,866 5,455 55,255 57,351 -2,806 45,518 52,881 -7,362 16,466 8,387 71,578 70,246 1,332 36,532 44,482 -7,950 10,526 5,574 56,263 58,195 -1,932 39,421 45,372 -5,951 12,907 6,308 61,423 60,004 -1,419 41,435 47,632 -6,197 14,082 7,268 64,941 63,345 1,596 42,890 50,299 -7,409 15,371 7,957 67,818 67,265 553 47,235 54,483 -7,248 17,917 8,743 74,752 72,244 2,508 50,514 3.5 59,110 5.6 - 8 , 5 9 6 -1,212 18,492 9.2 9,580 9.5 78,800 4.4 78,129 6.2 671 - 1 , 0 4 3 1340.5 1899.5 1327.4 1305.1 929.5 6,180 4,285 1399.2 2127.6 1385.1 1458.4 972.6 6,401 4,449 1431.6 2368.8 1421.9 1624.3 994.8 6,494 4,512 1407.3 2159.6 1395.1 1476.5 976.2 6,431 4,462 1426.6 2235.2 1414.6 1524.8 991.5 6,506 4,522 1430.6 2292.1 1418.4 1572.2 996.6 6,512 4,536 1422.3 2329.8 1404.1 1601.7 993.0 6,460 4,510 1433.3 2396.5 1426.2 1640.0 993.4 6,494 4,501 1440.3 2456.9 1439.0 1683.1 996.2 6,509 4,502 6.9 8.3 8.5 161 - 1 , 3 4 8 3.2 16.6 9.9 9.6 10.2 5.4 7.4 8.1 1,955 -1,837 10.1 618 620 622 651 652 668 669 667 A. National Income and Product A1. GNP and Personal Income 50. 200 213 224 225 217. 227. GNP in 1972 do liars GNP in current dollars Final sales 1972 dollars Disposable personal income, current dollars . , . Disposable personal income, 1972 dollars Per capita GNP in 1972 dollars Per capita disposable pers. income, 1972 dol. . . A.r., bil. dol do do .do .do A.r., dollars do .' -0.6 1.6 -1.0 1.9 -0.4 -0.8 -0.6 0.8 2.9 1.6 2.4 0.0 0.5 -0.2 0.5 2.5 0.9 2.6 0.3 0.2 0.0 50 200 213 224 225 217 227 1.0 231 233 238 239 230 232 236 237 A2. Personal Consumption Expenditures 231 233 238 239 230 232 236 237 925.9 861.7 924.5 905.3 921.8 915.0 935.4 900.8 920.3 138.2 147.1 147.5 152.1 150.2 144.8 146.7 146.9 146.7 332.7 349.2 343.3 351.9 348.1 344.1 355.1 344.7 349.1 426.1 390.8 423.5 433.6 410.8 428.3 413.1 416.3 429.9 1210.0 1350.8 1509.8 1369.3 1415.4 1 4 5 4 . 2 1475.9 1 5 2 8 . 6 1580.4 213.0 213.4 178.8 203.5 212.1 213.8 208.7 216.2 200.3 604.7 581.2 630.7 530.6 571.1 481.3 596.9 536.7 558.1 629.1 549.8 699.8 645.1 6 6 9 . 3 6 8 6 . 0 710.6 733.5 619.8 A.r.,bil.dol .. . .do .. ; .do .do .do .do .do . . .do Total 1972 dollars Durable goods 1972 dollars Nondurable goods 1972 dollars Services 1972 dollars Total current dollars Durable goods current dollars Nondurable goods current dollars . Services current dollars -0.7 -3.6 -1.1 0.6 1.5 -2.4 1.8 2.5 1.2 1.5 1.5 0.9 3.6 2.3 4.0 3.6 -0.1 1.7 0.9 3.4 1.3 4.3 3.2 A3. Gross Private Domestic Investment 241 243 30. 240 242 245 do do do do .do do Total 1972 dollars Total fixed investment 1972 dollars Change in business inventories, 1972 dol.2 Total current dollars Total fixed investment current dollars Chg in bus inventories current dot.2 200.1 186,9 214.3 200.2 13.1 14.1 303.3 281.3 351.5 329.1 215.2 205.5 9.7 387.2 369.0 217.4 205.5 221.7 203.5 12.2 12.0 12.3 18.1 356.2 336.1 370.5 349.8 373.8 354.6 395.4 361.9 214.2 207.1 7.1 392.3 377.8 214.0 201.8 217.2 204.9 207.7 206.3 1.4 387.2 381.7 5.6 2.1 -3.4 -0.8 -3.0 -0.4 -5.7 -1.3 14.3 4.4 -18.9 -8.9 -0.8 -3.0 -0.7 -0.7 5.8 5.8 2.1 21.9 22.3 18.2 20.0 20.6 19.1 33.4 14.5 .do .do do do do do 268.5 100.6 167.9 396.2 144.4 251.8 273.2 274.3 274.7 276.0 273.1 99.4 98.5 99.3 98.1 97.4 174.6 435.6 152.6 283.0 174.9 476.4 166.6 309.8 176.2 440.9 152.3 288.6 176.6 453.8 159.0 294.8 274.7 101.1 173.6 460.1 163.6 296.5 272.4 98.6 174.3 466.6 161.7 304.9 175.6 477.8 162.9 314.9 277.1 101.1 176.0 501.2 178.4 322.8 do do do do do 98.4 88.2 10.3 108.9 119.9 102.3 111.9 113.8 101.0 117.0 100.0 116.0 102.9 122.2 102.1 124.3 104.1 -0.9 13.2 20.1 20.1 -3.8 175.9 185.8 207.2 217.5 -10.3 243.7 251.9 267.3 269.5 -8,1 -2.3 280.4 292.4 -11.9 2.2 7.5 -12.1 1 5 2 5 . 8 1 7 2 4 . 3 1925.6 1752.5 1820.0 1869.0 1897.9 1941.9 1993.6 1156.9 1304.5 1459.2 1321.1 1 3 6 4 . 8 1411.2 1439.7 1472.8 1513.2 134.5 130.3 117.4 129.0 129.3 125.7 100.2 130.8 116.8 180.8 176.6 179.6 175.2 184.8 178.9 167.7 150.0 179.0 1.5 2.0 0.2 1.8 -11.0 1.0 241 243 30 240 242 245 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 0.4 1.4 -1.2 2.8 0.3 0.7 2.4 0.7 3.3 1.5 3.8 0.2 4.9 9.5 2.5 261 263 267 260 262 266 1.7 2.0 0.0 4.9 8.5 256 257 255 252 253 250 A5. Foreign Trade 256. 257 255. 252. 253 250 Exports 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 .do. .. -9.9 97.9 11.0 17.6 98.5 13.3 257.5 262.1 213.8 220.6 224.9 229.4 -4.6 -6.8 -4.5 12.9 . 17.0 238.5 234.4 4.0 2.9 5.3 -0.8 6.9 9.7 7.0 5.8 -9.6 A6. National Income and Its Components 220 280 282 286 284. 288 do do .do .do do do National income . . ... Compensation of employees Proprietors' income with IVAand CCA Corporate profits with 1VA and CCA Rental income of persons with CCA Net interest -1.3 -1.8 24.7 94.0 25.9 26.9 26.8 27.1 27.3 26.8 26.6 27.0 109.5 129.7 111.9 117.6 122.6 125.6 131.5 139.2 2.4 276.1 230.7 324.6 253.0 364.7 276.3 332.7 259.6 346.9 264.7 362.2 266.0 374.3 274.6 367.3 281.9 355.1 282.9 65.0 72.0 -0.3 73.8 13.5 70.9 71.5 10.8 79.2 15.8 85.9 12.7 70.3 14.0 59.7 11.3 3.3 3.2 8.5 2.3 2.3 0.8 2.4 2.7 2.7 3.2 -0.7 1.5 5.9 -0.7 4.7 220 280 282 286 284 288 A7. Saving 290 Gross saving (private and govt ) 295 Business saving 292 Personal saving 293 Personal saving rate2 • .... . Percent .do .do .do do -19.5 5.0 4.9 4.5 2.3 4.8 4.7 5.6 5.4 4.3 3.5 -3.1 0.4 -1.9 -3.3 2.7 -18.2 1.3 0.4 -15.1 -1.1 NOTE: Series are seasonally adjusted except tor those indicated by <§>, which appear to contain no seasonal movement. Series indicated by an asterisk (*} are included in the major composite indexes. Dollar values are in current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see 'Titles and Sources of Series" at the back of BCD. NA = not available, a = anticipated. EOP = end of period. A.r. = annual rate, S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts. 1 For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available. 3 Differences rather than percent changes are shown for this series. 3 The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns. L = leading; C = roughly coincident; Lg = lagging; U = unclassified. 4 Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed. s 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. -2.7 -0.8 290 295 292 298 293 CYCLICAL INDICATORS A| COMPOSITE INDEXES AND THEIR COMPONENTS Chart Al. Composite Indexes (Nov.) (Oct.) P T (July)(May) P T (Aug.)(Apr.) P T (Apr.)(Feb.) P T (Dec.) (Nov.) P T (Nov.) (Mar.) P T 160150- 910. Index of twelve taring indicator* (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, inffi _-a 14013012011010090- -11 80- -23 160150140130120110- 920. Index of four roughly coincidenJ indicators (series 41, 47, 51, 57) 10090- 200190180- ± ± Ji -1 170160150140130120- / — 110- 93ft Index o( six l^gi^ indicator (sajjes 62, ?q 72. 91, 95. 109) / 1009080- 70- 60- 50J ; +5 |! f 1948 49 50 51 52 53 54 55 56 57 58 59 60 j • 61 62 63 , : ; j i; \ 64 65 66 67 68 69 70 71 72 73 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 MARCH 1980 BCII CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart Al. Composite Indexes—Continued (Nov.) (Oct.) P (July) (May) P T T (Aug.) (Apr.) P T (Apr.) (Feb.) R T (Dec.) (Nov.) P T (Nov.) (Mar.) P T 11010090- & 80- 120- 914. Carfbl inveslm^t (x)mmitmefits (series 1Z 20, 29) l 11010090- 'H 915. Inventory invested and purchasing (series 8, 32, 36, 92) ! 120- 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980 I 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. BCII MARCH 1980 11 CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components (Nov.) (Oct.) P T (July)(May) P T (Aug.)(Apr.) P T (Apr.)(Feb.) P T (Dec.) (Nov.) P T (Nov.) (Mar.) P T 1. Average workweek, production workers, 3. Layoff fate, manufacring (per 100 emptoyees^iiweTted scale) 32, Vendor performance, percent of companies rafting 20. Contracts and orders for riant and eautoment. 1948 49 SO 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980 Current data for these series are shown on pages 61, 64, 65, and 66. 12 MARCH 1980 ltd) CYCLICAL INDICATORS A COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A2. Leading Index Components—Continued (Nov.) (Oct.) P T (Juiy)(May) P T (Aug.) (Apr.) P I (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) (Mar.) P T 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) 104. Change in total liquid assets, smoothed1 (percent) 19. Stock prices, 500 common stocks (index: 194143=10) 106. Money supply-M2-in 1972 dollars (bil. dol.) D 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 1980 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 pages 67, 68, 69, and 71. BCD MARCH 1980 13 CYCLICAL INDICATORS !A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A3. Coincident Index Components (Nov.) (Oct.) P T Ouly)(May) P T (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) (Mar.) F T 41 Employees on nonagricultufal payrolls (millions) 51. Personal income less transfer payments. 47; Industrial production, total (index: 1967=100) cZc 57. Manufacturing and trade sates, 1972 dollars (bit, *L) 104840 50 51 52 S3 94 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 791980 Current data for these series are shown on pages 62, 63, and 65. 14 MARCH 1980 BCD CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A4. Lagging Index Components (Nov.) (Oct.) P (July) (May) T P T (Aufr)(Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P T (Nov.) (Mar.) P T 91. Average duration of unemployment (weeks-inverted scale) 70. Manufacturing and trade inventories, 1972 dollars (bii. do!.) 62. Labor cost per unit of output, manufacturing (index: 1967-100) 109. Average pritoe rate charged by banks (percent) 72. Commercial and industrial loans outstanding, weekly reporting large commercial oanKs \u\\. 001.; *AMStk4!nf* IIWJVM AAmmAH^iil Itnnlro /Ittl ArA \ 95. Ratio, consumer installment dew to personal income (percent) 1948 49 50 51 52 93 54 95 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 79 1980 Current data for these series are shown on pages 62, 68, 70, and 73. MARCH 1980 15 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS Chart Bl. Employment and Unemployment (Aug.) (Apr.) P (Dec.) (Nov.) (Apr.) (Feb.) T P P T (Nov.) (Mar.) P T T I Mjfajjnal Employ^tt Adjustments 1. Average workweek produdion 424140« 3938- 21. Average weekly overtime hours, producfeo workers, manufacfefl^g (hours) 43- 4- 5. Average weekly initial claims, State unenytoyment insurance (thousands-inverted scale) 200 «i 3, Layoff rate, manufacturing (per 100 employees—inverted scale) [1,1,11 ^ANA 2- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 61. 16 MARCH 1980 licit CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart Bl. Employment and Unemployment—Continued (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T to number Ratio, help-wanted advening ' ; of persons unem |Cofti!prehensive Employment! 48. Employee-hours in fate, bit. noftagricultural establishments 1. Employees on S 1956 57 58 59 6G 61 62 63 64 s s i 40. Employees in goods-producing industries—mining, manuraaunng, consiruaion imnitons; 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 61 and 62. BCD MARCH 1980 17 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS -Continued Chart Bl. Employment and Unemployment—Continued (Aug.) (Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Mar.) T (Comprehensive Employment— Con. | A ij 90. Ratio, civilian employment to total population of wwttng age (percent) *L JL |U,Lg.U S8« J | Comprehensive Unemployment | 37. Number unemployed, total (miions-inverted scale) 68- i 45. Average weekly insured unemployment rale (percent-inverted scale) i /AX"H\\ ' -< /^/ yv/'U \ ^^ it - \JT A ~ ii I •' 7- 9L Average duration of unemployment (wedis-mwrted scdli) s'**f'~~~ ^*-\ llg.Le.Lel _*i^_ \rr s \ V v ^ ^AnT *f\f 'i \ ji/^ i V* t - ' i: j| J '' :; K y'" « 8- -AA m 1011- -.^* AA ntf^ "^» 18- 44 Unemployment rate, persons unemployed 15 wwte and over (percent-nnwrted scale) 2- 1996 57 58 Si 60 61 62 63 64 65 66 67 68 6i 70 71 72 73 74 79 76 77 78 79 80 1981 Current data for these series are shown on page 62. -18 MARCH 1980 BCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 1600 1500- [Comprehensive Output and Income] urn* 50. GNP in 1972 dofers, Q (ana rate, bii. dot) 1300- fcM 120011001000900- 1300- I200« L?J 52. Personal income in 1972 dollars (ann. rate, |C,C,C| / 1100- 10009008007606001100- 1000- 51. Persona! income less transfer payments in 19/z oonars (aim. rate, biL dol.) ; : S00- 500-5 51 Wages and salaries in mining, manufacturing, and construction in 1972 dollars (ana rate, bii dol) 260240220200 • 180160140- 1956 97 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 63. BCII MARCH 1980 19 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued Chart B2. Production and Income—Continued (Aug.) (Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Mar.) T I Industrial Production; 47, Industrial pcwiuctionrjotai (index:1967=100) J..__ 74. Industrial production, nondurable manufactures (index: 1967=100) finn X 73. Industrial production, durable manufactures (index: 1967=100) I Capacity Utilizationl || 83. Rate of capacity utilization, manufacturing (BEA), Q 82. Rate of capacity utilization, manufacturing (FRB), 0 84. Rate of capacity utilization, materials, 0 (percent) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 63 and 64. 20 MARCH 1980 !!€!» CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries (Aug.) (Apr.) (Apr.) (Feb.) F T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T [Orders and Deliveries | 7. New orders, durable goods industries, 1972 dollars (bil. dol.) 6. New orders, durable goods industries, current Collars (bil. doi.) nff[ 8. New orders for consumer goods and materials in 1972 dollars (bil. dol.) 25. Change in unfilled orders, durable goods industries (bil, dol.; MCD moving avg.—4-term) 96. Manufacturers' unfilled orders, durable goods industries (bil. dol.) 32. Vendor performance, percent of companies reporting slower deliveries (percent) Jl jL 1996 57 S8 JUL, §9 60 i 61 62 63 64 65 66 JL f LJ' ; >JL Lj'Juu 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 64. ItCII MARCH 1980 21 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries—Continued (Aug.) (Apr.) P (Apr.) (Fib.) T P (Dec.) (Nov.) P T (Nov.) (Mar.) P T T 340-1 320300- [Consumption and Trade| 280- 260240" 220200180- 56. Manufacturing and trade sals in current dollars—-./ (bitdol.) f r e e ! I 160140120- 57. Manufachirinf and trade sales in 1972 dote (tit. doO 100- 17Q-I 75. Industrial production, consumer goods (index: 1967=100) C.LC 160150140130120- r 85n 80- 757065605550- 54. Sates of retail stores in current dollars M M\-^ 4540" 59, Sales of retail stores in 1972 dollars (fag, dot.) 35907060- 55. Personal consumptkxi expenditures, automofaies, Q (ana rde, bit 5040- 30- 20- 5& Index of consumer sentiment (1st Q 1%6=*100) 100- 90- 7060- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 65. 22 MARCH 1980 BCI» CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T I Business investment; Commitments[ 20. Contracts and orders for plant and equipment in 1972 dollars (til. dd) 10. Contracts and orders for plant and equipment m current dollars (bil. dol.) 27. Manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (bil, dol.) X LIT AjJV goods industries, dot)'" j7jj[ * 24. Manufacturers^ new nonoaense, m current 9. Construction contracts, commercial and industrial buildings' v sq. n. m floor area; MUJ moving I9S6 57 58 5i 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 7S 78 77 78 79 8© 1981 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. MARCH 1980 23 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T Business InvestmentiCommitments—Con 11. New capital appropriations, 97. Backlog of capital appropri (bil. dd) 61. Business expenditures for new plant and (ann. rate, bil, dd) I Business Investment 69. Machinery and equipment construction expenditures and business rate, bil. dot.) 76. Industrial production, business equipment (index: 1967=100) ; JI.JIJI.;. . . . 1956 57 58 ..ji.JL.JL. 59 60 . 61 . ... 62 • • ' . . • 63 64 : . ' 65 .. 66 .' i 67 ': .. 68 J) lull ' 69 70 : :'' " 71 :' : . ' - 72 : JiJLJLjUL1 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 66 and 67. 24 MARCH 1980 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P T BuMess investmfnt Expenditures—Con. 88. Producers' durable equipment 0 87. Structure^ Q [Lg,Lg,L 40- 20-* [Residential Construction Commitments and! investment| jj jp ' , j 28. New private housing units started, total (ann. rate, millions) 29. New building permits, private housing units (index! ul 89. Residential fixed i (ann. rate, bil. dd) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 67. IN] II MARCH 1980 25 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS -Continued Chart B5. Inventories and Inventory Investment (Aug.) (Apr.) P T (Apr.) (Feb.) P I (Dec.) (Nov.) P (Nov.) (Mar.) P T T I Inventory Investment] 30. Change in business inventories, 1972 dottais, Q (ami. rate, bit dol) full I 36, Net change in inventories on hand laid on order, 1972 dotors (ann, rate, bil. dol.; moving ; 31. Change in book value, manufacturing and trade inventories (ann. rate, bit. dol; MC0 moving avg.~&ierm) 38. Change in stocks of materials and supplies on hand and on order, mamifacturifig (bH. dol.; MOD moving 1956 57 58 59 SO 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 This series Is a w«lght«d 4-term moving avaraga (with weight! 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 68. 26 MARCH 1980 ltd* CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T 500450- I Inventories on HamT'and on Qrderl 400350- 71 Book value, manufacturing and tracte inventories, current dotian (bil. doL) IU.Lg.lil Manufacturing and trade inventories, 1972 *r 65. Book value of manufacturers' inventories : / 77. Ratio, deflated inventories to sates, manufacturing and trade 1.8-1 1.71.61.5- 78. Stocks of materials and manufacturing (bit. dol.) 40-1 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 68. BCII MARCH 1980 27 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued Chart B6. Prices, Costs, and Profits (Aug.)(Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T [Sensitive Commodity Prices 92. Cham in sensitive prices (percent; moving avg.-4-term1) .j 23. Industrial materials prices (index: 19. Stock prices, 500 common stocks (index: 194143=10) 16. Corporate profits after taxes, current dollars, Q (ann. rate, bit. dd) and Profit Margins) 18, Corporate profits after taxes, 1972 dollars, Q rate, Ml, dd.) after taxes with IVA and CCA, (mi rate, M. ooi) i c i 79. Corporate profits after taxes with m and CCA, current dollars, Q (ann. rate, bii. dot) rrrr ,L 1956 §7 S8 99 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 This series Is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 69. 28 MARCH 1980 BCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued (Aug.) (Apr.) P (Dec.) (Nov.) P T (Apr.) (Feb.) T P T (Nov.) (Mar.) P T [Profits and Prof it Margins—Con. 22. Ratio, corporate profits (after taxes) to total corporate domestic income, Q 15. Profits (after taxes) per dollar of sales, all manufacturing corporations, Q (cents) 26. Ratio, price to unit labor cost, nonfarm business sector, Q (index: 1967=100) ILEL N 1 1 Cash; 'Flows] J1L 35. Net cash flow, corporate, in 1972 doflais, (ann. rate, bil. dol.) 10210098969492260-1 240220200180160140- 12010080- 60- 34. Net cash flow, corporate, in current dollars, Q (ann. rate, bil. dol.) | L L L | 40- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 69 and 70. BOI MARCH 1980 29 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued (Aug.) (Apr.) F T (Dec.) (Nov.) P T (Apr.) (Feb.) p T (Nov.) P (Mar.) T [Unilji Labor Costs and Labor Share] 240220200180160- A 63. Unit labor cost, private business sector, Q (index; 1967=100) \ j 140- 120- m 1.2- 1.0- 68. Labor cost (current cWlars) per unit of gross domestic product (1972 dollars), nonfinandai corporations, Q (dollars) 190« 180- 170*ISU- 140- 62. Labor cost per unit of output, manufacturing (index: 1967=iqp) 130- na- 64. Compensation of employees as a percent of national income, Q (percent) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 SO 1981 Current data for these series are shown on page 70. 30 MARCH 1980 ItCII CYCLICAL CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dee.) (Nov.) T P (Nov.) (Mar.) P T T 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 MI2) Ybercent MCD moving av2.-6-ternrt ^^^_ 1" ~~"~ ^ " 'i rftr p LL +1.2l\ ;! & A A fl(L +0.8-= 1 ' > "* i ;y X^sffi i/' 104. Change in total liquid assets (percent; moving avg.-4-ierm1) - 105. Money supply-Ml-in 1972 dolto (bii. dol.) 106. Money supply-M2-in 1972 dollars (bit. dol.) 107. Ratio, GNP to money supply Ml, Q (ratio) 106, Ratio, personal income to money supply M2 (ratio) !C r Lg t C| 1950 57 61 62 63 64 65 66 67 68 69 70 71 72 73 74 79 SO 1981 1 This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 71. BCII MARCH 1980 31 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.)(Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) F T (Mar.) T 33, Change in mortgage debt (ann. rate, bil. dot.) 112. Change in bank loans to businesses (ana rate, bil. dd; | ^ a . MCD moving avg.—6-term) Fli " 113. Change in consumer installment debt (ann. rate, bit dot) 110. Total private borrowing, Q (ann. rate. M. dot) L.LIL 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 71 and 72. 32 MARCH 1980 IICII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.) (Apr.) P (Apr.) (Feb.) P T T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 1 Credit Difficulties 1 i . '; LJ J* • 14. Current liabilities of business fate (mil. dol.inverted scale; MCD moving avg.—6-term) - 1 - 50-1 39. Delinquency rate, 30 days and over, consumer installment loans 1 1! (uercent—inverted scale A^AV^L -/V ^Xv>/ V^V ji /^^^^^A/^x^ A-, /^ ^^ 1 ' - * ^^ " ' ' ' |! r ^\ ' .. \^ „ ^ \ ^^-..,rt,-« -«,,»(^ " \ i ' : A . . . , :r 57 58 59 60 61 62 63 64 65 66 67 68 70 71 72 •' ft i JL_A zA/i A^tiS. V i ^ }H^\M\ j n *tf 195S 1.41.61.82.0= 2.22.4- ^V 73 74 75 76 77 78 79 1£ 2.62.83.0- 80 1981 Current data for these series are shown on page 72. KCII MARCH 1980 33 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.) (Apr.) P T (to.) P (Dec.) (toy.) P T (Apt) (Feb.) P T (Mar.) T 17161514- 119. Federal funds rate (percent) 114. Treasury bill rate (percent) IC L g L 1312- 116. Corporate bond yields (percent) ^ 5- 115. Treasury bond yields (percent) !i«t w- J 118. Secondary market yields on FHA mortgages (percent) 11* |Lg,lg,lg| \r \ .N 117. Municipal bond yieWs (permit) |U,Lg,Lg| 1956 57 S8 99 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 79 76 77 SO 1981 Current data for these series are shown on pages 72 and 73. 34 MARCH 1980 KCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec,) (Nov.) P T (Nov.) (Mar.) P T 18171615- 67. Bank rates on short-term business bans (percent) V7 10- 109. Average prime rate charged by banks (percent) |Outstanding Debt) 180- 66. Consumer installment debt (bil. dol.) lUUUI 140- 72. Commefcial and industrial loans outstanding, weekly reporting largej commerdal banks (fail do).) j . 120100- 95. Ratio, consumer! installment debt to personal income (percent) 1210- 1956 57 m 59 SO 61 62 63 64 65 66 67 68 69 70 71 72 73 74 7§ 76 77 78 J9 SO 1981 Current data for these series are shown on page 73. BCII MARCH 1980 35 CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE Chart Cl. Diffusion Indexes (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T 950. Twelve leading indicator components (6-mo. span—-, 1-mo. JOO- 50* 0- 951. Four roughly coincident indicator components (6-mo, span—, 1-mo, span—) 100- , f rn •<" s— t 111 952. Six lagging indicator components (faro, span—, 1-mo. 1001 _J?U «tf*in u liPnMI ,AiWT*i' Tn#v: \jU4rvi* > 1$$ /. '.! V VI V y J T t !>!. .illf'ill; if V v 50" 961. Average workweek, production workers, manufadurirf-20 industries (9-mo. spani—, 1-ma span—) 100- 50" 0* Initial claims, State unemployment insurance-Si areas (percent declining; 9-nw, jjan—^, 100" BO- l^KliiH^llinh^ imfifiii TWii 0- 963. Employees on private nonagricuKural payrolls—172 industries (6-mo. span—, 1-mo. span—) 100*1 50-1 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 7*5 77 78 79 80 1981 Current data for these series are shown on page 74. 36 MARCH 1980 BCII CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued (Aug.) (Apr.) F (Dec.) (Now.) P T (Apr.) (Feb.) T P T (Nov.) (Mar.) P T 964. New orders, durable goods industries—35 industries (9-mo, span—, 1-mo. span—~) 100- 50- 0- 965, Newly approved capital appropriations, deflated—17 industries (4-Q moving avg. •, 1-Q span*-—) 90-1 966. Industrial productkm-24 industries ](6m span—, 1-mo. span 100- 50- 0- 967. Industrial materials prices-13 industrial matenals (9-mo. span—, 1-mo, span—) 100- 50- 0- 968. Stock prices, 500 common stocks-53-82 industries (9-mo. span—, 1-mo. span—-) 100-| 50- 0- 1 960. Net profits, manufacturing-^ 700 companies (4IQ 90- 70- 50- 30 J 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Current data for these series are shown on page 75. BCII MARCH 1980 37 CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart Cl. Diffusion Indexes—Continued (Dee,) (Nov.) P (Nov.) (Mar.) P T T (Dee.) (Nov.) P T (Nov.) (Mar.) P T 970. Business expenditures for new plant and equipment—18 industries (1-Q span) (a) Actual expenditures 974.1 Number of employees, manufacturing and trade (4-Q span)1 70605040- 975^ Level of inventories, manufacturing and trade (4-Q span)1 ~ (a) Actual expenditures 70- 40 * 1 971. New orders, manufacturing (4-Q span) 976. Selling prices, manufacturing (4-Q span)1 *-l 100-1 //'••••«'*** 972. Net profits, manufacturing and trade (4»Q span)1 977. Selling prices, wholesale trade (4-Q span)1 90 100 T //v ••• ^-AJ • 70- 973. Net sales, manufacturing and tale (4-Q span)1 1969 70 71 72 73 74 75 76 77 78 978. Selling prices, retail trade (4-Q span)1 100-1 79 1980 1969 70 71 72 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Brad street, Inc. surveys of about 1,400 business executives. Current data for these series are shown on page 76. 38 73 74 75 76 77 78 79 1980 Dun & Brad street diffusion indexes are based on MARCH 1980 KCII CYCLICAL C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C3. Rates of Change (Aug.) (Apr.) P (Apr.) (Feb.) T P (Nov.) (Mar.) P T T Percent changes at annual rate l-mo. span 9IOc. Composite index of twelve leading indicators , (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92T 104, 106) 920c. Composite index of four roughly coincident indicators (series 41, 47, 51, 57) "~ — *" YV iV\jrv* ^ +36+10- Vv 0-10- =20- 930c. Composite index of six lagging indicators (series 62, 70 72, 91, 95, 109) 50c. GNP in constant (1972) dollars (1-Q span) ep +10-1 ¥ W-*^ 47c, Index of industrial production _. ! 48c. Employee-hours in nonagricultural establishments $ ... t L * +20+15+10+ 50~5»10-15"20-J AVI/V ,\ L y\^/v ^^^. j/WXJv>/v K^ ^^ ^^y^^^7^! Y T '.~T uU. 51c. Personal income less transfer } payments in 1972 dollars 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series were published. ItCII MARCH 1980 38 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT Chart Al. GNP and Personal Income (Aug.) (Apr.) P (Dec.) (Nov.) (Apr.) (Feb.) T P (Nov.) (Mar.) T 200. GNP in current dote, Q (ana rate, fail, do),) 223. Personal income in current dollars (ana rate, bil dol) 224. Disposable personal income in curmtt do(ar^ 0 (ana rate, bil. dol.) uisposawe personal wooroe in hi 217. Pa' capita GNP in 1972 doMais (ana rate, than, dollars,!)(aim.rate,ftm dol.) 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 63 and 80. 40 MARCH 1980 IICII OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A2. Personal Consumption Expenditures (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T Annual rate, billion dollars (current) M 18001600 14001200- t Personal consumption expenditures— 230. Total, Q IV 1000900800700600500400- 237. Services, Q 300 - ^236. Nondurable goods, Q 240- aio« 2001801SO140- 232. buyable goods, Q 120' 100- Annuai rate, billion dollars (1972) 1 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 80 and 81. ItCII MARCH 1980 41 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT-Continued Chart A3. Gross Private Domestic Investment (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) F T (Nov.) P (Mar.) T Annual rate, billion dollars (current) 440 - 366- Gross private donjestic investment— 320* 240s 160- 120* 245. Change in business inventories, Q /A vvx/ v \r XVV\s V^ Annual rate, billion dollars (1972) 30. Change in business inventories, Q \/ 1956 57 58 Y V 59 60 61 62 63 64 65 66 67 V 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 81. 42 MARCH 1980 KCII OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT—Continued Chart A4. Government Purchases of Goods and Services (Aug.) (Apr.) P T (Apr) (Feb.) P T (Oec.) (Nov.) P T (Now.) P (Mar.) T Annual rate, billion dollars (current) S4Q- Government purchases of goods and services— §09 « 460 « 426380- IV 340300- 260 - 260. Total, Q 220 - 180- 266. State and local governments* Q * 140- 100- Annual rate, billion dollars (1972) 267. State and local governments, Q .JL.ll . ' . 1956 57 58 •' •' '. i 59 .JU..JL.:'' 60 61 ':' . .;. ; A '-.. 62 C 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 81. ItCII MARCH 1980 43 OTHER IMPORTANT ECONOMIC MEASURES 1A I NATIONAL INCOME AND PRODUCT-Continued Chart AS. Foreign Trade (Aug.) (Apr.) P (Dec.) (Nov.) P T (Apr.) (Feb.) T P T (Nov.) (Mar.) P T Annual rate, billion dollars (current) 320- IV 280- 240200160- 252. Exports of goods and services, Q 120- 253, imports of goods ar^ setvjces, Q Annual rate, billion dollars (1972) 257. Imports of goods aod services, Q 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 82. 44 MARCH 1980 ItCII OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A6. National Income and Its Components (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T Annual rate, billion dollars (current) -22 22002000- i§00« 160014001200- 220. National income, Q 1000- soo800700600- -280. Compensation of employees, Q 500- 300- 200180160140- > r 120- 286. Corporate profits with inventory valuation and capital consumption adjustments, Q 100* 90 • 8070* 7 i. _ 6050- -288: Net interest, Q 282. Proprietors' income with inventory valuation and capital consumption adjustments, Q 30- 284. Rental income of persons with capital consumption adjustment, Q 20- 10 J 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 82. KCII MARCH 1980 45 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Continued Chart A7. Saving (Aug.) (Apr.) P T (Apr,) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T if - (Mar.) T Annual|l rate, billion dollars (current)- L...,., 400- / 290, Gross saving (private afkt pverrnnent), Q §7 58 S9 60 Si 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on pages 82 and 83. 46 MARCH 1980 ltd* OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT—Continued Chart A8. Shares of GNP and National Income (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T . (Nov.) P (Mar.) T [Percent of GNP| 235. Personal consumption expenditures, Q 65- VAT 2QT 268. State and local government purchases of goods and 0 15- 265. Federal Government purchases of goods and services, Q 10- 248. Nonresidential fixed investment, Q 5- 249. Residential fixed investment, Q 247. Change in business inventories, Q 251. Net exports of goods and services, Q ]Percent of National Income| 64. Compensation of employees, Q 75™ 70- 65J 283. Proprietors' income with inventory valuation and capital consumption adjustments, Q 287. Corporate profits with inventory valuation and capital consumption adjustments, Q 1 289. Net interest. Q 285. Rental income of persons with capital consumption' adjustment, 1950 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 83. BCII MARCH 1980 47 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY Chart Bl. Price Movements (Hw.) P (Dec.) (Nov.) P T (Dec.) (Nov.) (Mar.) I P I Index: 1972=100 L 200190180- 170160' 150' 140s 130' 120110- 3JQ. Implicit price deflator. GNP. 0' (Hm.) T P 310i Implicit price deflator, lucent changes at annual rate | GNP (1-Q span) ^\ [IVj //^\ V\ +10+ 5- 311(if Fixed-weighted price index, gross business product (1-Q span) ML Fixed-weighted price gross business product, 334c Fmtshed consumer goods 1969 70 71 72 73 74 75 76 77 78 79 1980 1969 70 71 72 73 74 75 76 77 78 79 1980 Current data for these series are shown on pages 84, 85, and 86. 