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USINESS
ONDITIONS
IGEST
tCH 1981




U.S. DEPARTMENT
Of COMMERCE
BUREAU OF
ECONOMIC ANALYSIS




U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
William A. Cox, Acting Chief Economist for the Department of Commerce

BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Charles A. Waite, Acting Associate Director Tor
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 a r e Barry 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
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System
Charles A. Waite, Bureau of Economic Analysis, U.S. Department of Commerce

ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides

a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Develop-

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

Annual subscription price: $55.00 domestic,
$68.75 foreign. Single copy price: $4.75
domestic, $5.95 foreign. Foreign airmail rates
are available upon request. Address all
correspondence concerning subscriptions to the

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional in-

formation 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.
Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402. Make
checks payable to the Superintendent of
Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

BUI

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 1981
Data Through February
Volume 21, Number 3

PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
r Al_]
LA2 j
| A3 j
; A4 j

THEIR C O M P O N E N T S
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Chart
10
12
14
15

Table
60
—
—
—

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
5_B2___j
j B.3. j
[_B4 I
j_JB5__j
[J36M

Employment and U n e m p l o y m e n t
Production and Income
C o n s u m p t i o n , Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits

16
19
21
23
26
28

61
63
64
65
68
69

L@zJ

Money and Credit

31

71

K B

DIFFUSION INDEXES
AND RATES OF CHANGE

: Cl j
|.._C2._j
LCa \

Diffusion Indexes
Selected Diffusion Index Components
R
ates of Change

36
—
39

74
77
—

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,
1983.

BCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
A2
A3
A5
_A6
A7
A8

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

Chart
40
41
42
43
44
45
46
47

PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity

48
49

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

51

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

52
53

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

56
57

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

58
59
59

PART III. APPENDIXES
A. MCD and Related Measures of Variability (January 1981 issue)
QCD and Related Measures of Variability (January 1981 issue)
B. Current Adjustment Factors (February 1981 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 (October 1980 issue)
F. Specific Peak and Trough Dates for Selected Indicators (June 1980 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

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,

Changes in this issue are as follows:

comparability, coverage,

1. Series 54 and 59 on Total retail sales in current
and constant dollars, respectively, have been revised by
the source agency for the period 1977 to date. These
revisions reflect (a) adjustments to levels derived from
the 1977 Census of Retail Trade and the 1978 and 1979 Retail
Trade Surveys and (b) the effect of corrections to Standard
Industrial Classification (SIC) 5983 (fuel oil dealers) and
SIC 5982 (fuel and ice dealers).

seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to

Other series (31, 36, 56, 57, 70, 71, and 77) affected
by the above-mentioned adjustments and corrections will be
revised at a later date.
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
the Census, Business Division (series 54) and Bureau of
Economic Analysis, Statistical Indicators Division
(series 59).
2. The series on U.S. exports excluding military aid
shipments (series 602) and U.S. general imports (series 612)
have been revised by the source agency for the period 1980
to date. These revisions reflect the incorporation of
statistics on trade between the U.S. Virgin Islands and
foreign countries.
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of
the Census, Foreign Trade Division.
(Continued on page iv.)
The April issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on May 1.



in

other series, changes
in composition of
indexes, etc.

3. The diffusion indexes for Newly approved capital appropriations,
deflated, in 17 manufacturing industries (series 965) have been revised
by the source agency for the period 1976 to date. These revisions reflect
revised deflators for this period.
Further information concerning these revisions may be obtained from
The Conference Board, Business Conditions Analysis Division, 845 Third
Avenue, New York, N.Y. 10022.
4. Appendix C contains historical data for series 6-9, 19, 28, 33,
36, 48, 60, 61, 66, 67, 110, 320, 322, 517, 557, 561, and 970.
5. Appendix G contains cyclical comparisons for series 43, 47, 64,
80, 106, 108, 913, and 917.




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
general1 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, al! 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



Part I. CYCLICAL INDICATORS
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
Business cycles have been defined as sequences
which contain considerable variation due to the
of expansion and contraction in various economic
number of working or trading days in each month.
processes that show up as major fluctuations in agAs used in this report, the term "seasonal
gregate economic activity—that is, in comadjustment" includes trading-day and holiday
prehensive measures of production, employment,
adjustments where they have been made.
income, and trade. While recurrent and pervasive,
Most of the series in this report are presented in
business cycles of historical experience have been
seasonally adjusted form and, in most cases, these
are the official figures released by the source definitely nonperiodic and have varied greatly in
agencies. However, for the special purposes of this duration and intensity, reflecting changes in
economic systems, conditions, policies, and
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a outside disturbances.
seasonally adjusted basis.
One of the techniques developed in business
cycle research and widely used as a tool for analyzMCD Moving Averages
ing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for to lead, coincide with or lag behind the broad
cyclical dominance) is an estimate of the appro- movements in aggregate economic activity. Such
indicators have been selected and analyzed by
priate span over which to observe cyclical
NBER in a series of studies published between
movements in a monthly series. (See appendix A.)
1938 and 1967. During the 1972-75 period, a new
It is the smallest span of months for which the
average change in the cyclical factor is greater than comprehensive review of cyclical indicators was
that in the irregular factor. The more erratic a carried out by the Bureau of Economic Analysis
series is, the larger the MCD will be; thus, MCD is 1 (BEA) with the cooperation of the NBER research
for the smoothest series and 6 for the most erratic. staff. The present format and content of part I of
BCD are based on the results of that study.
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 Section A. Composite indexes and
5-term moving average of a series with an MCD of 5 Their Components
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
All cyclical indicators have been evaluated acMCD of 1.
cording to six major characteristics: Economic
The charts in this report generally include significance, statistical adequacy, consistency of
centered MCD moving averages for those series timing at business cycle peaks and troughs,
with an MCD greater than 4. The seasonally conformity to business expansions and
adjusted data are also plotted to indicate their contractions, smoothness, and prompt availability
variation about the moving averages and to provide (currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
observations for the most recent months.
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.

1

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

\
N.

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

LEADING (L)
IN DICATOR5
(62 series)

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

II.
PRODUCTION
AND
INCOME
(10 series)

III.
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.
MONEY
AND CREDIT
(26 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)
(1 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(2 3 series)

Comprehensive
employment
(1 series)

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

Consumption
and trade
(4 series)

!
LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
(U)
(8 series)

Duration of
unemployment
(2 series)

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

Comprehensive
employment
(3 series)

Trade
(1 series)

Business
investment
commitments
(1 series)

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

Inventories on
hand and on
order
(4 series)

Unit labor costs
and labor share
(4 series)

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

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

Interest rates
(1 series)

B. Timing at Business Cycle Troughs
\ .

Economic
\Process

Cyclical^
Timing
N.

LEADING (L)
INDICATORS

1.
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

II.
PRODUCTION
AND
INCOME
(10 series)

III.
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.
MONEY
AND CREDIT
(26 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)

Inventory
investment
(4 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)

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

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

Consumption
and trade
(3 series)

Business
investment
commitments
(1 series)

Profits
(2 series)

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

Unfilled orders
(1 series)

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

Unit labor costs
and labor share
(4 series)

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

y* / senes)

DHI IPHI V
K \J \J \j» M L. Y

COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

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

Inventories on
hand and on
order
(5 series)

OT

unemployment
(5 series)

TIMING
UNCLASSIFIED
(U)
(1 series)




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
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in t i m i n g .
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1977

Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are five indexes based on leading indicators which
have been grouped by economic process. Taken
together, these additional indexes include all 12
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident



indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the post-1970 period
can be determined by inspection of the charts
where the 1973-75 recession is shaded according
to the dates of the NBER reference cycle
chronology.

Section B. Cyclical Indicators by Economic Process
This section covers 111 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 19
series at all turns (of the 19, 15 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,

August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1977

Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and ior four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.

Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
This part is divided into six sections which cover in the physical volume of inventories held by
a wide range of quarterly and monthly time series private business. The former include all private
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
(A4)
is the compensation of government employees
still others relate to U.S. international transactions
and
purchases
from business and from abroad. It
or to selected foreign countries. The represented
excludes
transfer
payments, interest paid by
variables include incomes, outputs, and
government,
and
subsidies.
It includes gross
expenditures; prices, earnings, and productivity;
investment
by
government
enterprises
but excludes
labor resources; government receipts,
their
current
outlays.
It
includes
net
purchases
of
expenditures, and defense-related activities; exused goods and excludes sales and purchases of
ports and imports; and selected indicators for a few
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts, included in the components of GNP and are
compiled by BEA, summarize both receipts and therefore deducted. More detail on U.S.
final expenditures for the personal, business, international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product, originate in the production of goods and services
final sales, and personal and disposable personal attributable to labor and property supplied by
income. The four major components of the gross residents of the United States. Thus, it measures
national product—personal consumption the factor costs of the goods and services proexpenditures, gross private domestic investment, duced. It consists of the compensation of
government purchases of goods and services, and employees, proprietors' income, rental income of
net exports of goods and services—are presented in persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and
the Survey of Current Business, Part I,
government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market major expenditure components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the percentages of GNP, and the major income
United States, before deduction of allowances for components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
The important data on price movements include
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary the monthly consumer and producer price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
less personal contributions for social insurance.
the GNP implicit price deflator (with weights
Disposable personal income is the personal reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business prodpayments to government.
uct. Data on both levels and percent changes are
Personal consumption expenditures (A2) is presented for the period since 1969.
The group of series on wages and productivity
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
cluded.

Part II. OTHER IMPORTANT ECONOMIC
MEASURES




4

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

Basic Data

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.).

Diffusion Indexes
IOC-i

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.

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.

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

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

Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman number indicates
latest quarter used in computing the changes.

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


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
classification 3

Series title

Unit
of
measure
1979

1. C Y C L I C A L I N D I C A T O R S
A. Composite Indexes

Percent change

Average
1980

2dQ
1980

3d Q
1980

4th Q
1980

Dec.
1980

Jan.
1981

Dec.
to
Jan.
1981

Feb.
1981

Jan.
to
Feb.
1981

2dQ
to
3d Q
1980

,_
3d Q
to
4th Q
1980

E

M

|
i

910. Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators

,

L,L,L
C.C.C
Lg,Lg,Lg

1967=100 . .
do. . . .
.....do. . . .

140.1
145.1
166.4

131.7
140.4
176.8

124.7
138.4
182.7

131.6
137.2
163.2

137.2
141.2
178.1

137.5
142.0
190.6

136.9
142.4
189.0

136.3
141.9
185.3

-0.4
0.3
-0.8

-0.4
-0.4
-2.0

L,L,L
L.L.L
L.L.L
L.L.L
L L L

do.
do.
do.
do.
do

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

96.8
113.5
105.9
91.7
145.5

93.4
107.4
101.1
NA
135.9

89.4
104.1
98.9
89.0
129.6

92.9
107.6
99.9
91.2
136.6

95.5
108.2
103.3
NA
139.9

96.0
108.6
103.0
NA
139.4

95.8
108.7
101.5
NA
140.4

95.0
107.0
103.8
NA
140.1

-0.2
0.1
-1.5
NA
0.7

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 (inverted4)
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 . .
4. Quit rate, per 100 employees, mfg.2

L.L.L
L.C.L
L.L.L
L.C.L
L.L.L
L,Lg,U

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

40.2
3.3
4.0
381
1.1
2.0

39.7
2.8
3.6
484
1.9
1.5

39.4
2.7
3.1
607
3.1
1.4

39.3
2.6
3.6
513
1.7
1.3

39.9
2.9
3.7
411
1.2
1.4

40.1
3.1
3.6
394
1.1
1.5

40.4
3.1
3.5
415
1.2
1.5

39.8
2.9
3.6
402
1.4
1.5

Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
46. Help-wanted advertising

L,Lg,U
L,Lg,U

Ratio
1967=100...

0.786
158

0.520
129

0.454
116

0.448
119

0.491
130

0.497
130

0.486
128

U.C.C

A.r., bil. hrs..
Thousands. .
do. . . .
do. . . .

169.72
93,648
89,886
26,504

169.96
93,960
90,652
25,857

169.20
93,758
90,489
25,763

168.17 1 7 0 . 4 1 171.22
93,769 93,925 93,888
90,131 90,932 91,125
25,317 25,780 25,892

Percent

59.25

58.51

58.49

58.27

58.18

Thousands. .
Percent
do. . . .
Weeks
Percent

5,963
5.8
2.9
10.8
1.2

7,448
7.1
3.9
11.9
1.7

7,652
7.3
4.2
11.2
1.6

7,921
7.5
4.3
12.4
2.0

ccc
c.c.c
c.c.c

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

1483.0
1197.4
1043.8

1480. 7
1207.5
1043.2

1463.3
1194.8
1036.2

c.c.c

do

247.2

231.0

c.c.c
c.c.c

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

152.5
146.4
164.0
674.5

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

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

5.5
-0.9
-10.7

4.3
2.9
9.1

91
92
93

-0.8
-1.6
2.3
NA
-0.2

3.9
3.4
1.0
2.5
5.4

2.8
0.6
3.4
NA
2.4

91
91
91
91
91

0.7
0.
-0.1
-5.3
-0.1
0.

-1.5
-0.2
0.1
3.1
-0.2
0.

-0.3
-0.1
0.5
15.5
1.4
-0.1

1.5
0.3
0.1
19.9
0.5
0.1

0.495
129

-0.011
-1.5

0.009
0.8

-0.006
2.6

0.043
9.2

172.89
94,294
91,499
26,042

171.16
94,646
91,550
25,960

1.0
0.4
0.4
0.6

-1.0
0.4
0.1
-0.3

-0.6
0.
-0.4
-1.7

1.3
0.2
0.9
1.8

4
4
4

58.11

58.30

58.38

0.19

0.08

-0.22

-0.09

9

7,897
7.5
3.8
13.5
2.2

7,785
7.4
3.5
13.5
2.3

7,847
7.4
3.4
14.4
2.2

7,754
7.3
3.2
14.4
2.1

-0.8
0.
0.1
-6.7
0.1

1.2
0.1
0.2
0.
0.1

-3.5
-0.2
-0.1
-10.7
-0.4

0.3
0.
0.5
-8.9
-0.2

3
4
4
9
4

1471.9
1207.6
1035.6

1485.6
1220.0
1050.4

1222.7
1054.2

1227.3
1054.6

1220.9
1053.1

0.4
0.

-0.5
-0.1

0.6
1.1
-0.1

0.9
1.0
1.4

5
5
5

228.4

226.0

231.0

232.1

234.8

232.5

1.2

-1.0

-1.1

2.2

5

147.1
136.6
161.1
665.2

144.6
133.9
158.3
658.1

142.1
129.8
157.3
657.5

149.1
138.5
163.4
662.9

150.9
140.5
165.1

151.5
141.1
165.2

150.8
139.9
165.1

0.4
0.4
0.1

-0.5
-0.9
-0.1

-1.7
-3.1
-0.6
-0.1

4.9
6.7
3.9
0.8

4
7
7
4

85.6
82
87.4

79.0
78
79.8

77.9
76
78.7

75.7
76
74.9

79.2
78
80.0

-2.2
0
-3.8

3.5
2
5.1

8
8
8

77.20
41.40
36.46
3.26
267.88
63

76.34
36.88
32.80
0.99
279.75
40

68.73
33.69
29.48
- 1 . 50
270.38
33

75.14
35.98
32.13
1.41
274.62
35

81.46
38.13
34.32
1.71
279.75
45

82.65
38.39
34.00
2.62
279.75
47

81.34
37.74
32.62
1.08
280.82
46

81.70
37.77
34.14
0.89
281.71
50

-1.6
-1.7
-4.1
-1.54
0.4
-1

0.4
0.1
4.7
-0.19
0.3
4

9.3
6.8
9.0
2.91
1.6
2

8.4
6.0
6.8
0.30
1.9
10

2
9
3

6.1
3.0
3.1
3.3
0.8
12.6
6.3

5
5
7
5
5
5

2.1
6.4

1
1

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

Comprehensive Employment:
48. Employee hours in nonagri. establishments . . .
42. Persons engaged in nonagri. activities
* 4 1 . Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age2

u.c.c
C.C.C
L.C.U
U,Lg,U

Comprehensive Unemployment:
37. Total unemployed (inverted4)
L,Lg,U
43. Unemployment rate, total (inverted 4 ) 2
L,Lg,U
45. Avg. weekly insured unemploy-rate (inv. 4 ) 2 . . L,Lg,U
4
* 9 1 . Avg. duration of unemployment (inverted ) . . Lg,Lg,Lg
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 . . Lg,Lg,Lg

2

4

4

B2. Production and Income
Comprehensive Output and Income:
52. Personal income in 1972 dollars
* 5 1 . Pers. income less transfer pay., 1972 dollars . .
53. Wages and salaries in mining, mfg., and construction 1972 dollars
Industrial Production:
*47. Industrial production, total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars

C.L.L

c.c.c

Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
84. Capacity utilization rate, materials, FRB

L.C.U
2

L.C.U

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods2
96. Mfrs.' unfitted orders, durable goods5
*32. Vendor performance2 (u)
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars . .
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores, 1972 dollars
55. Personal consumption expend., autos
58. Index of consumer sentiment ®

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

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

c.c.c
c.c.c
C.L.C
C.L.U
U.L.U
L.C.C
L.L.L

Bil. dol
do. .. .
1967=100...
Mil. dol
do. . . .
A.r., bil. dol.
1 Q 1966=100

288.22
159.46
150.8
74,529
45,172
65.3
66.0

310.61
153.35
145.5
79,721
43,660
61.8
64.4

293.89 310.16 329.10
148.15 151.21 155.77
143.3
147.4
143.0
76,741 79,980 82,586
42,649 43,461 43,796
50.7
66.1
58.7
54.4
72.1
67.8

332.48
156.12
147.7
83,443
43,964

338.74
156.36
147.4
85,720
44,880

NA
NA
146.5
86,622
44,859

1.9
0.2
-0.2
2.7
2.1

NA
NA
-0.6
1.1
0.

64.5

71.4

66.9

10.7

-6.3

5.5
2.1
-0.2
4.2
1.9
15.8
24.6

L.L.L
L.L.L

1967=100...
Number. . . .

131.7
43,714

121.2
44,337

117.7
41,394

122.5
48,297

NA
NA

NA
NA

NA
NA

NA
NA

0.2
7.8

...
...
...
EOP

5

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




117.9
44,604

120.4
47,470

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

Timing
classification3

Unit
of
measure

Average
2dQ
1980

1979

3d Q

Jan.
1981

4th g
1980

Dec.
to
Jan.
1981

Feb.
1981

Jan.

2dQ

Feb.
1981

3dQ
1980

3dQ

to
4th Q

I. C Y C L I C A L I N D I C A T O R S - C o n .
B4. Fixed Capital Investment—Con.
Business Investment Commitments:
10. 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
11. 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

25.47

24.68

22.77

24.23

25.96

26.60

27.39

24.10

3.0

14.65
21.64

13.25
21.30

12.36
20.57

13.06
20.61

13.55
21.38

13.85
21.67

14.16
24.51

12.55
20.96

2.2
13.1

-11.4
-14.5

12.68

11.72

11.36

11.42

11.51

11.67

12.89

11.17

10.5

-13.3

0.5

0.8

90.52
22.20
76.66

77.96
26.38
91.85

70.62
25.86
87.94

69.50
24.29
89.72

85.24
25.89
91.85

97.45

78.70

84.41

-19.2

7.3

-1.6
-6.1
2.0

22.6
6.6
2.4

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

270.46 295.63 2 9 4 . 3 6 296.23 299.58

0.6

1.1

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

271.93 298.01 292.55 294.14 304.95 306.74 317.28
171.3 173.3 172.0 170.3 174.8 1 7 7 . 5
178.3
163.3 158.4 156.1 155.5 157.0

NA
177.7

3.4
0.5

NA
-0.3

0.5
-1.0
-0.4

3.7
2.6
1.0

1,218
94.1

5.2
-0.6

-24.6
-5.1

31.8
54.5
3.7

10.4
-5.6
13.2

-6.3

-2.2

-4.79
75.0
-1.24

NA
NA
NA

-4.34
-1.6
2.09

12.91
-21.3
0.96

1.1
0.

NA
NA
NA

1.7
-0.2

0.5
-0.5
-1.5

L,L,L
do. . . .

L,L,L
L,L,L

do. . . .

L,L,L

do. . . .

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

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

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

1,745
123.8
59.1

1,292
95.5
48.1

1,055
72.5
43.1

1,390
112.0
44.7

1.3

-5.0

-7.2

-9.35 -13.69
31.7
30.1
-1.84
0.25

-0.78
8.8
1.21

1,535
105.7
50.6

1,535
99.8

1,615
99.2

-0.88
-14.6
1.35

-5.67
60.4
0.11

6.4

7.1

5.7
0.2

3.8
3.7

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
31. Chg. in book value, mfg. and trade invent.2 .
38. Chg. in 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 dollars2
78. Materials and supplies, stocks on hand and on
order5

do.

L,L,L
L,L,L
L.L.L
L,L,L

do.
do.
Bil. dol. .

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

10.2

-2.9

10.49
46.2
2.56

-9.57
30.0
0.42

426.80 456.77 447.03 454.57 456.77 456.77 461.80
265.44 262.97 264.73 264.24 262.97 262.97 263.09
70.53

75.58

76.61

76.76

75.58

75.58

75.38

1.66

1.73

1.79

1.75

1.69

1.68

1.68

NA
NA
NA

-0.3

0.2

NA

L,Lg,Lg Bil. dol., EOP

-0.06
-0.04

NA
199.20 204.27 199.90 200.63 204.27 204.27 204.38

B6. Prices, Costs, and Profits

NA
0.
NA
0.1

1.8
0.4

Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23. Spot market prices, raw industrials @

L.L.L
U.L.L

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

L.L.L

Profits and Profit Margins:
16. Corporate profits after taxes
18. Corp. profits after taxes, 1972 dollars . . . . . .
79. Corp. profits after taxes with IVA and CCAdj . .
80
do
in 1972 dol...
15. Profits (after taxes) per dol. of sales, mfg.2 .,
26. Ratio, price to unit labor cost, nonfarm bus . . .

UL.L
UL.L
L.C.L
L.C.L
L.L.L
UL.L

A.r., bil. dol.
. . . . . d o . ...
do. ..,
do. ...
Cents
1977=100..

167
99.6
109
65.5
5.7
96.8

163.1
88.8
100.3
55.1
NA
96.3

146.5
80
97
54
4.4
95.8

159.1
85
99
54
4.6
96.5

164.1
86.5
97.9
52.1
NA
96.4

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. ..

2 57.1
149.1

265.4
141.8

246.1
132.2

262.9

271.8
141.0

Lg,Lg,Lg 1977 = 100..

119.9

132.4

131.3

137.3

2.0

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

1.092
175.8

1.196
195.1

1.193
194.6

1.203
200.9

1.230
200.0

2.2
-0.4

75.8

75.3

75.4

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

Percent
1967=100...

1.98
293.0

1.43
298.0

0.29
282.6

1.14
289.3

2.03
301.3

1.70
298.4

0.92
291.6

2.32
284.2

-0.78
-2.3

1.40
-2.5

0.85
2.4

103.01 118.78 108.40 123.28 133.12 1 3 3 . 4 8 132.97 128.40

-0.4

-3.4

13.7

Lg,Lg,Lg Percent. . . .

200.2

0.89
4.1

6.5
1.6
-0.2
0.2
0.7

3.1
1.2
-1.5
-3.5
NA
-0.1

6.8
4.8

3.4
1.7

205.0

1.2

1.2

0.8
3.2

-0.76
0.17
0.02
-0.7
-0.3

0.53
0.47
0.06
1.7
2.1

-1.08
-0.59
0.18
-0.3
-0.8

•0.053
•0.010

0.053
0.014

36.75
35.83
26.95
70.6

20.28
11.38
11.26
20.5

B7. Money and Credit
Money:
85. Change in money supply (M1-B)2
102. Change in money supply (M2) 2
*104. Chg. in total liquid assets (smoothed 6 ) 2
105. Money supply (M1-B), 1972 dollars
•106. Money supply (M2), 1972 dollars

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

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

Velocity of Money:
107. Ratio, GNP to money supply (M1-B)2
108. Ratio, pers. income to money supply (M2) 2 ,

C.C.C
C,Lg,C

Ratio

Credit
33.
112.
113.
110.

UL.L
UUL
UL.L
UL.L

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

Flows:
Change in mortgage debt2
Change in business loans2
Change in consumer installment credit2
Total private borrowing




do. ..

0.60
0.71
0.97
215.8
846.5

0.74
0.77
0.75
202.1
813.0

0.87
0.71
0.68
198.7
802.8

1.40
1.18
0.74
202.1
819.4

0.32
0.59
0.92
201.4
813.0

-0.75
0.16
0.94
198.9
808.0

1.02
0.47
1.04
199.5
805.9

0.26
0.64
1.06
198.1
803.4

1.77
0.31
0.10
0.3
-0.3

1.323

6.592
1.348

6.612
1.349

6.559
1.339

6.612
1.353

1.360

1.367

1.367

0.007

73.04
41.82
19.43

64.64
NA -8.40
NA
0.07 -12.80 -41.75 -12.87
10.43
NA -9.00
NA

86.08 60.85
24.97 61.72 8 2 . 0 0
22.
19.66 -11.45 24.38 3 5 . 7 6
38.69
2.90 -25.57
1.38
12.64
356.98 284.12 165.71 282.74 3 4 0 . 7 2

0.

Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
Basic data1
Timing
classification 3

Series title

Unit
of
measure

Percent change

Average
1979

1980

2dQ
1980

3d Q
1980

4th Q
1980

Dec.
1980

Jan.
1981

Dec.
to
Jan.
1981

Feb.
1981

Jan.
to
Feb.
1981

2dQ
'to
3d Q
1980

3d Q
to
4th Q
1980

|
8

M

1. C Y C L I C A L I N D I C A T O R S - C o n .
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures ( i n v . 4 ) ©
39. Delinquency rate, instal. loans (inv. 4 ) 2 5 . . . .

L,L,L
L,L,L

Mil.dol
Percent, EOP

222.28
2.64

NA
2.57

415.33
2.74

598.01
2.70

NA
2.57

NA
2.57

NA
NA

NA
NA

NA
NA

NA
NA

-44.0
0.04

NA
0.13

I
3

3ank Reserves:
93. Free reserves ( i n v e r t e d 4 ) 2 ©
94. Borrowing from the Federal R e s e r v e 2 ©

L,U,U
L,Lg,U

Mil.dol
do. . . .

-1,131
1,338

-1,141
1,420

-1,088
1,284

-508
788

-1,269
1,703

-1,587
1,617

-913
1,405

-1,076
1,278

-674
-212

163
-127

-580
-496

761
915

9
9

Interest Rates:
119. Federal funds r a t e 2 ©
114. Treasury bill r a t e 2 ©
115. Treasury bond y i e l d s 2 ©
116. Corporate bond y i e l d s 2 ©
117. Municipal bond y i e l d s 2 ©
118. Mortgage yields, r e s i d e n t i a l 2 ©
67. Bank rates on short-term bus. l o a n s 2 ©
*109. Average prime rate charged by b a n k s 2 ©

L,Lg,Lg
CLg,Lg
C,Lg,Lg
Lg,Lg,Lg
U,Lg,Lg
Lg,Lg,Lg
Lg,Lg,Lg
Lg,Lg,Lg

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

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

11.19
10.04
8.74
10.05
6.52
10.89
13.18
12.67

13.36
11.61
10.81
12.77
8.60
13.42
15.17
15.27

12.69
10.05
10.02
12.03
7.95
12.43
17.75
16.32

9.84
9.24
10.43
12.18
8.58
13.40
11.56
11.61

15.85
13.71
11.64
13.88
9.62
14.31
15.71
16.73

18.90
15.66
11.89
14.38
10.20
14.08

19.08
14.72
11.65
14.01
9.68
14.23

15.93
14.90
12.23
14.60
10.10
14.79

0.18
-0.94
-0.24
-0.37
-0.52
0.15

-3.15
0.18
0.58
0.59
0.42
0.56

20.16

19.43

-0.19

-0.73

6.01
4.47
1.21
1.70
1.04
0.91
4.15
5.12

11
11
11
11
11
11
6

20.35

-2.85
-0.81
0.41
0.15
0.63
0.97
-6.19
-4.71

Lg.Lg.Lg

Bil.dol., EOP

303.58

306.47

302.97

303.31

306.47

306.47

307.34

NA

0.3

NA

0.1

1.0

6

Lg,Lg,Lg
Lg,Lg,Lg

Bil.dol
Percent

147.06
14.79

163.77
14.14

160.17
14.44

162.81
13.86

170.94
13.52

174.27
13.46

174.27
13.37

173.21
NA

0.
-0.09

-0.6
NA

1.6
-0.58

5.0
-0.34

7
9

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

162.8
217.4
1.0
234.5

177. 4

175. 3
245.0
0.9
249.4

179.2
249.6
0.6
257.5

183.8

246.8
1.0
254.6

256.2
1.0
267.4

258.4
1.0
270.2

260.5
0.7
269.8

263.2
1.0
270.6

0.8
-0.3
-0.1

1.0
0.3
0.3

2 2
1.9
-0.3
3.2

2 6
2.6
0.4
3.8

31
32
32
32

do.
do.
do.
do.
do.

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

235.6
282.2
242.8
216.7
215.7

268.7
304.3
280.3
239.6
248.9

264.2
285.8
276.5
236.9
244.8

272.9
314.3
283.3
242.9
253.5

278.8
327.2
290.2
249.0
258.3

280.3
325.3
293.3
250.6
259.4

283.5
322.1
296.8
253.0
261.5

286.9
331.4
297.9
255.8
263.6

1.1
-1.0
1.2
1.0
0.8

1.2
2.9
0.4
1.1
0.8

3.3
10.0
2.5
2.5
3.6

2.2
4.1
2.4
2.5
1.9

33
33
33
33
33

do. . . .

229.8

250.6

248.5

253.8

260.2

261.8

264.2

265.6

0.9

0.5

2.1

2.5

34

do. . . .
1977 = 100...
do. . . .
do. . . .

105.6
118.6
99.1
99.4

101.7
130.1
95.7
99.0

101.5
128.7
95.5
98.8

101.8
131.6
95.9
99.2

101.2
134.7
95.3
98.7

100.8

100.9

100.5

0.1

-0.4

0.3
2.3
0.4
0. 4

-0.6
2.4
-0.6
-0 . 5

34
34
34
37

102.91
96.94
5,963
2,223
2,213
1,528

104.72
97.27
7 , 448
3,261
2,547
1,640

104.69
97.04
7 , 652
3,440
2,554
1,658

104.98
97.06
7,921
3,631
2,600
1,689

105.17
97.28
7,897
3,496
2,734
1,667

105.07
97.28
7,785
3,425
2,750
1,610

105.54
97.70
7,847
3,352
2,750
1,744

105.68
97.93
7,754
3,312
2,680
1,762

0.4
0.4
0.8
-2.1
0.
8.3

0.1
0.2
-1.2
-1.2
-2.5
1.0

0.3
0.
3.5
5.6
1.8
1.9

0.2
0.2
-0.3
-3.7
5.2
-1.3

44
44
3
44
44
44

79.8
50.6
58.1

79.4
51.4
56.9

79.6
51.4
57.0

79.4
51.5
56.4

79.2
51.4
56.4

79.0
51.4
56.0

78.8
51.8
57.0

78.7
51.9
57.0

-0.2
0.4
1.0

-0.1
0.1
0.

-0.2
0.1
-0.6

-0.2
-0.1
0.

45
45
45

494.4
509.2
-14.8
351.2
324.4
26. 7

540. 8
602.0

520.9
587. 3
-66.5
373.9
350.0
23.9

540. 8

573.1

615.0
-74.2

641.1
-68.0
403.3
366.3
37.1

Outstanding Debt:
66. Consumer installment credit5
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
*95. Ratio, consumer install, credit to pers. income2 .

10

II. OTHER I M P O R T A N T ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310
320.
320c.
322
330.
331.
332.
333
334.

Implicit price deflator GNP
Consumer prices (CPI), all i t e m s ©
Change in CPI, all items, S/A2
CPI, food
Producer prices (PPI), all commodities ©
PPI, crude materials
PPI, intermediate materials
PPI capital equipment
PPI, finished consumer goods

|

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.. .j
346. Real avg. hourly comp., nonfarm business . . .
370 Output per hour, private business sector
C. Labor Force, E m p l o y m e n t , and
Unemployment
441.
442.
37.
444.
445.
446.
Labor
451.
452.
453.

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age

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

Force Participation Rates:
Males, 20 years and over 2
Females, 20 years and over 2
Both sexes, 16-19 years of age2

Percent
do. . . .
do. . . .

D. Government Activities
D 1 . Receipts and Expenditures
501
502
500.
511.
512.
510

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

517.
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. . . .

-61.2
384.0
355.0
29.1

386.8
358.2
28.6

...

...

3 8
4. 7
-7.7
3.5
2.3
4 . 7

6 0
4.2
6.2
4.3
2.3
8. 5

50
50
50
51
51
51

-0.7
-1.9
11.4
2.1

4.4
NA
-7.5
7 . 8

51
52
54
56

2.8

1.8
3.3
-2.8
4.9
12.6
-1.8

60
60
60
61
61
61

D 2 . Defense Indicators
Mil.dol
do. . . .
do. . . .
A.r., bil.dol.

11,141 13,392 13,416
5,356
NA
7,413
3,284
4, 591
4,577
128.7
111. 2
131.7

13,319
7,270
5,113
131.4

13,905
NA
4,729
141.6

15,825
NA
5,825

NA
NA
4,193

NA
NA
5,645

NA
NA
-28.0

NA
HA
34.6

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

15,136
2,886
3,009
17,195
4,676
1,853

18,390
3,435
3,788
20,417
6,139
2,030

18,727
3,480
4,081
19,597
5,384
2,171

19,060
3,596
3,968
20,548
6,060
2,133

19,251
3,838
3,819
21,436
6,254
1,897

18,825
4,295
4,058
23,194
7,359
2,264

NA
NA
NA
NA
NA
NA

-2.2
11.9
6.3
8.2
17.7
19.3

NA
NA
NA
NA
NA
NA

E. U.S. International Transactions
E 1 . 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




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

18,218
3,247
3,711
20,235
6,329
1,851

7.2
10.0
-3.2
-14.9
17.3

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

Series title

Unit
of

Average

1st Q
3dQ
1979

4th Q
1979

1st Q

2dQ
1980

3d Q
1980

4th Q
1980

2dQ
1980

2dQ
to
3d Q

3d Q
to
4th Q
1980

II. O T H E R I M P O R T A N T E C O N O M I C
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618.
620.
622.
651.
652.
668.
669.
667.

Merchandise exports
Merchandise imports
Merchandise trade balance2
Income on U.S. investments abroad
Income on foreign investment in the U.S
Exports of goods and services
Imports of goods and services
Balance on goods and services2

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

do.
do.
do.
do.

35,514
43,953
-8,440
10,743
5,518
55,260
57,560
-2,301

517
864
346
492
365
630
390
240

55,445
62,284
-6,838
19,008
10,874
85,222
83,452
1,770

47,207
54,259
-7,052
18,050
8,731
74,782
72,268
2, 514

239
397
158
407
524
307
490
183

54,604
65,452
10,848
20,824
10,762
85,521
86,330
-809

54,605
181 56,391
62,108
039 62,536
-7,503 -2, 858 -6,145
16,620
756 19,830
10,518
700 11,514
81,767 86, 015 87,586
82,882
995 84,603
-1,115
020 2,983

1436.9
2156.1
1423.0
1462.9
981.5
6,568
4,487

1483.0
2413.9
1472.9
1641.7
1011.5
6,721
4,584

1480.7
2626.1
1483.6
1821.7
1018
6,646
4, 571

1488.2
2444.1
1480.6
1663.8
1015.7
6,737
4,598

1490.6
2496.3
1491.3
1710.1
1017.7
6,731
4,596

1501.9
2571.7
1502.8
1765.1
1021.0
6,767
4,600

1463.3
2564.8
1462.0
1784.1
1008.2
6,578
4,532

0.
-5.1
3,345
-20.2
-2.3
-4.4
-4.0
-306

2.9
0.4
5.9
-4.9
4,645 -3,287
12.9
5.7
7.6
1.7
1.8
5.2
5.8
-3.5
7,135 -3,037

618
620
622
651
652
668
669
667

A. National Income and Product
A 1 . G N P a n d Personal Income
50.
200.
213.
224.
225.
217.
227.

GNPin 1972dollars
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. .

1471.9
2637.3
1476.9
1840.6
1018.5
6,597
4,565

1485.6
2730.6
1492.7
1897.0
1025.8
6,640
4,585

-2.6
-0.3
-2.7
1.1
-1.3
-2.8
-1.5

904
930.9
935.1 933.4 941.6 943.4 919.3 930.8 Q46
146
146.6
135.8 146.7 146.0 145.4 126.2 132.6 139.1
345.7
354.6
358.4 355.4 3 6 1 . 3 361.5 356.6 354.9 360.4
412
429.6
440
434.3
431.3
436.5 436.5 443.3 447.3
1348.7 1510.9 1672
1529.1 1582.3 1631.0 1626.8 1682.2 1751.0
199.3
212.3
211.9 213.3 2 1 6 . 1 220.9 194.4 208.8 223.3
529
602.2
675.7 611.5 639.2 661
664.0
674.2 703
727.0
619.6
696.3
785.2 7 0 4 . 3
749.0 768.4 799.2 824.2

-2.6
-13.2
-1.4
0.
-0.3
-12.0
0.4
2.6

1.3
5.1
-0.5

200.5
207.6
-7.2
397.7
415.1
-17.4

3.5
1.1
3.1

3.2
1.0
0.3

50
200
213
224
225
217
227

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

Total, 1972 dollars
Durable goods, 1972 dollars
Nondurable goods, 1972 dollars
Services, 1972 dollars
Total, current dollars
Durable goods, current dollars
Nondurable goods, current dollars
Services, current dollars

A.r., bil.dol.

do. .
do. .
do. .

do. .
do..

do. .
do. .

1.5
4.0

1.7
4.9
1.5
0.9
4.1
6.9
4.3
3.1

231
233
238
239
230
232
236
237

-8.2
-9.1
2.2
-5.9
-7.2
4.9

-2.6
0.5
-6.3
-3.5
2.5
-23.4

2.7
3.7
-2.2
5.5
5.6
-1.4

241
243
30
240
242
245

289.8
107.4
182.4
558.6
212
346.6

0.6
2.9
-0.7
2.6
4.6
1.4

-1.3
-3.4
0.1
0.7
-1.9
2.2

157.4
108.9
48
346
322
23.3

-6.0
1,
-1,
-3.9
8.9

0.
-5.6
5.9
2.7
-5.8
27.4

-1.9
5.9
-9.1
1.1
8.3
-21.2

256
257
255
252
253
250

1745.4 1963.3 2121.4 1986.2 2031.3 2088
2070.0 2122.4 2204.5
1299.7 1460.9 1596.5 1476.7 1518.1 1558.0 1569.0 1597.4 1661.8
117.1 131.6 130.6 132.9 136.3 133.7 124.9 129.7 134.0
185.5 196.8 182.6 199.5 189.4 200
169.3
177.9
183.0
27.4
30.5
31.
30
31.0
31
31.5
32.0
32.4
115.8 143.4 179.
146.8 156.5 165.4 1 7 5 . 3 185.3 193.3

-0.9
0.7
-6.6
-15.4
1.0
6.0

2.5
1.8
3.8
5.1
1.6
5.7

3.9
4.0
3.3
2.9
1.2
4.3

220
280
282
286
284
288

-2.5
-0.3
27.3
-32.9
1.3

1.9
2.7
1.3
-3.1
-0.1

1.1
1.3
-12.4
14.7
-1.0

290
295
292
298
293

A3. Gross Private Domestic Investment
241.
243.
30.
240.
242.
245.

Total, 1972 dollars
Total fixed investment, 1972 dollars
Change in business inventories, 1972 dol. 2 . .
Total, current dollars
Total fixed investment, current dollars
Chg. in bus. inventories, current dol. 2

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

..do.
..do.

229.7
215.8
14.0
375.3
353.2
22.2

232.6
222.5
10.2
415.8
398.3
17.5

203.6
206.6
-2
395.3
401.2
-5.9

232.6
225.0
7.6
421.7
408.3
13.3

221.5
222.2
-0.7
410.0
410.8
-0.8

218.3
219.2
-0.9
415.6
413.1
2.5

200.5
199.2
1.3
390.9
383.5
7.4

277.8
99.8
178.0
432.6
153.4
279.2

281.8
101.7
180.1
473.8
167.9
305.9

290.0
108
181.9
534.7
198.9
335.8

281.1
99.9
181.2
475.4
165.1
310.4

285.3
103.1
182.2
496.4
178.1
318.3

290.1
107.6
182.5
516.
190.0
326.8

291.9
110.7
181.2
530.0
198.7
331.3

127.5
103.0
24.6
219
220
-0.6

146.9
109.2
37.7
281.3
267.9
13.4

161.1
109.1
52.0
339.
316.
23.3

151.3
110.2
41.1
293.1
275.2
17.9

154.8
112.6
42.2
306.3
298.7

165.9
115
50
337.3
329.1
8.2

160.5
108.9
51.7
333.3
316.2
17.1

195.3
200.2
-5.0
377.1
393.2
-16.0

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 . .

do.

do.
do.
do.

do.
do.

106.9
181.3
194.9
338.6

261
263
267
260
262
266

A 5 . 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.
do.

do.
do.
do.
do.

7.6

160.5
102.8
57.6
342.4
297.9
44.5

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

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

290.
295.
292.
298.
293.

Gross saving (private and govt.)
Business saving
Personal saving
Government surplus or deficit 2
Personal saving rate2

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

..do.
..do.

A7. Saving
..do.
..do.
..do.
do.
Percent . . .

355.2
279.1
76.3
-0.2
5.2

411.9
312.7
86.2
11.9
5.3

401
331.6
101
-32.2
5.6

422.3
320.5
89.3
11.3
5.4

402.0
315.7
80.7
4.4
4.7

404
326
86
-9.6
4.9

394.5
325.8
110.0
-42.5
6.2

402.0
334.6
111.4
-45.6
6.1

406.5
339.1
97.6
-30.9
5.1

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.
2
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,
pl<
I, 1) placed
at the terminal month of the span.




CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
(Nov)(Oct.)
P T

(July) (May)
P
I

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P T

(Nov.) (Mar.)
P
T

Index: 1967=100

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

-9

v

/

-11

^

A/7

-4

HI
-23
-4
-2

-2

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

I

—

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

+5

L948 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 80 1981
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

M A R P U 1QR1

itr

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued
(Nov.) (Oct.)
P T

(July) (May)
P T

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.)(Nov.)
P T

(Nov.)

(Mar.)

P

T

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

Index: 1967=100
1009080 J

-10

v

120 T

-8

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

110-

^v7^

-13

-30

100-

-3
90 J

4

-3

:t

?

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

. Profitability (series 19. 26. 80}

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

940. Ratio, coincident index to lagging index

120

zll

110

-11

-7

100
90
80701948 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

80 1981

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


http://fraser.stlouisfed.org/
K I Reserve
^ I P MARCH
Federal
Bank of1981
St. Louis

11

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
(Nov.) (Oct.)
P

(July) (May)

T

P

T

(Aug.) (Apr.)
P

(Apr.) (Feb.)

T

P

T

(Dec.)(Nov.)
P

T

(Nov.)

(Mar.)

P

T

1. Average workweek, production workers,
manufacturing (hours) 11 i i

41-1

40-

39'

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

yr
40 «
35 *

8. New orders for consumer goods and materials, 1972 dollars (bil. dol.)

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

140-

12. Net business formation (index: 1967=100)
100 20181614*
1210-

20. Contracts and orders for plant and equipment,

4-J

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 80 1981
Current data for these series are shown on pages 61, 64, 65, and 66.




12

1QQ1

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued
(Oct.)

p

T

(May)

P

T

(AiJg.) (Apr.)
P T

(Apr.) (Fed
P
T

(Dec.)(Nov.)
P

T

(Nov)

(Mar.)

P

T

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

fiT

200180160140120100-

60 J

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

92. Change in sensitive crude materials prices, smoothed1 (percent) I L,L,L

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

1.2?*•$

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

106. Money supply-A/tf-in 1972 dollars (bil. dol.)
L,LL

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 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.
on pages 67, 68, 69, and 7 1 .

Current
data for these series are shown

http://fraser.stlouisfed.org/
KIJI
1QA1
Federal
ReserveMARPH
Bank of St.
Louis

13

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
(Nov.)(Oct.)
P
T

(July) (May)
P
T

(Aug.) (Apr.)
P T

(Dec.)(Nov.)
P
T

(Apr.) (Feb.)
P T

(Nov.) (Mar.)
P
T

41. Employees on nonagricultural payrolls (millions)

51. Personal income less transfer payments,
1972 dollars (ann. rate, bil. dot

47. Industrial production, total (index: 1967=100)

cxxl

~

f

7

\

/

V

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

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 80 1981
Current data for these series are shown on pages 62, 63, and 65.




14

MARPM

IQfti

IMII

CYCLICAL INDICATORS
A J

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
(Nov.) (Oct.)
P T

Uu!y:-May)
P T

(Aug.; (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.)(Nov.)
P
T

(Nov.) (Mar.)
P
T

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

TTO?

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

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

109. Average prime rate charged by banks (percent)

72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (Ml. dot.)

^ ^ ^ f ^ /

Katio, consumer installment credit to personal income (percent;

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 80 1981
Current data for these series are sfeewn on pages 62, 68, 70, and 73.


http://fraser.stlouisfed.org/
Federal ReserveMARCH
Bank of1981
St. Louis

15

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart B l . Employment and Unemployment
(Aug.)(Apr.)
P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

Employrtfft Adjustments
1. Average workweek, production
41-

40-

39-

21. Average weekly overtime hours,

2. Accession rate, manufacturing (per 100

4-

5. Average weekly initial claims, Sate
200 T

300-

400-

500600-

3. Layoff rate, manufacturing (per 100
IT

3-

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 6 1 .




16

MARCH 1981

ItOI

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

46. Help-wanted advertising (index 1967=100)

ICoIlehensive Efymen
48. Employee-hours in
(ann. rate, bil.

