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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Sidney L. Jones, Under Secretary for Economic Affairs

BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Acting Director
Edward K. Smith, Associate Director for
National Analysis and Projections
FeliksTamm, 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
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 consisting
of the following persons:
Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of
Labor
Ahmad Al-Samarrie, Office of Management and Budget
Lincoln F. Anderson, Council of Economic Advisers
John H. Auten, U.S. Department of the Treasury
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Charles A. Waite, Bureau of the Census, U.S. Department of Commerce
Helmut F. Wendel, Board of Governors of the Federal Reserve System

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

Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
available on request. Address correspondence

Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue
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

BCII

iii

1
1
1
1
4
5
5
6

MARCH 1985
Data Through February
Volume 25, Number 3

PART I.
CYCLICAL INDICATORS

Al
A2
A3
A4

COMPOSITE INDEXES AND
THEIR COMPONENTS
Composite indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

Chart
10
12
14
15

Table
60
—
—
—

Bl
B2
B3
B4
B5
B6
B7

CYCLICAL INDICATORS
BY ECONOMIC PROCESS
Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

16
19
21
23
26
28
31

61
63
64
65
68
69
71

C2
C3

DIFFUSION INDEXES
AND RATES OF CHANGE
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

36
—
39

74
H
—

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 April 1, 1985

itcn




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES

A6
A7
A8

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

Bl
B2

PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity

48
49

84
87

51

89

52
53

90
90

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

56
57

92
93

INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices

A5

Table
80
80
81
81
82
82
82
83

GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators

A3
A4

Chart
40
41
42
43
44
45
46
47

Civilian Labor Force and Major Components

Al
A2

58
59
59

94
95
96

LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT

PART III. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
B. Current Adjustment Factors (February 1985 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 (January 1985 issue)
F. Specific Peak and Trough Dates for Selected Indicators (February 1985 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97

105
110
114

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Feliks Tamm, Chief, Statistical
Indicators Division, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 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

Changes in this issue are as follows:

revisions made by

1. The series on sales of retail stores in current and
1972 dollars (series 54 and 59) have been revised for the
period 1977 to date. The revised estimates, based on the aggregate of final monthly statistics published in the Current
Business Reports, "Monthly Retail Trade, Sales and Inventories," were adjusted by the source agency to levels derived
from the 1978-83 Retail Trade Surveys after the annual survey
results had been modified to be compatible with the 1977 and
1982 Censuses of Retail Trade.
Manufacturing and trade sales in 1972 dollars (series
57) and the ratio of manufacturing and trade inventories to
sales in 1972 dollars (series 77) have been revised for the
period 1977 to date to incorporate the revised retail sales
estimates.
Revised data for manufacturing and trade sales in current dollars (series 56) and the ratio of retail inventories
to sales in 1972 dollars (shown in appendix G) will be shown
in a subsequent issue.
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 57, 59, and
77).
2. The index of labor cost per unit of output, manufacturing, expressed as a percent of the trend (series 62) has
been revised for the period 1975 to date to reflect the recalculation of the trend.
Further information concerning this revision may be
obtained from the U.S. Department of Commerce, Bureau of
Economic Analysis, Statistical Indicators Division.
(Continued on page iv.)
The April issue of BUSINESS CONDITIONS D I G E S T is scheduled
for release on May 3.




lit

source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.