48 MARCH 1980 BCII OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Continued Chart Bl. Price Movements—Continued (Dec.) (Nov.) P T (Aug.) (Apr.) P T (Nov.) (Mar.) P T Percent changes at annual rate 320c. All items (6-month span) 322c. Food (6-rt)Kmth span) / +100- % -10- Chart B2. Wages and Productivity Index: 1967=100 345. Average hourly compensation, all nonfarm business sector. 0 (cu" 340. Average hourly earnings of production workers, |; private nonfarm economy (current dollars)1 346. Real average hourly com business sector, 341. Real average hou 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 of production workers. 74 75 76 77 78 79 80 1981 1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally. Current data for these series are shown on pages 84, 87, and 88. ItCII MARCH 1980 49 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY-Continued Chart B2. Wages and Productivity—Continued (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Apr.) (Fib.) P T (Nov.) P (Mar.) T Percent change |Wages-Con.| +15- in average hourly earnings of production 6-month spans (ana rate) - 340c. Cwwt-dollar earnings ,^$$n:S7r '?'( —- y • ^f! ? j l i v j! i f ? j ? I ? I / r ?I X 1-monJh spans2 34k Real earnings WU]^ ^fW^ j G^nonth spans (ana rate) ; Change in average hourly compensation, all employees, DOfltarm business wctof, Q— M5c. Current-dottar compensation t *t ;i M^/> - l*quarter spam (aim. rate) jt : "^ t .* *...__ i.._^ +5- 346c. ReaJ compensation +10- 1-quarter spans (ana rate) A •! X. oNegotiated wage and benefit decisions, alt industriesFirst year average changes, Q (ana rate)— 349. Average changes over life of contract, Q (ana rate) I Productivity | 370. Output per hour, aN persons, private business sector, Q 130120110100- 358. Output p tour, all persons, rwfam business sector, Q 90 - 370c Change in output per hour, 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 1 2 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. One-month percent changes have been multiplied by a constant (12) to make them comparable to the annualized 6-month changes. See the current data table for actual 1-month percent changes. Current data for these series are shown on pages 87 and 88. 50 MARCH 1980 BCII OTHER IMPORTANT ECONOMIC MEASURES C I LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Chart Cl. Civilian Labor Force and Major Components (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec,) (Nov.) P T (Nov.) P (Mar.) T 110" 105- TU 441. Civilian labor force, total (millions) 100959081- ao75- km rates (percent)90- 75- 60-| 453. Both sexes 16-19 years of age §§§045 40 J remaies zu y^ars ana over 876- 61. total unemptoyea 54. 3- 444. Males 20 y^rs ami over a- 445. Females ZO years and over \ coin sexes io-iy years or 765- 447. Number unemployed, full-time 448. Number employed part-time for economic 432J 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 89. BCII MARCH 1980 51 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES Chart Dl. Receipts and Expenditures (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T Annual rate, billion dollars (current) 600 550§00- 450 « 400350- 502. Federal Government expenditures, Q 300- 250200- $01. Federal Government receipts, Q 150- J 100 500. Federal Government surplus or deficit, Q 450400350300250- 511. State and local government 200150- 512. State and M government expenditures, Q 100- 50 -« +40+30+20+10(»-10 J 510. State and local government surplus or deficit, Q 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 90. 52 MARCH 1980 ItCII GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators (Aug.) (Apr.) P T (Apr.) (Feb.) F T (Dec.) (to.) P T (Wow.) lAdvajjice Measures of.Defense Activity] 511 Defense Department gross obligations incurred (bil, dol,; 525. Defense Department military prime conr^d^^s (bil.dol.;MCDm(wing^-6-temi) 12= ^ _j_^ _^JL t_ ! ^ _ ^"^1^^ ^^^TJfT" Ell 70° 543. Defense Department grijss unpaid obligations outstamling (bil. ' ^*- ^^•--••^^ ,—~ 548. Manufacturers' new orders, defense products (bil,dol,;MCOnKwingavg.—6-term) "^ 5J 58 S® 60 61 82 63 68 69 70 71 Current data for these series are shown on page 90. ItCII MARCH 1980 53 IMPORTANT GOVERNMENT ACTIVITIES-Continued Chart D2. Defense Indicators—Continued (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T |Intermediate and Final Measures of Defense Activity] (Nov.) P (Mar.) T \ 557. Output of defense and space equipment (index: 1967=100) 559. Manufacturers' inventories, defense products (bil. 'dol.) 561. Manufacturers' unfilled orders, defense 580. Defense Department net outlays, military functions and militaly assistance (bil. dol.; MCD moving avg.-4-tatn) 3.5- 588. Manufacturers' shipments, defense products (bil. dol.; MCD moving avg.—44erm) 5J B8 59 60 il S3 S2 SS 66 67 70 71 73 74 75 76 77 78 79 80 Current data for these series are shown on page 91. 54 MARCH 1980 £) I GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued (Aug.) (Apr.) P (Apr.) (Feb.) T P (Dec.) (Nov.) T P (Nov.) (Mar.) P T T [Intermediate and Final Measures of Defense Activity—Con.| ' 570. Employment in defense products industries (millions) Defense Department personnel (millions)— 577. Military, active duty 578. JCivilians, direct hire employment | National Defense Purchases! 564. Federal Government purchases of goods and defense, Q (ann, rate, bil. dol.) 79- 565. National defense purchases as a percent of GNP, Q (percent) 10987* 654- 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 91. BCII MARCH 1980 55 IMPORTANT E I MEASURES U.S. INTERNATIONAL TRANSACTIONS Chart El. Merchandise Trade (Aug.) (Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P I 602. Exports, excluding military aid shipments (bit. dd; MCD moving avg.—5-term) 604, Exports of agricultural products, total (bit. dol.) 606. Exports of nonelectrical machinery (bil. dol.) \ 612. General imports (bil. dol,; moving 3vg,-~4-term) 6.0- 614, Imports of petroleum and petroleum products (bil. dol.) 616. Imports of automobiles and parts (bil. dol) 0.2J 1956 57 58 99 C»0 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 MARCH 1980 Current data for these series are shown on page 92. 56 KCII IMPORTANT U.S. INTERNATIONAL TRANSACTIONS—Continued Chart E2. Goods and Services Movements (Apr.) (Feb.) P T (Aug.) (Apr.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T Annual rate, billion dollars Excess of receipts Excess of payments Goods and services— 667. Balance on goods and sen/ices, Q Merchandise, adjusted— 622. Merchandise trade balance, Q 618. Exports, Q- -*-62& Imports, Q 20- investment income-i! 15- 651. Income on U.S. investments abroad, Q 105- 65i Income on foreign investments in the U.S., Q 1956 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 NOTE: Annual totals are shown for the period prior to 1960. Current data for these series are shown on page 93. I MARCH 1980 57 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS Chart Fl. Industrial Production (Aug.) (Apr.) P T (Apr.) (Feb.) P T (Nov.) P (Dec.) (Nov.) P T (Mar.) T [index: 1967=IQOJ Industrial production— 721. OECD European countries 1956 57 50 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981 Current data for these series are shown on page 94. 58 MARCH 1980 ItCII F I INTERNATIONAL COMPARISONS-Continued Chart F2. Consumer Prices (Dec.) (Wow.) P T (Nov.) P Chart F3. Stock Prices (Mar.) T (Dec.) (Nov.) P T Percent changes at annual rate (Nov.) P (Mar.) T Stock prices— Consumer pricesiooH- 140- 733c. Canada 220- 743. Canada +10- 140 « 70 71 72 73 74 " 75 76 77 78 79 1980 1969 70 71 72 73 74 75 76 77 78 79 1980 Current data for these series are shown on pages 95 and 96. ItCII MARCH 1980 59 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS BM COMPOSITE INDEXES Year and month 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} 0967-100} (1967-100) 930. Index of 6 lagging indicators (series 62, 70, 72, 91,95,109) (1967-100) Leading Indicator Subgroups 913. Marginal employment adjustments (series 1,2, 3, 5) 914. Capital investment commitments (series 12, 20, 29) 915. Inventory investment and purchasing (series 8, 32, 36, 92} 916. Profitability (series 19, 26, 80}l 917. Money and financial flows (series 104,106,110} (1967-100) (1967=100) (1967=100) (1967-100) (1967-100) 940. Ratio, coincident index to lagging index 1 (1967=100) 1978 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 90.9 89.4 90.4 148.6 148.0 147.4 99.9 99.3 99.8 April May June 141.5 141.8 142.5 139.3 139.5 140.1 137.8 140.0 142.0 99.0 98.0 97.8 114.9 115.0 116.1 106.9 107.2 106.9 92.1 93.8 94.1 147.5 147.8 148.5 101.1 July August September 141.2 142.0 142.9 140.5 141.4 141.4 143.5 144.5 146.4 97.4 97.3 98.5 115.5 115.4 116.0 105.2 105.8 105.8 94.2 95.4 95.4 148.9 149.1 149.9 97.9 97.9 96.6 October November December 0)143.6 142.8 143.0 143.0 144.3 145.5 148.1 152.7 155.2 98.7 98.8 D99.1 1)117.2 116.1 115.7 106.1 106.2 106.7 94.9 94.1 93.5 150.6 [R}151.1 150.2 96.6 94.5 93,8 142.6 142.3 143.2 144.8 144.9 E>146.6 157.4 158.5 158.4 98.5 98.4 98.0 113.9 113.9 115.5 107.4 108.3 E)108.8 93.2 92.2 92.2 148.6 145.6 144,5 92.0 91.4 92.6 April May June H4Q.5 141.3 141.5 144.1 145.6 145.0 161.8 162.5 163.6 94.6 97.4 96.6 113.8 113.4 114.3 107.8 107.2 106.3 92.3 91.7 91.8 146.1 146.7 148.1 89.1 89.6 88.6 July August September 140.5 139.8 H40.5 145.3 144.8 144.7 164.8 166.4 170.5 96.4 95.5 96.3 113.5 113.6 rllB.l 105.6 105.2 104.1 91.7 92.0 148.4 147.9 146.3 88,2 87.0 84.9 October November December r!38.6 H36.0 135.6 r!44.8 r!44,9 r!45.1 175.9 rl79.0 H77.9 96.7 95.8 r96.3 rl!3.6 rill. 8 rlll.9 rl03.0 r!02.1 r!02.2 2 145.7 *145.2 178.3 H> S 181.1 r96.5 p96.3 rill .4 p!09.5 H02.5 pi 02. 5 99.6 98.7 1979 January February March r91.9 rgi.o r90.5 (NA) 144.3 141.0 H37.4 r82.3 r80.9 r81.6 H34.6 p!35.4 r81.7 p80.2 1980 January .... February March 9 135.2 134.9 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 [H), Series numbers are for identification only and do not reflect snrias 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. 'Series 916 reached its high value (97.2) in August 1977; series 940 reached its high value (106.6) in March 1977. 2 Excludes series 12 for which data are not yet available. 3 Excludes series 12 and 36 for which data are not yet available. ''Excludes series 57 for which data are not yet available. Excludes series 70 and 95 for which data are not yet available. 60 MARCH 1980 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS MAJOR ECONOMIC PROCESS Bl EMPLOYMENT AND UNEMPLOYMENT Minor Economic Process L,L,L Timing Class . . 1 . Average workweek of production workers, manufacturing Year and month U L, L L,C,L 2. Accession 21. Average weekly overtime rate, manufachours, produc- turing tion workers, manufacturing L, C, L 5. Average weekly initial claims, State unemployment insurance1 (Per 100 em- (Hours) ployees) (Hours) (Thous.) Comprehensive Employment Job Vacancies Marginal Employment Adjustments L, L, L L, Lg,U 3. Layoff rate, manufacturing L, Lg, U 4. Quit rate, manufacturing (Per 100 em- (Per 100 em- ployees) ployees) L, Lg, U 60. Ratio, helpwanted advertising to persons unemployed 46. Index of help-wanted advertising in newspapers (Ratio) (1967=100) U, C, C 48. Employeehours in nonagricultural establishments (Ann. rate, bil. hours) 1978 3.5 3.7 3.6 4.1 3.9 4.0 338 364 335 0.9 1.0 1.0 1.9 2.0 2.0 0.652 0.680 0.682 138 139 141 158.83 160.34 162.07 June 40.4 40.5 3.7 3.6 3.5 4.1 4.0 4.0 334 328 339 1.0 1.0 1.0 2.1 2.1 2.1 0.718 0.700 0.741 146 144 147 163.63 163.38 164.35 July August September 40.5 40.4 40.5 3.6 3.4 3.6 4.0 4.0 4.1 361 344 328 0.8 1.0 H>o.8 2.0 2.1 2.1 0.712 0.753 0.758 149 150 152 164.43 164.54 164.81 October November December 40.5 40.6 40.6 3.6 3.7 3.7 4.3 4.4 [H}323 334 334 0.9 0.9 0.9 2.2 2.2 2.2 0.815 0.821 161 161 165 165.45 167.01 167.22 40.6 40.6 40.6 3.7 »i:? 4.3 4.2 4.0 345 341 355 0.9 0.9 0.9 E>2.3 2.2 2.1 0.812 0.800 0.790 161 158 156 167.44 167.83 169.22 39.1 40.2 40.1 2.7 3.5 3.4 3.9 4.0 4.0 436 350 385 1.1 1.0 1.1 2.1 2.0 2.0 0.776 0.777 0.782 155 154 153 166.62 168.46 169.20 July August September 40.2 40.1 40.2 3.3 3.2 3.2 3.9 3.7 3.8 390 390 387 1.2 1.5 1.2 1.9 1.9 1.9 0.781 0.753 0.790 155 155 159 169.27 169.10 169.51 October November December 40.2 40.1 3.2 3.3 3.2 4.1 3.9 4.0 403 418 413 1.1 1.3 1.2 2.0 2.0 1.9 0.812 0.778 0.778 4.1 404 p375 1.3 pi. 3 2.0 pi. 9 0.714 pO.713 January February March 39.6 40.0 40.5 April 0)40.7 May D4.5 EDO. 828 1979 January February March April May June . . . r40.2 D167 158 15'9 169.50 169.79 H70.55 1980 r40.3 p40.1 January February March April r3.2 p3.1 p3,9 154 p!51 [H>rl71.02 P170.72 . 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, 16 and 17. l Data exclude Puerto Rico which is included in figures published by the source agency. MARCH 1980 61 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCES^-Con. MAJOR ECONOMIC PROCESS KH 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) (Woeks) (Percent) ( 1978 89,425 89,653 89,813 84,421 84,735 85,246 24,838 24,893 25,107 58.03 58.03 58.09 6,305 6,088 6,153 6.4 6.1 6.2 90,468 90,818 91,141 85,961 86,227 86,590 25,487 25,534 25,652 58.42 58.56 58.76 6,056 6,126 5,902 July . August September 91,046 91,457 91,598 86,686 86,880 87,032 25,710 25,716 25,767 58.60 58.76 58.78 October November December 92,024 92,488 92,456 87,424 87,840 88,133 25,941 26 120 26,272 January February March 92,897 93 189 93,303 88 433 88 700 89 039 April May June 93 039 93 249 93 409 January February March .... April May June .... 2 ) r3.5 13.0 12.6 12.4 1.6 1.6 1.5 6.1 6.1 5.9 r3.2 r3.2 r3.2 12.4 12.0 12.1 1.5 1.4 1.3 6,228 5,929 5,971 6.2 5.9 5.9 3.3 r3.3 3.2 11.9 11.5 11.5 1.3 1.2 1.3 58.95 59 08 59.06 i)5,788 5,882 5,984 5 7 5 8 5.9 3.0 3.0 11 8 11 1 10.6 1 3 1 ? 1.2 26 382 26 448 26 627 59.19 59 33 59 31 5,904 5 883 5 882 5 8 5 7 5 7 3.0 3 0 3 0 11 2 11 3 11 8 1 2 1 2 1 3 89 036 89 398 89 626 26 565 26 651 26 674 59 05 RQ 11 59 13 5 944 R Qni 5 824 5 8 R ft 5 7 y? Q fu\ 9 Q 11 0 in Q 1 2 l ? 1 1 93 917 93 689 94 140 89 713 26 723 ?fi RQQ 26 593 59 37 5 909 RQ fi 94 180 94 223 94 553 fiQ QfiP yc C79 CD 07 90 100 rQn ?4l 26 533 RQ 91 r?fi fiRR CO 00 Qd R^d fijjf\Q/L COC CQ 0/1 fPNnQn 7^1 • 3.5 3.6 r3.0 1979 July August September .... October November December . ... RQ 7fi9 89 803 1Q 0)59 42 1 9d rn\c IH/D . 7 / c q 5 990 5 6 6 5 q 1 91 fi/Ld c fiQ7 C 0 Q c q m/~?^ *oq 9 Q v*9 Q 9 Q in R [u\i n ii |n;iu. in? in? fu\i In/ 1 .nu i i i i in R in fi in R 1 9 3.2 10,5 1.3 p3.1 10.7 1 .2 2 n 3 . 11 3 1 . 1 T 1 i f> 1980 January February March r90 590 EfSrPfi 77R n pc 771 cq oc 6,425 6 on 7 6.2 6 r\ 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 byJfi). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "MA", not available. Graphs of these series are shown on pages 14, 15, 17, and 18. l Data exclude Puerto Rico which is included in figures published by the source agency. See "New Features and Changes for This Issue," page iii, 2 62 MARCH 1980 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC PROCESS Qj PRODUCTION AND INCOME Minor Economic Process Timing Class Year and month Comprehensive Output and Income C,C,C 50. Gross national product in 1972 dollars C,C,C Personal income 223. Current dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 52. Constant (1972) dollars Industrial Production C,C,C 51. Personal income less transfer payments in 1972 dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) C,C,C 53. Wages and salaries in mining, mfg., and construction in 1972 dollars (Ann. rate, bil.dol.) c, c,c 47. Index of industrial production, total (1967=100) c, c, c C, 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.) 1978 January February March 1,367*.8 1,618.5 1,631.3 1,654.4 1,117.0 1,118.1 1,127.7 967.4 969.4 978.9 233.3 236.0 240.2 140.0 140.3 142.1 132,1 132.3 135.0 152.4 152.9 153.8 621 '.4 April May June 1 ,395^2 1,676.5 1,687.3 1,704.2 1,135.1 1,133.9 1,137.6 987.5 986.7 991.1 244.0 243.2 244.2 144.4 144.8 146.1 137.6 137.9 139.0 155.5 155.8 157.0 637^2 July August September 1,407 ,*3 1,730.0 1,741.3 1,756.1 1,149.5 1,151.7 1,154.6 998.5 1,000.3 1,004.1 245.3 244.5 245.1 147.1 148.0 148.6 141.1 141.8 142.9 157.2 158.4 159.3 641.' 8 October November December 1,426*.6 1,781.0 1,801.4 1,826.8 1,163.3 1,172.0 1,181.6 1,013.0 1,021.4 1,030.5 246.3 248.7 250.7 149.7 150.6 151.8 144.6 145.5 146.8 159.5 160.4 161.7 657^3 January February March 1,430 '.6 1,834.3 1,851.4 1,872.1 1,172.8 1,172.5 1,177.4 1,021.9 1,022.6 1,027.0 249.4 250.3 H>25T.6 151.5 152.0 153.0 146.8 147.2 1)148.6 160.7 162.0 163.0 D658'.6 April May June 1, 422*.3 1,880.7 1,891.6 1,905.1 1,174.0 1,172.7 1,172.4 1,022.7 1,021.5 1,021.8 248.7 248.2 246.9 150.8 152.4 152.6 144.6 147.6 147.6 161.7 162.8 163.0 647.' 3 July August September . 1,433.*3 1,933.2 1,946.5 1,960.1 1,180.9 1,179.7 1,177.2 1,023.0 1,021.4 1,019.5 246.1 243.1 242.6 152.8 151.6 152.4 147.2 144.2 145.9 164.1 164.3 164.6 651 *3 1,181.4 1,981.2 r2,005.5 rl, 188.1 r2,028.3 [H)rl, 191.0 1,023.5 rl, 030.6 H>rl,033.2 241.9 241.0 r241.6 152.2 152.1 r!52.2 145.7 r145.0 r!44.4 164.0 H64.5 H64.5 r655.1 r'1,028.5 pi, 021. 7 r239,5 P238.4 152.7 [H>P153.0 r!44.6 p!45.1 H6S.4 [g>pl65.5 1979 October November December [H}r1 ,440.3 1980 r2, 045.0 Dp2,051.9 January February March rl,188.3 pi, 177. 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 ED; 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 "N A", not available. Graphs of these series are shown on pages 14, 19, 20, and 40. MARCH 1980 63 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS H Minor Economic Process PRODUCTION AND INCOME--Con. Q| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES Capacity Utilization Timing fjjgss L.C.U 83. Rate of capacity utilization, manufacturing (BEA) Year and month (Percent) 82. Rate of capacity utilization, manufacturing (FRB) (Percent) Orders and Deliveries 1, 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, I 8. New orders for consumer goods and materials in 1972 dollars (Bil.dol.) L, L, L L, Lg, U L, L, L 25. Change in unfilled orders, durable goods industries 96, Manufacturers' unfilled orders, durable goods industries 32. Vendor performance, companies reporting slower deliveries© (Bil.dol.) (Bil.dol.) (Percent reporting) 1978 January February March .... April May June ... July August September . October November December 82^6 82^6 62.61 65.54 68.14 38.67 40.11 41.45 35.15 36.75 37.30 2.76 2.99 4.38 187.08 190.06 194.44 55 64 67 83^9 85^6 69.25 68.90 68.31 41.74 41.25 40.57 38.51 37.66 37.33 3.69 3.88 2.72 198.13 202.01 204.73 64 64 66 85^2 86^4 65.94 70.59 72.40 38.90 41.23 42.07 36.41 37.95 37.67 0.83 2.62 3.92 205.56 208.18 212.10 56 65 66 86.*4 D88.*2 76.46 76.91 76.83 44.12 43.98 43.53 38.65 38.36 38.72 6.37 5.52 4.19 218.47 223.99 228.18 68 66 68 88!6 79.65 81.31 E)83.09 44.70 45.17 D45.83 0)39.78 39.21 39.66 6.76 D86.'7 69 77 6.23 234.94 242.61 248.84 85^9 87!3 76.10 77.03 75.82 41.45 41.75 40.87 37.20 37.46 36.74 5.11 1.32 3.18 253.95 255.27 258.46 76 76 70 85!i 87^2 72.54 74.03 77.56 38.73 39.42 40.86 35.87 35.93 36.22 -1.04 -0.39 3.55 257,42 257.03 260.58 60 55 51 76.66 75.42 77.75 r39.78 38.98 39.77 r36.18 34.84 34.54 1.10 1.76 3,64 261.68 263.44 267.07 50 47 49 r82.03 p82.64 r40.98 p40.85 r36.40 P37.20 r4.22 p3.08 r271 .29 i)p274.37 48 42 '84 ... "si *83 *84 1979 January February March [®84 April May June *83 July Auijust September *82 October November December 84^6 p81 86.*3 H>7.66 [®78 1980 January February March . April May June July August September October November December NOTt: 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", riot available. Graphs of these series are shown on pages 12, 20, and 21. 64 MARCH 1980 ItCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS .... H Q| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con. Minor Economic Process Formation of Business Enterprises Consumption and trade c,c,c Timing Class c.c.c Manufacturing and trade sales Year and month 56. Current dollars 57. Constant (1972) dollars (Mil. dot.) (Mil.dol.) Revised 2 Revised 2 C,L,C 75. Index of industrial produc- C, L,U (1967=100) u; L, u Sales of retail stores 54. Current dollars goods FIXED CAPITAL INVESTMENT 59. Constant (1972) dollars (Mil.dol.) (Mil.dol.) Revised 2 Reviskd 2 L,C, C L,l, L L,l,L 55. Personal consumption expenditures, automobiles 58. Index of consumer sentiment ® (Arm. rate, b'l.dol.) (1stQ 1966=100) l 12. Index of net business formation (1967=100) L, L, L 13. Number of new business incorporations (Number) 1978 January February March 232,492 238,921 242,951 148,346 151,393 153,449 143.2 145.2 147.5 62,220 63,040 64,100 42,881 43,149 43,665 62^3 83.7 84.3 78.8 133.5 133,1 130.5 36,414 39,434 37,847 April May June 250,027 251,927 252,808 156,423 156,450 156,468 149.5 149.0 149.3 65,305 65,861 66,392 44,095 44,143 44,232 70^2 81.6 82.9 80.0 131.9 132.1 132.7 39,585 39,059 39,860 July August September 253,297 259,392 260,020 155,750 158,585 157,533 149.8 150.6 150.8 66,794 67,469 68,006 44,322 44,563 44,623 68^9 82.4 78.4 80.4 133.3 132.5 133.3 40,152 41,007 41,553 October November December 266,917 269,504 272,451 159,972 160,370 161,050 151.2 151.3 151.5 69,164 69,871 70,832 45,117 45,312 45,669 70.6 79.3 75.0 66.1 [H>134.8 133.4 133.8 41,437 r41,423 r42,179 274,179 275,088 285,205 160,460 159,177 [H)164,058 150.6 151.5 45,381 44 , 850 44,944 E>74!6 [H>152.9 71,293 71,266 72,045 72.1 73.9 68.4 131.3 132.1 132.5 42,410 42,302 42,761 April May June 276,134 286,918 283,682 157,285 161,807 158,316 149.1 152.0 151.8 71,606 72,292 72,093 44,229 44,405 43,932 68^2 66.0 68.1 65.8 130.9 130.5 130.9 43,034 43,895 43,044 July August September 289,629 292,991 296,362 159,751 160,273 160,068 150.8 148.2 149.7 73,121 74,871 76,666 44,316 45,130 [H>45,771 67^9 60.4 64.5 66.7 131 .8 130.3 H32.5 44,655 42,911 44,687 October November December 298,623 298,969 302,481 159,757 158,205 158,718 149.7 148.9 44,803 44,954 44,881 r66.'8 r148.3 75,583 76,421 77,150 62.1 63.3 61.0 r!31.5 129.3 e!28.3 E>46,478 44,811 p43,579 r!47.8 p!49.2 0)79,523 p78,989 45,703 p44,855 1979 January February March . ... 1980 H>p311 January February March iK pi 61 ,330 (NA) 67.0 66.9 (NA) (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 ED; for series that move counter to movements in general business activity,current low values are indicated by[fi>. 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. '•Series 58 reached its high value (89.1) in 2d quarter 1977. 2 See "New Features and Changes for This Issue," page iii. MARCH 1980 65 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS I l l FIXED CAPITAL INVESTMENT-Con. Minor Economic Process Business Investment Commitments I, L, I Timing Class L,L,L Contracts and orders for plant and equipment Year and month 10. Current dollars (Bil.dol.) 20. Constant (1972) dollars (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 conv mercial and industrial buildings, floor space1 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 meters2 (Millions) 1978 January February March 20.90 22.09 20.48 13.33 14.05 13.08 16.17 17.19 17.18 10.36 10.97 11.01 83.03 67.86 71.94 7.71 6.30 6.68 17JO April , . , May Jung 19.04 21.11 19.78 12.08 13.25 12.38 17.28 17.61 17.61 11.00 11.16 11.10 76.71 88.41 83.27 7.13 8.21 7.74 1SJ2 July August September 21.47 22.71 23.32 13.25 13.86 14.17 17.45 18.36 19.84 10.90 11.35 12.18 74.82 79.21 86.38 6.95 7.36 8.02 16J7 October November December 25.85 24.70 22.71 15.50 14.82 13,46 21.03 20.75 19.13 12.81 12.64 11.50 84.55 91.08 81.48 7.85 8.46 7.57 18.' 75 26.34 r25.87 27.29 15.52 r!5.42 21.41 22.87E>23.98 12.83 13.79 E)14.84 88.51 E>105.49 102.77 .... 59.' 73 59^98 60^83 63^43 1979 January February March , .... fi>16.62 8.22 P)9.80 n. 88 April May June 25.38 22.50 25.06 14.78 13.04 14.52 20.77 20.96 21.75 12.33 12.24 12.81 93.59 87.09 84.08 8.69 8.09 7.81 2l! 03 July .... Auqust September 23.50 23.53 24.73 13.30 13.22 13.82 20.23 20.74 21.82 11.63 11.80 12.35 88.48 83.85 92.17 8.22 7.79 8.56 22^55 24.14 ^ 25.36 Dr27.99 13.53 14.48 r!5.68 21.00 21.42 22.86 11.97 12.53 13.14 93.15 84.13 80.79 8.65 7.82 7.51 [H>p24.52 r27.35 p24.67 r!4.65 p!3.53 r23.86 P21.59 r!3.24 p!2,Ql r!04.43 85.46 October November December eaiea 9.55 70J6 73^58 H>P7?'85 1980 January February March April May June r9.70 7.94 . July August September October November . . . . . . . . . December NOTE: Series ere 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. Graphsof these series are shown on pages 12, 23, and 24, *This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. Converted to metric units by the Bureau of Economic Analysis. 66 MARCH 1980 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC PROCESS Hj FIXED CAPITAL INVESTMENT-Con. Minor Economic Process .... Timing Class Year and month Residential Construction Commitments and Investment Business Investment Expenditures C, Lg, Lg C, Lg, Lg 61. Business expenditures for new plant and equipment, total 69. Machinery and equipment sales and business construction expenditures (Ann. rate, bil.doL) (Ann. rate, bil.dol.) C, Lg, U C, Lg, C C, Lg, C Lg, Lg, Lg 76. Index of Nonresidential fixed investment in 1972 dollars industrial production, business 86. Total equipment 87. Structures 88. Producers' durable equip. (1967=100) (Ann. rate, bil.dol.) (Ann. rate, bit. dot.) b (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,) 1978 144.25 204.83 209.20 214.91 152.0 153.6 156.5 133*1 40*2 93*0 1,779 1,762 2,028 150*76 221.86 220.94 228.18 158.0 158.4 160.1 140*3 43*9 96.4 B>2,182 2,018 2,092 154,6 141.8 H>160.2 D6CL9 iss.'ii 230,58 238.02 246.70 161 .7 163.4 163.8 141 *6 45J 96*5 2,090 1,983 2,014 142.6 138.6 148.5 60*2 163*96 245.58 248.99 252.90 164.8 165.0 166.8 145*5 46*5 98.9 2,001 2,111 2,052 148.2 144.5 147.6 60*6 165*94 256.18 255.73 270.16 168.1 169.0 170.8 147.'z 45*8 101*3 1,727 1,469 1,800 117.2 115.1 130.9 57*7 173*48 258.54 266.54 264.63 168,7 171.4 171.5 146*.9 47*9 99^6 1,750 1,801 1,910 122.5 130.7 132.4 56.*7 179*33 272.96 279.65 279.62 171.4 171.5 173.6 1>1 50 .'7 48*7 E>ioi'9 1,764 1,788 1,874 123.4 133.6 143.4 56*5 H>186."95 282.82 277.12 r286.78 172.0 H72.5 H74.2 HBO.'B E>r5o'l rlOO.4 1,710 1,522 n,548 124.6 102.0 100.5 r55'8 January February March ra!89!49 ™*\$ H75.2 E>pl75.7 H.424 pi ,334 102.1 April . , May June ral93*83 July August September a201*44 January . February March .... April May June July August , September .... . .. October November December 139.2 137.7 140.7 59*4 1979 January February . . March .... . . April May June July August September .... October November December 1980 October November December 92.2 .. . 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®; 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. ltd* MARCH 1980 67 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC PROCESS . jjM INVENTORIES AND INVENTORY INVESTMENT Minor Economic Process Timing Class Year and month Inventory Investment L, L, L L, 1,1 30. Change in business inventories in 1972 dollars (Ann. rate, bil.dol.) L, L, I 36. Change in inventories on hand and on order in 1972 dollars Monthly data (Ann. rate, bil.dol.) Inventories on Hand and on Order Smoothed data1 (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 materials and supplies on hand and on order, mfg. (Bil.dol.) Revised2 Lg, Lg, Lg Lg, Lg, Lg Lfl, Lg, Lg Manufacturing and trade inventories 71, Current dollars (Bil.dol,) 65. Mfrs.' inventories of finished 70. Constant goods, book (1972) dollars value (Bil.dol.) (Bil.dol.) Revised 2 78. Stocks of materials and supplies on hand and on order, mfg. (Bil. dot.} ( ) 16\5 23.99 14.94 [H>35.54 16.86 19.56 21.79 41.5 39.4 60,5 0.92 1.51 2.07 340.65 343.93 348.98 238.18 238.92 241.23 59.74 59.76 60.05 1.61 1.58 1.57 144.42 145.93 148.00 15^6 29.83 17.26 14.08 25.80 E>27.16 23.97 62.8 33.8 34.0 1.83 2.00 2.38 354.21 357.02 359.86 242.94 243.93 244.65 60.71 61.07 61.57 1.55 1.56 rl.56 149.84 151.84 154.22 April May 77. Ratio, constantdollar inventories to sales, mfg. and trade (Ratio) L, Lg, Lg 2 1978 January February March Lg, Lg, Lg June July August September 12^2 11. 11 17.38 13.76 17.27 14.17 14.14 37.4 43.2 35.6 1.18 1.81 2.62 362.98 366.58 369.54 245.54 246.77 247.13 62.10 62.74 62.82 1.58 1.56 1.57 155,40 157.22 159,83 October November . December . 12.'6 14.90 18.52 18.58 14.71 15.54 16.53 41.5 51.9 36.2 2.43 2.98 2.71 373.01 377.33 380.35 247.88 249.09 249.59 62,69 63,52 63.80 1.55 1.55 1.55 1 62 . 26 165.24 167.95 32.56 16.50 14.16 20.28 22.88 21.81 58.2 47.3 41.9 3.96 3.31 385.20 389,14 392.63 250.98 251.38 252.24 64.57 65,48 65.67 rl.56 12^3 173.66 177.62 180.93 E>18.*1 29.48 -2.24 20.06 20.56 16.92. 14.78 71.0 46.4 60.2 4.31 0.52 2.70 398.55 402.42 407.43 253.80 254.71 256,18 67.10 67.28 68.26 rl.61 rl.57 19.25 14.06 12.88 -0.02 258.92 D259.42 257.63 68.95 69.00 69.95 rl.62 258.18 r258.13 r257.32 69.27 69.74 70.42 1 .62 !H}1.63 rl.62 195.09 197.09 198.53 P256.89 D7K77 pi. 59 (H)201.84 1979 January . . February March April May June .... July August September . ;!i October November December . ri.4 0.88 -20.92 6.57 E)84.0 [H)5.71 46.0 11.3 2.63 1.23 414.43 418.26 419.20 423.62 426.56 427.40 r-3.94 r-6.92 r-14.50 r-4.13 r-9.29 r-9.52 53.0 35.3 10.1 2.79 2.00 1.44 p-12.05 p-9.80 p46.4 3.31 (NA) 1.58 1.54 1.62 1.62 1.61 185.24 185.76 188.46 188.45 191.08 192.30 1980 January February . . March (NA) (NA) (NA) (NA) (NA) (NA) (NA) (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 (Fj). 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. I Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 2 See "New Features and Changes for This Issue," page iii. MARCH 1980 ItUI CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC PROCESS M| PRICES, COSTS, AND PROFITS Minor Economic Process Stock Prices Sensitive Commodity Prices U, L, L L.L.L Timing Class 92. Change in sensitive prices Year and month Monthly data 2 Smoothed data 3 (Percent) (Percent) 23. Index of industrial materials prices® (1967=100) L, L, L 19. Index of stock prices, 500 common stocks ® (1941-43=10) Profits and Profit Margins L, L, L L, L, L Corporate profits after taxes 16. Current dollars (Ann. rate, bil. dol.) 18. Constant (1972) dollars (Ann. rate, bil. dol.) L,C, L L, C, L Corporate profits after taxes with IVA and CCA 1 79. Current dollars (Ann. rate, bil. dol.) 80. Constant (1972) dollars 2 (Ann. rate, bil. dol.) L, L, L 22. Ratio, profits (after taxes) to total corporate domestic income (Percent) 1978 January February March 0.74 0.27 0.94 1.47 1.36 0.90 219.7 219.9 219.8 90.25 88.98 88.82 106.7 7K2 7CL4 47.4 April May June 1.36 0.82 1.82 0.75 0.95 1.19 220.3 217.8 222.1 92.71 97.41 97.66 122^4 79^9 84."7 55^7 10*7 July August September 2.45 0.03 1.37 1.51 1.56 1.36 224.7 232.6 239.1 97.19 103,92 103.86 124^6 79^7 87.*7 S6.*7 10^7 October November December 1.32 1.60 1.22 1.09 1.17 1.40 249.4 254.8 251.8 100.58 94.71 96.11 132 '.3 83*.2 E>89!7 56\9 ll'.O 1.77 2.92 3.04 1.45 1.75 2.27 258.3 273.5 288.5 99.71 98.23 100.11 "142^6 E>87.*3 87.'6 54^4 Dii"4 -0.35 2.85 2.93 2.22 1.86 1.83 294.5 293.8 293.9 102.07 99.73 101.73 139^3 83.*7 87*9 53*4 ii!6 July August September 1.63 1.09 3.47 2.14 2.18 1.97 297.3 298.1 297.3 102.71 107.36 108.60 148*3 86*9 86^8 51 !5 11*2 October November December r2.63 rl.87 r2.23 r2.53 p82.*2 p48.6 pii.*2 2.56 104.47 103.66 107.78 p85.8 2.86 307.7 304.0 309.6 2.96 2.83 r2.5T E>2.72 316.2 (H)322.5 "318.2 110.87 H>115.34 5 105.25 9*9 1979 January February March . ... April May June H)pl48.8 1980 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 <g). Current high values are indicated by ED; 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 "N A", not available. Graphs of these series arc shown on pages 13, 28, and 29. *IVA, inventory valuation adjustment; CCA, capital consumption adjustment. 