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 61 and 62.


http://fraser.stlouisfed.org/
Federal Reserve Bank
of St. 1981
Louis
MARCH

ItCII

17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl. Employment and Unemployment—Continued
(Aug ^ A p r )
P
T

(Apr.) (Feb )
P T

fDec.) ' N o v . )
P
T

(Nov.)
P

(Mar.)
T

I Comprehensive Employment—Con7|

60-i

HJ

5958-

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

57-

Twl

565554-

1 Comprehensive Unemploymentj
37. Number unemployed, total (millions-inverted scale)
3-.

456789-

43. Unemployment rate, total (percent-inverted scale)
3 •
456789-

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

2-i

VIUL

3-

L

456-

LZ

7-

91. Average duration of unemployment (weeks—invetted scate)
' ; > \ |Lg,Lg,Lg|

C^

8-

nAr^nmt

1012-

^

^

\

K

141618-

44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale)
0-

|Lg,Lg,Lg|

1-

ALL

23-

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 62.




18

MARCH 1981

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
•Aug.)(Apr.)
P T

(Apr ) (Feb )
P T

(Dec ) 'N)v.)
P
T

(Nov.) iMar)
P
T
1600-

| Corf§§|hensive Output and Income |

1500-

50. GNP in 1972 dollars,
Ijyyc]

Q(ann. rate, bil. do|#r is

yS~^^

iv]

14001300™
12001100-

- ^

1000900800'
1300
1200
1100

52. Personal income in 1972 dollars (ann. rate, bil. dol.)
ICJCLCl

1000

cou-

51. Personal income less transfer payments in 197z dollars
(ann. rate, Wl. dol.)
'\M:r;.

53. Wages and salaries in mining, manufacturing, and
construction in 1972 dollars (arm, rate, bil. dol.)
240*

h>0,i

«

180 160'

140-1

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 63.


http://fraser.stlouisfed.org/
MARCH
Federal Reserve Bank
of St.1981
Louis

BCII

19

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
(Aug.i{Aprj
P
T

.'Apr.) ;hjh
P
I

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.
T

[industrial Production 1
47. Industrial production, total (index: 1967=100)

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

73. Industrial production, durable manufactures
(index: 1967=100)

49. Value of goods output in 1972 dollars, Q
(arm. rate, b.1. dot.

[Capacity Utilization!

100 n

83. Rate of capacity utilization, manufacturing (BEA), Q (percent)

9080-*

\r

70

J

300-

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

908070-J

84. Rat* of evict) m**TO mUab. Q (percent)
9080-

V ' V
1956 57

58

59

60

61

70-J

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 1981

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

90«i

[Orders and

6. New orders, durable goods industries,
current dollars (bil. dol.)

7060-

full
7. New orders, durable goods industries, 1972 dollars
(bil. dol.)'
30-

45-

8. New orders for consumer goods ami materials
in 1972 dollars (bil. dol.)

403530-

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

«-4-

L.L.L

7_
96. Manufacturers' unfilled orders, durable goods industries
(bil. dol.) i . , . , . i
|L,Lg f U

/

/

i5

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

1956 57

58

59

60

61

62

63

64

65

66

67

88

69

70

71

72

73

74

75

76

77

78

73

80 1981

Current data for these series are shown on page 64.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

BCII

21

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
(Aug.) (Apr.,)
PI

(Apr) (Feb.)
P T

(Dec.) (Nov )
P
T

(Nov.)
P

(Mar.)
T
340-i

[Consumption and Trade]

•

#v

E

320300280260240220-

56. Manufacturing and trade safes in current d o l l a r s - * y r "^
(bil. dol.) i p r r i

II

200180160140-

• • •

120-

57. Manufacturing and trade sales
in 1972 dollars (bil. dol.)

100 J

Industrial production, consumer goods
(index: 1967=100)
C,LC

54. Sales of retail storajn current dollars (bil. dol.)--:
CLO
59. Sales of retail stores in 1972 dollars (bil. dol.)

55. Personal consumption expenditures, automobiles, Q
(ana rate, bil doL)

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

50 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 65.




22

MARCH 1981

IICII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
(Aug.) ( A p r )
P
T

(Apr,) (Feb.)
P
T

''Dec ' ( N o v i
P
T

(Nov.)
P

(Mar.)
T

1 Formation of Business Enterprises!
1Z Net business formation (index: 1967=100)

LLl

13. New business incorporations (thousands)

LL
I

| Business Investment Commitments|
20. Contracts and orders for plant and equipment
in 1972Htoilar$ (faff. doL) . X
1771

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

21. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.) X
L.L.L
24. Manufacturers' new
capita} goods industries,
nondetense, in current dollars (oil. dol.) 1 7 7 7

9. Construction contracts, commercial and industrial buildings
(mil. sq. f t of floor area; MUD moving avg.-6-term) 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

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.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

BCII

23

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
(Aug.)(Apr.)
P
T

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

[Business Investment Commitments-Con.

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

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

61. Business expenditures for new plant and equipment, Q
(ann. rate, bil. doL)

Business Investment Expenditures]

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

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

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 66 and 67.




24

MARCH 1981

licit

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
(Aug.) (Apr.)
P

(Apr.) (Feb.)

T

P

(Dec.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

180-

1 Buijess Investnllt; Expenditures—Con]
' °yt
Nonresidential fixed investment in 1972 dollars, Q (ann. rate, bil. dol.)

160140120-

100-

88. Producers' durable equipment, Q
|C,Lg,C[

80-

60-

40-

20-J

|Re$j|tential Consiption Commitments and Investment!
28. New private housing units started, total (ann. rate, millions)

.00.8

J

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

89.

Residential fixed irmpotmfnt, tnbl, in 1Q77 Hnlhpc, Q

(anarate,U. dol.)

70-

- * ^ V
60 -

/

z

V
1956 57

58

59

60

61

62

63

64

65

66

67

IV

\

A

50"

40-

30-

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 67.


MARCH 1981


25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued

Chart B5. Inventories and Inventory Investment
(Aug.)(Apr.)
P
T

(Apr.) (Feb.)
P T

(Dec );Nov
P
I

(Nov.)
P

(Mar.)
T

1 Inventory Investment!
30. Change in business inventories, 1972 dollars, Q farm. rate. Ml.

iLLLl

36. Net change in inventories on hand and on order, 1972 dollars
(ann. rate, bil. dol.; moving avg.—4-teim1) 1 7 7 7 1 ,

31. Change in book value, manufacturing and Irarip invpntorfrs
(ann. rate, bil. dol.; MCD moving avg.-6-term)

38. Change in stocks of materials and supplies on hand and on nrderr
manufacturing (bil. dol.; MCD moving avg.—4-temt) | L.L.L

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




26

MARCH 1981

CYCLICAL INDICATORS
BJ

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
(Aug.)(Apr.)
P

(Apr.) (Feb.)

T

P

( D e c ) (Nov.)
P
T

T

(Nov.)

(Mar.;

P

T

500-

Inventories on HmA and on Order|

H

450400350-

71. Book value, manufacturing and trade inventories,
current dollars (bil. dol.)
— —

300"

250-

200 90 T
85807570656055-

65. Book value of manufacturers' inventories
of finished goods (bil. dol.r

/

504540-

|Lg,Lg,Lg|

3530-

25-

20-

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

11 cr I <r I crl

'

1.8-1

*

1.71,6-

AJV

1.5220200180-

J

160140 -

78. Stocks of materials and
manufacturing (bil. dol.)

z

120-

100-

7

on hand and on order,

Uglfl

60-

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 page 68.


MARCH 1981


ItCII

27

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P T

(Dec - .Nov.)
P
T

(Nov.)
P

[Sensitive Commodity Prices]
92. Change in sensitive crude materials prices (percent; moving a%.-4-term 1 )

jf\ihlM^,

Ik^i ,L ,JM,/kJ^^i^!

(Mar.)
* T

ft

^

HV

23. Spot market prices, raw industrials (index: 1967=100)

140120100-

19. Stock prices, 500 common stocks (index: 1941-43=10)
200180160140120-

16. Corporate profits after taxes, cuiieirt dulldis, Q
(ann. Rate, bit doL) F T M

[Profits and Profit Margins!

10080-

18. Corporate profits after taxes, 1972 dollars, Q
(ann. rate, bil. do!.)

60140120100*

80. Corporate profits after taxes with IVA and CCAdj,
1972 dollars. 0 (ann. rate. bil. dott

60 -

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

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 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 1981

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
•,A.*-,.'Apr •

(Apr w F p b

FT

P

< W

T

F

.

•

p

[

V'.

r

'

1

1 Profits and Profit Margins—Con. |

"V\

_*>

A

K

22. Ratio, corporate proffe (after taxes) to total corporate domestic
\ income, Q ( p e r e e # j
L,L,L

#

J • •

m

\ j ^

M

\ «•

lYJ

\

8 1 . Ratio, corporate profits (after taxes) with inventory valuation and
capital consumption adjustments to total corporate domestic income,

Q(percei) r j ^ j ]

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

26. Ratio, price to unit labor cost, nonfarm business sector, Q (index: 1977=100)

I Cash Flows]

35. Net cash flow, corporate, in 1972 dollars, Q
8

^ann.raie,DM. P O M

|L>LL|

34. Net cash flow, corporate, in current dollars, Q
(ann.rate,bil.dd) n T T l

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.


http://fraser.stlouisfed.org/
MARCH
Federal Reserve Bank
of St. 1981
Louis

ItCII

29

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
(Aug.) (Apr.)
P
T

(Nov.)
P

(Dec; (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Mar.)
T
160150-

lUniHabor Costs a M Labor Share!

140130120 11010090-

63. Unit labor cost private business sector, Q
(index: 1977=100)

60 J
1.31.21.1-

0.9-

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

0.8-

/
/

220 2ic200 »
190180-

160150 140-

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

100 J

64. Compensation of employees as a percent of national income, Q (percent)
7876-

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 70.


http://fraser.stlouisfed.org/
Federal Reserve 3D
Bank of St. Louis

MARCH 1981

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
(Aug.) (Apr.)
P
T

(Dec.) ' N o v )
P
T

(Apr.) (Feb
P

Change in money supply Ml-B
(percent; MCD moving avg.-6-term)

10Z Change in money supply M2
(percent; MCD moving avg.-6-term) 1 L,C,U

+1.6-1
1.2-

-0.4

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

ron

k

0.40,0 J

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

106. Money supply-M2-in 1972 doflars (bB. dot)

M

107. Ratio, GNP to money supply MLB, Q (ratio)

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

77

78

79

60 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.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

BCII

31

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.)(Aprj
P
T

(Apr.) (Feb.)
PI

;'DPC ) (Nov.)

Nuv P

PI

(Mar)
T

[Credit Flows

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

nxn

112. Change in bank loans to H m m (iffl, life. W, M ; jj
MCD moving avg.—6-term) r r n

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

110. Total private borrowing, Q (ann. rate, bil. 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 71 and 72.




32

MARCH 1981

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P

P

(Nov.)
P

(Dec.) ;Nov )
P
I

(Apr.) (Feb.)

T

T

(Mar.)
T

Difficulties^
14. Current liabilities of business failures (mil. dol.inverted scale; MCD moving avg.-6-tenn)

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

[Bank Reserves!

93. Free reserves (bil. dol.—inverted scale)

94. Member bank borrowing from
the Federal Reserve (M. 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 72.


http://fraser.stlouisfed.org/
MARCH
Federal Reserve Bank
of St. 1981
Louis

BCII

33

CYCLICAL INDICATORS
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.)
P

(Mar.)
T

[interest Rates]

119. Federal funds rate ( p e r c e n t ) —

116. Coroorate bond yields (percent)

J
115. Treasury bond yields (percent)

[cXE
118. Secondary market yields on FHA mortgages (percent)

117. Municipal bond yields (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 72 and 73.




34

MARCH 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P

P

(Nov.)
P

(Dec ) (Nov.)
P
T

(Apr.) (Feb.)

T

T

(Mar.)
T

[Interest Rates—Con.

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

MX

5

109. Average prime rate charged by banks (percent)

J

380340 300 2HO -

[Outstanding Debt]
66. Consumer installment credit (bil. dol.)

180 *

11 Commercial and industrial terns outstanding,
weekly reporting large commercial
banks (Ml. dol.)

140 •

z

100-

95. Ratio, consumer instalment credit to personal income (percent)

m
1956

57

58

59

60

61

62

Current data for these series are shown on page 73.


http://fraser.stlouisfed.org/
Federal Reserve Bank
of St.1981
Louis
MARCH

BCII

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
(Aug.) (Apr.)
P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

T

P

(Nov.)

(Mar.)

P

T

T

Percent rising
950. Twelve leading indicator components (6-mo. span—-, 1-mo. s p a n — )
lOO-i

50 «

951. Four roughly coincident indicator components (6-mo. s p a n — , 1-mo. s p a n — )
100*

iff iffi

50- •

y

0J

952. Six lagging indicator components (frmo. s p a n — , 1-mo. s p a n — )
100*1

50- •

961. Average workweek, production workers, manufaduring~20 inckistms (9-ma span-—, 1-mo. s p a n — )

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

50™

963. Employees on private nonagricultural payrolls—172 industries (6-mo. s p a n — , 1-mo. s p a n — )
100-1

50-

1956

57

58

59

Current data for these series



60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

are shown on page 74.

nil n i-K-n

•

i

nm

itru

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
;AUE; ) ( A p \ !
P
T

'Apr )(Fefc )
P
T

Percent rising
964. New orders, durable goods industries—35 industries (9-mo. s p a n — , 1-mo. s p a n — )

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

966. Industrial production—24 industries (6-mo. span-—, 1-mo. s p a n — )

967. Spot market prices, raw industrials—13 industrial materials (9-mo. s p a n — , 1-mo. s p a n — )

968. Stock prices, 500 common stocks-53-82 industries (9-mo. s p a n — , 1-mo. s p a n — )

960. Net profits, manufacturing-about 700 companies1 (4-Q span)

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.


MARCH 1981


37

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

(Dec.) (Nov.)
P
T

Percent rising

Actual

—

(Nov.)
P

(Mar.)
T

Actual

Percent rising

Anticipated •••••••

«

Anticipated*

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

974. Number of employees, manufacturing and trade (4-Q span)1
7060-

r^y^

5040-

975. Level of inventories, manufacturing and trade

(a) Actual expenditures

span)

1

80 -i

J00»

».

A *

?•+

• /S A, A /vA^VA '•

J

75•

50-

Ml*

V

•

•

\ ^

25-

t

I

70-

\VA

60-

•*
50 -

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

span)1

976. Selling prices, manufacturing

100 j

90-

{

80-

if
•

V
50 J
1
97Z Net profits, manufacturing and trade (4-Q span)

977. Selling prices, wholesale trade (4-Q span)1
90-

<

•••./•-

80-

A*
V

•

v>

\

\

.

70-

V

1 V

60-

70-

50-

60-

973. Net sates, manufacturing and trade (44} span)1

978. Selling prices, retail trade
100-

/

V
1969 70

t

1

100-

•\

90-

•

w span)

90-

1

80-

4

70-

80-

*
70-

60-

71 72 73

74 75 76

77 78 79

80 1981

60 J

1969 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. Dun & Bradstreet diffusion indexes are based on surveys of about
1,400 business executives.
Current data for these series are shown on page 76.




38

MARCH 1981

BCII

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
(Aug.)(Apr.)
P
T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Percent changes at annual rate
910c Composite index of twelve leading indicators
(series 1, 3, 8, 12, 19, 2 0 , i | 3 2 , 36, 92, 104,

920c. Composite index of four roughly coincident indicators
(series 41, 47, 51, 57)

930c. Composite index of six lagging indicators
(series 62, 70 72, 91, 95/109)

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

47c. Index of industrial production

48c. Employee-hours in nonagricuttural establishments

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.


MARCH 1981


BCII

39

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
(Aug.HApr.)
P
T

(Apr.; (Feb.)
P' T

(Mar }

Dec ^ (Nov •
P
T

2S0?n|
2600-j
2400 -j
2200-j .

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

223. Personal income in current dollars
(ann. r a t e b L M )

224. Disposable personal income in current
dollars, f (ann. rat^hiLJdL)

217. Per capita GNP in 1972 M a r s (arm. rate, thout 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 1981

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures
..*.-. ;'Apr

(Apr ) (
P

Annual rate, billion dollars (current)

Personal consumption expenditures-

1.956 57

58

59

60

61

62

63

64

65

66

67

88

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on pages 80 and 8 1 .


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

41

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment
(Aug.) (Apr.)
P T

(Apr,) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

Mar.)
T

Annual rate, billion dollars (current)
480-

y^.

,ljy|

440 400-

Gross private domestic investment—

360320 280 240 -

200 -

V

160-

^ 2 4 2 . Total fixed investment, Q
120-

245. Change in business inventories,

Annual rate, billion dollars (1972)

V

243. i m fixed investment, Q

30. Change in business inventories, 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 81.




42

MARCH 1981

IICII

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P T

(Nov.)
P

(Dei ) (Nov )
P
T

(Mar.)
T

Annual rate, billion dollars (current)
580-

-US

Government purchases of goods and services—

540500460420380-

IV!

340 300 -

260-

260. Total, Q
220-

A.

266. State and local ^
governments, Q

180-

140-

100-

262. Federal Government, Q

Annual rate, billion dollars (1972)
340-

IV
261. Total, Q

300260220-

180-

267. Slate and local governments, Q
140-

100-

S
263. Federal Government, Q
60
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

J

1981

Current data for these series are shown on page 81.


MARCH 1981


ItCII

43

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

Chart A5.

NATIONAL INCOME AND PRODUCT—Continued
Foreign Trade
Ot,
P

)(Nov
T

Annual rale, billion dollars (current)

It*

^'1

252. Exports of goods and services, Q-

Imports of goods and services, Q

250. Net exports of goods and services, Q

Annual rate, billion dollars (1972)

256. Exports of goods and services, Q *

-•iO
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 1981

\\i\\

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
• Aii^.) < Apr

( D e c . ) -Hc^

(Apf.);!>b
P

T

Annual rate, billion dollars (current)

220. National income, Q

280. Compensation of employees, Q

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

288. Net interest, Q

Proprietors income with inventory valuation
and capital consumption adjustments, Q

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

1958

57

58

59

60

61

62

63

64

65

68

87

68

69

70

71

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 82.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

BCII

45

OTHER IMPORTANT ECONOMIC MEASURES
I A I

NATIONAL INCOME AND PRODUCT—Continued

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

( A p r ) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Annual rate, billion dollars (current)

290. Gross saving (private and p^nment), Q

298. Government surplus or deficit 0

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 82 and 83.




46

MARCH 1981

BCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
(Aug.)(Apr.)
P
T

( D e c ) (Nov.)
P
T

( A p r . ) (Feb.)
P
T

(Nov.)
P

(Mar.)
T

Percent

|Percent of GNP|

235. Personal consumption expenditures, Q

65-

6(H
20-1

268. State and local government purchases
of goods and services, Q

15-

265. Federal Government purchases of goods and services, Q
\

10-

248. Nonresidential fixed investment, Q
5-

249. Residential fixed investment, Q
0J

"247. Change in business inventories, Q
251. Net exports of goods and services, Q

Percent

[Percent of National Income!

80"i

64. Compensation of employees, Q
75-

70-

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

15-1

Corporate profits with inventory valuation and
cafrital consumption adfcistments, Q
\

10-

285. Rental income of persons with capital consumption adjustment, Q
1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

0J

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 83.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

BCII

47

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements

ndex: 1972=1001

Percent changes at annual rate |
310c implicit price deflator,
GNP (1-Q span)

310. Implicit price deflator, GNP, Q
311c. Fixed-weighted price i
product (1-Q span)

311. Fixed-weighted price index,
gross business product, Q
330c. Ail commodities
Index: 1967=1001

335c. Industrial commodities
330. All commodities

331c. Crude materials

335. Industrial commodities

331. Crude materials

332c Intermediate
materials

332. Intermediate materials

333. Capital equipment

Capital equipment

334. Finished consumer goods
334a Finished consumer goods

1969 70

71

72

73

74

75

76

77

78

79

80 1881

1969 70

71

72

73

74

75

76

77

78

79

80 1S81

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




MARCH 1981

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart Bl. Price Movements—Continued

f

P

T

Consumer prices-

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

C h a r t B 2 . Wages a n d Productivity

Index: 1967=100

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

341. Real average hourly earnings of production
workers, private nonfarm economy1

346. Real average hourly compensation, ail employees,
nonfarm business sector, Q

V

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

1956

r

>7 58

59

60

81

62

63

64

85

58

67

68

r-v

;

72

/o

A;

7\-

78

79

1

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
Current data for these series are shown on pages 84, 87, and 88.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

BCD

49

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
(Aug.)(Apr.)

p

(Apr.i'Feb.:

T

r

P

jWages—Con.)
Change in average hourly earnings of production
woriters, private nonfarm economy1 —

6-month spans (ann. rate);

jj

340c Current-dollar earnings

341c. Real earnings ^

M

Change in average hourly compensation, all employees,
nonfarm business sector, Q—
uurrem-aouar compensation

4-quarter spans •
346c. Real compensation

Negotiated wage and benefit decisions, all industries—
348. First year average changes, Q (ann.
349. Average changes over life of
contract, Q (ann. rate)
[Productivity]

358. Output per hour, all persons,
nonfarm business sector,
Output per hour, all persons,
private business sector, Q
370c Change in output per hour, private business sector, Q

Percent change
+ 10
+ 50-5-

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

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 1981

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart Cl. Civilian Labor Force and Major Components
(Aug )(Apr.)
P

( A p r ) (Feb.:

T

P

(Dec.) (Nov.)

T

P

T

(Nov)

(Mar.)

p

T

11010510095-

441. Civilian labor force, total (millions)

9085-

442. Total employed (millions)
75-

70

J

labor force participation rates (percent)—
451. Males 20 years and over
80-

c

75 60

i

453. Both sexes 16-19 years of age
55 ••
50-

-

45-

^

40 J

Number unemployed (millions)37. Total unemployed

445. Females 20 years
and over \

447. Number unemployed,
(millions)

448. Number employed part-timeforeconomic

m

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.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

51

OTHER IMPORTANT ECONOMIC MEASURES
£)

GOVERNMENT ACTIVITIES

Chart D l . Receipts and Expenditures
(Au; );Apr
P
T

CNov;
P

(Dec.) (Nov
T
P

(Apr. i (Feb..)
P
T

(Mar.)
T
700 -

Annual rate, billion dollars (current)

600 -

SOG"

502. Federal Government expenditures, Q

501. Federal Government receipts, Q

500. Federal Government surplus or deficit, Q

511. State and local government receipts, Q

51Z State and local government expenditures, Q

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 1981

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
(Aug.HApr.)

(Apr.) (Feb.;

PI

P

T

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

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

543. Defense Department gross unpaid obligations outstanding (bil. dol.) ^ f

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

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

11

78

79

80 198J

Current data for these series are shown on page 90.


http://fraser.stlouisfed.org/
MARCH
1981
Federal Reserve Bank
of St. Louis

ItCII

53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued
(Aug.) (Apr.)
P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

T

P

(Nov.)

(Mar.)

P

T

T

[Intermediate and Final Measures of Defense Activity]
557. Output of defense and space equipment (index: 1967-100)

1

^r**0*—

\

y

57

mmmmm

120-1
110100 -

90-

—

j

7060-

|

559. Manufacturers' inventories, defense products (fxL do!.)

131211109-

n

7-j '
65-

470-1
6560555045-

561. Manufacturers' unfilled orders, defense products (bit. dot.).

4035-

25»
20-

580. Defense Department net outlays, military functions and military
assistance (bil. dol.;MCD moving avg.-6-term)

j < r ^
i>4*

131211109-

11

I

*
/

6-

A/

M

4.54.0-

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

3.53.02.5 «

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 9 1 .




54

MARCH lQftl

Id II

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
(Aug.)(Apr.)
PI

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

llnjjgbediate and Final Measures of Defense Activity—Con7|

(Nov)
P

(Mar.)
T

If|i

570. Employment in defense products industries (millions)

Defense Department personnel (millions)—
577. Military, active duty
3.53 0-

578. Civilian, direct hire employment

Defense Purchases
564. Federal Government purchases of goods and services forjngtjonaj
defense, Q (arm. rate, bil. dol.)

M

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

L-y'yf* 57

58

59

60

61

82

61<

64

h:

6t<

8

6-

70

7.1

72

73

74

75

76

77

78

79

80

1981

Current data for these series are shown on page 91.


http://fraser.stlouisfed.org/
MARCH
1981
Federal Reserve Bank
of St. Louis

IMJI

55

OTHER IMPORTANT ECONOMIC MEASURES

E I U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
AiJt,.;'Apr.)
PI

(Apr ) v Feb.)
?
1

(Dec > ( N o v . )

'Nov;-

T

V

!^3

r,

T

20
18

11 *\

z

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

604. Exports of agricultural products,

606. ExporGToTnonSSanSTniaiiiy ( f i dSR ,

\

614. Imports of petroleum and petroleum products (bil. dol.)

616. Imports of automobiles and'paHs (bif. H )

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 92.




56

MARCH 1981

ItO

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

Chart E2. Goods and Services Movements
;AUR.) (Api.;

f Apr • .'[ni.. •

(Dec.

•Nov)

<Mar.

P

I

Annual rate, billion dollars

Excess of receipts
Excess of payments

Goods and services—

667. Balance on goods and services, Q

Merchandise, adjusted—
622. Merchandise trade

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

652. Income on foreign investments in the U.S., Q
Idbc 57

58

59

60

61

62

63

64

85

68

87

88

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.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

ItCII

57

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS

Chart F l . Industrial Production
(Aug.)(Apr)
P
T

(Apr.) (Feb.)
FT

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

Index: 1967=100
280 -

Industrial production—

260240220-

728. J a p a n - ^

200180-

721. OECP European countries

160-

v

140 -

H

120-

100-

722. United Kingdom

60 -»

200 -

180160140-

1956

57

58

59

80

61

62

63

54

65

68

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 1981

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices
(Dec.) (Nov.)
P
T

(Nov.)
P

Chart F3. Stock Prices
(Dec.) (Nov.)
P
T

(Mar.)
T

Percent changes at annual rate

(Nov.)
P

(Mar.)
T

6-month spans

Index: 1967=100
Stock prices-

Consumer prices—

19. United States

+20-1

160 140 •
120 -

"I

100 -

60
500 450 400 350-

748. Japan

±

300 250 »

200150 -

745. West Germany
ISO 140 •

735c. West Germany
• 10™

V

^

if)
240*

746. France

736c. France

200
180-

i

11

3.96S 70

71

"'2

73

74

75

76

77

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


http://fraser.stlouisfed.org/
Federal Reserve
Bank of
St. Louis
MARCH
1981

78

79

80

1.981

1969 70

71

72

73

74

\J

75

76

f

4

77

78

79

80 1981

J

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Q [

Year
and
month

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

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

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

940. Ratio,
coincident
index to
lagging index1

(1967-100)

(1967-100)

(1967 = 100)

COMPOSITE INDEXES
Leading indicator subgroups
913. Marginal
employment
adjustments
(series 1, 2, 3,
5) 1

914. Capital
investment
commitments
(series 12, 20,
29) 1

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

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

157.4
158.5
158.4

92.0
91.4
92.6

98.5
98.4
98.0

113.9
113.9
115.5

107.4
108.3

916. Profitability (series
19, 26, 80)x

(1967 = 100)

917. Money
and financial
flows (series
104, 106, HO)1

(1967 = 100)

1979
144.8
144.9

January
February
March

142.6
142.3
143.2

April
May
June

140.3
141.4
141.6

144.1
145.6
145.0

161.8
162.5
163.6

89.1
89.6
88.6

94.6
97.3
96.7

113.6
113.3
113.9

July
August
September

141.2
140.1
140.1

145.4
145.0
144.9

164.8
166.4
170.6

88.2
87.1
84.9

96.4
96.0
96.4

October
November
December

137.8
135.6
135.2

145.1
145.0
145.2

175.9
179.1
177.9

82.5
81.0
81.6

January
February
March

134.7
134.1
rl31.5

146.1
145.2
143.5

178.4
180.8
190.0

April
May
June

rl26.2
r!23.4
r!24.4

140.5
138.0
136.7

July
August
September

rl28.6

r!31.1
rl35.2

October
November
December

H36.3
rl37.7
137.5

93.2
92.2
92.2

148.6
145.6
144.5

107.8
107.3
106.6

92.3
91.7
91.8

146.1
146.9
148.4

113.6
112.9
114.0

106.1
105.7
104.6

91.7
92.0
91.8

148.6
148.3
146.2

96.6
96.1
96.3

112.7
112.0
112.4

103.3
102.3
102.3

90.8
90.3
90.6

143.9
140.4
138.3

81.9
80.3
75.5

96.3
96.4
94.5

111.6
109.9
r!07.8

102.7
102.1
101.6

90.9
91.6
89.6

137.2
138.7
H36.4

0)196.2
183.5
168.5

71.6
75.2
81.1

90.3
88.3
89.6

r!04.3
r!03.2
H04.7

100.3
98.8
97.7

88.7
88.5
89.7

rl31.8
H27.3
r!29.8

136.4
136.9
138.4

163.6
161.7
164.2

83.4
84.7
84.3

92.0
92.8
94.0

H06.3
HO7.3
rlO9.3

98.5
99.6
101.7

90.6
91.4
r91.5

H33.8
rl37.1
r!38.9

140.2
141.4
142.0

168.3
175.3

r!90.6

83.3
80.7
r74.5

95.0
95.5
96.0

H07.6
r!08.5
r!08.6

r!03.4
rlO3.4
r!03.0

r91.7
r92.1
(NA)

rl39.8
H40.4
r!39.4

189.0
185.3

r75.3
p76.6

95.8
p95.0

H08.7
p!07.0

rlO1.5
p!03.8

0)146.6

0)108.8

1980

1981
January
February
March

2

136.9
136.3

3

142.4
"141.9

5

r!40.4
p!40.1

April
May
June
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Current high values are indicated by 0 ) ; for series that move counter to movements
in general business activity, current low values are indicated b y 0 ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
1
The following series reached their high values before 1979: Series 910 (143.6) in October 1978, series 940 (106.6) in March 1977, series 913 (99.1) in December 1978, series 914 (117.2) in October 1978, series 916 (97.2) in August 1977, and series 917 (151.1) in November
1978.
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.
5
Excludes series 70 and 95 for which data are not yet available.




60

MARCH 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q [

Minor Economic
Process
Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT

L, L, L

L, C, L

1. Average
workweek of
production
workers,
manufacturing1

21. Average
weekly overtime
hours, production workers,
manufacturing1

(Hours)

(Hours)

L, L, L

2. Accession
rate, manufacturing 1

(Per 100 employees)

L, C, L

5. Average
weekly initial
claims, State
unemployment
insurance' 2

(Thous.)

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

L, L, L

3. Layoff rate,
manufacturing1

(Per 100 employees)

L, Lg, U

4. Quit rate,
manufacturing

(Per 100 employees)

L, Lg, U

L, Lg, U

U, C, C

60. Ratio, helpwanted advertising to persons
unemployed1

46. Index of
help-wanted
advertising
in newspapers

48. Employeehours in nonagricultural
establishments

(Ratio)

(1967 = 100)

(Ann. rate,
bil. hours)

1979
January
February
March

40.6
40.6
40.6

3.7
3.7
3.7

4,2
4.1
4.0

344
334
347

0.9
0.9
0.9

H>2.2

April
May
June

39.3
40.2
40.1

2.9
3.4
3.3

4.0
4.0
4.0

434
350
375

July
August
September

40.1
40.1
40.1

3.3
3.3
3.2

3.9
3.9
3.9

October
November
December

40.1
40.1
40.2

3.2
3.3
3.2

January
February
March

40.3
40.1
39.8

April
May
June

2.1

0.805
0.785
0.780

161
158
156

168.70
168.89
170.04

1.1
1.0
1.2

2.1
2.0
2.0

0.780
0.794
0.796

155
154
153

166.30
169.34
169.88

395
390
387

1.1
1.4
1.2

1.9
2.0
1.9

0.804
0.762
0.793

155
155
159

170.09
170.20
170.57

4.1
4.0
3.9

395
409
407

1.2
1.3
1.2

2.0
2.0
1.9

0.811
0.771
0.755

0)167
158
159

3.2
3.0
3.1

3.9
3.9
3.6

404
375
440

1.3
1.3
1.5

1.9
1.9
1.9

0.705
0.696
0.660

154
151
145

172.63
172.29
171.28

39.8
39.3
39.1

3.0
2.6
2.4

3.0
3.0
3.3

569
635
617

2.9
3.5
2.9

1.5
1.4
1.4

0.504
0.420
0.438

122
112
115

170.27
169.20
168.12

July
August
September

39.C
39.4
39.6

2.5
2.7
2.7

3.4
3.6
3.8

536
502
501

1.7
1.9
1.5

1.3
1.3
1.3

0.438
0.439
0.466

118
117
122

167.12
168.28
169.12

October
November
December

39.7
39.9
40.1

2.8
2.9
3.1

3.9
3.6
3.6

439
399
394

1.4
1.2
1.1

1.3
1.4
1.5

0.475
0.502
0.497

127
134
130

169.78
170.22
H71.22

40.4
p39.8

3.1
p2.9

3.5
p3.6

415
p402

1.2
pi.4

1.5
pi.5

0.486
pO.495

128
p!29

E>H72.89
pi 71.16

2.2

170.50
170.81
1 71.34

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x
The following series reached their high values before 1979: Series 1 (40.9) in April 1978, series 21 (3.8) in April 1978, series 2 (4.4)
in December 1978, series 5 (323) in October 1978, series 3 (0.8) in September 1978, and series 60 (0.827) in October 1978.
2
Data exclude Puerto Rico, which is included in figures published by the source agency.


MARCH 1981


61

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Comprehensive Employment—Continued

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT-Continued

U, C, C

C, C, C

Comprehensive Unemployment

L, C, U

U, Lg, U

L, Lg, U

L, Lg, U

L, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultural payrolls,
establishment
survey

40. Employees
in goodsproducing industries (mining, mfg., construction)

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

37. Number of
persons unemployed, labor
force survey

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate,
State programs*

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 15
weeks and over

(Thous.)

(Thous.)

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

1979
January
February
March

92,781
93,088
93,318

88,858
89,109
89,455

26,363
26,377
26,537

59.13
59.27
59.31

5,958
5,993
5,956

5.8
5.9
5.8

3.0
3.0
3.0

11.2
11.3
11.7

1.2
1.2
1.3

April
May
June

93,061
93,364
93,562

89,386
89,708
89,909

26,473
26,522
26,557

59.07
59.16
59.24

5,918
5,776

5.8
5.6
5.6

2.9
2.8
2.8

11.0
10.9
10.5

1.2
1.2
1.1

July
August
September

93,995
93,706
94,189

90,054
90,222
90,283

26,582
26,528
26,554

59.43
59.21

H>5.6

H>2.8

E>59.43

5,738
6,057
5,971

5.9
5.8

2.9
2.9

H)10.3
10.6
10.6

E>1.0
1.1
1.1

October
November
December

94,153
94,123
94,458

90,441
90,552
90,678

26,554
26,504
26,590

59.24
59.21
59.30

6,132
6,104
6,272

5.9
5.9
6.0

3.0
3.1
3.1

10.5
10.6
10.6

1.1
1.2
1.2

January
February
March

94,421
94,488
94,291

91,031
91,186
91,144

E>26,715
26,623
26,476

59.18
59.18
58.99

6,500
6,454
6,543

6.2
6.2
6.3

3.2
3.2
3.4

10.6
10.7
11.0

1.3
1.2
1.3

April
May
June

93,963
93,764
93,548

90,951
90,468
90,047

26,121
25,745
25,422

58.68
58.54
58.26

7,202
7,944
7,811

6.9
7.6
7.5

3.7
4.2
4.6

11.2
10.6
11.7

1.5
1.6
1.7

July
August
September

93,732
93,793
93,781

89,867
90,142
90,384

25,163
25,312
25,476

58.30
58.23
58.27

8,021
7,942
7,800

7.6
7.6
7.4

4.4
4.3
4.3

11.8
12.5
13.0

1.8
2.0
2.2

October
November
December

93,887
93,999
93,888

90,710
90,961
r91,125

25,636
25,811
r25,892

58.21
58.22
58.11

7,961
7,946
7,785

7.6
7.5
7.4

4.1
3.8
3.5

13.3
13.6
13.5

2.2
2.2
2.3

94,294
B>94,646

r91,499
H)p91,550

r26,042
p25,960

58.30
58.38

7,847
7,754

7.4
7.3

3.4
p3.2

14.4
14.4

2.2
2.1

H>5,718

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.




62

MARCH 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process
Timing Class

Year
and
month

PRODUCTION AND INCOME

Industrial Production

Comprehensive Output and Income

C C C

50. Gross national product
in 1972 dollars

C, C, C

(Ann. rate,
bit. dol.)

52. Constant
(1972) dollars

51. Personal
income, less
transfer payments, in 1972
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

Persona income

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

C, C, C

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

73. Index of
industrial
production,
durable manufactures
(1967 = 100)

C, L, L

74. Index of
industrial
production,
nondurable
manufactures
(1967 = 100)

C, C, C

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil. dol.)

1979
1,845.9
1,863.0
1,884.8

1,184.0
1,185.1
1,190.7

1,033.9
1,035.8
1,040.8

251.1
251.3
[H)252.6

1,473.4

1,891.9
1,903.4
1,923.5

1,188.4
1,188.1
1,193.2

1,037.1
1 ,037.5
1,043.3

July
August
September

1,488^2

1,954.0
1,974.8
1,987.9

1,202.5
1,206.4
1,203.3

October
November
December

1,490.6

2,011.3
2,032.7
2,051.8

2,077.2

January
February
March

1,479.9

April
May
June

161.6
162.9
164.0

681 ! 8

E>153.5

147.0
147.2
E>148.6

251.4
249.5
248.2

151.1
152.7
153.0

144.5
147.6
147.6

162.6
163.6
163.7

669.1

1,045.2
1,048.4
1,046.3

247.3
245.1
244.4

153.0
152.1
152.7

147.2
144.4
145.9

164.8
165.2
165.4

673L6

1,205.8
1,209.9
1,211.9

1,049.0
1,053.6
1,055.3

242.9
241.5
241.7

152.7
152.3
152.5

146.0
145,2
144.8

164.8
165.0
165.3

673!3

2,086.4
2,101.0

1,216.2
1,207.4
1,199.2

0)1,056.5
1,050.9
1,044.0

240.6
239.2
236.3

152.7
152.6
152.1

144.7
144.1
143.4

[H)166.0
165.9
164.7

H) 682.1

152.0
152.5

1980
January
February
March

H)l,50K9

April
May
June

1,463^3

2,102.1
2,114.1
2,127.1

1,194.4
1,195.1
1,195.0

1,037.6
1,036.0
1,035.1

231.9
228.2
225.1

148.3
144.0
141.5

138.4
133.3
129.9

161.6
158.0
155.3

658'.1*

July
August
September

1.47K9

2,161.2
2,179.4
2,205.7

1,206.7
1,207.4
1,208.6

1,033.8
1,036.2
1,036.9

224.2
226.2
227.7

140.4
141.8
144.1

128.3
129.4
131.7

154.7
156.9
160.3

657^5

October
November
December

rl,485.6

r2,234.3
r2,257.6
r2,276.6

r l ,216. 3
rl,221.0
rl,222.7

r l ,045.5
rl,051.6
rl,054.2

229.4
231.5
r232.1

146.9
149.4
150.9

135.8
139.3
H40.5

161.8
163.3
r!65.1

r662.*9

r2,298.8
H>p2,313.7

E>H ,227.3
pi,220.9

rl,054.6
pi,053.1

234.8
p232.5

r!51.5
p!50.8

141.1
p!39.9

r!65.2
P165.1

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q |

Minor Economic
Process

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Capacity Utilization

Timing Class

Year
and
month

£ ^

PRODUCTION AND INCOME-Continued

L, C, U

83. Rate of
capacity
utilization,
manufacturing
(BEA)
(Percent)

82. Rate of
capacity
utilization,
manufacturing
(FRB)

(Percent)

Orders and Deliveries

L, C, U

L, L, L

L, L, L

Value of manufacturers' new
orders, durable goods industries

84. Rate of
capacity
utilization,
materials

6. Current
dollars
(Bil. dol.)

(Percent)

L, L, L

L, L, L

L, Lg, U

7. Constant
(1972) dollars

8. New orders
for consumer
goods and
materials in
1972 dollars

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

L, L, L

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

1979
January
February
March

E)86.9

B 8 8

;

4

H>*84

April
May
June

October
November
December

44.23
44.76
H>45.06

H)39.00
38.52
38.73

0)7.10
5.89

234.72
241.82
247.71

69
77
B>78

5.91

85*.9

87^5

75.93
77.04
76.03

41.44
41.73
40.90

36.81
36.90
36.39

4.73
1.52
3.23

252.43
253.96
257.19

76
76
70

85^3

87^2

74.58
74.76
77.65

39.82
39.81
40.82

35.92
35.39
35.86

0.71
0.40
3.45

257.90
258.30
261.74

60
55
51

84^4

86*.3

76.52
75.90
77.20

39.63
39.06
39.49

35.55
34.30
34.15

0.98
2.15
3.01

262.72
264.87
267.88

50
47
49

83.4

85.5

81.47
81.02
77.55

40.69
40.05
38.35

36.16
36.09
33.62

3.52
1.86
1.62

271.40
273.26
274.88

48
42
45

77*.9

78^7

72.42
67.33
66.45

35.69
33.07
32.32

30.41
28.99
29.03

0.21
-2.12
-2.60

275.10
272.98
270.38

40
32
28

75^7

74^9

74.23
72.23
78.96

35.77
34.58
37.58

31.67
31.62
33.09

1.68
0.17
2.39

272.06
272.23
274.62

32
34
39

r79.2

80.0

80.69
81.05
H>82.65

r37.96
38.05
38.39

r34.93
34.02
34.00

1.19
1.31
2.62

275.81
277.12
279.75

44
45
47

r81.34
p81.70

r37.74
p37.77

r32.62
p34.14

rl.08
p0.89

r280.82
[H)p281.71

46
50

83

July
August
September

78.68
80.43
81.65

"82

*81

1980
January
February
March

*80

April
May
June

76

July
August
September

76

October
November
December

p78

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.




64

MARCH 1981

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

FIXED CAPITAL

MAJOR ECONOMIC
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

PROCESS

INVESTMENT

Minor Economic

Formation of BusiConsumption and Trade

Process

Timing Class . . .

C, C, C

C, C, C

Manufacturing and trade sales
Year
and
month

56. Current
dollars
(Mil. dot.)

57. Constant
(1972) dollars

(Mil. dol.)

C, L, C

75. Index of industrial production, consumer
goods

(1967 = 100)

ness Enterprises

U, L, U

C, L, U

L, C, C

Sales of retail stores
54. Current
dollars

59. Constant
(1972) dollars

(Mil. dol.)

(Mil. dol.)
2

Revised

L, L, L

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer,
sentiment * ©

(Ann. rate,
bil. dol.)

(1st Q
1966 = 100)

L, L, L

12. Index of
net business
formation 1

(1967 = 100)

L, L, L

13. Number of
new business
incorporations

(Number)

2

Revised

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

45,421
45,152
45,312

69.2

0)153.4

71,402
71,702
72,590

72.1
73.9
68.4

131.3
132.1
132.5

42,410
42,302
42,761

157,009
160,851
158,198

149.3
152.2
152.1

72,610
73,198
73,496

44,960
44,990
44,787

6^9

66.0
68.1
65.8

130.9
130.5
130.9

43,034
43,895
43,044

289,994
293,167
296,761

159,890
160,066
160,125

151.2
148.7
150.0

74,211
75,623
76,815

44,922
45,501
0)45,778

65^6

60.4
64.5
66.7

131.8
130.3
132.5

44,655
42,911
44,687

298,452
298,949
302,117

159,305
157,932
158,464

150.0
149.1
148.6

76,428
76,946
77,475

45,144
45,077
45,017

64*. 2

62.1
63.3
61.0

131.9
131.4
133.9

46,478
44,811
43,579

312,458
310,181
305,165

161,386
158,817
154,642

147.9
148.4
148.6

79,561
78,899
77,603

45,751
44,931
43,524

0) 71*. 6

67.0
66.9
56.5

131.0
129.8
125.8

44,447
44,583
42,615

294,998
292,478
294,203

149,415
147,355
147,687

145.3
142.4
142.1

76,404
75,975
77,843

42,660
42,279
43,007

5CL7

52.7
51.7
58.7

120.5
117.8
114.8

42,461
41,974
39,746

304,154
308,019
318,321

150,468
149,586
153,574

142.0
142.7
144.3

79,491
79,829
80,620

43,700
43,433
43,251

58.7

62.3
67.3
73.7

115.3
117.7
H20.6

44,058
43,266
46,488

325,838
328,983
r332,484

155,507
155,676
r!56,123

146.6
H48.0
H47.7

81,552
82,764
83,443

43,518
43,907
43,964

66.1

75.0
76.7
64.5

r l 19.6
H19.2
e!22.5

47,225
46,888
0)48,297

H)p338,739
(NA)

p!56,360
(NA)

H47.4
pl46.5

85,720
H)p86,622

44,880
p44,859

71.4
66.9

(NA)

(NA)

274,091
274,844
283,741

160,037
158,967
0)162,650

276,406
286,413
283,772

151.3
151.8

1980
January
February
March
April
May
June
July
August
September
October
November
December
1981
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.

Series 58 reached its high value (89.1) in 2d quarter 1977; series 12 reached its high value (134.8) in October 1978.
See "New Features and Changes for This Issue," page iii.

2


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L, L

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

20. Constant
(1972) dollars

10. Current
dollars

(Bil. dol.)

(Bil. dol.)

L, L, L

Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars

(Bil. dol.)

U, Lg, U

L, C, U

L, L, L

9. Construction contracts for commercial and industrial buildings'

27. Constant
(1972) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space2
(Millions)

C Lg, Lg

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

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

(Bil. dol.)

(Bil. dol.)

