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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)

MONEY
AND CREDIT
(26 series)

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

Business
investment
commitments
(1 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)

Inventories on
hand and on
order
(4 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)

Unfilled orders
(1 series)

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

V.

Business
investment
commitments
(1 series)

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

II.

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)

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 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.

2dQ
1979

1978

3dQ

4th Q

1979

measure

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 ..

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. . . .

Lg,Lg,Lg

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

to

to

Jan.
1980

Feb.
1980

2dQ
to
3dQ

3dQ
to
4th Q

1979

1979

Dec.

2dQ
1978

1979

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

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

1,744
123.0

1,820
128.5

1,809
133.5

1,593
109.0

60.1

56.7

56.7

56.5

NA
175.7

3.7
0.6

NA
0.3

55.8

1,548
100.5

1,424
102.1

1,334
92.2

-8.0

1.6

-6.3
-9.7

8.7
5.8

3.4

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
9

7.2
4.9

i 1 5 3 . 8 2 176.37 1 7 3 . 4 8 179.33 186.95
1

-2.4

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

2dQ
1978

1979

3dQ

4tnQ

1979

measure

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

24.7

19.7

25.3

5.6
11.9

2.1
1.2

0.0
0.2
-1.8
-2.7
-2.2

525.8
540.4
-14.7
368.9
342.9

27.4

0.2
-0.1

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

-0.1

0.3
-0.4

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

Percent change

1979

4th Q

1st Q

2dQ

3dQ

4th Q

1978

1978

1979

1979

1979

1979

2dQ
to
3dQ

3ttQ
to
4th Q

1979

3d Q

IstQto
2dQ

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

0.5
2.5
0.9
2.6
0.3
0.2
0.0

1.0

-0.2

50
200
213
224
225
217
227

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

1.5
3.8
0.2
4.9
9.5
2.5

0.7
2.4
0.7
3.3

261
263
267
260
262
266

1.7
2.0
0.0
4.9
8.5

0.3

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

P

(Nov.)

P

T

(Mar.)

P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

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

Ratio, help-wanted advening to number
'

; 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

(Nov.)

P

(Mar.)

P

(Dec.) (Nov.)

T

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.

I ] I MARCH
N I

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) Fi
l
"

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-,

/^

^^
'

^^

"

'

'

|!

r

'

..

\^

„
^

'

^\

1

- *

\

^^-..,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

11
1
952. Six lagging indicator components (faro, span—, 1-mo.
1001

_J?U «tf* u liPnMI > 1$$
Tn#v: \jU4rvi* in ,AiWT*i'
/.

'.! 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.)

(Dee.) (Nov.)
P
T

(Mar.)

P

T

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>/K^ ^^ ^^y^^^7^!
v

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 rate, billion dollars (current)|l

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-

J
65

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

i
l

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

0967-100}

Year
and
month

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

(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
l
19, 26, 80}

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

(1967-100)

(1967=100)

(1967=100)

(1967-100)

940. Ratio,
coincident
index to
lagging index 1

(1967-100)

(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

B EMPLOYMENT AND UNEMPLOYMENT
l

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

ployees)

(Hours)

L, L, L

L, Lg,U

3. Layoff rate,
manufacturing

L, Lg, U

4. Quit rate,
manufacturing

(Per 100 em-

(Per 100 em-

(Hours)

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

ployees)

60. Ratio, helpwanted advertising to persons
unemployed

46. Index of
help-wanted
advertising
in newspapers

(Ratio)

(1967=100)

(Per 100 em-

ployees)

L, Lg, U

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

Comprehensive Unemployment

Comprehensive Employment-Con.

u,c,c

L, C, U

U, Lg, U

L, Lg, U

L, Lg, U

L, Lg, U

Lg, Lg( Lg

Lg, Lg, Lg

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.)

Year
and
month

c,c,c

42. Persons
engaged in nonagricultural
activities, labor
force survey

Timing Class

(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 . 7
IH/D /

c q

5 990

5

6
6

5 q

1 91
fi/Ld
c fiQ7

C

0

Q

c q

m/~? *o
^ q
9 Q
v*9 Q
9

Q

in R
[u\i n i
|n;iu.i
in?
in?

fu\i 1 . u
In/ n

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
3.1
1
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

82^6

October
November
December

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

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

79.65
81.31
E)83.09

44.70
45.17
D45.83

0)39.78
39.21
39.66

6.76

88!6

69
77

6.23

234.94
242.61
248.84

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

July
August
September .

38.67
40.11
41.45

D86.'7

...

62.61
65.54
68.14

85^9

April
May
June

82^6

86.*4

January
February
March ....

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

C,L,C

75. Index of industrial produc-

C, L,U

Revised 2

(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

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)

Reviskd 2

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

Il FIXED CAPITAL INVESTMENT-Con.
l

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

eaiea

9.55

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

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
....