2Series reaching highs before 1978: series 92 (monthly), February 1977 [4.95); series 80, 3d quarter 1977 (60.3). 3See footnote 1 on page 68. ''Average for March 4, 11, and 18. 5Average for March 5, 12, and 19. MARCH 1980 69 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS Minor Economic Process JM PRICES, COSTS, AND PROFITS-Con. Profits and Profit Margins-Con. Timing Gloss . Year and month U,L,L L, L, L 81. Ratio, profits (after taxes) with IVA and CCA to corp. domestic income1 2 15. Prof its (after taxes) per dollar of sales, all manufacturing corporations (Percent) (Cents) Unit Labor Costs and Labor Share Cash Flows L, L, L L,L,L L, L, L 26. Ratio, price Net cash flow, corporate to unit labor cost nonfarm 35. Constant business sector 2 34. Current (1972) dollars dollars (1967-100) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) Lg, Lg, Lg 63. Index of unit labor cost, private business sector (1967=100) U< Lg, Lg 68. Labor cost per unit of real gross domestic product, nonfinancial corporations (Dollars) Lg, L0, Lg 62. Index of labor ccst per unit of output, manufacturing Lg, Lg, Lg 64. Compensation of employees as a percent of national income 2 (1967-100) (Percent) 1978 January . . . . Ffibruary March e!z 5.*0 94."? i7s!i 114.4 189.4 1.002 161.5 163.9 164.4 76^7 i\\ 5^4 95^8 195^5 123^5 192J 1.009 163.1 163.2 163.3 75^6 July August ..... September . . Y.2 5.*5 96^6 197^3 12215 195^2 1.024 163.6 163.1 163.9 7JL4 October November December Y.2 5^7 96."6 205^7 125^8 199!6 1.042 164.9 166.6 167.8 7M) January February March e!e H>5.*9 94*.7 216!o 129.8 205^9 1.075 170.6 171.8 172.0 75.*5 April May June e.'e 5.'e 94.*4 217.*3 127.*4 21l!? 1.104 175.2 173.3 174.0 75 0 '9 July August September . . e!6 5.*8 94*. 2 228*.3 S>136!5 217;6 1.127 175.0 176.4 176,7 75^8 October November December . . p5",7 94*. 0 ^ P 229*.6 pi 28*. 6 i)22i'.i H>P1.149 April May June , 1979 . . (NA) 178.4 r!79.5 r!82.0 p75.9 1980 January February March April . , May June „ rl82.6 fH)p!83.4 .. . 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, 29, and 30. ^VA, inventory valuation adjustment; CCA, capital consumption adjustment. 2Series reaching highs before 1978: series 81, 3d quarter 1977 (8.1); series 26, 3d quarter 1975 (98.1); series 64, 4th quarter 1976 (76.8), 70 MARCH 1980 ItCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS Ql MONEY ANDCREDIT Minor Economic Process Timing Class Velocity of Money Money L, L, L . . . 85. Change in money supply (Ml) Year and month (Percent) L, L, L L, C,U 102. Change in money supply plus time deposits at commercial banks (M2) 1 (Percent) ' 104. Change in total liquid assets Monthly data Smoothed data 2 (Percent) (Percent) L, L, L 105. Money supply (Ml) in 1972 dollars c,c,c L, L, L 106. Money supply (M2) in 1972 dollars 107. Ratio, gross national product to money supply (Ml) (Bil.dol.) (Bil.dol.) (Ratio) C, Lg, C Credit Flows L, 1, L 33. Net change 108. Ratio, personal income in mortgage debt to money supply held by financial institutions and (M2) life insurance companies (Ann. rate, bil.dol.) (Ratio) 1978 January February March 0.94 0.15 0.23 0.82 0.42 0.39 0.83 0.82 1.08 0.99 0.93 0.89 E>228.4 227.2 226.0 D545.0 543.8 541.6 5.872 1.983 1.991 2.011 82.43 85.03 89.80 April May June 1.37 0.80 0.51 0.94 0.77 0.71 1 .06 1.11 0.79 0.95 1.03 1.03 227.2 227.1 226.3 542.1 541.8 540.9 6.005 2.019 2.017 2.023 85.40 93.48 89.80 0.54 0.65 1.12 0.70 0.94 1.06 0.81 1.03 1.18 0.94 0.89 0.94 226.2 226.3 226.9 541.6 543.4 544.5 6.044 2.039 2.033 2.029 89.15 101.17 92.98 0.14 0.60 0.55 0.39 0.68 1.33 0.93 0.98 1.01 1.02 225.4 223.7 222.8 543.4 543.1 541.8 6.190 2.045 2.057 2.078 94.51 94.62 91.61 0.00 0.22 0,34 0.57 0.80 1.19 0.96 0.85 0.81 220.1 217.0 215.2 537.0 531.9 528.4 2.087 2.102 2.118 H O T . 09 6.369 0.05 1.26 1.19 0.45 1.18 1.12 0.93 1.30 0.94 1.06 216.1 213.9 214.5 528.9 525.5 526.6 6.345 2.103 2.106 2.096 r75.26 r92.33 r95.14 July August September 0.86 0.56 0.96 1.07 0.91 1.02 0.70 0.86 214.3 213.2 213.0 527.1 526.3 526.0 6.372 Dl.37 1.05 0.96 0.96 2.104 2.100 2.093 r98.02 r84.70 87.42 October November December 0.21 0.11 0.45 0.72 0.53 0.45 rO.57 rO.43 rO.80 0.96 0.86 524.6 522.3 518.3 |H>r6.452 rO.70 211.3 209.5 207.9 2.098 2.109 2.123 E>107.34 74.28 r52.14 rO.71 eO.97 rO.62 eO.74 e205.4 e204.6 re513.4 e511 .0 . . July August September . . October November December -0.14 0.22 1979 January February March -0.36 -0.22 0.17 April May June E>1.53 DI.IO r82.72 r88.44 1980 January February March eO.29 eO.99 reO.56 eO.91 Dre2.135 e2.123 (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®; for series that move counter to movements in general business activity, current low values are indicated by[fi>. 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, 31, and 32. Series 102 reached its high value (1.25) in February 1976. 2 See footnote 1 on page 68. ItCII MARCH 1980 71 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS M MONEY AND CREDIT-Con. Minor Economic Process Credit Flows-Con. Timing Class .... L, I, L 112. Net change in bank loans to businesses Year and month (Ann. rate, bil.dol.) 1978 L, L, L 11 3. Net change in consumer installment debt (Ann. rate, bil.dol.) Credit Difficulties L, L, L 1, L, L 110. Total private borrowing 14. Current liabilities of business failures© 1 (Ann. rate, mil. dot.) U 1, L L,U,U 39. Delinquency 93. Free rate, 30 days reserves© and over, consumer installment loans (Mil.dol.) Interest Rates Bank Reserves (Percent} (Mil.dol.) L, lg, U 94. Member bank borrowing from the Federal Reserve® (Mil.dol.) C, Lg, Lg L, Lg, Lg 119. Federal funds rate® 114. Treasury bill rate® (Percent) (Percent) ' 17.21 19.97 29.24 34.34 48.91 309,956 April May June 18.10 26.24 21.96 49.27 51,36 50.48 336,240 July August September 13.61 11.78 13.92 41 .59 43.58 44.16 345,916 October November December 10.90 8 77 -0 94 40.51 45 98 52 79 394 412 January February March . . . 9.76 168.31 205.01 324.41 2.42 2.48 2.51 -176 -272 202.99 160.40 178 84 2 44 -475 -975 -974 2.28 2 44 231 82 206.40 127 02 2 42 475 34 178 93 196 54 2 35 2,37 2 42 9 3d 2 45 481 405 344 6 70 6 78 6 79 6.4B 539 1 227 1 111 G 89 7 36 7 gQ 6 31 6 43 6 71 1 286 1,147 1 068 7 81 7 07 8.04 -38 -1 146 -885 -993 -1 049 1 261 7pp -41 7 -7dQ O-JA 8 45 8 96 9 7A inn*? 6 46 6 32 7.04 7 34 s ~n 8 70 Q T? 1979 January February March April May . . June July August . September ... October November December •30 QT ?fi RD 33 07 R 7fi 42 76 on eo AQ OC A** en ^1 QQ oq C7 73 7^ ?n ?n A.r\ ^£ 9Q -30 on oc on CA A't o.£ [PT^I ?R 70 26 23 I fi 28 88 3 01 4 CC TOO q/in pon v~l fi 1 Q fQ\/ion ,KQ/I [H/4^U boH npo'3 fl-jc fu\p 1 p [n/£ . i £ P OT -jc 2 00 242.76 pnn ZLR 2 /1 T 2 ^7 1 07 OC/L 01 e 00 i 77 nn 070 17 007 AA i QC on 1 oD.^0 / MA \ (NAj P 4^ P /! C 2 /17 p en 2.45 2.50 2.64 cop -JC.A 7AP onn -oyy 1 don 1 17^ QQQ -yyy Qf\fl i T5Q ^m1 M ,5U rrj\n 11 ,oyy CQQ [H;p- QQA 0.70 yyy QQQ QQ"7 oy/ 1 » 777 /// 1 ^Qfc 70 1 ,1179 »uy/ 1no7 1 q/i/i 1 , J44 m\ o 022 noo 0}p2 s one nli ,yUo n Q^T T-i /i cyi p-949 P-1 9 490 3 -2,674 pi, 264 pi S 660 3 2,983 i n. n.7 1U U/ i n n£ 1 U.Uo i n no 9 . Jb Q[" i u. oy £,/ 9 . 07 /1 fl 9 .46 10.01 i o/i IUn . ^4 in PQ iu. ^y [=Q 9 .58 9 . Ar Ub 10.47 10.94 n /l *3 .43 13. 77 9.49 9.26 9 . 4A 5C 1 Q 10.18 in 11 .47 I J. lO n .87 13.78 12.07 13.82 [H)14.13 3 16.29 12.04 [H)12.81 "15.19 11 1 Q O7 1980 January February March ... . {R)r55.48 p35,83 2 -6.08 16.46 (NA) (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 serius are shown on pages 32, 33, and 34. 2 Series 14 reached its high value (96,99) in September 1977. Average for weeks ended March 5 and 12. 3Average for weeks ended March 5, 12, and 19. ''Average for weeks ended March 6, 13, and 20. 72 MARCH 1980 ItCII CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC PROCESS ^9 MONEY AND CREDIT-Con. Minor Economic Process Interest Rates-Con. Tinning Class Outstanding Debt Lg, Lg, Lg C, Lg, Lg U, Lg, Lg Lg, Lg, Lg 116. Corporate bond yields® 115. Treasury bond yields@ 117. Municipal bond yields© 18. Secondary market yields onFHA mortgages® Year and month (Percent) (Percent) (Percent) (Percent) Lg, Lg, Lg Lg, Lg, Lg 7. Bank rates n short-term usiness loans 109. Average prime rate charged by banks® ® (Percent) (Percent) Lg, Lg, Lg 66. Consumer installment debt (Mil.dol.) Lg, Lg, Lg 72. Commercial and industrial oans outstanding, weekly eporting large commercial :anks (Mil.dol.) Lg, Lg, Lg 95. Ratio, consumer installment debt to personal ncome (Percent) 1978 January February March 8.70 8.70 8.70 7 51 April May June 8.88 9.00 9.15 7 74 July August . . . .' September 9.27 8.83 October November December 5 71 5 62 5 61 9 18 5 80 6 03 9 44 9 74 6.22 (NA) 8.10 6.28 8 78 7 88 7 82 6 12 6 09 9 96 9 81 9 81 9 14 9 30 9 30 8 07 8 16 8 36 6 January February March 9 47 9 52 9 65 8 43 8 43 8 AC. rf\ 47 April May June 9 69 9 51 8 44 8 55 8 32 r6 29 6 25 6 13 10 61 10 49 July August Sppternber 9 47 9 57 9 87 8 35 8 42 8 68 6 13 6 20 6 52 10 46 10 58 11 37 11 17 11 .52 11 30 9 44 9 80 9 58 7 08 7 30 7 22 12 41 11 .65 H>13.23 M3.79 [gxn .55 10.03 7 35 H>8.'l6 2 8.74 7.60 7.63 7.87 7.94 6 13 1 Q 6 50 (NA) 9 35 8 90 8 96 9 92 Q Qft in nd in ?o. l1 n a 7 93 8 00 8 00 225 714 228 576 232 652 118 248 119 682 191 -3/1 £ M m M nc 8 00 8 27 8 63 236 758 241 038 245 245 i?? Red TOE, ndi 126 871 H H U 9 00 9 01 9 4-] 248 711 252 343 ?Rfi n9"5 128 005 1 °fi QP7 1 on 1/17 M M U Q 9CQ QA i n Q/I Tt J O II ,Ubb f\cc 13 95 ip 9Q QQ oo /iq CQ 1 *J 1 7QC M l , /o6 T ql 7OQ 1 J 1 , /Uo CC 1 4 . bo 14.61 1/1 CC 1 4 . bb £/o ,oy/ QQ/l m ,yb4 14.76 Oqq 11 RR 9£Q 901 <:OJ ,£O 1 o c y ton n TC 97H. £Q7 1A 1979 9.82 October November . . : December i n 9/i C 01 i n ?/L 6 OO i n 9£ 19 97 (NA) 12 34 12 31 (NA) I 9 ?A (0)15 81 1 1 7R 11 1 1 .7C /b 97/1 ocn 977 QQC £.11 ,oob 1 07 7/]n 1 "5Q 99H 1 OO,d<lU -i a Q-I 14.81 14.84 11 75 11 75 n cc 9Qi aqn 285 296 11 Rd 11 91 1 2 90 oon 007 idQ Rm l R n9 7A') i R? ndft i R nd. 9Q7 IQQ i en cci 14 39 15 55 ?qq -37C 301 782 r303 131 i c e q?i [0)304,503 r!59,215 [R)pl62 201 ^161 694 1 c on 907 909 OC/I rldl t(9? Uqq m iftft 1 c no Idfi 19/1 TC 1 CA 01 0 1 Rd RQ? [U\1 C T1 1 C 1C 11 1 b. i 1 K-i R ns rid PR 1980 January February March Ml. 80 fH> 12 60 (NA) 15 25 (H>15 63 3 18 11 (NA) p!4 89 (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 genera! 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 15, 34, and 35. 2 3 Average for weeks ended March 7, 14, and 21. Average for weeks ended March 6, 13, and 20. Average for March 1 through 26. ''Average for weeks ended March 5 and 12. KUI MARCH 1980 73 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE Q DIFFUSION INDEXES Year and month 950. Twelve leading indicator components (series 1,3, 8, 12, 19, 20,29,32,36,92,104, '106) 1-month span 6-month span 951. Four roughly coincident indicator components (series 41,47,51,57) 1-month span 952. Six lagging indicator components (series 62, 70, 72, 91, 95, 109) 961 . Average workweek of production workers, manufacturing (20 industries) 962. Initial claims for State unemployment insurance, week including the 12th (51 areas) 6-month span 1-month span 6-month span 1 -month span 9-month span 1-month span 100.0 100.0 100.0 100.0 100.0 0.0 91.7 100.0 100.0 100.0 77.5 92.5 82.5 70.0 55.0 33.3 47.1 54.9 963. Number of employees on private nonagricultural payrolls (172 industries) 1 -month span 6- mo nth span 76.5 56.9 47.1 68.3 69.2 69.5 83.1 79.1 77.6 9- month span 1978 January February March 45.8 62.5 41,7 58.3 54.2 58.3 April May June 66.7 54.2 62.5 54.2 50.0 58.3 July .... August September 45.8 50.0 62.5 62.5 83.3 66.7 October November December 54.2 37.5 66.7 66.7 66.7 r50.0 January February March 58.3 41.7 66.7 33.3 41.7 41.7 April May June 25.0 45.8 50.0 41.7 33.3 r29.2 July August September 41.7 33.3 62.5 r54.2 r25.0 r33.3 *45.5 55.0 25.0 75.0 100.0 100,0 100.0 100.0 100.0 66.7 100.0 100.0 83.3 83.3 75.0 15.0 52.5 45.0 65.0 95.0 82.4 11.8 58,8 52.9 60.8 60.8 68.0 57,8 66.6 73.6 72,7 71.2 .83.3 62.5 100.0 100.0 100.0 100.0 100.0 100.0 50.0 42.5 65.0 87.5 50.0 42.5 49.0 42.2 94.1 51.0 76.5 17.6 64.5 60,5 62.5 73.0 77.3 79.7 100.0 100.0 IflO.Q 100.0 100.0 100.0 100.0 100.0 100.0 60.0 65,0 83.3 83.3 47.5 70.0 52.5 25.5 29.4 86.3 51.0 66.7 29 ,,4 73.0 75.9 74.4 82.3 82.3 80.5 25.0 75.0 75.0 87.5 50.0 83.3 75.0 75.0 100.0 100.0 100,0 55.0 37.5 60.0 20.0 13.7 46.1 27.5 23.5 70.3 65.1 60.5 74.1 67,4 61.9 12.5 75.0 75.0 75.0 50.0 25.0 91.7 75.0 83.3 100.0 100.0 90.0 32,5 100.0 100.0 50.0 rSO.O r75.0 66.7 83.3 75.0 100.0 50.0 62.5 35.0 72.5 50.0 50.0 75.0 83.3 41.7 50.0 50.0 50.0 75.0 75.0 100.0 91.7 83.3 83.3 66.7 5.0 1979 October November December r25.0 16.7 50.0 100.0 2 rlOO,0 3 100.0 83.3 83.3 75.0 *87.5 0.0 47.5 62.5 7.5 72. 5 15.0 68.6 10.0 30.0 22.5 66.7 66.7 56,9 49.0 29.4 44.8 54.7 57.0 58.1 50.3 46.8 35.3 56.9 86.3 21.6 p27.5 (NA) 61.6 48.8 46.8 56.1 55.8 r57.6 69.8 59.9 r59.Q r60.2 p62.S 37.5 r30.0 90.0 p40.0 7.8 9.8 53.9 r52.5 p68.6 r67.5 p!2,5 (NA) 1980 January February March »36.4 45.0 2 75.0 3 66,7 41.7 "75.0 r64.2 p53.8 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. Excludes series 12 for which data are not yet available. 2 Exeludes 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 MARCH 1980 CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Con. BB DIFFUSION IIMDEXES-Con. Year and month 964. Value of manufacturers' new orders, durable goods industries (35 industries) 9-month span 1 -month span 965. Newly approved capital appropriations, deflated, The Conference Board (17 industries) 1 -quarter span 4-Q moving 966. Index of industrial production (24 industries) 967. Index of industrial materials prices ® (13 industrial materials) 1 -month span 1-month span 6-month span 83.3 79.2 '49 39.6 47.9 85.4 91 .7 69.2 34.6 46.2 '50 87.5 54.2 83.3 87.5 87.5 85.4 "48 70.8 83.3 70.8 avg. 9-month span 968. Index of stock prices, 500 common stocks l © 1-month span 9-month span 960. Net profits, manufacturing 2 © (about 700 companies) 1-quarter span 4-quarter span 1978 January February March 40,0 65.7 60.0 90.0 94.3 77.1 62 April May June 65.7 52.9 54.3 82.9 85.7 94.3 27 July August September 31.4 82.9 60.0 88.6 74.3 91.4 59 October November December 82.9 42.9 60.0 88.6 91.4 92.9 50 January February March 57.1 45.7 65.7 80.0 80.0 52.9 53 April May June 25.7 62.9 48.6 68.6 55.7 57.1 45 July August September 40.0 65.7 54.3 54.3 48.6 39 October November December 51.4 45.7 57.1 3 8.1 66.7 66.7 3 58.3 30.6 50.0 "49.1 "62.1 "69.8 *78 50.0 61.5 80.8 69.2 80.8 84.6 90.7 90.7 59.3 "82,8 "86.2 "87.7 "78 87.5 87.5 91.7 65.4 69.2 76.9 88.5 92.3 88.5 28.8 98.3 37.3 "70.2 "67.5 "68.4 '80 87.5 77.1 81.3 88.5 80.8 42.3 88.5 88.5 92.3 8.6 0.0 *52 66.7 79.2 87.5 69.0 39.1 47.3 67.3 '47 54.2 52.1 66.7 58.3 58.3 50.0 61.5 76.9 76.9 96.2 96.2 88.5 94.8 35.5 85.5 18.2 32.7 57.4 56.3 54.2 45.8 69.2 42.3 53.8 80.8 84.6 p46 16.7 64.6 66.7 90.7 88.9 75.0 45.8 45.8 52.1 70.8 r52.1 r54.2 46.2 30.8 53.8 63.0 68.5 68.5 58.3 50.0 r66.7 p58.3 3 •" *74 1979 ' r71.4 p62.9 p48 5 62.5 61.5 76.9 r56.3 5 91.7 80.0 16.4 90.0 5 66.7 66.7 58.3 64.8 92.6 53.7 3 S 3 56 66.7 58.3 3.7 '71 (NA) 69.8 38.0 95.4 1980 January February March r68.6 p34.3 r68.8 p4K7 50.0 73.1 6 74.1 52.8 61.5 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 b y ® . The "r" indicates revised; "p", preliminary; and "NA", not available. G raphs of these series are shown on page 37. 1 Based on 62 industries through March 1978, on 59 industries through September 1978, on 58 industries through January 1979, on 55 industries through June 1979, on 54 industries through January 1980, and on 53 industries thereafter. Data for component industries are not shown in table C2 but are available from the source agency. 2 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet, Inc. 3 Based on 12 components (excluding print cloth). 4 Based on 58 components for January 1978 through May 1978 and on 57 components through September 1978. 5 Based on 12 components (excluding rosin). 6 Average for March 4, 11, and 18. KCII MARCH 1980 75 CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Con. DIFFUSION INDEXES-Con. Year and quarter 970. Business expenditures for new plant and equipment (18 industries) 971. New orders, manufacturing 1 © a. Actual expenditures Actual b. Later anticipations c. Early anticipations 973. Net sales, manufacturing and trade 1 ® 972. Net profits, manufacturing and trade 1 ® Anticipated Actual Anticipated Actual Anticipated (4-Q span) (4-Q span) 78 80 84 82 80 81 84 85 82 86 90 86 73 76 78 78 79 82 84 83 84 86 88 86 87 92 90 78 74 70 (NA) 78 82 80 70 87 84 82 (NA) 85 88 84 78 (1-Qspan) (1-Qspan) (1-Qspan) (4-Qspan) (4-Qspan) (4-Qspan) 66.7 75.0 88.9 44.4 61.1 72.2 69.4 58,3 66.7 66.7 66.7 72.2 80 83 8? 82 80 86 71 74 74 76 61.1 88.9 61.1 66.7 77.8 69.4 63.9 72.2 61.1 66.7 61.1 69.4 83 86 86 86 82 83 88 86 66.7 77.8 83.3 77.8 66.7 72.2 66.7 72.2 55.6 72.2 69.4 77.8 85 81 73 (NA) 80 84 80 72 50.0 47.2 75.0 (4-Q span) 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 1980 First quarter .. Second quarter Third quarter.. Fourth quarter 72 66 66 DIFFUSION INDEXES-Con. Year and quarter 974. Number of employees, manufacturing and trade 1 © 975. Level of inventories, manufacturing and trade1® 976. Selling prices, manufacturing 1 ® 977. Selling prices, wholesale trade 1 © Actual Actual Actual Actual Anticipated (4-Q span) (4-Qspan) Anticipated Anticipated Anticipated (4-Q span) (4-Qspan) (4-Qspan) (4-Q span) (4-Q span) (4-Q span) 978. Selling prices, retail trade 1 © Actual Anticipated (4-Qspan) (4-Q span) 1977 First quarter .. Second quarter Third quarter.. Fourth quarter 60 59 61 62 59 60 61 59 74 72 74 75 65 68 72 70 86 86 87 87 78 81 86 82 87 86 88 90 80 86 86 84 90 86 92 92 84 89 88 62 64 64 63 59 60 62 62 76 76 76 78 67 70 73 74 87 88 90 91 82 84 87 87 89 92 93 94 84 90 87 90 91 94 94 93 90 88 92 92 62 60 60 (NA) 60 60 58 56 80 76 73 (NA) 70 74 71 68 92 93 92 (NA) 86 88 88 86 96 95 95 (NA) 88 90 92 90 94 95 94 (NA) 90 92 92 90 1978 First quarter .. Second quarter Third quarter.. Fourth quarter 1979 First quarter .. Second quarter Third quarter.. Fourth quarter 1980 First quarter .. Second quarter Third quarter.. Fourth quarter 54 62 87 90 90 NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available. Graphs of these series are shown on page 38. *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. 76 MARCH 1980 ItCII CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Con. Q SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Diffusion index components 1979 August July September 1980 October November Januaryr December February P 961. AVERAGE W O R K W E E K OF PRODUCTION WORKERS, MANUFACTURING ' (Average weekly hours) All manufacturing industries . ... + Percent rising of 20 components 40.2 - (62) 40.1 + (35) 40.2 o (72) 40.2 40.1 (48) (62) + r40.2 + 40.3 40.1 (68) (12) + + 39.8 39.1 38.9 39.0 40.6 + 41.3 40,7 40.8 40.6 o 40.9 41.6 40.8 41.4 40.3 41.2 (52) Durable goods industries: Lumber and wood products Furniture and fixtures - 39.3 38.4 + - 39.5 38.3 + + 39.7 38.6 + 39.4 38.8 Stone clay and glass products Primary metal industries + 41.4 41.3 - 41.3 41.0 + o 41.5 41.0 + 41.3 41,1 + - 40.8 41.9 - 40.6 41.6 + + 40.7 41.9 + - 40.9 41.6 Electrical equipment and supplies Transportation equipment + 40.2 40.9 + 39.8 41.7 + - 40.3 40.6 o + 40.3 41.3 + Instruments and related products Miscellaneous manufacturing industries + + 40.7 39.3 - 40.5 39.1 + o 40.6 39.1 + o 40.7 39.1 Food and kindred products Tobacco manufactures o + 39.8 38,5 - 39.7 38.0 + + 40.0 38.6 - Textile mill products Apparel and other textile products 0 + 40.1 35.3 o o 40.1 35.3 + o 40.6 35.3 Paper and allied products Printing and publishing. . . o + 42.5 37.5 .+ + 42.6 37.7 - Chemicals and allied products Petroleum and coal products + + 41.9 43.6 + + 42.0 43.7 Rubber and plastic products n e e Leather and leather products + 40.6 36.6 - 40.2 36.5 Fabricated metal products Machinery except electrical . . . 38.9 38.9 + + r39.0 41.5 40.7 + r41.6 40.7 41.6 + o r41.0 r41.6 40.6 40.6 + r40.5 41.0 o + 40.5 41.3 + o 41.0 39.1 + r40.8 r39.2 + + 41.6 39.4 39.9 38.3 + 40.0 37.8 + r39.9 r38.8 o 39.9 38.5 39.5 36.8 + o 40.8 35.3 + o 41.1 35.3 + r41.0 r35.6 + + 41.7 35.9 41,2 35.8 42.4 37.5 + - 42.6 37.4 + + 42.7 37.6 + r42.9 37.4 + 42.8 37.9 42.6 37.4 + 41.7 44.1 -o - 41.7 43.7 + + 41.9 44.4 - r41.7 r43.5 + + + 40.3 37.0 o - 40.3 36.5 40.0 36.7 39.9 + + + o 39.0 + 40,9 39.6 Nondurable goods industries: . 964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES ' (Millions of dollars) All durable goods industries Percent rising of 35 components - 72,545 (40) + 74,029 (66) + 77,560 (54) - 76,663 - 75,417 + r36.9 + + + 77,751 + + 41.8 42.8 40.6 37.4 o 39.6 37.4 2 (57) (46) (51) 41.9 36.5 82,033 + 82,639 (34) (69) Primary metals Fabricated metal products - 10,937 + 8,994 - 10,707 + 9,268 + 11,707 - 8,745 + 12,315 + 9,503 - 11,554 9,035 + 11,415 9,641 + - 13,811 9,221 + + 14,168 10,198 Machinery, except electrical Electrical machinery - 13,105 - 8,867 + 13,401 + 9,833 + 13,983 - 9,796 ,+r!4,102 - 9,661 + 13,816 9,720 + + 14,130 10,073 + + 15,028 10,923 - 14,246 10,783 Transportation equipment Other durable goods industries - 15,874 + 14,768 + 16,230 - 14,590 + 18,323 + 15,006 - 15,686 + 15,396 + - 16,341 14,951 + + 17,390 15,102 + 16,813 16,237 + - 17,042 16,202 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. 2 Data for most of the 35 diffusion index components are not available for publication; however, they are included in the totals and directions of change for the six major industry groups shown here. ltd) MARCH 1980 77 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Con. ^9 SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change -Con. 1980 1979 Diffusion index components July August September October November December^ - + January1" February13 966. INDEX OF INDUSTRIAL PRODUCTION ' (1967=100) + 152.8 All industrial production Percent rising of 24 components1 .... Durable manufactures: Primary and fabricated metals Primary metals Fabricated metal products - 151.6 + 152.4 (46) (46) - (52) 152.2 152.1 + 152.7 + (69) (56) (50) (58) 152.2 153.0 (42) + 127.1 o 149.3 - 121.0 147.6 + - 121.7 146.5 + 118.0 147.5 - 117.2 146.9 - + - 165.3 174.4 135.5 174.0 + - 166.2 171.7 124.7 173.9 + + - 165.1 176.7 131.7 172.9 + + + 162.3 177.3 133.7 175.0 + + - r!62.8 r179.5 128.2 r!73.3 + 162.9 + 181.2 - 125.6 + 175.0 + 165.9 + 182.7 - 122.2 + 176.7 Lumber, clay, and glass Clay, glass, and stone products, . . Lumber anri products + 163.3 - 135.2 + 161.4 138.0 - 160.6 + 138.6 + + 162.3 138.7 + - 162.8 r!36.1 + - 164.0 131.7 + 164.6 - 130.7 Furniture and miscellaneous Furniture and fixtures Miscellaneous manufactures - 159.5 + 155.7 + o 161.7 155.7 + 162.0 - 153.6 + + 163.3 154.5 + 162.9 155.3 - 161.0 154.2 - 160.4 - 151.2 Nondurable manufactures; Textiles, apparel, and leather Textile mill products Apparel products. . .... Leather and products - 143.0 - 129.7 69.7 + + o 144.1 130.1 + + + - 146.0 128.5 70.1 + + + rl47.9 H28.8 70.4 + 147.1 128.3 71.2 + 148.2 (NA) + 72.7 + 154.0 - 135.6 + 153.9 137.7 + 155.3 - 137.1 + 154.1 137.2 - 153.3 H36.2 + + 154.7 137.8 + 155.1 + 138.4 + + 210.5 0 143.9 + 278.0 + - 213.1 143.0 275.7 - 212.0 + 143.1 - 272.9 + 211.4 141.1 274.5 + + - r215.1 r!42.1 r271.3 + 216.0 + 142.8 - 262.1 + 216.8 + 145.3 + 265.3 (NA) + 146.2 (NA) - 149.4 + 118.9 - 148.1 107.5 + + 148.8 116.4 - 148.6 115,6 - 148.3 rllS.O o 148.3 + 115.6 + 149,5 (NA) (NA) (NA) - 137.1 + 120.4 + + 144.1 121.6 o 142.6 121.6 + + 144.7 124.2 + 141.9 H26.0 + 146.3 + 127.5 - 146.0 + 129.0 - 140.3 - 128.9 + - + 126.5 138.3 - 122.1 137.5 + + 124.1 138.2 + + 132.0 .141.2 + - + 136.7 + 142.9 (NA) (NA) Machinery and allied goods Nonelectrical machinery Electrical machinery Transportation equipment Instruments Paper and printing Paper and products Printinq and publishing .... .. , Chemicals, petroleum, and rubber Chemicals and products . . . Petroleum products Rubber and plastics products. . . . Foods and tobacco Foods Tobacco products Mining: Coal Oil and gas extraction Metal, stone, and earth minerals Metal mining . . . . Stone and earth minerals .... 128.6 136.4 69.7 146.9 131.2 70.8 115.4 146.0 136.2 141.0 + o 116.2 146.0 - 114.6 + 146.2 + + 165.0 182.1 127.9 177.0 (NA) (NA) + (NA) 151.9 (NA) (NA) (NA) 153,5 139.2 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: {+) - rising, (o) - unchanged, and H - falling. The "r " indicates revised; "p", preliminary; and "NA", not available. *Data are seasonally adjusted by the source agency. 2 Whcre actual data for separate industries are not available, estimates are used to compute the percent rising. 78 MARCH 1980 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE-Con. ^fl SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con. Diffusion index components 1980 1979 July August October September November December January March1 February 967. INDEX OF INDUSTRIAL MATERIALS PRICES 2 Industrial materials price index (1967=100) . . . . + 297.3 + (46) Percent rising of 13 components 298.1 - 297.3 + 307.7 3 (54) (31) - (62) 304.0 + (62) 309.6 + (77) 316.2 + (50) 322.5 - 318.2 (62) (73) Dollars Copper scrap (pound). . (kilogram). . - 0.663 1.462 + 0.702 1.548 + 0.725 1.598 + 0.729 1.607 + 0.746 1.645 + 0.872 1.922 o 0.872 1,922 + 0.971 2.141 - 0.747 1.647 Lead scrap (pound). . (kilogram). . + 0.267 0.589 - 0.263 0.580 o 0.263 0.580 - 0.258 0.569 + 0.399 0.880 - 0.373 0.822 - 0.346 0.763 o 0.346 0.763 + 0.363 0.800 (U.S. ton). . - 98.400 108.466 (metric ton). . Steel scrap - 91.500 100.860 - 87.000 95.900 o 87.000 95.900 + 92.000 101.412 + 93.000 102.514 + 96.750 106.647 +100.000 110.230 - 98.000 108.025 Jin (pound). . (kilogram). . + 7.134 15.728 - 6.845 15.090 + 7.040 15.520 + 7.520 16.579 + 7.588 16.729 + 7.890 17.394 - 7,805 17.207 + 7.910 17.438 + 8.447 18.622 Zinc (pound). . + (kilogram). . 0.397 0.875 - 0.368 0.811 - 0.360 0.794 + 0.373 0.822 - 0.369 0.813 + 0.375 0.827 o 0.375 0.827 + 0.380 0.838 + 0.392 0.864 Burlap (yard) (meter). . + 0,239 0.261 + 0.349 0.382 - 0.345 0.377 + 0.370 0.405 + 0.391 0.428 + 0.417 0.456 - 0.404 0.442 - 0.385 0.421 + 0.388 0.424 Cotton (pound) (kilogram). . - 0.619 1.365 + 0.622 1.371 + 0.624 1.376 + 0.630 1.389 + 0.632 1.393 + 0.664 1.464 + 0.726 1.601 + 0.810 1.786 - 0.782 1.724 (yard). . (meter). . - 0.708 0.774 - 0.654 0.715 - 0.644 0.704 - 0:628 0.687 - 0.620 0.678 + 0.625 0.683 o 0.625 0.683 + 0.651 0.712 + 0.681 0.745 . . . (pound). . (kilogram). . o 2.850 6.283 o 2.850 6.283 + 2.888 6.367 + 2.980 6.570 + 3.050 6.724 + 3.140 6.922 + 3.150 6.944 + 3.200 7.055 + 3.500 7.716 (pound). . (kilogram). . - 0.834 1.839 - 0.820 1.808 - 0.795 1.753 - 0.786 1.733 - 0.740 1.631 + 0.780 1.720 + 0.825 1.819 - 0.745 1.642 - 0.617 1.360 Print cloth Wool tops , Hides Rosin . (100 pounds) (100 kilograms). . Rubber Tallow 0 28.500 62.831 o 28.500 62,831 o 28.500 62.831 - 0.664 1.464 - 0.649 1.431 + 0.651 1.435 + (pound). . + (kilogram). . 0.227 0.500 - 0.225 0.496 + 0.228 0.503 - (pound) . (kilogram). . . + 40.500 89.286 - 40.200 88.625 - 40,000 88.184 + 42,000 92.593 + 48.000 105.821 0.677 1.493 - 0.665 1.466 + 0.679 1.497 + 0.743 1.638 + 0.833 1.836 - 0.753 1.660 0.213 0,470 - 0.187 0.412 - 0.185 0.408 - 0.180 0.397 - 0.170 0.375 + 0.171 0.377 (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. 1 Average for March 4, 11, and 18. 2 Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis. 3 Based on 12 components. MARCH 1980 79 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT GNP AND PERSONAL INCOME Year and quarter c. Percent change at annual rate b. Difference a. Total c. Percent change at annual rate b. Difference .Total (Ann. rate, bil.dol.) 1,653.7 1,683.1 1,715.8 1,756.1 55.7 29.4 32.7 40.3 14.7 7.3 8.0 9.8 1,259.5 1,267.4 1,277.1 1,288.1 31.6 7.9 9.7 1,820.2 1,876.0 1,930.5 1,971.3 64.1 55.8 54.5 40.8 15.4 12.8 12.1 8.7 1,315.7 1,331.2 1,353.9 1,361.3 27.6 2,011.3 2,104,2 2,159.6 2,235.2 40.0 92.9 55.4 75.6 8,4 19.8 10.9 14.8 2,292.1 2,329.8 2,396.5 56.9 37.7 66.7 10.6 6.7 11,9 r2,456.9 r60.4 (Ann. rate, bil.dol.) (Ann. rate, dollars) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 213. Final sales in 1972 dollars 217. Per capita GNP in 1972 dollars 50. Gross national product in 1972 dollars 200. Gross national product in current dollars 1976 First quarter .. Second quarter Third quarter.. Fourth quarter 10.7 2.6 3.1 3.5 5,869 5,896 5,929 5,967 1,250.6 1,257.7 1,270.3 1,287.0 22.7 7.4 8.9 4.8 7.0 2.2 6,084 6,145 6,236 6,256 1,304.4 1,317.8 1,337.3 1,350.0 1,367.8 1,395.2 1,407.3 1,426.6 6.5 27.4 12.1 19.3 1.9 8.3 3.5 5.6 6,276 6,390 6,431 6,506 1,351.3 1,379.6 1,395.1 1,414.6 1,430.6 1,422.3 1,433.3 rl,440.3 4.0 -8.3 11.0 r7.0 1,1 6,512 -2.3 6,460 1,418.4 1,404.1 1,426.2 rl,439.0 11.0 1977 First quarter .. Second quarter Third quarter.. Fourth quarter 15.5 1978 First quarter .. Second quarter Third quarter.. Fourth quarter 1979 First quarter ,. Second quarter Third quarter.. Fourth quarter rio.5 GNP AND PERSONAL INCOME-Con. Year and quarter PERSONAL CONSUMPTION EXPENDITURES 230. Total in current dollars Disposable personal income 224. Current dollars 225. Constant (1972) dollars (Ann. rate, bil.dol.} (Ann. rate, bil.dol.) 3.1 r2.0 6,494 r6,5Q9 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.) 1976 First quarter ,. Second quarter Third quarter,. Fourth quarter 1,152.2 1,170.2 1,193.1 1,222.6 883.1 887.7 893,4 903.3 4,115 4,130 4,148 4,185 1,053.3 1,073.7 1,100.5 1,132.0 1,250.1 1,286.0 1,323.2 1,361.2 908.0 921,5 936.3 951.8 4,200 4,255 4,375 1,169.1 1,190.5 1,220.6 1,259.7 1,395.0 1,437.3 1,476.5 1,524.8 956.6 966.1 976.2 991.5 4,390 4,426 4,462 4,522 1,287.2 1,331.2 1,369.3 1,415.4 882.7 894.8 905,3 920.3 212.1 1,572.2 1,601.7 1,640.0 rl,683.1 996.6 993.0 993.4 r996.2 4,536 49510 4,501 r4,502 1,454.2 1,475.9 1,528.6 rl,580.4 921.8 915.0 208.7 925.9 r935,4 r216.2 807.3 814.5 824.0 836.4 152.9 155.6 158.3 162.9 125.5 126.0 126.5 128.5 174.3 175.7 178.9 186.4 135.8 136,6 138.2 142.4 185.3 139.3 147.8 147.5 152.1 1977 First quarter .. Second quarter Third quarter.. Fourth quarter 4,313 849.2 853.1 863.7 880.9 1978 First quarter .. Second quarter Third quarter.. Fourth quarter 200.3 203.5 1979 First quarter .. Second quarter Third quarter.. Fourth quarter 213.8 213.4 150.2 144.8 146.9 r!46.7 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; "B" estimated1 "a" anticipated- and "NA", not available. ' Graphs of these series are shown on pages 40 and 41. 80 MARCH 1980 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Con. ^R GROSS PRIVATE DOMESTIC INVESTMENT ^H PERSONAL CONSUMPTION EXPENDITURES-Con. Year and quarter 236. Nondurable goods in current dollars 238. Nondurable goods in 1972 dollars 237, Services in current dollars 239. Services in 1972 dollars (Ann. rate, bil.dol.) 240. Total in current dollars (Ann. rate, bil.dol.) 241. Total in 1972 dollars (Ann. rate, bil.dol.) 242. Fixed investment, total, in current dollars 243. Fixed investment, total, in 1972 dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol,) 431 .2 438.2 448,2 458.1 315.6 319,4 323.3 327.6 469.2 479.9 494.0 511 .0 366.2 369.1 374.2 380,4 233.5 241 .9 246.0 250.7 169,9 173.8 174,2 175.7 220.3 227.4 235.1 249.0 161 .0 164.1 167.5 174.6 467.7 475.5 483.0 499.2 328.9 329.6 332.1 340.0 527.1 539.3 558.7 574.1 384.5 386.9 393.3 398.5 280.4 300.0 315,7 316.9 191 .0 199.6 206.7 203.0 261.1 277,5 288.2 298.5 179.7 186.2 190.1 191.7 505.9 521.8 536.7 558.1 337.3 339.4 344.7 351 .9 596.0 609.1 629.1 645.1 406.1 407.6 413.1 416,3 327.0 352.3 356.2 370.5 209.0 216.8 214.0 217.4 304.1 326.5 336.1 349.8 192.5 201 .2 201 .8 205.5 571,1 581.2 604.7 r630.7 348.1 344.1 349.2 r355.1 669,3 686.0 710.6 r733,5 423.5 426.1 429.9 r433.6 373.8 395.4 392.3 r387.2 217.2 221.7 214.2 r207.7 354.6 361.9 377.8 r381.7 204.9 203,5 207.1 r206.3 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 1979 First quarter Second quarter Third quarter Fourth quarter B Year and quarter GROSS PRIVATE DOMESTIC INVEST.