1979
January
February
March

25.48
H>28.10

15.40
15.17
[H> 16.99

21.23
22.48
23.60

12.72
13.56
[H>14.60

85.78
E)104.38
94.15

7.97
E>9.70
8.75

21! 61

25.36
22.67
24.66

14.76
13.14
14.32

20.60
21.13
21.70

12.24
12.34
12.78

96.06
89.32
86.61

8.92
8.30
8.05

21*20

22'.69

26.16

April
May
June

67.'63

69.95

July
August
September

25.82
23.83
24.52

14.55
13.38
13.69

21.23
21.08
21.58

12.20
12.00
12.21

92.79
84.75
91.05

8.62
7.87
8.46

October
November
December

24.14
27.42
27.50

13.52
15.49
15.34

21.07
21.75
22.28

12.01
12.73
12.81

95.23
81.97
84.18

8.85
7.62
7.82

23*28

27.30
r23.71
26.27

14.98
rl3.07
14.07

23.86
21.48
22.59

13.34
12.02
12.35

94.57
84.27
80.55

8.79
7.83
7.48

0)29.50

April
May
June

24.20
21.18
22.92

12.97
11.52
12.60

22.16
19.59
19.95

12.02
10.79
11.26

73.39
67.09
71.39

6.82
6.23
6.63

25*86

July
August
September

24.86
23.96
23.87

13.71
12.58
12.89

21.61
19.37
20.86

12.24
10.50
11.53

71.40
68.63
68.47

6.63
6.38
6.36

r24.*29

October
November
December

23.82
27.47
26.60

12.36
14.45
13.85

20.62
21.85
21.67

10.92
11.95
11.67

72.12
86.15
97.45

6.70
8.00
9.05

p25.*89

r27.39
p24.10

r!4.16
p!2.55

E)r24.51
p20.96

H2.89
pll.17

78.70
84.41

7.31
7.84

73*45

76.66

1980
January
February
March

84'.09

87*94

r89.*72

[H>p91.'85

1981
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems
Company, F.W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.




66

MARCH 1981

ItO

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

j ^ J FIXED

Minor Economic
Process
Timing Class

Year
and
month

CAPITAL INVESTMENT-Continued
Residential Construction
Commitments and Investment

Business Investment Expenditures

C Lg, Lg

C Lg, Lg

C Lg, U

61. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

76. Index of
industrial production, business
equipment

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(1967 = 100)

C Lg, C

Lg, Lg, Lg

C Lg, C

Nonresidentia fixed investment in 1972 dollars
86. Total

(Ann. rate,
bil. dol.)

87. Structures

(Ann. rate,
bil. dol.)

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

L, L, L

28. New
private housing
units started,
total 1

L, L, L

29. Index of
new private
housing units
authorized by
local building
permits1

(Ann. rate,
thous.)

(1967 = 100)

L, L, L

89. Residential
fixed investment, total, in
1972 dollars1

(Ann. rate,
bil. dol.)

1979
January
February
March

255.55

256.93
256.86
268.78

168.2
169.3
171.0

161.4

45^8

115.6

1,672
1,444
1,817

119.1
120.4
136.7

60^8

April
May
June

265*24

261.20
268.02
265.92

168.7
171.2
171.2

161'.3

48.'0

113*2

1,760
1,867
1,891

125.0
133.1
132.4

59*1

July
August
September

273." 15

274.41
278.61
280.10

171.3
171.6
173.4

H>166#.4

49*.4

E>ii7.'o

1,758
1,717
1,844

126.3
131.0
136.9

58*6

October
November
December

284 .*3O

285.29
279.46
287.54

172.3
172.6
174.1

164*.l

H>50."7

113*5

1,697
1,502
1,563

119.4
104.0
100.7

58.' 1

January
February
March

291.39

297.92
303.20
300.05

174.9
176.0
176.1

165^0

50.5

114! 5

1,389
1,273
1,040

102.7
94.3
78.2

54*2

April
May
June

294.36

291.99
293.49
292.17

174.2
171.9
169.8

156*1

48." 7

107*4

1,044
938
1,184

63.7
66.6
87.1

43! 1

July
August
September

296.23

293.84
285.47
303.11

170.1
170.3
170.5

155*. 5

46.'8

108*8

1,277
1,411
1 ,482

99.3
109.9
126.3

44.7

October
November
December

[g>299.58

303.52
304.58
r306.74

172.3
rl74.5
rl77.5

r!57.0

r47.8

H09.3

1,519
1 ,550
rl,535

107.7
109.5
99.8

r50.6

H)p317.28
(NA)

E>rl78.3
p!77.7

r l ,615
pi,218

99.2
94.1

1980

1981
January
February
March

ra310.10

April
May
June

ra317.29

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
'The following series reached their high values before 1979: Series 28 (2,197) in April 1978, series 29 (160.2) in June 1978, and series
9 (63.3) in 2d quarter 1978.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

67

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class .

Year
and
month

Inventories on Hand and on Order

Inventory Investment

L, L, L

L, L, L

L, L, L

L, L, L

30. Change in
business inventories in 1972
dollars

36. Change in inventories on
hand and on order, 1972 dollars

31. Change
in book value
of mfg. and
trade inventories, total

38. Change
in stocks of
materials and
supplies on
hand and on
order, mfg.

(Ann. rate,
bil. dol.)

Monthly
data x

Smoothed
data1 2

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Bil dol.)

Lg, Lg, Lg

Lg, Lg,

Manufacturing and trade
inventories
71. Current
dollars

(Bil dol.)

70. Constant
(1972) dollars

(Bil dol.)

g- Lg, Lg

L, Lg, Lg

78. Stocks of

65. Manufacturers' inventories of
finished
goods, book
value

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

materials and
supplies on
hand and on
order, mfg.

(Bil dol.)

(Ratio)

(Bil dol.)

1979

15.4

32.51
18.43
16.04

20.32
23.34
22.92

56.8
47.2
39.8

0)5.09
3.70
2.98

385.38
389.31
392.63

259.85
260.51
261.52

64.70
65.51
65.88

1.62
1.64
1.61

173.60
177.30
180.29

0)18*. 4

25.91
-3.61
17.57

21.23
16.45
13.04

68.1
43.7
57.3

4.33
0.52
2.59

398.31
401.94
406.72

262.97
263.77
265.08

67.08
67.22
68.08

1.67
1.64
1.68

184.62
185.14
187.73

Y.6

16.84
0.37
-15.23

11.78
10.93
6.13

0)82.3
42.6
16.0

1.24
2.21
1.74

413.58
417.13
418.46

267.21
0)267.56
266.29

68.62
68.95
69.87

1.67
1.67
1.66

188.97
191.18
192.93

-O.*7

-1.00
-13.30
-18.31

-2.31
-7.57
-10.36

51.0
38.9
10.1

2.24
2.52
1.51

422.71
425.95
426.80

267.02
266.63
265.44

69.75
69.94
70.53

1.68
1.69
1.68

195.16
197.69
199.20

-0.9

-17.33
-15.35
4.90

-13.59
-16.66
-13.13

55.5
44.8
47.5

2.48
2.54
1.21

431.42
435.16
439.11

264.77
264.14
264.60

71.78
72.76
73.94

1.64
1.66
1.71

201.67
204.22
0)205.43

-4.54
-27.35
-24.61

-7.13
-7.00
-13.92

72.7
7.6
14.8

-0.36
-2.85
-2.32

445.17
445.80
447.03

266.02
265.24
264.73

75.76
76.21
76.61

1.78

]'.3

H>1.80
1.79

205.07
202.22
199.90

-3.30
-6.23
-1.56

-18.63
-14.90
-7.54

29.7
29.3
31.4

1.37
-1.50
0.87

449.51
451.95
454.57

264.79
264.39
264.24

77.00
[0)77.19
76.76

1.76
1.77
1.72

201.27
199.76
200.63

r7.45
r-2.99
r-12.67

r-1.90
r0.43
r-0.88

23.6
17.4
r-14.6

1.44
0.85
1.35

456.53
457.99
H56.77

r264.33
r264.10
r262.97

76.43
76.81
75.58

1.70
1.70
1.68

202.07
202.92
204.27

p-10.15
(NA)

p-5.67
(NA)

p60.4
(NA)

pO.ll
(NA)

0)p461.8O
(NA)

p263.09
(NA)

75.38
(NA)

pi.68
(NA)

p204.38
(NA)

January
February
March
April
May
June
July
August
September
October
November
December
1980
January
February
March
April
May
June
July
August
September
October
November
December

-5*.O

r-7.2

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
1

Series 36 (monthly) reached its high value (37.30) in March 1978; series 36 (smoothed) reached its high value (26.38) in May 1978.
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.

2




MARCH 1981

ItO

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC

PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

Sensitive Commodity Prices

Timing Class

L, L, L

Year
and
month

Smoothed
data2

Monthly
data

(Percent)

Stock
Prices
U, L, L

92. Change in sensitive crude
materials prices

(Percent)

PRICES, COSTS, AND PROFITS

23. Index of
spot market
prices, raw
industrials (u)

L, L, L

19. Index of
stock prices,
500 common
stocks ®

(1967 = 100)

(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 CCAdj'
79. Current
dollars
(Ann. rate,
bil. dol.)

80. Constant
(1972) dollars3
(Ann. rate,
bil. dol.)

L, L, L

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

(Percent)

1979
January
February
March

0.63
3.08
2.96

1.11
1.24
1.88

258.3
273.5
288.5

99.71
98.23
100.11

164^6

ioi 16

0)113.'4

70.'1

0)11.'9

April
May
June

0.87
2.66
3.26

2.26
2.23
2.21

294.5
293.8
293.9

102.07
99.73
101.73

164.6

98.9

110.2

66\9

11.5

July
August
September

1.17
0.38
3.39

2.31
1.98
1.62

297.3
298.1
297.3

102.71
107.36
108.60

173^6

101 .'8

11T 1

65^7

ii!i

October
November
December

2.78
1.98
2.12

1.92
2.45

0)2.51

307.7
304.0
309.6

104.47
103.66
107.78

168! 2

96'. 7

102^2

59.4

li !i

January
February
March

2.99
2.45
-1.23

2.33
2.44
1.96

316.2
0)322.5
316.9

110.87
115.34
104.69

H>182*.9

0)1O2'.6

106.6

60 J

1 i.' 5

April
May
June

0.25
-0.07

301.9
278.5
267.5

102.97
107.69
114.55

146^5

80.3

97^8

54 J

9^4

0.00

0.95
0.07
-0.14

July
August
September

2.27
2.34
2.00

0.40
1.14
1.87

277.6
292.1
298.3

119.83
123.50
126.51

159.1

85.*5

99.4

54! 6

1616

October
November
December

r2.61
rl.23
0.52

r2.26
r2.13
1.70

300.8
304.7
298.4

130.22
0)135.65
133.48

p!64.'l

p86.*5

p97.*9

p52.'l

p i 6*2

-0.60
0)12.88

r0.92
2.32

291.6
284.2
"288.4

1980

1981
January
February
March

5

132.97
128.40
131.68

April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
2
^VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
Series is a weighted 4-term moving average (with weights
3
1,2,2,1) placed on the terminal month of the span.
Series 80 reached its high value (71.0) in 3d quarter 1977.
''Average for March 3,
5
10, and 17.
Average for March 4, 11, and 18.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

69

CYCLICAL INDICATORS
I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class

Year
and
month

H I

PRICES, COSTS, AND PROFITS—Continued

Cash Flows

Profits and Profit Margins—Continued

U, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income' 2
(Percent)

L, L, L

L, L, L

L, L, L

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

26. Ratio, price
to unit labor
cost, nonfarm
business sector2

(Cents)

(1977 = 100)

(Ann. rate,
bil.dol.)

Unit Labor Costs and Labor Share

L, L, L

Net cash flow, corporate
34. Current
dollars

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

Lg, Lg, Lg

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

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

(1977 = 100)

(Dollars)

Lg, Lg, Lg

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

(1967 = 100)

(TO

B

64. Compensation of employees as a percent
of national
income

(Percent)

1979
January
February
March

7.5

H>5*.9

9^6

247*.4

147^9

115^4

1.052

170.2
171.6
171.7

74.* 1

April
May
June

^9

5*.6

97.0

252*.O

147.#4

118.5

1.079

176.4
173.9
174.6

74^5

July
August
September

6^3

5.*8

96^6

266 J

152.*5

1.104

175.7
177.3
177.7

74! 3

October
November
December

5*.7

96^2

262^9

148^6

124.2

1.135

178.9
180.0
181.7

74! 7

E)280.7

H)155.2

127.0

1.158

182.9
184.9
186.8

74^6

1980
January
February
March

5.5

E>'.6

96.5

April
May
June

5^5

4.#4

95.*8

246.1

132*2

1 31.' 3

1.193

190.5
194.8
198.6

H>75'.8

July
August
September

5^4

p4.6

96.5

262^9

138.6

"1 3 3 . 9

1.203

200.6
201.4
200.6

75.*3

P 5.*3

(NA)

p96.4

p271*8

p!41.'6

H>pl.23O

199.9
200.0
r200.2

p75.'4

October
November
December

E)P137.'3

1981
January
February
March

202.6
E)p205.0

April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
X

1VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
Series 81 reached its high value (8.8) in 3d quarter 1977; series 26 reached its high value (100.7) in 3d quarter 1975.

2




70

MARCH 1981

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC

PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ 9

Minor Economic
Process
Timing Class

Year
and
month

MONEY AND CREDIT

Money

L, L, L

85. Change in
money supply
(Ml-B)

L, C, U

102. Change
in money
supply (M2)1

L, L, L

(Percent)

(Percent)

L, L, L

104. Change in total liquid assets
Smoothed
data2

Monthly
data

(Percent)

Credit Flows

Velocity of Money

(Percent)

105. Money
supply (Ml-B)
in 1972
dollars1

(Bil. dol.)

L, L, L

106. Money
supply (M2)
in 1972
dollars1

(Bil. dol.)

C, C, C

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

(Ratio)

C, Lg, C

L, L, L

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

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

(Ratio)

1979
January
February
March

0.06
0.19
0.89

0.41
0.46
0.91

0.60
0.81
1.18

1.02
0.92
0.85

219.7
217.9
217.8

853.1
853.3
853.2

6.469

1.312
1.318
1.321

100.76
82.08
88.07

1.57
-0.14
1.30

1.02
0.58
1.13

1.14
1.06
1.43

0.95
1.09
E>1.17

219.1
216.6
217.2

853.8
850.0
850.8

6.397

1.313
1.313
1.312

75.10
91.80
94.58

July
August
September

0.94
0.66
0.60

0.85
0.91
0.74

0.74
0.89

H)1.43

1.14
1.05
1.02

216.7
215.9
214.6

848.3
847.0
843.4

6.430

1.322
1.324
1.323

97.24
83.89
87.31

October
November
December

0.16
0.37
0.62

0.49
0.44
0.59

0.44
0.27
0.69

0.97
0.82
0.59

212.7
211.1
210.0

838.5
833.0
828.1

6.487

1.332
1.340
1.345

H)103.58
77.04
51.55

0.36
0.80
0.00

0.57
0.84
0.45

0.66
1.04
0.70

0.51
0.67
0.80

207.8
206.8
204.1

821.4
817.8
810.6

6.587

1.353
1.348
1.351

87.48
67.45
69.22

1.30
-0.05
1.35

-0.27
0.86
1.53

0.43
0.75
0.58

0.76
0.68
0.61

199.7
197.9
198.6

801.4
801.4
805.7

6.612

1.356
1.352
1.340

50.04
16.75
8.11

July
August
September

1.07
H>1.82
1.32

1.57
1.24
0.73

0.69
1.08
1.04

0.63
0.73
0.86

200.5
202.6
203.2

817.7
821.5
818.9

6.559

1.340
1.335
1.341

43.40
65.93
75.84

October
November
December

0.98
0.73
-0.75

0.74
0.86
rO.16

r0.55
rl.18
1.15

0.91
r0.91
0.94

203.1
202.3
198.9

816.5
814.6
r808.0

[H)r6.612

1.349
1.351
1.360

r95.80
r77.17
r73.04

1.02
p0.26
3
1.18

r0.47
p0.64

e l . 06
e0.73

e l . 04
e l . 06

199.5
pi 98.1

r805.9
p803.4

rl.367
H>pl.367

P64.64
(NA)

April
May
June

1980
January
February
March
April
May
June

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
lr
The following series reached their high values before 1979: Series 102 (1.64) in June 1975, series 105 (224.3) in January 1978, and se2
ries 106 (868.6) in January 1978.
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the
3
span.
Average for weeks ended March 4 and 11.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

ItO

71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

R 9

Minor Economic
Process

Credit Flows-Continued

Timing Class

Year
and
month

L, L, L

112. Net change
in bank loans
to businesses

(Ann. rate,
bil. dol.)

L, L, L

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

MONEY AND CREDIT—Continued

Credit D fficulties
L, L, L

110. Total
private
borrowing

(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities
of business
failuresl®

(Mil. dol.)

Bank Reserves

L, L, L

39. Delinquency
rate, 30 days
and over, consumer installment loans

(Percent)

Interest Rates

L, U, U

L, Lg, U

L, Lg, Lg

93. Free
reserves (u)

94. Member
bank borrowing from the
Federal
Reserve (u)

119. Federal
funds rate @

(Mil. dol.)

(Mil. dol.)

(Percent)

C Lg, Lg

114. Treasury
bill rate @

(Percent)

1979
January
February
March

39.31
33.07
5.76

50.57
50.64
40.20

347,904

182.22
177.09
187.76

0)2.12
2.31
2.33

-692
-764
-742

994
973
999

10.07
10.06
10.09

9.35
9.27
9.46

April
May
June

39.62
31.99
23.23

45.71
37.99
31.33

355,864

242.76
200.45
273.17

2.43
2.37
2.45

-899
-1,490
-1,175

897
1,777
1,396

10.01
10.24
10.29

9.49
9.58
9.05

July
August
September

40.55
30.54
43.36

33.79
32.77
48.10

[0)414,400

212.20
287.44
186.20

2.45
2.47
2.59

-989
-904
-1,339

1,179
1,097
1 ,344

10.47
10.94
11.43

9.26
9.45
10.18

October
November
December

3.72
-21.10
4.55

36.40
32.33
24.40

309,748

395.75
184.31
138.02

2.45
2.50
2.64

-1,750
-1,751
-1,079

2,022
1,906
1,473

13.77
13.18
13.78

11.47
11.87
12.07

H)55.48
35.83
-1.52

32.72
28.84
7.85

r347,304

243.15
190.79
274.24

2.37
2.32
2.53

-999
-1,465
E>-2,638

1 ,241
1,655

H)2,824

13.82
14.13
17.19

12.04
12.81
15.53

2.47
-38.96
2.14

-20.05
-32.12
-24.54

r!65,712

428.15
381.15
436.68

2.53
2.64
2.74

-2,261
-835
-169

2,455
1,018
380

17.61
10.98
9.47

14.00
9.15
7.00

July
August
September

13.06
30.23
29.86

-14.39
5.87
12.66

r282,744

445.69
345.41
1,002.94

2.77
2.94
2.70

-111
-357
-1,055

395
659
1,311

9.03
9.61
10.87

8.13
9.26
10.32

October
November
December

29.81
35.66
41.82

8.42
10.07
19.43

p340,720

359.24
239.34
(NA)

2.53
2.66
2.57

p-1,018
p-1 ,201
p-1,587

pi,335
p2,156
pi,617

12.81
15.85
18.90

11.58
13.89

H)15.66

0.07
p-12.80
2
-24.82

10.43
(NA)

(NA)

p-913
p-1,076
3
-547

pi ,405
pi,278
3
947

D19.08
15.93
3
15.13

14.72
14.90
"13.48

1980
January
February
March
April
May
June

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 32, 33, and 34.
x
Series 113 reached its high value (51.37) in June 1978; series 14 reached its high value (96.99) in September 1977.
2
Average for weeks ended March 4 and 11.
^Average for weeks ended March 4, 11, and 18.
h
Average for weeks ended March 5, 12, 19, and 26.




72

MARCH 1981

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q j

Minor Economic
Process

MONEY AND CREDIT—Continued

Interest Rates—Continued

Timing Class

Outstanding Debt

Lg, Lg, Lg

C Lg, Lg

U. Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

116. Corporate
bond yields ©

115. Treasury
bond yields ®

117. Municipal
bond yields ©

118. Secondary
market yields
on FHA
mortgages ©

67. Bank rates
on short-term
business loans

(Percent)

(Percent)

Year
and
month
(Percent)

(Percent)

(Percent)

®

Lg, Lg, Lg

Lg, Lg, Lg

109. Average
prime rate
charged by
banks ©

66. Consumer
installment
credit

(Percent)

(Mil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

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

95. Ratio,
consumer installment credit
to personal
income

(Percent)

1979
January
February
March

9.47
9.52
9.65

8.43
8.43
8.45

6.47
6.31
6.33

10.24
10.24
10.26

12,27

11.75
11.75
11.75

269,107
273,327
276,677

134,984
137,740
138,220

14.58
14.67
14.68

April
May
June

9.69
9.82
9.51

8.44
8.55
8.32

6.29
6.25
6.13

(NA)
10.61
10.49

12^34

11.75
11.75
11.65

280,486
283,652
286,263

141,522
144,188
146,124

14.83
0)14.90
14.88

July
August
September

9.47
9.57
9.87

8.35
8.42
8.68

6.13
6.20
6.52

10.46
10.58
11.37

1 2 ! 31

11.54
11.91
12.90

289,079
291,810
295,818

149,503
152,048
155,661

14.79
14.78
14,88

October
November
December

11.17
11.52
11.30

9.44
9.80
9.58

7.08
7.30
7.22

(NA)
12.41
12.24

15.*81

14.39
15.55
15.30

298,851
301,545
303,578

155,971
154,213
154,592

14.86
14.83
14.80

January
February
March

11.65
13.23
14.08

10.03
11.55
11.87

7.35
8.16
9.17

12.60
(NA)
14.63

15.67

15.25
15.63
18.31

306,305
308,708
H)309,362

159,215
162,201
162,074

14.75
14.80
14.72

April
May
June

13.36
11.61
11.12

10.83
9.82
9.40

8.63
7.59
7.63

13.45
11.99
11.85

K>17'75

19.77
16.57
12.63

307,691
305,014
302,969

162,280
159,033
159,211

14.64
14.43
14.24

July
August
September

11.48
12.31
12.74

9.83
10.53
10.94

8.13
8.67
8.94

12.39
13.54
14.26

11 '.56

11.48
11.12
12.23

301,770
302,259
303,314

160,299
162,818
165,306

13.96
13.87
13.75

October
November
December

13.17
14.10
14.38

11.20
11.83
11.89

9.11
9.56
[H>10.20

14.38
14.47
14.08

15^71

13.79
16.06
E>20.35

304,016
304,855
306,474

167,790
170,762
174,267

13.61
rl3.50
13.46

14.01
H>14.60
X
14.43

11.65
E>12.23
1
12.09

9.68
10.10
2
10.18

B>14.79

20.16
19.43
18.40

307,343
(NA)

[H>174,273
pl73,206
"171 ,138

pi 3.37
(NA)

1980

1981
January
February
March

14.23
3

April
May
June
July
August
September
October
November
December

See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1

Average
Average
Average
4
Average
2

3

for
for
for
for

weeks
weeks
March
weeks

ended March 6, 13, and 20.
ended March 5, 12, and 19.
1 through 24.
ended March 4 and 11.


MARCH 1981


73

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Q j

Year
and
month

950. Twelve leading
indicator components
(series 1, 3, 8, 12, 19,
20, 29, 32, 36, 92, 104,
106)

DIFFUSION INDEXES

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

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

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

9-month
span

25.0
75.0
100.0

75.0
87.5
50.0

83.3
75.0
75.0

100.0
100.0
100.0

52.5
37.5
67.5

15.0
10.0
15.0

11,8
72.5
68.6

41.7
33.3
29.2

12.5
75.0
75.0

75.0
50.0
25.0

91.7
75.0
83.3

83.3
100.0
100.0

0.0
92.5
32.5

17.5
30.0
17.5

45.8
29.2
54.2

37.5
33.3
45.8

100.0
50.0
50.0

100.0
50.0
75.0

66.7
83.3
75.0

100.0
83.3
75.0

75.0
45.0
72.5

16.7
20.8
41.7

41.7
45.8
16.7

62.5
50.0
100.0

75.0
75.0
25.0

83.3
41.7
50.0

50.0
66.7
50.0

January
February
March

41.7
29.2
33.3

0.0
16.7
16.7

100.0
25.0
0.0

25.0
0.0
0.0

41.7
66.7
50.0

April
May
June

12.5
29.2
50.0

16.7
41.7
45.8

0.0
0.0
25.0

0.0
0.0
0.0

July
August
September

83.3
75.0
91.7

75.0

100.0
100.0

25.0
75.0
100.0

October
November
December

66.7
r62.5
41.7

1-month
span

6-month
span

January
February
March

58.3
41.7
66.7

33.3
41.7
41.7

April
May
June

25.0
45.8
41.7

July
August
September
October
November
December

1-month
span

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

1-month
span

6-month
span

46.1
27.5
25.5

66.9
66,3
62.2

74.7
71.8
64.0

7.8
66.7
66.7

56.9
49.0
31.4

49.7
58.1
57.8

60.5
53.8
51.5

32.5
25.0
90,0

37.3
54.9
86.3

21.6
23.5
49.0

57.0
54.4
52.9

58.1
55.5
55.2

37.5
57.5
65.0

45.0
32.5
27.5

8.8
53.9
68.6

35.3
33.3
5.9

65.1
55.2
53.5

59.3
63.1
56.4

50.0
58.3
33.3

75.0
10.0
0.0

17.5
2.5
5.0

25.5
60.8
46.1

2.0
2.0
9.8

60.2
54.9
45.9

45.3
36.9
32.3

66.7
33.3
33.3

41.7
50.0
33.3

55.0
17.5
17.5

12.5
5.0
10.0

3.9
33.3
70.6

19.6
3.9
7.8

34.6
28.8
30.2

24.7
26.7
25.6

50.0
100.0
100.0

41.7
33.3
33.3

33.3
33.3
50.0

32.5
87.5
65.0

35.0
70.0
r85.0

62.7
84.3
13.7

58.8
21.6
(NA)

36.3
62.8
62.8

32.3
46.8
r68.6

100.0
100.0

50.0
50.0
66.7

50.0
"75.0

70.0
72.5
r75.0

P90.0

76.5
96.1
5.9

64.0
66.9
r64.0

r79.1
p77.3

(NA)

r65.7
p56.4

1979

1980

W.Q

2

70.0

100.0
100.0
100.0

3

1981
January
February
March

X
2

27.3
40.0

100.0
3
33.3

41.7
"37.5

r87.5
pl5.0

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, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated b y ® , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
'•Excludes series 12 for which data are not yet available.
2
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
^Excludes series 70 and 95 for which data are not yet available.




74

MARCH 1981

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

0 1 DIFFUSION

Year
and
month

964. Value of manufacturers' new orders,
durable goods industries (35 industries)

1-month
span

9-month
span

1979

965. Newly approved
capital appropriations,
deflated (17 manufacturing industries)

966. Index of industrial
production (24
industries)

NDEXES-Cont nued
967. Index 0 f spot
market price >, raw
industrials (a>
(13 industria 1 materials)

968. Index of stock
prices, 500 common
stocks ' ®

960. Net profits,
manufacturing2 @
(about 700 companies)

1-month
span

9-month
span

96.2
96.2
88.5

94.8
35.5
85.5

18.2
32.7
57.4

71

69.2
42.3
53.8

80.8
84.6
"91.7

80.0
16.4
90.0

90.7
88.9
75.0

74

66.7
50.0
54.2

46.2
30.8
53.8

"66.7
"66.7
'58.3

64.8
92.6
53.7

63.0
68.5
68.5

63

58.3
58.3
45.8

"62.5
61.5
76.9

"66. 7
A
58.3
'58.3

3.7
38.0
95.4

69.8
37.7
39.6

54

'47

64.6
52.1
58.3

16.7
16.7
12.5

50.0
73.1
61.5

4

58.3
'50.0
53.8

74.1
52.8
3.8

39.6
47.2
77.4

*56

45

75.0
37.5
35.4
12.5
16.7
16.7

16.7
12.5
12.5

11.5
15.4
0.0

50.0
46.2
46.2

26.4
92.5
89.6

90.6
94.3
86.8

(NA)

p45

46.2
42.3
38.5

92.5
88.7
76.4

84.9
96.2
94.3

61.5
65.4

43.4
55.7
15.1

90.6

1-quarter
span

4-Q moving
average

1-month
span

6-month
span

(3)

Revised 3

'48

62.5
54.2
70.8

62.5
66.7
50.0

61.5
76.9
76.9

48

16.7
62.5
56.2

56.2
54.2
45.8

54

52.1
39.6
45.8

48

1-month
span

January
February
March

62.9
45.7
62.9

82.9
80.0
61.4

April
May
June

25.7
62.9
51.4

65.7
62.9
60.0

r45

July
August
September

42.9
57.1
60.0

54.3
45.7
75.7

48

October
November
December

51.4
45.7
54.3

62.9
62.9
42.9

53

January
February
March

72.9
40.0
31.4

22.9
28.6
34.3

71

April
May
June

17.1
34.3
42.9

44.3
54.3
40.0

15

July
August
September

71.4
54.3
82.9

51.4
67.1
r85.7

r39

29.2
62.5
81.3

39.6
r75.0
r87.5

53.8
76.9
57.7

October
November
December

71.4
48.6
48.6

p88.6

p53

87.5
97.9
r64.6

r93.8
p87.5

65.4
53.8
46.2

9-month
span

(4-quarter span)

1980

5

1981
January
February
March

54.3
p51.4

r72.9
p33.3
5

30.8
30.8
53.8

66.0
42.5

April
May
June
July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
x
Based on 58 industries for 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 £ Bradstreet, Inc.
3
See "New Features and Changes for This Issue," page iii.
4
Based on 12 components (excluding rosin).
5
Average for March 3, 10, and 17.


MARCH 1981


ItCII

75

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

0 1

971. New orders, manufacturmg' ©

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

Year
and
quarter

a. Actual
expenditures

b. Later
anticipations

c. Early
anticipations

(1-Q span)

(1-Q span)

(1-Q span)

DIFFUSION INDEXES-Continued

Anticipated

Actual

(4-Q span)

(4-Q

972. Net profits, manufacturing
and trade ' ©

973. Net sales, manufacturing
and trade * ©

Actua 1

Actual

span)

Anticipated

(4-Q span)

(4-Q span)

(4- 1 span)

Anticipated

(4-Q span)

1978
First q u a r t e r
Second quarter . . . .
Third quarter
Fourth quarter . . . .

72.7
90.9
72.7
86.4

81.8
81.8
77.3
75.0

70.5
59.1
86.4
72.7

83
86
86
86

82
83
88
86

73
76
78
78

79
82
84
83

84
86
88
88

86
87
92
90

86.4
68.2
68.2
88.6

52.3
63.6
63.6
47.7

63.6
50.0
68.2
77.3

85
81
73
78

80
84
80
72

78
74
70
72

78
82
80
70

87
84
82
82

85
88
84
78

77.3
59.1
50.0
54.5

54.5
45.5
36.4
40.9

81.8
59.1
81.8
77.3

74
63
60
(NA)

66
75
57
62

62
54
57
(NA)

66
73
59
61

73
62
68
(NA)

72
80
63
67

72.7

70.5
68.2

1979
First q u a r t e r
Second q u a r t e r . . . .
Third quarter
Fourth quarter . . . .
1980
First q u a r t e r
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

r74

Q
Year
and
quarter

974. Number of employees,
manufacturing and trade' ©

975. Level of inventories,
manufacturing and trade 1 ©

Actual

Actual

Anticipated

Ant cipated

DIFFUSION

70

NDEXES-Contmued

976. Selling prices, manufactur n g 1 ©
Anticipated

Actua

977. Selling prices, wholesale
trade1©

978. Selling pr ces, retail
trade ] ©

Actual

Actual

Anticipated

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

82
84
87
87

89
92
93
94

84
90
87
90

91
94
94
93

90
88
92
92

92
93
92
94

86
88
88
86

96
95
95
96

88
90
92
90

94
95
94
96

90
92
92
90

90
88
90
(NA)

87
90
83
86

92
90
92
(NA)

90
92
87
88

92
91
94
(NA)

90
93
84
90

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

62
64
64
63

59
60
62
62

76
76
76
78

67
70
73
74

87
88
90
91

62
60
60
58

60
60
58
56

80
76
73
75

70
74
71
68

58
54
53
(NA)

54
56
48
50

67
61
64
(NA)

62
70
53
56

(4-Q

78

span)

(4-Q span)

(4-Q span)

1978
First q u a r t e r
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1979
First q u a r t e r
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter

. . . .

Third quarter
Fourth quarter

.

.

1981
First q u a r t e r
Second quarter . . . .
Third quarter
Fourth quarter . . . .

56

63

88

90

90

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,
indicated b y © , that appear to contain no seasonal movement. The "r" indicates revised; " p " , preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.




76

MARCH 1981

Dun §

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

^ 9

SELECTED DIFFUSION INDEX COMPONENTS>: Basic Data and Directions o Change
1980

Diffusion index components

July

August

1981

October

September

November

December

February^3

January r

961. AVERAGE WORKWEEK OF PRODUCTION WORKERS MANUFACTURING
(Average weekly hours)

All manufacturing industries

39.0

Percent rising of 20 components

(32)

+

39.4

+

(88)

39.6

+

(65)

39.7

39.9

(70)

(72)

+

40.1 +

40.4 -

39.8

(75)

(88)

(15)

39.4 +
r38.6 +

40.0 38.8

38.3
38.7

r41.3 +
r41.4

41.5 41.3

40.8
40.7

r40.6 +
41.0 +

40.7
41.3 _

40.4
40.9

Durable goods industries:

+

38.1
36.6

+
+

38.9
37.4

+

38.8
38.0

Stone, clay, and glass products
Primary metal industries

40.2
38.6

+
+

40.3
39.2

+
+

40.9
39.7

0

Fabricated metal products
Machinery, except electrical

39.6
40.6

+
+

40.1
40.8

+
+

40.4
40.9

0

Lumber and wood products
Furniture and fixtures

0

38.7
38.0
40.9
40.1
40.4
40.7

39.3
38.0

o

t
I
I

41.1
40.9

+

40.6
41.0

0

40.0
41.4

+

r40.2 +
r41.3 +

40.4
42.2 _

39.6
40.6

40.5
38.6

0

r40.5 +
r39.0 o

40.9
39.0 +

40.1
39.1

39.8
38 9

0

r 37

39.8 +
2 +

40.3 39 6

40.0
39 3

r40.3 +
r35.6 +

40.4 35.9

40.0
35.5

r43.0 +
37.4 +

43.3 37.7

43.1
37.4
41.6
43 4

0

Electric and electronic equipment
Transportation equipment

39.0
39.6

+
+

39.4
40.9

+

39.5
40.6

+

+

39.9
40.8

Instruments and related products
Miscellaneous manufacturing

40.1
38.3

o
+

40.1
38.6

o
+

40.1
38.9

+

+

40.2
38.7

+
+

39.7
38 5

+

39.8
37 3

39.7
37 5

-

+

39.6
39 5

38.8
35.1

+
o

39.2
35.1

+
o

39.7
35.1

:

39.9
35.3

*

40.0
35.0

41.4
36.9

+
+

41.8
37.1

+

42.2
36.9

0

42.2
37.1

+

42.6
36.8

+

Chemicals and allied products
Petroleum and coal products

40.8
42 2

+
o

41.0
42 2

+
+

41.3
d? 7

41.4
43 1

41.7

0

0

41.7
r43 2 +

41.6
43 4

Rubber and miscellaneous plastics products
Leather and leather products

39.0
36.1

+
+

40.2
36.5

40.4
36.5

40.8
36.2

r40.9 +
r36.6 +

41.5
37.0

+

_

Nondurable goods industries:
Food and kindred products
Tobacco manufacturers
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing

o
+

964.

All durable goods industries

1-

40.1
36.2

A'l

VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES
(Millions of dollars)

+

Percent rising of 35 components

74,228

72,229

(71)

(54)

Primary metals
Fabricated metal products

+
+

10,811
8,621

Machinery, except electrical
Electrical machinery

+

14,177
9,677

Transportation equipment
Other durable goods industries

+
+

16,362
14,580

+

+

78,960

+

80,693

(83)

(71)
13,745
10,121

+

0

40.3
37.3

l 2

81,047

+

82,654

81,336 +

81,698

(49)

(49)

(54)

(51)

13,029
9,884

12,899
10,514

10,977
9,705

12,014
10,207

11,412
8,522

+
+

12,554
8,903

12,931
10,790

+

+

14,817
9,977

+

14,806
11,098

14,822
11,459

15,100 +
10,565 +

16,545
11,420 +

15,334
11,629

-

14,175
14,399

+
+

17,487
15,222

I

15,007
15,916

15,957
15,896

17,169
16,407 +

16,164
16,525

15,747
16,767

-

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.
x
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.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

1980

Diffusion index components

July

August

September

1981
October

December

November

January

February^

966. INDEX OF INDUSTRIAL PRODUCTION
(1967 = 100)
All industrial production

Percent rising of 24 components

140.4
2

+

141.8

(29)

(62)

112.8
138.6

121.7
141.1

134.2
81.7

+

144.1

+

146.9
(88)

(81)

149.4

+

150.9

(98)

(65)

151.5

150.8

(73)

(33)

Durable manufactures:
Lumber and products
Furniture and fixtures

+

Clay, glass, and stone products .
Primary metals

122.6
144,8

122.2
147.2

124.9
147.2

122.0
149.0

+

+

122.3
148.5

(NA)
(NA)

135.7
86.0

141.4
90.1

+
+

145.2
100.6

147.8
113.4

151.5
112.1

+
+

154.0
112.9

(NA)
111.7

+
+

Fabricated metal products
Nonelectrical machinery

+

123.8
158.5

125.8
158.8

129.0
159.1

+
+

132.8
161.1

134.1
163.4

137.4
167.1

+
+

138.2
168.8

137.9
168.1

Electrical machinery
Transportation equipment

165.0
110.7

166.7
108.3

167.5
112.9

+
+

170.0
118.8

173.0
121.7

174.9
120.6

+

+

177.7
117.4

175.4
116.4

Instruments
Miscellaneous manufactures . . .

+

167.5
144.7

167.6
144.2

167.4
142.8

+
+

169.6
145.0

169.9
147.5

172.1
149.5

173.6
151.6

171.6
150.7

+

148.9
119.6

148.3
117.4

148.6
119.1

+
+

149.4
123.1

150.5
125.1

151.4
118.8

151.1
(NA)

(NA)
(NA)
(NA)
(NA)

Nondurable manufactures:
Foods
Tobacco products
Textile mill products
Apparel products

132.5
121.5

+
+

132.6
123.8

133.0
126.7

+
+

133.8
127.5

135.0
128.0

133.2
125.0

133.8
(NA)

143.6
138.6

+
+

147.1
140.3

152.3
140.3

+
+

153.0
141.5

154.4
142.7

156.5
144.9

155.4
145.6

Chemicals and products
Petroleum products

190.3
130.5

+

197.8
126.7

206.8
130.5

+

209.1
130.1

212.1
131.2

218.8
136.8

219.0
137.4

Rubber and plastics products..
Leather and products

242.5
67.8

+

245.9
67.7

253.1
67.2

+
+

259.2
70.2

259.6
71.2

259.2
67.8

259.9
67.8

Paper and products
Printing and publishing

+

+

154.1
146.2
(NA)
136.5
(NA)
(NA)

Mining:
Metal mining
Coal

83.1
149.8

71.2
154.9

73.1
148.9

90.8
145.7

107.2
151.6

122.1
155.3

122.6
150.3

Oil and gas extraction
Stone and earth minerals

134.3
123.7

133.6
123.5

134.7
128.2

135.4
129.0

137.4
133.0

137.4
137.8

140.7
142.7

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.
i
2

= falling.

+

(NA)
156.2
142.5
(NA)

The "r" indicates revised; "p"

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




78

( + ) = rising, (o) = unchanged, and ( - )

+

MARCH 1981

KCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

Diffusion index components

1980

July

August

September

1981
October

November

967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS

Raw industrials price index (1967 = 100)
Percent rising of 13 components ...

December

January

February

March 1

:

277.6

292.1

298.3

300.8

304,7

298.4

291.6

284.2

288.4

(54)

(77)

(58)

(65)

(54)

(46)

(31)

(31)

(54)

Dollars

Copper scrap . . .

(pound)..
(kilogram)..

0.760
1.675

0.732
1.614

0.716
1.578

0.732
1.614

Lead scrap

(pound)..
(kilogram)..

0.218
0.481

0.256
0.564

0.294
0.648

0.302
0.666

Steel scrap

(U.S. ton)..
(metric ton)..

68.000
74.956

78.000
85.979

89.000
98.105

93.000
102.514

+

Tin

(pound)..
(kilogram)..

7.742
17.068

7.742
17.068

7.974
17.579

7.728
17.037

Zinc

(pound)..
(kilogram)..

0.355
0.783

0.359
0.791

0.374
0.825

0.383
0.844

Burlap

(yard)..
(meter)..

0.324
0.354

0.331
0.362

0.325
0.355

0.314
0.343

Cotton

(pound)..
(kilogram)..

0.783
1.726

0.857
1.889

0.875
1.929

0.861
1.898

Print cloth

(yard)..
(meter)..

0.675
0.738

0.668
0.731

0.656
0.717

Wool tops

(pound)..
(kilogram)..

3.200
7.055

3.400
7.496

Hides

(pound)..
(kilogram)..

0.476
1.049

0.522
1.151

Rosin

. . . (100 pounds)..
(100 kilograms)..

Rubber

(pound)..
(kilogram)..

Tallow

(pound)..
(kilogram)..

45.000 o 45.000
99.207
99.207

-

0.719
1.585

-

0.654
1.442

0.662
1.459

0.652
1.437

0.660
1.455

0.294
0.648

-

0.260
0.573

0.239
0.527

0.206
0.454

0.229
0.505

98.000
108.025

+ 103.800
114.419

96.000
105.821

+

98.000
108.025

106.000
116.844

-

7.405
16.325

6.766
14.916

6.668
14.700

-

6.372
14.048

6.213
13.697

+

0.396
0.873

+

0.416
0.917

0.416
0.917

o

0.416
0.917

0.416
0.917

0.286
0.313

-

0.273
0.299

0.280
0.306

-

0.266
0.291

0.282
0.308

+

0.869
1.916

+

0.875
1.929

0.850
1.874

-

0.825
1.819

0.818
1.803

0.665
0.727

+

0.684
0.748

+

0.702
0.768

0.688
0.752

+

0.722
0.790

0.747
0.817

3.460
7.628

3.500
7.716

o

3.500
7.716

o

3.500
7.716

3.500
7.716

+

3.575
7.881

3.600
7.937

0.474
1.045

0.498
1.098

+

0.592
1.305

+

0.624
1.376

0.572
1.261

-

0.519
1.144

0.510
1.124

o

45.000 o 45.000 o 45.000 o 45.000 o 45.000 o 45.000 o 45.000
99.207
99.207
99.207
99.207
99.207
99.207
99.207

0.678
1.495

0.688
1.517

0.756
1.667

0.802
1.768

-

0.796
1.755

-

0.722
1.592

0.167
0.368

0.187
0.412

0.179
0.395

0.169
0.373

+

0.180
0.397

-

0.177
0.390

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

( f)

0.704
1.552

0.684
1.508

0.659
1.453

o

0.177
0.390

0.175
0.386

0.172
0.379

- rising, (o) = unchanged, and ( - )

= falling.

The "r" indicates revised; " p "

1

Average for March 3, 10, and 17.
Data are not seasonally adjusted.

2


MARCH 1981


ItO

Components are converted to metric units by the Bureau of Economic Analysis.

79

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

200.

c. Percent
change at
annual rate

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

217. Per capita
GNP in 1972
dollars

50. Gross national product in 1972 dollars

Gross national product in current dollars

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

c. Percent
change at
annual rate

(Ann. rate,
dollars)

213. Final sales
in 1972 dollars

(Ann. rate,
bil. dol.)

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

2,032.4
2,129.6
2,190.5
2,271.9

43.8
97.2
60.9
81.4

9.1
20.5
11.9
15.7

1,402.3
1,432.8
1,446.7
1,465.8

10.8
30.5
13.9
19.1

3.2
9.0
3.9
5.4

6,431
6,558
6,606
6,679

1,384.6
1,416.8
1,435.2
1,455.3

2,340.6
2,374.6
2,444.1
2,496.3

68.7
34.0
69.5
52.2

12.7

1,479.9
1,473.4
1,488.2
1,490.6

14.1
-6.5
14.8
2.4

3.9
-1.7
4.1
0.6

6,730
6,687
6,737
6,731

1,464.4
1,455.0
1,480.6
1,491.3

2,571.7
2,564.8
2,637.3

75.4
-6.9
72.5

12.6
-1.1
11.8

11.3
-38.6
8.6

r93.3

r!4.9

1,501.9
1,463.3
1,471.9
rl,485.6

6,767
6,578
6,597
r6,640

1,502.8
1,462.0
1,476.9
rl,492.7

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

5.9
12.2

1980
First quarter . .
Second quarter
Third quarter .
Fourth quarter

r2,730.6

3.1
-9.9

2.4
r3.8

r!3.7

1981
First quarter . .
Second quarter
Third quarter .
Fourth quarter

GNP AND PERSONAL INCOME-Continued

Year
and
quarter

PERSONAL CONSUMPTION EXPENDITURES

Disposable personal income
224.

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

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

230. Total in current
dollars

231. Total in 1972
dollars

232. Durable goods
in current dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

233. Durable goods
in 1972 dollars

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

(Ann. rate,
bil. dol.)

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

1,398.0
1,440.7
1,482.1
1,531.0

966.8
975.5
985.9
998.0

4,434
4,465
4,502
4,547

1,278.3
1,330.1
1,369.9
1,416.6

884.1
900.6
911.2
923.4

185,0
200,1
202.0
210.2

139.5
148.1
147.0
150.7

1,580.2
1,612.8
1,663.8
1,710.1

1,005.7
1,006.9
1,015.7
1,017.7

4,574
4,570
4,598
4,596

1,454.1
1,478.0
1,529.1
1,582.3

925.5
922.8
933.4
941.6

212.5
207.4
213.3
216.1

149.6
144.2
146.7
146.0

1,765.1
1,784.1
1,840.6
rl,897.0

1,021.0
1,008.2
1,018.5
1,025.8

4,600
4,532
4,565
4,585

1,631.0
1,626.8
1,682.2
rl ,751.0

943.4
919.3
930.8
r946.8

220.9
194.4
208.8
r223.3

145.4
126.2
132.6
rl39.1

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

1980
First quarter . .
Second quarter
Third quarter .
Fourth quarter

1981
First quarter . .
Second quarter
Third quarter .
Fourth quarter

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




MARCH 1981

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

H H
236. Nondurable
goods in current
dollars

Year
and
quarter

(Ann. rate,
bil. dol.)

i

PERSONAL CONSUMPTION EXPENDITURES—Continued

Q

238. Nondurable
goods in 1972
dollars

237. Services in
current dollars

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bii. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT

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.)