3. Revised monthly estimates for consumer installment credit outstanding
(series 66) and its net change (series 113) are being prepared by the source agency.
These revisions, which generally cover the period 1980 to date, incorporate benchmark
and seasonal factor changes. Revised data are shown in this issue from October 1984
to date for series 66 and from November 1984 to date for series 113.
The ratio of consumer installment credit outstanding to personal income (series
95) has been revised from October 1984 to date, and the change in business and consumer credit outstanding (series 111) has been revised for January 1985, to incorporate the revisions in series 66.
For all of these series, revised data for the earlier period will be shown in a
subsequent issue.
Further information concerning these revisions may be obtained from the Board
of Governors of the Federal Reserve System, Division of Research and Statistics,
Mortgage and Consumer Finance Section (series 66 and 113); and the U.S. Department
of Commerce, FJureau of Economic Analysis, Statistical Indicators Division (series 95
and 111).
4. Recently revised data on U.S. money supply and liquid assets are shown in
this issue for the following periods:
1970 through 1983-- series 102, 104, 106, and 108;
1973 through 1983— series 85, 105, and 107.
Revised data for 1984 to date were shown in the February 1985 BCD. (See item
10 in "New Features and Changes for This Issue" on page iv of that issue.) These
revisions will not be carried back to earlier years.
Further information concerning these revisions may be obtained from the Board
of Governors of the Federal Reserve System, Division of Research and Statistics,
Banking Section.
5. The series on merchandise exports excluding military aid shipments (series
602) and general merchandise imports (series 612) have been revised for 1984 to reflect the updating of basic statistics and seasonal adjustment factors by the source
agency.
Further information concerning these revisions may be obtained from the U.S.
Department of Commerce, Bureau of the Census, Foreign Trade Division.
6. Appendix C contains historical data for series 6-8, 28, 36, 45, 53, 82, 84,
98, 99, 441, 442, 444-448, 451-453, and 580.
7. Appendix G contains cyclical comparisons for series 8, 21, 36, 46, 57, and
90.




IV

METHOD OF PRESENTATION

adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
This report is organized into two major parts.
Part 1, Cyclical Indicators, includes about 150 time which contain considerable variation due to the
series which have been found to conform well to number'of working or trading days in each month.
broad fluctuations in comprehensive measures of As used in this report, the term "seasonal
economic activity. Nearly three-fourths of these are adjustment" includes trading-day and holiday
individual indicators, the rest are related analytical adjustments where they have been made.
Most of the series in this report are presented in
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important seasonally adjusted form and, in most cases, these
Economic Measures, covers over 140 series which are the official figures released by the source
are valuable to business analysts and forecasters agencies. However, for the special purposes of this
but which do not conform well enough to business report, a number of series not ordinarily published
cycles to qualify as cyclical indicators. (There are a in seasonally adjusted form are shown here on a
few exceptions: Four series which are included in seasonally adjusted basis.
part I are also shown in part II to complete the
systematic presentation of certain sets of data, MCD Moving Averages
such as real GNP and unemployment.) The largest
Month-to-month changes in a series are often
section of part II consists of quarterly series from
dominated by erratic movements. MCD (months for
the national income and product accounts; other
sections relate to prices, labor force, government cyclical dominance) is an estimate of the approand defense-related activities, and international priate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
transactions and comparisons.
It is the smallest span of months for which the
The two parts are further divided into sections
average change in the cyclical factor is greater than
(see table of contents), and each of these sections
that in the irregular factor. The more erratic a
is described briefly in this introduction. Data are
series is, the larger the MCD will be; thus, MCD is 1
shown both in charts and in tables. Most charts
for the smoothest series and 6 for the most erratic.
begin with 1959, but those for the composite
MCD moving averages (that is, moving averages of
indexes and their components (part I, section A)
the period equal to MCD) tend to have about the
begin with 1948, and a few charts use a two-panel
same degree of smoothness for all series. Thus, a
format which covers only the period since 1973.
5-term moving average of a series with an MCD of 5
Except for section F in part II, charts contain
will show its cyclical movements about as clearly
shading which indicates periods of recession in
as the seasonally adjusted data for a series with an
general business activity. The tables contain data
MCD of 1.
for only the last few years. The historical data for
The charts in this report generally include
the various time series are contained in the 1984
centered MCD moving averages for those series
Handbook of Cyclical Indicators.
In addition to the charts and tables described with an MCD greater than 4. The seasonally
above, each issue contains a summary table which adjusted data are also plotted to indicate their
shows the current behavior of many of the series. variation about the moving averages and to provide
Appendixes present seasonal adjustment factors, observations for the most recent months.
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday




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

All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria, (See articles in the May and
November 1975 issues of BCD.) The resulting
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.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to occasional reviews by NBER and may be changed weights. Because they use series of historically
as a result of revisions in important economic tested usefulness and given timing characteristics
time series. The dates shown in this publication (for example, leading at both peaks and troughs),
for the 1948-70 time period are those determined with diversified economic coverage and a minimum
by a 1974 review. Since then, NBER has designated of duplication, composite indexes give more
turning points for recessions in 1973-75, 1980, and reliable signals over time than do any of the
1981-82.
individual indicators. Furthermore, much of the

1

Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
^v

Economic
\Process

Cyclical
Timing

x.
N.

LEADING (L)
INDICATORS
(62 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(18 series)

TIMING
UNCLASSIFIED
<u)
8 series)

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

PRODUCTION
AND
INCOME
(10 series)

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

Capacity

Comprehensive
employment
(1 series)

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

utilization
(2 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)

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

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

Money flows

Consumption
and trade
(4 series)

Backlog of

Duration of
unemployment
(2 series)

Trade
(1 series)

Velocity of
money
(2 series)
t nterest rates
(2 series)

investment
commitments
(1 series)
Business
Investment
expenditures
(5 series)
Business
investment
expenditures
(1 series)

Comprehensive
employment
(3 series)

order
(1 series)

(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)

Business
Investment

commitments
(1 series)

Unit tabor costs
and labor share
(4 series)

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

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

Inventories on
hand and on
order
(4 series)

Interest rates

( l series)

B. Timing at Business Cycle Troughs
N. Economic
\Process
Cyclical^
Timing
N.

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

II.
PRODUCTION
AND
INCOME
(10 series)

IV.
Ml.
CONSUMPTION, FIXED
TRADE,
CAPITAL
ORDERS, AND
INVESTMENT
DELIVERIES
(18 series)
(13 series)

Marginal
employment
adjustments
(3 series)

Industrial
production
(1 series)

New and unfilled
orders and
deliveries
(5 series)

Formation of
business
enterprises
(2 series)
Business
Investment
commitments
(4 series)
Residential
construction
(3 series)

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

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

Consumption
and trade

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Vi.
VII.
PRICES, COSTS, MONEY
AND PROFITS
AND CREDIT
(17 series)
(26 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)

Profits
(2 series)

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

Unit labor costs
and labor share
(4 series)

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

Business
investment
commitments
(1 series)

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

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

Consumption
and trade
(4 series)

(3 series)

Unfilled orders
(1 series)

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

Inventories on
hand and on
order
(5 series)

(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
weil-established differences in timing.
Consequently, rough coincidences include short
leads (•) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)

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 period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.