-Con. 245. Change in business inventories in current dollars ^M GOVERNMENT PURCHASES OF GOODS AND SERVICES 30. Change in business inventories in 1972 dollars 260. Total in current dollars (Ann. rate, bil.dol.)' (Ann. rate, bil.dol,} (Ann. rate, bil.dol.) 13.2 14.5 10.8 8.9 9,7 6.7 1.1 355,1 357.5 362.4 370.3 264.7 262.9 262,7 262.6 126.9 127.5 129.8 134.6 96.1 95.9 96.4 97.1 228.2 230.0 23;2.6 2B5.7 168.7 167.1 166.3 165.5 19.3 22.5 27.5 18,5 11.3 13.4 16.6 11.3 380.0 391 .6 400.5 412.8 264.5 267.6 270.3 271,5 138.2 142.6 145.6 151 .2 98.4 100.3 101.8 101.8 241.8 249.0 254.9 261 .6 166.0 167.3 168.5 169.8 22.8 25.8 20.0 20,6 16.5 15.6 12.2 12.0 419.4 428,3 440.9 453.8 270.7 271 .3 274.7 276.0 150.9 148.2 152.3 159.0 99.9 96.6 98.5 99.3 268.5 280.1 288.6 294.8 170.9 174.7 176.2 176.6 19.1 33.4 14.5 12.3 18.1 rl.4 274.7 272.4 273.1 r277.1 163.6 161.7 162.9 178,4 101.1 r5.6 460.1 466.6 477.8 501.2 296.5 304.9 314.9 322.8 173.6 174.3 175.6 176.0 261. Total in 1972 dollars (Ann. rate, bil.dol.) 262. Federal Government in current dollars 263. Federal Government in 1972 dollars (Ann, rate, bil.dol.} (Ann. rate, bil.dol.} 266. State and local government in current dollars 267. State and local government in 1972 dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 1976 First quarter Second quarter Third quarter Fourth quarter 1.7 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 7.1 98.1 97.4 rlOl.l 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 "MA", not available. Graphs of these series are shown on pages 41, 42, and 43. MARCH 1980 81 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT-Con, NATIONAL INCOME AND ITS COMPONENTS FOREIGN TRADE Year and quarter 250. Current dollars (Ann. rate, bil.dol.) Imports of goods and services Exports of goods and services Net exports of goods and services 256. Constant (1972) dollars 252. Current dollars 255. Constant (1972) dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 220. National income in current dollars 280. Compensation of employees 257. Constant (1972) dollars 253. Current dollars (Ann, rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 1976 First quarter ., Second quarter Third quarter.. Fourth quarter 17.5 16.2 16.1 13.3 155.9 160.9 166.9 169.6 93.8 95.4 97.6 97.7 144.2 150.9 159.9 166.4 76.3 79.2 81.5 84.4 1,323.1 1 ,344.9 1,369.6 1,401 .6 1,001.4 1,025.9 1,048.0 1,075.9 170.5 178.6 180.1 174.2 96.5 99.4 -18.1 11 .1 10.9 13.2 5.8 179.8 184.7 186.4 192.3 85.4 88 ,.5 87.3 91.4 1,456.9 1,505.3 1 ,551 .1 1,589.8 1,110.1 1,141 .5 1,170.7 1,205.5 -22.2 -7.6 -6.8 -4.5 5.3 12.3 13.3 12.9 206.6 205.7 9 5:. 4 96.9 98.5 1,621.0 1,703.9 1,752.5 1,820.0 1,244.0 1,288.2 1,321.1 1,364.8 4.0 -8.1 17.0 13.2 20.1 r20.1 238.5 243.7 267.3 r280.4 1,869.0 1,897.9 1,941.9 pi,993.6 1 ,411 .2 1,439.7 1,472.8 rl,513.2 11.8 10.0 7.0 3,2 1977 First quarter .. Second quarter Third quarter.. Fourth quarter -9.2 -6.0 -6.3 100.5 97.3 1978 First quarter ,. Second quarter Third quarter., Fourth quarter 100.7 109.2 111 .9 113,8 184.4 213.8 224.9 213.3 220.6 229.4 101.0 1979 First quarter .. Second quarter Third quarter.. Fourth quarter -2,3 r-11.9 117.0 116.0 122.2 rl24.3 234.4 100.0 251.9 102.9 269.5 r292.4 102.1 r 104J NATIONAL INCOME AND ITS COMPONENTS-Con. Year and quarter 282. Proprietors' income with inventory valuation and capital eonsumption adjustments (Ann. rate, _...bil. dol.) 284. Rental income of persons with capital consumption adjustment (Ann. rate, bil.dol.) 286. Corporate prof its with inventory valuation and capital consumption adjustments (Ann. rate, bjl, do!.).. SAVING 288. Net interest (Ann. rate, bil.dol,) 290. Gross saving (private and government) (Ann. rate, bil.dol.) 295. Business saving (Ann, rate, bil.dol.} 292. Personal saving (Ann. rate, bil.dol.) 1976 First quarter .. Second quarter Third quarter.. Fourth quarter 89.0 89.8 87.6 91,1 22.0 21.6 21.9 22.8 130.1 125.6 126.9 124.6 80.6 82.1 85.2 87.2 233.6 239.3 236.2 235.8 96.9 97.6 98.6 137.1 148.9 160.8 153.0 89.3 92.7 95.8 98.2 253.3 276.0 107.6 23.6 24.6 25.2 25.5 109.1 115,0 117.4 125.7 25.2 24,4 26.8 27.1 141 .2 169.4 175.2 184.8 101.5 106.8 111.9 117.6 289.7 329.2 332.7 346.9 234.4 129.0 129.3 130.3 H34.5 27.3 26.8 26.6 27.0 178.9 176.6 180.8 p179.6 122.6 125-6 131.5 T139.2 362.2 374.3 367.3 p355.1 266.0 274.6 205.1 73.8 70.9 66.3 63.4 200.5 203.6 203.9 1977 First quarter .. Second quarter Third quarter,. Fourth quarter 291 .6 283.6 213.9 52.5 65.9 71.9 69.5 226.8 243.2 238.8 1978 First quarter .. Second quarter Third quarter.. Fourth quarter 74.6 71 .2 70.9 71 .5 253.1 259.6 264.7 1979 First quarter .. Second quarter Third quarter.. Fourth quarter 79.2 281,9 85,9 70.3 P282.9 r59.7 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 "N A", not available. Graphs of these series are shown on pages 44, 45, and 46. 82 MARCH 1980 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT-Con. Q 298. Government surplus or deficit, total Year and quarter MM SHARES OF GNP AND NATIONAL INCOME SAVING-Con. (Ann. rate, bil.dol.) 293. Personal saving rate (percent of disposable personal income) (Percent) Percent of Gross National Product 235. Personal consumption expenditures, total (Percent) 248. Nonresidential fixed investment (Percent) 249. Residential fixed investment 247. Change in business inventories (Percent) (Percent) (Percent) 251, Net exports of goods and services 1976 First quarter Second quarter Third quarter Fourth quarter .... -45.3 -32.1 -33.7 -31.6 6.4 6.1 5.6 5.2 63.7 63.8 64.1 64.5 9.5 9.6 9.8 9.8 3.8 3.9 3.9 4.4 0.8 0.9 0.6 0.1 0.7 0.6 0.4 0.2 -13.1 -16.6 -23.5 -24.8 4.2 5.1 5.4 5.1 64.2 63.5 63.2 63.9 9.9 9.9 10.0 10.1 4.5 4.9 4.9 5.1 1.1 1.2 1.4 0.9 -0.5 -0.3 -0.3 -0.9 -19.2 5.0 2.3 5.3 5.0 4.8 4.7 64.0 63.3 63.4 63.3 10.1 10.4 10.5 10.6 5.0 5.1 5.1 5.1 1.1 1.2 0.9 0.9 -1.1 -0.4 -0.3 -0.2 5.0 5.4 4.3 63.4 63.3 63.8 64.3 10.6 10.7 10.9 4.9 4.8 4.8 4.7 0.8 1.4 0.6 -0.3 -0.1 rO.2 r-0.5 1977 First quarter Second quarter Third quarter Fourth quarter . . 1978 First quarter Second quarter Third quarter Fourth quarter .... 10.8 1979 First quarter Second quarter Third quarter Fourth quarter 15.8 12.7 14.0 pll.3 r3.5 rlO.8 0.2 PJ 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 (Percent) 285. Rental income 287. Corporate of persons with profitswith IVA 1 CCA and CCA 1 (Percent) 289. Net interest (Percent) (Percent) 1976 First quarter Second quarter Third quarter Fourth quarter 7,7 7.6 7.6 7.7 13.8 13.7 13.6 13.4 75.7 76.3 76.5 76.8 6.7 6.7 6.4 6.5 1.7 1.6 1,6 1.6 9.8 9.3 9.3 8.9 6.1 6.1 6.2 6.2 7.6 7.6 7.5 7.7 13.3 13.3 13.2 13.3 76.2 75.8 75.5 75.8 6.7 6.5 6.4 6.8 1.6 1.6 1.6 1.6 9.4 9.9 6.1 6.2 6.2 6.2 7.5 7.0 7.1 7.1 13.3 13.3 13.4 13.2 76.7 75.6 75.4 75.0 6.7 6.7 6.7 6.9 1.6 1.4 1.5 1.5 7.1 6.9 6.8 7.3 12.9 13.1 13.1 13.1 75.5 75.9 75.6 6.9 6.8 6.7 1.5 1.4 1.4 pi. 4 1977 First quarter Second quarter Third quarter Fourth quarter 10.4 9.6 1978 First quarter Second quarter Third quarter Fourth quarter 8,7 9.9 10.0 10.2 6.3 6.3 6.4 6.5 1979 First quarter Second quarter Third quarter Fourth quarter p75.9 p6.7 9.6 9.3 9.3 P9.0 6.6 6.6 6.8 p7.0 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 "M A " not -,,,-,;i^Un "NA", not available. Graphs of these series are shown on pages 46 and 47. IVA means inventory valuation adjustment; CCA means capital consumption adjustment. MARCH 1980 83 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY ^J PRICE MOVEMENTS Implicit price deflator, gross national product Year and month 310. Index (1972^100) Fixed weighted price index, gross business product 31 Oc. Change 311. Index over 1 -quarter spans1 (Ann. rate, percent) (1972=100) Consumer prices, all items 31 Ic. Change 320. Index © 320c. Change over 1 -quarter over 1-month spans' spans1 (Ann. rate, percent) (1967=100) (Percent) Consumer prices, food 320c. Change over 6-month spans1 (Ann. rate, percent) 322. Index (1967=100) 322c. Change 322c. Change over 1 -mo nth over 6-month spans1 spans1 (Percent) (Ann. rate, percent) 1978 6.3 January February . . . . March 147*6 April May Juris 150!8 July Auqust September . . . 153*4 October November December . . 156.7 187.2 188.4 189.8 0.6 0.6 0.8 8.1 8.5 9.2 200.4 202.1 204.5 0.9 0,8 1.2 12.2 12.7 14.6 191.5 193.3 195.3 0.7 0.8 0.9 9.3 9.3 9.5 207.2 209.6 212.7 1,3 1.2 1.5 13.5 12.8 11.8 196.7 197.8 199.3 0.7 0.6 0.9 9.7 9.4 8,9 213.5 214.6 216.2 0.4 0.5 0.7 11.0 10.1 200.9 202.0 202.9 0.9 0.6 0.6 9,5 10.6 10.9 218.3 219.9 222.2 1,0 0.7 1.0 11.4 13.3 13.8 204.7 207.1 209.1 0.9 1.1 1.0 11.1 12.0 12.9 225.3 228.4 230.6 1.4 1.4 1.0 12. B 10.1 211.5 214.1 216.6 1.0 1.0 1.0 13.2 12.9 13.3 232.0 233.5 234.2 0.6 0.6 0.3 9.1 6.3 6.4 10.4 218.9 221.1 223.4 1.1 1.0 1.2 13.4 13.3 13.8 235.3 235.5 237.9 0.5 0.1 1.0 6.8 6.9 9.3 r8.4 225.4 227.5 229.9 1.0 1.0 1.2 14.5 15.3 239.8 241.4 244.8 0.8 0.7 1.4 8.2 8.0 233.2 236.4 1.4 1.4 244.8 244.7 0.0 0.0 6.6 148*2 10.5 10.6 1S2.'6 7.2 8.8 155*2 8.7 8.7 158 ".5 9.1 1979 January February . . . . March , . ]60*2 April May June 163*8 July August September 167*2 October November December rl7o'.6 9.3 10.0 162*3 9.3 166*3 8.5 170*4 r8.4 r!73."9 12.9 11.1 1980 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 (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 pages 48 and 49. 'Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, 1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month. MARCH 1980 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Con. Qj PRICE MOVEMENTS-Con. Producer prices, all commodities Year and month 330. Index® (1967=100) 330c. Change over 1 -month spans1 ® (Percent) Producer prices, crude materials Producer prices, industrial commodities 330c. Change over 6-month spans1 @ 335. Index® 335c. Change over 1 -month spans1 ® (Ann. rate, percent) (1967=100) (Percent) 335c. Change over 6-month spans1 ® (Ann. rate, percent) 331. Index (1967=100) 331c. Change over 1-month spans1 331c. Change over 6-month spans1 (Percent) (Ann. rate, percent) 1978 January February March 200,1 202.1 203.7 1.0 1.0 0.8 10.7 11.4 11.8 201.6 202.9 204.1 0.8 0.6 0.6 7.2 8.3 8.9 221.6 224.2 229.0 1.2 1.2 2.1 24.6 19.1 21.4 April May June 206.5 208.0 209.6 1.4 0.7 0.8 10.9 8.6 8.7 206.1 207.4 208.7 1.0 0.6 0.6 8.6 8.6 8.4 234.5 235.6 241.3 2.4 0.5 2.4 19.9 17.0 16.1 July August . September 210.7 210.6 212.4 0.5 0.0 0.9 8.3 7.5 7.7 210.1 211.4 212.5 0.7 0.6 0.5 8.5 8.5 8.3 242.6 242.5 246.8 0.5 0.0 1.8 16.6 17.4 13.7 October November , . December 214.9 215.7 217.5 1.2 0.4 0.8 9.8 13.2 13.9 214.7 216.0 217.2 1.0 0.6 0.6 9.6 10.8 12.5 253.2 255.3 257.3 2.6 0.8 0.8 17.2 23.1 23.4 January February March 220.8 224.1 226.7 1.5 1.5 1.2 14.5 15.7 15.3 220.0 222.5 225.4 1.3 1.1 1.3 13.8 15.0 16.1 262.6 269.1 274.2 2.1 2.5 1.9 16.4 16.1 17.1 April May June 230.0 232.0 233.5 1.5 0.9 0.6 15.1 13.1 14.0 229.0 231.6 234.0 1.6 1.1 1.0 16.5 16.9 17.4 273,2 275.1 278.4 July August September 236.9 238.3 242.0 1.5 0.6 1.6 r!4.0 13.3 14.1 237.5 240.6 244.2 1.5 1.3 1.5 r!8.2 16.7 16.7 284.6 285.2 291.4 15.6 18.9 20.1 21.7 1.0 r294.5 298.3 302.2 rl.l rl.3 1.0 r249.0 250.2 252.8 2.1 2.0 260.3 265.4 3.0 2.0 299.5 307.4 -0.9 1979 October November . , December r245.6 246.9 249.4 rl.5 rO.5 r2.0 rO.5 0.7 1.2 17.5 12.3 12.9 2.2 0.2 2.2 H6.2 17.6 17.8 -0.4 10.7 16.2 1.3 1980 January February March 254.7 259.8 2.6 April May June July August September October November December . . . NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted 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 48. Percent changes are centered within the spans: the 4th month. MARCH 1980 1-month changes are placed on the 2d month and 6-month changes are placed on 85 OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Con. ^M PRICE MOVEMENTS-Con. Producer prices, intermediate materials Year and month 332. Index (1967-100) 332c. Change over 1-month spans1 (Percent) Producer prices, finished consumer goods Producer prices, capital equipment 332c. Change over 6-month spans1 (Ann. rate, percent) 333. Index (1967=100) 333c. Change over 1 -month spans1 (Percent) 333c. Change over 6-month spans1 (Ann. rate, percent) 334. Index (1967=100) 334c. Change over 6- month spans1 334c. Change over 1-month spans1 (Ann. rate, percent) (Percent) 1978 January February March 208.2 209.7 210.9 0.8 0.7 0.6 7.6 7.5 7.9 192.2 193.3 194.5 0.6 0.6 0.6 7.7 7.6 8.1 184.5 186.1 187.2 0.6 0,9 0.6 April May June 211.9 213.1 214.5 0.5 0,6 0.7 6.7 6.9 7.1 195.6 197.0 198.6 0.6 0.7 0.8 8.4 8.4 8.4 189.5 190.8 192.2 1.2 0.7 0.7 July August September 215.1 216.8 218.3 0.3 0,8 0.7 8.6 9.3 9.3 200.1 201.3 202.5 0.8 0.6 0.6 7.7 8.4 8.0 193.7 194.3 195.7 0.8 0.3 0.7 October November December 220.8 222.8 224.3 1.1 0.9 0.7 11/3 11.8 12.6 203.0 205.1 206.4 0.2 1.0 0.6 8.6 9.1 9.2 197.5 198.6 201,1 0.9 0.6 1.3 10.6 12.5 13.4 January February March 226.9 229.2 231.6 1.2 1.0 1.0 13.3 13.4 14.2 208.5 210.3 211,6 1.0 0.9 0.6 11.1 9.9 9.9 203.7 206.1 208.4 1.3 1.2 1,1 12.7 12.7 11,1 April May June 235.0 237,3 239.7 1.5 1.0 1.0 15.3 16.2 17.2 214.0 215.0 216.4 1.1 0.5 0.7 9.5 7.4 7.6 209.7 210,8 212.0 0.6 0.5 0,6 11.2 12.2 13.7 July August September 243.6 247.1 250,7 1.6 1.4 1,5 H7.7 17.3 17.6 218.2 217.9 219.5 0.8 r7.0 7.4 7.6 214.8 218.3 222.2 1.3 1.6 1.8 r14.9 0.7 October November December r255.0 257.0 259.9 rl.7 rO.8 rO.9 rO.6 9.4 11.2 17.9 18.2 0.8 r224.8 227.4 229.6 rl.2 rl.2 1.1 r221.4 222.8 224.5 267.1 272.0 2.8 1.8 228.2 229.8 1.6 0.7 233.2 237.3 1.6 1.8 9.3 9.2 9.8 10.2 9.0 9.3 8.6 8.3 9.5 1979 20.2 21.2 ' -0.1 16.4 17.3 1.0 1980 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 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. MARCH 1980 ItCII OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Con. ^H WAGES AND PRODUCTIVITY Average hourly compensation, all employees, nonfarm business sector Average hourly earnings, production workers, private nonfarm economy, adjusted1 Year and month Real earnings Current dollar earnings 340. Index (1967=100) 340c.' Change over 1 -month spans2 (Percent) 340c. Change over 6-month spans2 (Ann. rate, percent) 341. Index (1967=100) 34 1c. Change over 1 -month spans2 (Percent) Current dollar compensation 34 1c. Change over 6-month spans2 (Ann. rate, percent) 345. Index (1967=100) 345c. Change over 1-quarter spans2 (Ann. rate, percent) 345c. Change over 4-quarter spans2 (Ann. rate, percent) 1978 January February March 205.9 206.6 208.1 1.1 0.3 0.7 8.8 8.7 8.9 109.7 109.4 109.4 April May June 210.1 211.1 212.4 1.0 0.5 0.6 8.0 8.2 8.3 109.7 109.3 109.0 July August September 214.0 214.9 216.5 0.8 0.4 0.7 7.7 7.9 8.2 109.1 108.9 108.9 October November December 218.1 219.2 220.9 0.7 0.5 0.8 8.2 8.7 8.2 108.6 108.5 108.6 -0.3 -0.1 January February March 222.6 224.0 225.2 0.8 0.6 0.5 8.2 7.7 7.4 108.4 107.8 107.3 April May June 226.8 227.5 229.0 0.7 0.3 0.7 7.5 7.5 8.3 230.9 232.2 234.3 0.8 0.6 0.9 7.3 8.8 r9.3 234.9 237.3 r239.5 0.3 1.0 r8.4 p8.8 r240.3 P242.2 0.5 -0.3 0.9 0.4 11.3 226!l 0.0 -0.1 0,3 -0.4' -1.1 -0.9 -1.0 224 J -1.9 -1.4 -0.9 22B.B -1.4 -2.0 -2.9 233*.7 -0.2 -0.6 -0.5 -3.0 -4.1 -5.0 239^4 107.0 106.3 105.8 -0.3 -0.7 -0.5 -5.1 -5.0 -4.4 244 !l 105.6 105.1 104.9 -0.2 -0.5 -0.2 -5.3 -4.0 -0.8 rO.9 104.1 104.1 rl03.8 0.0 r-0.3 rO.3 pO.8 rl02.7 p!02.1 r-1.1 p-0.6 -0.3 0.1 -0.2 0.0 0.1 B.6 7.5 9^6 8.7 &\8 8.7 8*.9 1973 July . August September . ... October November December 10.3 &\9 10.7 8*.9 8.6 249^2 r-3.8 r-5.4 p-5.6 8.7 254^4 1980 January February March April May June July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ©.Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 49 and 50. Adjusted for overtime (in manufacturing only) and interindustry employment shifts. 2 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. MARCH 1980 87 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Con. M9| WAGES AND PRODUCTIVlTY-Con. Average hourly compensation, all employees, nonfarm business sector-Con. Year and month Real compensation 346. Index (1967-100) 346e. Change over 1 -quarter spans' (Ann. rate, percent) 346c. Change over4-quarter spans1 (Ann. rate, percent) Negotiated wage and benefit decisions, all industries @ 348. First year 349. Average average changes changes over life of contract (Ann. rate, percent) (Ann. rate, percent) Output per hour, all persons, private business sector 370. Index (1967=100) 370c. Change over 1-quarter spans1 (Ann. rate, percent) 370c. Change over4-quarter spans' 358. Index of output per hour, all persons, nonfarm business sector (Ann. rate, percent) (1967-100) 1978 January February March 116.*5 April May June 115.*8 July August September nsls October November December nsie 3.2 13.2 8.2 6*5 -2.4 -0.1 o.'o -6!g -0.5 . 6.8 nsii 6.0 -1.5 2.0 119.6 7.2 5.9 2.4 119.7 6.1 5.2 0.3 11SL8 -K6 CL2 ne!6 o.'s 116,'s CM n?!3 -6!e luie -i!6 neie -i'.s ns!i 1979 January February March nsis April May June niio July August September 112!9 October November December -0.6 -5,0 -3.8 . . ni!? P 2.5 p5.2 plO.6 P 7.7 -2.5 -a.'i p9.0 n&\9 •ns.2 p6.0 -3.0 -2.2 -1.3 115.'6 117.'8 -4.0 p8.1 p6.0 n?!6 -0.6 nsii 1980 January February March April May June July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ©.Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated, and "NA", not available. Graphs of these series are shown on pages 49 and 50. Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are placed on the middle month of the 3d quarter. MARCH 1980 OTHER IMPORTANT ECONOMIC MEASURES C I LABOR FORCE, EMPLOYMENT/AND UNEMPLOYMENT ^Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS Civilian labor force Year and month 441. Total 442. Em- ployed (Thous.) (Thous.} 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.) 1978 99,118 99,009 99,281 92,813 92,921 93,128 79.8 79.7 79.8 48.9 48.8 49.0 57.1 56.8 56.8 6,305 6,088 6,153 2,437 2,361 2,379 2,314 2,126 2,171 1,554 1,601 1,603 4,948 4,812 4,799 3,071 3,227 3,204 April May . June 99,819 100,242 100,458 93,763 94,116 94,556 79.8 79.9 79.8 49.4 49.5 49.6 57.3 58.3 58.3 6,056 6,126 5,902 2,274 2,278 2,171 2,219 2,295 2,275 1,563 1,553 1,456 4,644 4,802 4,581 3,281 3,226 3,329 July August September 100,656 100,731 100,944 94,428 94,802 94,973 79.7 79.7 79.6 49.8 49.6 50.0 58.6 59.1 58.3 6,228 5,929 5,971 2,190 2,177 2,180 2,425 2,219 2,241 1,613 1,533 1,550 4,887 4,612 4,647 3,266 3,256 3,248 October November . . . December 101,189 101,610 101,815 95 401 95,728 95,831 79.6 79.9 80,0 50.0 50.1 50.1 58.6 58.5 58.5 5,788 5,882 5,984 2,139 2,110 2,198 2,107 2,215 2,212 1,542 1,557 1,574 4,475 4,491 4,609 3,231 3,163 3,082 January February March . 102,061 102,379 102,505 96,157 96,496 96,623 80.0 80.1 79.9 50.1 50.3 50.4 58.9 58.8 58.6 5,904 5,883 5,882 2,167 2,138 2,164 2,195 2,202 2,212 1,542 1,543 1,506 4,514 4,565 4,539 3,203 3,176 3,211 April May June 102,198 102,398 102,476 96,254 96,495 96,652 79.8 79.7 79.7 50.2 50.4 50.3 58.2 57.9 57.7 5,944 5,903 5,824 2,190 2,130 2,169 2,199 2,208 2,196 1,555 1,565 1,459 4,637 4,533 4,515 3,279 3,283 3,284 July August . September 103,093 103,128 103,494 97,184 97,004 97,504 79.9 79.8 79.9 50.8 51.0 50.9 57.9 56.3 58.2 5,909 6,124 5,990 2,254 2,286 2,282 2,160 2,304 2,164 1,495 1,534 1,544 4,617 4,727 4,715 3,274 3,298 3,167 October November December 103,595 103,652 103,999 97,474 97,608 97,912 79.7 79.5 79.5 50.9 50.9 51.1 57.9 58.1 58.6 6,121 6,044 6,087 2,317 2,335 2,303 2,250 2,197 2,257 1,554 1,512 1,527 4,796 4,770 4,791 3,315 3,392 3,519 104,229 104,260 97,804 97,953 79.4 79.6 51.4 51.3 58.2 57.4 6,425 6,307 2,577 2,507 2,304 2,254 1,545 1,547 5,046 4,942 3,513 3,406 January February March 1979 1980 January February March April May June Juty 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 51. IICII MARCH 1980 OTHER IMPORTANT ECONOMIC MEASURES D| GOVERNMENT ACTIVITIES ^g RECEIPTS AND EXPENDITURES Federal Government1 Year and month Q DEFENSE INDICATORS State and local governments1 Advance measures of defense activity 500. Surplus or deficit 501. Receipts 502. Expenditures 510. Surplus or deficit 511. Receipts 512. Expenditures (Ann, rate, bil. dot.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dot.) (Ann. rate, bil. dot.) (Ann. rate, bil. dol.} 517. Defense Department gross obligations incurred 525. Defense Department military prime contract award; 543, Defense Department gross unpaid obligations outstanding 548. Value of manufacturers' new orders, defense products (Mil. dol.} (Mil. dol.} (Mil. dol.) (Mil. dol.) 1978 January February March , -49 '.4 397^8 447. *3 30.*2 319!6 288 '.8 10,537 10,659 10,155 4,853 4,741 4,909 57,304 58,401 58,986 2,798 2,520 4,394 April May June -24^6 424.' 8 449 .*4 29.'e 330.* 5 301 ! 6 10,242 10,793 10,094 4,970 6,204 7,081 59,348 60,723 60,549 3,792 3,933 3,259 July August . September -20.' 4 442 *.l 462.' 6 22.'? 331 '.8 309 !i 10,327 10,278 10,256 3,928 4,924 4,855 61,833 62,028 62,730 2,133 3,216 3,272 October November December -16.'i 463.* 5 479 '.7 27.'l 342.' 6 315.'5 10,214 10,484 10,282 4,343 6,509 4,568 63,006 63,440 64,470 3,841 4,371 4,083 -ii!? 475,'6 486 '.8 2A6 343^9 316^3 10,787 10,250 11,741 5,7013 4,773 5,763 65,120 48,267 67,128 2,781 3,858 3,101 -?!6 485! 8 492 '.9 19!? 345^9 326J 9,297 10,935 10,926 4,936 4,720 5,117 68,883 68,468 68,976 3,213 3,618 2,497 -iTs 504^8 5i6j 25^3 359^8 334^5 12,657 11,052 11,965 6,135 5,282 6,364 70,252 81,542 71 ,886 2,304 3,033 4,230 p-14.*7 p525.*8 r540.'4 p26."6 p368.*9 r342.'9 11,679 10,730 11,565 4,318 5,670 64,325 68,634 68,525 3,013 4,019 3,776 1979 January February March April May June July August September October . November December . . (NA) 1980 January . February March . , (NA) (NA) r3,469 p3,810 April May June July August September October November December NOTE: Series are seasonafly 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. 90 MARCH 1980 OTHER IMPORTANT ECONOMIC MEASURES ID I GOVERNMENT ACTIVITIES—Con. Q] DEFENSE INDICATORS— Con. National defense purchases Intermediate and final measures of defense activity Year and month 557. Output of defense and' space equipment 559. Manufacturers' inventories, defense products 561. Manufacturers' unfilled orders, defense products 580. Defense Department net outlays 588. Manufacturers' shipments, defense products (1967=100) (Mil. dol.) (Mil. dot.) (Mil. dol.) (Mil. dol.) 570. EmployDefense Department ment in defense personnel products ' industries 577. Military, 578. Civilian, active duty® direct hire employment ® (Thous.) (Thous.) (Thous.) 564. Federal purchases of goods and services 565. Federal purchases as a percent of GNP (Ann. rate, bil. dol.) (Percent) 1978 January February March 82.6 80.8 83.9 6,451 6,622 6,634 34,633 34,511 36,108 8,493 8,271 8,375 2,595 2,642 2,796 1,120 1,125 1,138 2,065 2,062 2,058 982 982 982 97^6 4^9 April May June 84.9 84.9 85.6 6,734 6,840 6,823 37,150 38,382 38,914 9,056 8,217 9,072 2,750 2,701 2,728 1,142 ,160 ,170 2,054 2,046 2,057 982 988 1,000 9&\2 4^7 July August September . , 87.5 87.9 89.0 6,902 6,892 6,890 38,467 38,993 39,499 8,394 9,638 8,592 2,581 2,690 2,765 ,182 ,190 ,190 2,062 2,062 2,062 1,002 994 980 99*.6 4.'e October November . . . December 89.3 90.3 91.4 6,985 6,988 7,167 40,660 42,293 43,563 9,026 8,762 9,407 2,680 2,738 2,813 1,202 1,213 1,230 2,058 2,050 2,041 981 981 978 ioi',2 4*.5 92.4 92.4 92.9 7,411 7,512 7,599 43,409 44,515 44,588 9,645 9,452 9,525 2,941 2,751 3,028 1,235 1,254 1,269 2,040 2,030 2,026 972 971 968 103*.4 4*.5 7,574 7,832 7,980 44,854 45,670 45,138 9,299 9,781 9,425 2,949 2,804 3,029 1,275 1,280 1,290 2,022 2,018 2,024 968 972 979 106.'6 4^5 June 92.9 92.5 92.3 July August September 92.8 92.0 94.0 8,046 8,181 8,519 44,656 44,697 46,000 10,499 10,103 9,982 2,783 2,992 2,928 1,301 1,303 1,316 2,027 2,024 2,027 982 974 960 109^6 4'! 5 October November December 94.0 r95.0 T96.2 8,826 9,236 9,451 46,010 46,893 47,492 9,982 10,206 rll.182 3,005 3,136 3,179 1,327 1,339 rl.347 2,030 2,029 p2,020 964 967 967 114^6 4^7 9,613 r47,769 p48,319 pll,334 r3,192 p3,259 pi ,349 1979 January February March . April May 1980 r96.3 p96.4 January February March (NA) (NA) (NA) (NA) p964 (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 pages 54 and 55. MARCH 1980 91 OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS Q MERCHANDISE TRADE 602. Exports, excluding military aid shipments, total Year and month (Mil. dot.) 604. Exports of agricultural products (Mil.dol.) 606. Exports of nonelectrical machinery (Mil.dol.) 612. General imports, total (Mil.dol.) 616. Imports of automobiles and parts 614. Imports of petroleum and petroleum products (Mil.dol.) (Mil.dol.) 1978 9,863 9,938 11,143 1,818 2,058 2,363 2,084 2,187 2,450 13,103 14,221 14,005 3,000 3,626 3,094 1,529 1,661 1,581 11,628 11,776 12,264 2,428 2,861 2,904 2,415 2,472 2,427 14,491 14,012 13,970 3,162 3,038 3,229 1,715 1,659 1,684 July August September 11,656 12,286 13,275 2,392 2,774 2,512 2,451 2,528 2,815 14,543 14,130 14,821 3,194 3,257 3,307 1,812 1 ,666 1,822 October November December 12,901 13,448 13,282 2,596 2,533 2,555 2,625 2,718 2,824 14,852 14,818 15,028 3,347 3,489 3,588 1,872 1,875 1,822 13,132 13,507 14,452 2,338 2,424 2,682 2,682 2,832 2,917 16,231 14,806 15,273 3,580 3,634 3,667 1,963 1,706 1,589 April May . June 13,883 13,862 15 S 038 2,547 2,450 2,909 2,706 2,859 3,034 16,036 16,342 16,937 3,832 4,000 4,199 1,956 1,851 1,730 July August September 15,669 15,821 15,832 3,103 3,141 3,059 3,022 3,241 3,153 16,777 18,177 18,666 4,692 4,949 5,662 1,815 2,113 1,849 October November December 16,838 17,004 16,792 3,254 3,415 3,434 3,251 3,172 3,240 18,856 18,422 19,870 6,050 5,351 6,502 1,805 1,984 1,871 17,348 (NA) 3,439 (NA) 3,297 (NA) 20,945 (NA) 5,614 (NA) 1,899 (NA) January February March . .. Aprif May June ... 1979 January February March .. 1980 January February March April May . June ..... July . August September October November December NOTC: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by (g). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 56. 92 MARCH 1980 OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS—Con. RH| GOODS AMD SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS) Merchandise, adjusted1 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,) 1978 January ... February March r-5,722 r48,987 r54,709 r-11,914 r30,713 r42,627 9,776 4,537 April May June r-2,150 r54,346 r56,496 r-7,944 r35,388 r43,332 10,256 5,402 July August September r-1,932 56,263 r58,195 r-7,950 36,532 r44,482 10,526 5,574 October November December r-i.iig r61,423 r60,664 r-5,951 r39,421 r45,372 12,907 6,308 rl,596 r64,94i r63,345 r-6,197 r41,435 r47,632 rl4,082 r7,268 r553 r67,818 r67,265 r-7,409 r42,890 r50,299 rl5,371 r7,957 r2,508 r74,752 r72,244 r-7,248 r47,235 r54,483 H7,917 r8,743 p78,8C)6 p78,129 rp-8,596 rp50,514 rp59,ll6 p!8,492 p9,580 1979 January February March April May June July August September October November December p671 1980 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. 1 Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). MARCH 1980 93 OTHER IMPORTANT ECONOMIC MEASURES F | INTERNATIONAL COMPARISONS Q INDUSTRIAL PRODUCTION Year and month 47. United States, 721.0ECD 1 European counindex of industrial production tries, index of industrial production (1967-100) (1967=100) 728. Japan, index of industrial production (1967=100) 725. West Germany, index of industrial production (1967*100) 726. France, index of industrial production (1967=100) 722. United Kingdom, index of industrial production (1967=100) 727. Italy, index of industrial production (11367-100) 723. Canada, index of industrial production (1967-100) 1978 January February March 140.0 140.3 142.1 153 152 150 196.9 197.0 199.5 157 152 152 152 152 155 123 124 123 143.8 146.1 145.9 152.8 155.3 155.8 April May June 144.4 144.8 146.1 153 152 153 200,5 201.5 201.8 153 152 154 161 157 152 128 126 128 143.5 143.8 145.3 157.5 155.3 158.4 July September 147.1 148,0 148.6 153 152 154 201.8 204.1 206.0 157 156 159 155 155 157 128 128 128 144.4 143.7 146.2 158.1 158.2 164.4 October November December 149.7 150.6 151.8 157 157 158 206.9 207.6 210.1 159 159 159 157 159 161 125 126 129 154.3 154.7 151.9 163.5 164.4 165.3 January February March 151.5 152.0 153.0 156 157 158 210.2 213.1 212.6 159 157 161 158 158 161 120 131 133 152.7 159.9 155.8 165.9 165.5 166.6 April May June 150,8 152.4 152.6 158 158 160 214.2 218.5 218.8 161 160 164 158 162 161 132 134 138 156.5 151.8 144.9 164.1 165.0 163.5 July August September •152.8 151.6 152.4 170 163 164 168 168 161 220.8 223.0 220.0 136 129 128 H50.1 r!50.0 159.1 166.8 166.6 169.8 October November December 152.2 152.1 r!52.2 163 164 pi 64 225.5 r228.3 227.4 166 167 pi 66 163 pi 66 130 131 p!30 165.1 r166.2 P164.2 168.4 r167.9 H64.7 152.7 p153.0 (NA) (NA) (NA) (NA) AUQUSt 1979 r!63 r!58 r!65 r!62 1980 January February . March (NA) (NA) P165.1 (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 <g). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 58. Organization for Economic Cooperation and Development. 94 MARCH 1980 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS—Con. JQ CONSUMER PRICES Year and month United States Japan 320. Index® 320c. Change over 6-month spans1 738. Index® 738c. Change over 6-month spans1 (1967=100) (Ann. rate, percent} (1967=100) France United Kingdom 736, Index® 736c. Change over 6-month spans1 732. Index® 732c. Change over 6-month spans1 West Germany 735. Index® 735c. Change over 6-month spans1 (Ann. rate, percent) (1967=100) (Ann. rate, percent) Revised2 Revised2 Revised2 (1967-100) (Ann. rate, percent) (1967=100) (Ann. rate, percent) Revised2 1978 January February March 187.2 188.4 189,8 8.1 8.5 9,2 246.1 247,1 249,4 3.0 3.9 4.1 158.3 159.1 159.5 2.4 2.4 2.5 222.8 224.4 226.4 8.4 9.3 9.9 304.4 306.2 308.1 6.7 6.5 6,8 April May June 191.5 193.3 195.3 9.3 9.3 9.5 252.1 253.5 252.1 5.4 5.9 3.6 160.0 160.3 160.8 2.8 2.2 1.9 228.9 231.1 232.8 11 .7 312.6 314.4 316.8 8.4 9.0 8.5 July August September 196.7 197.8 199.3 9.7 9.4 8.9 253.1 253.3 256.4 3.6 3.1 2.9 160.5 160.3 160.2 2.1 2.4 2.5 235.7 237.1 238.6 318.2 320,3 321.6 8.8 9.4 9.8 October November December 200.9 202.0 202.9 9.5 10.6 10.9 256.8 254.1 253.7 1.2 -0.7 0.9 160.3 160.8 161.4 3.0 3.5 4.3 240.8 242.1 243.2 10.4 January February March 204.7 207.1 209.1 11.1 12.0 12.9 253.9 253.1 255.1 1.8 3.1 4.6 162.9 163.6 164.4 4.4 4.3 4.7 245.5 247.1 249.4 April May June 211.5 214.1 216.6 13.2 12.9 13.3 258.6 261 .3 261.5 7.3 7.0 5,3 165.3 165.7 166.6 6.0 5.8 5.8 July August September 218.9 221.1 223.4 13.4 13.3 13.8 263.8 261.1 264.4 6.7 6.9 6.9 167.7 167.8 168.3 October November December 225.4 227.5 229.9 14.5 15.3 267.7 266.7 268.3 6.0 (NA) 168.7 169.3 170.1 11.2 10.1 10.2 9.8 9.6 8.7 9.1 323.1 325.3 328.0 10.3 10.2 11.2 10.4 10.9 332.9 335.6 338.3 11.4 11.4 13.2 251.8 254.5 256.6 11.9 12.6 11.7 344.1 346.8 352.8 21.5 21.4 22.1 6.0 6.4 6.1 260.0 262.7 264.9 12.7 12.4 12.8 368.0 370.9 374.6 23.2 23.7 21.5 4.0 4.1 268.1 269.8 272.0 14.2 (NA) 378.5 381 .8 384.6 15.4 16.8 1979 9.8 1980 January February March .... April May June .... 233.2 236.4 270.8 (NA) 171.0 171.7 277.2 (NA) 394.1 399.7 .... 