1978

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

504.0
520.4
536.3
558.3

339.8
342.4
347.2
353.5

589,3
609.5
631.6
648.1

404.8
410.1
417.1
419.2

350.7
377.7
380.4
392.6

224.9
232.9
229.3
231.8

325.8
350.7
361.3
374.9

207.2
216.9
217.8
221.3

571.8
586.4
611.5
639.2

351.1
350.6
355.4
361.3

669.9
684.2
704.3
727.0

424.8
428.0
431.3
434.3

408.3
423.2
421.7
410.0

237.7
238.7
232.6
221.5

384.0
390.1
408.3
410.8

222.3
220.4
225.0
222.2

661.1
664.0
674.2
r7O3.5

361.5
356.6
354.9
r360.4

749.0
768.4
799.2
r824.2

436.5
436.5
443.3
r447.3

415.6
390.9
377.1
r397.7

218.3
200.5
195.3
r200.5

413.1
383.5
393.2
r415.1

219.2
199.2
200.2
r207.6

1979
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• •
mm

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars

Year
and
quarter

(Ann. rate,
bil. dol.)

30. Change in
business inventories in 1972
dollars
(Ann. rate,
bil. dol.)

[ M
260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
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

(Ann. rate,
bil. dol.)

267. State and
local government
in 1972 dollars

(Ann. rate,
bil. dol.)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

24.9
27.0
19.1
17.7

17.7
16.0
11.5
10.6

415.7
425.1
438.3
451.3

274.6
276.3
280.0
280.1

149.5
149.1
154.1
160.7

99.4
98.0
100.8
101.0

266.2
276.0
284.2
290.6

175.3
178.3
179.2
179.2

....

24.3
33.1
13.3

....

-0.8

15.4
18.4
7.6
-0.7

458.2
465.1
475.4
496.4

280.6
280.3
281.1
285.3

164.8
163.6
165.1
178.1

102.9
100.8
99.9
103.1

293.4
301.6
310.4
318.3

177.7
179.4
181.2
182.2

2.5
7.4
-16.0
r-17.4

-0.9
1.3
-5.0
r-7.2

516.8
530.0
533.5
r558.6

290.1
291.9
288.2

190.0
198.7
194.9
r212.0

107.6
110.7
106.9
rlO7.4

326.8
331.3
338.6

182.5
181.2
181.3
r!82.4

....
....

1979
First quarter
Second quarter
Third quarter
Fourth quarter
1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

r289.8

r346.6

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

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


MARCH 1981


81

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

^ J

255. Constant
(1972) dollars

250. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

253. Current
dollars

256. Constant
(1972) dollars

252. Current
dollars

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services

Year
and
quarter

• •
NATIONAL INCOME
• N i l AND ITS COMPONENTS

FOREIGN TRADE

257. Constant
(1972) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

280. Compensation of
employees

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

-12.3
-3.3
1.9
11.4

18.7
23.0
26.1
30.5

195.9
214.8
225.3
243.5

118.3
125.4
129.8
136.6

208.2
218.1
223.3
232.0

99.5
102.4
103.7
106.2

1,644.6
1,720.7
1,771.7
1,844.6

1,238.1
1,282.3
1,316.5
1.361.7

19.9
8.2
17.9
7.6

36.0
31.6
41.1
42.2

259.1
266.8
293.1
306.3

141.1
140.5
151.3
154.8

239.2
258.6
275.2
298.7

105.1
108.8
110.2
112.6

1,903.6
1,932.0
1,986.2
2,031,3

1,409.9
1,439.0
• 1,476.7
1,518.1

8.2
17.1
44.5
r23.3

50.1
51.7
57.6
r48.5

337.3
333.3
342.4
r346.1

165.9
160.5
160.5
r!57.4

329.1
316.2
297.9
r322.7

115.8
108.9
102.8
r!08.9

2,088.5
2,070.0
2,122.4
p2,204.5

1,558.0
1,569.0
1,597.4
r l , 6 6 1 .3

1979
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

Q

wSm NATIONAL INCOME AND ITS COMPONENTS-Contmued
282. Proprietors'
income with inventory valuation and
capital consumption adjustments

Year
and
quarter

(Ann. rate,
bil. dol.)

284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bil. dol.)

286. Corporate
profits with inventory valuation and
capital consumption adjustments
(Ann. rate,
bil. dol.)

288. Net interest

(Ann. rate,
bil. dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil. dol.)

SAVING

295. Business
saving

292. Personal
saving

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

110.3
115.5
118.2
124.6

25.3
25.4
28.7
30.0

163.6
185.2
190.5
202.7

107.3
112.3
117.8
125.7

326.9
354.0
359.4
380.4

260.1
275.5
284.9
295.8

84.6
73.6
73.4
73.8

127.8
129.4
132.9
136.3

30.7
30.1
30.3
31.0

201.9
196.6
199.5
189.4

133.4
136.9
146.8
156.5

407.4
416.2
422.3
402.0

304.4
310.3
320.5
315.7

83.8
90.9
89.3
80.7

133.7
124.9
129.7
H34.0

31.2
31.5
32.0
32.4

200.2
169.3
177.9
p!83.0

165.4
175.3
185.3
r!93.3

404.5
394.5
402.0
p406.5

326.7
325.8
334.6
P339.1

86.4
110.0
111.4
r97.6

1979
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

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




82

MARCH 1981

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Q
298. Government
surplus or deficit,

Year

tntal
10131

and
quarter

j Q

SAVING—Continued

(Ann. rate,
bil. dol.)

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

SHARES OF GNP AND NATIONAL INCOME

Percent of gross national product
235. Personal consumption expenditures, total

248. Nonresidential
fixed investment

(Percent)

(Percent)

249. Residential
fixed investment
(Percent)

247. Change in
business inventories

251. Net exports of
goods and services

(Percent)

(Percent)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

-17.7
4.9
1.1
10.8

6.0
5.1
5.0
4.8

62.9
62.5
62.5
62.4

11.0
11.2
11.3
11.4

5.1
5.2
5.2
5.1

1.2
1.3
0.9
0.8

-0.6
-0.2
0.1
0.5

18.1
13.9
11.3
4.4

5.3
5.6
5.4
4.7

62.1
62.2
62.6
63.4

11.4
11.5
11.8
11.6

5.0
4.9
4.9
4.8

1.0
1.4
0.5
0.0

0.9
0.3
0.7
0.3

-9.6
-42.5
-45.6
p-30.9

4.9
6.2
6.1
r5.1

63.4
63.4
63.8
r64.1

11.6
11.3
11.1
rll.l

4.5
3.6
3.8
4.1

0.1
0.3
-0.6
-0.6

0.3
0.7
1.7
rO.9

1979
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1981
First quarter
Second quarter
Third quarter
Fourth quarter

....
....
^ J

SHARES OF GNP AND NATIONAL INCOME—Continued
F'ercent of national income

Percent of GNP—Continued

Year
and
quarter

265. Federal Government purchases of
goods and services
(Percent)

268. State and local
government purchases
of goods and services

64. Compensation of
employees

(Percent)

(Percent)

283. Proprietors'
income with IVA
and CCAdj1

285. Rental income
of persons with
CCAdj'

(Percent)

(Percent)

(Percent)

287. Corporate
profits with IVA
and CCAdj'

289. Net interest

(Percent)

1978
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

7.4
7.0
7.0
7.1

13.1
13.0
13.0
12.8

75.3
74.5
74.3
73.8

6.7
6.7
6.7
6.8

1.5
1.5
1.6
1.6

9.9
10.8
10.8
11.0

6.5
6.5
6.6
6.8

7.0
6.9
6.8
7.1

12.5
12.7
12.7
12.8

74.1
74.5
74.3
74.7

6.7
6.7
6.7
6.7

1.6
1.6
1.5
1.5

10.6
10.2
10.0
9.3

7.0
7.1
7.4
7.7

7.4
7.7
7.4
7.8

12.7
12.9
12.8
12.7

74.6
75.8
75.3
P75.4

6.4
6.0
6.1
p6.1

1.5
1.5
1.5
pi.5

9.6
8.2
8.4
p8.3

7.9
8.5
8.7
p8.8

1979
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1980
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 46 and 47.
J
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

83

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

^ Q PRICE
Implicit price deflator,
gross national product
Year
and
month

310. Index

(1972 = 100)

310c. Change
over 1-quarter
spans '

(Ann. rate,
percent)

Fixed-weighted price index,
gross business product
311. Index

(1972 = 100)

311c. Change
over 1-quarter
spans l

(Ann. rate,
percent)

MOVEMENTS

Consumer prices, all items

Consumer prices, food

320. Index ®

320c. Change
over 1-month
spans *

320c. Change
over 6-month
spans l

(1967 = 100)

(Percent)

(Ann. rate,
percent)

(1967 = 100)

322. Index

322c. Change
over 1-month
spans l

322c. Change
over 6-month
spans '

(Percent)

(Ann. rate,
percent)

1979
8.4

January
February
March

15812

April
May
June

161.2

July
August
September

164! 2

October
November
December

167.5

9.5

204.7
207.1
209.1

0.8
1.0
0.9

10.6
11.4
12.2

225.2
228.2
230.1

1.3
1.3
0.8

12.0
12.0
10.6

9.2

211.5
214.1
216.6

1.0
1.0
1.0

12.9
13.0
13.6

231.5
233.2
233.9

0.6
0.7
0.3

9.0
6.3
7.0

9.5

218.9
221.1
223.4

1.2
1.1
1.2

13.9
14.0
14.4

235.1
235.3
238.0

0.5
0.1
1.1

7.6
7.7
9.7

9.3

225.4
227.5
229.9

1.1
1.1
1.2

14.9
15.4
15.8

240.1
242.0
245.0

0.9
0.8
1.2

8.9
8.3
7.7

10.2

233.2
236.4
239.8

1.4
1.3
1.3

15.3
14.8
14.3

245.3
244.9
247.0

0.1
-0.2
0.9

6.9
6.1
4.5

9.5

242.5
244.9
247.6

0.9
0.9
1.0

11.4
10.3
9.6

248.3
249.3
250.5

0.5
0.4
0.5

6.3
10.6
12.5

9.8

247.8
249.4
251.7

0.1
0.8
1.0

10.0
10.5
10.5

252.9
257.6
262.0

1.0
1.9
1.7

13.4
15.2
16.3

8,9

253.9
256.2
258.4

1.0
1.1
1.0

11.9
12.3

264.4
267.6
270.2

0.9
1.2
1.0

13.8
10.3

260.5
263.2

0.7
1.0

269.8
270.6

-0.1
0.3

161 I i
7.8

16516
7.8
16818
8.1
17216

1980
January
February
March

171.2

April
May
June

175*. 3

July
August
September

179! 2

October
November
December

183.8

9.3
176.8

9.8

18619
9.2
185.*2

10.7
1891 2

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
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,
and 1-quarter changes are placed on the 1st month of the 2d quarter.




84

MARCH 1981

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

j j M
Producer prices, all commodities
Year
and
month

330. Index (g)

(1967 = 100)

330c. Change
over 1-month
spans1 (u)

(Percent)

PRICE MOVEMENTS-Contmued
Producer prices, crude materials

Producer prices, industrial commodities

330c. Change
over 6-month
spans 1 (u)

(Ann. rate,
percent)

335. Index (u)

335c. Change
over 1-month
spans1 ©

(1967 = 100)

(Percent)

335c. Change
over 6-month
spans ' (u)

(Ann. rate,
percent)

331. Index

(1967 = 100)

331c. Change
over 1-month
spans '

(Percent)

331c. Change
over 6-month
spans '

(Ann. rate,
percent)

1979
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

255.3
261.4
266.5

2.2
2.4
2.0

21.1
20.2
20.7

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

271.2
271.4
274.6

1.8
0.1
1.2

18.1
8.6
11.3

July
August
September

236.9
238.3
242.0

1.5
0.6
1.6

14.0
13.5
14.4

237.5
240.6
244.2

1.5
1.3
1.5

18.2
17.1
17.0

277.4
272.4
281.1

1.0
-1.8
3.2

9.4
12.0
12.2

October
November
December

245.6
247.2
249.7

1.5
0.7
1.0

15.8
19.2
17.1

249.0
250.6
253.1

2.0
0.6
1.0

20.4
22.1
21.0

283.7
287.2
290.9

0.9
1.2
1.3

8.4
17.4
5.3

January
February
March

254.9
260.2
261.9

2.1
2.1
0.7

14.5
14.2
13.1

260.6
265.9
268.6

3.0
2.0
1.0

18.7
17.7

16.8

288.8
295.1
288.4

-0.7
2.2
-2.3

-0.4
-0.8
-1.8

April
May
June

262.8
264.2
265.6

0.3
0.5
0.5

12.5
10.7
9.9

271.3
271.9
273.5

1.0
0.2
0.6

12.3
9.5
7.7

283.1
286.1
288.3

-1.8
1.1
0.8

10.5
15.8
24.5

July
August
September

270.4
273.8
274.6

1.8
1.3
0.3

rll.7
11.0
11.4

276.2
278.2
278.8

1.0
0.7
0.2

r8.0
8.1
9.4

303.6
317.5
321.8

5.3
4.6
1.4

r33.6
32.4
27.3

October
November
December

r277.8
278.4
280.3

rl.2
r0.2
0.7

9.9
9.8

r282.0
282.7
286.1

rl.l
r0.2
1.2

10.2
12.3

r327.2
329.2
325.3

rl.7
r0.6
-1.2

12.6
8.9

283.5
286.9

1.1
1.2

289.9
294.8

1.3
1.7

322.1
331.4

-1.0
2.9

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Percent changes are centered within the spans:
month.


MARCH 1981


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

85

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

Q H

Producer prices, intermediate materials
Year
and
month

332. Index

(1967 = 100)

332c. Change
over 1-month
spans l

(Percent)

PRICE MOVEMENTS-Contmued

Producer prices, capital equipment

332c. Change
over 6-month
spans '

(Ann. rate,
percent)

333. Index

(1967 = 100)

333c. Change
over 1-month
spans '

(Percent)

Producer prices, finished consumer goods

333c. Change
over 6-month
spans *

(Ann. rate,
percent)

334. Index

(1967 = 100)

334c. Change
over 1-month
spans:

(Percent)

334c. Change
over 6-month
spansl

(Ann. rate,
percent)

1979
January
February
March

227.0
228.9
231.6

1.1
0.8
1.2

13.3
13.8
14.7

208.1
210.0
211.4

0.7
0.9
0.7

10.0
9.2
9.2

206.1
208.3
210.3

1.3
1.1
1.0

13.0
12.7
11.3

April
May
June

235.2

238.0
240.4

1.6
1.2
1.0

15.9
16.9
17.9

213.3
214.7
215.9

0.9
0.7
0.6

9.2
7.7
7.9

212.3
213.5
214.7

1.0
0.6
0.6

11.1
11.2
13.5

July
August
September

244.4
247.5
251.5

1.7
1.3
1.6

18.0
17.4
17.5

217.5
217.9
219.6

0.7
0.2
0.8

7.7
8.0
8.4

217.2
219.7
224.0

1.2
1.2
2.0

13.9
16.1
16.7

October
November
December

255.5
257.9
260.6

1.6
0.9
1.0

19.6
20.8
18.7

221.4
223.1
224.8

0.8
0.8
0.8

10.1
11.4
11.7

226.6
230.0
231.9

1.2
1.5
0.8

17.9
18.6
16.8

January
February
March

267.3
272.0
274.0

2.6
1.8
0.7

15.6
14.9
14.1

228.2
230.0
232.1

1.5
0.8
0.9

13.4
12.5
12.3

235.8
239.3
242.1

1.7
1.5
1.2

15.3
13.0
13.1

April
May
June

274.7
276.4
278.4

0.3
0.6
0.7

10.5
8.8
8.3

235.8
236.6
238.2

1.6
0.3
0.7

11.6
12.2
10.4

243.3
244.5
246.6

0.5
0.5
0.9

13.5
12.9
11.0

July
August
September

281.0
283.7
285.2

0.9
1.0
0.5

r9.6
9.9
11.0

241.1
243.6
243.9

1.2
1.0
0.1

rlO.7
10.2
10.7

251.2
254.3
255.1

1.9
1.2
0.3

rll.7
11.7
10.7

October
November
December

r287.6
289.8
293.3

r0.8
r0.8
1.2

11.6
10.3

r248.1
248.4
250.6

rl.7
rO.l
0.9

10.1
10.3

r257.1
258.4
259.4

r0.8
rO.5
0.4

8.4
7.4

296.8
297.9

1.2
0.4

253.0
255.8

1.0
1.1

261.5
263.6

0.8
0.8

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December

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




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

MARCH 1981

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

•

WAGES AND PRODUCTIVITY

Average hourly earnings, production workers, private nonfarrrI economy, adjustec
Year
and
month

Current-dollar earnings
340. Index

(1967 = 100)

340c. Change
over 1-month
spans2
(Percent)

Average hourly compensation, all employees,
nonfarm business sector

i

Current-dollar compensation

Real earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)

341. Index

(1967 = 100)

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

341c. Change
over 6-month
spans2
(Ann. rate,
percent)

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spans2

345c. Change
over 4-quarter
spans2

(Ann. rate,
percent)

(Ann. rate,
percent)

1979
January
February
March

222.6
224.0
225.2

0.7
0.6
0.5

7.8
7.6
7.5

rlO7.8
r!07.4

-0.2
r-0.5
-0.4

April
May
June

226.7
227.6
229.2

0.7
0.4
0.7

7.5
7.6
8.2

rlO7.1
H06.4
H06.1

-0.3
-0.7
-0.3

r-5.0
-4.8
-4.8

iu',5

July
August
September

230.8
232.3
234.3

0.7
0.6
0.9

7.5
8.8
9.1

r!05.6
105.2
H04.8

-0.5
r-0.4
r-0.4

r-5.5
r-4.5
r-4.5

119 *. 8

October
November
December

235.0
237.3
239.4

0.3
1.0
0.9

8.4
8.9
9.6

104.1
104.0
r!03.6

r-0.7
-0.1
r-0.4

r-5.5
r-5.5
r-5.2

122.*5

January
February
March

240.3
242.4
245.2

0.4
0.9
1.2

9.8
9.4
9.8

102.6
102.2
H02.0

r-1.0
-0.4
r-0.2

-4.8
r-4.6
r-3.8

125*. 3

April
May
June

246.2
248.3
250.9

0.4
0.9
1.0

10.0
9.8
8.4

rlO1.5
101.5
101.6

-0.5
rO.O
0.1

r-1.1
r-0.3
r-1.2

128.7

July
August
September

252.1
254.0
255.4

0.5
0.8
0.6

9.7
10.5

102.0
102.0
101.5

0.4
0.0
-0.5

r-0.2
r-0.1
r-1.7

131.'6

October
November
December

257.9
260.9
r261.8

1.0
1.2
0.3

101.4
rlO1.4
100.8

-0.1
rO.O
r-0.6

r-1.1

r264.2
p265.6

r0.9
p0.5

rl00.9
plOO.5

rO.l
p-0.4

108.3

10.8

r-3.0

r-3.8
r-4.4

114^7

9.6
10.0
9.5
8.2
9*. 3
9.2
^6

1980

r9.0
r9.8
p9.3

p-3.0

9.6
9^9

11.4

pio!6
9.3

p9.5
p!34!7

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
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 1981


\\i\\

87

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

| g
Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month
Index

346c. Change
over 1-quarter
spans'

(1977 = 100)

(Ann. rate,
percent)

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

AND PRODUCTIVITY—Continued

Negotiated wa£ e and benefit
decisions, all industries (u)
348. First year
average changes

Real compensation
346.

WAGES

(Ann. rate,
percent)

349. Average
changes over
life of
contract

(Ann. rate,
percent)

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

(1977 = 100)

370c. Change
over 1-quarter
spansl

(Ann. rate,
percent)

358. Index of
output per hour

370c. Change
over 4-quarter
spans '

(Ann. rate,
percent)

all persons,
nonfarm
business sector

(1977 = 100)

1979

2.8

-0.4

January
February
March
April
May
June

99*6

July
August
September

98*5

October
November
December

97.5

5.3

10.5

-2.5

7.8

9.0

6.1

8.5

-3.8

-6! 9

99.'l

-6*4

98*. 7

-0*8

98.6

o'.o

98*6

p-6.3

97*9

-1.1

6.0

-4*2

99.5

-1.5
99.2

-4*3

-0.7

-0.2
99*6

-2*8

-4.6

-0.8
99.7

-1.9

100*3

99.0

1980
January
February
March

95.9

April
May
June

95*5

p8.6

-6.2

July
August
September
October
November
December

99*3

plO.l

-2.0

p6.8

-1.9
98*8

p~2*2

2.0

1.3

p6.4

-2*6

pll.6

p7.3

1.5
99.2

95*9

p-2.4
p95.*3

p8.3

p5.9

98*8

p-1.9
p98.5

p98*7

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.

Graphs of these series are shown on pages 49 and 50.
1
Percent changes are centered within the spans:
placed on the middle month of the 3d quarter.




1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are

MARCH 1981

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

D

| CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

Civilian labor force

Year
and
month

441. Total

(Thous.)

442. Employed

(Thous.)

Labor force participatio i rates
451. Males
20 years
and over

448. Number em-

Number unemployed

452. Females
20 years
and over

453. Both
sexes, 16-19
years of age

(Percent)

(Percent)

(Percent)

37. Total

ployed
part-time
for economic
reasons

444. Males
20 years
and over

445. Females
20 years
and over

446. Both
sexes, 16-19
years of age

(Thous.)

(Thous.)

(Thous.)

(Thous.)

(Thous.)

(Thous.)

447. Fulltime
workers

1979
January
February
March

102,014
102,393
102,578

96,056
96,400
96,622

80.0
80.1
79.9

50.1
50.3
50.5

58.8
58.9
58.7

5,958
5,993
5,956

2,201
2,188
2,188

2,205
2,251
2,246

1,552
1 ,554
1,522

4,573
4,692
4,602

3,234
3,209
3,248

April
May
June

102,213
102,366
102,556

96,295
96,590
96,838

79.8
79.7
79.7

50.2
50.3
50.4

58.4
57.9
57.8

5,918
5,776
5,718

2,165
2,083
2,097

2,178
2,147
2,177

1,575
1,546
1,444

4,621
4,450
4,422

3,279
3,252
3,267

July
August
September

103,015
103,105
103,492

97,277
97,048
97,521

79.9
79.8
79.9

50.7
51.0
50.9

57.6
56.6
58.1

5,738
6,057
5,971

2,177
2,235
2,232

2,122
2,303
2,180

1,439
1,519
1,559

4,484
4,661
4,670

3,243
3,286
3,155

October
November
December

103,566
103,605
104,053

97,434
97,501
97,781

79.7
79.5
79.5

50.9
50.9
51.2

57.7
57.9
58.5

6,132
6,104
6,272

2,333
2,385
2,435

2,240
2,214
2,276

1,559
1,505
1,561

4,785
4,814
4,911

3,289
3,405
3,541

January
February
March

104,208
104,271
104,171

97,708
97,817
97,628

79.5
79.6
79.4

51.3
51.3
51.2

58.0
57.5
57.4

6,500
6,454
6,543

2,629
2,581
2,736

2,314
2,311
2,295

1,557
1,562
1,512

5,130
5,114
5,265

3,549
3,454
3,470

April
May
June

104,427
105,060
104,591

97,225
97,116
96,780

79.5
79.9
79.4

51.4
51.5
51.4

56.5
57.9
56.7

7,202
7,944
7,811

3,192
3,569
3,558

2,501
2,593
2,569

1,509
1,782
1,684

5,825
6,586
6,430

3,803
4,276
3,969

July
August
September

105,020
104,945
104,980

96,999
97,003
97,180

79.4
79.4
79.4

51.5
51.6
51.3

57.1
55.5
56.7

8,021
7,942
7,800

3,630
3,612
3,652

2,655
2,633
2,513

1,736
1,697
1,635

6,631
6,553
6,516

4,086
4,143
4,183

October
November
December

105,167
105,285
105,067

97,206
97,339
97,282

79.3
79.2
79.0

51.4
51.5
51.4

56.8
56.5
56.0

7,961
7,946
7,785

3,532
3,532
3,425

2,732
2,720
2,750

1,697
1,694
1,610

6,559
6,632
6,549

4,220
4,176
4,218

105,543
105,681

97,696
97,927

78.8
78.7

51.8
51.9

57.0
57.0

7,847
7,754

3,352
3,312

2,750
2,680

1,744
1,762

6,460
6,396

4,474
4,145

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December

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


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES

Q

DEFENSE INDICATORS

/\dvance measures of defense activity

State and local governments'

Federal Governmen
Year
and
month

I f l

RECEIPTS AND EXPENDITURES

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

525. Defense
Department
military prime
contract
awards

543. Defense
Department
gross unpaid
obligations
outstanding

548. Value of
manufacturers'
new orders,
defense
products

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1979
January
February
March

-11.'5

477^6

488.4

29*5

340*9

311*4

10,770
10,226
10,935

5,706
4,773
5,763

65,120
48,267
67,128

2,684
3,871
3,102

-8J

485.9

494.'6

21*9

342.7

320.8

9,784
10,683
10,615

4,936
4,720
5,117

68,883
68,468
68,976

3,181
3,640
2,464

July
August
September

-15*2

500*6

515*8

26*5

355.4

328.' 9

11,792
11,022
12,278

6,135
5,282
6,364

70,252
81,542
71,886

2,332
3,029
4,237

October
November
December

-24 ,*5

514*6

538*6

28*9

365.6

336*7

12,081
11,505
11,997

4,318
5,670
5,489

64,325
68,634
68,525

3,048
4,033
3,787

January
February
March

-36.3

528'.4

564*7

26*6

372J

345*4

12,578
12,399
13,806

5,515
7,152
5,781

70,088
68,497
72,961

3,352
3,680
4,594

April
May
June

-66*5

520.9

587*3

23*9

373*9

350.0

13,722
13,718
12,809

7,572
7,483
7,184

73,766
74,848
75,204

4,948
5,279
3,546

July
August
September

-74.2

540*8

615*6

28*6

386*8

358*2

12,677
13,728
13,552

6,768
7,633
7,410

76,366
76,506
79,260

4,366
4,515
6,458

October
November
December

p-68.0

p573.'l

r641.1

p37.'l

p4O3.#3

r366.*3

13,014
12,876
15,825

4,572
6,794
(NA)

77,930
76,530
79,312

3,908
4,453
5,825

(NA)

r4,193
p5,645

April
May
June

1980

1981
January
February
March

(NA)

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.




90

MARCH 1981

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Q l

DEFENSE INDICATORS—Continued
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

(1967-100)

(Mil. dol.)

(Mil. dol.)

January
February
March

92.3
92.4
93.0

7,397
7,485
7,586

April
May
June

92.1
92.4
92.2

July
August
September
October
November
December

Defense Department
personnel

588. Manufacturers' shipments, defense
products

570. Employment in defense products
industries

(Mil. dol.)

(Mil. dol.)

(Thous.)

43,409
44,515
44,588

9,645
9,452
9,525

2,838
2,765
3,029

1,242
1,262
1,278

2,040
2,030
2,026

7,573
7,806
7,953

44,854
45,670
45,138

9,299
9,781
9,425

2,915
2,824
2,996

1,283
1,289
1,299

92.9
91.9
93.8

8,048
8,178
8,553

44,656
44,697
46,000

10,499
10,103
9,982

2,814
2,988
2,934

95.4
96.4
96.7

8,871
9,275
9,462

46,010
46,893
47,492

9,982
10,206
11,182

January
February
March

97.0
97.2
97.1

9,592
9,619
10,075

47,769
48,196
49,401

April
May
June

97.6
97.2
96.8

10,277
10,451
10,588

July
August
September

97.2
96.9
97.4

October
November
December

577. Military,
active duty (u)

578. Civilian,
direct hire
employment ®

(Thous.)

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

972
971
968

106*0

4^5

2,022
2,018
2,024

968
972
979

108J

4^6

1,310
1,312
1,324

2,027
2,024
2,027

982
974
960

11216

4^6

3,038
3,150
3,188

1,336
1,349
1,356

2,030
2,029
2,020

964
967
967

118*7

4^8

11,341
10,632
11,235

3,076
3,253
3,389

1,359
1,366
1,377

2,029
2,032
2,033

964
965
966

125^0

4*.9

51,061
52,902
53,011

11,356
11,061
11,480

3,286
3,440
3,435

1,373
1,375
1,373

2,028
2,031
2,034

969
975
988

128.*7

5^6

10,908
11,177
11,310

53,922
55,112
57,771

11,303
11,135
11,648

3,453
3,324
3,798

1,371
1,379
1,384

2,044
2,049
2,051

990
973
971

131 Ii

5!6

98.5
r99.8
rlOO.7

11,647
11,833
12,038

57,904
58,501
60,599

12,371
11,209
13,055

3,776
3,858
3,726

1,394
1,398
1,401

2,053
2,056
2,051

971
972
973

141.6

5^2

rlOl.O
plOl.2

12,449
(NA)

r61,107
p62,766

p!2,771
(NA)

r3,686
p3,986

pi,401
(NA)

p2,056
(NA)

(NA)

1979

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.

Graphs of these series are shown on pages 54 and 55.


MARCH 1981


91

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS

Q |

Year
and
month

602. Exports, excluding
military aid shipments,
total

(Mil. dol.)

1979

MERCHANDISE TRADE

606. Exports of nonelectrical machinery

604. Exports of agricultural products

(Mil. dol.)

(Mil. dol.)

n

612. General imports,
total

(Mil. dol.)

614. Imports of
petroleum and
petroleum products

(Mil. dol.)

616. Imports of
automobiles and parts

(Mil. dol.)

1

C)

14,297

2,531
2,444
2,609

2,682
2,832
2,917

16,528
14,605
15,358

3,580
3,634
3,667

1,963
1,706
1,589

April
May
June

13,979
14,083
14,817

2,540
2,597
2,828

2,706
2,859
3,034

15,841
16,438
16,835

3,832
4,000
4,199

1,956
1,851
1,730

July
August
September

15,691
15,713
15,822

2,954
3,019
3,032

3,022
3,241
3,153

16,806
18,277
18,407

4,692
4,949
5,662

1,815
2,113
1,849

October
November
December

16,680
16,928
16,742

3,309
3,459
3,311

3,251
3,172
3,240

19,037
18,548
19,665

6,050
5,351
6,502

1,805
1,984
1,871

January
February
March

rl7,419
r!6,984
rl8,265

3,442
3,484
3,325

3,297
3,454
3,423

r21,142
r21,779
r20,947

5,614
7,741
6,991

1,899
2,035
1 ,960

April
May
June

rl8,567
r!7,647
rl8,440

3,329
3,326
3,085

3,571
3,620
3,943

rl9,766
r20,587
r20,353

5,185
7,191
6,611

1,710
1,999
1,843

July
August
September

rl8,267
rl9,086
r!8,828

3,286
3,557
3,596

3,985
4,230
4,027

r!9,139
H9.713
r!9,940

5,153
6,018
4,982

2,103
2,139
2,270

October
November
December

rl9,214
r!8,715
r!9,251

3,485
3,464
3,838

4,117
3,968
3,819

r20,347
rl9,860
r21,436

5,876
6,051
r6,254

2,189
2,314
rl,897

18,825
(NA)

4,295
(NA)

4,058
(NA)

23,194
(NA)

7,359
(NA)

2,264
(NA)

January
February
March

13,265
13,616

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 56.
x
See "New Features and Changes for This Issue,' page




92

in.

MARCH 1981

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

Q [

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Year
and
month

667. Balance

(Mil.dol.)

668. Exports

(Mil.dol.)

Income on nvestments

Merchandise, adjusted '

Goods and services

669. Imports

(Mil.dol.)

622. Balance

618. Exports

620. Imports

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

651. U.S. investments abroad

(Mil.dol.)

652. Foreign
investments in
the United
States

(Mil.dol.)

1979
January
February
March

r2,73O

r65,668

r62,938

r-5,116

r41,806

r46,922

14,263

7,225

r-iob

r67,764

r67,864

r-8,060

r42,816

r50,876

15,250

7,980

July
August
September

r2,514

r74,782

r72,268

r-7,052

r47,207

r54,259

18,050

8,731

October
November
December

r-183

r78,307

r78,490

r-9,158

r50,239

r59,397

18,407

9,524

r-809

r85,521

r86,330

r-10,848

r54,604

65,452

r20,824

rlO s 762

r-1,115

r81,767

r82,882

r-7,503

r54,605

62,108

r!6,620

rlO,518

July
August
September

r6,020

r86,015

r79,995

r-2,858

r56,181

r59,039

rl8,756

rlO,7OO

October
November
December

p2,983

p87,586

p84,603

rp-6,145

rp56,391

rp62,536

pl9,830

pll,514

April
May
June

1980
January
February
March
April
May
June

1981
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).


http://fraser.stlouisfed.org/
MARCH 1981
Federal Reserve Bank of St. Louis

93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Q |
47. United States,
index of industrial production
Year
and
month

(1967 = 100)

INDUSTRIAL PRODUCTION

721. OECD1
European countries, index of
industrial
production

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

726. France,
index of industrial production

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

723. Canada,
index of industrial production

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

1979
January
February
March

152.0
152.5
153.5

154
156
158

210.7
213.4
213.1

159
157
161

158
160
163

122
131
133

152.8
160.0
156.0

160.8
161.0
162.0

April
May
June

151.1
152.7
153.0

158
159
159

214.4
218.2
218,5

161
164
164

160
164
164

132
134
136

156.7
151.9
145.1

160.3
162.1
160.6

July
August
September

153.0
152.1
152.7

162
159
161

221.2
221.8
220.5

167
164
164

170
170
167

134
130
129

150.4
150.1
159.4

163.1
163.3
165.4

October
November
December

152.7
152.3
152.5

162
162
162

225.0
228.1
228.4

166
167
167

164
164
166

130
132
131

166.8
167.3
164.7

164.7
163.7
160.8

January
February
March

152.7
152.6
152.1

163
165
165

230.9
243.3
235.0

168
170
170

166
167
166

130
126
125

168.5
175.8
174.2

160.9
161.2
164.2

April
May
June

148.3

144.0
141.5

163
158
159

238.8
236.4
234.0

168
164
163

167
160
160

124
123
123

175.8
162.1
167.0

160.6
157.3
155.9

July
August
September

140.4
141.8
144.1

161
rl54
155

235.0
224.0
233.2

164
161
160

166
166
r!57

rl23
rl20
117

164.3
141.9
160.2

155.5
157.2
rl59.7

October
November
December

146.9
149.4
150.9

158
r!58
pl56

235.2
232.1
p237.2

163
rl60
p!57

160
r!54
pl63

117
r!18
pll7

162.6
r!69.4
p!58.5

H60.7
H61.5
161.9

r!51.5
p!50.8

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

pl60.5
(NA)

1980

1981
January
February
March
April
May
June
July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 58.

Organization for Economic Cooperation and Development.




94

MARCH 1981

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q j

United States
Year
and
month

320. Index ®

(1967 = 100)

West Germany

Japan

320c. Change
over 6-month
spans '

(Ann. rate,
percent)

738. Index

©

(1967 = 100)

CONSUMER PRICES

738c. Change
over 6-month
spans '

(Ann. rate,
percent)

735. Index ©

(1967 = 100)

United kingdom

France

735c. Change
over 6-month
spans '

(Ann. rate,
percent)

736. Index ©

(1967 = 100)

736c. Change
over 6-month
spans]

(Ann. rate,
percent)

732. Index ©

(1967 = 100)

732c. Change
over 6-month
spans '

(Ann. rate,
percent)

1979
January
February
March

204.7
207.1
209.1

10.6
11.4
12.2

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

9.8
10.4
10.9

332.9
335.6
338.3

11.4
11.4
13.2

April
May
June

211.5
214.1
216.6

12.9
13.0
13.6

258.6
261.3
261.5

7.3
7.0
5.3

165.3
165.7
166.6

6.0
5.8
5.8

251.8
254.5
256.6

11.9
12.6
11.7

344.1
346.8
352.8

21.5
21.4
22.1

July
August
September

218.9
221.1
223.4

13.9
14.0
14.4

263.8
261.1
264.4

6.7
6.9
6.9

167.7
167.8
168.3

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

October
November
December

225.4
227.5
229.9

14.9
15.4
15.8

267.7
266.7
268.3

6.0
8.9
10.8

168.7
169.3
170.1

4.0
5.4
5.6

268.1
269.8
272.0

14.2
14.7
15.6

378.5
381.8
384.6

16.8
17.4

January
February
March

233.2
236.4
239.8

15.3
14.8
14.3

270.8
273.3
275.5

9.9
9.5
9.9

171.0
172.8
173.8

5.6
5.6
5.7

277.2
280.2
283.4

15.0
15.0
14.1

394.1
399.7
405.1

20.4
20.5
20.5

April
May
June

242.5
244.9
247.6

11.4
10.3
9.6

280.2
282.7
283.5

9.5
8.2
7.2

174.9
175.6
176.5

6.9
5.5
4.7

286.7
289.3
291.1

12.9
12.3
11.6

419.0
422.8
426.8

18.5
15.8
14.1

July
August
September

247.8
249.4
251.7

10.0
10.5
10.5

284.2
283.7
288.1

5.6
7.3
4.3

176.8
177.0
177.0

4.6
5.0
5.2

295.5
298.4
301.0

11.8
12.2
13.2

430.4
431.3
434.1

10.6
10.4
9.9

October
November
December

253.9
256.2
258.4

11.9
12.3

288.5
289.1
287.2

5.7
(NA)

177.3
178.3
179.4

4.9
5.4

304.3
306.4
309.1

12.7
(NA)

436.8
440.3
442.7

8.2
9.7

15.4

1980

1981
January
February
March

260.5
263.2

290.7
(NA)

180.9
182.3

312.7
(NA)

445.5
449.5

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.

Changes over 6-month spans are centered on the 4th month.


MARCH 1981


95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Year
and
month

1
9

CONSUMER PRICES—Continued

Italy

Canada

737. Index © 737c. Change
over 6-month
spans!

733. Index © 733c. Change

(1967 = 100)

(Ann. rate,
percent)

(1967 = 100)

E

|

STOCK PRICES

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 ©

over 6-month
spans '

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

(Ann. rate,
percent)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

1979
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
19.4
21.7

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
350.3
356.6

25.8
26.1
23.1

226.5
228.7
230,1

10.0
10.4
9.9

113.6
112.8
117.2

408.2
403.4
410.8

123.5
118.3
118.8

187.5
189.1
186.8

238.9
215.6
217.1

62.6
58.6
55.4

175.2
189.3
199.5

January
February
March

367.9
374.3
378.2

23.0
22.6
20.4

231.3
233.3
235.8

10.3
9.9
10.6

120.6
125.5
113.9

420.1
425.5
413.0

117.2
123.3
118.1

203.8
207.4
185.4

224.3
239.4
231.6

59.8
61.1
61.1

224.7
256.3
203.2

April
May
June

384.3
388.2
391.7

18.4
18.1
19.6

237.2
240.0
242.7

10.0
11.0
11.5

112.0
117.1
124.6

417.6
422.9
423.8

116.5
118.8
120.6

189.0
201.1
201 .4

228.1
230.3
240.7

61.0
61.5
64.8

212.8
216.4
227.5

July
August
September

398.7
403.5
411.6

19.1
21.6
23.2

244.5
246.8
249.0

11.7
12.7
12.0

130.4
134.3
137.6

424.9
429.1
437.6

121.2
121.7
120.0

198.9
199.9
203.0

255.9
256.7
262.6

66.0
74.4
82.7

240.0
232.3
233.5

October
November
December

418.6
427.4
433.0

21.5
21.7

251.2
254.3
255.8

14.1
13.3

141.7
147.6
145.2

447.5
447.8
r443.5

120.6
117.2
116.3

218.0
214.3
rp202.0

267.4
277.5
267.6

93.5
99.2
96.0

223.3
235.2
219.9

144.6
139.7
p!43.2

457.9
458.2
p453.3

115.3
114.0
pll5.1

rp!80.5
rp!82.6
p!89.2

p250.1
rp265.8
p268.2

110.0
122.1
pi 32.2

223.7
rp219.4
p221.3

1980

1981
January
February
March

441.2
449.1

259.1
261.7

April
May
June
July
August
September
October
November
December
See note on page 80.

Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.




96

MARCH 1981

C. Historical Data for Selected Series
Jan.

Year

Feb.

Mar.

Apr.

6. V A L U E OF M A N U F A C T U R E R S 1

May

June

July

Sept.

Aug.

Nov.

Oct.

Dec.

I Q

II Q

1
MEW O R D E R S , DURABLE GOODS INDUSTRIES , IN CURI*ENT DOLLARS
(BILLIONS OF D O L L A R S )

III Q

IV Q

Annual

TOTAL FOR PERIOD

1948...
1949...
1950...
1951...
1952...
1953. . .
1954...
1955...
1956. . .
1957...
1958. . .
1959. ..
1960. . .
1961. . .
1962. . .
1963...

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
18.13

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
18.90

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
19.03

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
18.57

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
18.94

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
16.71
18.09

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
18.85

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
18.69

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
18.89

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
19 .00

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
18 .89

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
la .48

22.78
20.89
23 .04
44.18
34.93
42.00
30.02
42.36
45.37
45.94
37.84
49. 22
46.62
43.16
52.25
5b. 06

24 .91
17.93
26.97
39.97
36. 80
40.47
30.21
43.59
45.91
42.92
37. 22
49. 61
45.67
46.50
50. 21
55.60

26.15
19.70
37.52
34.77
36.46
32.95
32.b4
45.76
47.26
41.10
40 .26
46 .64
4b.93
48.38
51.83
56.43

24 .01
20.89
34.83
34.71
36.69
29.89
36.38
47.90
46.35
39.08
44 .05
46.42
44.13
50.90
54.18
56.37

9 7.85
79 .41
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
224.46

1964. . .
1965. . .
1966. . .
1967. . .
1968. . .
1969. . .
1970.. .
1971. . .
1972. . .
1973. . .
1974. . .
1975. . .
1976. . .
1977. . .
1978. ..
1979. . .
1980. . .
1981. . .

20.62
22.10
25.59
24.82
27.13
29.31
28.02
29.86
32.32
40.51
45.46
41.04
45.80
55.32
62.03
78.68

19.99
22.36
25.69
24.80
27.33
30.05
27.78
30.09
33.08
41.40
45.43
40.38
47.68
55.46
65.05
80.43

19.77
22.73
26.79
24 .42
28.95
30.14
27.55
29.81
33.29
42.91
45.16
38.41
50.28
57.84
67.04
81.65

20.46
23.03
26.35
24.70
27.64
31.57
26.81
29.14
33.63
42.41
45.79
40.72
50.01
57.92
69.20
75.93

20.54
22.36
25.89
25.91
27.27
29.65
27.80
28.70
34.39
42.85
48.82
40 .42
50.43
58.25
68.88
77 .04

20.61
22.68
26.73
26.66
27.46
29.14
28.00
29.30
34.33
42.61
48.43
40.21
51.31
59.28
68.54
76 .03

• 21.57
23.34
26.22
25.70
27.11
29.65
27.63
29.59
34.07
42.22
49.15
43.35
52.75
57.88
67.39
74.58

20.18
23.16
25.86
26.30
27.43
29.35
26.89
29.59
34.83
42.47
50.97
43.02
51.33
59.91
71.29
74.76

21.10
23.69
27.15
25.61
28.62
30.67
27.83
30.53
37.00
42.78
48 .72
43.89
51.08
60 .95
72.71
77.65

20 .46
23 .88
26 .06
25.75
30 .12
30 .22
25.63
30.06
36.64
44.43
45.74
43 .30
51.58
63 .22
76.42
76.52

20 .79
24.51
25.61
26 .40
29 .05
29.77
26 .10
31.42
37 .88
46 .06
4 5.47
44.43
53 .86
63. 24
77.21
75.90

22.02
25.14
25.58
28.63
29.16
29 .50
29.05
31.89
39 .27
43.53
41.46
44 .52
56.52
65.81
76.54
77.20

60 .38
67.19
78.07
74.04
83.41
89. 50
83.35
89.76
98.69
124.82
136.05
119.83
143. 76
168.62
194.12
240.76

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
175.45
206. 62
229.00

62.85
70.19
79.23
77.61
83.16
89.67
82.35
89.71
105.90
127.47
148.84
130.26
155.16
178.74
211.39
226.99

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
192.27
230.17
229.62

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
715.08
842.30
926. 37

44. 29
37.05
41.68
70.39
55.29
65.86
46.05
63.92
64 .12
61.72
49.92

47.14
32.09
47. 96
63.11
58.07
62.61
46.14
65.10
63.85
57.42
49.09

7.

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. . .
1980. . .
1981. . .

V A L U E OF M A N U F A C T U R E R S 1

NEW O R D E R S , DURABLE GOODS INDUSTRIES , IN 1971 DOLLARS
( 3ILLIONS OF DOLLARS)

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

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

1964.
. .
1965.
. .
1966.
. .
1967.
. .
1968.
. .
1969.
. .
1970.
. .
1971.
. .
1972.
. .
1973.
. .
1974.
. .
1975.
. .
1976.
. .
1977. . .
1978. . .
1979. . .
1980. . .
1981...