C, Lg, Lg

69. Machinery
and equipment
sales and business
construction
expenditures

(Ann. rate,
bil.doL)

Year
and
month

C, Lg, Lg

61. Business
expenditures
for new plant
and equipment,
total

Timing Class

Residential Construction
Commitments and Investment

Business Investment Expenditures

(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

Lg, Lg, Lg

77. Ratio,
constantdollar inventories to
sales, mfg.
and trade
(Ratio)

L, Lg, Lg

78. Stocks of
materials and
supplies on
hand and on
order, mfg.
(Bil. dot.}

2

( )

1978

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

January
February
March

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
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.

U,L,L

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

(Percent)

Year
and
month

L, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income1 2

Timing Gloss .

(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

•30 QT

42 76

on eo

April
May . .
June

?fi RD

33 07
R 7fi

AQ OC

A** en

^1 QQ

October
November
December

9Q -30
on oc

on CA
A't o.£

26 23

I fi

28 88

3
01

4

CC

v~l fi 1 Q

npo'3

fl-jc

P

OT

2 00

242.76
pnn ZLR

2 /1 T
2 ^7

17

007

fQ\/ion ,KQ/I
[H/4^U boH

fu\p 1 p

[n/£ . i £

-jc

070

[PT^I ?R

70

OC/L 01 e

00

i 77 nn
1 07

?n ?n

A.r\ ^£

...

oq C7

73 7^

July
August
.
September

TOO

q/in pon

AA

ioD.^0
1 QC on
/ 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

^m
M ,5U 1

rrj\n 1 ,oyy
[H;p- 1 CQQ

QQA

0.70

yyy

QQQ

QQ"7

oy/
1 » 777
///
1

^Qfc

1 ,1 70
179

»uy/

1no7
1 q/i/i
1 , J44

m\ o noo
0}p2 s 022
i one
nl ,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

iU . n.7 /
1 n U
iU.Uo
1 n n£
i n no

9 . Jb
Q["

i u. oy

£,/
9 . 07
/1 fl
9 .46

10.01
i n^4
IU . o/i
in ^y
iu. PQ

[=Q
9 .58
9 . Ar
Ub

10.47
10.94

n

/l *3
.43

13. 77

9.49

9.26
AC
9 .45
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.

Outstanding Debt

Lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

116. Corporate
bond yields®

Tinning Class

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 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

8 90

9CQ

QA

i n Q/I

T J II ,Ubb
t O 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 .7C
1 1
/b

97/1 ocn
977

QQC

£.11 ,oob

1 07 7/]n
1 OO,d<lU
1 "5Q 99H

-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.

B
B 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)

967. Index of industrial
materials prices ®
(13 industrial materials)

1 -month
span

1-month
span

6-month
span

39.6
47.9
85.4

83.3
79.2

'49

91 .7

69.2
34.6
46.2

'50

87.5
54.2
83.3

87.5
87.5
85.4

"48

1 -quarter
span

4-Q moving

966. Index of industrial
production (24
industries)

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)
a. Actual
expenditures

Actual

b. Later
anticipations

c. Early
anticipations

973. Net sales, manufacturing
and trade 1 ®

972. Net profits, manufacturing
and trade 1 ®

971. New orders, manufacturing 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)

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)

(4-Qspan)

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

+

40.1

(48)

(72)

40.2

(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). .

Tallow

o 28.500
62,831

o 28.500
62.831

-

0.664
1.464

-

0.649
1.431

+

0.651
1.435

+

(pound). . +
(kilogram). .

Rubber

0 28.500
62.831

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

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.)'

Year
and
quarter

(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

234.4

102.9

269.5
r292.4

122.2
rl24.3

100.0

251.9

117.0
116.0

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

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

6.3

January
February . . . .
March

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
0,3
-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

B.6

-0.1

r-1.1
p-0.6

-0.3

0.1
-0.2

0.0

0.1

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
CL2

2.0

119.6
7.2

5.9

2.4

119.7
6.1

5.2

0.3

11SL8

-K6

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

ni!?

p5.2

plO.6

P 7.7

-2.5

-5,0

-3.8

. .

P 2.5

-0.6

-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.

R | GOODS AMD SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
H
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

United States
320. Index® 320c. Change
over 6-month
spans1

Year
and
month

Japan
738. Index® 738c. Change
over 6-month
spans1

France

735. Index®

735c. Change
over 6-month
spans1

(Ann. rate,
percent}

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

Revised2

(1967=100)

United Kingdom

736, Index® 736c. Change
over 6-month
spans1

732. Index® 732c. Change
over 6-month
spans1

West Germany

Revised2

(Ann. rate,
percent)

Revised2

(1967-100)

(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

32.19
30.32
32.38

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

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

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

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

..
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

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.. .

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

1948.. ,
1949...
1950...
1951...
1952.. .
1953...
1954...

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

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

1,990

2,563
3,734
3,229

3,038

2,306

1,354

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
5' 1
7.
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

Cycle
Expansion
(trough to
peak)

Peak from
previous
peak

Trough from
previous
trough

Trough

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
1
1
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

NOTE: Underscored figures are the wartime expansions (Civil War, World Wars I and I
and the full cycles that include the wartime expansions.
1
2

27 cycles.
1 1 cycles.

Source: National Bureau of Economic Research, Inc.