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 iii. MARCH 1980 95 OTHER IMPORTANT ECONOMIC MEASURES F | INTERNATIONAL COMPARISONS—Con. Q Q CONSUMER PRICES-Con. 748. Japan, index of stock prices© 745. West Germany, index of stock prices® 746. France, index of stock prices© 742. United Kingdom, index of stock prices© 747. Italy, index of stock prices© 743. Canada, index of stock prices© (1967=100) (1967=100) (1967-100) (1967-100) (1967=100) (1967-100) 98.2 96.8 96.6 339.0 348.3 359.7 126.5 127.9 126.1 100.3 120.0 198.2 187.7 187.5 40.7 43.5 42.8 99.1 98.7 105.3 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 44.0 106.9 109.4 109.1 19. United States, index of stock 737. Index© 737c. Change 733. Index® 733c. Change prices, 500 over 6-month over 6-month common stocks© spans1 spans1 Canada Italy Year and month STOCK PRICES (Ann. rate, percent) (1967-100) (Ann. rate, percent) January February March 271.1 273.9 277.4 10.3 10.9 11.5 194.0 195.3 197.5 April May June , 280.0 282.7 285.1 12.1 12.6 12.0 197.9 200.7 202.4 July August September 286.8 288.3 292.9 12.7 11.8 11.5 205.4 205.5 205.2 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 57.3 116,7 120.8 129.5 October November December 295.5 298.6 300.1 12.7 13.8 14.1 207.3 209.0 209.6 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 51.2 122.3 129.1 131.7 January February March 305.1 309.7 313.8 14.5 15.6 15.6 211.2 213.2 215.7 10.9 10.1 9.9 108.5 106.9 108.9 416.1 409.9 405.7 135.0 131.9 131.2 160.9 149.9 155.4 211.1 212.2 240.8 52.4 54.8 57.9 138.4 141.1 150.7 April May June 317.8 321.3 323.9 14.9 15.5 17.8 217.2 219.3 220.3 9.5 8.5 8.5 111.0 108.5 110.7 402.9 411.1 402.3 130.6 127.8 121.7 164.5 162.0 171.7 255.7 255.0 241.0 54.1 56.8 58.0 149.5 154.8 168.9 July August September 326.7 330.6 339.2 19.2 r!9.4 r21.2 222.1 222.9 224.9 7.9 8.8 9.5 111.7 116.8 118.1 400.6 408.0 412.5 122.0 124.3 125.7 173.7 188.6 207.4 232.8 233.9 236.3 58.8 61.7 63.0 159.4 178.6 191.7 October November December 345.5 r350.3 r355.9 226.5 228.7 230.1 rlO.O 113.6 112.8 117.2 408.2 403.4 410.8 123.5 118.3 118.8 187.5 189.1 p!90.6 238.9 215,6 217.1 62.6 58.6 55.4 175.2 189.3 199.5 120.6 125.5 pl!4.5 420.1 rp427.4 p418.1 117.2 123.3 pl!8.8 p!67.4 rpl?9.8 P170.5 224.3 239.4 p234,5 59.8 P221.2 rp242.5 P229.9 (1967=100) (1967=100) 1978 8.5 9.3 9.6 11.0 10.9 98,0 1979 r25.6 25.8 10.4 1980 January February March April . May June r367.6 373.8 .. 231.3 233.3 rp62.6 p62.8 .. . 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. 1 Changes over 6-month spans are centered on the 4th month. 96 MARCH 1980 C. Historical Data for Selected Series Monthly Year Jan. 6. Feb. Mar. Apr. May July Sept Aug. 5.66 7.46 7.14 7.56 15.46 11.06 14.45 9.99 13.48 15.72 15.16 12.95 15.66 15.51 14.06 17.44 5.98 7.50 7.08 7.62 14.08 11.06 14.21 10.31 13.92 14.61 15.64 12.41 16.92 15.92 14.62 17.75 5.90 7.82 6.67 7.86 14.64 12.81 13.34 9.72 14.96 15.04 15.14 12.48 16.64 15.19 14.48 17.06 5.89 8.00 6.16 8.35 13.84 12.94 13.69 10.17 14.24 15.69 14.11 11.79 16.83 15.00 15.26 16.66 6.21 8.06 6.02 9.23 13.25 10.86 13.58 9.75 14.51 15.16 14.58 12.17 15,96 15.16 15.42 16.84 1963.. . 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 18.13 18.90 19.99 19.03 19,77 18.57 18.94 22.73 26.79 24.42 28.95 20.54 22.36 25.89 28.02 29.86 32.32 22.36 25.69 24.80 27.33 30.05 27.78 30.09 33.08 20.46 23.03 26.35 24.70 27.64 40.51 41.40 45.46 45.43 40.38 47.68 55.74 65.54 20.62 22.10 25.59 24.82 27.13 29.31 41.04 45.80 55.91 62.61 29.81 31.57 26.81 29.14 33.29 33.63 42.91 45.16 38.41 42.41 50.28 58.58 50.01 30.14 27,55 68.14 14.59 12.55 13.80 15.10 11.84 14.16 24.73 22.43 17.55 22.71 15.33 17.50 22.31 15.81 21.00 23.23 20.24 20.84 1948... 1949.., 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962.., 14.60 12.66 13.72 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971.., 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979.., 20.39 22.33 20.43 14,91 22.53 20.66 20.99 21.13 16.37 21.95 20,30 19.89 18.19 20.40 18.92 16.49 21.53 19.44 18.73 22.62 22.99 22.07 23.54 26.57 24.54 25.70 28.40 24.72 25.38 28.89 33.53 29.86 34.22 17.06 20.34 28.12 32.15 30.35 32.26 33.53 30.76 45.79 40.72 57.98 69.25 25.91 27.27 29.65 27.80 28.70 34.39 42.85 48.82 40.42 50.43 58.27 68.90 5.92 8.85 5.75 9.39 12.88 13.00 13.20 10.29 14.84 15.06 14.23 13.26 16.82 15.51 15.82 32.19 30.32 32.38 12.20 15.27 10.96 14.99 21.86 12.75 15.27 10.79 16.43 20.44 17.13 21.03 14.91 21.66 21.08 19.49 16.05 21.33 15.54 21.35 21.89 18.91 15.57 21.71 19.21 19.75 21.56 24.15 26.23 29.22 32.81 30.19 37.18 33.68 36.94 38.54 32.56 35.76 29.23 30.48 33.77 40.62 39.37 30.03 35.00 37.94 38.67 40.11 41.45 41.74 31.63 31.77 34.13 30.14 31.31 32,75 39.95 33.32 33.49 40.51 41.42 41.03 40.63 30.62 32.46 29.91 39.65 28.39 34.19 30.50 35.31 26.97 39.97 36.80 40.47 37.52 34.77 36.46 32.95 32.64 45.76 47.26 17.54 •16.71 7.72 7.72 7.00 11.88 11.18 12.89 9.96 12.60 16.42 15,73 12.54 14.58 15.96 14.85 17.58 18.63 18.09 20.61 18.85 21.57 18.89 21.10 19.00 18.89 18.48 22.02 23.34 26.22 25.70 27.15 25.61 24.51 25.61 25.14 42.61 29.65 27.63 29.59 34.07 42.22 48.43 49.15 40.21 51.31 59.01 68.31 43.35 52.75 56.94 65.94 28.62 30.67 27.83 30.53 37.00 42.78 48,72 43.89 30.12 29.14 25.86 26.30 27.43 29.35 26.89 29.59 34.83 42.47 50.97 43.02 20.46 23.88 26.06 25.75 20.79 22.68 26.73 26.66 27.46 18.69 20.18 23.16 51.33 51.08 51.58 59.56 70.59 60.70 72.40 63.23 76.46 28.00 29.30 34.33 20.94 20.54 19.46 19.92 21.78 24.60 26.30 28.34 32.04 31.60 32.08 41.25 33.51 30.15 29.89 34.53 40.73 40.79 29.77 35.24 37.99 12.08 16.60 10.34 16.54 20.31 20.50 20.25 15.69 27.11 23.69 12.11 16.33 10.68 20.11 19.92 18.96 18.82 15.99 13.69 14.99 12.60 12.49 16.02 12.41 24.51 18.14 18.46 16.63 15,93 21.96 20.06 17.12 19,91 14.89 17.82 22.81 20.19 18.11 17.86 22.09 20.88 22.06 20.54 19.02 17.47 21.57 19.91 17,89 17.30 20,18 19.60 18.64 17.79 19.14 20.35 20.53 20.66 20.43 20.23 21.27 21.04 21.62 21.98 22.00 23.07 23.46 26.39 28.67 33.04 32.40 32.22 32.92 30.23 30.45 34.40 24.35 27.62 29.47 32.38 24.11 25.81 29.21 31.80 31.77 32.01 24.38 26.94 29.83 33.39 30.86 33.28 34.30 29.90 31.16 31.70 24.42 40.51 40.18 39.63 29.55 35.58 38.27 40.57 39.32 32.97 28.94 30.22 34.73 40.30 39.92 31.80 31.47 31.95 36.35 36.62 38.90 35.20 38.06 34.70 38.44 42.07 21.73 21.67 21.86 21.51 22.63 25.38 27.49 22.39 23.26 25.08 22.96 20.86 23.00 25.25 28.56 26.08 27.61 28.61 30.10 28.11 27.36 26.44 28.70 29.94 27.38 28.34 27.69 28.06 26.86 28.87 29.85 28.29 27.90 31.38 36.41 32.12 36.16 35.27 27.64 33.03 34.95 37.66 34.92 28.06 33.37 35.40 37.33 17.50 17.77 20.53 20.36 1963. . . 1964 . . . 1965. . . 1966. . . 1967 ... 1968. . . 1969. . . 1970. . . 1971, . . 1972. . . 1973 . . . 1974. . . 1975. . , 1976. . . 1977. . . 20.53 23.07 1978... 1979... 35.15 1961... 1962... 18,97 26.15 19.70 30.22 25.63 30.06 36.64 44.43 45.74 43.30 26.40 29.05 29.77 26.10 31,42 37.88 46.06 45.47 44.43 53.86 63.07 76.91 25.58 28.63 29.16 29.50 29.05 31.89 39.27 43.53 41.46 44.52 56.52 65.98 76,83 22.78 20.89 23.04 33.43 29.80 30.51 34.00 31.22 36.74 40.39 37.68 51.83 54.18 56.06 60.38 55.60 56.43 62.85 56.37 63.27 73.53 77.25 80.78 88.33 89.49 80.78 93.37 113.79 134.02 132.67 132.25 161.96 192.28 230.20 224.46 248.11 278.98 313.52 309.70 337,27 359.02 329.09 359.98 420.73 514.18 560.60 503.69 612.63 714.97 841.88 67.19 78.07 74.04 83.41 89.50 83.35 89.76 98.69 124.82 136.05 119.83 143.76 170.23 196.29 41.23 12,33 11.01 12.34 20.27 14.43 18.53 13.67 19.03 18.88 17.78 15.65 18.86 18.49 16.61 25 .09 27.07 26.33 27.98 30.06 28.04 28.87 30.31 36.10 34 .78 26.56 30 .81 33.96 26 .17 28.51 30.07 27.63 25.41 27.60 26.28 36,78 34.58 29.14 31.01 37.19 34.13 26.71 31.73 26.05 32.78 34.62 36.75 36,16 27.42 32.44 35.00 37.30 38.51 28.81 31.08 31.11 35.96 34.16 25.14 29.51 27.51 13.65 10.24 18,05 15.67 16.09 17.62 14.57 20.28 17.59 16.93 16.26 18.72 17.91 18.44 19.89 21.72 23.82 25.90 26.98 26.72 28.20 30,40 27.25 28.59 31.62 35.76 33.64 29.47 33.12 34.77 36.41 21.26 16.54 18.96 20.23 18.88 19.06 20.46 22.00 22.92 22.77 24.17 49.92 63.82 59.73 55.84 67.68 24.34 26.52 30,83 23.79 28.09 72.80 77.65 44.12 12.30 11.17 16.11 20.43 20.65 21.11 23.17 21.27 22.10 24.37 25.22 27.05 26.97 29.49 30.36 27.59 28.44 33.65 35.75 23.04 25.65 27.38 26.43 30.05 30.35 25.74 28.78 33.75 36,24 32.10 31,16 30.31 31.62 27.16 28.15 27.76 29.90 27.28 28.50 32.95 35.90 33.33 29.77 32.94 35.93 37.95 30.28 32.26 35.62 37.67 2 45.91 49.61 61.61 68.07 78.97 77.27 82.37 90.36 82.61 87.14 102.35 127.87 143.04 121.35 151.75 175.26 206.46 41.10 70.19 79.23 77.61 83.16 89.67 82.35 89.71 105.90 127.47 148.84 130.26 155.16 177.20 208.93 44.13 50.90 20.02 31.35 31.58 33.54 32.94 27.74 32.09 37.54 42.73 34.40 31.82 36.20 39.52 43.98 20.33 15.28 19.10 19.24 31.62 31.27 34.16 33.52 32.49 30.87 32.38 38.77 39.90 31.19 31.67 37.63 41.01 43.53 44.29 37.05 37 .03 47.14 41,68 32.09 47.96 70.39 55.29 65.86 46.05 63.92 62.61 46.14 65.10 64.12 61.72 85.41 97.87 90.53 98.86 101.85 91.40 94.71 99.56 121.88 121.31 88.92 101.45 112.66 120.23 38 .29 43 .79 47.34 35.69 64.68 42.67 38.08 63.11 55.18 58.07 57.33 50.34 49.74 66.83 63.85 57.42 49.09 63.82 58.58 65.15 60.10 64.96 72.21 78.92 86.23 97.89 57.61 55.10 57.90 45.85 55.28 68.65 62.74 54.64 52.95 59.85 51.69 60.61 57.11 62.54 67.05 65.89 72.84 80.37 72.61 80.71 88.51 92.53 94.64 96.69 101.88 99.04 85.87 57.48 59.57 70. 2S 89.61 97.57 93.79 96.99 100.70 88.64 90.82 102.70 121.86 119.79 89.35 105.82 114.20 123.56 91.95 95.17 105.47 120.87 116.92 95.22 106.25 113.12 122.20 112.73 124.35 100.50 94.19 96.86 102.19 94.71 108.65 120.35 131.63 181.44 142.91 211.93 243.78 228.59 224.66 197.21 264.50 255.86 225.47 209.44 247.06 236.03 244.37 269.94 290.46 317.65 352.68 387.97 375.20 394.59 403.78 355.52 372.65 420.46 488,96 458.52 368.20 422.17 460.33 497.62 TOTAL FOR PERIOD 12.71 11.96 15.96 13.73 16.58 13.77 15.78 19.35 17.38 17.19 17.27 18.59 18.29 19.23 25.44 43.59 42.92 37.22 36.69 29.89 36.38 47.90 46.35 39.08 44.05 46.42 IN 1972 DOLLARS 3 13.46 11.86 20.21 14.31 15.71 15.39 15.00 19.67 17.84 17.13 16.70 17.75 17.93 19,31 20.18 ^his series contains no revisions but is reprinted for the convenience of the user. This series contains revisions beginning with 1975. 3 23.49 34.82 39.82 30.21 34,71 TOTAL FOR PERIOD 21.35 17.96 41.72 34.91 31.22 79.41 50.21 22.54 27.26 30.70 36.42 76.^0 97.85 52.25 20.13 17.19 18.50 33.61 20.89 34.83 43.16 22.62 30.08 32.02 30.95 34.82 24.01 40.26 46.64 46.93 48.38 15.26 13.69 12.74 19.28 17.75 26.10 22.07 45.67 46.50 34.93 42.00 30.02 42.36 45.37 45.94 37.84 49.22 46.62 14.58 14.11 12.98 18.19 18.33 18,87 15.25 16.91 24.48 Annual IV Q 122.36 153.63 144.88 145.31 129.25 179.61 184.89 169.04 159.37 191.89 183,35 188.94 208.47 44.18 13.95 14.87 12.36 20.14 19.02 18,70 15.32 19.27 18.81 21.12 23.16 III Q TOTAL FOR PERIOD 7.36 7.95 7.12 10.95 11.55 11.95 9.94 11.14 15.74 15.78 13.58 15.33 14.70 14.72 16.99 17.67 20.03 20.03 18.59 16.75 1959. . . 1960. . . 18.02 24.91 17.93 6.99 8.34 6.77 12.00 11.98 11.85 9.99 12.64 15.74 14.84 12.96 14.14 15.76 14.56 16.33 17.88 13.88 9.57 14.49 15.76 17.12 17.80 15.24 19.91 17.48 17.63 15.94 19.21 17.92 19.32 19.30 20.70 1958... II Q 6.83 8.38 6.92 11.79 10.75 12.66 9.71 11.69 15.74 14.78 13.64 13.61 16.01 15.93 16.28 17.83 12.90 10.03 14.37 16.28 14.74 18.13 14.50 19.52 17.90 17.48 15.08 19.12 17.60 18.76 19.60 12.87 10.44 12.31 18.62 16.22 18.00 14.44 20.21 18.21 18.14 14.60 1956. . . 1957 . . . IQ 6.19 8.92 6.85 14.21 11.41 11.76 10.89 10.45 15.04 17.73 14.03 13.54 14.91 15.77 16.46 17.01 12.52 9.98 12.88 16.95 16.74 18,62 14.50 19.67 18.48 17.56 14.60 19.74 17.53 18.24 18.99 12.22 10.66 12.39 18.13 14.52 17.75 14.39 18.88 18.33 18.52 14.82 1955... Dec. 5.95 8.85 5.93 11.52 12.61 12.04 12.35 10.50 14.98 14,75 13.43 13.11 15.72 15.23 15.64 16.99 8. VALUE OF MANUFACTURERS ' NEW ORDERS FOR CONSUMER GOODS AND MATERIALS (BILLIONS OF DOLLARS) 1953. , . 1954. . . Nov. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES, IN 1972 DOLLARS 2 (BILLIONS OF DOLLARS) 1947. . . 1948... 1949... 1950... 1951... 1952.. . Oct. VALUE OF MANUFACTURERS' HEW ORDERS, DURABLE GOODS INDUSTRIES, IN CURRENT DOLLARS 1 {BILLIONS OF DOLLARS) 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954.., 1955... 1956... 1957.., 1958... 1959... 1960... 1961... 1962... 7. June Quarterly 15'.21 15.72 13,32 15.97 19.13 17.95 16.46 17.22 17.98 17.67 19.27 35.82 38.65 11.91 11.66 14.68 14.66 15.78 13.56 16.92 19.85 18.02 15.81 18.17 17.46 17.48 20,34 20.56 22.09 23.72 26.68 26.82 27.47 30.35 29.25 25.45 29.63 3'4.42 36,62 29.98 30.01 33.12 35.86 38.36 11.40 11.45 15.55 14.19 17.05 13.68 18.14 19.46 18.19 14.91 17.98 18.72 17.26 20.91 37.42 20.08 60.92 21.76 63.93 68.09 75.88 24.76 27.32 26.53 32.11 37.04 57.02 39.82 34.06 54.22 43.71 35.61 34.28 46.34 44.06 48.55 40.56 48.99 48.60 54.55 44.24 58.12 59.10 55.42 54.44 45.07 59.59 54.58 53.86 52,67 45.62 58.07 53.05 56.32 57.89 52.81 51.25 54.16 47.18 50.23 55.06 53.37 56.98 60.50 60.52 64.23 69.22 75.47 82.48 79.58 85.68 89.30 83.36 84.30 64.10 71.36 65.95 76.56 79.65 80.73 83.04 89.82 88,27 78.88 87.84 102.77 107.08 87.75 90.38 98.56 107.97 115,73 45.17 51.13 83.12 78.58 29.42 28.67 27.69 29.43 34.60 34.22 85.10 30.06 33.82 36.29 38.72 41.74 54.28 42.50 29.14 26.61 39.30 29.58 90.23 83.27 86.82 92.40 110.07 103,49 79.32 95.32 104.74 109.20 This series contains revisions beginning with 1967. 94.61 108.53 104.35 83.12 98.84 105.35 113.50 48.38 46.78 45.35 59.30 54.13 81.19 81.84 85.45 90.66 82.12 85.53 98.22 107.41 99.07 89.52 98.32 106.32 112.03 51.03 58.44 54.16 52.41 61.29 71.52 152.15 130.03 179.34 193.78 190.70 196.17 183.12 234.96 216.25 205,54 194.29 226.88 214,17 224.95 240.60 258.21 280.19 307.56 327.52 323.04 346.05 358.46 327.63 344.49 388.00 433.09 394.66 342,34 391.04 424.38 450.46 (MARCH 1980} 97 C. Historical Data for Selected Series—Continued Quarterly Monthly Year Jan. Feb. Mar. Apr. 12. 1947. . . 1948... 1949... 1950... 1951... 1952.,, 1953... 1954... 19SS... 1956... 1957... 1958... 1959.,. 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1970... 1979... 1958. ,, 1959... 1960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975., . 1976... 1977... 1978... 1979... July Sept. Aug. Oct. Nov. Dec. 87.1 89,9 91.5 95.6 89.3 94.8 97.6 93.7 89.3 95.3 97.6 91.0 92.6 92.7 104.6 86.4 90.8 90.1 94, & 92.4 90.6 98.? 9S.4 91.4 91.1 98.1 94. 5 91.1 92.fi 95.8 99.7 100.1 95.7 104.0 113.5 112.5 105.3 113.2 117.3 112.3 106.3 115.3 120.6 134.2 133.8 94.1 96.7 99.7 102.0 96.6 105.4 113.9 111.0 105.6 113.5 117.2 111.5 103.2 115.2 122.3 132.4 94.1 97.9 98.9 99.8 98.4 104.0 114.1 107.3 108.9 115.1 116.5 114.0 106.5 116.4 123.8 132.2 95.2 98.0 99. S 97.6 101.7 108.7 113.3 104.8 110.7 116.0 114,6 113.4 112.6 117.1 127.7 133.0 95.5 99.5 99.8 96.1 103.3 112.4 112.9 105.4 112.7 117.2 113.6 105.7 113.1 120.1 132.2 134.0 94.7 98. 0 99.1* 98.9 100.0 107.6 9,690 7,054 7,788 7,007 26,504 24,671 20,765 24,929 20,689 22,641 25,924 27,870 34,808 36,131 34,355 34,420 48,104 46,086 46,056 45,564 27,868 23,090 21,789 22,674 20,628 24,006 25,457 29,739 35,194 34,751 34,597 40,081 47,199 46,054 46,171 45,476 28,949 21,644 22,978 21,242 21,294 24,702 25,949 33,546 34,990 34,249 32,830 43,845 47,037 43,396 48,065 44,828 112,786 95,46;) 86,1631 93,02!) 83,77!) 92,991 102,61!) 117,8813 140,411* 140,790 135,75fi 151,47!) 191,489 182,604 183,127 182,893 47,213 49,190 50,881 48,181 51,792 59,936 68,831 65,591 73,312 80,322 80,406 80,598 84,824 94,259 112,325 122,712 47,901 50,553 52,225 49,022 53,850 62,602 69,792 66,201 76,500 81,462 78,408 75,962 86,995 98,467 115,421 125,039 187,514 103.5 82.5 92.7 89.4 93.5 92.0 90.7 98.7 95.0 92.5 91.0 97.5 94.9 92.2 92.7 101.2 83.6 91.2 89.3 96.1 92.4 91.1 98.2 94.1 91.6 93.1 97.9 93.5 90.4 92.8 100.0 85.2 89.2 90.1 96.6 89.8 92.1 98.4 93.7 90.6 94.8 97.0 92.8 90.5 93.6 99.7 85.6 89.8 90.9 96.0 90.0 94.3 97.5 94.9 90.4 94.3 96.7 92.7 92.0 93.1 95.9 86.8 90.4 92.2 95.4 88.5 95.3 97.8 93.1 89.3 95.2 98.1 90.7 92.9 92.4 96.9 89.0 89.6 91.4 95.5 89.3 94.9 97.5 93.0 88.1 96.3 98.0 89.7 92.8 92.6 93.5 96.5 99. g 101.2 96.5 104.6 114.1 112.0 105.3 113.8 116.5 111.5 103.5 115.0 121.8 133.5 94.1 97.1 99.9 102.4 96.2 105.8 114.2 111.7 104.4 112.9 117.2 111.8 102.5 114.6 121.9 133.1 94.7 96.6 99.5 102.4 97.1 105.7 113.4 109.3 107.2 113.8 117.9 111.3 103.5 115.9 123.3 130.5 93.8 97.4 98.5 100.2 97.0 104.0 114.5 108.7 107.4 115,2 116.9 114.6 104.0 116.6 123.2 131.9 94.0 99.0 98.5 99.7 98.2 103.2 114.1 107.0 108.8 114.8 116.6 114.0 105.2 115.1 123.7 132.1 94.5 97.3 99.7 99.5 100.0 104.8 113.7 106.1 110.4 115.3 115.9 113.5 110.3 117.6 124.4 132.7 94.5 97.4 99.8 98.6 100.3 107.0 113.9 105.0 111.0 116.1 115.7 115.2 113.4 117.3 126.0 133.3 95.6 97.3 99.4 97.6 102.8 108.8 113.5 104.5 111.0 115.4 115.0 114.1 112.0 116.4 128.9 132.5 95.6 99.4 99.3 96.7 102.0 110.3 112.4 104.9 110.1 116.6 113.2 110.9 112.4 117.5 128.3 133.3 95.7 100.0 99.0 97.4 101.9 112.7 114.1 105.0 112.3 117.6 113.5 105.5 111.7 118.7 129.7 134.8 95.0 98.8 100.2 95.1 104.0 111.1 112.0 105.8 112.6 116.7 115.0 105.3 112.2 120.9 132.6 133.4 9,806 7,349 7,532 9,453 7,012 7,830 7,214 7,080 8,304 8,638 11,902 11,620 11,250 11,042 16,346 16,561 13,607 15,599 14,924 15,993 16,784 18,087 16,703 18,061 21,364 22,196 22,563 25,270 27,796 26,511 24,809 29,613 34,311 36,414 7,016 7,214 8,351 8,937 11,843 12,449 11,359 11,049 16,255 15,274 14,570 15,758 6,791 8,078 6,937 7,348 8,634 9,155 11,679 11,591 11,367 11,042 16,548 15,233 14,658 15,670 8,132 7,082 7,499 8,534 9,276 11,215 11,888 11,507 10,636 16,604 15,280 15,327 15,372 7,441 8,785 9,158 11,521 12,245 11,109 11,752 16,296 15,176 15,298 15,245 15,390 16,326 16,854 17,451 15,987 18,041 22,105 22,968 21,034 25,084 28,752 27,056 24,931 29,772 33,844 39,434 15,563 15,917 17,131 17,266 16,244 18,538 22,083 21,346 22,883 26,231 28,964 26,458 25,076 31,000 35,018 37,847 15,305 16,132 16,664 17,057 16,760 18,663 23,262 21,829 22,814 26,630 28,522 29,071 26,708 30,808 34,529 39,585 15,682 16,473 16,580 16,644 17,627 18,723 23,118 21,874 23,960 26,270 28,286 27,562 26,632 28,784 35,256 39,059 28. 112.1 NUMBER OF HEW BUSINESS INCORPORATIONS 1 (NUMBER) 9,244 7,439 7,330 7,684 6,880 8,065 9,308 8,210 11,739 12,032 15,204 15,630 15,431 14,947 8,168 7,057 7,898 6,796 7,683 8,757 9,772 11,655 11,851 11,686 12,504 15,658 15,828 15,492 15,171 8,515 9,882 11,572 11,707 11,593 13,644 15,813 15,114 15,277 15,056 9,316 7,483 7,403 7,092 6,952 8,259 8,185 10,085 11,968 11,193 11,318 13,933 15,728 15,112 15,402 15,249 15,536 16,282 17,017 16,577 17,799 18,839 23,439 21,796 24,481 26,175 27,999 25,785 26,307 31,420 36,694 39,860 15,431 16,550 16,844 16,074 16,300 19,407 23,366 21,614 24,677 26,789 27,477 27,790 28,655 31,037 36,874 40,152 16,093 15,692 16,901 16,343 17,674 19,947 22,871 21,796 25,012 26,365 26,689 26,495 27,810 31,301 38,180 41,007 15,689 16,948 17,136 15,764 17,818 20,582 22,594 22,181 23,623 27,168 26,240 26,313 28,359 31,921 37,271 41,553 ll,9yy 113.fi 107.1 109. 8 115.1fi 115. S 111.2 108.0 117.2 126. !» 132.9 TOTAL FOR PERIOD 8,748 6,879 8,394 6,759 7,700 8,605 9,436 12,072 PERIOD 9?!s 106.9 83.9 93.3 89.1 95.0 92.3 89.9 99.4 95.6 92.8 90.5 97.6 95.1 91.6 92.3 8,699 8,064 7,006 8,403 6,848 Annual 101.6 83.8 91.0 89.6 95.4 91.4 91.3 98.4 94.3 91.6 93.0 97. S 93.7 91.0 93.0 108.1 84.4 91.6 89.0 93,9 93.4 89.3 98.5 97.1 91.5 89.3 99.4 95.1 91.3 92.6 9,057 8,396 6,879 FOR IV Q 107.9 84.7 92.8 89.2 93.7 93.3 89.3 98.6 96.7 92.3 88.8 98.8 95.5 91.5 92.6 108.6 85.7 93.5 89.4 92.1 94.3 88.7 98.0 97.3 92.5 86.6 99.3 96.3 91.5 92.9 9,743 8,349 III Q 89.8 89.3 90.2 93.2 95.5 88.0 98.3 96.9 92.5 87.5 98.5 97.6 89.4 93.0 108.4 87.0 91.0 91.1 94.4 94.8 87.5 98.7 96.4 92.5 87.1 99.6 96.5 90.3 93.6 9,800 8,329 6,826 8,275 II Q AVERAGE 111.2 89.7 89.9 90.2 93,1 95.2 87.9 98.6 97.6 92.4 87.4 98.0 97.4 90.0 93.1 9,922 9,380 IQ I N D E X OF NET BUSINESS FORMATION 1 (1967=100) 116.7 92.8 87.0 89.4 92.2 96.4 88.5 97.5 96.8 92.5 87.9 97.8 99.0 88.0 92.2 13. 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... June May 7,176 6,995 8,341 8,698 10,730 11,668 11,925 11,251 13,669 15,383 15,035 16,035 14,892 7,241 7,659 7,059 7,119 8,265 8,556 11,212 11,761 11,186 10,788 14,599 15,695 14,264 16,149 14,951 8,096 8,696 11,604 11,560 11,139 10,791 15,577 15,959 14,097 15,881 14,985 29,465 26,058 20,629 24,183 21,168 21,642 25,288 26,730 35,424 35,660 33,976 33,133 49,149 47,063 42,835 47,027 16,275 16,728 16,994 16,233 17,654 21,093 24,263 21,712 25,356 27,529 26,809 25,404 29,079 32,160 38,213 41,437 15,759 16,804 17,606 16,206 17,958 20,890 23,125 22,217 25,510 26,234 26,718 25,555 28,634 33,183 38,308 41,423 15,867 17,021 17,625 16,583 18,238 20,619 22,404 22,272 25,634 27,699 24,881 25,003 29,282 33,124 38,900 42,179 45,877 43,236 50,769 52,804 48,934 54,640 65,552 66,510 66,480 76,585 85,512 80,025 74,816 90,385 103,173 113,695 46,523 48,887 50,261 50,278 52,186 56,225 69,819 65,499 71,255 79,075 84,807 82,418 79,647 91,012 106,479 118,504 7,181 HEW PRIVATE HOUSING UNITS STARTED, TOTAL 2 (ANNUAL RATE, THOUSANDS) 196, 866 204,136 200,28pj 206,762 233,403 273,994 263,801 287,547 317,444 329,133 319,003 326,282 374,12.1 437,398 479,959 AVERAGE FOR PERIOD 1947... 1948... 1949... 1950... 1951... 1952... 19S3... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1,052 1,385 1,196 1,883 1,928 1,388 1,484 1,358 1,757 1,441 1,151 1,170 1,657 1,460 1,183 1,361 1,074 1,200 1,137 1,834 1,638 1,516 1,460 1,417 1,664 1,444 1,168 1,107 1,667 1,503 1,226 1,278 1,032 1,379 1,171 1,976 1,481 1,483 1,506 1,411 1,684 1,401 1,173 1,108 1,620 1,109 1,312 1,443 1,039 1,501 1,292 1,945 1,352 1,412 1,498 1,433 1,708 1,408 1,147 1,154 1,590 1,289 1,166 1,524 1,090 1,450 1,319 2,052 1,359 1,408 1,425 1,412 1,730 1,375 1,174 1,191 1,498 1,271 1,228 1,483 1,174 1,441 1,341 2,042 1,419 1,353 1,380 1,498 1,704 1,325 1,175 1,236 1,503 1,247 1,382 1,404 1,252 1,419 1,384 2,051 1,257 1,438 1,346 1,559 1,632 1,289 1,191 1,337 1,547 1,197 1,335 1,450 1,355 1,329 1,500 2,121 1,334 1,443 1,324 1,563 1,625 1,313 1,193 1,374 1,430 1,344 1,312 1,517 1,532 1,303 1,603 1,821 1,456 1,483 1,348 1,618 1,580 1,234 1,191 1,451 1,540 1,097 1,429 1,324 1,571 1,190 1,662 1,605 1,386 1,513 1,342 1,610 1,490 1,266 1,204 1,472 1,355 1,246 1,415 1,533 1,557 1,196 1,785 1,561 1,324 1,475 1,383 1,730 1,434 1,212 1,162 1,593 1,416 1,246 1,385 1,622 1,447 1,218 1,824 1,900 1,330 1,476 1,343 1,807 1,431 1,184 1,146 1,598 1,601 1,063 1,365 1,564 1,053 1,321 1,168 1,898 1,682 1,462 1,483 1,395 1,702 1,429 1,164 1,128 1,648 1,357 1,240 1,361 1,101 1,464 1,317 2,013 1,377 1,391 1,434 1,443 1,714 1,369 1,165 1,194 1,530 1,269 1,259 1,470 1,380 1,3:50 1,496 ,998 ,349 ,4,55 ,339 ,580 ,612 1,279 1,192 1,387 1,506 1,213 1,359 1,430 1,525 1,201 1,757 1,689 1,347 1,488 1,3S6 1,716 1,452 1,221 1,171 1,554 1,457 1,185 1,388 1,573 1,265 1,344 1,430 1,909 1,423 1,446 1,402 1,532 1,627 1,325 1,175 1,314 1,517 1,252 1,313 1,463 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1973... 1976... 1977... 1978... 1979... 1,244 1,603 1,361 1,370 1,067 1,380 1,769 1,085 1,828 2,494 2,481 1,451 1,032 1,367 1,527 1,779 1,456 1,820 1,433 1,378 1,123 1,520 1,705 1,305 1,741 2,390 2,289 1,752 904 1,538 1,943 1,762 1,534 1,517 1,423 1,394 1,056 1,466 1,561 1,319 1,910 2,334 2,365 1,555 993 1,421 2,063 2,028 1,689 1,448 1,438 1,352 1,091 1,5S4 1,524 1,264 1,986 2,249 2,084 1,607 1,005 1,395 1,892 2,182 1,641 1,467 1,478 1,265 1,304 1,408 1,583 1,290 2,049 2,221 2,266 1,426 1,121 1,459 1,971 2,018 1,588 1,550 1,488 1,194 1,248 1,405 1,528 1,385 2,026 2,254 2,067 1,513 1,087 1,495 1,893 2,092 1,614 1,562 1,529 1,086 1,364 1,512 1,368 1,517 2,083 2,252 2,123 1,316 1,226 1,401 2,058 2,090 1,639 1,569 1,432 1,119 1,407 1,495 1,358 1,399. 2,158 2,382 2,051 1,142 1,260 1,550 2,020 1,983 1,763 1,455 1,482 1,046 1,421 1,556 1,507 1,534 2,041 2,481 1,874 1,150 1,264 1,720 1,949 2,014 1,779 1,524 1,452 843 1,491 1,569 1,381 1,580 2,128 2,485 1,677 1,070 1,344 1,629 2,042 2,001 1,622 1,486 1,460 961 1,538 1,630 1,229 1,647 2,182 2,421 1,724 1,026 1,360 1,641 2,042 2,111 1,491 1,484 1,656 990 1,308 1,548 1,327 1,893 2,295 2,366 1,526 975 1,321 1,804 2,142 2,052 1,411 1,647 1,406 1,381 1,082 1,455 1,678 1,236 1,826 2,406 2,378 1,586 976 1,442 1,844 1,856 1,639 1,488 1,468 1,270 1,214 1,456 1,545 1,313 2,020 2,241 2,139 1,515 1,071 1,450 1,919 2,097 1,672 1,529 1,«B1 1,CI84 1,397 1,1*21 1,411 1,483 2,094 2,372 2,016 1,203 1,250 1,557 2,009 2,029 1,631 1,498 1,523 931 1,446 1,582 1,312 1,707 2,202 2,424 1,642 1,024 1,342 1,691 2,075 2,055 1,603 1,529 1,473 1,165 1,292 1,508 1,467 1,434 2,052 2,357 2,045 1,338 1,160 1,538 1,987 2,020 'This series contains revisions beginning with 1975. 2 This series contains revisions beginning with 1977. (MARCH 1980) C. Historical Data for Selected Series—Continued Monthly Year Jan. Feb. Mar. Apr. June May Quarterly July Sept. Aug. Oct. Nov. Dec. II Q IQ 91. AVERAGE (MEAN) DURATION OF UNEMPLOYMENT 1 (WEEKS) III Q IV Q Annual AVERAGE FOR PERIOD 1947. . . 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 8.9 8.2 11.3 10.6 9.3 9.3 8.7 13.4 11.7 10.4 10.5 16.3 13.5 13.7 15.3 8.4 8.3 11.8 10.8 8.8 8.4 9.5 14.2 12.5 10.7 11.0 15.5 13.1 13.6 16.0 8.7 8.3 12.4 10.1 8.4 8.5 10.6 13.4 11.6 10.8 11.2 15.3 13.0 14.1 15.0 8.5 8.8 12.6 10.6 9.0 7.8 10.9 14.3 , 11.0 10.6 12.1 14.9 12.6 15.5 14.9 9.1 9.1 12.7 9.9 7.8 7.9 11.6 14.4 10.4 10.4 13.1 14.7 11.9 15.6 15.5 8.8 10.0 13.1 8.7 7.3 8.2 12.3 13.4 10.1 10.2 14.4 14.9 11.9 16.2 15.1 8.6 10.8 12.5 9.2 7.5 7.9 12.5 13.8 10.5 10.1 14.6 14.3 12.6 17.3 14.6 8.8 11.0 12.2 9.1 7.6 8.0 12.8 12.3 12.0 10.5 15.7 13.7 12.2 17.0 14.5 8.5 11.7 12.2 9.1 8.1 7.1 12.9 11.7 11.8 9.8 16.5 13.7 12.9 16.1 14.1 9.5 10.9 12.3 8.9 9.1 7.2 13.3 11.5 11.6 11.1 16.5 12.9 13.5 15.9 14.1 7.8 11.6 10.7 9.7 9.5 7.9 13.2 11.3 10.9 10.4 16.4 13.1 13.9 17.0 13.3 8.1 11.8 10.7 9.3 8.8 8.0 13.4 12.0 11.4 10.4 15.7 13.1 12.4 15.8 13.6 8.7 8.3 11.8 10.5 8.8 8.7 9.6 13.7 11.9 10.6 10.9 15.7 13.2 13.8 15.4 8.8 9.3 12.8 9.7 8.0 8.0 11.6 14.0 10.5 10.4 13.2 14.8 12.1 15.8 15.2 8.6 11.2 12.3 9.1 7.7 7.7 12.7 12.6 11.4 10.1 15.6 13.9 12.6 16.8 14.4 8.5 11.4 11.2 9.3 9.1 7.7 13.3 11.6 11.3 10.6 16.2 13.0 13.3 16.2 13.7 8.6 10.0 12,1 9.7 8.4 8.0 11.8 13.0 11.3 10.5 13.9 14.4 12.8 15.6 14.7 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 13.8 13.5 12.2 11.9 9.3 9.4 8.1 7.9 10.5 12.2 11.0 9.5 10.7 16.6 15.2 13.0 14.1 13.2 12.6 11.2 9.2 8.7 7.9 8.0 10.4 12.4 10.5 9.6 11.7 16.3 14.8 12.6 14.5 13.5 12.0 11.1 8.9 8.5 7.9 8.3 10.6 12.3 10.6 9.7 11.8 16.5 14.5 12.4 14.5 12.4 11.4 10.8 8.8 8.7 7.9 8.3 10.9 12.4 10.0 9.8 13.0 15.9 14.4 12.4 14.5 13.6 11.1 10.2 8.7 8.2 7.9 8.6 11.2 12.3 10.1 9.6 13.4 15.0 14.8 12.0 14.0 13.6 11.6 9.7 8.3 7.9 7.7 8.7 11.6 12.4 9.6 9.7 15.3 16.9 14.4 12.1 14.0 14.7 11.6 9.7 8.3 8.4 7.8 8.9 11.5 11.8 9.6 9.9 15.0 15.7 14.2 11.9 13.9 13.0 11.9 9.8 8.9 8.3 7.9 8.8 11.5 11.8 9.8 9.8 15.6 15.7 13.9 11.5 14.2 12.7 11.9 10.1 8.4 8.2 8.0 8.9 11.9 12.1 9.4 9.6 16.1 15.3 14.0 11.5 13.9 12.6 12.1 10.3 8.7 8.4 7.6 8.6 12.6 11.7 10.2 9.8 15.4 15.2 13.8 11.8 13.3 14.0 11.7 9.7 8.9 8.1 8.0 9.4 12.0 11.4 9.9 9.6 16.6 15.3 13.6 11.1 13.3 12.7 11.4 9.5 8.6 8.2 8.0 9.8 11.5 11.4 9.5 10.1 16.5 15.2 13.6 10.6 14.1 13.4 12.3 11.4 9.1 8.9 8.0 8.1 10.5 12.3 10.7 9.6 11.4 16.5 14.8 12.7 14.3 13.2 11.4 10.2 8.6 8.3 7.8 8.5 11.2 12.4 9.9 9.7 13.9 15.9 14.5 12.2 14.0 13.5 11.8 9.9 8.5 8.3 7.9 8.9 11.6 11.9 9.6 9.8 15.6 15.6 14.0 11.6 13.5 13.1 11.7 9.8 8.7 8.2 7.9 9.3 12.0 11.5 9.9 9.8 16.2 15.2 13.7 11.2 14.0 13.3 11.8 10.4 8.7 8.4 7.8 8.6 11.3 12.0 10.0 9.8 14.2 15.8 14.3 11.9 96. MAHUFACTURERS UNFILLED ORDERS, DURABLE GOODS INDUSTRIES2 (BILLIONS OP DOLLARS) END OF PERIOD 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 31.83 28.25 25.63 20.20 40.84 63.99 74.41 56.18 46.03 57.55 63.63 46.55 45.30 47.83 42.17 44.79 31.66 27.96 24.78 20.56 44.56 63.98 74.83 54.49 46.65 57.78 63.61 45.39 46.72 46.93 42.31 45.38 31.49 27.81 23.82 20.97 48.47 65.95 74.03 52.00 47.84 58.19 62.74 44.88 47.62 45.68 42.02 44.92 31.07 27.82 22.52 21.43 51.77 68.13 73.51 50.17 48.20 59.41 61.88 44.04 48.14 44.61 42.23 44.15 30.72 27.49 21.42 21.86 54.20 68.34 73.42 48.38 48.54 59.96 61.24 43.71 47.71 43.98 42.38 43.73 30.32 28.22 20.18 22.63 56.80 71.06 72.89 46.71 49.10 60.22 59.99 43.91 47.95 43.75 42.52 43.57 29.56 28.58 19.30 24.96 59.04 72.87 70,71 45.52 49.91 61.70 58.26 44.02 47.88 43.30 42.87 43.59 29.06 28.80 18.89 28.87 60.01 73.52 68.46 44.52 50.56 63.60 56.56 44.00 47.99 43.71 43.27 43.16 29.05 28.53 18.59 31.06 60.81 74.37 64.97 44.82 51.74 63.72 55.15 43.73 49.15 44.02 43.42 43.74 28.56 28.09 18,93 33.03 62.13 73.80 62.43 46.13 53.21 63.56 53.24 43.86 49.96 43.21 43.49 44.27 28.52 27.48 19.36 34.14 62.94 73.16 60.58 45.31 54.37 63.81 51.79 44.63 49.93 42.83 43.81 44.39 28.58 26.62 19.62 35.44 63.39 72.68 58.64 45.25 56.24 63.88 50.35 44.56 49.37 42.51 44.38 45.96 31.49 27.81 23.82 20.97 48.47 65.95 74.03 52.00 47.84 58.19 62.74 44.88 47.62 45.68 42.02 44.92 30.32 28.22 20.18 22.63 56.80 71.06 72.89 46.71 49.10 60.22 59.99 43.91 47.95 43.75 42.52 43.57 29.05 28.53 18.59 31.06 60.81 74.37 64.97 44.82 51.74 63.72 55.15 43.73 49.15 44.02 43.42 43.74 28.58 26.62 19.62 35.44 63.39 72.68 58.64 45.25 56.24 63.88 50.35 44.56 49.37 42.51 44.38 45.96 28.58 26.62 19.62 35.44 63.39 72.68 58.64 45.25 56.24 63.88 50.35 44.56 49.37 42.51 44.38 45.96 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 46.86 52.58 64.70 78.22 94.65 100.69 106.12 110.20 102.51 102.05 116.72 156.08 179.40 159.94 166.86 187.08 48.00 53.28 65.82 79.98 94.86 100.94 106.80 109.16 103.36 102.70 119.77 159.88 176.62 159.41 167.32 190.06 49.40 54.10 66.66 82.37 94.46 102.52 107.53 108.32 103.33 103.12 123.98 162,85 173.25 160.32 167.92 194.44 49.94 54.96 67.60 84.21 94.60 102.86 109.88 106.96 102.80 103.44 127.55 165.92 170.72 160.82 169.46 198.13 50.76 56.08 68.44 85.63 95.62 102.46 110.78 106.08 101.49 104.44 131.06 170.82 168.74 160.71 170.73 202.01 50.55 57.31 69.32 87.80 97.17 102.35 110.74 105.22 100.12 105.49 134.03 174.53 166.32 161.24 172.12 204.73 50.57 58.87 70.10 89.55 97.84 101.18 110.74 104.17 99.36 106.02 135.85 178.38 165.98 162.30 171.43 205.56 50,71 59.47 70.81 90.64 98.22 101.88 110.42 102.74 99.30 106.66 138.65 183.82 164.96 161.37 172.61 208.18 51.28 60.58 72.19 92.94 98.50 103.00 111.16 102.04 100.10 109.13 141.57 186.42 163.98 161.54 174.05 212.10 51.38 61.81 73.54 93.76 99.51 104.54 111.09 100.90 100.43 110.28 145.06 185.28 162.28 162.66 177.06 218.47 51.59 62.67 74.84 94.21 99.97 104.96 111.12 100.66 101.26 111.76 149.12 184.38 162.14 163.63 179.97 223.99 51.27 63.69 76.30 94.58 101.06 105.94 110.97 101.32 101.74 114.06 152.09 182.04 161.29 165.51 184.32 228.18 49.40 54.10 66.66 82.37 94.46 102.52 107.53 108.32 103.33 103.12 123.98 162.85 173.25 160.32 167.92 194.44 50.55 57.31 69.32 87.80 97.17 102.35 110.74 105.22 100.12 105.49 134.03 174.53 166.32 161.24 172.12 204.73 51.28 60.58 72.19 92.94 98.50 103.00 111.16 102.04 100.10 109.13 141.57 186.42 163.98 161.54 174.05 212.10 51.27 63.69 76.30 94.58 101.06 105.94 110.97 101.32 101.74 114.06 152.09 182.04 161.29 165.51 184.32 228.18 51.27 63.69 76.30 94.58 101.06 105.94 110.97 101.32 101.74 114.06 152.09 182.04 161.29 165.51 184.32 228.18 118. SECONDARY MARKET YIELDS OH FHA MORTGAGES3 ® (PERCENT) 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 4.35 4.31 4.08 4.26 4.34 4.75 4.56 4.73 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 5.52 5.45 5.45 5.70 6.62 6.81 5.58 5.60 6.24 6.00 5.69 .35 .31 .08 .27 .34 .69 .56 .70 .36 5.56 5.58 6.23 5.89 5.68 .35 .30 .12 .29 .34 .64 .59 .68 5.35 5.51 5.57 6.22 5.82 5.65 5.48 5.45 5.45 5.47 5.45 5.45 6.00 6.35 6.83 8.05 9.20 7.32 7.45 7.63 8.66 8.69 6.46 6.78 7.99 9.29 ... 7.46 7.49 7.56 7.55 8.54 Q~.99 8.84 9.04 9.06 8.45 8.55 9.18 8.65 9.35 4.35 4.34 4.19 4.29 4.27 4.29 4.62 4.60 4.71 5.35 5.43 5.58 6.21 5.77 5.64 4.59 4.63 4.78 5,32 5.39 5.64 6.21 .35 .09 .29 .30 .67 .57 .63 .81 .35 5.37 5.71 6.19 sleo 5.59 5.46 5.45 5.45 ... 6.29 6.94 8.06 9.10 7.37 7.50 7.73 9.17 ««r 8.82 8.64 9.44 5.45 5.45 5.45 6.32 6.44 5.45 5.45 5.44 6.45 6.51 7.52 8.35 9.16 7.89 7.54 7.89 9.46 9.06 9.05 . 8.77 8.06 9.11 7.75 7.53 7.79 9.46 9.16 9.03 .. 9.74 'This series contains revisions beginning with 1975. beginning with 1976. 2 AVERAGE FOR PERIOD 4.34 4.08 4.31 4.30 4.74 4.56 4.64 4.81 5.38 5.35 5.75 6.18 5.68 5.58 4.34 4.08 .31 .30 .82 .56 .67 .87 4.32 4.08 4.30 4.30 4.86 4.56 4.70 4.92 s!37 5.80 6.14 5.68 5.57 5.50 5.69 5.56 6!o9 5.70 5.55 5.45 5.46 5.44 6.51 6.53 7.42 8.36 9.11 7.97 7.54 8.19 9.85 9.13 8.99 8,77 9.96 5.45 5.46 5.45 6.58 6.60 7.35 8.36 9.07 7.92 7.55 5.45 5.46 5.46 6.63 6.63 7.28 8.40 9.01 7.84 7.56 9.18 10.38 9.74 8.82 8.74 9.81 5.45 5.45 5.49 ... 6.65 7.29 8.48 8.97 7.75 7.57 8.97 10.13 9.53 8.55 8.81 9.98 lolso 9.32 8.93 8.77 9.81 eiii 4.32 4.08 4.27 4.31 4.82 4.56 4.73 4.95 5.63 5.57 This series contains revisions beginning with 1967. 4.32 4.08 4.27 4.32 4.81 4.56 4.75 4.32 4.08 4.26 4.32 4.78 4.56 4.73 5.63 5.60 6.23 6.05 5.70 5.54 siei 5.60 6.23 6.04 5.69 5.53 5.55 5.58 6.23 5.90 5.67 5.45 5.45 5.51 6.81 6.77 7.36 8.48 8,. 