TOTAL FOR PERIOD

14.60
12.66
13.72
24.73
17.55
22.71
15.33
20.39
22.33
20.43
17 .06
20 . 34
19.89
18 .19
22.62
23.54

14.59
12.55
13.80
22.43
17.50
22.31
15.81
21.00
20.66
20 .99
16.37
21.95
20.40
18.92
22.99
24.54

15.10
11.84
14.16
23.23
20.24
20.84
14.91
22.53
21.13
20.30
16.49
21.53
19.44
18.73
22.07
24.72

15.27
10.96
14.99
21.86
20.44
21.33
15.54
21.35
21.89
18.91
15.57

15.27
10.79
16.43
20 .94
17.13
21.03
14.91
21.66
21.08
19.49
16.05

16.60
10.34
16.54
20.31
20.50
20.25
15.69
22.09
20.88
19.02
17.47

16.33
10.68
20.11
19.92
18.96
18.82
15.99
22.06
20.54
17.89
17.30

16.02
12.41
24.51
18.14
18.46
16.63
15.93
21.96
24.42
18.64
17.79

14 .99
12 .60
20.06
17.12
19.91
14 .89
17.82
22.81
20.19
18.11
17.86

14.87
12 .36
20.14
19.02
18.70
15.32
19 .27
22 .62
20.13
17.19
18.50

14.11
12 .98
18.19
18.33
18.87
15.25
16.91
22.54
21.35
17.96
20 .02

13.69
12.74
19.28
17.75
20.33
15 .28
19.10
23.49
21.26
16.54
18.96

21.71
19.21
19.75
21.56
24.15

20 . 54
19.46
19.92
21.78
24.60

21.57
19.91
20.43
21.62
23.46

20.18
19.60

19.14
20.35

20.53
20.66

20.23
18.81

19.06

19.24

59.73

58.58

21.98
24.35

22.00
24.11

23.07
24.38

23.16
24.48

22.92
24.34

24.17
23.79

67.68
72.80

64 .96
72.21

26.57
28.12
32.15
30.35
32.26
33.53
30.76
31.63
32.75
39.95
41.03
30.62
32.48
36.78
38.34
44.23

25.70
28.40
32.19
30.32
32.38
34.19
30.50
31.77
33.32
40.51
40.63
29.91
33.68
36.75
39.88
44.76

25.38
28.89
33.53
29.86
34 .22
34.13
30.14
31.31
33.49
41.42
39.65
28.39
35.31
38.05
40.85
45.06

26. 23
29.22
32.81
30.19
32.56
35.76
29.23
30.48
33.77
40.62
39.37
30.03
35.02
37.91
41.76
41.44

26.30

26.39

27.62

25.81

33.04
32.40
32.22
32.92
30.23
30.45
34.40
40.51
39 .63
29.55
35.56
38.42
40.67
40 .90

32.38
31.16
31.70
33.43
29.80
30.51
34.00
40.18
39.32
31.80
36.35
37.17
39.71
39.82

31.80
31.77
32.01
32.97
28.94
30.22
34.73
40.30
39.92
31.47
35.20
38.26
41.64
39.81

26.94
29.83
33 .39
30.86
33 .28
34.30
29.90
31.22
36.74
40.39
37.68
31.95
34.70
38.53
42.17
40.82

26.10
30.08
32.02
30.95
34.82
33.61
27 . 26
30.70
36.42
41.72
34.91
31.22
34.83
39.76
44.05
39.63

26.52
30.83
31.35
31.58
33.54
32.94
27.74
32.09
37.54
42.73
34 .40
31.82
36.20
39.52
44 .07
39.06

28.09

32.04
31.60
32.08
33.51
30.15
29.89
34.53
40.73
40.79
29.77
35.19
37.92
41.22
41.73

31.27
34 .16
33.52
32.49
30.87
32.38
38.77
39.90
31.19
31.67
37 .68
40.93
43.44
39.49

77.65
8 5.41
97.87
90.53
98.86
101.85
91.40
94.71
99.56
121.88
121.31
88.92
101.47
111.58
119.07
134.05

78 .92
8 6.23
97.89
94.19
96.86
102.19
89.61
90.82
102.70
121.86
119.79
89.35
105.77
114.25
123.65
124.07

8 . VALUE OF MANUFACTURERS 1 NEW ORDERS FOR C O N S U M E R GOODS AND MATERIALS IN 197 2
(BILLIONS OF DOLLAFIS)
1948.
1949.
1950.
19 51.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.

2

47.34
35.69
64.68
55.18
57.33
50.34
49.74
66.83
65.15
54.64
52.95
59.85
60.61
fi ? 54
67. 05
72.84
80.37
8 8 51
97.57
93.79
96.99
100.70
88 . 64
91.95
105.47
120.87
116.92
95.22
106.25
113.96
123.52
120.45

42.67
38.08
57.61
55.10
57.90
45.85
55.28
68.65
62.74
51.69
57.48
59.57
57.11
6589
70 . 25
72.61

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
2 44.37
269.94
290.46

80 .71
92 53
94.64
96.69
101.88
99.04
85.87
95.17
112.73
124.35
100.50
94.71
108.71
120.21
131.56
118.18

317.65
3 5 2.68
387.97
375.20
394 .59
403.78
355.52
372.65
420.46
488 .96
458.52
368.20
422.20
460.00
497.80
496.75

DOLLARS 2
TOTAL FOR PERIOD

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
20.53
20.53

12.22
10.66
12.39
18.13
14.52
17.75
14.39
18.88
18.33
18.52
14 .82
20.70
18 . 59
16.75
20.36
21.73

12.87
10.44
12.31
18.62
16.22
18 .00
14 .44
20.21
18.21
18.14
14.60
20.03
17.50
17.77
20.03
21.67

12.52
9.98
12.88

12.90
10.03
14.37

13.88
9.57
14.49

13.65
10.24
18.05

13.46
11.86
20.21

12.71
11.96
15.96

12.30
11.17
lfa.ll

11.91
11.66
14.68

11.40
11.45
15.55

37.42
32.11
37.04

39.30
29.58
41.74

39.82
34.06
54.22

35.61
34.28
46.34

16.74
18.62
14.50
19.67
18.48
17.56
14.60
19.74
17.53
18.24
18.99
21.86

14.74
18.13
14.50
19.52
17.90
17 .48
15.08
19.12
17.60
18.76
19.60
21.51

17.12
17.80
15.24
19.91
17 .48
17.63
15.94
19.21
17.92
19.32
19 .30
20.86

16.09
17.62
14.57
20 . 28
17.59
16.93
16.26
18.72
17.91
18.44
19.89
21.72

15.71
15.39
15.00
19 .67
17.84
17.13
16.70
17.75
17.93
19.31
20.18
21.11

16 . 58
13.77
15.78
19 .35
17.38
17.19
17.27
18.59
18.29
19.23
20.43
21.27

15.72
13.32
15.97
19.13
17.95
16.46
17 .22
17.98
17.67
19.27
20 .65
22.10

15.78
13 .56
16 .92
19.85
18.02
15.81
18.17
17.46
17.48
20.34
20.56
22.09

17.05
13 .68
18.14
19.46
18.19
14 .91
17.98
18 .72
17.26
20 .91
20.08
21.76

45.17
54.28
42.50
58.12
55.42
54 .44
45.07
59. 59
54.58
51.13
60.92
63.93

48.60
54 . 55
44.24
59.10
53.86
52.67
45.62
58.07
53.05
56.32
57 .89
64.23

48.38
46.78
45.35
59.30
52.81
51.25
50.23
55.06
54.13
5b.98
60.50
64.10

48.55
40.56
51.03
58.44
54.16
47.18
53.37
54.16
52.41
60.52
61 . 29
65.95

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

23.07
25.09
27.07
26.33
27.98
30.06
28.04
28.87
30.31
36.10
34.78
26.56
30.81
33.86
35.10
39.00

22.63
25.38
27.49
26.17
28.51
30.07
27.63
28.81
31.08
36.78
34.58
26.71
31.74
34.19
36.29
38.52

22.39
25.41
28.56
26.08
28.61
30.10
27.60
29.14
31.01
37.19
34.13
26.05
32.81
35.51
36.51
38.73

23.26
25.08
27.61
26.28
28.11
29.94
27.38
28.34
31.11
3 5.96
34.16
27.42
32.46
34.52
38.03
36.81

22.96
25.14
27.36
26.44
28.70
29.51
27 .69
28.06
31.38
36.41
35.27
27.64
33.03
34.37
37.04
36.90

23.00
25.25
27.51
26.86
28.87
29.85
28 .29
27.90
32.12
36.16
34.92
28.06
33.37
34.93
36.82
36.39

23.82
25.90
26.98
26.72
28.20
30.40
27.25
28.59
31.62
35.76
33.64
29.47
33.10
34.72
36.46
35.92

23.17
25.44
27.16
28.15
27.76
29.90
27.28
28.50
32.95
35.90
33.33
29.77
32.92
35.47
37.57
35.39

24 . 37
25.22
27.05
26.97
29.49
30.36
27.59
28.44
33.65
35.75
32.10
30.28
32.24
35.20
37.28
35.86

23.04
25.65
27.38
26.43
30.05
30 . 35
25.74
28 . 78
33.75
36.24
31.16
30.31
31.60
35.34
38.00
35.55

2 3.72
26 .68
26.82
27.47
30.3 5
29 . 25
25.45
29.63
34 .42
36.62
29 .98
30.01
33.11
35.63
38.02
34.30

24 .76
27.32
26.53
29.14
29.42
28 .67
27 .69
29.43
34 .60
34 .22
26.61
30.06
33 .80
36.41
38.b4
34.15

68 .09
75.88
83.12
78 .58
85.10
90.23
83.27
86.82
92.40
110.07
103.49
79.32
95.36
103.56
107.90
116.25

71.5 2
79.65
80. 73
83.04
89.82
88. 27
78.88
87 . 84
102.77
107.08
87 . 75
90.38
98.51
107.38
114.86
104.00

280.19
307.56
327.52
323.04
346.05
358.46
327.63
344.49
388.00
433.09
394.66
342.34
390.99
420.15
445.96
437.52

'This series contains no revisions but is reprinted for the convenience of the user.




2

Thi s series contains revisions beginning with 1976.

69.22
75.47
82.48
79.58
85.68
89.30
83.36
84.30
94.61
108.53
104.35
83.12
98.86
103.82
111.89
110.10

71.36
76.56
81.19
81.84
85.45
90.66
82.12
85. 53
98.22
107.41
99.07
89.52
98.26
105.39
111.31
107.17

(MARCH 1981)

97

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Apr.

Mar.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

IQ

II Q

!
9. C O N S T R U C T I O N C O N T R A C T S A W A R D E D FOR C O M M E R C I A L A N D INDUS T R I A L B U I L D I N G S
(MILLION SQUARE FEET O " FLOOR SPACE)

III Q

IV Q

Annual

T O T A L FOR P E R I O D

1948. . .
1949. . .
1950 . . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
1956. . .
1957. . .
1958. . .
1959. . .
1960. . .
1961...
1962. . .
1963...

26.98
19.28
19.02
46.02
16 .98
25.12
26.74
33.22
34.76
40.17
30.39
32.56
37.27
37.16
39.52
43.38

27.60
17.22
16.82
35.86
17 . 91
27.69
21.53
35.03
36.05
40.05
29.34
32.03
36.73
35.61
42.13
43.49

22.98
19.01
22 .48
29.82
19 .94
24.76
24.73
32.68
44.30
37.68
30.25
35.63
35 .01
35.99
45.32
38.55

24 . 34
18.63
26.24
27.36
20.72
25 .66
27.39
31.86
44.26
34.31
26.12
41.02
39.59
35.42
41.90
39.67

29 .47
16.36
27.83
23.71
18.68
29 .70
31.40
32.91
33.59
34.85
28.73
37.36
39.72
35.60
43.66
45.62

24.25
16 . 78
26.92
23.99
23.33
19.62
27.99
32 .84
36.47
41 .68
27.62
38.43
38.50
35.97
42.49
52.13

31.70
16 .02
28.61
23.49
21.10
3 7.96
2 j.09
3 7.00
3 3.45
3 1.29
2 }.48
3 5.91
38.94
37.94
41.52
46 . 34

26.52
13 .74
35.59
21.82
23.32
25.09
27.56
35.16
35.26
32.59
33.22
34.33
40.59
38.90
42.19
47 .01

21.75
18.99
31.60
24.53
22.12
26.17
26.31
38.91
34 .82
31.32
31.60
37.52
39.30
40 .02
41.04
45.95

22 .46
16 .94
31.04
19.21
23.34
31.75
31.06
35.25
31.48
30.09
31.42
40.36
40.17
34.07
41.08
48.34

21.71
16.86
31.85
18.12
27 , D 1
33.05
28 . 33
36 .94
35.87
32.82
30.01
36 . 51
39 .28
41 . 53
43.41
45.19

18.41
19.19
29.62
29.57
38 .85
20 .10
32.21
35.83
33.43
32.97
29 .20
37.74
38.28
41.05
43.78
46.26

77.56
55.51
58.32
111.70
54.83
77.57
73 .00
100 . 93
115.11
117.90
89.98
1 0 0 . 22
109.01
1 0 8 . 76
126.97
125.42

78.06
51.77
80 .99
75.06
62.73
74.98
86.78
97.61
114.32
110.84
82 .47
116.81
117.81
106.99
128.05
137.42

79.97
48.75
95.80
69.84
66.54
89.22
79.96
111.07
106.53
98.20
94.30
108.76
118.83
116.86
124.75
139.30

62.58
52.99
92.51
66.90
89.80
84.90
91.60
108.02
100.78
95.88
90.63
114.61
117.73
116.65
128.27
139.79

298.17
209.02
327.62
323.50
273.90
326.67
331.34
417.63
436.74
422.82
357.38
440.40
463.38
449.26
508.04
541.93

1 9 6 4 . ..
1965. . .
1966. . .
1967. . .
1968. . .
1969. . .
1970. . .
1971. . .
1972. . .
1973. . .
1974. . .
1975. . .
1976. . .
1977. . .
1978. . .
1979. . .
1980. . .
1981 . . .

49.78
53.13
65.64
51.27
63.08
84 .15
82.65
53.75
63.71
90.73
75.89
53 .68
44.59
54.91
80.68
85.78
94.57

47.91
55.32
70.67
57.84
59.78
70.98
81.53
51.66
65.86
88.09
84.49
49 .74
50.10
53.92
69.58
104.38
84 . 27

50.14
55.83
66.54
54.68
66.95
67. 37
71.78
67.01
68.12
88.28
77.05
42 . 90
52.62
63.42
67.01
94.15
80.55

47.48
57.89
69.82
60.36
54.03
71.45
66.91
57.86
65.59
84.53
85.92
54.06
51.77
55.88
76.04
96.06
73.39

46.38
60.06
66.79
54.67
62.20
82.47
55 .79
63.04
85.60
81.81
75.91
45.17
52.70
63.02
89.34
89.32
67.09

52.53
55.64
61.59
61.55
64.66
81.66
58.91
62 .66
69.61
84.05
72 .49
50 .17
52.53
58.53
84.54
86.61
71.39

51.16
56.84
63.24
57 .71
71.99
70.30
65.39
58.75
66.67
93.16
73 . 37
47 .89
53.45
59.64
79 .20
92.79
71 .40

51.03
53.73
65 .05
61 .17
67.83
72.35
64.81
57.09
70.71
8 9.80
85 .19
43 .86
52.50
73.25
80 . 35
84.75
68 .63

50.01
60.50
64.09
62.89
65.91
73.69
58.80
64.47
71 . 36
80 .88
73.48
51.36
45.74
66 . 59
87 . 28
91 .05
68 .47

54 .00
60.55
57.82
58.87
75.31
78.65
52.68
61.98
77 .00
91.60
58.95
50.61
51.30
66 .05
84.95
95.23
72.12

52.69
63.43
60.43
60.06
69.40
61 .78
53.37
69.84
76.52
87.38
57.97
42.38
56.11
68 . 58
86 .12
81.97
86.15

55.80
60 .42
58.02
60.85
71.06
84 .18
53.53
65.84
80 .83
73.02
56.95
52.37
53.03
72.79
82 .87
84 .18
97.45

147.83
164.28
202.85
163.79
189.81
222.50
235.96
172.42
197.69
267.10
237.43
146.32
147.31
172.25
217.27
284.31
2 5 9 . 39

146.39
173.59
198.20
176.58
180 .89
235 . 58
181.61
183.56
220.80
250.39
234.32
149 .40
157.00
177.43
249.92
271.99
211.87

152.20
171.07
192.38
181.77
205.73
216.34
189.00
180.31
208.74
263.84
232.04
143.11
151.69
199.48
246.83
268.59
208.50

162.49
184.40
176.27
179.78
215.77
224.61
159.58
197.66
234.35
252.00
173.87
145.36
160.44
207.42
253.94
261.38
255.72

608 .91
693.34
769.70
701.92
792 .20
899.03
766.15
733.95
861.58
1033.33
877.66
584.19
616.44
756.58
967.96
1086.27
935.48

9

CONSTRUCTION

C O N T R A C T S A W A R D E D ^OR C O M M E R C I A L AND INDUSTRIAL B U I L D I N G S 1
(MILLION SQUARE METERS OF FLOOR SPACE)

2

TO TAL FOR PERIOD

1948. . .
1949 . . .
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
1956. . .
1957. . .
1958. . .
1959. . .
1960. . .
1961. . .
1962. . .
1963. . .

2.51
1.79
1.77
4.28
1.58
2.33
2.48
3.09
3.23
3.73
2.82
3.02
3.46
3.45
3.67
4.03

2.56
1.60
1.56
3.33
1.66
2.57
2.00
3.25
3.35
3.72
2.73
2.98
3.41
3.31
3.91
4.04

2.13
1.77
2.09
2.77
1.85
2.30
2.30
3.04
4.12
3.50
2.81
3.31
3.25
3.34
4.21
3.58

2.26
1.73
2.44
2.54
1.92
2.38
2.54
2.96
4.11
3.19
2.43
3.81
3.68
3.29
3.89
3.69

2.74
1.52
2.59
2.20
1.74
2.76
2.92
3.06
3.12
3.24
2.67
3.47
3.69
3.31
4.06
4.24

2.25
1.56
2.50
2.23
2.17
1.82
2.60
3.05
3.3 9
3.87
2.57
3.57
3.58
3.34
3.95
4 .84

2.94
1.49
2.66
2.18
1.96
3.53
2.42
3.44
3.39
3.19
2.74
3.43
3.62
3.52
3.86
4.30

2.46
1.28
3.31
2.03
2.17
2.33
2.56
3.27
3.28
3.03
3.09
3.19
3.77
3.61
3.92
4.37

2.02
1.76
2 .94
2.28
2.05
2.43
2.44
3.61
3.23
2.91
2.94
3.49
3 .65
3.72
3.81
4.27

2.09
1.57
2 .88
1.78
2.17
2.95
2.89
3.27
2 .92
2.80
2.92
3.75
3 .73
3.17
3.82
4.49

2.02
1.57
2.96
1.68
2.56
3.07
2.63
3.43
3 . 33
3.05
2.79
3.39
3.65
3.86
4.03
4 . 20

1.71
1.78
2.75
2.75
3.61
1.87
2.99
3.33
3.11
3.06
2.71
3.51
3.56
3.81
4.07
4 . 30

7 .20
5.16
5.42
10.38
5.09
7.20
6.78
9.38
10 .70
10.95
8.36
9.31
10.12
10.10
11.79
11.65

7.25
4.81
7.53
6.97
5.83
6.96
8 .06
9.07
10.62
10.30
7 . 67
10.85
10.95
9. 94
11.90
12.77

7.42
4.53
8.91
6.49
6.18
8.29
7.42
10.32
9.90
9.13
8.77
10.11
11.04
10.85
11.59
12.94

5.82
4.92
8.59
6.21
8.34
7.89
8.51
10.03
9.36
8.91
8.42
10.65
10.94
10.84
11.92
12.99

27.69
19.42
30.45
30.05
25.44
30.34
30.77
38.80
40 .58
39.29
33.22
40.92
43 .05
41.73
47.20
50.35

1964. . .
1965. . .
1966. . .
1967. . .
1968. . .
1969. . .
1970. . .
1971. . .
1972. . .
1973. . .
1974. . .
1975. . .
1976. . .
1977. . .
1978. . .
1979. . .
1980. . .
1981 . . .

4.62
4.94
6.10
4.76
5 .86
7.82
7.68
4 .99
5.92
8.43
7 .05
4 .99
4.14
5.10
7.50
7.97
8.79

4.45
5.14
6 . 57
5.37
5.55
6.59
7 . 57
4 .80
6.12
8.18
7.85
4.62
4.65
5.01
6.46
9.70
7.33

4.66
5.19
6.18
5.08
6.22
6. 26
6.67
6.23
6.33
8.20
7 .16
3 . 99
4.89
5.89
6.23
8.75
7.48

4.41
5.38
6.49
5.61
5.02
6.64
6.22
5.38
6.09
7.85
7.98
5.02
4.81
5.19
7.06
8.92
6.82

4.31
5.58
6.20
5.08
5.78
7.66
5.18
5.86
7.95
7.60
7.05
4.20
4.90
5.85
8.30
8.30
6.23

4 .88

4.75

4.74

4.65

5.72
5.72
6.01
7.59
5.47
5.82
6.47
7.81
6.73
4 .66
4 .88
5.44
7.85
8.05
6.63

5.87
5.36
6.69
6.53
6.07
5.46
6.19
8.65
3.82
1.45
.97
3.54
.36
.62
3.63

6.04
5.68
6.30
6.72
6.02
5.30
6.57
8.34
7.91
4.07
4.88
6.80
7.46
7.87
6.38

5.95
5.84
6.12
6.85
5.46
5 .99
6.63
7.51
6 .83
4.77
4.25
6.19
8 .11
8 .46
6.36

5.02
5.63
5.37
5.47
7.00
7.31
4 .89
5.76
7.15
8.51
5.48
4.70
4.77
6.14
7 .89
8 .85
6 .70

4.89
5 .89
5.61
5.58
6 .45
5.74
4.96
6.49
7.11
8 .12
5. 39
3.94
5.21
6.37
8.00
7.62
8.00

5.18
5.61
5.39
5.65
6 .60
7.82
1.97
3.12
7.51
. 78
3. 29
.87
.93
.76
.70
7.82
9.05

13.73
15 27
18.85
15.21
17.63
20.67
21.92
16.02
18.37
24 .81
22.06
13.60
13.68
16 .00
20.19
26.42
24 .10

13.60
16.13
18.41
16.41
16.81
21.89
16.87
17.06
20 . 51
23.26
21 .76
13.88
14.59
16.48
23.21
25.27
19.68

14.14
15.89
17.86
16.88
19.11
20.10
17.55
16.75
19.39
24.50
21.56
13.29
14.10
18.53
22.93
24.95
19.37

15.09
17.13
16.37
16.70
20.05
20.87
14.82
18.37
21.77
23.41
16.16
13.51
14.91
19.27
23.59
24.29
23.75

56.56
64.42
71.49
65 .20
73.60
83 . 53
71.16
68 .20
80 .04
95.98
81.54
54.28
57.28
70.28
89.92
100.93
86.90

15.76
15.49
19.08
23.4 8
24.7
23 .2
31.4
44 . 3
46.8
43 .9 8
48 .9 6
57.05
54.81
67.26
58.00
72.85

16.19
15.89
19 .87
23.36
24.26
23 .97
32 .18
42.11
46.24
41.24
50.95
57.00
53.73
68 .00
56.17
73.03

15. 29
16 .11
19.83
22.71
25.03
24.50
33.44
44 .95
45.76
40.35
52.50
57.23
55.47
71.08
60 .04
72.62

15.19
16.54
19.75
23.41
26.04
24.83
34.97
45.37
46.44
40.33
53.49
59.06
56.80
71.74
62.64
74.17

14 .41
15.01
17.15
21.61
23.92
26.01
26.02
36.30
45.36
44.31
41.50
55.51
56 .28
62.00
69.86
65.55

16.12
14. 55
18 . 34
21 .80
23.95
24 . 50
28.44
38.38
46.95
46.46
43.60
57 . 51
56.07
65.98
62.22
69.67

85 .44
92.15
80 .99
92.66
105.40
96.21
84 . 28
92.78
115.05
102.03
71.74
90.07
101.19
94.28
94 .71
103.66
135.65

83 .96
91.73
81.33
95.30
106.48
91.11
90 .05
99.17
117.50
94.78
67.07
88 .70
104.66
93 .82
96.11
107.78
133.48

77.55
86.57
91.63
87.08
91.63
100.93
88.71
96.73
105.41
115.00
95.67
78.81
99.53
101.78
89.35
99.35
110.30

19 .

U

(1941-43=1
1948. . .
1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
19 5 6 ...
1957. . .
1958...
1959...
1960 . . .
1961. . .
1962. . .
1963. . .

14.10
14.77
17.21
22.00
23.75
25.86
26.02
36.79
44.43
43.47
41.26
54.77
55.78
62.17
70.22
65.92

14.83
15 . 36
16.88
21.21
24.19
26.18
25.46
35.60
44.15
45.43
41.12
55 . 62
58.03
59.72
69.07
65.06

76 .45
1964. . .
86.12
1965. . .
93.32
1966. . .
84.45
1967. . .
95.04
1968. . .
102.04
1969. . .
90.31
1970. . .
93.49
1971. . .
1972. . .
103.30
1973. . .
118.42
1974. . .
96.11
1 9 7 5 . . . - 72.56
1976. . .
96.86
103.81
1977. . .
90.25
1978. . .
99.71
1979. . .
1980 . . . 110 .87
1981. . .

77.39
86.75
92 . 69
87.36
90.75
101.46
87.16
97.11
105.24
114.16
93.45
80.10
100.64
100.96
88.98
98 . 23
115.34

14.30
14.91
17.35
21.63
23.81
25.99
26.57
36.50
47 . 49
44.03
42.11
56.15
55.02
64.12
70.29
65.67

15.40
14.89
17.84
21.92
23.74
24.71
27.63
37.76
48.05
45.05
42.34
57.10
53.73
65.b3
68.05
68.76

16.15
14 .78
18.44
21.93
23.73
24.84
28.73
37.60
4b . 54
46.78
43 .70
57.96
55.22
66.50
62.99
70.14

16 .82
13.97
18.74
21.55
2 4.38
23.95
28.96
3 9.78
4b . 27
47.55
44 .75
57 .46
57.26
65.62
55.63
70 .11

78 . 80
86.83
88 . 88
89.42
89.09
99.30
88.65
99.60
107.69
112.42
97 .44
83.78
101.08
100.57
88.82
100.11
104 .69

79.94
87.97
91.60
90.96
95.67
101.26
85.95
103.04
108.81
110.27
92.46
84.72
101.93
99.05
92 .71
102.07
102.97

80.72
89.28
86.78
92.59
97.87
104.62
76.06
101.64
107.65
107.22
89.67
90.10
101.16
98.76
97. 41
99.73
107.69

80.24
85.04
86.06
91.43
100.53
99 .14
75.59
99.7 2
108.01
104.75
89.79
92.40
101.77
99.29
97.66
101.73
114.55

16.42
14.76
17 . 38
21.93
25.08
24.29
30.13
42.69
48.78
48.51
45.98
59.74
55.84
65.44
56.97
69.07
83.22
84.91
85.84
93.01
100.30
94.71
75.72
99.00
107.21
105.83
82.82
92.49
104.20
100.18
97.19
102.71
119.83

15.94
15.29
18 .43
22 .89
25.18
24 .39
30.73
42 .43
48.49
45.84
47.70
59.40
56.51
67.79
58.52
70.98
82.00
86.49
80.65
94.49
98.11
94.18
77.92
97.24
111.01
103.80
76.03
85.71
103.29
97.75
103.92
107.36
123.50

83.41
89.38
77.81
95.81
101.34
94.51
82.58
99.40
109.39
105.61
68.12
84.67
105.45
96.23
103.86
108.60
126 . 51

A V E R A G E FOR P E R I O D

84.85
91.39
77.13
95. 66
103.76
95.52
84.37
97 .29
109.56
109. 84
69 .44
88.57
101.89
93.74
100.58
104 .47
130.22

80.30
87.43
88.15
91.66
98 .02
101.67
79.20
101.47
108.16
107.41
90.64
89.07
101.62
99.03
95.93
101.18
108.40

NOTE: Unless otherwise noted, these series contain revisions beginning with 1948.
'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. 2 Data have been converted to metric units by the Bureau of Economic Analysis. 3 This series contains no revisions but is
reprinted for the convenience of the user.




16.04
15.18
18.30
22.77
25.01
23.98
30.77
43.15
48.04
46.11
47.55
58.73
55.72
66.83
57.83
70.97

15.56
16 .18
19.82
23.16
25.11
24.43
33.53
44 .14
46.15
40.64
52.31
57.76
55.33
70.27
59.62
73.27

15.53
15.23
18.40
22.34
24 .50
24.73
29.69
40.49
46.62
44.38
46 .24
57.38
55.85
66.27
62.38
69.86

82.88
86.93
81.43
94.44
99.92
94.47
78.74
98.55
109.20
105.08
75.66
87.62
104.31
98.05
101.66
106.22
123.28

84.75
91.76
79.82
94.54
105.21
94.28
86.23
96.41
114.04
102.22
69.42
89.11
102.58
93.95
97.13
105.30
133.12

81.37
88.17
85.26
91.93
98 .70
97.84
83.22
98.29
109.20
107 .43
82 .84
86.16
102.01
98.20
96.02
103.01
118.78

(MARCH 1981)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

Aug.

July

28 . NEW PRIVATE HOUSING UNITS STARTED,
(ANNUAL RATE, THOUSANDS)

Sept.

Oct.

Nov.

Dec.

1 Q

II Q

III Q

IV Q

Annual

TOTAL 1
AVERAGE tOR PERIOD

1948...
1949. . .
1950...
1951...
1952...
1953...
1954.
..
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

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
1,244
1,603

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
1,456
1,820

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
1,534
1,517

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
1,689
1,448

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
1,641
1,467

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
1,588
1,550

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
1,614
1,562

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
1,639
1,569

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
1,763
1,455

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
1,779
1,524

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
1,622
1,486

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, 491
1,484

1,321
1,168
1,898
1,682
1,462
1,483
1,395
1,702
1,429
1,164
1,128
1, 648
1,3 57
1,240
1,361
1,411
1,647

1,317
2,013
1,377
1,391
1,434
1,448
1,714
1,369
1,165
1,194
1, 530
1,269
1,259
1,470
1,639
1,488

1,496
1,998
1,349
1,455
1,339
1,580
1,612
1,279
1,192
1,387
1,506
1,213
1, 359
1,430
1,672
1,529

1,201
1,757
1,689
1,347
1,488
1,356
1,716
1,452
1,221
1,171
1,554
1,457
1,185
1,388
1,573
1,631
1,498

1, 344
1,430
1,908
1, 420
1,446
1,402
1,532
1,627
1,325
1,175
1,314
1, 517
1,252
1,313
1, 463
1,603
1,529

1965...
1966...
1967...
1968. ..
1969...
1970. . .
1971...
1972...
1973...
1974. . .
1975. ..
1976. ..
1977...
1978...
1979..•
1980. . .
1981. . .

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
1,718
1,672

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
1,738
1,444

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
2,032
1,817

1,438
1,352
1,091
1,554
1,524
1,264
1,986
2,249
2,084
1,607
1,005
1,395
1,892
2,197
1,760

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
2,075
1,867

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
2,070
1,891

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
2,092
1,758

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
1,996
1,717

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
1,970
1,844

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
1,981
1,697

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
2,094
1,502

1,656
990
1,308
1, 548
1,327
1,893
2,295
2,366
1,526
975
1, 321
1,804
2,142
2,044
1,563

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, 829
1,644

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
2,114
1,839

1,481
1, 084
1,397
1,521
1,411
1,483
2, 094
2,372
2,016
1,203
1,250
1,557
2,009
2,019
1,773

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
2,040
1,587

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
1 ,745

33.

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...
1980. . .
1981...

NET CHANGE IN MORTGAGE DEBT HELD BY FINANCIAL INSTITUTIONS AND LIFE
INSURANCE C O M P A N I E S 2
(ANNUAL R A T E , BILLIONS OF DOLLARS)

14.40
12.24
10.03
8.88
13.14
12.73
12.12
15.82
19.68
19.19

12.72
12.72
9.90
8.70
14.24
13.26
11.74
17.00
18.98
23.45

13.38
12.32
9.72
9.25
14.60
12.13
12.06
16.79
19.54
21.86

13.70
12.64
8.58
7.14
15.32
12.32
13.36
17.33
20.45
21.17

14.16
11.80
7.94
9.67
16.07
11.72
12.84
17.68
21.38
21.61

14.29
11.68
8.50
9.05
15.88
11.78
13.85
17.76
21.52
20.94

13.99
11.81
8.03
9.64
20.63
12. 08
13.86
17.47
21.80
22.13

12.96
10.69
8.57
10.81
14.75
12.73
14.22
17.76
22.64
21.00

12.25
10.94
8.56
11.69
14.21
11.65
14.89
18.68
21.85
21.48

7.92
10.42
7.97
13.12
13.08
12.10
15.43
20.54
22.70
21.47

11.44
10.58
8.27
14.54
13.13
10.98
16.56
19.46
20.62
21.67

11.50
10.38
8.11
13.82
11.54
10. 63
16.82
19.93
22.67
21.64

13.50
12.43
9.88
8.94
13.99
12.71
11.97
16.54
19.40
21.50

14.05
12.04
8.34
8 . 62
15.76
11.94
13.35
17. 59
21.12
21.24

13.07
11.15
8.39
10.71
16.53
12.15
14.32
17.97
22.10
21.54

10.29
10.46
8.12
13.83
12.58
11.24
16.27
19.98
22.00
21.59

12.73
11.52
8.68
10.53
14.72
12.01
13.98
18.02
21.15
21.47

21.11
25.33
10.22
21.41
22.97
21.28
28.37
44.05
50.88
37.34
31.60
53.68
57.41
82.43
100.76

19.30
22.25
12.20
19.67
25.16
18.98
28.55
43.06
50.35
41.34
31.37
53.65
64.09
85.03
82.08

21.10
22.38
11.28
21.14
22.45
15.82
30.22
45.49
53.64
43.06
28.82
55. 45
68.32
89.80
88.07

20.06
21.40
13.42
20.04
23.45
16.04
30.46
44.22
50.75
46.06
30.70
48 . 80
79.20
85.40
75.10

20.88
17.32
15.28
21.72
19.56
17.15
32.14
45.50
50.40
43.99
29.54
42.24
79.57
93.48
91.80

21.74
13.31
16.70
17.59
19.96
16.91
36. 02
46.31
54.35
38.24
33.49
42.01
87.96
89.80
94.58

21.92
14.09
17.70
16.61
15.55
18.16
39.49
42.05
52.82
39.50
38.90
60. 42
81.71
89.15
97.24

21.32
11.62
21.07
17. 26
18.83
17.66
39.98
51.14
52. 96
33.66
36.76
52.03
83. 47
101.17
83.89

21.71
10.63
20 .66
17.82
19.30
22.02
40. 33
49.80
43. 07
30.82
47.76
47. 99
93.24
92.98
87.31

21.01
10.91
19.57
20.28
18.66
24.65
39.82
50.10
38.10
27.02
56.87
53.28
85.28
94.51
103.58

21.67
8.89
21.10
21.41
20.05
21.74
41.18
54.52
39.04
25.42
42.66
67.16
86.60
94.62
77.04

21.77
6.92
19.39
23.88
11.93
24.67
44.29
58.92
33.64
22.01
49.45
61.02
93.79
91.61
51.55

20.50
23.32
11.23
20.74
23.53
18.69
29.05
44.20
51.62
40. 58
30.60
54.26
63.27
85.75
90 . 30

20.89
17.34
15.13
19.78
20.99
16.70
32.87
45.34
51.83
42.76
31.24
44.35
82.24
89.56
87. 16

21.65
12.11
19.81
17.23
17.89
19.28
39.93
47.66
49.62
34.66
41.14
53.48
86.14
94.43
89.48

21.48
8. 91
20.02
21.86
16.88
23.69
41.76
54.51
36.93
24.82
49.66
60.49
88. 56
93.58
77.39

21.13
15.42
16.55
19.90
19.82
19.59
35.90
47.93
47 . 50
35.70
38.16
53.14
80.05
90.83
86. 08

-4.93
-6.37
16.63

-4.84
-7.82
19.75

-10.37
-12.86
10.10

10.04
-23.26
2.30
14.03
-1.03
-24.02
4.52
12.31
-8.93
3.54
9.52
11.54
6.66

3.38
-21.53
U.18
5.36
4.10
-10.60
7.45
2.68
-1.70
16.07
-3.29
7.64
19.20

8.64
22.07
2.54
15.80
8.59
-5.10
6.10
16.78
25.50
-7.21
2.95
-3.60
1.61
15.41
-1.00

12.71
13.49
17.02
13.27
-2.28
7.70
3.91
17.99
28.54
-20.16
-9.13
3.79
17.16
17.40
-13.30

36.

NET CHANGE IN INVENTORIES ON HAND AND ON ORDER IN 197 2 D O L L A R S , MONTHLY D A T A 3
(ANNUAL R A T E , BILLIONS OF DOLLARS)

9.18
5.54

-0.44
-4.15
2.45

4.20
-4.38
7.80

0.78
-8.40
5.58

0.10
-3.71
19.52

11.62
-10.34
13.80

10.00
0.49
10.48

1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960. . .
1961...
1962...
1963...
1964...

7.80
50.21
-20.14
2.65
11.89
-2.63
-23.77
11.70
-6.28
-10.28
16.98
7.66
13.78

-2.11
4.91
-12.22
5.14
11.75
-2.96
-19.80
30.04
1.98
-3.53
11.87
15.11
8.40

14.90
-0.35
-19.33
16. 00
-0.10
-5.78
-13.42
17.70
-11.09
-3.71
6. 40
16.03
10.62

11.32
10.75
-15.66
-2.88
16.40
1.40
-11.84
18.00
-17.22
6.35
-12.50
9.13
11.89

2.04
4.81
-12.90
8. 94
7.32
-3.01
-5.30
-0.48
-2.16
10.86
6.52
6.16
9.83

26.11
1.91
-15.31
15.84
5.24
-5.02
1. 00
3. 76
-3.62
4.93
3.91
0.92
14 . 78

6.52
-11.06
-15.22
9.92
17.05
-9. 64
4.62
14. 54
1.55
8.39
6.92
2.82
11.44

1965...
1966...
1967...
1968...
1969...
1970. . .
1971...
1972.
. .
1973. . .
1974.. .
1975...
1976.
..
1977...
1978...
1979...
1980...
1981...

21.88
17.48
28.27
2.26
7.99
-8.44
17.78
9.46
34.46
16.62
-40.87
7.79
13.00
23.70
32.51

15.37
26.17
7.36
5.98
15.11
0.23
12.49
8.62
29.64
12.42
-47.14
10.99
13.49
13.49
18.43

16.09
29.27
3.28
3.56
11.60
-0.80
8.59
1.57
30.96
12.70
-34.94
16.37
17.80
37.30
16.04

3.46
20.09
8.87
8.40
12.64
6.85
-2.83
4.69
20.10
-4.10
-25.49
10.85
11.99
26.51
25.91

13.04
25.13
-0.64
10.43
10.72
-7.39
-5.51
11.98
27.31
15.58
-27.70
10.01
9.00
17.14
-3.61

12.10
27.41
2.09
4.15
14.76
5.36
-10.64
10.52
27.32
17.80
-19.98
23.83
7.93
10.15
17.57

15.40
20.98
16.74
-9.48
15.40
1.31
-8.15
4.33
21.83
-7.18
-1.14
-3.29
6. 08
12.42
16.84

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

AVERAGE FOR PERIOD

1
This series contains revisions beginning with 1978.
contains revisions beginning with 1976.




2

-9.19
1.78
44.28

-4.69
9.41
18.91

-3.31
13.13
-20.47
-18.29
2.10
-13.69
1.08
7.93
4.87
10 . 50
-1.70
-3. 47
13.80
0.40
10.12
6.89
2.30
-5.58
8. 81
8.17
10 . 22
3.98
7.14
6 .07
29.26
10.49
8.02
16.91
18.70
10.00
7.73
5. 09
1.42
24.78
18.16
-15.88
6.07
-2.63
23.95
18.67
0.37

4.64
14.22
6.31
13.79
15.18
-3.06
6.47
25.62
25 . 78
-5.21
-7.78
24.44
21.47
15.02
-15.23

AVERAGE FOR PERIOD

7.49
-16.04
0 . 24
10.91
0 . 01
- 6 . 24
12.77
12.00
-18.31
13.19
6.85
-0.86
18.89

0.22
5.26
41.49
6.86
18. 26
-17.23
7.93
7.85
-3.79
-19.00
19.81
-5.13
-5.84
11.75
12.93
10.93

4.17
-7.48
12.97
29. 40
13.16
5. 82
-14.62
7.30
9.65
-2.21
-5.38
7.09
- 7 . 67
7.38
-0.69
5.40
12.17

19.38
12.13
23.58
15.43
3.10
8.11
5.96
18.06
32.44
-20.08
-9.11
17.99
14. 56
19.61
-16.31

17.78
24.31
12.97
3.93
11.57
-3.00
12.95
6.55
31.69
13.91
-40.98
11.72
14.76
24.83
22.33

9.53
24.21
3.44
7.66
12.71
1.61
-6.33
9.06
24.91
9.76
-24.39
14.90
9. 54
17.93
13.29

This series contains no revisions but is reprinted for the convenience of the user

-1.29
3.89
24.56
11.83
5.45
-16.61
- 8 . 94
6.31
10.81
-4.94
6.27
10.52
-0.58
8.46
7.04
5.34
17. 06
9.35
17.37
13.92
4.77
12.77
1.11
-0.09
18.24
21 . 92
-9.42
-0.95
6.17
17.17
15.37
0.66

-6.71
-9.02
15.49
11.70
6.97
-20.28
0.91
10.10
1.03
-13.62
8. 25
9.00
-9.65
10.93
4.36
6.11
14 . 92

-3.10
14.57
23.61
8.11
-3.20
-9 . 97
7.91
7.33
-6.14
-2.46
11. 60
-5.75
5.23
5. 62
7.45
13.77

13.58
15.90
14.38
14.83
3.14
3.57
5.32
17.61
2b. 83
-15.82
-5.10
6.06
11.11
17.47
-10.87

12.56
20.45
11.18
7.80
10.04
0.82
2.97
12.87
26.84
-0.39
-17.85
9.71
13.17
18.90
6.35

(MARCH 1981)

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Nov.

Oct.

36. NET CHANGE IN INVENTORIES ON Ei
-vND ON O R D E R IN 1972 DOLLARS, SMOOTHED DATA 1
(A JNUAL R A T E , 3ILLIONS OF DOLLARS)
1948
1949. . .
1950.. .
1951.. .
1952. . .
1953...
1954. . .
1955. . .
19 56. ..
1957. . .
1958. . .
1959.. .
1960. . .
1961. . .
1962. . .
1963. . .
1964. . .
1965. . .
1966...
1967...
1968...
1969. . .
1970. . .
1971...
1972...
1973...
1974...
1975. . .
1976...
1977...
1978...
1979...
1980...
1981. . .

-4 .36
-7 .03
21 .65
11 .10
13 .66
-19 .76
0 .96
9 .74
0 .76
-13 .58
9 .44
5 .90
-9 .87
13 .17
4 .05
6 .48

-i .90
-3 .34
30 .27
8 .24
20 .62
-17 .68
1 .85
10 .45
-0 .68
-15 .07
14 .40
2 .68
-10 .40
14 .71
6 .81
6 .98

-0 .78
I.82
37 .10
6 .42
19 .56
-16 .68
5 .30
9 .68
-2 .82
-17 .80
18 .99
-1 .28
-8 .27
12 .88
11 .40
9 .02

_2 .71
5 .27
38 .16
7 . 45
11 .68
-16 .48
7 .01
8 .60
-3 .12
-17 .01
20 .86
-6 .95
-3 .07
6 .84
13 .18
10 .62

2. 9 3
.60
-6 .49
-5 .57
11 .97
8 .12
31 .75
34 .46
11 .29
8 .73
5 .45
5 . 09
-15 .85 -15 .29
7 .33
6 .72
8 .76
8 .61
-2 .34
-2 .46
-12 .60
-7 .78
9 .42
16 .83
-8 .91
-9 .47
5 .94
2 .10
1 .03
-0 .27
7 .92
11 .93
11 .47
10 .54

17 .45
15 .05
16 .93
14 .33
13 .53
0 .30
7 .38
5 .88
20 .56
27 .35
-21 .43
-4 .29
8 .83
14 .79
20 .32

19 .35
18 .77
16 .94
12 .45
12 .54
-2 .12
12 .00
7 .23
25 . 44
23 .18
-31 .53
-0 . 44
13 .21
17 .86
23 .34

18 .25
22 .66
14 .44
7 .27
12 .20
-2 .35
12 .87
7 .28
29 .54
17 .20
-38 .51
6 .07
14 .80
21 .04
22 .92

14 .71
24 .74
9 .74
4 .96
12 .34
-0 .46
9 .52
5 .76
29 . 29
10 .46
-38 . 42
10 .08
14 .59
2 5 .30
21 .23

11 .25
25 .00
5 .17
6 .72
12 .38
0 .82
3 .08
5 .52
26 .51
7 .53
-32 .62
12 .57
13 .68
26 .38
16 .45

60. RATIO ,

H E L P - W A M T E C ADVERTISING

10 .20
24 .52
3 .64
7 .56
12 .18
0 .58
-3 .12
7 .57
25 .52
8 .91
-26 .88
13 .65
11 .28
22 .46
13 .04

IN N E W S P A P E R S
(RATIO)

5. 7 0
-6 . 00
13 .78
27 .03
12 .36
2 .19
-14 . 55
9 .43
9 .76
-4 .05
-2 .64
6 .52
-4 . 54
7 .72
2 .55
4 .35
12 .09
11 .52
24 .36
4 .75
4 .68
13 .17
0 .68
-7 .21
9 . 00
25 . 20
9 .25
-20 .33
12 . 54
8 .66
15 .58
11 .78

... 6 9
-3 . 60

Dec.