104




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

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

2.0

1.39
1.38
1.38
.1.41
1.42
1.45
1.46
1.42
1.37
1.41
rl.40
rl.38

rl.90

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

Feb.
1980

Jan.
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. Net business formation
ECO

12/79

57
MOMT"S

npv i-

FROM AT 1 O f !S
c nr

i r.

TPOITM

• 125

FROM

2/75

CURRF.HT MO' IT!
AMP
ACTUAL
PVTA Y F A R

120

S P R I G S 12

1967=100
133.8 12/73
131.3
1/79
132.1
2/79

• 115

3/79

• 110

f*P

30.5
28.1
28.9

1*1
sn

?9.3
27!7
27.3
27.7

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

f*7
ft!?

53.
52

29. New building permits, private
housing units

53
j't
55
5fl

• 240

-1-90

+ 80

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
37
53

Percent

+ 100

27.1
2T.3
23.3

t*/79

• 220

-It. 7
8. ft

115.1
130.9

• 180

ft 9
50
51
52

l.'t
8.2
9.6
2.2

122.5
130.7
132. 1*
123.1*

• 160

53
5f+
55
56

10.6
13.7
3.1
-15.6

133.fi
lf*3 .1*
121*. 6
102.0

+ 10

•16°

-30
• 80

-40
• 60

+ 120

t*/79

+100

S E R I F S 29
1957=100
115.1
130.9

• 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

+ 60

• 100

+ 40

2/79
3/79

1*7
1*8

• 100

• 140

57
53
59
MONTI'S
PROM

• 120

-10

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:

+160

8/79
9/79
10/79
11/79

• 140

-50

P«rc«nt

5/79
6/79
7/79

+ 20

-20

29. New building permits, private
housing units

0

2/79
3/79

+ 40

0

-

+ 140

f*7
1*3

+ 60

+ 30

• 105
1

S P R I F S 29
1967=100

• 200

+ 70

+50

- +5

• 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

,,n
51

+20

r>?_
57.

4/70r t
5/7
C/70
7/70

12.Cfi
C.57
-4.13

^> 4

r.j
sr

+10

1/70
2/70
3/7H

1fi! 0 2

nj.

-°.2n

57

+ 70

a/ 71
0/79

+50

11/70

-o.?o

12/70
1/Jif)

r|iRpcM7

flOMT"

PAT A

YrAR

+ 40

nry | _

""rnnM
innnrn

j/?y

+30

R^PtFS 3Gl
A T I . KATP

-10
4C
47
4^
'(i
30

ni

50. n?
55 .43
5 7> . ? 0
52 !s"7

53
5h
55

-20

5H.7"
5l!30

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°

+ 10

14. nc 7/7i
1 2 . a 3 jj/7q
n . 5 7 °/70
-P. 20

10/70
11/70

-0.52

t

13

-o.so

• -40

i/ an

-10

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

•165,000

+4

57. Manufacturing and trade sales,
1972 dollars
I

+ 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

• 140,000

• 135,000

• 130,000

•125,000

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

+ 16

46

+ 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

12/70

- 1;

40
47
4S

•160,000

iliiiiiliiniliiinliinimiiMiiiiiliiiiilimiIn nil in
0 +6+12 + 18+24+30+36+42+48 + 54

• -10

4/70
5/7"

S F f > t ^ S 57
M I L . PfU
12.7 1R0460
11. H 159177
15.3 164053

• 170,000

+8

•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

+ 16

•+30

+ 60

in/70

-0.52

rj "

Actual
data
for
current
cycle

Percent

M . PfU
20.28
22. 3 "
21.81

20. n n
14. 7a
14. on

4R
47
4?

-i +30

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

•H

13

75.0

IV/78

o.o

75.5

1/79

15

0.4

75.9

1 1/79

IB

0.3

75.8 1 ! 1/79

17

-J

-n.s

14

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

11/58

SRRIFS 084
PERCF.NT

- 90
15

IV/78

16

1/79

17

80

87.3

11/79

18

87.2

til/79

in

- 85

84. Rate of capacity utilization,
materials (FRB)

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
17.8

88.2

17.6

88.0

1/79

16

75

14
15

-

16.3

87.3

1 1/79

IV/78

17
1

-

70

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

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*

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

11/68*

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

2/79
2/79 '
6/79
2/79
1/80
4/78

966

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.

920
920c
940

10
39
11

60

930
930c

10
39

914
915
913
917
916
910

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.




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*

Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial materials prices
Industrial materials prices components
Industrial production

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

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

60*'*

D

1/72*

50
45

11/79
11/79

Tables

Historical Series
data descriptions
(issue date (issue date)

8
75

Nonresidential total constant dollars
Residential as percent of GNP
Residential, total, constant dollars

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

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

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

P
''
'th IVA rl (TA
Proprietors' income with IVA and CCA, pet. of nat'l. inc. .

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

n

Q
Quit rate, manufacturing

,

R
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

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

11/72

10/79

10/69*

6/69*
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

Current issue
(page numbers)

Series
number

285

11/79

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)

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