90 7.62 7.57 8.86 5.45 5.45 5.62 6.77 6.81 7.50 8.62 8.40 7.59 7.56 8.78 9.51 9.32 8.28 8.96 10.23 5.49 5.45 5.45 ... 6.48 6.81 9i41 8.45 8.81 10.04 3 4.35 4.31 4.09 4.27 4.34 4.69 4.57 4.70 ... 7.47 7.58 8.84 ... 8.55 4.33 4.08 4.31 4.30 4.81 4.56 4.67 4.87 4.32 4.08 4.27 4.32 4.80 4.56 4.74 sin 5.62 5.59 5.49 e!i4 5.68 5.57 6.06 5.70 5.54 6.16 ., . 5.60 5.45 5.46 5.45 6.57 6!41 6.59 . . . 7.35 8.16 8.37 9.12 9.06 7.67 7.91 7.52 7.55 7.80 9.36 10.18 9.40 8.97 8.91 8.76 9.86 5.45 5.45 5.54 ... 6.74 7.38 8.53 8.76 7.65 7.57 8.87 ... 9.42 8.43 8.86 10.08 4.35 ... .25 .29 ... .59 .62 .77 .34 5.40 5.64 6.20 5.61 5.45 5.45 5.45 This series contains revisions 4.34 ,. . 4.23 4.30 4^60 4.65 5.46 5.45 5.47 6.56 ... ... 7.53 ... ... {MARCH 1980) 99 C. Historical Data for Selected Series—Continued Quarterly Monthly Year Jan. Feb. Mar. Apr. June May July Aug. Sept. Oct. Nov. Dec. Annual IQ 441. TOTAL CIVILIAN LABOR FORCE, LABOR FORCE SURVEY (THOUSANDS) 59,972 61,259 62,083 62,044 62,058 62,615 63,675 64,381 66,722 66,695 67,895 68,178 69,626 70,452 70,551 60,957 60,948 62,419 61,615 62,103 63,063 63,343 64,482 66,702 67,052 67,674 68,278 69,934 70,878 70,514 1940... 1949,,, 1950.,. 1951... 1952... 1953... 1954... 1955.,, 1956.,. 1957.,, 1958... 1959.,. 1960... 1961... 1962... 60,095 60,771 61,661 61,941 62,432 63,439 63,101 63,910 66,419 66,428 67,095 67,936 68,962 70,447 70,189 60,524 61,057 61,687 61,778 62,419 63,520 63,994 63,696 66,124 66,879 67,201 67,649 60,949 70,420 70,409 60,070 61,073 61,604 62,526 61,721 63,657 63,793 63,882 66,175 66,913 67,223 68,068 68,399 70,703 70,414 60,677 61,00? 62,158 61,808 61,720 63,167 63,934 64,564 66,264 66,647 67,647 68,339 69,579 70,267 70,278 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 71,146 72,356 73,569 75,186 76,639 77,578 79,523 82,077 83,678 85,596 86,898 90,367 92,059 93,640 95,688 99,118 71,262 72,683 73,857 74,954 76,521 78,230 80,019 82,155 83,346 85,567 87,742 90,633 91,695 93,682 96,225 99,009 71,423 72,713 73,949 75,075 76,328 78,256 80,079 32,446 83,302 86,189 88,211 90,633 92,055 93,874 96,544 99,281 71,697 71,832 71,626 73,274 73,395 73,032 74,228 74,466 74,412 75,338 75,447 75,647 76,777 76,773 77,270 79,120 78,270 78,847 80,281 80,125 80,696 82,690 82,456 82,446 83,682 83,847 83,514 86,132 86,340 86,534 88,326 88,301 88,830 90,355 90,690 90,952 92,275 92,426 92,804 94,402 94,540 94,505 96,776 97,155 97,475 99,819 100,242 100,458 61,181 61,301 62,121 62,106 61,962 63,057 63,302 65,145 66,752 67,336 67,824 68,539 69,745 70,536 70,302 60,806 61,590 62,596 61,927 61,877 62,816 63,707 65,581 66,673 66,706 68,037 68,432 69,841 70,534 70,981 60,815 61,633 62,349 61,780 62,457 62,727 64,209 65,628 66,714 67,064 68,002 68,545 70,151 70,217 71,153 72,131 71,956 71,786 73,007 73,118 73,290 74,502 74,761 74,616 75,736 76,046 76,056 77,464 77 ,712 77,812 78,970 78,811 78,858 80,827 81,106 81,290 82,906 82,876 82,843 84,431 84,114 84,428 86,635 86,982 86,902 88,892 88,736 89,077 91,516 91,271 91,073 92,853 92,985 93,014 95,344 95,142 95,206 97,759 97,812 97,344 100,656 100,731 100,944 II Q III Q IV Q AVERAGE FOR PERIOD 61,169 61,908 62,068 62,457 62,621 62,795 63,312 66,445 66,700 67,398 67,740 68,994 70,395 70,077 70,854 60,230 60,967 61,651 62,082 62,191 63,539 63,629 63,829 66,239 66,740 67,173 67,884 68,770 70,523 70,337 60,535 61,071 62,220 61,822 61,960 62,948 63,651 64,476 66,563 66,798 67,739 68,265 69,713 70,532 70,448 60,934 61,508 62,355 61,938 62,099 62,867 63,739 65,451 66,713 67,035 67,954 68,505 69,912 70,429 70,812 60,839 62,033 62,261 62,225 62,361 62,870 63,669 66,101 66,634 67,196 67,814 68,783 70,239 70,315 70,881 60,621 61,28(i 62,208 62,017 62,13(1 63,01!) 63,643 65,023 66,332 66,929 67,639 68,36!) 69,62li 70,459 70,614 72,281 72,418 72,188 73,286 73,465 73,308 74,797 75,093 74,838 76,199 76,610 76,641 78,194 78,191 78,491 79,463 78,913 79,209 81,494 81,397 81,624 83,250 83,422 83,536 84,626 85,085 85,227 87,027 87,000 87,331 89,899 90,075 89,337 91,473 91,731 91,765 93,036 92,983 93,148 95,250 95,763 95,858 98,758 98,136 98,859 101,189 101,610 101,815 71,277 72,584 73,792 75,072 76,496 78,021 79,874 82,226 83,442 85,784 87,617 90,544 91,936 93,732 96,152 99,136 71,718 73,234 74,369 75,477 76,940 78,746 80,367 82,531 83,681 86,335 88,486 90,666 92,502 94,482 97,135 100,173 71,958 73,138 74,626 75,946 77,663 78,880 81,074 82,875 84,324 86,840 88,902 91,287 92,951 95,231 97,638 100,777 72,296 73,353 74,909 76,483 78,292 79,195 81,505 83,403 84,979 87,119 89,770 91,656 93,056 95,624 98,584 101,538 71,83;! 73,091 74,4S!'j 75,770 77,34? 78,73? 80,734 82,715 84,113 86,542 88,714 91,011 92,613 94,773 97,401 100,420 60,646 62,185 62,428 62,204 61,971 62,867 63,936 65,821 66,546 67,066 68,045 68,821 69,884 70,492 70,917 60,702 62,005 62,286 62,014 62,491 62,949 63,759 66,037 66,657 67,123 67,658 68,533 70,439 70,376 70,871 442. TOTAL CIVILIAN EMPLOYMENT, LABOR FORCE SURVEY (THOUSANDS) AVERAGE FOR PERIOD 1947 . . . 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 56,061 56,175 57,635 59,636 60,460 61,600 60,024 60,753 63,753 63,632 63,220 63,868 65,347 65,776 66,108 58,196 58,208 57,751 59,661 60,462 61,884 60,663 60,727 63,518 64,257 62,698 63,684 65,620 65,588 66,538 57,671 58,043 57,728 60,401 59,908 62,010 60,186 60,9C4 63,411 64,404 62,731 64,267 64,673 65,850 66,493 58,291 57,747 58,583 59,889 59,909 61,444 60,185 61,515 63,614 64,047 62,631 64,768 65,959 65,374 66,372 57,854 57,552 58,649 60,188 60,195 61,019 59,908 61,634 63,861 63,985 62,874 64,699 66,057 65,449 66,688 58,743 57,172 59,052 59,620 60,219 61,456 59,792 61,781 63,820 64,196 62,730 64,849 66,168 65,993 66,670 '58,968 57,190 59,001 60,156 59,971 61,397 59,643 62,513 63,800 64,540 62,745 65,011 65,909 65,608 66,483 58,456 57,397 59,797 59,994 59,790 61,151 59,853 62,797 63,972 63,959 63,012 64,844 65,895 65,852 66,968 58,513 57,584 59,575 59,713 60,521 60,906 60,282 62,950 64,079 64,121 63,181 64,770 66,267 65,541 67,192 58,387 57,269 59,803 60,010 60,132 60,893 60,270 62,991 63,975 64,046 63,475 64,911 65,632 65,919 67,114 58,417 58,009 59,697 59,836 60,748 60,738 60,357 63,257 63,796 63,669 63,470 64,530 66,109 66,081 66,847 58,740 57,845 59,429 60,497 60,954 59,977 60,116 63,684 63,910 63,922 63,549 65,341 65,778 65,900 66,947 57,976 58,142 57,705 59,899 60,277 61,831 60,291 60,815 63,561 64,098 62,950 63,940 65,213 65,738 66,380 58,296 57,490 58,761 59,899 60,108 61,306 59,962 61,643 63,765 64,076 62,745 64,772 66,061 65,605 66,577 58,646 57,390 59,458 59,954 60,094 61,151 59,926 62,753 63,950 64,207 62,979 64,875 66,024 65,667 66,881 58,515 57,708 §9,643 60,114 60,611 60,536 60,248 63,311 63,894 63,879 63,498 64,927 65,840 65,967 66,969 58,343 57,65.1 5B,91H 59,961 60,250 61,179 60,109 62,170 63,79!) 64,071 63,036 64,630 65,77!) 65,74(5 66,702 1963... L964... 1965... 1966... 1967... 1960... 1969... 1970... 1971... 1972.., 1973... 1974... 1975... 1976... 1977... 1978... 1979... 67,072 68,327 69,997 72,198 73,671 74,700 76,805 78,864 78,710 80,630 82,633 85,803 84,662 86,235 88,566 92,813 67,024 68,751 70,127 72,134 73,606 75,229 77,327 78,707 78,469 80,691 83,336 85,972 84,271 86,466 88,959 92,921 67,351 68,763 70,439 72,188 73,439 75,379 77,367 78,818 78,346 81,208 83,876 86,074 84,185 86,773 89,397 93,128 67,642 69,356 70,633 72,510 73,882 75,561 77,523 78,894 78,756 81,230 83,927 85,819 84,169 87,191 89,843 93,763 67,615 69,631 71,034 72,497 73,844 76,107 77,412 78,543 78,891 81,464 84,001 86,020 84,406 87,540 90,291 94,116 67,649 69,218 71,025 72,775 74,278 76,182 77,880 78,430 78,599 81,654 84,552 86,106 84,289 87,272 90,429 94,556 67,905 69,399 71,460 72,860 74,520 76,087 77,959 78,696 79,099 81,758 84,653 86,295 84,820 87,813 90,603 94,428 67,908 69,463 71,362 73,146 74,767 76,043 78,250 78,591 79,296 82,070 84,498 86,147 85,154 87,937 90,958 94,802 68,174 69,578 71,286 73,258 74,854 76,172 78,250 78,452 79,399 82,069 84,785 86,159 85,173 87,856 91,177 94,973 68,294 69,582 71,695 73,401 75,051 76,224 78,445 78,613 79,625 82,103 85,263 86,041 85,244 87,944 91,514 95,401 68,267 69,735 71,724 73,840 75,125 76,494 78,541 78,537 79,944 82,443 85,578 85,687 85,316 88,295 92,221 95,728 68,213 69,814 72,062 73,729 75,473 76,778 78,740 78,480 80,115 82,853 85,650 85,217 85,534 88,486 92,589 95,831 67,149 68,614 70,188 72,173 73,572 75,103 77,166 78,796 78,508 80,843 83,282 85,950 84,373 86,498 88,974 92,954 67,635 69,402 70,897 72,594 74,001 75,950 77,605 78,622 78,749 81,449 84,160 85,982 84,288 87,334 90,188 94,145 67,996 69,480 71,369 73,088 74,714 76,101 78,153 78,580 79,265 81,966 84,645 86,200 85,049 87,869 90,913 94,734 68,258 69,710 71,827 73,657 75,216 76,499 78,575 78,543 79,895 82,466 85,497 85,648 85,365 88,242 92,108 95,653 67,762 69,30!i 71,080 72,893 74,372 75,920 77,902 78,627 79,120 81,702 84,409 8 5,935 84,783 87,4815 90,54(1 94,373 444. 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... 1979... NOTE: NUMBER UNEMPLOYED, MALES 20 YEARS AND OVER, LABOR FORCE SURVEY (THOUSANDS) AVERAGE FOR PERIOD 1,233 1,570 1,281 1,734 1,334 1,874 1,367 1,936 1,296 1,199 1,191 1,309 1,340 1,335 1,357 1,450 2,265 2,333 2,522 2,553 2,456 3,273 2,468 2,446 1,283 1,726 1,287 2,178 2,349 2,295 2,327 2,235 2,019 1,917 1,817 2,057 1,280 2,510 1,669 1,007 994 901 947 842 910 938 975 1,387 1,087 2,324 1,096 1,459 1,147 998 1,557 1,013 1,064 1,427 1,236 1,632 1,002 1,168 980 934 948 1,103 940 931 1,816 1,719 1,425 1,391 1,989 1,712 1,459 1,280 2,133 1,833 1,376 1,415 2,175 1,529 1,477 1,420 2,460 2,258 2,635 2,062 2,899 2,964 2,284 1,926 1,772 1,827 1,923 1,810 1,893 2,544 2,042 2,579 1,977 2,581 2,008 2,656 2,043 2,787 1,948 2,021 2,569 2,039 2,053 2,006 2,000 1,780 1,525 1,174 1,078 1,043 1,748 1,570 1,103 1,079 1,667 1,517 1,085 1,077 976 904 947 904 1 ,078 1,662 1,812 1,442 1,457 2,216 2,087 1,887 1,600 1,203 1,057 1,065 927 1,189 2,083 2,037 1,661 1,719 3,078 3,098 2,965 2,437 2,137 1,805 1,615 1,161 1,0'40 1,105 903 1,331 900 1,383 1,490 898 904 933 1,548 961 1,078 905 9s; 2,121 1,420 1,455 1,447 2,280 2,985 1,811 1,968 884 2,113 1,482 1,491 1,512 1,913 1,743 1,404 1,105 1,077 1,013 923 1,623 917 1,464 1,412 1,463 1,354 1,404 1,644 1,465 1,330 1,710 1,455 1,481 1,947 3,027 2,997 1,850 1,877 2,124 2,531 2,772 2,093 2,045 2,622 2,139 2,646 2,076 2,295 1,994 2,082 2,466 2,009 2,371 1,932 2,439 2,297 2,353 2,269 2,043 1,900 1,663 1,394 1,121 1,034 1,839 1,633 1,386 1,125 1,067 1,804 1,703 1,344 1,063 1,851 1,740 1,260 1,016 1,046 1,970 1,543 1,224 1,078 1,071 1,908 1,596 1,204 1,119 1,089 962 985 1,734 2,033 2,024 2,069 2,045 2,072 1,984 1,642 1,758 1,957 1,597 1,758 1,947 1,534 1,792 3,424 3,592 2,982 3,049 2,951 3,582 2,946 2,768 2,274 1,980 1,643 1,708 3,731 2,923 2,806 2,278 3,130 3,567 3,093 2,737 2,171 968 872 1,575 1,876 1,439 1,532 2,293 1,996 1,667 1,700 2,864 2,379 876 1,278 2,052 2,361 930 1,044 2,254 1,960 1,678 1,779 3,174 These series contain revisions beginning with 1975. 100 994 1,001 2,661 2,190 987 957 991 962 2,030 1,019 2,038 1,580 1,442 1,541 2,681 2,022 2,060 2,510 2,016 1,971 1,718 1,43!J 1,120 1,060 1,453 1,448 1,896 2,437 2,949 2,932 2,508 2,201 1,892 1,940 2,103 2,182 2,568 1,816 1,928 2,671 2,035 1,999 2,034 2,540 2,028 2,499 2,085 2,385 2,274 2,003 2,092 1,973 1,719 1,497 1,098 1,078 1,848 1,666 1,375 1,103 1,031 1,910 1,626 1,229 1,071 1,069 2,413 1,883 980 2,046 1,824 1,580 1,179 1,058 1,071 933 887 1,982 1,428 1,062 2,158 2,155 1,702 1,595 2,084 3,438 2,333 3,429 2,682 3,280 3,016 3,156 3,133 3,010 2,493 2,606 2,485 2,389 2,180 2,139 2,110 2,198 2,959 2,392 2,177 893 1,299 1,303 2,21!) 1,922 1,029 2,231 1,413 1,424 1,518 1,003 2,014 2,158 1,769 1,525 3,000 2,674 934 1,424 1,067 2,140 1,615 1,448 1,449 950 2,098 992 2,729 1,822 1,748 1,442 1,376 1,064 1,934 1,072 1,827 2,146 ,883 ,510 ,941 ,557 ,043 1,753 2,166 1,892 1,537 1,906 3,410 2,008 1,113 1,381 910 1,301 979 910 1,554 2,056 2,046 1,998 1,669 1,733 1,974 1,627 1,741 3,225 3,635 3,000 2,770 2,241 970 1,005 1,771 2,128 1,907 1,527 1,880 3,511 923 1,043 2,035 2,137 1,818 1,516 2,366 3,382 3,045 2,609 3,102 2,182 2,149 2,493 993 963 1,636 2,086 1,920 1,594 1,918 3,428 3,041 2,727 2,252 (MARCH 1900) C. Historical Data for Selected Series—Continued Monthly Year Jan. Feb. Mar. Apr. May June Quarterly July Aug. Sept. Oct. Nov. Dec. IQ 445. NUMBER UNEMPLOYED, FEMALES 20 YEARS AND OVER, LABOR FORCE SURVEY (THOUSANDS) 1947 . . . 1948.. . 1949.. . 1950.. . 1951... 1952... 1953... 1954... 1955.. . 1956.. . 1957... 1958.. . 1959.. . 1960... 1961... 1.962... 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971.. . 1972.. . 1973.. . 1974.. . 1975.. . 1976.. . 1977.. . 1978.. . 1979... II Q III Q Annual IV Q AVERAGE FOR PERIOD 418 589 1,030 721 592 475 918 891 765 851 1,058 1,163 1,003 1,283 1,257 593 646 999 692 623 445 955 822 697 783 1,225 1,140 937 1,408 1,144 584 621 962 769 537 520 1,071 782 824 745 1,239 1,137 1,017 1,421 1,161 584 751 842 693 567 455 1,058 792 823 713 1,385 1,064 1,003 1,447 1,126 520 857 861 683 592 411 1,054 783 863 806 1,349 1,040 996 1,456 1,133 590 877 945 663 534 440 1,038 796 851 838 1,321 1,004 1,060 1,482 1,119 590 996 839 631 558 453 1,035 789 1,009 838 1,304 1,029 1,120 1,448 1,144 620 1,002 714 589 582 466 1,018 843 857 804 1,351 985 1,084 1,285 1,235 578 957 751 711 515 551 1,071 848 812 828 1,269 1,002 1,039 1,327 1,243 560 965 718 733 576 553 934 893 816 844 1,221 1,113 1,172 1,371 1,174 537 922 799 706 531 594 957 807 842 927 1,065 1,017 1,254 1,224 1,190 600 955 743 674 485 775 852 830 844 882 1,127 1,050 1,318 1,258 1,168 532 619 997 727 584 480 981 832 762 793 1,174 1,147 986 1,371 1,187 565 828 883 680 564 435 1,050 790 846 786 1,352 1,036 1,020 1,462 1,126 596 985 768 644 552 490 1,041 827 893 823 1,308 1,005 1,081 1,353 1,207 566 947 753 704 531 641 914 843 834 884 1,138 1,060 1,248 1,284 1,177 564 841 854 689 559 510 997 823 832 821 1,242 1,063 1,080 1,368 1,175 1,201 1,272 1,069 945 1,131 1,061 993 1,048 1,632 1,610 1,527 1,566 1,216 1,281 1,196 879 1,029 1,052 992 1,161 1,623 1,493 1,470 1,572 1,196 1,274 1,093 889 1,040 963 1,029 1,245 1,694 1,604 1,456 1,550 1,242 1,212 1,055 1,001 1,035 968 979 1,346 1,650 1,683 1,406 1,620 1,257 1,157 1,033 900 1,102 976 1,013 1,591 1,695 1,508 1,493 2,132 1,226 1,112 970 980 1,088 955 977 1,619 1,664 1,493 1,544 2,261 1,223 1,140 1,016 911 1,057 961 1,030 1,389 1,646 1,667 1,516 1,774 1,238 1,133 990 945 1,130 962 1,021 1,558 1,665 1,558 1,477 1,216 1,195 1,056 921 1,078 985 1,016 1,347 1,650 1,610 1,486 1,748 2,858 2,393 2,582 2,595 2,532 2,596 2,547 2,357 2,314 2,126 2,215 2,212 2,789 2,450 2,488 2,263 2,602 2,501 2,517 2,219 1,195 1,283 1,124 903 1,075 1,040 989 1,165 1,645 1,571 1,490 1,564 2,615 2,521 1,210 1,219 1,089 932 1,047 974 1,015 1,293 1,653 1,646 1,460 1,603 2,794 1,231 1,130 967 955 1,199 954 1,074 1,464 1,635 1,674 1,395 1,814 2,618 2,469 2,582 1,220 1,161 1,038 890 1,051 989 979 1,379 1,603 1,689 1,509 1,702 2,641 2,631 1,238 1,135 970 904 1,134 928 1,068 1,428 2,554 2,522 2,547 1,193 1,171 1,119 905 1,067 992 1,038 1,288 1,615 1,651 1,517 1,639 2,715 1,210 1,123 1,040 938 985 967 1,043 1,359 1,685 1,670 1,523 1,732 2,590 2,572 2,472 1,167 1,295 1,107 884 1,065 1,006 981 1,285 1,681 1,611 1,474 1,553 2,701 446. 1948.. . 1949... 1950... 1951.. . 1952.. . 1953... 1954.. . 1955... 1956... 1957..= 1958... 1959.. . I960.. . 1961... 1962.. . 383 437 647 348 382 286 497 454 459 488 601 621 686 844 782 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970.. . 1971.. . 1972.. . 1973... 1974.. . 1975.. . 1976... 1977.. . 1978.. . 1979... 786 870 903 840 780 752 798 976 1,253 1,319 1,077 1,279 1,729 1,735 1,685 1,554 2,171 2,455 2,417 2,531 2,295 2,275 2,450 2,425 2,604 2,626 2,484 2,219 '1,649 1,643 1,516 1,888 2,561 2,591 2,486 2,241 2,593 2,416 2,107 2,534 2,204 NUMBER UNEMPLOYED, BOTH SEXES 16-19 YEARS OF AGE, LABOR FORCE SURVEY (THOUSANDS) 2,616 2,473 2,295 2,069 2,599 2,578 2,435 2,178 2,649 2,546 2,436 2,236 AVERAGE FOR PERIOD 481 535 587 349 329 285 547 424 481 404 618 602 732 851 752 435 573 498 316 306 293 558 424 451 472 732 680 694 790 737 302 585 554 275 367 252 538 435 521 484 708 629 680 760 709 425 566 505 338 349 283 400 423 540 506 638 614 738 834 686 432 593 464 358 355 290 503 423 488 511 748 649 671 858 681 421 638 453 342 337 294 556 477 432 480 677 726 738 866 696 384 636 466 343 357 289 563 476 419 471 780 680 706 883 709 364 678 443 314 333 377 478 472 425 466 703 721 785 031 697 391 606 403 385 336 339 437 518 538 580 684 689 723 802 791 379 662 469 318 310 468 468 492 414 564 651 720 791 737 704 439 480 625 342 350 287 535 435 475 473 612 597 679 847 771 387 575 519 310 341 276 499 427 504 487 693 641 704 795 711 412 622 461 348 350 291 541 459 446 487 735 685 705 869 695 378 649 440 339 326 395 461 494 459 537 679 710 766 790 731 409 576 513 336 345 307 501 450 478 497 678 654 712 828 721 885 852 846 875 919 878 780 829 846 746 844 828 831 797 960 956 1,202 1,242 1,374 1,423 1,194 1,258 1,306 1,310 1,696 * 1,745 1,681 1,692 1,701 1,670 1,601 1,603 853 896 932 836 776 770 825 1,061 1,208 1,314 1,301 1,228 1,730 1,764 1,648 1,563 975 885 860 864 817 825 830 1,019 1,237 1,213 1,251 1,342 1,809 1,684 1,641 1,553 871 900 864 862 848 933 855 1,105 1,255 1,272 1,164 1,449 1,830 1,648 1,778 1,456 931 784 869 865 859 932 904 1,067 1,340 1,241 1,196 1,482 1,825 1,669 1,630 1,613 829 899 828 837 893 814 856 1,140 1,281 1,350 1,178 1,288 1,817 1,781 1,643 1,533 915 874 902 831 833 796 900 1,199 1,237 1,307 1,266 1,528 1,723 1,652 1,656 1,550 905 856 916 827 898 785 911 1,239 1,268 1,268 1,251 1,534 1,736 1,697 1,600 1,542 924 851 816 792 893 806 840 1,280 1,288 1,280 1,303 1,579 1,656 ' 1,717 1,621 1,557 841 943 857 813 841 843 845 1,279 1,293 1,283 1,286 1,605 1,738 1,692 1,423 1,574 841 864 900 816 791 808 809 964 1,232 1,372 1,176 1,298 1,723 1,703 1,685 1,586 900 894 885 854 814 843 837 1,062 1,233 1,266 1,239 1,340 1,790 1,699 1,689 1,524 892 852 866 844 862 847 887 1,135 1,286 1,299 1,213 1,433 1,788 1,701 1,643 1,565 890 883 863 811 877 811 865 1,266 1,283 1,277 1,280 1,573 1,710 1,702 1,548 1,558 884 872 874 837 839 838 853 1,105 1,258 1,302 1,226 1,410 1,752 1,701 1,642 1,559 454 469 642 329 340 290 560 428 484 448 618 567 620 845 779 447, NUMBER UNEMPLOYED, FULL-TIME WORKERS, LABOR FORCE SURVEY (THOUSANDS) AVERAGE FOR PERIOD 1958... 1959... I960.,. 1961... 1963... 1964.. . 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 3,722 3,377 3,624 3,466 3,041 2,391 3,163 2,301 2,193 2,980 2,349 2,250 2,333 2,201 2,071 2,026 2,777 3,866 3,857 3,345 3,502 6,409 5,747 2,107 5,612 5,510 4,799 4,644 3,719 2,285 2,257 2,088 2,404 3,889 3,896 3,357 3,517 5,964 5,924 5,645 4,948 2,664 3,838 3,811 3,399 3,547 6,034 5,738 5,706 4,812 3,391 3,539 3,339 3,029 2,365 2,247 2,009 2,939 3,830 3,812 3,613 3,196 2,875 2,423 2,277 2,049 2,026 3,160 3,915 3,916 3,271 3,317 3,283 3,053 2,696 2,235 2,267 3,105 2,610 2,179 2,171 2,115 2,137 3,800 3,277 3,990 3,875 3,330 4,062 3,853 3,238 3,820 6,358 5,923 2,794 2,295 2,296 2,171 2,162 3,143 3,910 3 , 200 3,201 3,588 3,*83 6,710 7,014 6,710 5,760 5,658 5,494 4,802 5,927 5,, 512 4,581 3,860 6,646 5,864 5,383 4,887 3,334 3,567 NOTE: These series contain revisions beginning with 1975. 3,422 2,985 2,692 2,277 2,236 3,365 3,146 5,441 4,612 2,225 2,295 2,042 2,286 3,489 4,050 3,720 3,247 4,176 6,588 5,967 5,259 4,647 3,520 2,925 2,493 2,279 2,218 2,417 2,388 2,046 - 2,042 2,240 2,169 3,690 3,959 4,113 3,965 3,812 3,439 3,121 3,328 4,355 4,766 6,534 6,327 5,970 5,981 5,186 5,287 4,475 4,491 3,410 3,081 2,470 3,451 3,688 3,029 2,459 2,286 2,347 3,411 3,061 1,934 2,190 4,045 4,090 3,382 3,359 3,506 3,227 2,899 2,347 2,243 2,264 2,062 2,361 2,615 3,081 3,864 3,855 3,367 3,522 3,885 3,843 3,268 2,273 2,076 2,098 5,190 6,165 6,136 3,613 6,811 6,003 4,880 4,609 5,803 5,654 4,853 5,782 5,505 4,676 3,341 3,460 3,505 3,048 2,666 2,246 2,266 3,012 3,178 2,791 2,315 2,112 2,198 3,365 4,034 3,816 3,229 3,952 6,531 5,918 5,361 4,715 2,474 2,261 2,384 2,007 2,200 3,898 4,056 3,544 3,269 4,770 6,342 5,985 5,118 4,525 2,293 2,138 2,142 3,202 3,949 3,770 3,292 3,942 6,439 5,874 5,432 4,706 (MARCH 1980) 101 C. Historical Data for Selected Series—Continued Monthly Year Jan. Feb. Mar. Apr. May June Quarterly July Aug. Sept. Oct. N()v. Dec. 1Q II Q 448. NUMBER EMPLOYED, PART-TIME WORKERS FOR ECONOMIC REASONS, LABOR FORCE SURVEY (THOUSANDS) 1947. . . 1948. . . 1949. . . 1950.. . 19S1... 19S2... ... IV Q AVERAGE FOR PERIOD ... 1953. . . 1954 . , , 1955. . . 2,086 1,678 2,091 3,174 2,314 3,440 2,475 2,379 3,278 2,296 2,197 2,282 2,232 1,973 1,637 2,281 2,166 1,994 1,627 2,077 2,039 1,819 1,707 1,902 1,748 1,810 1,970 2,523 2,323 2,498 1956.. . 1957... 1958... 1959... 1960... 1961... 1962... 1,847 1,923 3,022 2,511 2,287 3,087 2,161 1,874 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972.. . 1973... 1974... 1975... 1976... 1977... 1978... 1979... 2,298 2,120 2,108 1,797 2,048 1,653 1,721 1,993 2,540 2,456 2,000 2,484 3,674 3,369 3,324 3,071 2,154 2,632 3,603 3,227 3,473 3,227 3,024 2,414 2,418 2,146 2,435 3,740 3,187 3,299 3,204 1,846 2,034 3,334 2,310 2,545 2,994 2,280 1,805 1,992 2,127 3,306 2,123 2,413 2,932 2,403 1,755 2,088 2,187 3,019 2,205 2,577 2,748 2,290 1,912 2,026 2,207 2,771 2,302 2,552 2,727 2,369 1,881 2,107 2,133 2,808 2,282 2,558 2,731 2,288 1,864 2,138 2,158 2,756 2,205 2,755 2,647 2,390 1,836 2,036 2,249 2,646 2,423 2,737 2,563 2,398 1 2 2 2 2 2 2 2 872 018 378 414 469 864 549 485 1,884 2,009 2,501 2,514 2,462 2,960 2,405 2,322 1,800 2,033 3,212 2,433 2,288 3,130 2,290 1 2 3 2 2 2 2 975 116 220 213 512 891 324 1,886 2,090 2,166 2,778 2,263 2,622 2,702 2,349 1,864 2,021 2,376 2,S2S 2,451 2,854 2,506 2,402 1,839 1,967 2,169 2,953 2,336 2,560 2,813 2,337 2,296 2,246 1,927 1,629 2,104 1,659 1,686 2,321 2,462 2,499 2,119 2,338 3,774 3,200 3,156 3,281 2,249 2,205 1,983 1,706 1,702 1,714 1,746 2,233 2,474 2,361 2,185 2,626 3,667 3,273 3,260 3,226 2,288 2,173 1,898 1,737 1,838 1,826 1,854 2,145 2,211 2,557 2,515 2,539 3,460 3,109 3,302 3,329 2,179 2,062 1,986 1,723 1,850 1,727 1,750 2,271 2,405 2,493 2,462 2,572 3,389 3,157 3,409 3,266 2,419 2,043 1,963 1,563 1,765 1,705 1,875 2,192 2,415 2,526 2,416 2,707 3,341 3,184 3,230 3,256 2,381 2,114 1,776 1,616 1,875 1,659 1,907 2,111 2,341 2,408 2,399 2,876 3,293 3,356 3,307 3,248 2,330 2,119 1,859 1,592 1,840 1,658 1,897 2,368 2,484 2,295 2,391 2,926 3,328 3,425 3,277 3,231 2 2 1 1 2 1 1 2 2 2 2 3 3 3 3 3 277 025 884 566 034 742 855 357 565 230 403 181 283 485 287 163 2,200 2,143 1,761 1,807 1,832 1,697 1,869 2,542 2,399 2,174 2,536 3,294 3,249 3,404 3,234 3,082 2,287 2,173 2,025 1,687 2,055 1,740 1,746 1,955 2,520 2,399 2,100 2,517 3,672 3,261 3,365 3,167 2 2 1 1 1 1 1 2 2 2 2 2 3 3 3 3 278 208 936 691 881 733 762 233 382 472 273 501 634 194 239 279 2,326 2,073 1,908 1,634 1,830 1,697 1,844 2,191 2,387 2,476 2,426 2,718 3,341 3,232 3,315 3,257 2,269 2,096 1,835 1,655 1,902 1,699 1,874 2,422 2,483 2,233 2,443 3,134 3,287 3,438 3,266 3,159 2,291 2,137 1,928 1,664 1,913 1,715 1,810 2,196 2,440 2,408 2,311 2,709 3,490 3,272 3,297 3,216 451. CIVILIAN LABOR FORCE PARTICIPATION RATE, MALES 20 YEARS ANC OVER, LAGOR FORCE SURVEY PERCENT) 1947. Annual IHQ AVERAGE FOR PERIOD .. 1948.. , 1949... 1950... 1951... 1952.. . 1953... 1954... 1955, ., 1956... 1957... 1958... 1959.. . 1960... 1961... 1962... 1963.. . 1964... 1965... 1966... 1967.. . 1968.. . 1969.. . 1970... 1971... 1972... 1973... 1974... 1975.. . 1976., . 1977... 1978.. . 1979.. . 88.7 88.5 38.1 88.0 38.8 88.3 87.8 87.4 88.1 87.0 86.4 86.2 86.2 86.1 85.1 89.0 88.5 88. 0 88.4 89.0 86.6 88.1 87.2 87,9 87,?. 86.2 86.0 86.0 85.8 85.3 88.2 88.5 88.0 88.8 88.6 88.7 87.7 87.4 87.9 87.2 86.2 86.3 85.6 85. 9 85.3 88.3 88.4 88.2 88.3 88.5 88,2 88.2 87.5 87,8 87.1 86.6 86.4 86,1 85,8 84.7 88. 88. 88. 88. 88. 88. 87. 87. 87. 87.0 86.9 86.2 86.0 85.9 85.0 88.5 88.4 88.3 88.4 88.4 88.0 87.8 87.2 87.6 87.3 86.8 86.1 85.9 85.8 84.8 88.7 88.2 88*1 88.2 88.3 88.1 87.7 87.6 87.5 87.1 87.0 86.6 85.9 85.6 84.4 88.8 88.7 88.5 86.5 88.0 87.9 88.2 87.6 87.5 86.7 87.1 86.3 86.0 85.6 84.9 88.5 88.6 88.4 88.2 88.0 87.6 88.4 87.6 87.3 86.9 87,1 86.5 86.2 85.5 84.8 88.8 89.5 88.2 88.6 87.6 87.6 88.0 87.6 87.2 86.6 87.0 86.4 86.1 85.5 84.6 88.7 88.7 88.2 88.4 87.6 88,0 87.6 87.7 87.3 86.5 86.5 86.3 86.3 85.5 84.6 89.0 88.7 88.2 88.7 88.5 87.8 87.3 87.8 87.3 86.6 86.3 86.5 86.3 85.3 84.4 88.6 88.5 88.0 88.4 88.8 88.5 87.9 87.3 88.0 87.1 86.3 86.2 85.9 85.9 85.2 88.3 88.4 88.3 88.4 88.4 88.1 88.0 87.4 87.7 87.1 86.8 86.2 86.0 85. 8 84.8 88.7 83.5 38.3 87.6 83.1 87.9 88.1 87.6 87.4 86.9 87,1 86.5 86.0 85.6 84,7 88.8 89.0 88.2 38.6 87.9 87.8 87.6 87.7 87.3 86.6 86.6 86.4 86.2 85.4 84.5 88.6 88.6 88.2 88.2 88.3 88.1 87.9 87.5 87.6 86.9 86.7 86.3 86.0 85.7 84.3 84.3 84.2 84.1 83.6 83.7 83.1 82.9 82.8 82.3 81.6 81.2 31.3 80.6 79.7 79.6 79.8 84.3 84.1 84.1 83.5 83,5 83.1 83.1 82.8 81.9 81.5 81.4 81.7 80.4 79.6 79.8 79.7 84.4 84.0 84.1 83.6 83,3 83.0 83.0 82.8 81.9 81.8 81.6 81.4 80.4 79.6 79.7 79.8 84.4 84.5 84.1 83.7 83.5 83.1 82.8 82.9 82.2 81.6 81.4 81.0 80.5 79.9 79.6 79.8 84.3 84.5 84,3 83.6 83.4 83.2 82.7 82.8 82.3 81.6 81.2 81.1 80.7 79.9 79.6 79.9 84.3 84.0 83.8 83.6 83.5 83.4 82.7 82.6 82.0 81.7 81.3 80.9 80.2 79.7 79.8 79.8 84.5 84.3 83.9 83.4 83.5 83.3 82,7 82.6 82.1 81.8 81.4 80.7 80.5 79.9 79.6 79.7 84.3 84.1 83.8 83.5 83.4 83.2 82.9 82.5 82.2 81.6 81.0 80.9 80.4 79.9 79.7 79.7 84.4 84.2 83.6 83.5 83.2 83.0 82.9 82.5 82.1 81.6 81.0 80.8 80.3 79.9 79.4 79.6 84.2 84.2 83.6 83.4 83.4 82.9 82.8 82.5 81.9 81.6 81.0 80.8 80.0 79.8 79.8 79.6 84.3 84.0 83.5 83.5 83.3 82.9 82.5 82.5 81.9 81.4 81.3 80.9 79.9 80.0 79.9 79.9 84.2 83.9 83.6 83.6 83.4 83.1 82.6 82.5 81.9 81.5 81.4 80.7 79.6 79.8 79.9 80.0 84.3 84.1 84.1 83.6 83.5 83.1 83.0 82.8 82.0 81.6 81.4 81.6 80.5 7S.6 79.7 79.8 84. .1 84.3 84.1 83.6 83.5 83.2 82.7 82,8 82.2 81.6 81.3 81.0 80. S 79.0 79.7 79.8 84.4 84.2 83.8 83.5 83.4 83.2 82.8 82.5 82.1 81.7 81.1 80.8 80.4 79.9 79.6 79.7 84,2 84.0 83,6 83.5 83.4 83.0 82.6 82.5 81.9 81.5 81.2 30.8 79.8 79.9 79.9 79.8 84.3 34.2 83.9 83.5 83.4 83.1 82.8 82.6 82.1 81.6 81.3 81.0 80.3 79.8 79.7 79.8 452. CIVILIAN LABOR FORCE PARTICIPATION RATE, FEMALES 20 YEARS AND OVER, LABOR FORCE SURVEY (PERCENT} AVERAGE POR PERIOD 1947. . . 1948... 1949... 1950... 1951... 1952... 1953.. . 1954... 1955.. . 1956... 1957... 1958.. . 1959... I960... 1961.. . 1962... 31.0 31.7 32.7 33.7 34.4 34.6 33.4 34.5 36.3 36.2 36.7 37.0 36.9 38.1 37.9 31.4 32.1 32.8 33.6 34.3 34.2 34.5 34.4 36.0 36.7 36.8 36.7 36.9 38.4 38.0 31.1 31.9 32.7 34.3 33.5 34.5 34.5 34.3 36.0 36.5 36.8 37.0 36.3 38.5 37.7 32.1 31.9 33.4 33.8 33.6 34.0 34.4 35.1 36.2 36.2 37.1 37.1 37.6 37.9 37.6 31.3 32,3 33.0 34.1 34.0 33.4 34,3 34.7 36.7 36.3 37.0 37.1 37.7 38.1 37.6 32.5 32.2 33.8 33.6 33.8 34.1 34.1 35.0 36.4 36.4 37.0 37.2 37.9 38.4 37.5 32.7 32.9 33.2 34.5 33.7 34.1 33.8 35.5 36.6 36.9 37.0 37.1 37.9 38.0 37.6 32.0 32.7 33.6 33.9 33.9 33.7 33.9 36.0 36.6 36.4 37.2 36.9 37.9 37.7 38.1 32.3 32.5 33.1 33.8 34.9 33.7 34.5 35.9 36.8 36.5 36.8 36.9 38.1 37.5 38.3 31.7 32.7 33.6 34.2 34.2 34 .0 34.4 36.0 36.6 36.6 36.8 37.3 37.6 37.9 37.9 31.8 32.9 33.7 34.1 34.8 33 .6 34.4 36.0 36.4 36.6 36.6 37.0 38.2 37.6 37.8 32.1 32.7 33.3 34.5 34.2 33.2 34.0 36.4 36.4 36.9 36.7 37.2 38.2 37.5 37.8 31.2 31.9 32.7 33.9 34.1 34.4 34.1 34.4 36.1 36.5 36.8 36.9 36.7 38.3 37.9 32.0 32.1 33.4 33,8 33.8 33.8 34.3 34.9 36.4 36.3 37.0 37.1 37.7 38.1 37.6 32.3 32.7 33.3 34.1 34.2 33.8 34.1 35.8 36.7 36.6 37.0 37.0 38.0 37.7 38,0 31.9 32.8 33.5 34.3 34.4 33.6 34.3 36.1 36.5 36.7 36.7 37.2 38.0 37.7 37.8 31.8 32.4 33.2 34.0 34.1 33.9 34.2 35.3 36.4 36.5 36.9 37.0 37.6 38.0 37.8 1963.. . 1964.. . 1965.. . 1966... 1967.. . 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975.. . 1976... 1977... 1978... 1979... 38.0 38.5 39.0 39.8 40.7 40.9 42.0 43.2 43.6 43.6 43.6 44.6 45.8 4C.6 47.3 48.9 38,2 38.8 39.2 39.6 40.5 41.3 42.4 43.1 43.3 43.4 44.0 44.9 45.5 46.6 47.5 43.8 38.2 38.8 39.2 39.6 40.4 41.4 42.4 43.4 43.2 43.7 44.0 45.0 45.8 46.6 47.8 49.0 38.4 39.5 39.2 39.8 40.8 41.4 42.6 43.5 43.2 43.6 44.2 45.1 46.0 46.8 48.0 49.4 38.4 39.3 39.2 40.0 40.8 42.0 42.5 43.0 43.1 43.7 44.3 45.1 46.1 46.8 48.2 49.5 38.2 39.0 39.7 39.9 40.9 41.9 42.8 43.2 43.0 43.6 44.5 45.2 46.0 47.0 48.1 49.6 38.3 38.7 39.7 40.0 41.0 41.7 42.7 43.5 42.9 43.6 44.5 45.7 46.0 47.2 48.0 49.8 38.1 38.9 39.6 40.3 41.1 41.3 42.8 43.3 43.2 43.8 44.4 45.4 46.2 47.3 48.1 49.6 38.4 38.6 39.3 40.6 41.4 41.6 42.8 43.0 43.4 43.7 44.5 45.5 46.0 47.1 48.5 50.0 38.6 38.8 39.4 40.6 41.7 41.6 42.9 43.4 43.5 43.7 44.5 45.2 46.2 47.0 48.3 50.0 38.7 38.7 39.5 40.9 41.6 41.9 42.8 43.4 43.8 43.6 44.9 45.4 46.1 47.4 48.8 50.1 38.5 38.9 39.6 40.8 41.8 41.9 42.9 43.4 43.8 43.7 44.3 45.6 46.2 47,6 48.7 50.1 30.1 38.7 39.1 39.7 40.5 41.2 42.3 43.2 43.4 43.6 43.9 44.8 45.7 46.6 47.5 48.9 38.3 39.3 39.4 39.9 40.8 41.8 42.6 43.2 43.1 43.6 44.3 45.1 46.0 46.9 48.1 49.5 38.3 38.7 39.5 40.3 41.2 41.5 42.8 43.3 43.2 43.7 44.5 45.5 46.1 47.2 48.2 49.8 38.6 38.8 39.5 40.8 41.7 41.8 42.9 43.4 43.7 43,7 44.7 4S.4 46.2 47.3 48.6 56.1 38.3 38.9 39.4 40.2 41.1 41.6 42.7 43.3 43.3 43.6 44.4 45.2 46.0 47.0 48.1 49.6 NOTE: These series contain revisions beginning with 1975. 102 (MARCH 1980) C. Historical Data for Selected Series—Continued Monthly Quarterly Year Jan. Feb. Apr. Mar. June May July Aug. Sept. Oct. Nov. Dec. IQ 453. CIVILIAN LABOR FORCE PARTICIPATION RATE, BOTH SEXES, 16-19 YEARS OP AGE, LABOR FORCE SURVEY1 (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... 1979... Annual II Q III Q IV Q AVERAGE FOR PERIOD 53.2 52.8 51.9 51.4 52.2 52.4 50.9 46.8 51.4 49.5 47.4 47.5 47.2 47.4 45.6 53.7 53.7 51.7 51.0 51.8 54.0 51.4 45.4 50.5 49.8 48.0 46.7 47.4 46.7 45.9 54.1 54.5 50.2 53.3 50.9 53.1 51.7 46.3 50.0 50.6 47.5 46.7 46.7 47.6 46.8 54.2 53.0 50.8 50.9 50.7 51.8 50.1 47.3 49.4 49.5 48.1 47.7 48.5 46.0 46.5 50.9 53.4 50.9 52,6 52.3 49.5 48.6 47.6 52.1 49.4 48.9 46.2 48.1 45.8 47.4 53.8 49.8 50.4 51.3 52.8 50.9 46.3 46.7 52.5 50.2 46.5 46.0 49,7 47.8 47.8 52.6 50.3 50.8 52.6 51.2 49.5 47.1 48.4 51.7 50.2 46.6 46.3 47.3 47.1 46.5 51.5 51.9 52.0 53.0 50.0 49.6 48.0 49.6 50.6 48.4 47.1 46.6 46.9 46.0 46.4 51.5 53.1 52.5 52.7 50.5 49.1 48.5 50.5 50.3 49.3 47.9 46.9 47.4 46.4 45.8 50.6 52.5 53.5 52.4 50.2 48.2 47.3 51.1 49.7 49.3 47.9 46.6 47.3 46.4 45,3 51.0 52.9 52.6 51.9 51.4 48.9 46.3 52.7 50.4 49.4 46.8 46.3 47.4 47.4 44.9 53.1 52.6 52.5 52.9 51.1 49.2 44.6 53.4 50.3 49.3 47.1 47.4 46.5 45.6 44.8 53.7 53.7 51.3 51.9 51.6 53.2 51.3 46.2 50.6 50.0 47.6 47.0 47.1 47.2 46.1 53.0 52.1 50.7 51.6 51.9 50.7 48.3 47.2 51.3 49,7 47.8 46.6 48.8 46.5 47.2 51.9 51.8 51.8 52.8 50.6 49.4 47.9 49.5 50.9 49.3 47.3 46.6 47.2 47.2 46.2 51.6 52.7 52.9 52.4 50.9 48.8 46.1 52.4 50.1 49.3 47.3 46.8 47.1 46.5 45.0 52.5 52.5 51.6 52. 2 51.3 50.5 46.4 48.8 50.7 49.6 47.5 46.7 47.5 46.8 46.1 45.4 44.4 43.0 48.0 48.3 46.6 47.7 50.5 49.9 51.2 50.9 55.2 55.0 54.4 54.4 57.1 45.1 45.3 43.7 46.7 48.2 48.5 47.8 50.3 49.7 51.3 52.9 55.3 54.2 54.3 55.3 56.8 44.8 45.0 44.1 46.9 47.5 48.2 48.3 50.2 48.9 51.8 53.6 55.1 54.2 54.5 55.6 56.8 45.3 44.0 45.3 47.4 47.6 47.9 48.7 49.8 49.5 51.8 53.7 53.9 53.7 55.3 55.8 57.3 46.2 44.8 45.6 46.9 47.2 48.2 47.5 49.7 49.3 51.6 53.2 54.3 54.7 55.2 55.7 58.3 44.6 44.4 44.0 48.5 48.8 49.3 49.6 49.0 48.0 52.0 54.4 55.4 53.9 53.9 57.1 58.3 45.0 44.0 46.3 49.1 49.0 49.1 50.0 49.5 50.7 51.4 53.4 55.0 54.2 55.4 56.3 58.6 44.8 44.2 45.5 49.3 49.5 49.0 50.0 49.9 50.6 52.8 53.3 53.8 53.9 55.1 57.2 59.1 45.7 45.5 46.5 47.5 48.3 47.9 50.5 50.6 49.3 51.7 54.3 55.8 54.1 53.9 56.1 58.3 45.8 44.1 47.8 48.2 48.7 48.0 50.9 50.2 49,6 52.0 54.8 55.6 53.6 54.5 56.7 58.6 44.8 44.1 47.1 49.1 48.3 47.7 50.9 50.1 50.5 52.4 55.2 55.2 53.3 54.5 57.4 58.5 43.9 44.3 48.1 49.3 48.3 47.8 50.4 50.0 50.6 52.9 55.2 54.6 53.9 54.3 56.5 58.5 45.1 44.9 43.6 47.2 48.0 47.8 47.9 50.3 49.5 51.4 52.5 55.2 54.5 54.4 55.1 56.9 45.4 44.4 45.0 47.6 47.9 48.5 48.6 49.5 48.9 51.8 53.8 54.5 54.1 54.8 56.2 58.0 45.2 44.6 46.1 48.6 48.9 48.7 50.2 50.0 50.2 52.0 53.7 54.9 54.1 54.8 56.5 58.7 44,8 44.2 47.7 48,9 48.4 47.8 50.7 50.1 50.2 52.4 55.1 55.1 53.6 54.4 56.9 58.5 45.1 44.5 45.6 48.1 48.4 48,3 49.4 49.9 49.7 52.0 53.7 54.9 54.1 54.6 56.2 58.0 614. IMPORTS OF PETROLEUM AND PETROLEUM PRODUCTS2 (MILLIONS OF DOLLARS) TOTAL FOR PERIOD 1948. . . 