1Q

IIQ

IIIQ

IV Q

Annual

2

AVERAGE FOR PERIOD

18 .73
21 .36
10 .66
-5 .30
-14 .61
11 . 40
10 .40
-5 .97
1 .06
7 .17
-1 .98
7 .61
5 .36
3 .28
12 .13

.4 3
0 .60
23 .70
14 .94
7 .61
-12 .88
-11 .84
8 .77
10 .87
-5 .49
4 .14
9 . 46
-1 . 56
7 .81
5 .99
4 .31
14 .65

_ 3. 7 8
54
0 '.01
2 .75
22 .52
25 .58
9 .01
10 .50
7 . 74
6 .03
-18 .64 -21 .21
-0 .79
-6 .02
7 .25
7 .00
3 .71
7 .79
-7 .33 -10 .92
7 . 42
6 .26
9 .07
10 .14
-2 .32
-3 .42
8 .16
7 .65
6 .70
7 .47
8 .51
6 .80
16 .92
16 . 27

. 7 7
-5 .30
16 .96
10 .27
7 .91
-21 . 02
1 .22
8 .46
1 .84
-12 .86
8 .42
8 .68
-6 .21
10 .20
4 .92
7 . 44
16 . 64

-2 .35
-2 . 85
29.67
8 .59
17 .95
-18 .04
2 .70
9 .96
-0 .91
-15 .48
14 .28
2 .43
-9 .51
13 .59
7 .42
7 .49

-4 .92
8 .45
34 .79
9 .16
7 .41
-15 .87
7 .02
8 .66
-2 . 64
-12 .46
15 .70
-8 . 44
1 .66
2 .53
11 .01
10 .88

4. 2 7
-3 .00
18 .74
21 .11
10 .21
-5 .33
-13 .67
9 .87
10 .34
-5 .17
0 .85
7 .72
-2 .69
7 .71
4 .63
3 .98
12 .96

_5 . 0 3
-0 .85
21 .69
9 .93
7 .23
-20 .29
-1 .86
7 .57
4 .45
-10 .37
7 .37
9 .30
-3 .98
8 .67
6 .36
7 . 58
16 .61

-2.78
11.51
23.88
8.80
-0. 07
-12.36
6.79
8.35
-4.77
-4.93
11.75
-3.17
2.13
6.78
7.50
11.98

12 .68
23 .14
9 .29
1 .63
13 .13
1 .84
-6 .94
11 .08
23 .96
3 .49
-10 . 64
8 .08
10 .16
13 .49
10 .93

10 .60
19 .57
13 .21
3 .16
12 .70
2 .52
-2 .94
15 .73
22 .18
-5 .59
-2 .98
6 .07
14 .91
14 .56
6 .13

7 .88
8 .23
17 .16
17 .55
8 .90
11 .55
13 .74
8 .98
8 .83
11 . 64
-0 .59
0 .04
5 .08
2 . 29
21 .26
20 .32
24 .88
22 .54
-9 .43 -10 .15
-2 .12
-0 .27
7 .14
6 .12
14 .55
16 .42
16 .16
15 .87
-7 .57
-2 .31

11 .12
16 .24
11 .50
14 .56
5 .15
1 .71
5 .41
18 .87
27 .72
-13 .34
-4 .88
7 .14
12 .26
16 . 71
-10 .36

18 .35
18 .83
16 .10
11 .35
12 .76
-1 .39
10 .75
6 .80
25 .18
22 .58
-30 .49
0 .45
12 .28
17 .90
22 .19

12 .05
24 .75
6 .18
6 . 41
12 .30
0 .31
3 .16
6 .28
27 .11
8 .97
-32 .64
12 .10
13 .18
24 .71
16 .91

11 .60
22 .36
9 .08
3 .16
13 .00
1 .68
-5 .70
11 . 94
23 .78
2 .38
-11 .32
8 .90
11 .24
14 .54
9 .61

9 .08
16 .98
10 .65
12 .43
8 .54
0 .39
4 .26
20 .15
25 .05
-10 .97
-2 .42
6 .80
14 .41
16 . 25
-6 .75

12.77
20.73
10.50
8.34
11.65
0.25
3.12
11.29
25. 28
5.74
-19.22
7.06
12.78
18.35
10.49

TO NUMBER OF PERSONS U EMPLOYED'
AVERAGE

FOR PERIOD

1948...
1949. . .
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959. ..
1960...
1961. . .
1962...
1963. . .
1964...

0. 952
0. 539
0. 251
0. 801
1. 027
1. 165
0. 435
0. 443
0. 759
0. 735
0. 330
0. 366
0. 519
0. 300
0. 445
0. 424
0. 458

0. 806
0. 418
0. 257
0. 886
1. 020
1. 327
0. 384
0. 491
0. 800
0. 749
0. 277
0. 390
0. 564
0. 283
0. 462
0. 407
0. 462

0. 732
0. 393
0. 269
0. 924
1. 067
1. 392
0. 338
0. 531
0. 744
0. 771
0. 252
0. 431
0. 479
0. 288
0. 456
0. 431
0. 467

0. 737
0. 347
0. 308
0. 992
1. 086
1. 295
0. 326
0. 518
0 .787
0. 710
0 .2 20
0 .492
0. 485
0. 286
0. 457
0. 426
0. 494

0. 830
0. 305
0. 329
1. 059
1. 038
1. 362
0. 316
0. 607
0. 718
0. 670
0. 219
0. 505
0. 484
0 .291
0. 478
0. 402
0. 514

0. 793
0. 276
0. 354
0 .940
1. 027
1. 296
0 .344
0. 639
0. 702
0. 605
0. 229
0. 538
0. 451
0. 305
0. 465
0 .427
0. 523

0. 781
0. 246
0. 410
0. 977
0. 987
1. 201
0. 325
0. 67 9
0. 655
0. 639
0. 234
0. 540
0. 427
0. 308
0. 468
0. 434
0. 569

0. 748
0. 234
0. 521
0 .986
0. 956
1. 145
0 . 309
0. 674
0. 739
0. 618
0 . 243
0. 515
0. 408
0. 337
0. 438
0. 445
0. 554

0. 802
0. 235
0. 536
0. 908
1. 092
0 .997
0. 303
0 .744
0. 746
0. 566
0 .272
0. 497
0. 398
0. 344
0. 436
0. 436
0. 553

0. 751
0. 188
0. 612
0. 882
1. 197
0. 845
0. 325
0 . 683
0. 810
0. 513
0 . 293
0. 465
0. 350
0. 371
0. 446
0. 448
0 . 551

0. 690
0. 224
0. 609
0. 888
1. 265
0. 686
0. 376
0. 728
0. 718
0. 405
0. 334
0. 454
0. 337
0. 409
0. 422
0. 423
0. 604

0. 588
0. 212
0. 576
0. 988
1. 321
0 . 486
0. 410
0. 766
0. 715
0. 385
0. 355
0. 505
0. 303
0. 413
0. 434
0. 464
0. 587

0. 830
0. 450
0. 259
0. 870
1. 038
1. 295
0. 386
0. 488
0. 768
0. 752
0. 286
0. 396
0. 521
0. 290
0. 454
0. 421
0. 462

0. 787
0. 309
0. 330
0. 997
1. 050
1. 318
0. 329
0. 588
0. 736
0. 662
0. 223
0. 512
0. 473
0. 294
0. 467
0. 418
0. 510

0. 111
0. 238
0. 489
0. 957
1. 012
1. 114
0. 312
0. 699
0. 713
0. 608
0. 250
0. 517
0. 411
0. 330
0. 447
0. 438
0. 559

0. 676
0. 208
0. 599
0. 919
1. 261
0. 672
0. 370
0. 726
0. 748
0. 434
0. 327
0. 475
0. 330
0. 398
0. 434
0. 445
0. 581

0.768
0.301
0.419
0.936
1.090
1.100
0.349
0.625
0.741
0.614
0.272
0. 475
0.434
0.328
0.451
0.431
0.528

1965...
1966...
1967. . .
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976. . .
1977. ..
1978. . .
1979...
1980...
1981...

0. 608
0. 996
1. 033
1. 065
1. 336
1. 019
0. 467
0. 546
0. 879
0. 763
0. 310
0. 349
0. 437
0. 647
0. 805
0. 705

0. 607
1. 077
1. 042
1. 012
1. 350
0. 941
0. 488
0. 568
0. 851
0. 741
0. 305
0. 384
0. 431
0. 671
0. 785
0. 696

0. 653
1. 113
1. 021
1. 077
1. 350
0 . 837
0. 480
0. 568
0. 872
0. 764
0. 280
0. 393
0. 448
0. 677
0 . 780
0. 660

0. 646
1. 095
1. 029
1. 165
1. 339
0. 784
0. 483
0. 583
0. 846
0. 788
0. 272
0. 375
0 .468
0. 719
0. 780
0. 504

0. 703
1. 060
1. 006
1. 152
1. 361
0. 715
0. 486
0. 598
0. 872
0. 759
0. 262
0. 403
0 .491
0. 711
0. 794
0. 420

0. 721
1. 098
0. 985
1. 074
1. 268
0. 682
0. 509
0. 604
0. 884
0. 731
0. 296
0. 397
0 .485
0. 751
0. 796
0. 438

0. 739
1. 097
0. 981
1. 126
1. 236
0. 634
0. 493
0. 617
0. 906
0. 706
0. 311
0. 396
0. 540
0. 726
0. 804
0. 438

0. 778
1. 078
1. 011
1. 194
1. 220
0. 616
0. 487
0. 636
0. 885
0. 689
0. 315
0. 391
0. 536
0 759
0 762
0 439

0. 815
1. 096
0. 996
1. 253
1. 214
0. 582
0. 491
0. 653
0. 867
0. 595
0. 315
0 .386
0. 541
0. 761
0. 793
0. 466

0. 862
1. 096
0. 956
1. 318
1. 191
0. 520
0. 500
0. 671
0. 928
0. 543
0. 317
0. 391
0. 575
0. 827
0. 811
0. 475

0. 940
1. 108
0. 971
1. 305
1. 241
0 .494
0. 498
0. 738
0. 868
0. 448
0. 338
0. 393
0. 593
0 .809
0 .771
0 .502

0. 972
1. 043
0. 996
1. 297
1. 187
0. All
0. 507
0. 818
0 . 814
0 . 386
0. 344
0. 421
0. 666
0. 803
0 . 755
0. 497

0 623
1. 062
1. 032
1 051
1 345
0 932
0 478
0 561
0 867
0 756
0 298
0 375
0 439
0 665
0 790
0 687

0. 690
1. 084
1. 007
1. 130
1. 323
0. 727
0. 493
0. 595
0. 867
0. 759
0. 277
0. 392
0. 481
0. 727
0. 790
0. 454

0. 111
1. 090
0. 996
1. 191
1. 223
0. 611
0. 490
0. 635
0. 886
0. 663
0. 314
0. 391
0. 539
0. 749
0. 786
0. 448

0. 925
1. 082
0. 974
1. 307
1. 206
0. 497
0. 502
0. 742
0. 870
0. 459
0. 333
0. 402
0. 611
0. 813
0. 779
0. 491

0.754
1.080
1.002
1.170
1.274
0.692
0.491
0.633
0.873
0.659
0.305
0.390
0.518
0.738
0.786
0.520

8, 569
10, 545
14, 264
15 178
17, 773
22, 850
23, 771
27, 665
31, 630

8, 777
10 762
14 623
15 293
18 045
23 107
23 808
28 185
31 823

8, 992
10, 995
14, 982
15, 421
18, 461
23, 348
23, 909
28, 682
32, 016

34, 456
37 826
43 235
44 093
47 569
53 742
61 367

34
38
43
44
47
54
62

414
493
463
195
981
313
003

34,
39,
43
44
48
54
62

300
126
696
298
387
924
817

9, 075
11, 329
15, 163
15, 525
18, 999
23, 559
24, 046
29, 047
32, 242
738
3 4', 321
39, 688
43, 940
44, 492
48, 866
55, 584
63, 394

9 157
11, 634
15 071
15 634
19 461
23 767
24, 186
29 374
32, 474
34 869
34 494
40 154
44 189
44 710
49 362
56 115
63 778

9 , 273
11, 890
15, 136
15, 794
19, 999
23, 821
24 , 413
29, 711
32, 712
35, 002
34, 800
40, 428
44, 267
45, 048
49 919
56 658
64 424

7
9
12
15
16
21
23
25
30
33
34
35
41
44
45
51
58

715
595
679
320
184
572
713
759
755
207
757
969
680
146
781
449
841

8, 357
10, 294
13, 668
15, 226
17, 399
22, 546
23, 719
27, 248
31, 467
33, 862
34, 479
37, 339
42, 907
44, 038
47, 158
53 113
60, 796

9, 273
8, 992
10, 995
11, 890
14, 982
15, 136
15, 794
15, 421
18, 461 ^ 19,999
23, 348
23, 821
24, 413
23, 909
29, 711
28, 682
32, 712
32, 016
34, 544
35, 002
34, 300
34, 800
40, 428
39, 126
44, 267
43, 696
44, 298
45, 048
49, 919
48, 387
54, 924
56, 658
62, 817
64, 424

9,273
11,890
15,136
15,794
19,999
23,821
24,413
29,711
32,712
35,002
34,800
40,428
44,267
45,048
49,919
56,658
64,424

70
76
79
87
97
103
109
124
144
158
162
179
210
251
291
302

167
442
754
520
732
449
705
412
702
984
121
919
750
403
810
259

70,
76
80
88
98
103
110
125
145
159
163
181
213
254
295
303

856
726
224
277
635
899
779
571
995
769
136
936
487
686
818
314

71, 420
77, 122
80, 509
89, 205
99, 303
104, 189
111, 958
126, 984
147, 882
159, 9b2
164, 222
183 899
216 602
257 483
298, 851
304 016

541
903
592
883
218
659
633
357
541
669
916
934
992
893
578
474

66
74
78
83
93
101
106
118
136
153
159
171
196
232
276
309

466
151
508
777
362
542
511
289
462
128
557
271
569
462
677
362

68, 857
75, 394
79, 101
86 057
96, 355
102, 576
108 382
122, 378
141 672
156 734
159, 771
176 436
205 340
244 739
286 263
302 969

72, 541
77, 903
81, 592
90, 883
100, 218
104, 659
114 633
130, 357
150 541
159 669
166 916
187 934
222 992
264 893
303 578
306 474

72,541
77,903
81,592
90,883
100,218
104,659
114,633
130,357
150,541
159,669
166,916
187,934
222,992
264,893
303,578
306,474

66 . C O N S U M E R I N S T A L L M E N T C R L D I r-, 3
M I L L I O N S OF DOLLARS)
1948...
1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
1956. . .
19 5 7. . .
1958. . .
1959. . .
1960. . .
1961. . .
1962. . .
1963. . .
1964. . .

7, 173
9, 359
12, 157
15, 270
15, 901
20, 537
23, 762
24, 779
30, 049
3 2, 7 8 3
35, 010
35, 177
40, 859
44, 282
45, 261
50, 468
57, 358

7, 435
9, 469
12, 440
15, 324
16, 049
21, 004
23, 775
25, 203
30, 430
3 3 ,0 0 8
34, 854
35, 517
41, 359
44, 182
45, 522
50, 953
58, 163

7, 715
9, 595
12, 679
15, 320
16, 184
21, 572
23, 713
25, 759
30, 755
3 3 ,2 0 7
34, 757
35, 969
41, 680
44, 146
45, 781
51, 449
58, 841

1965. . .
1966. . .
1967. . .
1968. . .
1969. . .
1970. . .
1971. . .
1972. . .
1973.. .
1974. . .
1975. . .
1976. . .
1977. . .
1978. . .
1979. . .
1980. . .
1981. . .

65, 148
73, 149
78, 193
82, 290
91, 491
100, 763
105, 137
115, 954
132, 508
151, 385
159, 592
168, 249
190, 525
225, 709
269, 107
306, 305

65, 820
73, 616
78, 236
83 078
92, 576
101 174
105 831
116 982
134 566
152, 411
159 916
169 893
193 223
228 799
273 327
308 708

66, 466
74, 151
78, 508
83, 777
93, 362
101, 542
106, 511
118, 289
136, 462
153, 128
159, 557
171, 271
196, 569
232, 462
276, 677
309 362

7, 987
9, 805
12, 952
15, 272
16, 356
21, 912
23, 680
26, 246
31, 027
3 3, 4 39
34, 681
36, 360
42, 189
43 998
46 299
52, 058
59 392

8, 202
10, 092
13, 279
15, 248
16, 833
22, 298
23, 687
26, 771
31, 237
3 3, 6 28
34, 561
36, 846
42, 577
44, 035
46, 708
52, 535
60, 164

351
593
569
538
380
705
157
805
246
266
471
167
695
295
486
691

68, 196
74, 988
78, 785
85, 287
95, 450
102, 064
107, 914
121, 105
139, 999
155, 505
,159, 425
174 884
202, 559
240, 458
283 652
305 014

67,
74
78
84
94
101
107
119
138
154
159
173
199
236
280
307

8, 357
10, 294
13, 668
15, 226
17, 399
22, 546
23, 719
27, 248
31, 467
3 3, 8 6 2
34, 479
37, 339
42, 907
44, 038
47 158
53 113
60 796
68,
75,
79
86,
96
102
108
122
141
156
159
176
205
244
286
302

857
394
101
057
355
576
382
378
672
734
771
436
340
739
263
969

69
75
79
86
97
102
108
123
143
157
161
178
207
248
289
301

487
953
351
888
0 55
983
815
258
342
796
128
154
803
328
079
770

END OF PERIOD

This series contains r e v i s i o n s beginning w i t h 1976. 2 T h i s series is a weighted 4 - t e r i
month of the span. 3 T h i s series contains r e v i s i o n s beginning w i t h 1975.




100

71
77
81
90
99
104
113
128
149
159
165
185
219
261
301
304

984
516
008
023
946
162
317
442
370
831
416
695
786
126
545
855

72,
77,
81
90
100
104
114
130
150
159
166
187
222
264
303
306

moving average (with weights 1,2,2,1) placed on the terminal

70, 856
76, 726
80, 224
88, 277
98, 635
103, 899
110, 779
125, 571
145, 995
159, 769
163, 136
181 936
213 487
254 686
295 818
303 314

(MARCH 1981)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.
48.

1948...
1949...
19 50.
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962.
. .
1963.
. .
1964.
. .

93.57
92. 44
89.16
98. 69
100.52
103.81
100.48
101.24
106.88
107.71
104.90
106.43
110.00
107.72
109.91
113.23
114.80

1965...
1966.
. .
1967...
1968...
1969. . .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977.
. .
1978...
1979...
1980.
. .
1981...

120.96
126.60
131.41
132.44
137.62
139.91
137.97
141.16
146.64
151.12
147.82
151.04
152.36
159.54
168.70

48-C.

Apr.

June

May

July

Aug.

Dec.

IQ

II Q

III Q

IV Q

Annual

AVERAGE FOR PERIOD

93.84
89.69
93.32
99.74
99.70
104.19
99.69
104.58
107.39
107.56
102.14
109.42
109.89
108.91
112.90
114.91
117.72

94.06
89. 32
9 4.33
99.71
99.19
104.05
99.45
104.80
106.10
107.61
102.45
109.08
109.89
109.29
112.94
115.11
118.06

94.00
89.37
96.34
99.42
100.72
103.35
99.26
104.98
107.39
107.64
103.01
108.18
109.81
109.70
113.22
115.18
118.31

9 3.93
89.54
96.33
99.19
102.35
102.57
99. 36
105.62
107.53
107.19
104.03
107.84
109.24
109.24
113.57
115.56
118.31

93.55
87.91
96.89
99.16
102.80
103.29
9 9.79
105.89
108.08
106.06
104.07
107.71
108.99
110.06
113.09
115.93
118.72

93.65
38.48
97.44
99.60
103.12
102.29
100.93
106.46
108.23
105.72
105.03
108.20
109.52
110.87
113.38
115.87
119.67

93. 53
88.89
97.19
99.93
103.94
101.66
101.20
106.80
108.56
105.54
105.42
109.95
106.79
110.68
113.21
115.84
120.60

93.34
91. 92

93.18
90.35

94.00
89.41

93.58
88.43

93.52
90. 03

98. 99
101.00
104.34
100.86
101.87
107.09
108.51
103.14
106.64
110.14
107.81
111.36
113.40
116.59

93.11
90.41
92.32
99.75
100.46
104.06
99.67
104.41
107.12
107.65
102.04
108.94
110.03
108. 27
112.80
114.66
117.47

99.02
100.67
104.27
100.64
102.07
106.88
108.15
103.61
106.91
109.97
107.78
111.10
113.38
116.05

99.81
100.06
104.28
99. 83
104.07
107.30
107.61
102.00
108.98
110.08
108.28
112.76
114.64
117.54

99.44
100.75
103.32
99.36
105.13
107.01
107.48
103.16
108.37
109.65
109.41
113.24
115.28
118.23

99.56
103.29
102.41
100.64
106.38
108.29
105.77
104.84
108.62
108.43
110.54
113.23
115.88
119.66

99.46
101.19
103.57
100.12
104.41
107.37
107.25
103.40
108.22
109.53
109.00
112.58
114.79
117.87

121.64
127.74
130.70
133.68
137.82
139.97
137.34
141.86
14 7.91
151.55
146.29
150.70
154.86
160.91
168.89

122.06
128.42
130.61
133.61
13 8.52
140.26
137.84
142.06
148.61
151.22
145.31
150.49
154.76
162.44
170.04

122.11
128.38
130.55
133.76
138.72
139.83
137.95
142.87
148.82
149.09
145.37
149.63
155.40
164.10
166.30

122.87
128.58
130.92
134.48
139.38
139.07
138.33
142.93
149.19
151.73
145.76
151.29
156.36
16 4.01
169.34

122.76
129.53
131.23
134.97
139.58
138.75
138.56
143.53
149.52
151.58
145.31
151.07
156.89
164.83
169.88

123.13
129.49
131.43
135.52
139.83
139.04
138.09
143.25
149.87
151.43
145.59
151.61
157.36
165.11
170.09

123.62
129.86
131.77
135.86
140.33
138.54
138.63
143.92
150.01
151.33
147.13
151.52
157.75
165.42
170.20

123.88
129.80
132.34
136.14
140.46
134.34
138.41
144.89
150.29
151.47
147.54
152.00
158.41
165.70
170.57

124.60
130.44
132.07
136.46
140.56
137.31
138.02
144.96
149.81
151.91
147.80
152.00
159.16
166.20
170.50

125.36
130.76
133.02
136.42
140.20
136.78
139.80
146.00
151.57
149.78
148.37
152.56
159.55
167.88
170.81

126.16
130.98
133.11
136.90
140.73
137.77
140.26
146.10
151.44
148.06
149.22
153.14
159.44
168.03
171.34

121.55
127.59
130.91
133.24
137.99
140.05
137.72
141.69
147.72
151.30
146.47
150.74
153.99
160.96
169.21

122.58
128.83
130.90
134.40
139.23
139.22
138.28
143.11
149.18
150.80
145.48
150.66
156.22
164.31
168.51

123.54
129.72
131.85
135.84
140.21
137.31
138.38
144.02
150.06
151.41
146.75
151.71
157.84
165.41
170.29

125.37
130.73
132.73
136.59
140. 50
137.29
139.36
145.69
150.94
149.92
148.46
152.57
159.38
167.37
170.88

123.26
129.22
131.60
135.02
139.48
138.46
138.43
143.63
149.47
150.86
146.79
151.42
156.86
164.51
169.72

CHANGE IN EMPLOYEE HOURS IN N O N A G R I C U L T U R A L ESTAE3LISHMENTS
(COMPOUND ANNUAL RATE, PERCENT)

OVER 1-MONTH SPANS
A V E R A G E FOR PERIOD

4.6
3.0
0.7
2.6

-0.9
2.3
-0.1
-2.7
21.2
-8.7
1.2
7.6
1.6
-4.9
12.6
-3.7
-6.1
-4.9
3.8
4.0
0.

-4.7
-19.8
7. 2
-0.4
5.4
8.8
5.3
3.1
6.3
-11.9
0.5
-1.4
-2.7
9.4
-5.0
3.9
4. 2

1.3
8.1
7.0
5. 5
3.8
-11.0
14.6
6.7
1.7
-3.8
11.6
5.6
6.0
9.2
3.1
-0.6
10.0

-1. 5
5.7
-3.0
4.0
10.0
-7.1
3.3
3.9
3.7
-2.0
4. 5
21.2
-26.1
-2.0
-1.8
-0. 3
9.7

0.7
-9.2
7. 7
9.6
2.4
2.9
-3.9
7.9
-0.4
-1.0
-9.8
8.8
-0.6
4.0
5.4
1.0
3.9

2.0
-6.8
13.6
1. 5
-2.9
-1.8
-3.5
6.0
2.8
-2.4
-2.4
6.8
0. 5
4. 2
3.2
5.1
3.4

0.4
-0.6
14.2
-2.2
11.8
-6.0
-1.3
4.1
1.2
-1.3
7. 7
-5.6
-2.3
1.3
2.4
' 2.3
2.0

-1.6
-2.0
3.7
3.0
6.4
-3.1
7.7
4.6
3.9
-5.9
5.5
8.5
-7.6
5.5
-1.2
1.0
8.0

0.3
-4.6
9.8
3.0
4.4
-2.0
-0.3
5.7
1.9
-2.6
0.3
4.6
-2.5
3.8
2.5
2.4
4.3

4.9
3.5
3.1
3.1
4. 4
-4.2
4.8
5.8
1.1
-0.8
13.5
-0.7
3.0
2.3
0.8
8.7

2.6
-0.6
5.3
2.5
1.1
-30.9
-1.9
8.4
2.3
1.1
3.4
3.9
5.1
2.1
2.6
6.2

7.2
6.1
-2. 4
2.9
0.9
30.0
-3.3
0.6
-3.8
3.5
2.1
0.
5.8
3.7
-0.5
4.8

7.6
3.0
9.0
-0. 4
-3.0
-4. 5
16.6
9.0
15.0
-15.6
4.7
4.5
3.0
12.8
2.2
3.2

7.9
2.0
0.8
4. 3
4.6
9.0
4.0
0.8
-1.0
-12.9
7.1
4. 7
-0.8
1.1
3.8
7.3

4. 9
7.4
-1.0
1.8
4.9
-1.3
0.3
5.3
7.1
-0.5
-7.1
3.8
5.0
7.9
4.9
0.1

2.4
3.6
2.0
4.2
3.1
-4.2
2.1
4.3
2.5
2.2
0.1
2.0
5.6
6.2
1.6
-7. 2

3.7
0.8
3.4
3.5
2.6
-10.9
-0.4
4.0
2.1
-0.3
6.4
2.5
3.9
2.2
1.6
2. 7

7.6
3.7
2.5
2.3
0.8
11.5
5.8
3.5
3.4
-8.3
4.6
3.1
2.7
5.9
1. 8
5.1

4.6
3.9
1.7
2.9
2.8
-1.2
2.0
4.2
3.8
-1.7
1.0
2.8
4.3
5. 5
2.5
0.2

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

2.6
-13.1
3.7
20.2
7.3
-1. 5
-13.1
0.5
0.9
-9.0
-7.0
12.1
0.5
11.0
-8.0
0.2
-10.3

-7.5
-5.1
-5.8
3.7
5.9
6.3
4.6
7.7
2.4
9.3
-18.4
2. 4
1.5
1.0
17.0
1.8
20.4

6.9
-9.5
25.2
4.8
-6.0
3.9
-3.2
15.6
-4.6
-3.2
-3.9
12.0
-3.9
0.1
7.3
1.1
1.7

-10.7
-4. 4
8.1
7.1
-5.4
-0.9
-5.4
1.2
8.3
-6.3
-10.8
10.8
6.1
-1.9
6.2
9.3
7. 2

6.8
-6.8
19.0
-2.4
5.4
-5.9
-5.4
14.9
-2.9
0.2
2.5
4.2
-3.1
7.1
2.4
3.4
0.4

9.8
-9.1
13.8
-0.1
-8.7
1.5
0.2
2.0
3.1
-1.0
1.2
5.4
-1.5
7.3
1.1
2.6
2.6

2.8
-4.8
13.8
-0.4
-6.0
-1.6
-2.9
2.6
-13.5
0.6
3.7
-3.7
0.
4.3
0.4
2.1
3.5

-0.8

1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.

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

.
.
.
•
.
.
.
.
.
.
.
.
.
.
.
.
.

3.6
4.3
4.0
-5.9
6.5
-6.8
1.8
8.0
4.5
-2.5
-1.9
15.7
-5.9
0.8
4.9
9.4
12.4

7. 0
11.4
-6.3
11.8
1.8
0.5
-5.3
6.1
10.9
3.5
-11.7
-2. 7
21.6
10. 8
1.4
-2.3
-11.4

4.2
6.6
-0.8
-0.6
6.3
2.5
4.5
1.7
5.8
-2.6
-7.7
-1.7
-0.8
12. 0
8.5
-6.8

0.5
-0.4
-0.5
1.4
1.7
-3.6
1.0
7.1
1.7
-15.7
0.5
-6.6
5.1
13.0
-23.4
-6.9

7.7
1.9
3.5
6.7
5.9
-6.3
3.4
0.5
3.0
23.4
3.3
14.2
7.7
-0.7
24. 3
-7.3

-1.1
9.2
2.9
4.5
1.7
-2.7
2.0
5.2
2.7
-1.2
-3.6
-1.7
4.1
6.2
3.9
-7.4

3.7
-0.4
1.8
5.0
2.2
2.5
-4.0
-2.3
2.8
-1.2
2.3
4.4
3.7
2.1
1.5
-6.9

0.7

28.8
-3.4
20.2
-7.8
-2.3
2.1

15.6
0.3
6.8

-9.5
-0.9

CHANGE IN EMPLOYEE HOURS IN N O N A G R I C U L T U R A L ESTA 3 L I S H M E N T S O V E R 3-MONTH S P A N S
(COMPOUND A N N U A L R A T E , P E R C E N T )

8.9
-0.4
1.7
5.3
4.5
3.1

6.5
-6.9
15. 5
-1. 0
-3.3
-2.0
-2.7
6.3
-4.7
-0.1
2.5
1.9
-1.6
6. 2
1.3
2.7
2.2

3.9
-4. 5
18.6
-1. 3
1. 0
-2. 7
-1.6
2.2
1.0
0.
3.9
-2.8
-0.8
5. 4
1.5
1.8
2.9

0. 4
-0.7
13. 5
-2.2
11.1
-6.1
-1.3
4.0
0.5
-1.4
7. 6
-5.7
-2.3
1.2
2.4
2.3
2.0

-2.2
-6.2
11.3
-2.2
15.4
-2.9
1.4
4.2
7.7
-5.6
6. 5
-4. 9
-3.2
2.8
0. 5
2.9
2.3

-1.5
-3.9
4.6
0.7
9.9
-4.0
6.9
5.8
3.2
-6.9
8.1
0.1
-1.1
4.3
0.6
2. 4
4.7

-1. 7
-2.9
3.6
3.0
6. 4
-3. 5
7.6
4. 5
3.9
-6. 0
5. 5
8.1
-8.7
5.4
-1.3
1.0
8.0

-4.7
5.8
7. 6
5.6
4.0
-10.4
5.9
3.8
-1.4
-4.3
9.4
8.8
-4.6
-0. 5
0. 5
-3.8
7.8

-0.9
-7.4
5. 5
7.0
2.0
3.5
-3. 7
6. 5
1.3
-0. 2
-10.2
7.8
2. 7
-0.8
5.6
1.7
5.1

2.9
-6.9
15.4
1. 2
-2.8
-1.6
-3.6
7.5
-0.6
-1.9
-1.4
5. 8
-0.5
4.0
3. 3
4.1
2.9

0.7
-3.8
14.5
-1.9
9.2
-3.9
-0.5
3.5
3.1
-2.3
6.0
-4.5
-2.1
3.1
1. 5
2.3
2. 4

-2.6
-0.3
5.3
3.1
6.8
-6.0
6.8
4.7
1.9
-5.7
7.7
5.7
-4.8
3.1
-0.1
-0.1
6.8

0.
-4.6
10. 2
2.4
3.8
-2.0
-0.2
5.6
1.4
-2.5
0.5
3.7
-1.2
2.3
2.6
2.0
4.3

4.1
2.7
0.7
2.4
4. 6
-2.5
2.9
3.1
3.5
0.5
-1.4
1.6
3.9
7.9
1.1
-7.0

2.3
3.5
1.9
4.1
3.1
-4.2
2.1
4.2
2.5
1.0
0.
1.6
5.6
6.0
-0.4
-7.2

3.4
3.5
2. 7
5.4
3.2
-2.2
0.4
1.1
2.9
6.4
0.6
5.4
5.1
2.5
9.4
-7.2

2.5
4.0
2.6
4.2
2.8
-1.5
0.9
2.8
2.2
-1.1
3.8
0.6
3.6
3.5
2. 0
-2.2

3.7
0.8
3.4
3.5
2.5
-12.1
-0.4
3.8
2.1
-0.3
6.3
2.5
3.9
2.1
1.6
2. 4

4.9
3.0
2.0
2.8
2.1
-4.9
-0.2
4.9
-0.2
1. 3
6.2
1.0
4.7
2.7
1.0
6. 5

5.8
2.8
3.8
1.7
-0.4
-5.0
3.4
5.9
4.2
-4. 0
3.4
2.8
4.6
6.1
1.4
4.7

7.6
3.7
2.3
2.3
0.8
10. 6
5.5
3.4
3.1
-8.7
4.6
3.0
2.6
5.7
1.8
5.1

6.6
3.0
1.1
3.4
-1.8
1.9
9.4
4.7
3. 5
-10.3
9.1
1. 0
1.0
6. 2
5.1
7.5

5.2
7.0
-1.3
2.5
4.1
-0.7
0.6
5.4
6.2
-2.0
-7.6
2.0
6.2
7.7
0.6
-0.7

3.3
3.2
1.8
4.0
3.6
-3.0
1.8
2.8
3.0
2.6
-0.3
2.9
4.9
5. 5
3.4
-7.1

3.7
2.6
2.7
3.5
2.5
-6. 2
0.1
3.8
1.4
0.
5.4
1.4
4.1
2.8
1.5
2.2

6.7
3.2
2.4
2.5
-0.5
2. 5
6.1
4.7
3.6
-7.7
5.7
2.3
2.7
6.0
2.8
5.8

4. 7
4.0
1.4
3.1
2.4
-1.8
2.1
4.2
3.5
-1.8
0.8
2.1
4.5
5.5
2.1
0.

0.8
-6.7
1.1
6. 5
5.7
4.8
-5.5
3.8
2.4
1.0
-9.4
6.3
7.4
-6.1
1.8
0.1
2. 5

0.5
-9.3
7. 0
9. 3
2.2
2.8
-4.1
7.8
-0.5
-1.2
-10.0
8.7
-0.6
3.9
4 . 9
1.0
3.2

-4.1
-6.3
8. 5
5. 2
-2.0
3.0
-1.4
8.0
1.9
-0.3
-11.2
8.3
1.2
-0.3
10.1
4.0
9.5

0. 6
-6.9
17.2
3. 1
-2.1
-1.1
-4. 6
10.4
0.1
-3.1

1965.
. .
1966. . .
1967.
. .
1968.
. .
1969.
. .
1970.
. .
1971.
. .
1972.
. .
1973.
. .
1974.
. .
1975.
. .
1976. . .
1977.
. .
1978.
. .
1979...
1980...
1981...

6.7
7.8
-0.2
2.0
4.2
-0.7
1.6
6.0
5.3
-0.1
-9.0
6.4
6.2
3. 5
2.4
3.5
2.2

4. 9
7.4
-1. 1
1.5
4.8
-1.3
0.2
5.2
7.1
-0.6
-7.2
3.4
4.3
7. 7
4.9
-0.1

3. 9
5.7
-2.6
4.0
3.2
-0. 2
-0.1
4.9
6. 1
-5.3
-6.5
-3.7
8.2
11.9
-5.6
-5.4

These series contain revisions beginning with 1972.




AVERAGE FOR PERIOD

1.5
-6.8
13. 6
1. 5
-3.1
-1.8
-3.5
5.8
2.7
-2. 4
-2.5
6.7
0.4
4.1
3.2
5.1
3.4

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

NOTE:

Nov.

92. 60
90.94
90.99
9 9.95
100.02
104.59
100.13
103.21
107.38
107.63
101.83
108.57
110.32
107.65
112.58
114.34
117.43

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
•

1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.

Oct.

93. 48
91.28
90.40
99.38
100.48
104.67
100.59
103.11
106.67
108.22
102.80
107.65
109.78
107.82
112.02
113.50
116.75

92.96
92. 04

1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.

48-C

Sept.

EMPLOYEE HOURS IN N O N A G R I C U L T U R A L E S T A B L I S H M E N T S
ANNUAL RATE, BILLIONS OF EMPLOYEE HOURS)

(MARCH 1981)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

AVERAGE FOR PERIOD

151.7
163.6
172.6
184.0
199 . 3

153.0
164.6
173.3
184.5
200
.9

154.3
165.6
173.8
185.4
202.0

155.4
166.3
174.3
186.1
202.9

244.9

247.6

247.8

249.4

251.7

253.9

256.2

258.4

0.2
-0.3
0.
0.6
0.
0.
0.3
0.5
0.
-0.1
0.1

-0.6
0.2
0.5
0.5
0.
-0.3
0.1
0 .1
0.1
0.4
0.1
0.
0.1
0.
0 .1
0 .2

-0.5
-0.4
1.5
0.6
0.1
0.
0.
0 .
0 .4
0.2
0.1
0.1
0.1
0.1
-0.1
0.3

0 .1
-0.2
0.
1.2
-0.1
-0.1
0.1
0.1
0 .
0.2
0.5
0 .
0.
0.
0.2
0.1

0.1
0.1
0.4
0.3
0.5
0 .4
0.5
0.2
0.2
0 .8
0.9
0.7
0.5
0.4
0 .9
1.1
1.0

0. 2
0.3
0 .
0.3
0.5
0.5
0 .4
0.2
0 .4
0.9
0.9
0.7
0.4
0.7
0.7
1.1
1.1

0.1
0 .4
0.1
0.3
0.3
0.6
0.5
0.4
0.3
0.7
0.9
0.6
0.5
0.5
0.6
1.2
1.0

0.1
0.1
0.3
0.1
0.4
0.5
0.5
0 .2
0.3
0.6
1.1
0.5
0.2
0.7
0.6
0.9
1.3

-4.2
-0 .8
14.0
4 .4
-0.6
1 .0
-0 .4
1.1
3.6
2.9
U.4
1.7
1.7
1.1
1.3
1.1

-3.7
-1.0
13.1
2.8
0.
0 .3
0.
0.3
3.8
4.0
0.4
1.1
1.5
1 .3
0.6
1.4

7.6
-2.1
1.0
10.4
1.4
0.2
0.2
0.1
1.3
3.4
3.8
0.8
1.4
0.3
1.5
1.0

6. 8
-1.9
5.3
1.8
1.9
1.6
-0.8
-0.1
3.4
3.6
1.2
1.3
1.3
0.8
1.3
1.6

1.5
-2.2
7.9
2.9
1.5
1.3
-1.3
0.7
3.8
2.7
0.
2.2
1.4
1.1
1.1
1.8

-3.7
-1.1
12.8
3.8
-0.3
0.8
-0.4
0.6
3 .4
3.4
0.5
1.5
1.7
1.0
1.1
1.4

3.0
-1.8
6 .8
4.7
1.1
1.0
-0.6
0.3
3 .0
3.3
1.4
1.4
1.5
0.8
1.3
1.4

1.6
3.4
2.2
4.2
4 .8
6.4
4 .7
3.3
5.2
10.5
10.7
6.3
6 .9
fa.7
10.5
15.4

1.4
3.5
1.7
4.0
5 .6
6.0
4 .0
3.1
5.8
11.9
8.9
5.1
7.0
7 .0
10.5
15.8

1.2
1.9
3 .8
1.7
4.1
5.5
6.2
3.6
3.1
7.4
11.8
6.6
3.7
7.1
8.1
11.4
14.8

0.7
1.9
3.5

1.3
1.7
3.4
4 .2
5.3
6 .0
5.2
3.4
3.8
9.2
12.6
8.3

1.5
2.9
2.3
4.1
5.1

1.2
2 .1

130.7
143.9
158.6
168.2
179.6
191.5

1979. • .
1980. . .
1981. . .

204.7
233.2

2 07.1
236.4

209.1
239. 8

211.5
242.5

72.2
71.5
71.4
77.6
79.4
80.2
80.7
80.1
81.4
84.3
86.7
87.3
88.7
89.4
90.5
91.7

320-C. CHANGE IN INDEX OF CONSUMER P R I C E S , ALL ITEMS, OVER 1-MONTH
(MONTHLY RATE, PERCENT)

1964. . .
1965. . .
1966. . .
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...

1.4
1.7
4.0
1.3
4.0
5.6
6 .6
3.6
3.1
6.9
11.5

1.2
1.8
3.9
1.7
4.0
5.1
6.3

3

4.0
7 .0
7.6
10.6
15.3

1.4
0.1
0.1
0.1
0.3
0.1
-0.2
0.
0.1
0.3
0.2
0.
0 .5
-0.1
0.1
-0.1

0.8
-0.1
0.5
0.3
0.
0.1
0.3
-0.1
0.4
0.2
0.
0.2
0.1
0.1
0.1
0.1

0.6
0.1
0.5
-0.2
0.2
0.3
0.
-0.2
0.4
0.4
-0.1
0.3
0.1
0.
-0.2
0.3

0.1
0.3
0.4
0.2
0.3
0.5
0.6
0.3
0.2
0.8
0.6
0.3
0.2
0.6
0.7
1.0
0.9

0.1
0.3
0.2
0.2
0.3
0.3
0.4
0.4
0.3
0.6
1.0
0.3
0.5
0.4
0.8
1.0
0.9

0.1
0.4
0.1
0.3
0.4
0.6
0.3
0.5
0.2
0.6
0.9
0.7
0.5
0.6
0.9
1.0
1.0

102

0 . 5

0.3
-0.1

0.1
-0.1

0.3
0.1
0.3

0.1
0.
0 .6
-0.2
0.
0 .2
0.
-0.1
0.1
0.3
0.1
0.1
0.1
0.
0 . 2

0.1

0.

0.

0 .

-0.1

0.2
0.4
0.5
0.5
0.3
0.2
0.3
0.1
0.6
1.0
0.6
0.5
0.7
1.2
0.1

0.6
0.4
0.5
0.5
0.3
0 . 3

0.2
1.8
1.4
0.4
0.6
0.4
0.7
1.1
0.8

-0.3
0.2
0.6
0.6
-0 . 2
0 . 2
-0 . 2

0.4
0.1
0.1
0.
0 . 3
0 .

0.1
0.5
-0.1

0.2
0.2
0.2
0.4
0.4
0.5
0.5
0.2
0.5
0 . 3

1.2
0.7
0.5
0.5
0 .9
1.2
1.0

3. 6

3.3
7.4
11.8

6.3
3.7
7 .0

7.9
11.4

14.8

0.9
2.3
3.4
2.1
4.2
5.7
5.7
3.6
2.8
8 .0
12.2
5.9
3.4
7.2
8 .7
12.2
14.3

0.5
2.0
3.6
2.7
4.4
6.3
5.4
3.7
3.1

-0.5
0.
3.5
3.8
1.8
0.9
1.3
0.7
1.3
1.7

7 . 2
11.1

6.6
4.0
9 .0
12.9
11.4

iPANS

0 . 2

-1.0
-2.7
9.4
4.1
1.3
0.7
-1.4
1 .0
3.6
2.5
0.3
1.9
1.5
1.2
1.2
1.8

-3.3
-1.6
11.3
4.2
-0.3
1.2
-0.9

0.8
1.8
3.5
3.1
4.5
6.2
5.0
4.1
2.6
9.7
11.5
6.3
5.1
6.3
9.3
13.0
10.3

0.9
2.0
3.5
3.9
4.7
5.8
5.3
4.0
3.4
8.7
12.1
7.1
5.8
6.3
9.8
13.6
9.6

1.1
1.7
3.6
4.1
5.1
5.6
5.1
3 .7
3.6
8.7
12.7
7.8
6.5
5.9
10.3
13.y
10.0

1.4
1 .7
3.3
4.3
5.5
6.2
5.1
3.3
3.7
9.3
12.5
8.6
b.4
6. 5
10.0
14.0

1.5
1.6
3.2
4.3
5.3
6.3
5.4

1.6
1.8

10 . 5

for the convenience of the user.

8 .4
6.5
6.3
9 . 5

14.4
10.5

93 . 5
95.1
98.5
101.3
106.1
112.2
118.6
122.7
126.9
13 7.6
154.2
165.5
173.8
185 . 3
201.9
227.6
256.2

92.9
94.5
97 .2
100.0
104.2
109.8
116.3
121.3
125.3
13 3.1
147.7
161.2
170.5
181.5
195.4
217.4
246.8

0.9
0.
0 .4
0.1
0.2
0.2
0.
-0 . 1
0.3
0.3
0.
0.2
0.2
0.
0.
0.1
0.1
0.3
0.2
0.2
0.3
0.5
0.4
0.4
0.2
0 . 7

0.8
0.4
0.4
0.5
0.8
1.0
0.9

0.3
-0.2
0 .6
0 .1
0.1
0.1
-0.2
0.1
0.2
0.2
0 .
0.2
0.
0.1
0.3
0.1

-0.4
-0 .2
0 .9
0.6
0.1
0.
-0.1
0.
0.4
0.2
0.1
0.1
0.2
0.
0.
0 .2

0 . 2
-0.1
0 . 5
0 . 5

0.1
0.
0.3
0.4
0.5
0.5
0.4
0.2
0.3
0. 7
1.1
0.7
0.6
0 .5
0.8
1.2
0.6

0.1
0.3
0.2
0.3
0 .4
0.5
0.5
0.3
0.3
0.8
0.9
0.7

0.1
0.2
0.3
0.3
0 .4
0.5
0.4
0.3
0.3
0.7
1.0
0.6
0.4
0.6
0.7
1.0
1.0

0 . 5

0.5
0.7
1.1
1.0

0.1
0.
0.
0 .

0.2
0.2
0.2
0.1
0.1
0.
0.1
0.1

AVERAGE FOR P E R I O D

1.3
-1.8
7.2
2.5
1.5
1.2
-1.3
0 .7
3.6
3.0
0 .
2 .2
1.5
1.0
1.0
1.9

12 . 5

87.5
88.7

80 . 5

80 . 2
81.4
84.3
86 .6
87.3
88.7
89.6
90.6
91.7

SPANS3

4 .2
-2.2
7.2
2.0
1.6
2.1
-1.1
0.3
4.3
2.6
-0.2
2.4
1.3
1.1
1.0
1.7

4 .0
9 .6

80 . 9
83.9
86. 6
87 . 0
88.6

A V E R A G E FOR P E R I O D
-0.2
-0.4
0.6
0.6

7.5
-1.3
6.0
1.1
2.0
1.9
-1.0
0.3
3.4
3.4
0.2
1.9
1.4
1.0
1.6
1.4

3 . 2

80 . 5

80.1

2

6.7
-1.8
5.1
0.2
1.9
1.9
-0.9
-0.6
3.3
3.6
1.7
1.2
1.3
0.6
1.1
1.7

This series contains no revisions but is reprinted
T h i s series contains revisions beginning with 1966.




1.0
-0.9
0.7
-0.1
0.6
0.
-0.3
0.1

C H A N G E IN I N D E X O F CONSUMER P R I C E S , A L L ITEM S, O V E R o-MONTH
(COMPOUND ANNUAL R A T E , PERCENT)

0 . 2

93.1
94.7
97.8
100.5
104.8
110.7
117.0
122 .0
125.8
134.4
149.9
162.9
171.9
183. 3
197. 9
221.1
249.6

149.9
162.8
171.9
183.3
197.8

129.8
143.1
157.8
167.5
178.2
189.8

0.6
0.
1.2
3.5
3.7
0.6
1.5
0.3
1.7
0.7

92 . 8
94.3
96.9
99 .4
103.5
109.1
115.7
120.8
124.7
131.5
145.4
159.5
169.2
180.7
193.4
214.1
245.0

148.0
162.3
171.1
182.6
196.7

128.6
141.5
157.2
167.1
177.1
188.4

6 .2
-2.5
4.7
4.2
1.7
1.1

92.6
93.6
95.9
98.7
102.4
107.3
113.9
119.5
123.7
128.7
141.4
157.0
167.1
176.9
188 . 5
207.0
236.5

132.4
146.9
160.6
170.1
181.8
195.3

127.7
139.7
156.1
166.7
175.3
187.2

6. 5
-0.9
2.4
7.8
0.5
0.6
0.5
-0.2
2.1
3.5
3.2
1.1
1.4
0.1
1.2
1.5

89 . 8
90 . 9
92.1

72.1
71.4
72.1
77.8
79.5
80.1

131.5
145.5
159.3
169.2
180.6
193.3

.
.
.
.
.
.

8.3
-2 .1
0.6
11.5
1.3

89.3
90.5
91.4

72.6
71.0
74.1
79.0
80.1
80 .7
80.2
80. 5
82. 6
85.1
86 .7
88.0
89.3
89.9
91.1
92.3

93.6
95.4
98.6
101.6
106.4
112.9
119.1
123.1
127.3

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

8.1
-3.2
0.
12.0
2.3
-0.1
-0 .6
0.5
0.7
3.3
4 .5
0.6
1.4
0.5
1.7
0.7

73.3
71.2
72 .7
77.9
8 0.0
80.6
80.6
80.4
82.0
84.8
86 . 7

93.5
95.1
98.5
101.3
106.1
112.2
118.5
122 .6
126.9

92.7
94.2
96.8
99.4
103.4
109.0
115.7
120.8
124.7

1948...
1949. . .
1950. . .
1951. . .
1952.. .
1953...
1954. . .
1955. ..
1956. . .
1957.
. .
1958. . .
1959. ..
1960. . .
1961. ..
196 2. ..
1963. . .

71.7
71.5
71.0
77.6
79.2
79.9

70. 5
71.5
70.5
76.8
79.0
79.6
80.6
80.1
80.3
83.1
86.0
86. 7
88.0
89. 3
90.1
91.2

93.3
94.9
98.5
101.0
105.7
111.6
118.1
122.4
126
.6

92.7
94.0
96.7
99.1
103.1
108.7
115.2
120.2
124.3

20-C.

72.1
70 .8
74.9
79.3
80.0
80.5
80 .1
80.4
82.7
85.2
86.7
88.0
89.3
89.9
91.0
92.5

93.2
94.8
98.1
100.7
105.1
111.2
117.5
122.2
126 . 2

92.6
93.7
96.3
98.9
102.8
108 .0
114.5
119.8
124.0

0.1
0.1
0.2
0.
0.3
0.7
0.4
0.2
0.1
0 .8
0.9
0.4
0.2
0.6
0.7
0.9
1.3

Annual

93.0
94.6
97.9
100.5
104.8
110.7
116.9
122.1
125.7

92.5
93.6
96.0
98.7
102. 3
107.1
113.9
119.4
123.8

-0.1
0.
0.6
0.2
0 .4
0.5
0.5
0.2
0.5
0.6
1.2
0.5
0.1
0.9
0. 5
1.0
1.3

IV Q

93.1
94 .8
97.4
100.2
104.5
110.2
116.7
121.8
125.5

92.6
93.6
95.4
98.6
102.0
106.7
113.3
119.2
123.2

0.2
0.1
0.1
0.1
0 .4
0.3
0.5
0.2
0.2
0.5
1.1
0.6
0.3
0.5
0 .6
0.8
1.4

III Q

92.9
94.7
97.1
99.7
104.0
109.7
116.3
121.5
125.0

1964...
1965...
1966...
1967. . .
1968. . .
1969. ..
1970. ..
1971. . .
1972. . .

1964. ..
1965. . .
1966. . .
1967. . .
1968. . .
1969. . .
1970. . .
1971. . .
1972. . .
1973. . .
1974.
..
1975. . .
1976...
1977. . .
1978. . .
1979...
1980. ..
1981...

II Q

72.6
71.2
73.9
79 .0
80.1
80 .6
80.3
80.6
82.5
85.2
86 .8
88.0
89.3
89.9
91.1
92. 3

71.2
71.5
70.7
77 .4
79.1
79.7
80.3
80.1
80.5
83.6
86.6
86.8
88.5
89.3
90. 5
91.3

-0.7
-0.1
0.1
0.2
-0.2
0.1
-0.2
0 .
0.1
0 .2
0.7
0.
0.
0.
0.2
0.1

1 Q

73.1
71.1
73.6
78 .6
80 . 1
80. 9
80.2
80.5
82.5
84 .9
86.7
88 .0
89.2
89.9
91.1
92.2

70 .2
71.4
70.6
77.3
78.8
79.6
80.5
80.1
80.4
83.3
86.4
86.7
88.0
89.3
90.3
91.3

-0.1
-0.4
0.4
1.8
-0.1
-0.1
0.2
0 .2
0.1
0.4
0.2
-0.1
0.1
0.1
0.3
0.1

Dec.

73.4
71.5
73.2
78.2
80.0
80 .7
80.4
80.5
82.0
84 .9
86.7
87.7
88.8
89. 9
91.2
92.1

70 .4
71.2
70.3
77.0
78.8
79.4
80.6
80.1
80.3
83.1
85.8
86.7
88.0
89 . 3
90.1
91.2

1.2
-0.1
-0.4
1.6
-0.1
-0.3
0.2
0.
-0.1
0.1
0.6
0.2
-0.1
0.
0.1
0.2

Nov.

73.4
71.2
72.7
77 .7
80.1
80.6
80.6
80 . 2
81.9
84 .8
86.7
87 .4
88.7
89 .7
90.7
92.1

71.0
72.0
70.5
76.1
79.3
79.8
80.7
80.1
80.3
82.8
85.7
86.8
87.9
89.3
89.9
91.1

1948. . .
1949...
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
1956. . .
1957. . .
1958. ..
1959. ..
1960. . .
1961. . .
1962. . .
1963. . .

Oct.

®

73.1
71.0
72.1
77.7
80.0
80.4
80.7
80.4
82.0
84.7
86 .8
87.5
88.7
89.8
90.7
92.1

71.7
71.4
71.0
77.7
79.2
79.9
80.6
80.1
80.9
83.8
86.6
86.9
88 . 5
89.3
90.5
91.3

1948...
1949. ..
1950. . .
1951. . .
1952. . .
1953. . .
1954.
. .
1955...
1956...
1957...
1958...
1959...
1960...
1961. . .
1962...
1963...

.
.
.
.
.
.

Sept.

Aug.

1
320. INDEX OF CONSUMER P R I C E S , ALL ITEMS
(1967=100)

0 . 5

2.8
3.2
0.8
1.6
1.9
0.7
1.4
1.6

3 .0
4 .2

4.9
6.3
5.0
3.0
4 .4
11.8
12.6
6.9
6. 3
6.5
9.7
14 .9

This series contains revisions beginning with 1967.

3 . 2

4.5
6.1
5.2
3 .9
3.0
8.5
11.6
6.7
5.0
6.6
9.4
13.2
10.4

6 . 5

6.2
9.9
14.1

6 . 2

4.6
3.1
5.1
11.4

10.7
6.1
6.7
6.7

10.2
15.4

3 . 2

3.3
4.8
6 .0
5.3
3.5
3.8
9.1
11.7
6.9
5.5
6 .7
9.4
13.5

10.3
(MARCH 1 9 3 1 )

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.
322.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

INDEX OF CONSUMER P R I C E S , FOOD 1
(1967=100)

II Q

III Q

IV Q

Annual

AVERAGE FOR PERIOD

1948...
1949...
1950.
1951...
1952...
1953...
1954...
1955...
1956. . .
1957. . .
1958...
1959...
1 9 6 0 . ..
1961. . .
1962. . .
1 9 6 3 . ..

76.5
74.6
71.4
80 .9
84.8
83 .4
83.5
81.6
80.7
83 .4
87.4
87.9
86.8
89 .4
89.2
91.1

76.0
74.2
72.4
83 .7
84 .0
83 .0
83 .6
82.2
80.6
84.2
87.8
87.4
86 . 7
89.5
89.6
91.2

74.3
74.2
7 2.3
83 .2
83.7
83 .0
83.3
82.3
80.8
83.9
89.5
87 .0
86.9
89.4

76.2
74.3
7 2.3
82 .8
84.3
82.5
83.2
82.3
81.1
84.0
89.8
86.7
88 .1
89.2

77.2
74.0
7 2.9
83.0
84.2
82.6
83.3
81 .8
81.7
84 .2
89.4
86.5
88.1
89.0

77.7
74.2
7 3.7
82.3
84.0
83.3
83.2
81.3
82. 5
84 .8
88.9
87 .0
88.1
88 .7

78.2
72.8
7 5.1
82 .0
84 .7
82.7
83.3
81.4
83 .4
85.4
88.5
86. 9
87.8
89.0

77.9
72.9

77.3
73.5

76.7
72.8

75.3
72.9

74.8
72.0

75.6
74.3

77 .0
74.2

81.7
84. 9
83.1
83.1
81.1
82.6
86 .3
88.4
86.8
88.1
88.8

82.0
84.3
83.3
82.3
81.7
82.8
85.8
88 . 1
87.0
88 .2
88 .8

83.3
84 .4
83.4
82.0
81.4
83.1
85.6
87.9
87.1
89 .0
89.0

84.0
84 .4
82 .4
81.9
81.0
83.4
85.6
88 .1
87.0
89.4
88 .8

84.9
84 .0
82.9
81.7
81.0
83.5
85.7
87.7
86.9
89.6
88.8

91.0

90.6

90 .8

91.1

91.5

91.6

91 .2

91.1

91.5

91 .8

82 .6
84.2
83.1
83.5
82.0
80.7
83.8
88.2
87.4
86.8
89.4
8 9.6
91.1

82.7
84.2
82.8
83.2
81.8
81. 8
84.3
89.4
86.7
88.1
89.0
8 9.8
90.8

77.8
73.1
7 5.5
81.9
84.6
83.0
82.9
81.4
82. 9
85.8
88 . 3
86.9
88.0
88.9
89.9
91.4

1964...
1965...
1966. . .
1967. . .
1968...
1969. . .
1970. . .
1971...
1972. . .
1973. . .
1974. . .
1975. . .
1976. . .
1977. . .
1978. . .
1979. . .
1980. . .
1981. . .

92.0
92.7
96.8
99.6
101.6
106.1
113.7
115.7
120.7
128.9
15 4.0
171.8
181.7
184.4
200 .4
225.2
245.3

92.0
92.5
98.3
99 . 3
102.0
105.9
114.2
115.9
122.2
130 .9
157.5
171.5
179.5
187.2
201.8
228.2
244. 9

92.0
92.9
99.1
99.1
102.3
106.2
114.2
116.7
122.0
134.0
158.5
171.4
178.4
188.2
204 .0
230.1
247.0

92.0
93.3
99.2
98.9
102.8
107.0
114.6
117.7
122.2
136.4
158.6
170 .8
178.2
189.9
206 .7
231.5
248.3

92.0
94.1
98.9
99 .0
103 .2
107.4
115.0
118.3
122.6
138.4
160.2
171.2
178.9
190.6
209.4
233.2
249.3

92.2
95.6
98.8
99.6
103.0
108.5
114 .8
118.9
122.9
139.9
160.3
173.1
179.3
192.0
212.4
233.9
250.5

92.3
95.5
98.4
100.0
103.4
109.1
114 .9
118.9
123.3
139.8
159.3
176.5
180 .2
192.6
213.4
235.1
252.9

92.2
95.0
99.8
100.5
103.9
109.8
115.1
119.2
123.9
148.3
161.9
177.0
181.4
194 .1
214.5
235.3
257.6

92.8
94.9
100.1
100.5
104.5
110.6
115.7
119.1
124.8
148 .0
164.9
178.4
182 . 5
195. 3
216.4
238 .0
262 .0

92.8
95.3
100.4
100.9
105. 5
111.0
116.1
119 . 5
125.4
148.8
166.5
180.3
183 .4
196 .1
218.7
240 . 1
264 .4

93.1
95.6
100.2
101.2
105. 5
112.1
115.9
119.9
126.3
150.8
168.7
181.4
183.3
198.0
220.4
242 .0
267 . 6

93.1
96.2
99.9
101.4
105.8
113.4
116.1
121.1
126.9
152.2
170.7
182.8
184.1
198.9
222 .4
245 .0
270 .2

92.0
92.7
98.1
99.3
102.0
106.1
114 . 0
116.1
121.6
131.3
156.7
171.6
179.9
186. 6
202.1
227. 8
245.7

92.1
94.3
99.0
99.2
103 .0
107.6
114.8
118.3
122.6
138.2
159.7
171.7
178.8
190.8
209. 5
232.9
249.4

92.4
95.1
99.4
100.3
103.9
109.8
115.2
119.1
124 .0
145.4
162.0
177.3
181.4
194.0
214. 8
236.1
257.5

-0 .8
-1.0
0 .9
1.6
0. 1
0.1
-0.4
-0.4
0.4
-0.2
-0.2
0.1
0.9
0.2
-0.2
-0.1

-1.8
0 .1
0 .3
0 .8
0.
-1.2
-0.1
-0.5
0.4
0.
0. 2
-0.1
0.4
-0.2
0.2
0.4

-0.7
-1.2
3.1
1.1
-0.5
O.b
-0.2
0.
0.1
0.1
-0.5
-0.1
0.2
0.
-0.7
0.3

-0.5
-0.3
0.2
1.8
-0.5
-0.4
0 .1
0.2
-0.1
0.2
1.5
-0.3
0.
-0.1
0.4
0.3

1.5
0.
0.6
-0.4
0.1
0.1
0.
-0.4
0. 7
0.3
-0.2
0.
0.5
-0.2
-0.1
0.

-0. 2
-0 .3
0.9
-0.1
0.1
0.
-0.4
0.1
0.1
0.4
-0.3
0.
0.
0.
0.4
0.

-1.1
-0 .7
1.4
1.2
-0.1
-0.2
-0.2
-0.3
0.3
0.
-0.2
0.
0.5
0.
-0.2
0.2

-0.1
-0 . 3
0.8
0.6
-0.1
-0.1
-0.1
-0.1
0.2
0.2
0.2
-0.1
0.2
-0.1
0.1
0.2

0.
0.4
0.3
0 .4
1.0
0 .4
0 .3
0.3
0.5
0.5
1.0
1.1
0. 5
0 .4
1.1
0.9
0.9

0 .3
0.3
-0.2
0.3
0.
1.0
-0.2
0.3
0.7
1.3
1.3
0.6
-0.1
1.0
0.8
0 .8
1.2

0.
0.6
-0.3
0 .2
0.3
1.2
0.2
1.0
0.5
0 .9
1.2
0.8
0 .4
0. 5
0.9
1 .2
1.0

0.1
-0.1
1.0
-0.3
0.3
0.1
0.2
0.2
0.2
1.9
1.4
0.1
-0.8
0.7
0.9
1.1
0.3

0.1
1.0
-0.1
0.2
0 .2
0.7
0.2
0.6
0.2
1.5
0.4
0.3
0. 2
0. 7
1.3
0.5
0. 5

0.2
-0.2
0.4
0.3
0.5
0.6
0.3
0.1
0.5
1.9
1.0
1.0
0.6
0.6
0.6
0.6
1.5

0.1
0.4
-0.1
0.3
0.4
0.9
0 .1
0.5
0.6
0.9
1.2
0 .8
0.3
0.6
0.9
1.0
1. 0

0.1
0.3
0.3
0.1
0.4
0.6
0.2
0 .4
0 .4
1.5
1.0
0.6
0.1
0.6
0.9
0.8
0.8

8.0
-3.7
1.1
14.5
0.3
-3.5
0.8
-0.2
1.6
2.4
8 .9
-2.6
2.5
-0 .8
2.2
0.9

5.9
-3.4
9.7
-1.6
1.1
-0.3
-1.4
-1.6
5. 6
4. 9
0.3
-1.2
2. 9
-1. 3
0. 7
0.7

-3.6
-4.3
12.3
3.3
0.2
0.2
-3 . 3
-1.6
3. 9
3.1
-3.3
0.6
2.8
-0. 2
1.3
1.4

-8 .7
-2.8
19.8
5.6
-3.5
1.0
-2.1
-1.7
2.2
5.7
-2.0
-0.2
3.2
1.6
2.7
1.3

0 .4
-3.5
10 .8
5.4
-0.5
-0.6
-1.5
-1.3
3.3
4.0
1.0
-0.9
2 .9
-0.2
1.8
1.1

1 3
2.9
7.0
-2.0
3.7
3.9
4.8
4.0
4 .1
20.0
12.5
3.7
-2.9
8.0
12.3
11.5
5.8

5.3
2.8
2.0
3.9
7.2
2.1
5.2
3.9
22.7
7.0
6.8
1.7
8.1
13.0
7.4
9.8

2.9
2.4
4.1
5.1
8 .6
2.2
3.2
6.0
18.7
11.5
11.7
5.4
7.3
10.8
8.3
15.0

6.3
-0.2
3.3
4.2
7.8
1.5
4.4
12.1
16.3
12.2
2.9
5.8
8.5
12.6
8.3

4.4
3.0
1.8
4.2
6.9
2.6
4.2
6.5
19.4
10.8
6.3
2.5
8.0
12.2
8.9

322-C

C H A N G E IN INDEX OF CONS JMER P R I C E S , FOOD , O V E R 1-MONTH S PANS'
MONTHLY R A T E , P E R C E N T )

1948 . . .
1949. . .
1950. . .
1951. . .
1952. . .
1953. . .
1954. . .
1955. . .
195 6. . .
1957. . .
1958 . . .
19 5 9 ...
1960. . .
1961 . . .
1962 . . .
1963. . .

1.3
-0.3
-0.8
2.4
-0.1
-0.7
0.7
-0.1
-0.4
-0.1
2.0
0.2
-0.1
-0 . 2
0 .5
1.1

-0.7
-0.5
1.4
3.5
-0.9
-0 . 5
0.1
0.7
-0.1
1.0
0.5
-0.6
-0.1
0.1
0.4
0.1

-2.2
0.
-0.1
-0.6
-0.4
0.
-0.4
0.1
0. 2
-0 .4
1.9
-0.5
0.2
-0.1
0.3
-0 . 2

2.6
0.1
0.
-0 . 5
0.7
-0 .6
-0.1
0.
0.4
0.1
0.3
-0.3
1.4
-0.2
0.1
-0.4

1.3
-0.4
0.8
0.2
-0.1
0.1
0.1
-0.6
0 .7
0.2
-0.4
-0.2
0.
-0 . 2
-0.1
0.2

0.6
0.3
1.1
-0.8
-0.2
0 .8
-0.1
-0.6
1.0
0.7
-0.6
0.6
0.
-0 .3
-0.3
0.3

0.6
-1.9
1.9
-0.4
0.8
-0 .7
0.1
0.1
1.1
0.7
-0.4
-0.1
-0.3
0.3
-0.3
0.4

-0 .4
0.1
0.7
-0.4
0 .2
0 . 5
-0.2
-0.4
-1.0
1.1
-0.1
-0.1
0.3
-0.2
0.4
0.1

-0 .8
0.8
0.1
0.4
-0.7
0 .2
-1.0
0.7
0.2
-0.6
-0.3
0.2
0.1
0.
1.1
-0.4

1964. . .
1965...
1966...
1967...
1968...
1969. . .
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978. . .
1979...
1980...
1981...

0.2
-0.4
0.6
-0.3
0.2
0 .3
0.3
-0.3
-0.3
1.6
1 .2
0.6
-0.6
0.2
0.8
1.3
0.1

0.
-0 .2
1.5
-0.3
0.4
-0. 2
0.4
0.2
1.2
1.6
2.3
-0.2
-1.2
1.5
0.7
1.3
-0.2

0.
0.4
0.8
-0.2
0.3
0.3
0.
0.7
-0.2
2 .4
0.6
-0.1
-0.6
0.5
1.1
0 .8
0.9

0.
0.4
0.1
-0.2
0 .5
0 .8
0.4
0.9
0.2
1.8
0.1
-0.4
-0.1
0.9
1.3
0. 6
0.5

0.
0.9
-0.3
0.1
0 .4
0 .4
0.3
0.5
0.3
1.5
1.0
0.2
0.4
0 .4
1.3
0.7
0.4

0.2
1.6
-0.1
0.6
-0 . 2
1.0
-0.2
0.5
0.2
1.1
0.1
1.1
0.2
0.7
1.4
0 .3
0.5

0.1
-0.1
-0.4
0 .4
0 .4
0.6
0.1
0.
0.3
-0.1
-0.6
2.0
0 .5
0.3
0.5
0 .5
1.0

-0.1
-0.5
1.4
0.5
0 .5
0.6
0 .2
0. 3
0.5
6.1
1.6
0.3
0 .7
0.8
0.5
0.1
1.9

0.7
-0.1
0.3
0.
0 .6
0.7
0.5
-0.1
0.7
-0.2
1.9
0.8
0 .6
0 .6
0.9
1 .1
1.7

322-C

8.7
-6.2
-1.4

9.4
-3.4
0.

5.9
-1.6
4.8

4. 5
-4 .8
10.6

5.1
-3.5
9.0

1952. . .
1953. . .
1954 . . .
1955. . .
1956. . .
1957. . .
1958...
1959. . .
1960. . .
1961. . .
1962. . .
1963. . .

2.4
-4 . 5
-0.5
0.7
-0.7
2.2
10.1
-2.7
2.3
0 .4
2.3
0.2

0.5
-4 . 2
2. 2
-0.2
1.7
1.9
9.1
-3.6
2.5
-0.9
2.5
0.2

-2.1
-1 .7
0. 7
-1.0
3.7
3.1
7.6
-1.6
2.8
-2 .0
1.8
2 .2

-0 . 2
-1 . 7
-0.5
-0.5
6.8
4.9
2.5
-2.3
2.3
-0.9
0.2
0.9

1965. . .
1966. . .
1967. . .
1968. . .
1969. . .
1970. . .
1971. . .
1972. . .
1973. . .
1974. . .
1975. . .
1976. . .
1977. . .
1978. . .
19 7 9 ...
1980. . .
1981. . .

1.1
8.4
-3.0
3.8
2.9
6.6
2.8
4.6
18.3
13.6
5.2
-2.3
7.2
11.1
12.0
6 .9

1.1
2.2
7.0
-2.4
4.0
3.6
5.2
4.2
4.6
20 .1
12.9
3.0
-2.7
8.1
11.8
12.0
6.1

5.4
5.5
-0.6
3.2
5.2
2.5
4.9
3.0
21.5
10.9
2.8
-3.8
8.8
14.0
10.6
4.5

6.1
3.3
0.8
3.6
5.7
2.1
5.6
4.4
17.6
7.0
5.5
-1.6
9.1
13.4
9.0
6.3

-4 .9
-3.0
10.4

-7. 3
-5. 8
14 .9

-9.0
-3.8
16. 0

-9. 3
-1.4
22.6

-7.9
-3.2
20 .8

2.2
0.2
-1 .2
-2.7
5.0
5.1
1.4
-1.4
3.3
-1.6
0 .2
0.9

1.3
-4.0
11.7
1.2
0 .2
2. 2
-2.9
-2. 2
5 .0
3.8
-4. 2
0.9
2.1
-0 . 4
1.1
1.1

0.5
-0.5
-3.3
-1.9
4.2
3 .4
-2.9
1.2
3.0
-0 .4
1.8
1.5

0.
-1.0
-3 . 6
-0.7
2 .4
2.1
-2.7
-0. 2
3.4
0.2
1.1
1.5

-3.0
1.9
-4.0
-1 .7
0.
4.7
-1.4
-0.2
3.7
0 .4
4.1
1.1

-4.4
1.2
-2.2
-1 .2
3.9
3.5
-2.2
-0 .2
3.2
1.8
3.4
0.9

-3.1
0.
0.
-2.2
2.7
8.8
-2.5
-0.2
2.7
2.5
0 .7
1.8

5.5
3.1
2.4
3.8
7.5
1.6
5.8
2.8
28.4
5.7
6.5
2.1
7.5
13.0
6.3
10 .6

4.4
2.0
2.8
4.3
8.5
2.6
4.2
4.6
22.0
8.2
8.3
4.6
7.7
12.5
7.0
12.5

4.3
2.4
4.1
5.3
7.6
2.6
3.1
5.3
19.0
10.2
11.4
5.9
6.6
11.9
7.6
13.4

3.2
2.6
4.5
4.5
8.9
1.6
2.7
6.1
18.7
10.9
12 . 3
5.0
7.9
10.8
7.7
15.2

1.3
2. 2
3.6
5.5
9.2
2.3
3.7
6.6
18 .
13 .i
11.
5.
7.
9.
9.
16.

2.7
2. 5
3.2
5.3
8 .6
1.4
3.1
9.3
21.3
16.3
6.0
4.7
8.3
11.4
8.9

0.7
7.1
-1.0
3.0
3.9
8 .2
1.4
5.1
11.6
12.8
12.2
2.8
6.5
8. 1
13.2
8.3

0.2
9.0
-2.0
3.6
3.3
6.6
1.7
4.9
15.3
14.7
8.0
0.
6.3
9.1
13.1
7.7




This :

92.4
94.4
99.1
100 .0
103.6
108.9
114.9
118.4
123.5
141.4
161.7
175.4
180.8
192.2
211.4
234.5
254.6

AVERAGE FOR PERIOD

8.2
- 1 . 9
9. 6
-2.9
1.4
0.7
-2.4
-1. 5
5 .0
4.6
-3.1
0.
3.0
-1.3
1.8
0.4

This series contains revisions beginning with 1967.

93.0
95.7
100 .2
101.2
105.6
112.2
116.0
120.2
126.2
150.6
168.6
181.5
183.6
197. 7
220 . 5
242 .4
267.4

76.6
73.5
74.5
82.8
84.3
83.0
82.8
81 .6
82.2
84.9
88. 5
87.1
88.0
89.1
89.9
91.2

AVERAGE FOR P E R I O D

C H A N G E IN INDEX OF CONSUMER P R I C E S , FOOD , O V E R 6-MONTI S P A N S 2
(COMPOUND ANNUAL R A T E , PERCENT)

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

75.6
72.6
77.3
84.1
84.3
82.9
81.9
81.1
83.3
85.6
87. 9
87.0
89.3
88. 9
90 .4
91.5

•ions beginning with 1966.

(MARCH 1981)

103

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.

Apr.

1948
1949
1950...
1951...
1952...
1953. . .
1954...
1955. . .
1956. . .
1957. . .
1958...
1959...
1960. . .
1961. . .
1962.. .
1963. . .
1964. . .
1965. ..
1966...
1967. . .
1968. ..
1969...
197 0
1971. . .
1972. . .
1973. . .
1974. . .
1975. . .
1976...
197 7
1978...
1979...
1980...
1981...

977
7 ,048
5,601
4 ,003
2,095
2,295
3,585
3,522
3,834
3,792
3,447
3,857
4,473
4,731

1,043
4,987
4,484
3,997
3,074
2,342
3,125
3,877
3,664
3,887
3,554
4,332
4,349
4,485

960
5,158
4 ,544
3,889
1,966
2,506
4,131
3,192
4,252
3,929
3,592
3,752
4,616
4,374

1,438
3 ,698
3 , 980
4 ,059
2,539
2,704
3 ,424
3 , 521
3,985
3,735
3 ,483
3,840
4,764
4,139

4 ,242
4,421
5,489
6,589
6 ,688
7,378

5,783
4,276
5,328
6,659
7,212
7,097

4,245
4,599
6,178
6,495
b,641
6,860

6,796
7,604
6,827
7,527
7,785
8,393
9 804
10,537
10,770

7,261
6,951
7,283
7,398
7,961
8,442
9 763
10,659
10,226

6,753
6,898
7,362
7,485
8,271
8,727
9 873
10,155
10,935

5 57.

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

1 Q

995
2,905
3 ,573
5,782
2,40 9
2,597
1,133
4,882
3,259
3,634

1 286
2 , 834
3,851
4,520
2,289
3,493
3,552
3,502
3,267
3,719

98 9
3,935
5 ,114
3,190
2 ,459
3,890
2,703
3,479
3,216
4,910

1 268
2,410
11,241
3 ,091
2,545
2,944
2 ,857
3,566
3,718
3 ,800

1 435
3,59 3
4 ,136
6 ,208
1 , 850
2 ,788
4 , 320
J ,9bb
3 ,790
3 , 898

2,980
17,193
14,629
11,889
7,135
7,143
10,841
10,591
11,750

4,973
3,924
4,9 25

3,897
5,335
4,312

3,869
4 ,785

4,U5

3 ,b20
4 ,303
4,787

4,042
4,096
4,b6b

3 ,b89
4,780
4,249
4,277

4,44b
6,821
6,838
7 ,481
6,324

4,888
5,963
6,427
7 ,317
6,887

5,017
6,687
b,625
7 ,638
6,680

5 ,110
5,958
7,267
8 ,244
6 ,490

5,345
6,037
7,258
7,256
6,830

5,225
b,136
6 ,6b7
7 ,183
7 ,150

5,599
b ,328
6 ,815
7 ,011
6 , b J8

6,38 9
6,866
6,992
8 ,166
8,516
8,713
9 835
10,094
10,615

7,462
7,173
7,312
7,983
8,301
9,727
9 498
10,327
11,792

6,763
7,bl3
6,9 32
8,27 9
8,962
7,384
10 4 8b
10,278
11,022

6,249
6 ,824
6 ,790
8,179
8,072
10 ,015
9 14 3
10 , 256
12,278

7 ,' 3 3 3
7,015
7,671
7 ,681
7,889
9,914
10 24 0
10 ,214
12 ,081

6 ,b83
7,109
7,315
8,211
7 ,936
8,733
10 ,484
11,50 5

1,609
5 ,458
5,362
1 ,841
3,070
2,533
4,225
2,862
4,271
3,870
3,882
3,853
4,099

4,563
4,575
6,392
6 ,746
7,013
6 ,556

4,720
5,442
7,439
7,067
6,632

6,752
7,267
6,865
7 ,762
7 ,971
9,033
9 6 71
10,242
9,784

6,990
6,825
7,275
7,187
8,438
8 ,764
9 919
10,793
10,683

11.3
13.0
11.9
26.9
47.5
59.9
57.6
50.4
48.1
52.2
47.9
52.7
55.0
54.6
61.9
70.5

11.5
12.9
12.0
30.6
47.6
61.1
5b.8
50.1
47.1
52.1
48.9
52.9
55.3
54.5
62.7
70.1

11.8
12.7
12.3
33.5
48.2
61.9
55.8
50.0
47.4
52.3
49.7
53.2
54.9
54.6
63.3
70.0

1964...
1965...
1966. . .
1967. . .
1968. . .
1969. . .
19 70
1971...
1972. ..
1973...
1974. . .
1975...
1976...
1977...
1978. . .
1979...
1980...
1981...

69.0
69.6
81.1
96.8
106.5
107 .1
97 1
82.0
78.2
81.0
81.9
82.1
81.0
80.6
82.6
92.3

68.4
70.4
82.3
97.2
108.4
106 . 3
95 5
79.8
79.4
81.7
81.6
7 9.9
80.6
80.9
80.8
92.4

68.3
71.6
83.0
97.8
107.3
106.9
93 7
79.3
79.4
81.2
81.8
79.7
80.0
80.8
83.9
93.0

68.1
72.5
84 .8
98 . 3
105.9
106.3
91 7
79.3
79.7
80.8
81.1
80. 2
79.1
81.9
84 . 9
92.1

IV Q

Annual

10,593
11,941
13,438
13,590

4,668
14,167
14,843
8,172
8 ,6 33
7,508
11,177
9 ,477
12,736
11 44 7
11,26b
11,496
13,062
13 , 385

2 90 0
8 ,218
12,357
16,493
6,738
8,653
7,019
11,976
9,703
11,284
11 , 178
12,739
14,044
13,372
13,460

3 692
9,938
2 0,491
12 ,489
6 ,854
9 ,622
9 ,880
11,031
10,724
12 ,608
11,035
11,351
13,179
13,902
13,883

7,432
6,70b
6 ,850
8,116
8 ,084
9 ,874

14,270
13,296
16 ,995
19,743
20,541
21,335
20 161
20,810
21,453
21,472
22 ,410
24,017
25,562

13,725
13,741
18,b55
21 ,023
21,561
19,512
19 730
20,131
20,958
21,132
23,115
24,925
26,510

13,592
15,015
18,608
2 0,319
23,199
20,057
19 733
20 ,474
21,610
21,034
24,441
25,335
27,126

13,559
16,169
18,501
20,740
21,450
20,818
20 3 4 3
21,448
20,B32
21,836
24,008
23,909
28 ,521

5D,14b
58,221
7 2,759
81,825
86 ,751
81,722
7 9 96 7
82 ,863
84,853
85,474
93 ,974
98,lb6
107,719

10 , 282
11,997

31,351
31,931

31,129
31,082

3 0,861
35,092

30,980
35,583

124,321
133,688

O U T P U T OF D E F E N S E A N D S P A C E L'yUIPMENT
(INDEX: 1967 = 100)

10.8
13.0
11.9
23.3
47. 0
58.7
58.0
50.4
48.5
51.9
47.6
53.2
54.7
55.0
60.9
71.0

III Q

II Q

TO i'AL FOR P E R I O D

619
2,479
4 ,933
6 ,191
2,040
2,563
2,334
3,592
3,177
3,931

1,621
5 ,011
5,501
2, 272
3,024
2,271
3,528
3,094
4,480
3,842
3,901
3,803
4,199

1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958. . .
1959. . .
1960...
1961. . .
1962...
1963...

561.

May

D E F E N S E D E P A R T M E N T G R O S S O B L I G A T I O N S INCUR RED
(MILLIO JS OF D O L L A R S )

517.

25 ,804
64 , 208
58 ,454
J3,653

34,043
31,550
45,025
40,495
4b,378
45,268
45,949
50 ,o6 0
53,774
54,318

AVL RAGE FOR P E R I O D

11.5
12.9
12.7
34.6
49.7
63 .0
55.0
50.0
47.5
51.5
50.2
53.7
55.5
54.6
63.7
70.0

11.9
13 .0
13.2
36 .4
51.3
63 . 4
54.1
49.5
47.5
51.8
51.6
53.8
54.1
54.6
64.4
69.9

12.2
12.9
13.9
38.5
51.6
63.9
53.9
4 9.5
47.5
51.2
51.7
54.0
55.5
55.0
65.6
69.3

12.4
12.7
15.2
39.8
52.4
63.4
52.8
49.1
48.1
51.3
52.2
53.7
55.7
55.3
66.5
69.5

12.7
12 . 5
16.8
41 . 1
53.2
63.4
52.3
49 . 2
48.5
50.2
52.5
54.0
55. 6
56.4
66.7
69.8

12.9
12.2
18.1
42 .«
55 .0
62.7
51.8
49 .0
49 . 8
49.0
52. 5
5 3.9
55.1
57 .7
b6 .9
69.8

13.2
12. 1
19 . 4
45.3
5b . 1
58 . 7
51.5
4 9.0
50 .b
47.4
52.9
53.9
55.3
59.1
67 . b
b9.5

13.2
12.0
21 .0
4b .2
57 .8
59 .2
50.7
49.1
51.7
47.0
53.0
54.3
54.4
60 .2
67.9
69.7

11.2
13.0
11.9
26.9
47 . 4
59.9
57. 5
50.3
4 7.9
52.1
48.1
52.9
55.0
54 . 7
61.8
70. 5

11 . 7
12.9
12.7
34.8
49 .7
6 2.8
55.0
49 . 3
47.5
51.9
50.5
53 . 6
54.8
54.6
63.8
70.0

12. 4
12 . 7
15.3
39.8
52.4
63 . 6
53.0
49 . 3
48 .0
50.9
52.1
53.9
55.6
55.6
66.3
69.5

13.1
12.1
19.5
44 . 8
56.3
60.2
51.3
49.0
50.7
47.8
52.8
54 . 0
54.9
59 .0
67.5
69.7

12.1
12.7
14.9
36.6
51.4
61.6
54.2
4 9.7
48.5
50 . 7
50.9
53.7
55.1
56 . 0
64.9
b9.9

66.9
74.1
86.3
98.5
108.2
106.1

66.5
75. 0
87 . 6
98 . 2
109.5
104.8

66.4
76.2
88.8
99.1
109.7
104.5

66.7
76.8
90.0
100
.0
110.3
103.1

67.2
76. 9
91.1
101.2
110.2
102.8

b7 . b
77 . 9
92.5
103.U
107.2
101.7

68 . 3
78.6
94 . 2
104 .4
108 . 0
99.9

68.8
79.4
95.2
105 .6
107.2
98.6

68.b
70.5
82.1
97.3
107.4
106.8

67.2
73.9
86 . 2
98.3
107.9
105.7

78 . 8
80.3
81.2
82.1
81. 6
78 .7
81.8
85 .6
92.2

78.3
80.2
81.8
82.6
81.0
7 8.7
82.0
87.5
92.9

78.3
80.1
80.7
83.0
80 .b
79.6
82.0
87.9
91.9

78.1
79.9
81.5
83.2
81.2
79.4
82. b
89.0
93.8

77.7
79.8
81.7
83.7
78.5
80.4
79.b
89 . 3
95.4

77.6
80.9
81 .8
83. 2
77.3
80.2
79.9
90.3
96 .4

76.9
81.2
82.2
82.4
77.7
bO . 0
81.6
91.4
96. 7

80.4
79 . 0
81.3
81.8
80.6
80 . 5
80 .8
82 .4
92.6

79.5
7 9.9
81.0
82.0
80 . 9
79.0
81.8
85.1
92.2

68.2
78.6
94.0
104 . 3
107. 5
100.1
82.3
77.4
80.6
81.9
83.1
77 . 8
80.2
80 . 4
90.3
96 . 2

67.7
74.9
88.1
100
.0
108. 2
104
.0

80.3
79.6
80.9
82.7
80 .9
79.2
81.7
84.9
92.4

66.8
76.6
90 . 0
100.1
110.1
103.5
85.8
78.2
80.1
81.3
82. 9
80. 9
79 . 2
82.2
88.1
92.9

M A N U F A C T U R E R S 1 UNFILLED ORDER J, D E F E N S E P R O D U C T S
(MILLIONS OF DOLLA

7b . 8
79 .9
81.4
82. 4
80.0
79.8
81.3
86.5
93.4

E ND OF P E R I O D

1948 . . .
1949.
. .
1950 ...
1951.
. .
1952.
. .
1953 . . .
1954 . .
1955.
1956..
1957
1958
1959 . .
1960
1961

1962
1963...
1964 . . .
1965
196 6
1968.
. .
1969...
1970...
1971...
1972...
1973.
. .
1974.
. .
1975.
..
1976.
. .
1977.
. .
1978.
. .
1979.
. .
1980.
. .
1981.
. .
NOTE:

23,765
24,546
21,950
20 ,445
20,141
20,134
22,921
25,858

23,395
24,068
21,740
20,610
20,203
20,085
23,553
26,410

22,833
24,234
21,563
20,261
20,060
20,460
23,113
26,498

22 ,806
24,497
21,080
20,133
20,200
20,891
23,180
26,905

23,291
24 ,412
20,978
19 ,834
20,132
21,023
23,905
27,275

24 ,069
23,926
20,801
18,938
20,712
21 ,480
24,056
27,235

23,448
23,443
20,977
19,242
20,236
21,210
23,783
27,779

24,142
22,950
20,653
19,197
19,925
21,453
25,684
27,888

25,032
22,321
20,745
19 ,253
20,088
21,472
26,024
28,656

25,279
22 ,293
20,635
19,453
19,808
21,539
25,537
27,954

25,012
22,222
20 ,358
19,b27
19,704
2 .,233
2 .,118
2 7,974

31,024
34,633
43,409

30,459
34,511
44,515

30,364
36,108
44,588

31,114
37,150
44 ,854

31,384
38,382
45 ,670

31,319
38,914
45,138

30,755
38,467
44,656

30,730
38,993
44,697

30,188
39,499
46 ,000

32,019
40 ,660
46 ,010

3 ^,743
4 ^,293
4t3 ,893

These series contain no revisions but are reprinted for the convenience of the user.




104

24,702
22,433
20,237
19,623
19,959
22,268
26,168
27 ,868
31 ,549
34 ,430
43,563
47,492

22,833
24,234
21,563
20,261
20 , 060
20,460
23,113
26 ,498
28 ,169
30,364
36,108
44,588

2 4,069
23,926
20 ,801
18 ,938
20,712
21 ,480
24,056
27,235
29 ,063
31,319
38,914
45,138

25,032
2 2,321
20,745
19,253
20,088
21 ,472
26,024
2d ,656

24,702
22,433
20,237
19,623
19,959
22,268
26,168
27,868

24,702
22,433
20,237
19,623
19, 959
22,268
2b , 168
27,868

30,188
39,499
46 ,000

34 ,430
43,563
47 ,492

34,430
43,563
47 ,492

(MARCH 1981)

C, Historical Data for Selected Series—Continued
Year

1 Q

1948
194 9
1950
1951 .
1952 ....
1953 ....
1954
1955
1956
1957 ....
1958
19 59
I960
1961
196 2
1963

2.40
2.70
2 . 60
3.02
3.45
3 .54
3.72
3.54
3.93
4 .38
4.49
4 51
5 .34
4 97
4 98
5.00

1964
1965
1966
1967
1968 ....
1969
1970
1971 ....
1972.
. .
1973
1974 ....
1975
1976
1977.
. .
1978.
. .
1979....
1980.
. .
1981.
. .

4 99
4.97
5.55
6 13
6.36
7 32
8.86
6.59
5.52
6.52
9 .91
9.94
7.54
7.50
8.90
12 . 27
15.67

61.

II Q

V Q

III Q

BANK RATES ON 3HORT-TERM BUSINESS L O A N S 1
(PERCENT)

67.

.

.
.
.
.

Year

Annual

®
AVERAGE

2.47
2.74
2.68
3.07
3.51
3 .73
3 .60
3.56
4.14
4.40
4.17
4 87
5.35
4 . 97
5 01
5.01

2.60
2.63
2 .63
3.06
3.49
3 .74
3.56
3.77
4.35
4 .83
4.21
5 27
4.97
4 . 99
4 99
5.01

5.00

2.53
2.68
2.69
3 .10
3.49
3 .69
3.61
3.70
4 .20
4 .62
4.34
5 00
5.16
4.97
5 00
5.00

4 99
4.99
5.82
5 95
6 .84
7 86
8.49
6.01
5.59
7.35
11.15
8.16
7.44
7.40
8.96
12 .34
17.75

4 98
5.00
6.30
5 95
6 .89
8 82
8.50
6.51
5.84
9.24
12.40
8.22
7.80
7.80
9.92
12 .31
11.56

5 00
5.27
6.31
5 96
6.61
8 83
8.07
6.18
6.33
10.08
11.64
8.29
7.28
8.64
11.44
15.81
15.71

4 99
5.06
6.00
6 00
6 .68
8 21
8.48
6.32
5.82
8.30
11. 28
8 .65
7 . 52
7.84
9.80
13 .18
15.17

2.64
2.65
2 .84
3 .27
3.51
3.76
3.55
3.93
A

1«

1.85
1.50
5 36
. 99
. 96
n?

BU SINESS EXPENDITURES FOR NEW PLANT A N D E Q U I P M E N T ,
TOTAL2
(ANNUAL R A T E , BILLIONS OF DOLLARS)

1 Q

1964...
1965
1966. . .
1967.
. .
1968. . .
1969. . .
1970...
1971. . .
1972.
. .
1973. . .
1974 .
1975
1976
1977
1978...
1979...
1980. . .
1981...

29,208
23,936
22,804
36,912
33,872
35,136
30,472
50 ,072
40 ,788
35,268
49 ,664
56,692

27,104
22,236
27 ,880
41,040
35,292
32 ,140
30,604
48 ,468
38 ,220
44,412
48 ,456
56,564

30,292
17,252
30 ,616
43,348
34,524
29,076
43 ,352
41,980
35 ,592
47,752
49,284
58,404

28 ,073
22,531
25,323
38,782
35,637
32,800
32,951
46,364
39,746
40,833
48 ,305
55 ,461

58 ,680
75,580
77,216
65 ,756
77 ,800
100
,568
87,644
109,656
157
,344
216,884
191
,492
106,344
187,640
236,940
309,956
347
,904
347,304

62,852
67 ,356
82,172
64,388
78 ,776
103,828
88,212
128,208
147,152
193,212
206 ,592
101,072
197,044
267,068
336 ,240
355,864
165,712

65,692
71,392
58,416
72 ,876
85,256
94 ,564
85,744
146,956
154,380
191,408
180 ,712
135,016
193,428
310,644
345,916
414,400
282,744

63,768
66,528
44,596
81,528
99,260
92 ,184
95 ,328
131,364
187,940
177,968
140,228
159,128
233
,428
312
,384
394,412
309,748
340,720

62,748
70 ,214
65 ,600
71,137
85,273
97,786
89,232
129,046
161,704
194,868
179 ,756
125,390
202,885
281,759
346,631
356 ,979
284 ,120

970A. DIFFUSION INDEX OF BUSINES S EXPEND. FOR NEW PLANT
(PERCENT RISING OVER 1-Q SPANS)
AND E Q U I P . — A C T U A L 2

AVERAGE

25.44
23.12
26 13
31.51
30.32
33 .91
33.03
37 .70
45. 38
48.71
41.12
45.93
47.88
47 .90
52.57
54.17

26 . 38
22.31
28 31
31.52
31.41
33 .70
32.75
39 .99
46 .43
47 .16
41.48
46 .03
48.21
49 .18
51 .49
55 .74

25.46
23.54
25 32
30.83
31.59
33 .58
33.13
36.58
44 .76
48.12
42 .17
44.78
48.63
47.82
51.28
53.25

1948...
1949...
1950...
1951
1952. . .
1953. . .
1954 .
1955...
1956...
1957
1958...
1959...
1960...
1961...
1962. . .
1963

68 . 2
29.5
59.1
77.3

1964
1965....
1966
1967
1968....
1969 ....
1970
1971....
1972
1973
1974 ....
1975
19 7 6
1977
1978
1979
1980 ....
1981....