1949. . . 1950. . . 1951.. . 1953. . . 1956 . . . 1957. . . 1958. . . 1960. . . 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 162 162 185 192 208 226 219 332 462 1,167 3,080 2,475 3,217 3,000 165 174 172 187 206 252 220 334 456 1,512 1,781 2,338 3,370 3,626 188 162 183 182 235 237 250 324 487 171 183 172 179 182 237 249 342 492 1,560 1,211 2,361 4,191 2,299 2,387 2,494 3,611 3,162 3,094 166 179 206 180 215 203 270 331 550 2,117 1,746 2,118 3,192 209 187 167 194 203 229 276 346 588 3,038 150 191 162 228 215 200 288 350 520 170 201 155 182 211 234 293 352 703 176 178 160 213 218 221 314 387 700 2,274 2,008 2,860 3,266 3,257 2,200 2,063 2,306 1,354 1,990 2,563 3,734 3,229 2,887 3,415 3,194 2,515 2,716 173 173 173 210 223 231 286 390 787 2,281 170 191 172 199 207 233 335 406 942 192 154 179 198 238 256 335 416 972 498 519 529 558 596 715 688 1,008 1,410 563 528 556 556 653 669 796 1,001 1,625 496 570 477 623 644 655 895 1,089 1,923 535 518 524 607 668 720 956 1,212 2,701 2,308 2,335 2,360 4,239 6,072 6,479 5,487 6,780 2,140 6,513 6,924 6,820 8,853 10,029 10,424 2,968 3,051 7,174 7,175 3,436 3,307 2,320 2,834 3,386 3,347 3,410 3,489 3,233 3,588 10,778 9,720 10,537 9,429 723. CANADA — INDEX OF INDUSTRIAL PRODUCTION^ (1967=100) 8,463 10,117 9,758 2,092 2,127 2,086 2,343 2,560 2,764 3,323 4,300 7,614 24,270 24,814 31,798 41,526 39,109 AVE RAGE FOR PERIOD 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 31.7 33.7 35.5 35.9 41.8 41.9 46.4 46.6 49.0 54.8 58.3 56.7 60.2 65.9 64.8 69.5 31.9 33.7 35.2 36.5 41.8 41.8 46.8 47.2 49.2 54.8 59.3 57.3 61.4 65.3 64.7 69.8 32.2 33.8 35.5 36.5 42.1 42.5 47.2 46.5 50.1 55.8 59.7 57.2 61.4 65.9 64.3 70.8 32.2 34.5 35.3 36.7 42.5 42.5 47.2 46.2 50.1 57.1 58.7 57.8 62.7 63.8 65.5 71.2 32.5 34.3 35.7 37.0 42.5 43.3 47.2 46.0 51.3 56.5 58.7 58.3 62.4 64.3 65.9 72.0 32.8 34.0 35.5 38.1 42.4 43.3 46.9 46.3 51.8 57.6 58.5 57.8 62.6 63.9 66.8 72.6 33.4 34.1 35.5 38.9 41.7 43.1 47.2 46.0 51.9 58.2 58.5 58.3 62.9 63.0 67.7 73.7 33.5 34.6 36.2 38.2 42.3 44.4 46.9 46.9 53.1 57.8 58.8 58.2 62.9 63.5 67.3 72.6 32.9 34.9 35.8 39.8 41.6 44.7 47.1 46.4 53.2 58.3 57.6 57.9 64.2 64.1 68.4 73.9 33.2 35.1 35.9 40.3 41.5 45.4 46.6 47.0 53.7 58.8 57.0 58.2 65.5 64.3 68.7 73.3 33.7 35.2 35.8 40.7 41.3 45.7 45.8 47.1 54.0 59.1 57.1 59.4 63.9 63.9 69.1 73.2 33.3 35.2 36.4 41.2 41.1 45.9 46.6 48.2 54.7 59.3 57.2 59.7 64.3 63.7 69.4 73.2 31.9 33.7 35.4 36.3 41.9 42.1 46.8 46.8 49.4 55.1 59.1 57.1 61.0 65.7 64.6 70,0 32.5 34.3 35.5 37.3 42.5 43.0 47.1 46.2 51.1 57.1 58.6 58.0 62.6 64.0 66.1 71.9 33.3 34.5 35.8 39.0 41.9 44.1 47.1 46.4 52.7 58.1 58.3 58.1 63.3 63.5 67.8 73.4 33.4 35.2 36.0 40.7 41.3 45.7 46.3 47.4 54.1 59.1 57'. 1 59.1 64.6 64.0 69.1 73.2 32.8 34.4 35.7 38.3 41.9 43.7 46.8 46.7 51.8 57.3 58.3 58.1 62.9 64.3 66.9 72.2 1963... 1964... 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 1977... 1978... 1979... 73.0 80.8 87.7 96.0 99.4 101.6 109.9 114.7 115.3 124.8 136.7 148.6 138.1 141.5 150.4 152.8 73.6 82.2 87.0 96.8 98.2 101.2 111.7 116.1 115.9 123.4 139.9 149.2 138.6 143.0 148.4 155.3 74.5 81.5 88.9 96.8 98.1 102.3 113. a 114.4 116.2 125.2 141.3 149.2 136.7 144.7 149,8 155.8 74.5 82.0 88.5 97.0 99.0 104.3 113.2 113.1 116.8 128.2 141.2 147.2 138.0 146.2 148.2 157.5 75.6 82.1 88.7 97.0 99.0 106.1 112.5 113.8 118.9 126.8 140.6 149.9 135.2 148.0 149.8 155.3 76.0 82.6 89.3 97.2 99.3 106.7 112.1 112.4 119.2 128.4 142.2 147.7 137.0 145.7 151.3 158.4 75.5 82.2 90.9 96.8 100.2 106.9 113.6 113.1 119.8 128.1 144.7 147.0 138.6 145.8 150.0 158.1 75.5 82.8 89.5 95.3 101.8 107.6 112.0 113.6 123.2 129.0 140.4 145.9 137.9 147.4 151.4 158.2 78.2 84.7 91.5 97.5 101.3 108.3 112.7 112.7 123.4 131.6 141.7 145.7 138.5 146.9 150.6 164.4 78.4 84.5 93.1 98.6 100.4 109.1 112.0 112.9 124.8 133.8 143.9 146.2 136.3 144.7 151.7 163.5 79.3 85.9 94.0 98.1 101.8 109.9 113.3 114.2 123.3 135.1 145.9 143.5 140.1 148.2 152.3 164.4 80.3 86.7 95.7 98.4 102.2 109.0 115.1 114.4 124.2 135.3 145.9 142.7 142.3 148.0 152.4 165.3 73.7 81.5 87.9 96.5 98.6 101.7 111.8 115.1 115.8 124.5 139.3 149.0 137.8 143.1 149.5 154.6 75,4 82.2 88.8 97.1 99.1 105.7 112.6 113.1 118.3 127.8 141.3 148.3 136.7 146.6 149.8 157.1 76.4 83.2 90.6 96.5 101.1 107.6 112.8 113.1 122.1 129.6 142.3 146.2 138.3 146.7 150.7 160.2 79.3 85.7 94.3 98.4 101.5 109.3 113.5 113.8 124.1 134.7 145.2 144.1 139.6 147.0 152.1 164,4 76.2 83.2 90.4 97.1 100.1 106.1 112.7 113.8 120.1 129.1 142.0 146.9 138.1 145.8 150.5 159.1 'This series contains revisions beginning with 1975. beginning with 1971. 2 This series contains revisions beginning with 1976. 3 This series contains revisions (MARCH 1980} 103 E. Business Cycle Expansions and Contractions in the United States: 1854 to 1975 Duration in months Contraction (trough from previous peak) Business cycle reference dates Peak December 1854 December 1858 June 1861 December 1867 . December 1870 . March 1879 . June 1857 October 1860. . April 1865 June 1869 October 1873 March 1882 (x) 18 8 32 18 65 30 22 A6 18 34 36 (x) 48 30 28 36 99 (X) 40 5ft 50 52 101 May 1885 April 1888 May 1891 June 1894 June 1897 December 1900 March 1887 . . July 1890 January 1893 December 1895 . June 1899 September 1902 38 13 10 17 18 18 22 27 20 18 24 21 74 35 37 37 36 42 60 40 30 35 42 39 August 1904 June 1908 January 1912 December 1914 March 1919 . July 1921 May 1907 January 1910 January 1913 August 1918 January 1920 May 1923 23 13 24 23 7 18 33 19 12 44 10 22 44 46 43 35 11 28 56 32 36 67 T7 40 July 1924 November 1927 March 1933 June 1938 ... October 1945 October 1949 October 1926 . August 1929 . May 1937 February 1945 November 1948 . July 1953 14 13 43 13 8 11 27 21 50 80 37 45 36 40 64 63 88 48 41 34 93 93 45 j>6 May 1954 April 1958 February 1961 November 1970 March 1975 . . August 1957 April 1960 December 1969 November 1973 10 ~8 10 39 24 106 36 51 49 32 116 47 I I 16 47 34 117 52 Average, all cycles: 28 cycles, 1854-1975 12 cycles, 1919-1975 . . 6 cycles, 1945-1975 . . . 19 15 3 11 33 41 48 52 56 59 Average, peacetime cycles: 23 cycles, 1854-1975 .. 9 cycles, 1919-1975 .. 4 cycles, 1945-1975 20 16 11 26 30 34 46 46 45 1 2 27 cycles. 1 1 cycles. Source: National Bureau of Economic Research, Inc. 104 Peak from previous peak Trough from previous trough Trough NOTE: Underscored figures are the wartime expansions (Civil War, World Wars I and I and the full cycles that include the wartime expansions. Cycle Expansion (trough to peak) 3 4 7 cycles. 22 cycles. J 2 52 59 58 4 5 46 48 43 Korean War, and Vietnam War), the postwar contractions, 5 8 cycles. G. Experimental Data and Analyses (Dec.) (Nov.) P T Year and quarter Implicit price deflator, gross nonfarm business product 1 (Index: 1967=100) Unit labor cost, all persons, nonfarm business sector 1 III (Nov.) P (Mar.) T in iiiiijp: m MmtT TIT m Ratio scale 240 Components of BCD series 220 (Index: 1967=100) 200 1978 180.2 184.7 187.8 191.4 I Q.... II Q . . . Ill Q.. IV Q . . . 190.2 192.7 195.6 199.3 180 Implicit price deflator, business product, Q (index: 1967=100) 160 140 240 1979 195.1 I Q.... II Q . . . Ill Q.. IV Q . . . 206.0 212.1 217.3 221.8 200.3 204.7 208.6 1980 220 200 Unit labor cost, all persons, nonfarm business sector, Q bu< (index 1967=100) 180 160 I Q.... II Q . . . Ill Q.. IV Q . . . 140 120 Inventory-sales ratios in 1972 dollars 2 Year and month Manufacturing (Ratio) Merchant wholesalers (Ratio) -J 100 Inventory-sales ratios in 1972 dolars (ratio)Arithmetic scale Retail trade (Ratio) 2.1 1979 Jan. Feb. Mar. Apr. May. June 1.76 1.78 1.72 1.86 1.78 1.84 1.33 1.35 1.30 1.33 1.30 1.31 1.39 1.38 1.38 .1.41 1.42 1.45 July Aug. Sept Oct. Nov. Dec. 1.84 1.86 1.87 1.87 1.91 1.31 1.31 1.31 1.30 1.29 rl.30 1.46 1.42 1.37 1.41 rl.40 rl.38 rl.90 2.0 1.9 1.8 1.7 1.4 1.3 1980 Jan. Feb. Mar. Apr. May. June pi. 88 (NA) July Aug. Sept Oct. Nov. Dec. pi. 28 (NA) pi. 33 (NA) 1.2 1.1 1.5 A 1.4 1.3 111 in in n;t in in m :iitnn in in in in in 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available. Source: U.S. Department of Labor, Bureau of Labor Statistics. 2 Source: U.S. Department of Commerce, Bureau of Economic Analysis. 105 G. Experimental Data and Analyses—Continued Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes Net contribution to index Basic data (and Series title unit of measure) LEADING INDICATORS 1. Average workweek, production -workers, manufacturing (hours) 3. Layoff rate, manufacturing 1 (per TOO empl oyees ) 8. New orders for consumer goods and materials in 1972 dollars (billion dollars) 32, Vendor performance, companies reporting slower deliveries (percent) 12. Net business formation (index: 1967^100) 20. Contracts and orders for plant and equipment in 1972 dollars (billion dollars) . . 29. New building permits, private housing units (index: 1967=100) 36. Change in inventories on hand and on order in 1972 do!., smoothed 2 (ann. rate, bil. dol.) . 92. Change in sensitive prices, smoothed2 (percent) 19. Stock prices, 500 common stocks (index: 1941-43=10) 104. Change in total liquid assets, smoothed2 (percent) . . . . . . . . . . . 106. Money supply (M2) in 1972 dollars (billion dollars) . . . 910. Composite index of 12 leading 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 sales in 1972 dol 1 ars (mi 1 1 ion dol 1 ars ) . . 920. Composite index of 4 roughly coincident i ndi cators a ( i ndex : 1 967=1 00 ) LAGGING INDICATORS 91. Average duration of unemployment1 (weeks) 70. Manufacturing and trade inventories, total, in 1972 dollars (billion dollars) . . . 62. Labor cost per unit of output, manufacturing (index: 1967=100) 109. Average prime rate charged by banks (percent) 72. Commercial and industrial loans outstanding (million dollars) 95. Ratio, consumer installment debt to personal income (percent) 930. Composite index of 6 lagging indicators 3 (index: 1967=100) Nov. 1979 Dec. 1979 Jan. 1980 Feb. 1980 Nov. to Dec. 1979 P40.1 0.08 0.09 0.10 -0.11 n.30 Dec. to Jan. 1980 Jan. to Feb. 1980 -0.20 40.1 r40.2 r40.3 1.3 1.2 1.3 34.84 34.54 r36.40 P37.20 -0.05 47 49 48 42 0.07 r!29.3 e!28.3 NA NA -0.11 NA NA 14.48 r!5.68 r!4.65 P13.53 0.18 -0.17 -0.22 102.0 100.5 102.1 92.2 -0,04 0.05 -0.36 r-9.29 r-9.52 p-9.80 NA -0.01 -0.02 NA r2.53 2.56 r2.51 2.72 0.01 -0.02 0.11 103.66 107.78 110.87 115.34 0.24 0.19 0.29 0.86 rO.70 rO.62 60.74 -0.51 -0.28 0.46 522.3 518.3 re513.4 8511.0 -0.32 -0.44 -0.24 r!36.0 r!35.6 r!35.2 P134.9 -0.29 -0.29 -0.22 90,100 r90,241 r90,590 p90,731 0.12 0.30 0.16 rl,030.6 . rl,033.2 rl,028.5 pi, 021. 7 0.12 -0.22 -0.42 152.1 r!52.2 152.7 0153.0 0.02 0.09 0.07 r!58,205 r!58,718 p!61,330 NA 0.07 0.36 NA r!44.9 r!45.1 r!45.7 P145.2 0.14 0.41 -0.34 10.5 10.5 10.7 0.06 0.0 -0.18 r258.13 r257.32 P256.89 NA -0.15 -0.08 NA rl?9.5 r!82.0 r!82.6 P183.4 0.43 0.10 0.21 15.55 15.30 15.25 15.63 -0.49 -0.10 1.11 154,213 154,592 r!59,215 p!62,201 0.05 0.65 0.62 r!5.05 r!4.95 p!4.89 NA -0.34 -0.21 NA r!79.0 r!77.9 r!78.3 plSl.l -0.61 0.22 1.57 10.6 pi. 3 -0.04 0.0 0.14 -0.25 NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated. J This 2 This 3 series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement. series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding differences) to the sum of the individual components' contributions plus the trend adjustment factor. "The trend adjustment factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170. 106 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns MMI|MIM|IMIMMMI]IMMMIMMIMM|IIMI|MIM|IMM|MM rnf|T'*S nFVIPSOM VTinris nURRF.IIT Mfl'ITH PROM ACTUAL Afin p^p. Tno(ir'| 11/73 DATA YF.AR 12. Net business formation ft 5 'tR ft 7 1*8 S C P | F $ 12 inr>7=ion 16,3 133.8 12/78 131.3 lit. 2 1/79 1'*.0 132.1 2/79 15.2 132.5 3/79 f*9 50 51 52 13.8 13.5 13.8 lit. 6 130.9 130.5 130.9 131.8 l*/79 5/79 6/79 7/79 53 51* 55 56 13.3 15.2 lit. 3 12.1* 130.3 132.5 131.5 129.3 8/79 9/79 10/79 11/79 11. G 128.3 12/79 57 MOMT"S i r. • 125 npv i- AT 1 O f !S r c nFROM TPOITM 12. Net business formation ECO FROM 2/75 CURRF.HT MO' IT! AMP ACTUAL PVTA Y F A R 120 S P R I G S 12 132.5 130.9 130.5 130.9 23. n 7/79 131.fi. 130.3 3/79 132.5 9/79 151.5 1D/7T • 240 -1-90 -It. 7 8. ft 115.1 130.9 2/79 3/79 • 180 ft 9 50 51 52 l.'t 8.2 9.6 2.2 122.5 130.7 132. 1* 123.1* 5/79 6/79 7/79 • 160 53 5f+ 55 56 10.6 13.7 3.1 -15.6 133.fi lf*3 .1* 121*. 6 102.0 8/79 9/79 10/79 11/79 + 20 • 140 + 10 -20 • 100 -30 • 80 -40 -50 • 60 29. New building permits, private housing units P«rc«nt •16° • 140 + 120 +100 • 120 +80 -16.8 100.5 12/79 -15.5 102.1 1/80 -23.7 2/80 92.2 PF.VIA T I O ' I S CHRRFMT MO'ITM AMn SPF.r. FROM ACTUAL 3/75 TROlinH PATA YF/VR S E R I F S 29 1957=100 115.1 130.9 0 +160 t*/79 + 60 • 100 + 40 2/79 3/79 1*7 1*8 88.U llf*.2 1*9 50 51 52 100.5 113.9 116.7 1.02. n 122.5 130.7 132. i* 123.1* i*/79 53 51* 55 56 113.7 13 ft. 7 103.9 6G.9 133.6 143 . f* 121*. 6 102.0 8/79 9/79 10/79 11/79 57 58 59 Ri*.5 67.1 50.9 100.5 102.1 92.2 12/79 1/80 2/80 • 80 +20 5/79 6/79 7/79 0 +6 +12+18 + 24+30+36 + 42 + 48 + 54 Months from reference troughs NOTE: - 57 53 59 MONTI'S PROM • 120 -10 • 105 1 + 140 f*7 1*3 + 40 - +5 S P R I F S 29 1967=100 • 200 + 60 0 5/79 6/79 26.1 129.3 11/71 128.3 12/79 25.2 MOirp'S n r v i FROM A T I O ' I S CimRFflT MOHT'1 RrP. FROM ACTUAL Afin TRnnnH 11/73 PATA Y ^ A R • 220 + 70 + 30 27.1 2T.3 23.3 t*/79 37 53 Percent +50 • 110 ?9.3 27!7 27.3 27.7 53 j't 55 5fl + 80 3/79 1*1 sn 53. 52 + 100 • 115 30.5 28.1 28.9 f*7 ft!? 29. New building permits, private housing units 1967=100 133.8 12/73 131.3 1/79 132.1 2/79 f*P • 60 -20 iimliiiiiliimlimiliiiiiliiiiiliiijilmiilitiiili 0 +6 +12+18 + 24+30+36+42+48 + 54 Months from specific troughs For an explanation of these charts, see "How to Read Charts" on p. 106 of the December 1979 issue. 107 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns-Continued Actual doto '' O rpof. nr r t 36. Net change in inventories on hand 'and on order, smoothed * lull n i l R R F r l T MO'IT'! ACTUAI. AMP "ATA V ^ A n 7"orru ' 36. Net change in inventories on hand and on order, smoothed1 VIM'. 'RAIT P 4R 47 4? -i +30 ,,n 51 +20 r>?_ 57. r.j sr +10 1/70 2/70 3/7H 20. n n 14. 7a 14. on 4/70r t 5/7 C/70 7/70 12.Cfi C.57 -4.13 ^> 4 -°.2n 57 rj " + 70 innnrn a/ 71 0/79 +50 in/70 11/70 -0.52 -o.?o 12/70 1/Jif) r|iRpcM7 flOMT" PAT A YrAR + 40 +30 R^PtFS 3Gl A T I . KATP -10 -20 4C 47 4^ 5H.7" 5l!30 '(i 30 ni 50. n? 557 .43 5 > . ?0 52 !s"7 53 5h 55 51.31 45 . 0 " 3 ':• . T> ° " 20.22 52 -30 -1 -40 r; r 57 5.1 57. Manufacturing and trade sales, '1972 dollars rn .32 2n ,° o 28 '.71 20,23 2 ?. . n n 21.01 20,50 10.02 14.73 '1/70 2/70 3/70 r,/7° -P. 20 10/70 11/70 -0.52 12/70 t 13 -o.so + 16 + 10 i/ an -10 40 47 4S 1/70 2/70 3/79 40 50 51 52 10.5 13.7 11.2 12.2 157285 161C07 158316 150751 4/79 5/70 G/79 7/70 + 28 53 54 55 55 12. G 12.4 12.2 11.1 160273 IGtlOHS 150757 158205 3/79 9/79 10/70 11/79 +24 • 155,000 • 150,000 57 58 11.5 1J3718 13.3 1C1330 12/70 1/80 + 20 •160,000 +8 +4 57. Manufacturing and trade sales, 1972 dollars I • 140,000 • 135,000 • 130,000 •125,000 + 32 • 165,000 • 160,000 •155,000 °r?nM ATl'oMS C I I R H R M T MOMTM nprr . VIP cr>OM AfiTMAI. Tintir/t P\TA Y r - A P 3/75 47 43 J ? p R i r r ; 57 M I L . POL 27.4 160460 2G .4 159177 30.3 164058 40 50 51 52 24.9 23.5 25.7 26. 0 157285 161807 158316 150751 4/79 S/79 53 54 55 5fi 27.3 27.1 2G.9 25.7 160273 160063 150757 15C205 8/79 0/79 10/79 11/79 57 5,1 2 f i . l 158713 2 a i i 161330 12/79 1/80 46 + 16 + 12 1/79 2/79 3/79 •150,000 +8 •145,000 •140,000 • 135,000 fi/70 7/70 +4 liniilinnlnmlnuilnmlmnlmnliiiiiliimlin 0 +6+12 + 18+24 + 30+36+42 + 48+54 Months from reference troughs NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the December 1979 issue. '••This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Percent M • 145,000 108" >-30 • -40 S F f > t ^ S 57 M I L . PfU 12.7 1R0460 11. H 159177 15.3 164053 •165,000 • -10 4/70 5/7" 14. nc 7/7i 1 2 . a 3 jj/7q n . 5 7 °/70 - 1; •0 +20 ppfiM AT i n n s CIWNT MOHTH nr c Aim PPOM 'AHTUAI, rnnnn 1 ' 11/73 DATA Y f t A R • 170,000 iliiiiiliiniliiinliinimiiMiiiiiliiiiilimiIn nil in 0 +6+12 + 18+24+30+36+42+48 + 54 j/?y •+30 + 60 nry | _ ""rnnM Actual data for current cycle Percent M . PfU 20.28 22. 3 " 21.81 1fi! 0 2 nj. Deviations from specific troughs Months from specific troughs • 130,000 • 125,000 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns—Continued TIMT"nl QRTRS. FRHM RFP. TROIIHH 64. Compensation of employees as percent of national income CtlRRF.NT O.RTR. ACTUAL Ann HMA YF^R |""'|»'"|nni| |MM. 64. Compensation of employees as percent of national income SF.RtFS 64 PF.RCF.NT Deviations from specific troughs Actual data for current cycle Actual 15 75.0 IV/73 16 75.5 1/79 17 75.9 H/79 18 75.8 llf/79 19 75.3 IV/79 • 78 +2 ORTRS. PROM SPFO. TPOMOM nFVI- \r 1 nris FROM 1 1 1/75 CHRRRNT HRTR. ACTUAL Ann DMA Y^AR • 77 S F R I F > R4 'F.RCFHT -J •H 13 -n.s 75.0 IV/78 14 o.o 75.5 1/79 15 0.4 75.9 1 1/79 IB 0.3 75.8 1 ! 1/79 17 0.4 75.9 • 76 68 • 75 IV/79 -1 84. Rate of capacity utilization ' materials (FRB) -i 95 ORTRS. FROM CURRfiflT HRTR. ACTUAL A»n DATA YFAR RFF. TROI'fiM - 85 80 11/58 SRRIFS 084 PERCF.NT - 90 84. Rate of capacity utilization, materials (FRB) 15 IV/78 16 1/79 17 87.3 11/79 18 87.2 til/79 in 86.3 IV/79 HF.VIORTPS. FROM AT10MS fMIRRErlT n.RTR. SPF.C. PROM ACTUAL AMn PATA V - A R TROtinH 1 1/75 S F R I F S 84 PPRCFNT - 1 - 75 70 14 17.8 88.2 15 17.6 88.0 1/79 16 16.3 87.3 1 1/79 IV/78 17 16.8 87.2 11 1/79 18 15.0 8B.3 *65 1 7/ 7 9 0 +6+12+18+24+30 + 36+42+48+54 Months from reference troughs -1 -10 • 60 0 +6+12+18+24+30+36+42 + 48+54 Months from specific troughs NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the December 1979,issue. 109 ALPHABETICAL INDEX-SERIES FINDING GUIDE Series titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers) Series number Charts Tables Series Historical data descriptions (issue date (issue date) A Accession rate man uf act u ring 2 Agricultural products, exports , 604 Anticipations and intentions Business expenditures, new plant and equipment 61 Business expenditures, new plant and equipment, Dl . . 970 Consumer sentiment index 58 Employees, manufacturing and trado Dl 974 Inventories manufacturing and trada Dl 975 New orders manufacturing, Dl 971 Prices, selling, manufacturing, Dl 976 Prices selling retail trade Dl 978 Prices, selling wholesale trade Dl 977 Profits net manufacturing and trade Dl 972 Sales, net, manufacturing and trade Dl 973 Automobiles Expenditures, personal consumption , ... 55 Imports of automobiles and parts 616 16 56 61 92 2/80 8/68 12/78 24 38 22 38 38 38 38 38' 38 38 38 67 76 65 76 76 76 76 76 76 76 76 2/79' 2/79 8/78 2/79 2/79 2/79 2/79 2/79 2/79 2/79 2/79 11/68 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 22 56 65 92 9/79 10/69* 12/78! B Balance of payments-See International transactions. Bank loans to businesses, net change Bank rates-See Interest rates. Bank reserves Free reserves , Member bank borrowing from Federal Reserve Bonds-See Interest rates. Borrowing-See Credit. Budget-See Government. Building-See Construction. Business equipment, industrial production Business expenditures, new plant and equipment Business expenditures, new plant and equipment, Dl Business formation Business incorporations Business inventories-See Inventories. Business loans-See Bank loans. Business saving , 72 112 15,35 32 73 72 6/79 6/79 11/72 11/72 93 94 33 33 72 72 12/78 11/72 8/79 29 76 61 970 14 12 13 13,25 24 24 38 33 12,23 23 67 67 67 76 72 65 65 6/79 1/80 2/79 2/79 2/79 3/80 3/80 295 46 82 11/79 4/69 11/68 11/68* C Canada-See International comparisons. Capacity utilization Manufacturing (BEA) 83 Manufacturing (FRB) 82 Materials . . . 84 Capital appropriations, manufacturing Backlog 97 Newly approved 11 Newly approved, Dl 965 Capital investment -See Investment, capital. Capital investment commitments, Cl 914 Cash flow, corporate constant dollars 35 Cash flow, corporate, current dollars 34 Civilian labor force-See also Employment. Employment 442 Employment as percent of population 90 Total 441 Unemployed 37 Coincident indicators, four Composite index 920 Composite index, rate of change 920c Diffusion index 951 Ratio to lagging indicators, composite index 940 Commercial and industrial buildings, contracts awarded . . 9 Commercial and industrial loans outstanding 72 Commercial and industrial loans outstanding, net change , 112 Compensation Compensation, average hourly, all employees, nonfarm business sector , 345 Compensation, average hourly, all employees, nonfarm business sector, percent changes 345c Compensation of employees 280 Compensation of employees, percent of national income ,. . . 64 Compensation, real average hourly, all employees, nonfafm business sector 346 Compensation, real average hourly, all employees, nonfarm business sector, percent changes 346c Earnings, average hourly, production workers, private nonfarm economy 340 Earnings, average hourly, production workers, private nonfarm economy, percent changes 340c Earnings, real average hourly, production workers, private nonfarm economy 341 Earnings, real average hourly, production workers, prlvats nonfarm economy, percent changes . 341 c Wage and benefit decisions, first year 348 Wage and benefit decisions, life of contract 349 Wages and salaries, mining, manufacturing, and construction , 53 20 20 20 64 64 64 9/79 9/79 9/79 24 24 37 66 66 75 8/79 8/79 2/79 11 29 29 60 70 70 3/79 9/79 9/79 51 18 51 18,51 10 39 36 11 23 15,35 32 89 62 89 62,89 60 74'" 60 66 73 72 3/80 2/80 3/80 2/80 3/79; 7/79 6/79 3/79 8/79 6/79 6/79 Series titles (See complete titles in "Titles and Sources of Series," following this index) Cherts Composite indexes Coincident indicators Four coinciders Four coinciders rate of change Ratio to lagging indicator index Lagging indicators Six laggers . Six taggers 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 industriaj bldgs. . . Expenditures, plus machinery and equipment sales Gross private domestic fixed investment Nonresidential as percent of GNP Nonresidential total constant dollars Residential as percent of GNP Residential, total, constant dollars Consumer finished goods-See Wholesale prices. Consumer goods and materials, new orders Consumer goods, industrial production Consumer installment debt Debt outstanding Net change Ratio to personal income Consumer installment loans, delinquency rate Consumer prices-See also International comparisons. 87 6/76* 3/79 7/79 3/79 11/75* 60 3/79 7/79 11/75* 60 60 60 60 60 60 910c 11 11 11 11 11 10 39 3/79 3/79 3/79 3/79 9/79 3/79 7/79 29 9 69 13,215 23 24 67 66 67 6/79 8/79 4/69 13/79 9/68* 248 87 86 249 89 28 47 25 25 47 25 25 83 67 67 83 67 67 11/79 10/69* 8 75 12,21 22 64 65 3/80 66 113 95 39 35 32 15,35 33 73 72 73 72 5/79 6/79 8/79 2/79 10/72 10/72 320 320c 322 322c 58 49 49,59 49 49 22 84,95 84,95 84 84 65 5/79 5/79 5/79 5/79 8/78 5/69* 5/69* 5/69* 5/69* 11/68* 12,23 23 34 66 66 73 12/79 12/79 9/68* 1/79 7/64 32 32 15,35 72 72 73 6/79 11/72 11/79 7/64 6/79 11/72 35 32 15,35 33 32 73 72 73 72 71 5/79 6/79 8/79 2/79 8/79 10/72 10/72 525 564 548 517 53 55 53 53 90 91 90 90 1/80 8/78 39 32 33 12,21 72 64 2/79 8/79 11/72 12/74 970 965 951 974 963 967 38 37 36 38 36 37 2/79 2/79 ' 6/79 2/79 1/80 4/78 11/68* 966 37 962 975 952 950 964 36 38 36 36 37 971 968 976 978 977 960 972 973 961 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 10 39 11 60 930 930c 10 39 914 915 913 917 916 910 60*'* 5/75* 9/79 9/79 11/79 10/69* 9/79 3/80 6/72 12/79 11/72 11/72 1/72 Debt-See Credit. 4/72* Defense Military prime contract awards National defense purchases 4/72* New orders defense products 4/72* Obligations incurred 11/75* Deficit-See Government. Deflators-See Price indexes. 11/72 11/72 . .... Deliveries, vendor performance Diffusion indexes Business expenditures, new plant and equipment Capital appropriations manufacturing , . 10/72* 87 82 6/76* 11/79 10/72* 10/69 30,47 70,83 9/79 10/69* 49 88 6/76* 10/72* 50 88 6/76* 10/72* 49 87 2/80 6/72* 50 87 2/80 6/72* 49 87 2/80 6/72* 50 50 50 87 88 88 2/80 6/72* 6/72* 6/72* 19 63 R/7Q Employees, manufacturing and trade Employees on private nonagricultural payrolls Industrial materials prices Industrial materials prices components Industrial production Inventories, manufacturing and trade ....... Lagging indicators Leading indicators New orders durable goods industries New orders, durable goods industries, components New orders manufacturing 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 ,. Disnnsahln nsrsnnal innnma-See Innnms 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. *Tho identification number for this series has been changed since the publication date shown. 110 Historical Series data descriptions (issue date (issue date) D 1/72* 50 45 11/79 11/79 Tables 920 920c 940 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 del. . 20 Contracts and orders, plant and equipment, current dol. . . 10 Corporate bond yields , 116 Corporate profits-See Profits. Costs-See Labor costs and Price indexes. Credit Bank loans to businesses net change 112 Borrowing, total private 110 Commercial and industrial loans outstanding 72 Consumer installment debt 66 Net change 113 Ratio to personal income 95 Consumer installment loans delinquency rate 39 Mortgage debt net change 33 Crude materials-See Wholesale prices. Coincident indicators 49 Current issue (page numbers) Series number 8/78 10/79 10/69* 11/68* 4/69* 9/79* 6/78" 2/79 6/79 6/79 1/80 2/79* 9/79 2/79 2/79 2/79 6/69* 11/68* il/68* 5/69* 11/68* 11/68* 11/68* 10/79 2/79 2/79 1/80 il/f>8* 11/68* ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers) Series number Charts Tables Historical Series data descriptions [issue date) issue date) 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 Cl Overtime hours, mfg. production workers Participation rate both sexes 16-19yearsold Participation rate, females 20 years and over Participation rate males 20 years and over Part-time workers for economic reasons Persons engaged in nonagricultural activities Quit rate manufacturing Unemployed both sexes 16-19 years old Unemployed females 20 years and over Unemployed full-time workers Unemployed males 20 years and over Unemployment average duration Unemployment rate 15 weeks and over Unemployment rate, insured, average weekly Unemployment rate total Unemployment, total civilian Workweek mfg production workers Workweek, mfg. production workers, components Workweek mfg production workers Dl Equipment-See Investment, capital. Exports- See Foreign trade and International transactions. 2 441 16 51 61 89 48 17 61 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 38 14,17 36 18 51 17 17 16 36 12,16 11 16 51 51 51 51 17 16 51 51 51 51 15,18 18 18 18 18,51 12,16 961 36 62 76 62 74 62 89 61 61 61 74 61 60 61 89 89 89 89 62 61 89 89 89 89 62 62 62 62 62,89 61 77 74 2/80 3/80 1/80 1/80 2/80 2/79 2/80 1/80 2/80 3/80 7/79 2/80 7/79 6/78 2/80 3/79 2/80 3/80 3/80 3/80 3/80 2/80 2/80 3/80 3/80 3/80 3/80 3/80 2/80 7/79 2/80 2/80 2/80 i/s6' F Federal funds rate Federal Government-See Government. Federal Reserve member bank borrowing from Final sales in constant dollars Financial flows and money Cl 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 Balanco 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 dot., NIPA Exports of goods and services exc military . . Exports of nonelectrical machinery Imports merchandise adjusted exc military Imports merchandise total Imports of automobiles and parts Imports of goods and services, constant dol., NIPA Imports of goods and services, current dol., NIPA Imports of floods and services total Imports of petroleum and products Net exports, goods and services, constant dol., NIPA . . Net exports, goods and services, current dol., NIPA ... Net exports, goods and services, percent of GNP, NIPA France-See International comparisons. Free reserves 119 34 72 1/79 94 213 917 33 40 11 72 80 60 8/79 311 311c 48 48 84 84 11/79 11/79 667 622 618 602 604 256 252 668 606 620 612 616 257 253 669 614 255 250 251 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 8/79 8/79 8/79 10/79 3/79 12/78 12/78 11/79 11/79 8/79 12/78 8/79 12/78 12/78 11/79 11/79 8/79 3/80 11/79 11/79 11/79 93 33 72 12/78 49 20 63 9/79 502 501 500 512 511 510 298 52 52 52 52 52 52 46 90 90 90 90 90 90 83 9/79 9/79 9/79 10/79 10/79 10/79 11/79 263 262 265 564 267 266 268 261 260 43 43 47 55 43 43 47 43 43 81 81 83 91 81 81 83 81 81 11/79 11/79 11/79 10/79 11/79 11/79 11/79 11/79 11/79 G Goods output in constant dollars Government budget, NIPA Federal expenditures Federal receipts Federal surplus or deficit State and local expenditures State and local receipts State and local surplus or deficit Surplus or deficit total Government purchases of goods and services Federal constant dollars Federsl current dollars Federal percent of GNP National defense State end local constant dollars State end local current dollars State and local percent of GNP Total, constant dollars . Total current dollars Series titles (See complete titles in "Titles and Sources of Series," following this index) 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 G NP constant dollars percent changes 8/68* GNP current dollars 8/68* GNP current dollars differences GNP current dollars percent changes 11/68* G NP 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 4/72' 4/72 6/69 4/72 Charts Tables 311 31U 68 48 48 30 84 84 70 50 50b SOc 200 200b 200c 107 49 310 19,40 Series Historical data descriptions tissue data) (issue date) 11/79 11/79 9/79 7/68 10/79 10/79 10/79 10/79 10/79 10/79 10/69* 10/69* 10/69* 10/69 10/69 10/69 217 31 20 48 48 40 63,80 80 80 80 80 80 71 63 84 84 80 11/79 11/79 10/79 10/69* 10/69* 10/69 46 60 17 17 61 61 7/79 2/80 12/74 21 1 16 12,16 2/80 2/80 961 36 61 61 77 74 28 29 89 249 25 13,25 25 47 67 67 67 83 3/80 6/79 9/79 6/72 4/69 11/79 10/69* 310 31 Oc 48 48 84 84 11/79 11/79 10/69* 10/69* 345 49 87 6/76* 10/72* 345: 280 64 50 45 30,47 87 82 70,83 6/76* 11/79 9/79 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* 340 49 340c 50 341 310c 39 40 8/79 9/79 H Help-wanted advertising in newspapers Help-wanted advertising ratio to unemployment Hours of production workers, manufacturing Average weekly overtime Average workweek Average workweek components Average workweek Dl Housing Housing starts Housing units authorized by local bldg permits Residential GPDI constant dollars Residential GPDI percent of GNP 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 profits 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 income, 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, less transfers, constant dols. rate of chg. Personal income ratio to money supply 5/69 Proprietors' income with IVA and CCA 10/69* Proprietors' income with IVA and CCA, percent of national income 11/72 Rental income of persons with CCA Rental income of persons with CCA, pet . of nat'l. income Wage and benefit decisions first year Wage and benefit decisions life of contract Wages and salaries, mining, mfg., and construction Incorporations new businesses 7/68* Industrial materials prices 7/68* 7/68* Industrial materials prices Dl Industrial production - See also International comparisons. Business equipment Consume? goods . i. . . 10/69 Durable manufactures • Nondurable manufactures 11/73 Total . 10/69 10/69* Total 01 10/69* Total rate of change 11/73 Installment debt-See Credit. Insured unemployment 10/69 Avg. weekly initial claims, unemploy. insurance 10/69* Avg. weekly initial claims, unemploy. insurance, 01 ... Avg weekly insured unemployment rate 16/69 4/72* Current issue (page numbers) Series number 12/74 8/68 1/80 8/79 11/79 11/79 10/79 10/79 10/79 10/69 10/69* 10/69 10/69 10/69 87 2/80 6/72* 87 2/80 6/72* 49 87 2/80 6/72* 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 2/80 8/79 8/79 6/72* 5/69* 5/69* 10/69 10/69* 10/69 11/79 10/69 283 284 285 348 349 53 13 23 47 45 47 50 50 19 23 28 11/79 11/79 11/79 11/79 11/79 10/69* 10/69 10/69* 6/72* 6/72* 8/79 3/80 1/78 4/69 967 37 83 82 83 88 88 63 65 69 79 75 4/78* 4/69* 67 65 63 63 63,94 78 75 1/80 76 75 73 74 47 24 22 20 20 14,20,58 966 47c 37 39 5 962 45 16 36 18 71 82 61 74 62 11/79 11/79 10/79 2/80 1/80 2/80 7/79 8/79 12/79 12/79 12/79 12/79 7/68* 11/68 9/79' 12/79 7/79 6/78 7/79 6/69 6/69* 6/69 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. *The identification number for this series has been changed since the publication date shown. 111 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources oi Series," following this index) Interest, not Interest, net, percent of national income Interest rates Bank rates on short-term business loans . Corporals 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 , . . . ,, , Franco index France percent champs Italy, index . . Italy, percent changes Japan, index Japan, percent changes United Kingdom, index United Kingdom, percent changes . . . United States, index United States, percent changes West Germany, index . . West Germany, percent changes Industrial production Canada France Italy Japan OECD, European countries United Kingdom United States West Germany Stock prices Canada France Italy Japan United Kingdom United States West Germany International transactions-See also Foreign trade. Balance on goods and services , Balance on merchandise trade Exports, merchandise, adjusted, exc. military Exports, merchandise, total exc. military aid Exports of agricultural products Exports of goods and services, exc. military Exports of nonelectrical machinery Imports, merchandise, adjusted, oxe. military Imports, merchandise, total Imports of automobiles and parts Imports of goods and services, total Imports of petroleum and products Income on foreign investments in U.S. Income on U.S. investments abroad Inventories Business inventories, change, constant dollars Business inventories, change, current dollars .. . Business inventories, change, percent of GNP Finished goods, manufacturers' Inventories on hand and on order, net ehanp Inventories to sales ratio, mffj. 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, 01 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 Presidential, total, percent of GNP Producers' durable equip., nonresid., constant dol. . . Residential total constant dollars Residential, total, percent of GNP . . Structures, nonresidential, constant dollars Total, constant dollars Total current dollars New orders, capital goods, nondefense, constant dollars New orders, capital goods, nondefense, current dollars Current issue (page numbers) Series number Charts Tables Historical Series data descriptions (issue date! (issue date) 288 289 45 47 82 83 11/79 11/79 10/69 10/69* 67 116 119 118 117 109 114 115 35 34 34 34 34 35 34 34 73 73 72 73 73 73 72 73 8/79 1/79 1/79 3/80 1/79 1/79 1/79 1/79 12/74 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 foreign investments in U S Income on U S investments abroad Italy-See International comparisons. Charts 112 Tables Histories! Serifs data descriptions (issue dcito (issue ditto) 61 970 20 10 24 38 12,,23 23 67 76 66 66 2/79 2/79 11/68 11/68* 12/79 12/79 9/68 652 651 57 57 93 93 8/79 3/79 S/69* 5/69* 68 62 63 26 30 15,30 30 29 70 70 70 70 9/79 7/66 12/79 11/68 10/72 930 930c 952 3 10 39 36 12,16 60 3/79 7/79 6/79 2/80 910 60 950 14 104 10 39 36 33 13,31 72 71 3/79 7/79 6/79 2/79 1/80 913 78 11 27 60 68 3/79 1/80 38 26 68 12/79 8 84 12,21 20 64 64 3/80 9/79 917 11 60 3/79 104 105 86 106 102 107 108 33 118 117 13,31 31 31 13,31 31 31 31 32 34 34 71 71 71 71 71 71 71 71 73 73 1/80 3/79 3/79 3/79 3/79 National defense-See Defense. 10/69 10/69* National Government -See Government. National income-See Income. 9/68 New orders, manufacturers' Capital goods industries, nondefense, constant dol 27 Capital goods industries, nondefense, current dol 24 Consumer goods and materials constant dollars 8 Contracts and orders, plant and equip., constant dol. . . 20 2/69 Contracts and orders, plant and equip., current dol. . . . 10 2/69 548 Defense products 11/68* 7 Durable goods industries, constant dollars Durable goods industries current dollars 6 23 23 12,21 12,23 23 53 21 21 7/64 11/73 7/64 7/64 11/73 7/64 7/64 ... J Japan-See International comparisons. 59'" 96 96 95 95 96 96 95 95 95 95 84,95 84,95 95 95 1/79 1/79 7/79 7/79 1/79 1/79 1/79 1/79 1/79 1/79 5/79 5/79 1/79 1/79 723 726 727 728 721 722 47 725 58 58 58 58 58 58 14,20,58 58 94 94 94 94 94 94 63,94 94 3/80 2/79 2/79 2/79 2/79 2/79 12/79 2/79 743 746 747 748 742 19 745 59 59 59 59 59 59 59 96 96 96 96 96 96 96 6/79 6/79 6/79 6/79 6/79 6/79 6/79 667 622 618 602 604 668 606 620 612 616 669 614 652 651 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 8/79 8/79 8/79 12/78 12/78 8/79 12/78 8/79 12/78 12/78 8/79 3/80 8/79 8/79 30 246 247 65 36 77 915 70 71 31 975 78 26,42 42 47 27 13,26 27 11 15,27 27 26 38 27 68,81 81 83 68 68 68 60 68 68 68 76 68 9/79 11/79 11/79 1/80 12/79 1/80 3/79 12/79 12/79 12/79 2/79 1/80 38 26 68 12/79 97 11 965 914 9 24 24 37 11 23 66 66 75 60 66 8/79 8/79 2/79 3/79 8/79 69 24 67 12/79 243 242 42 42 81 81 11/79 10/79 86 248 88 89 249 87 241 240 25 47 25 25 47 25 42 42 67 83 67 67 83 67 81 81 9/79 11/79 9/79 9/79 27 23 66 12/79 733 733c 736 736c 737 737c 738 738c 732 732c 320 320c 735 735c 24 59*" 59 59 59"' 59 49 49,59 23 66 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 nonfarm business . .... Labor force-See Employment and unemployment. Lagging indicators, six Composite index Composite index rate of change Diffusion index . , Layoff rate manufacturing Leading indicators, twelve Composite index . . Composite index rate of change Diffusion index Liabilities of business failures Liquid assets change in total ...... Loans-See Credit. 9/72* 9/72* 9/72* 5/69* 5/69* 9/72* 10/72* 10/72* 10/72* 10/72* M 10/72* 11/68 10/72* Man-hours-See Employment and unemployment. Marginal employment adjustments, Cl Materials and supplies on hand and on order, mfg. ...... Materials and supplies on hand and on order, mfg. change Materials, crude and intermediate-See Wholesale pricts. Materials, industrial-See Price indexes. Materials, new orders for consumer goods and Materials rate of capacity utilization Merchandise trade-See Foreign trade. Military-See Defense. Money and financial flows Cl 5/69* Money supply 5/69* Liquid assets change in total Money supply Ml 5/69* Money supply Ml percent changes Money supply M2 .'„,,.. 5/69* Money supply M2 percent changes 5/69* Ratio GNP to money supply Ml Ratio personal income to money supply M2 5/69* Mortgage debt net change Mortage yields secondary market 5/69* Municipal bond yields 5/69* N Diffusion index New orders, manufacturing, 01 Nonresidential fixed investment, GPDI Producers' durable equipment, constant dollars Structures constant dollars Total constant dollars Total, percent of GNP 74*" 1/77 11/79 11/75* 8/68* 5/75* 10/72 10/72 8/ 79 8/79 8/79 3/80 1/79 12/79 12/79 964 971 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 11/79 517 721 53 58 . 90 94 8/78 2/79 49 62 358 370 370c 83 82 84 21 20 15,30 50 50 50 20 20 20 16 63 70 88 88 88 64 64 64 61 7/64 7/64 9/68 3/8Q 12/79 12/79 9/68° 1/80 3/80 3/80 9/68* 1/80 2/79 il/68* 9/79 9/79 9/79 10/69* 0 9/79 10/79 10/79 10/69 12/79 74 61 9/68* Obligations incurred Defense Departmpnt OECD, European countries, industrial production Orders-See New orders and Unfilled orders. i6/69* Output-See also Gross national product and Industrial production. Goods output, constant dollars Labor cost per unit of 10/69* Psr hour nonfarm business sector 11/79 910c 9/68 Per hour, private business sector, percent changes Ratio to capacity manufacturing {BEA} Ratio to capacity materials Overtime hours, production workers, manufacturing 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. *The identification number for this series has been changed since the publication date shown. Current issue {page numbers) Series number 9/79 12/79 6/76* 6/76* 6/76* 11/68 6/68* 10/72* 10/72* 9/79 9/79 9/79 2/80 12/74 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Secies," following this index) Curren issue (page numbers) Series number Charts Tables Historical Series data descriptions (issue date! (issue date) P Participation rates, civilian labor force Both sexes 16-1 9 years of age Females 20 years and over Males 20 years and over Personal consumption expenditures Automobiles Durable goods constant dollars Durable goods, current dollars Nondurable goods constant dollars Nondurable goods, current dollars Services, constant dollars Services current dollars Total, constant dollars Total current dollars Total percent of GNP . . . Personal income-See Income. Personal saving Personal sewing rat@ Petroleum and products, imports Plant and equipment -See also Investment, capital. Business expenditures for Business expenditues for Dl Contracts and orders for, constant dollars Contracts and orders for current dollars Population, civilian employment as percent of Price indexes Consumer prices-See also International comparisons. All items indpx All items percent changes Food index Fond, percent changes Deflators NIPA Fixed weighted, gross business product, index Fixed weighted, gross business product, pet. changes Implicit pricp deflator GNP index Implicit price deflator, GNP, percent changes Industrial materials Industrial materials components Industrial materials, Dl Labor cost price per unit of Sensitivs prices change in Stock prices-See also International comparisons. 500 common stocks 500 common stocks 01 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, percent changes Price to unit labor cost nonfarm business Prices, selling Manufacturing Dl Retail trade Dl Wholesale trade Dl Prime contracts, military Prime rate charged by banks Producer finished goods-See Wholesale prices. Producers' durable equipment nonresid GPDI Production-See Industrial production and GNP. Productivity Output per hour, nonfarm business" sector Output per hour private business sector Output per hour, private business sector, pet. changes , Profitability Cl .. Profits Corporate after taxes, constant dollars Reserves free Residential fixed investment, constant dollars, GPDI Residentia! fixed investment, percent of GNP Residential structures-See Housing. Retail sales constant dollars Retail sales current dollars 453 452 451 51 51 51 89 89 89 3/80 3/80 3/80 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 9/79 10/79 10/79 10/79 10/79 10/79 10/79 10/79 10/79 10/79 292 293 614 46 46 56 82 83 92 11/79 3/80 61 970 20 10 90 24 38 12,23 23 18 67 76 66 66 62 2/79 2/79 12/79 12/79 2/80 320 320c 322 322c 49 49,59 49 49 84,95 84,95 84 84 5/79 5/79 5/79 5/79 311 311c 310 31flc 23 48 48 48 48 28 11/79 11/79 967 26 92 37*" 29 13,28 84 84 84 84 69 79 75 70 69 4/78" 11/79 4/79 4/69* 19 968 13,28 37 69 75 9/79 9/79 5/69 5/69* 330 330c 334 334c 331 331c 332 332c 333 333c 26 48 48 48 48 48 48 48 48 48 48 29 85 85 86 86 85 85 86 86 86 86 70 4/79 4/79 5/79 5/79 4/79 4/79 4/79 4/79 5/79 5/79 11/79 6/69* 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 88 25 67 9/79 358 370 370c 916 50 50 50 11 88 88 88 60 6/76* 6/76* 6/76* 9/79 Unemployment Duration of unemployment average Help-wanted advertising to unemployment, ratio Initial claims, avg. weekly, unemploy. insurance Initial claims, avg. weekly, unemploy. insurance, Dl . . , Layoff rate manufacturing Number unemployed, civilian labor force Both sexes, 16-19 years of aqe Females 20 years and over Full-time workers Males 20 years and over .. Total unemployed 11/68* Quit rate, manufacturing 11/68* Unemployment rates 11/68* 1 5 weeks and over Insured, average weekly li/73 Total Unfilled orders, manufacturers' Durable goods industries Durable goods industries change in United Kingdom-See International comparisons. 6/68* 10/72* 10/72* V 18 16 28 28 69 69 9/79 9/79 1/72 7/68 80 79 286 287 972 960 15 916 22 28 28 45 47 38 37 29 29 69 69 82 83 76 75 70 60 69 9/79 9/79 11/79 11/79 2/79 10/79 1/78 9/79 9/79 81 282 283 29 45 47 70 82 83 9/79 11/79 11/79 4 16 61 2/80 284 45 82 11/79 47 83 n/79 n/79 11/79 1/78 P '' 'th IVA rl (TA Proprietors' income with IVA and CCA, pet. of nat'l. inc. . n Q Quit rate, manufacturing , R Rental income of persons, with CCA Rental income of persons, with CCA, percent of national income 285 11/79 Current issue (page numbers) Series number Charts Tables Historical Series descriptions data (issue date) (issue date) 93 89 249 33 25 47 72 67 83 12/78 9/79 11/79 59 54 22 22 65 65 12/79 12/79 213 40 80 10/79 11/72 10/69* 6/72" 10/69* S 10/69 Salaries-See Compensation. Sales Final sales constant dollars Machinery and equipment sales and business construction expenditures Manufacturing and trade sales, constant dollars Manufacturing and trade sales, current dollars Manufacturing and trade sales, Dl 10/69 Ratio, inventories to sales, mfg. and trade 7/68* Retail sales, constant dollars Retail sales, current dollars 11/68 Saving Business saving 11/68* Government surplus or deficit Gross saving, private and government 9/68 ' Personal saving ., Personal saving rate Selling prices-See Prices, selling. Sensitive prices, change in 5/69* State and local government-See Government. 5/69* Stock prices-See also International comparisons, 5/69* 500 common stocks 5/69* 500 common stocks, Dt Stocks of materials and supplies on hand and on order . . . Stocks of materials and supplies on hand and on order, 10/69* change 10/69* Surplus-See Government. 4/69 10/69 10/69 10/69 10/69 10/69* 10/69 10/69* 11/68* 69 57 56 973 77 59 54 24 14,22 22 38 27 22 22 67 65 65 76 68 65 65 12/79 1/80 1/80 2/79 1/80 12/79 12/79 295 298 290 292 293 46 46 46 46 46 82 83 82 82 83 11/79 11/79 11/79 11/79 11/79 92 13,28 69 4/79 19 968 78 13,28 37 27 69 75 68 9/79 9/79 1/80 38 26 68 12/79 114 115 34 34 72 73 1/79 1/79 7/64 7/64 91 60 5 962 3 15,18 17 16 36 12,16 62 61 61 74 61 3/80 2/80 7/79 6/78 2/80 6/69* 6/69* 8/68* 446 445 447 444 37 4 51 51 51 51 18,51 16 89 89 89 89 62,89 61 3/80 3/80 3/80 3/80 2/80 2/80 44 45 43 18 18 18 62 62 62 2/80 7/79 2/80 4/72 6/69 4/72 96 25 21 21 64 64 3/80 12/79 9/68 9/68 107 108 32 31 31 12,21 71 71 64 8/79 8/79 8/79 12/74 330 330c 334 334c 331 331c 332 332c 333 333c 92 1 48 48 48 48 48 48 48 48 48 48 13,28 12,16 85 85 86 86 85 85 86 86 86 86 69 61 4/79 4/79 5/79 5/79 4/79 4/79 4/79 4/79 5/79 5/79 4/79 2/80 36 77 74 i/so' 9/68* 2/69 11/68* 6/72* 10/69 10/69 10/69 7/68* 5/69 5/69* T Treasury bill rate Treasury bond yields Corporate, after taxes, with IVA and CCA, Corporate, after taxes, with IVA and CCA, cur. dol. . . . Corporate with !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, Cl Ratio, profits to corporate domestic income Ratio, profits with IVA and CCA to corporate domestic Series titles (See complete titles in "Titles and Sources of Series," following this index) U Velocity of money GNP to money supply Ml, ratio Personal income to money supply M2, ratio Vendor performance 4/72* W Wages and salaries-See Compensation. West Germany-See International comparisons. Wholesale prices All commodities, index 7/68 All commodities, percent changes Consumer finished goods, index Consumer finished goods, percent changes 10/69 Crude materials index .. 10/69* Crude materials percent changes .. Intermediate materials index .. Intermediate materials percent changes Producer finished goods, index Producer finished goods, percent changes Sensitive prices change in .. Workweek of production workers, manufacturing Workweek of production workers, manufacturing, 10/69 components 10/69* Workweek of production workers, manufacturing, Dl . . . . 3/69* 961 6/69* 8/68" NOTE: The following abbreviations are used in this index: Ci, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts. *The identification number for this series has been changed since the publication date shown. 113 TITLES AND SOURCES OF SERIES Series are listed below according to the sections of this report in which they appear. Series numbers are for identification only and do not reflect relationships or order among the series. "M" following a series title indicates monthly data; "Q" indicates quarterly data. Data apply to the whole period except when indicated by "EOM" (end of month) or "EOQ" (end of-quarter). To save space, the commonly used sources listed below are referred to by number: 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) 33. Net change in mortgage debt held by financial institutions; and life insurance companies (M).— American Council of Life Insurance; Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association!; National Association of Mutual Savings Banks; U.S. Savings and Loan League; and source 4; seasonal adjustment by Bureau of Economic Analysis (32,71) 34. Net cash flow, corporate, in current dollars (Q),Source 1 (29,70) 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. 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) 35. Net cash flow, corporate, in 1972 dollars (Q).-Source 1 (29,70) 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 & Brad street, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (23,65) 37. Number of persons unemployed, labor force survey (M).-Sources 2 and 3 (18,51,62,89) I-A. Composite Indexes 14. Current liabilities of business failures (M).—Dun & Bradstreet, Inc. (33,72) 910, Composite index of twelve leading indicators (includes series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106) (M).-Source 1 (10,39,60) 913. Composite index of marginal employment adjustments (includes scries 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 (1160) 916. Composite index of profitability (includes series 19,26, 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. Average workweek of production workers, 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-Hiil Information Systems Company; seasonal adjustment by Bureau of Economic Analysis and National Bureau of 114 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission; seasonal adjustment by Bureau of Economic Analysis (29,70) 16. Corporate profits after taxes in current dollars (Q).— Source 1 (28,69) 36. Net change in inventories on hand and on order in 1972 dollars (smoothed) (M).-Sources 1,2, and 3(13,26,68) 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).—American 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) 18. Corporate profits after taxes in 1972 dollars (Q).Source 1 (28r69) 43. Unemployment rate, total (M).-Sources 2 and 3(18,62) 19. Index of stock prices, 500 common stocks (M).— Standard & Poor's Corporation (13,28,59,69,96) 44. Unemployment rate, persons unemployed 15 weeks and over (M).-Sources 2 and 3 (18,62) 20. Contracts and orders for plant and equipment in 1972 dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company (12,23,66) 45. Average weekly insured unemployment rate, State programs (M).~U,S. Department of Labor, Employment Training Administration (18,62) 21. Average weekly overtime hours of production workers, manufacturing (M).-Source 3 (16,61) 46. Index of help-wanted advertising in newspapers (M).— The Conference Board (17,61) 22. Ratio of profits (after taxes) to total corporate domestic income (Q).-Source 1 (29,69) 23. Index of industrial materials prices (M).—Source 3 ((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) 47. Index of industrial production, total (M),-Source 4 (14,20,39,58,63,78,94) 48. Employee-hours in nonagricultural establishments (M).-Source 3 (17,39,61) 49. Value of goods output in 1972 dollars (Q).-Source 1 (20,63) 50. Gross national product in 1972 dollars (Q).—Source 1 (19,39,40,63,80) 51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1 (14,19,39,63) 26. Ratio, implicit price deflator to unit labor cost, nonfarm business sector (Q).-Sources 1 and 3 (29,70) 52. Personal income, total, in 1972 dollars (M).---Source 27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).-Sources 1, 2, and 3 (23,66) 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) 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 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) 1 2 (19,63) (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 2, and 3 (22,65) TITLES AND SOURCES OF SERIES- Continued 84. Rate of capacity utilization, materials (Q).—Source 4 (20,64) 119. Federal funds rate (M).-Source 4 (34,72) 60. Ratio, help-wanted advertising in newspapers (series 46) to number of persons unemployed (series 37) (M).-Sources 1, 2, 3, and The Conference Board (17,61) 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 ^residential, 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, nonresidential 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, nonresidential 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 (PPI of crude materials less agricultural products) (smoothed) (M).-Sources 1 and 3 (13,28,69) 93. Free reserves (member banks excess reserves minus borrowings) (M).-Source 4 (33,72) 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) 70. Manufacturing and trade inventories in 1972 dollars (EOM).-Sources 1, 2, and 3 (15,27,68) 96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source 2 (21,64) 97. Backlog of capital appropriations, (EOQ).-The Conference Board manufacturing (24,66) 102. Change in money supoly M2 (demand deposits and currency plus time deposits at commercial banks other than large CD's) (M).-Source 4 (31,71) 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) 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 (Wl).-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) 960. Diffusion index of net profits, manufacturing-about 700 companies (Q).-Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (35,75) 961. Diffusion index of average workweek of production workers, manufacturing—20 industries (M).—Sources 1 and 3 (36,74,77) 962. Diffusion index of initial claims for unemployment insurance, State programs—51 areas (M).—Source 1 and U.S. Department of Labor, Employment 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) 968. Diffusion index of stock prices, 500 common stocks58-82 industries (M).-Standard & Poor's Corporation (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) 108. Ratio, personal income to money supply M2 (M).— Sources 1 and 4 (31,71) 109. Average prime rate charged by banks (M).—Source 4 (35,73) 110. Total funds raised by private nonfinancial borrowers in credit markets (Q).-Source 4 (32,72) 112. Net change in bank loans to businesses (M).-Source 4; seasonal adjustment by Bureau of Economic Analysis (32,72) 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) 115 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) 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) 200. Gross national product in current dollars (Q).—Source 1 (40,80) 213. Final sales (series 50 minus series 30) in 1972 dollars (Q).-Source 1 (40,80) 217. Per capita gross national product in 1972 dollars (Q).Sources 1 and 2 (40,80) 220. National income in current dollars (Q).—Source 1 (45,82) 223. Personal income in current dollars (M).-Source 1 (40,63) 224. Disposable personal income in current dollars (Q).— Source 1 (40,80) 225. Disposable personal income in 1972 dollars (Q).— Source 1 (40,80) 227. Per capita disposable personal income in 1972 dollars (Q).-Sources 1 and 2 (40,80) 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) 247. Gross private domestic investment, change in business inventories, all industries, as a percent of gross national product (Q).-Source 1 (47,83) 292. Personal saving (Q).-Source 1 248. Gross private domestic fixed investment, nonresidential, as a percent of gross national product (Q).—Source 1 (47,83) 295. Business saving—undistributed corporate profits plus capital consumption allowances with inventory valuation and capital consumption adjustments (Q).—Source 1 (46,82) 249. Gross private domestic fixed investment, residential, as a percent of gross national product (Q),-Source 1 (47,83) 250. Net exports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 251. Net exports of goods and services as a percent of gross national product (Q).-Source 1 (47,83) 252. Exports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 257. Imports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (44,82) 260. Government purchases of goods and services, total, in current dollars (Q).-Source 1 (43,81) 261. Government purchases of goods and services, total, in 1972 dollars (Q).-Source 1 (43,81) 262. Federal Government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 263. Federal Government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) 330. Index of producer prices, all commodities (M).—Source 3 (48,85) 332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3 (48,86) 333. Index of producer prices, capital equipment (M).Source 3 (48,86) 334. Index of producer prices, finished consumer goods (M).-Source 3 (48,86) 335. Index of producer prices, industrial commodities (M). Source 3 (48,85) 340. Index of average hourly earnings of production workers, private rionfarm economy—adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonally (M).-Source 3 (49,87) 345. Index of average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,87) 268. State and local government purchases of goods and services as a percent of gross national product (Q).— Source 1 (47,83) 346. I ndex of real average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,88) 280. Compensation of employees (Q).—Source 1 348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source 3 (50,88) (45,82) 282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).—Source 1 (45,82) 285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).— Source 1 (47,83) 116 (48,84) 265. Federal Government purchases of goods and services as a percent of gross national product (Q).—Source 1 (47,83) 266. State and local government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 267. State and local government purchases of goods and services in 1972 dollars (Q).-Source 1 (43,81) 239. Personal consumption expenditures, services, in 1972 dollars (Q).-Source 1 (41,81) 245. Gross private domestic investment, change in business inventories, all industries, in current dollars (Q).— Source 1 (42,81) (Q).-Source 1 320. Index of consumer prices, all items (M),—Source 3 (49,59,84,95) 331. Index of producer prices, crude materials for further processing (M).-Source 3 (48,85) 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 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) 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) 322. Index of consumer prices, food (M),—Source 3(49,84) 283. Proprietors' income with inventory valuation and capital consumption adjustments as a percent of national income (Q).-Source 1 (47,83) 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) 253. Imports of goods and services in current dollars; national income and product accounts (Q).—Source 1 (44,82) 237. Personal consumption expenditures, services, in current dollars (Q).-Source 1 (41,81) 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) 341. Index of real average hourly earnings of production workers, private nonfarm economy—adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonally (M). -Source 3 (49,87) 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 (49,88) 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, tabor 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 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 tabor 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) 500. Federal Government surplus or deficit; national income and product accounts (Q)-Source 1 (52,90) 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) 452. Civilian labor force participation rate, females 20 years and over (M).-Sources 2 and 3 (51,89) 510. State and local government surplus or deficit; national income and product accounts (Q).—Source 1 (52,90) 511. State and local government receipts; national income and product accounts (Q).-Source 1 (52,90) 512. State and local government expenditures; national income and product accounts (Q).-Source 1 (52,90) 517. Defense Department gross obligations incurred (M).— U.S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (53,90) 525. Defense Department military prime contract awards for work performed in the United States (M).—U.S. Department of Defense, OSD, Comptroller, Washington Headquarters Services; seasonal adjustment by Bureau of Economic Analysts (53,90) 543. Defense Department gross unpaid obligations outstanding (EOM).-U.S. Department of Defense, OSD, Comptroller, Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (53,90) 548. Value of manufacturers' new orders, defense products (M).- Source 2 (53,90) 557. Output of defense and space equipment (M).— Source (56,92) 614. Imports of petroleum and petroleum products (M).Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 616. Imports of automobiles and parts (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 618. Merchandise exports, adjusted, excluding military grants (Q).-Source 1 (57,93) 620. Merchandise imports, adjusted, excluding military 726. France, index of industrial production (M).-lnstitut National de la Statistique et des Etudes Eeonomiques (Paris) (58,94) 728. Japan, index of industrial production (M).—Ministry of International Trade and Industry (Tokyo) (58,94) 732. United Kingdom, index of consumer prices (M).— Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 733. Canada, index of consumer prices (M).-Statistics Canada (Ottawa); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 735. West Germany, index of consumer prices (M).— Statistisches Bundesamt (Wiesbaden); percent changes seasonally adjusted by Bureau of Economic Analysis ' (59,95) 736. France, index of consumer prices (M).-lnstitut National de la Statistique et des Etudes Eeonomiques (Paris); percent changes seasonally adjusted by Bureau of Economic Analysts (59,95) 737. Italy, index of consumer prices (M).—Institute Centrale di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 742. United Kingdom, index of stock prices (M).-The Financial Times (London) (59,96) 652. Income on foreign investments in the United States (Q).-Source 1 (57,93) 743. Canada, index of stock prices (M).—Statistics Canada (Ottawa) (59,96) 667. Balance on goods and services (Q).-Source 1(57,93) 669. Imports of goods and services, total (Q).—Source 1 (57,93) 725. West Germany, index of industrial production (M).— Deutsche Bundesbank (Frankfurt) (58,94) 651. Income on U.S. investments abroad (Q).—Source 1 (57,93) (54,91) 564. Federal Government purchases of goods and services for national defense (Q).-Source 1 (55,91) 723. Canada, index of industrial production (M).-Statistics Canada (Ottawa) (58,94) 622. Balance on merchandise trade (Q).-Source 1 (57,93) (57,93) 559. Value of manufacturers' inventories, defense products (EOM).-Source 2 (54,91) 561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2 (54,91) 722. United Kingdom, index of industrial production (M),— Central Statistical Office (London) (58,94) 738. Japan, index of consumer prices (M).—Office of the Prime Minister (Tokyo); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) (Q).-Source 1 668. Exports of goods and services, excluding transfers under U.S. military grants (Q).-Source 1 (57,93) 4 (48,59,84,95) 727. Italy, index of industrial production (M).—Institute Centrale di Statistica (Rome) (58,94) 606. Exports of nonelectrical machinery (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 612. General imports, total (M).-Source 2 (M).-Source 3 721. 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) 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 Eeonomiques (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) Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402 OFFICIAL BUSINESS Penalty for Private Use $300 FIRST-CLASS MAIL POSTAGE & FEES PAID USDC WASHINGTON, D.C. PERMIT No. G-56