58.44
65.89
78.04
83.50
87 .93
94 . 96
104 .13
104.84
115.56
130.86
147 .31
160.77
163.90
187.48
213.24
255 55
291.89

60.88
68.68
81.39
83.08
86 .74
97 .58
105.96
108.19
116.27
137.65
155.41
157.28
167.47
193.80
227.53
265.24
294.36

62.68
71.32
83.61
83.21
87 .89
102.10
107.18
108.85
119.70
139.46
159.69
155.85
174.07
204.57
233 .24
273.15
296.23

64 .09
74 .82
85.08
83.98
90 .99
102.79
105 .02
111.56
128.18
141.76
163.68
157.58
178.89
204 .76
247.36
284.30
299.58

61.66
70.43
82.22
83.42
88.45
99 .52
105.61
108.53
120.25
137.70
156.98
157.71
171.45
198.08
231.24
270 .46
295.63

1964...
1965...
1966
1967
1968
1969...
1970...
1971...
1972
1973
1974
1975
1976
1977
1978...
1979...
1980...
1981...

95.5
63.6
86.4
50 .0
63 6
72.7
61.4
3 6.4
70.5
81.8
72 7
36.4
70.5
65.9
7 2.7
86 .4
77.3

1964
1965
1966....
1967
1968....
1969
1970
1971 . .
1972
1973
1974....
1975
1976....
1977
1978.
.. .
1979.
. . .
1980.
. . .
1981

66.7
16.7
66.7
50.0
50.0
65.9
59.1
47.7
" 81.8
54.5
47.7

81 8
81.8
45.5
54.5
56.8
56.8
54.5
54 . 5

50.0
65.9
90.9
59.1
36.4
77.3
81.8
81.8
22.7
63.6
70.5
81.8
52.3
54.5

83.3
33.3
100 .0
83. 3
54 . 5

40.9
43.2
88.6
90.9
75.0
20.5
79 5
59.1
72.7
75.0
68 .2
72.7
81.8
68 . 2
40.9
52.3
90.9
50 .0

77.3
79.5
81.8
90.9
15.9
72.7
72.7
81.8
63.6
45.5

50.0
50.0

100

.0

50 .0
40.9
45 .5
34.1
81.8
72.7
47.7
61.4
90 9
50 .0
54.5
59.1
72.7
52.3
47.7
59.1
47.7
54.5
68 .2
50 .0
61.4
77.3
75.0
56.8
50.0
68.2
75.0
77.3
63.6
36.4

83 .3
50.0
83 .3
66 .7
79 . 5
34 .1
52.3

79.5
65.9
47.7
63.6
63 6
52. 3
77.3
47.7
54.5
61.4
72.7
59.1
54.5
70.5
36.4
45.5
65.9
90.9
77.3
50.0
56.8
72 .7
63.6
75.0
47.7
40.9

70.8
37.5
87.5
62. 5
56 .2
46.6
47.2
74.4
77.8
56 . 2

48 .3
79 .0
60 . 8
62.5
59.1
63 .0
60 .8
64.2
60 . 2
48 .3
60.8
71.6
51.2
60. 2
81.2
79.0
69.9
36.4
69. 3

70.4
79.0
56.8
44.3

This series contains no revisions but is reprinted for the convenience of the user.




63.6
81.8
52.3
54 . 5

88 . 6
56.8
L8.2
77.3
77.3
27.3
59.1
31.8

63.6
20.5
77 .3
90.9
22.7
56.8
38 .6
79. 5
95. 5
63.6
4.5
77 .3
72 .7
52.3
70. 5
86.4

54.5
22.7
97 .7
65.9
22.7
52.3
38.6
88 .6
72 .7
47.7
29.5
86 .4
40.9
45.5
63 .6
79.5

38.6
31.8

65.9
86.4
90.9
43.2
40 9
90. 9
36 .4
54 .5
65.9

81.8
84.1
72.7
40.9
63.6
63 .6
47.7
50.0
65.9
70.5
72 .7
38.6
81.8
81 .8
72.7
68 .2
50 .0

84.1
77.3
65.9
52.3
61.4

79 . 5

86.4
27.3
84.1
79.5
90.9
68 . 2
59.1

93 . 2
45 . 5
59.1
38.6
45.5
90 .9
59.1
27.3
59.1
65 .9
38.6
72.7
43 . 2

63.6

52 . 3
29 .5

56.8
90.9
59.1
70. 5
52.3
63.6
56 .8
86 .4
88 . 6
54.5

970C. DIFFUSION INDEX OF B U S I N E S S E X P E N D . F O R NEW PLANT
( P E R C E N T R I S I N G O V E R 1-Q SPANS)
AND E Q U I P . — E A R L Y ANTIC .2

AVERAGE

2

Annual

25,688
26 ,700
19,992
33,828
38,860
34 ,848
27,376
44 ,936
44,384
35,900
45 ,816
50,184

25.12
23.96
23 70
30.87
31.94
33.78
33.31
34 .91
44.29
48.74
41.63
44 .24
49. 79
47.08
50 . 81
52.24

1948....
1949 ....
1950.
. . .
1951 ....
1952 ....
1953
1954
1955
1956
1957 ....
1958
1959
1960
1961
1962
1963

IV Q

AVERAGE

24 .78
24.99
22 7 2
29.10
32.75
32 89
33.45
32.98
42.45
47.72
44.71
42.57
48.57
46.93
49 81
50.32

INDEX OF BUSINESS EXPEND. FOR NEW P L A N T
(PERCENT RISING OVER 1-Q S P A N S )
ANTIC . 2

III Q

1948
1949. . .
1950. . .
1951...
1952. . .
1953. . .
1954
1955...
1956
1957...
1958...
1959...
1960. . .
1961...
1962...
1963...

1948 ....
1949
19 50
1951
1952
1953
1954 ....
1955 ....
1956
1957
1958....
1959 ....
1960
1961
1962
1963

9 7 0 B . DIFFUSION
AND E Q U I P . — L A T E R

II Q

110. TOTAL FUNDS RAISED BY PRIVATE N O N F I N A N C I A L BORROWERS
IN CREDIT MARKETS 1
(ANNUAL RATE, MILLIONS OF DOLLARS)

1948
1949
1950
1951
1952...
1953...
1954
1955
1956 ...
1957. . .
1958. . .
1959. . .
1960. . .
1961 . . .
1962...
1963

3 3.3
3 3.3
66 7
41 7
66 . 7
65.9
3 6.4
50.0
61.4
56.8
47 .7
61 .4
63 .6
59.1
50.0
50.0

1964.
. .
1965
1966...
1967.
. .
1968.
. .
1969
1970.
. .
1971
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979. . .
1980. . .
1981. . .

68.2
61.4
59.1
54.5
68.2
65.9
70.5
43.2
77.3
65.9
68.2
72.7
68.2
63.6
70.5
63.6
81.8

54 . 5

45.5
54 .5

43.2
72.7
81.8
88.6
27.3
59.1
81 .8
50.0
65.9
54.5

79.5
79.5
50.0
31.8
72 .7
52.3
47.7
63.6
59.1

83.3
50.0
75 .0
66 . 7
77.3
43 .2
50.0
77.3
63 .6
52.3
68 .2
63 .6
59 .1
50.0
56.8
59.1

45.5
52.3
77 .3
68 .2
63.6
63.6
68.2
68.2
36.4
63 .6
77.3
52.3
70.5
54.5
86 .4
68.2
81.8

75.0
65.9
59 .1
50 .0
52.3
59.1
65.9
31.8
38.6
65 .9
68.2
47.7
59.1
77.3
72 .7
77.3
77.3

83.3
41.7
33 .3
83 3
40 . 9

90 .9
70.5
79 . 5

54.5
47.7
68 .2
81.8
79.5
52.3
72.7
68.2
38.6
54.5
61.4
59.1
50.0
59.1

T h i s series contains revisions beginning with 1948.

66.7
66.7
75.0
83 . 3

38 . 6

AVERAGE
56.2
26.1
81.8
69.9
42.0
57.4
43.8
78.4
79.0
48.8
27.8
76.7
57.4
49.4
59.1
65.3
81.8
77 .8
79.0
46.6
57 .4
69.9
43 .8
49.4
73.3
72.7
75.6
38 .6
75.0
71.0
80.7
77.8
60.2

AVERAGE
66 .6
47.9
62. 5
68 . 8
57 .6
54 .5
42 .0
69.9
71.6
61.9
43.8
64 .2

69.9
62.5
68.8
56.8
58 .0
64.2
71.6
55.7
51.2
67.0
70 .5
52.8
63.1
64.2
72.2
64 .8
75.0

64 . 2

51.7
59.1
55.7

(MARCH 1981)

105

G. Experimental Data and Analyses

(Dec.) (Nov.)
P
T

Year
and
quarter

I m p l i c i t price
d e f l a t o r , gross
nonfarm business
product 1
(Index: 1977=100)

Unit labor c o s t ,
a l l persons, nonfarm
business s e c t o r 1

m

(Nov.)
P

(Mar.)
T

I I I I I I I I I I li|:$:f:f:|^ I I I I I I I I I I I I I I ITT

NT

TTT TTT

Ratio scale
150

Components of BCD series 26—

140
130

(Index: 1977=100)

120
1979

110
115.4
118.7
121.5
124.4

112.6
115.1
117.4
119.7

I Q....
II Q...
I l l Q..
IV Q . . .

Implicit price deflator, gross nonfarm
business product, Q f
(index: 1977 = 100)

100

90
150

1980

140
127.4
131.8
133.5
p!37.0

122.9
126.3
128.8
pi 32.1

I Q....
II Q...
I l l Q..
IV Q . . .

120
Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1977 = 100)

1981
I

130

Q....

110
100
90

I I Q...
I l l Q..
IV Q . . .

80
70
Inventory-sales ratios in 1972 dollars (ratio)
Inventory-sales r a t i o s i n 1972 d o l l a r s

Year
and
month

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

Retail

2

trade

i

i

Arithmetic
scale

i

Manufacturing

2.2

(Ratio)
2.1

1980
Jan....
Feb..
Mar..
Apr..
May..
June.

1.90
1.91
1.98
2.08
2.12
2.12

1.37
.39
1.41
.45
1.46
1.46

1.37
1.39
1.43
1.47
1.48
1.46

2.08
2.08
1.99
1.96
1.96
rl.96

.44
.46
1.43
1.40
r l .41
rl.38

1.44
1.43
1.43
1.45
rl.43
r l .41

2.0

1.9

1.8

July.
Aug..
Sept.
Oct..
Nov. .
Dec..

1.7

Merchant wholesalers

1.4

1981
Jan....
Feb..
Mar..
Apr..
May..
June.

pi.97
(NA)

p i . 38
(NA)

pi.37
(NA)

1.3

1.2
1.5

July.
Aug..
Sept.
Oct..
Nov..
Dec..

1968 1969 1970
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.




106

1.5

t

1.4

1.3

1972 1973 1974 1975 1976 1977 1978 1979 1980 1981

G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes

Basic data

Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies receiving
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 dol., smoothed2 (ann. rate, bil. dol.) .
92. Change in sensitive crude materials
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 indicators3
(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
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
(index: 1967=100)
109. Average prime rate charged by banks
(percent)
72. Commercial and industrial loans outstanding
(million dollars)
95. Ratio, consumer installment credit to
personal income (percent)
930. Composite index of 6 lagging indicators 3
(index: 1967=100)

Dec.
1980

Nov.
1980

Net c o n t r i b u t i o n to index
Jan.
1981

Feb.
1981

Nov.
to
Dec.
1980

Dec.
to
Jan.
1981

Jan.
to
Feb.
1981

39.9

40.1

40.4

p39.8

0.17

0.27

-0.60

1.2

1.1

1.2

pi.4

0.10

-0.11

-0.24

34.02

34.00

r32.62

P34.14

-0.00

-0.23

0.28

45

47

46

50

0.07

-0.04

0.17

rll9.2

el22.5

NA

NA

0.39

14.45

13.85

rl4.16

P12.55

-0.10

0.06

-0.33

109.5

99.8

99.2

94.1

-0.27

-0.02

-0.19

r0.43

r-0.88

p-5.67

NA

-0.08

-0.33

r2.13

1.70

r0.92

2.32

-0.18

-0.35

0.70

135.65

133.48

132.97

128.40

-0.10

-0.03

-0.26

r0.91

r0.94

el.04

el.06

0.10

0.35

0.08

814.6

r808.0

r805.9

P803.4

-0.31

-0.11

-0.14

rl37.7

rl37.5

rl36.9

P136.3

-0.15

-0.44

-0.44

90,961

r91,125

r91,499

p91,550

0.14

0.32

0.06

rl,051.6

rl,054.2

rl,054.6

pi,053.1

0.12

0.02

-0.09

149.4

150.9

rl51.5

P150.8

0.27

0.11

-0.16

155,676

rl56,123

pl56,360

NA

0.06

0.03

141.4

142.0

rl42.4

pl41.9

0.42

0.28

13.6

13.5

14.4

14.4

0.05

-0.40

r264.10

r262.97

P263.09

NA

-0.20

0.02

200.0

r200.2

202.6

P205.0

0.03

0.37

0.56

16.06

20.35

20.16

19.43

8.34

-0.37

-2.13

170,762

174,267

174,273

173,206

0.45

0.00

-0.20

rl3.50

13.46

pl3.37

NA

-0.14

-0.31

175.3

rl90.6

rl89.0

P185.3

8.73

-0.84

NA

NA

NA

NA
-0.35

0.0
NA

NA
-1.96

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t
is computed by dividing the standardized and weighted change f o r the component by the sum of the weights f o r 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.
x

This series is inverted in computing the composite index; i . e . , a decrease in t h i s series is considered an upward movement.
This 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 f o r rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor f o r the leading index is 0.099; f o r the coincident index, -0.164; f o r the lagging index, -0.170.
2
3




107

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns
i M111111111111111111ii111111111111111111111111

Deviations
from

Actual
data
for

reference
peaks

current
cycle

43. Unemployment rate, total (inverted)

MONTHS D E V I FROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
PEAK
1/80
DATA YEAR

64. Compensation of employees as
percent of national income

Deviations
from
reference
peaks

SERIES 4 3
PERCENT

Actual
data

for
current
cycle

1/80

Actual

-1

1
2
3
4

0.
0.1
0.7
1.4

6.2
6.3
6.9
7.6

2/80
3/80
4/80
5/80

5
6
7
8

1.3
1.4
1.4
1.2

7.5
7.6
7.6
7.4

6/80
7/80
8/80
9/80

9

1.4
1.3
1.2
1.2

7.6
7.5
7.4
7.4

10/80
11/80
12/80
1/81

10
11
12

+ 3
• 77

+ 2

2/81

• 7

+1

Actual

• 76

QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
AND
REF.
FROM ACTUAL
1/80
DATA YEAR
PEAK

+1

SERIES 64
PERCENT

+2

0. 1
0.

1
2
3

--too

+3

1
0

74.7
P

2
7
8

IV/79

74.6

1/80

75.8
75.3
75.4

11/80
111/80
IV/80

Median

• 74

-1

• 10

1957

+4

- 1 +5
MONTHS D E V I FROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

47. Industrial production index

Corporate profits after taxes with IVA
and CCAdj., 1972 dollars

SERIES 47
]L967=100

-0.1
-0.4
-2.9
-5.7

152.6
152.1
148.3
144.0

2/80
3/80
4/80
5/80

7
8

-7.3
-8.1
-7.1
-5.6

141.5
140.4
141.8
144.1

6/80
7/80
8/80
9/80

9
10
11
12

-3.8
-2.2
-1.2
-0.8

146.9
149.4
150.9
151.5

10/80
11/80
12/80
1/81

13

-1.2

150.8

2/81

+ 10

1
2
3

4

+ 5 •160

Percent

1/80

0

• 165

0. P

152.7

Percent

5
6

+ 25
• 70

0 #60

• 155

0
• 150

-5

•145

• 140
1973

• 135
-2
-1

llllll Hill Mill, lllll I I III 11 I.I... I HIM
-6
0 + 6 +12 +18 +24 +30 +36

•iso

0
1
2
3

SERIES 8 0
ANN. RATE
B I L . DOL.
9.3
6 5 . 7 ][11/79
-1.2
59.4
IV/79
0. P
-10.0
-10.1
-13.3

60.1

1/80

54.1
54.0
52.1

11/80
[11/80
IV/80

Months from reference peaks

NOTE:

For an explanation of these charts, see "How to Read Charts" on p. 107 of the December 1980 issue.




108

-25

QRTRS.
DEVIFROM ATIONS CURRENT QRTR.
AND
REF.
FROM ACTUAL
PEAK
1/80
DATA YEAR

-10

-15

• 50

40

1973

111 I M i l l III 11 M . III 1 1 I I M l l l l l l III III l l l l l l
-6
0 + 6 +12 +18 +24 +30 +36
Months from reference peaks

- 5 0 #30

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns-Continued

ipmpnpn..,
106.

,

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
DATA YEAR
1/80

, ,....

Money supply (M2), 1972 dollars

•I

T

13. Composite index of marginal
employment adjustments

+ 12

+10

1
2
3
4

SERIES 106
BIL. DOL
-0.4
817.8
-1.3
810.6
-2.4
801.4
-2.4
801.4

2/80
3/80
4/80
5/80

5
6
7
8

-1.9
-0.5
0.0
-0.3

805.7
817.7
821.5
818.9

6/80
7/80
8/80
9/80

9
10
11
12

-0.6
-0.8
-1.6
-1.9

816.5
814.6
808.0
805.9

10/80
11/80
12/80
1/81

13

-2.2

803.4

2/81

Deviations
from
reference
peaks

Actual
data
for
current
cycle

*920

Percent

• 900

+8

1957

+ 5

• 880
+ 6
• 860
+4

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
DATA YEAR
PEAK
1/80

°

1
2
3
4

SERIES 913
1967=100
0.1
96.4
-1.9
94.5
-6.2
90.3
-8.3
88.3

2/80
3/80
4/80
5/80

• 820

5
6
7
8

-7.0
-4.5
-3.6
-2.4

89.6
92.0
92.8
94.0

6/80
7/80
8/80
9/80

• 800

9
10
11
12

-1.3
-0.8
-0.3
-0.5

95.0
95.5
96.0
95.8

10/80
11/80
12/80
1/81

13

-1.3

95.0

2/81

#84

-2

-4

• 95

-5
• 90

-10

1980

-15

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR
17. Composite index of money and
108.

SERIES 108

Ratio, personal income to money
supply (M2)

Actual

+ 04

• 1.38

+ 02

1.348
1.351
1.356
1.352

2/80
3/80
4/80
5/80

5
6
7
8

-0.013
-0.013
-0.018
-0.012

1.340
1.340
1.335
1.341

6/80
7/80
8/80
9/80

9 -0.004
10 -0.002
11 0.007
12 0.014

1.349
1.351
1.360
1.367

10/80
11/80
12/80
1/81

13

1.367

2/81

1
2
3
4

SERIES 917
1967=100
1.1
138.7
-0.6
136.4
-3.9
131.8
-7.2
127.3

2/80
3/80
4/80
5/80

5
6
7
8

-5.4
-2.5
-0.1
1.2

129.8
133.8
137.1
138.9

6/80
7/80
8/80
9/80

9
10
11
12

1.9
2.3
1.6
2.3

139.8
140.4
139.4
140.4

10/80
11/80
12/80
1/81

13

2.1

• 1.34

—02

• 1.32

-04

•

lilllllll MilllllllllllllltllllllllMlllllll
0 + 6 +12 +18 +24 +30 +36
-6

0.014

1.30

+ 15

+10

+ 5

• 150

H45

••135

#130

-10

2/81

Months from reference peaks

NOTE:

Percent

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

•00

-06

financial flows

1 -0.005
2 -0.002
3 0.003
4 -0.001

-6

0

+ 6 +12

+18 +24 +30 +36

Months from reference peaks

For an explanation of these charts, see "How to Read Charts on p. 107 of the December 1980 issue.




109

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
Series
number

(page numbers)
Charts

Tables

Series
Historical
data
descriptions
(issue date) (issue date)

A
Accession rate manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Prices, selling, wholesale trade, Dl
Profits, net, manufacturing and trade, Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts

2
604

16
56

61
92

8/80
8/80

8/68

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

3/81
3/81
8/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80

11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*

55
616

22
56

65
92

9/79
8/80

10/69*

B
3alance of payments-See International transactions.
3ank loans to businesses, loans outstanding
Bank loans to businesses, net change
3ank rates-See Interest rates.

72
112

15,35
32

73
72

93
94

33
33

72
72

12/80
12/80

11/72
11/72

9/80
9/80

11/72

-^pnL' rocorwoc

jdfiK reserves
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
3orrowing-See Credit.
3udget-See Government.
3uilding—See Construction.
3uilding permits, new private housing
3usiness equipment, industrial production
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, D1 . . . .
3usiness failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
3usiness loans-See Bank loans.
Business saving

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

8/80
1/80
3/31
3/81
10/80
3/80
3/80

295

46

82

11 /79

4/69
11/68
11/68*

C
Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction

83
82
84

20
20
20

64
64
64

9/79
9/79
9/79

97
11
965

24
24
37

66
66
75

10/80
10/80
10/80

914
35
34

11
29
29

60
70
70

9/80
9/79
9/79

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Composite indexes
Coincident indicators
Four coinciders
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers
Six laggers rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
Twelve leaders, rate of change
Construction
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs. . .
Expenditures, plus machinery and equipment sales . . . .
Gross private domestic fixed investment
Nonresidential, as percent of GNP
Nonresidential structures, constant dollars
Nonresidential total constant dollars
Residential as percent of GNP
Residential, total, constant dollars
Housing starts
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices—See also International comparisons.
All items, index
All items, percent changes
Food, index
Food,percent changes
Consumer sentiment index
Consumption expenditures-See Personal consumption
GX psndi turBS
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol. . .
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses, net change
Borrowing total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt, net change
„
Crude materials-See Wholesale prices.

1/72"
1/72

442
90
441
37

51
18
51
18,51

89
62
89
62,89

2/81
2/81
2/81
2/81

4/72*

920
920c
951
940
9
72
112

10
39
36
11
23
15,35
32

60

1/81
1/81
12/80
9/80
3/81
12/80
12/80

11/75*

74'"
60
66
73
72

345

49

87

11/80

10/72*

4/72*
4/72*

11/72
11/72

345c
280

50
45

87
82

11/80
11/79

10/72*
10/69

64

30,47

70,83

9/79

10/69*

346

49

88

11/80

10/72*

346c

50

88

11/80

10/72*

340

49

87

10/80

6/72*

340c

50

87

10/80

6/72*

341

49

87

10/80

6/72*

341c
348
349

50
50
50

87
88
88

10/80
11/79
11/79

6/72*
6/72*
6/72*

53

19

63

4/80

Currer t issue
Series
number

110

Charts

Tables

920
920c
940

10
39
11

60

930
930c

10
39

914
915
913
917
916
910
910c

Series
Historical
descriptions
data
(issue date) (issue date)

1/81
1/81
9/80

11/75*

60

1/81
1/81

11/75*

11
11
11
11
11
10
39

60
60
60
60
60
60

9/80
9/80
9/80
9/80
9/80
1/81
1/81

29
9
69

13,25
23
24

67
66
67

8/80
3/81
8/80

4/69

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67
83
67
67

11/79
9/79
9/79
11/79
9/79
3/81

10/69*

8
75

12,21
22

64
65

3/81
12/79

66
113
95
39

35
32
15,35
33

73
72
73
72

3/81
11/80
8/79
10/80

10/72
10/72

320
320c
322
322c
58

49
49,59
49
49
22

84,95
84,95
84
84
65

3/81
3/81
3/81
3/81
8/80

5/69*
5/69*
5/69*
5/69*
11/68*

20
10
116

12,23
23
34

66
66
73

7/80
7/80
11/80

9/68*
7/64

112
110
72

32
32
15,35

72
72
73

12/80
3/81
12/80

11/72
7/64
11/72

66
113
95
39
33

35
32
15,35
33
32

73
72
73
72
71

3/81
11/30
8/79
10/80
3/81

10/72
10/72

525
564
548
517

53
55
53
53

90
91
90
90

5/80
10/79
8/80
3/81

39
32

33
12,21

72
64

10/80
10/80

11/72
12/74

970
965
951
" 974
963
967

38
37
36
38
36
37

3/81
10/80
12/80
10/80
9/80
5/80

11/68*

966

37

962
975
952
950
964

36
38
36
36
37

971
968
976
978
977
960
972
973
961

38
37
38
38
38
37
38
38
36

76
75
74
76
74
75
79
75
78
74
76
74
74
75
77
76
75
76
76
76
75
76
76
74
77

60'"

5/75*

9/68*

10/69*
6/72*

11/72

11/72

D
Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
New orders defense products
Obligations incurred
Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations, manufacturing
Coincident indicators
Employees manufacturing and trade
Employees on private nonagricultural payrolls
Industrial materials prices
Industrial materials prices components
Industrial production
,
Industrial production components
Initial claims, State unemployment insurance
Inventories, manufacturing and trade
Lagging indicators
Leading indicators
New orders, durable goods industries
New orders, durable goods industries, components . . . .
New orders, manufacturing
.,
Prices, 500 common stocks
Prices, selling, manufacturing
Prices, selling, retail trade
Prices selling wholesale trade
Profits, manufacturing
Profits, net, manufacturing and trade
Sales, net, manufacturing and trade
Workweek, mfg. production workers
Workweek, mfg. production workers, components
Disposable personal income-See Income.

NOTE: The following abbreviations are used in this index: Cl, composite index, Dl, diffusion index: GPDI, gross p vate domestic investment: and NIPA, national income and product accounts.
"The identification number for this series has been changed since the publication date shown.




(page njmbers)

10/69*

11/68*
4/69*

12/80
11/80
10/80
12/80
12/80
9/80

6/69*
11/68*

10/30
12/80
10/80
10/80
10/80
10/79
10/80
10/30
9/80

11/68*
5/69*
11/68*
11/68*
11/68*
11/68*
11/68*

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

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, 16-19 years old
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.

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
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, constant dol., NIPA . .. .
Exports of goods and services, current dol., NIPA
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, 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 goods and services, total
Imports of petroleum and products
Net exports, goods and services, constant dol., NIPA
Net exports, goods and services, current dol., NIPA
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Free reserves

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
Federal, current dollars
Federal, percent of GNP
National defense
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars

Current issue
(page numbers)

Series
lumber

Historical
Series
data
description:
lissue date! (issue date)

2
441

16
51

61
89

2/81

4/72*

48

17

61

3/81

8/68*

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

3/81
9/80
10/80
9/80
9/30
2/81
2/81
11/80
3/81
7/80
11/80
8/80
9/80
8/80
2/81
2/81
2/81
2/81
2/81
8/80
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
8/80

8/68*

961

36*

94
213
917

33
40
11

311
311c

48
48

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47

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
61
77
74

11/68
8/68
4/72*
12/74
6/69"
6/69*
8/68*
12/74

4/72"

11/80

72
80
60

9/30
10/79
9/80

4/72"
6/69
4/72
4/72*
8/68

11/73

11/79
11/79
93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83
72

7/80
7/80
7/80
8/80
8/80
11/79
11/79
7/80
0 /on
0/ oU

7/80
8/80
3/80
11/79
11/79
7/80
8/80
11/79
11/79
11/79
9/80

5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69'
10/69
11/72

9/79

20

Gross business product
Fixed weighted price index
Fixed weighted price index, percent changes......
Gross domestic product, labor cost per unit
Gross national product
GNP, constant dollars
GNP, constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
Per capita GNP, constant dollars
Gross private domestic invest.-See Investment, capital

Current issue
(page numbers)

Series
number

Tables

311
311c
68

48
48
30

84
70

50
50b
50c
200
200b
200c
107
49
310
310c
217

19

63,80

Historical
Series
descriptions
data
(issue date) (issue date)

11/79
11/79
9/79

7/68
10/69*
10/69*
10/69*
10/69
10/69
10/69

31
20
48
48
40

80
80
80
71
63
84
84
80

10/79
10/79
10/79
10/79
10/79
10/79
7/80
9/79
11/79
11/79
10/79

17
17

61
61

11/80
3/81

12/74

16
12,16

8/80

12/74

9/80

39
40

10/69*
10/69*
10/69

H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment .
Hours of production workers, manufacturing
Average weekly overtime
Average workweek
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

961

36

61
61
77
74
67
67
67
83

3/81
8/80
9/79
11/79

6/72
4/69

249

25
13,25
25
47

310
310c

48

84
84

11/79
11/79

10/69*
10/69*

345

49

87

11/80

10/72*

345c
280
64

50
45
30,47

87
82
70,83

11/80
11/79
9/79

10/72*
10/69

10/69*

I

9/80

72

Series titles
(See complete titles in "Titles and Sources
Series," following this index)

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

7/68*
7/68*
7/68*

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

11/79
11/79
11/79
10/79
11/79
11/79
11/79
11/79
11/79

11/73
10/69
10/69*
10/69*
11/73
10/69
10/69*

10/69

10/69

Implicit price deflator, GNP
Implicit price deflator, GNP, percent changes
Imports-See Foreign trade and International transactions.
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,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income ..
Corporate profits with IVA 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,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Income on foreign investment in the U.S
Income on U.S. investments abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, percent
of national income
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
Industrial materials prices
Industrial materials prices, components
Industrial materials prices, Dl
Industrial production - See also International comparisons.
Business equipment
Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Installment debt-See Credit.
Insured unemployment
Avg. weekly initial claims, unemploy. insurance . . . . . .
Avg. weekly initial claims, unemploy. insurance, Dl . . .
Avg. weekly insured unemployment rate

10/69*
11/80

346

10/72*
346c
95
286
287
225
224
227

50
15,35
45
47
40
40

73
82
83

87
49
87
50
87

341

49
341c
652
651
288
289
220
52
223
51
51c
108
282
283
284
285
348
349
53
13
23

50
57
57
45
47
45
19
40
14,19
39
31
45
47
45
47
50
50
19
23
28
37

76
75
73
74
47

24
22
20
20
14,20,58

966
47c

37*
39

5
962
45

16
36
18

10/72*
"6/69
10/69*
10/69
10/69

10/79

40
340

11/80
8/79
11/79
11/79
10/79
10/79

87
93
93
82
83
82
63
63
63
71*
82
83
82
83
63
65
69
79
75
67
65
63
63
63,94
78
75

61
74
62

10/69
10/80
6/72*
10/80
6/72*
10/80
6/72*
10/80
7/80
7/80
11/79
11/79
10/79
2/80
1/80
10/80
10/80
2/81
11/79
11/79
11/79
11/79
11/79
11/79
4/80
3/80
5/80

6/72*
5/69*
5/69*
10/69
10/69*
10/69
7/68*
10/69
10/69*
10/69
10/69*
6/72*
6/72*
4/69

5/80

4/69*

1/80
12/79
12/79
12/79
9/80

11/68

12/80
9/80
7/80
11/80
2/81

6/69
6/69*
6/69

NOTE: The following abbreviations are used in this index: CI, composite index; D I, 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 of
Series," following this index)

nterest net
nterest, net, percent of national income
nterest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
ntermediate materials-See Wholesale prices.
nternational comparisons
Consumer prices
Canada, index
Canada, percent changes
France index
France, percent changes
Italy index
Italy, percent changes
Japan index
Japan, percent changes
United Kingdom index
United Kingdom, percent changes
United States index
United States, percent changes
West Germany, index
West Germany percent changes
Industrial production
Canada
France
Italy
Japan
OECD European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
nternational 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, exc 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 US investments abroad
Inventories
Business inventories, change, constant dollars
Business inventories change current dollars
Business inventories, change, percent of GNP
Finished goods, manufacturers'
Inventories on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated) . . . .
Inventory investment and purchasing, Cl
Manufacturing and trade, constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade Dl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.,
change
Investment, capital
Capital appropriations manufacturing backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl
Capital investment commitments, Cl
Construction contracts commercial and industrial
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment constant dollars
Fixed investment, current dollars
Inventories, business, change in-See Inventories.
Nonresidential, total constant dollars
Nonresidential total percent of GNP
Producers' durable equip., nonresid., constant dol.
Residential total constant dollars
Residential total percent of GNP
Structures, nonresidential, constant dollars
Total constant dollars
Total, current dollars
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars

Current issue
(page numbers)

Series
number

Charts

288
289
67
116
119
118
117
109
114
115

45
47
35
34
34
34
34
35
34
34

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

82
83

11/79
11/79

73
73
72
73
73
73
72
73

3/81
11/80
11/80
11/80
11/80
11/80
11/80
11/80

10/69
10/69*
12/74
7/64
11/73
7/64
7/64
11/73
7/64
7/64

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

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

Historical
Series
data
descriptions
(issue date) issue date)

970
20
10

24
38
12 23
23

67
76
66
66

3/81
3/81
7/80
7/80

9/68*

652
651

57
57

93
93

7/80
7/80

5/69*
5/69*

68
62
63
26

30
15,30
30
29

70
70
70
70

9/79
12/79
7/80
7/80

7/68
11/68
10/72

930

10
39
36
12,16

60

1/81
1/81
12/80
8/80

11/75*

10
39
36
33
13,31

60

950
14
104

74
72
71

1/81
1/81
12/80
10/80
2/81

913
78

11
27

60
68

9/80
8/80

38

26

68

8/80

8
84

12,21
20

64
64

3/81
9/79

917

11

60

9/80

104
105
85
106
102
107
108
33
118
117

13,31
31
31
13 31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

2/81
2/81
2/81
2/81
2/81
7/80
2/81
3/81
11/80
11/80

27
24
8
20
10
548
7
6

23
23
12,21
12,23
23
53
21
21

8/80
8/80
3/81
7/80
7/80
8/80
3/81
3/81

964
971

37
38

66
66
64
66
66
90
64
64
77
75
76

9/80
10/80

11/68*

88
87
86
248

25
25
25
47

67
67
67
83

9/79
9/79
9/79
11/79

10/69*

517
721

53
58

90
94

3/81
12/80

49
62
358
370

20
15,30
50
50
50
20
20
20
16

63
70
88
88
88
64
64
64
61

9/79
12/79

61

11/68
11/68*

J
Japan-See International comparisons.

59

96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95

723
726
727
728
721
111
47
725

58
58
58
58
58
58
14,20,58
58

94
94
94
94
94
94
63,94
94

12/80
12/80
12/80
12/80
12/80
12/80
9/80
12/80

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

7/80
7/80
7/80
8/80
8/30
7/80
8/80
7/30
8/80
8/80
7/80
8/80
7/80
7/80

30
245
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
8/80
3/81
1/80
9/80
12/79
12/79
9/80
10/80
8/30

38

26

68

8/80

97
11
965
914
9

24
24
37
11
23

66
66
75
60
66

10/80
10/80
10/30
9/80
3/81

69

24

67

3/80

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

59
59
59
59
59
49
49,59

11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
3/81
3/81
11/80
11/80

9/72*

10/72*
10/72*
10/72*
10/72*

9/72*
9/72*
9/72*
9/72*
5/69*
5/69*
9/72*

L
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.

930c

952
3
910
910c

74
61

8/68*
5/75*

M
10/72*
11/68
10/72* Man-hours-See Employment and unemployment.

5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*
5/69*

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 prices.
Materials industrial-See Price indexes
Materials, new orders for consumer goods and
Materials rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply Ml
Money supply M1, percent changes
Money supply M2
Money supply M2, percent changes
Ratio GNP to money supply Ml
Ratio personal income to money supply M2
Mortgage debt net change
Mortage yields secondary market
Municipal bond yields

10/72
10/72

7/64
7/64

N

10/69 National defense-See Defense
10/69* National Government-See Government.
National income-See Income.
9/68

2/69
2/69
11/68*

New orders, manufacturers'
Capital goods industries, nondefense, constant dol
Capital goods industries, nondefense, current dol
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol. . .
Contracts and orders, plant and equip., current dol. . . .
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
.
New orders manufacturing Dl
...
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total constant dollars
Total, percent of GNP

9/68
9/68
9/68

9/68*
0

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

27

23

66

8/80

24

23

66

8/80

10/69*
10/69*
10/69

9/68

Obligations incurred, Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
Output—See also Gross national product and
Industrial production.
Goods output constant dollars
Labor cost per unit of
Per hour, nonfarm business sector
Per hour private business sector
. . . ..
Per hour, private business sector, percent changes
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity, materials
Overtime hours, production workers, manufacturing . . . .

370c

83
82
84
21

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
9/79
9/79
8/80

11/68
6/68*
10/72*
10/72*

12/74

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
escriptions
issue date) issue date)

P
Participation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over
3
ersonal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products, imports
Plant and equipment-See also Investment, capital.
Business expenditures for
Business expenditues 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 index
All items, percent changes
Food,index
Food percent changes
Deflators, NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator, GNP, index
Implicit price deflator, GNP, percent changes
Industrial materials
Industrial materials, components
Industrial materials, Dl
Labor cost, price per unit of
Sensitive prices, change in
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Wholesale prices
All commodities index
All commodities, percent change
Consumer finished goods, index
Consumer finished goods, percent changes
Crude materials, index
Crude materials, percent changes
Intermediate materials, index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing Dl
Retail trade, Dl
,
Wholesale trade, DI
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
Corporate, after taxes, current dollars
Corporate, after taxes, with IVA and CCA,
constant dollar
Corporate, after taxes, with IVA and CCA, cur. dol. .. .
Corporate, with IVA 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
income
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc..

Reserves, free
Residential fixed investment, constant dollars, GPDI . . . .
Residential 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

2/81
2/81
2/81

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

10/69*

292
293
614

46
46
56

82
83
92

11/79
11/79
8/80

10/69
7/68*

61
970
20
10
90

24
38
12,23
23
18

67
76
66
66
62

3/81
3/81
7/80
7/80
2/81

11/68
11/68*

320
320c
322
322c

49
49,59
49
49

84,95
84,95
84
84

3/81
3/81
3/81
3/81

5/69*
5/69*
5/69*
5/69*

311
311c
310
310c
23

48
48
48
48
28

11/79
11/79
11/79
11/79
5/80

10/69*
10/69*
4/69

967
26
92

37'"
29
13,28

84
84
84
84
69
79
75
70
69

5/80
7/80
4/80

4/69*

19
968

13,28
37

69
75

3/81
12/80

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

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
7/80

6/69*

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

10/80
10/80
10/80
5/80
11/80

11/68*
11/68*
11/68*

88

25

67

9/79

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
Ratio, inventories to sales, mfg. and trade
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving, private and government
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices, change in
State and local government-See Government.
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Stocks of materials and supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

10/69
10/69
10/69
10/69*

9/68'

358
370
370c
916

50
50
50
11

88
88
88
60

11/73

6/68*
10/72*
10/72*

Charts

Tables

Historical
Series
data
descriptions
(issue date) issue date)

93
89
249

33
25
47

72
67
83

9/80
9/79
11/79

10/69*

59
54

22
22

65
65

6/80
6/80

6/72'

213

40

80

10/79

69
57
56
973
77
59
54

24
14,22
22
38
27
22
22

67
65
65
76
68
65
65

8/80
1/80
1/80
1 0/80
1/80
6/80
6/80

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

4/80

19
968
78

13,28
37
27

69
75
68

3/81
12/80
8/80

38

26

68

8/80

114
115

34
34

72
73

11/80
11/80

7/64
7/64

91
60
5
962
3

15,18
17
16
36
12,16

62
61
61
74
61

2/81
3/81
7/80
11/80
8/80

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

2/81
2/81
2/81
2/81
2/81
8/80

44
45
43

18
18
18

62
62
62

2/81
2/81
2/81

4/72
6/69
4/72

96
25

21
21

64
64

8/80
8/80

9/68
9/68

107
108
32

31
31
12,21

71
71
64

7/80
2/81
10/80

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

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
4/80
8/80

36

77
74

9/80

11/72

9/68*
2/69*
11/68*
6/72*'
10/69
10/69
10/69
7/68*

5/69
5/69*

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 age
Females, 20 years and over
Full-time workers
Males, 20 years and over
Total unemployed
Quit rate, manufacturing
Unemployment rates
15 weeks and over
Insured, average weekly
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries, change in
United Kingdom-See International comparisons.

4/72*

V

9/80'

18
16

28
28

69
69

9/79
9/79

80
79
286
287
972
960
15
916
22

28
28
45
47
38
37
29
11
29

69
69
82
83
76
75
70
60
69

9/79
9/79
11/79
11/79
10/80
10/79
7/80
9/80
9/79

81
282
283

29
45
47

70
82
83

9/79
11/79
11/79

4

16

61

8/80

284

45

82

11/79

10/69

285

47

83

11/79

10/69*

NOTE: The following abbreviations are used in this index: Cl, composite index, DI, diffusion ii
*The identification number for this series has been changed since the publication date shown.




number

U

1/72
7/68

10/69
10/69*
11/68*
3/69"
7/68"
10/69
10/69*

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

Current issue
(page numbers)

Series

T
Treasury bill rate
Treasury bond yields

Q
Quit rate, manufacturing

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio
Vendor performance

W
Wages and salaries-See Compensation.
West Germany-See International comparisons.
Wholesale prices
All commodities, index
All commodities, percent changes
Consumer finished goods, index
Consumer finished goods, percent changes
Crude materials, index
Crude materials, percent changes
Intermediate materials, index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Sensitive prices, change in
Workweek of production workers, manufacturing
Workweek of production workers, manufacturing,
components
Workweek of production workers, manufacturing, Dl . .. .

961

6/69*

8/68"

; GPDI, gross private domestic investment, and NIPA, national income and product accounts.

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:
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.

Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).-Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

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)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(29,70)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)

Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

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 series 1, 2, 3, 5) (M).-Source 1 (11,60)

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)

39. Percent of consumer installment loans delinquent 30
days and over (EOM). —American Bankers
Association
(33,72)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)

16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)

915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)

18. Corporate profits after taxes in 1972 dollars ( Q ) . Source 1
(28,69)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(26,68)

40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).—Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)

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).-Sources2 and 3
(18,62)

917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)

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
and Training Administration
(18,62)

920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)

21. Average weekly overtime hours of production workers,
manufacturing (M).—Source 3
(16,61)

46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)

930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)

22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
23. Index of spot market prices, raw industrial materials
(M).-Source 3
(28,69,79)

940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).-Source
1
(1160)

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)

24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).—Source
2
(23,66)
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
(M).-Source 3

in nonagricultural

establishments
(17,39,61)

49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)

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)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)

28. New private housing units started, total (M).—Source
2
(25,67)

54. Sales of retail stores in current dollars (M).—Source
2
(22,65)

29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)

55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)

7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).—Sources 1, 2, and
3
(21,64)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26,42,68,81)

56. Manufacturing and trade sales in current dollars ( M ) . Sources 1 and 2
(22,65)

8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)

31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)

9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by

32. Vendor performance, percent of companies receiving
slower deliveries (M).-Purchasing Management
Association of Chicago
(12,21,64)

3. Layoff rate, manufacturing (M).-Source 3 (12,16,61)
4. Quit rate, manufacturing (M).-Source 3
5. Average weekly initial claims for
insurance, State programs (M).—U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis

(16,61)

unemployment
Department of
Administration;
of Economic
(16,61)

6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)




114

1

(19,63)

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
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
( M ) . - S o u r c e s 1, 2, 3, and The Conference
Board
(17,61)

84. Rate of capacity utilization, materials (Q).—Source
4
(20,64)

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)

86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

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)

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 credit (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

92. Change in sensitive crude materials prices (PPI of crude
materials less africultural products) (smoothed) ( M ) Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)
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 credit to personal income
(EOM).-Sources 1 and 4
(15,35,73)

70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(15,27,68)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(15,35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Source 4

nondurable
(20,63)

75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars

(Q).-Source 1

(28,69)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(28,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)



(34,72)

1-C. Diffusion Indexes
85. Change in money supply Ml-B (M).-Source 4(31,71)

67. Bank rates on short-term business loans (Q).-Source
4
(35,73)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)

119. Federal funds rate (M).-Source 4

96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).—The Conference Board (24,66)
102. Change in money supply M2 (M).-Source 4 (31,71)
104. Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(13,31,71)

950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
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 and 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 manufacturing industries
(Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, raw industrials—
13 industrial materials (M).-Sources 1 and 3

(37,75,79)

105. Money supply Ml-B in 1972 dollars (M).-Sources 1, 3,
and 4
(31,71)

968. Diffusion index of stock prices, 500 common stocks—
53-82 industries ( M ) . - S t a n d a r d & Poor's
Corporation
(37,75)

106. Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 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-B
(Q).-Sources 1 and 4
(31,71)
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 credit (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 ) . - C i t i b a n k 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)

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)
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)

Il-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)

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)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
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)
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)

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)

298. Government surplus or deficit, total (Q).—Source
1
(46,83)

Il-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).~
Source 1
(48,84)
311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of producer prices, all commodities (M).—Source
3
(48,85)
331. Index of producer prices, crude materials for further
processing (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 nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)

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)

341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).—Source
3
(49,87)

268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

280. Compensation of employees (Q).-Source 1

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)

348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)

237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)

283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)

349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)

238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)

284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)

239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)

285. Rental income of persons with capital consumption
adjustment as a percent of national income ( Q ) . Source 1
(47,83)

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)

240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)



116

(45,82)

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)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)

370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

Il-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, labor force survey ( M ) . Sources 2 and 3
(51,89)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)

442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)

290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

288. Net interest (Q).-Source 1

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).-Sources 2 and

3

(51,89)

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)

453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)

580. Defense Department net outlays, military functions and
military assistance (M).-U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)

tl-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)

Il-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 Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
( M ) . - Source 2
(53,90)
557. Output of defense and space equipment (M).— Source

(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

(Q).-Source 1

(57,93)

622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).—Source
1
(57,93)
652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)
667. Balance on goods and services (Q).—Source 1(57,93)

(54,91)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

669. Imports of goods and services, total (Q).—Source
1
(57,93)

4

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)




722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).-lnstituto
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

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

Il-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).-Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)
736. France, index of consumer prices (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).-lnstituto Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).-Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices (M).—The
Financial Times (London)
(59,96)
743. Canada, index of stock prices (M).-Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).-Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).-lnstituto Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)

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