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 7 0 ) . 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 1984
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
For purposes of constructing a composite index,
actual data but also from surveys of anticipations
each component series is standardized: The monthor intentions. Indexes based on responses of
to-month percent changes in a given series are
business executives about their plans and
divided by the long-run average (without regard to Section B. Cyclical Indicators by Economic Process expectations for several operating variables are
sign) of those changes. Thus, the more volatile
presented, along with the corresponding indexes
series are prevented from dominating the index.
This section covers 111 individual time series, based on actual data, as the last set of diffusion
The coincident index is calculated so that its long- including the 22 indicators used in the series.
term trend (since 1948) equals the average of the construction of the composite indexes. The peak
This section also records rates of change for the
trends of its four components. This trend, which is and trough timing classifications are shown on the three composite indexes (leading, coincident, and
similar to that of GNP in constant dollars, can be charts in the same manner as described above, but lagging) and for four indicators of aggregate
viewed as a linear approximation to the secular this section includes series with different timing at economic activity: GNP in constant dollars
movement (at an average growth rate) in aggregate peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours
economic activity. The indexes of leading and lag- timing is not sufficiently consistent to be classified in nonagricultural establishments, and personal
ging indicators have been adjusted so that both as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates of
their trends and their average month-to-month measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or for
percent changes (without regard to sign) are ap- are labeled U, i.e., unclassified as to timing at 1-quarter spans.
proximately equal to those of the coincident index. turning points of the given type. Eight series are
Although movements in diffusion indexes and in
(For a more detailed description of the method of unclassified at peaks, one series at troughs, and 19 rates of change for the same aggregates are
constructing the composite indexes, see the 1984 series at all turns (of the 19, 15 have definite but generally positively correlated, these two measures
different timing at peaks and at troughs). No series present information about two related but distinct
Handbook of Cyclical Indicators.)
In addition to these principal composite indexes, that is classified as U both at peaks and at troughs aspects of economic change. Diffusion indexes
differentiated according to cyclical timing, there is included in the list of cyclical indicators.
measure the prevailing direction or scope of
The classification scheme which groups the change, while rates of change measure the degree
are five indexes based on leading indicators which
have been grouped by economic process. Taken indicators of this section by economic process and as well as the overall direction. As is the case for
together, these additional indexes include all 12 cyclical timing is summarized in the two diffusion indexes, cyclical movements in the rates
component series of the overall leading index, plus tabulations on page 2. Cross-classification A is of change tend to lead those of the corresponding
a few related series. Also shown in this section is based on the observed behavior of the series at five indexes or aggregates, and thus, they tend to lead
the ratio of the index of roughly coincident business cycle peaks (November '48, July '53, 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
in the physical volume of inventories held by
This part is divided into six sections which cover
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
goods are also included.
pertaining to the U.S. economy as a whole, others
Government purchases of goods and services
have to do with particular sectors or markets, and
still others relate to U.S. international transactions (A4) is the compensation of government employees
or to selected foreign countries, The represented and purchases from business and from abroad. It
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor resources; government receipts, investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
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
funds, and private noninsured welfare funds) from
The important data on price movements include
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 product. Data on both levels and percent changes are
payments to government.
Personal consumption expenditures (A2) is presented for the period since 1973.
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




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 sexr 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 1973) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1973) 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

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

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

Solid line indicates percent
changes over 3- or 6-month
spans.
Broken line indicates percent
changes over 1-month spans.

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

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

Diffusion indexes and rates
of change are centered within
the spans they cover.

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

Dotted line indicates anticipated quarterly data over
various spans.

Rates of Change

H^

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

Arabic number indicates latest
month used in computing
the changes.
Broken line with plotting
points
indicates
percent
changes over 1-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 data3

Percent change
*

Unit

Series title and timing classificaticn

unn
of
measure

1

Dec.
to
Jan,
1985

Jan.
to
Feb.
198S

2d Q
to
3dQ
1984

3d Q
to
4th Q
1984

1

1 .5
-0.4
1 .6
-2.0

0.7
-0.3
-0.4
0.2

-1
1
3 '.;
-2

-0.2
0.9
0.2
0.8

910
920
930
940

-0.7
NA
NA

- 3 ,(
0 ,1
- 0 •3

-1.0
NA

-0.9

914
915
916
917

-0.2
-0.1
2.1

- 1 .5
0.
-6.3

-0
-0
-3

0.
0.1
-8.8

1
21
5

0.493 - 0 . 0 4 3
-4.8
139

0.009
0.7

0.018
3.1

0.039
5.3

60
46

0.2
0.2
0.3
0.3

-0.4
0.3
0.1
-0.5

0 .6
0 ,4
0 .8
0 .8

0.4
0.6
0.9
0.4

48
42
41
40

0.11

0 . 02

0.18

90

Annual average
1983

1984

3d Q
1984

4th Q
1984

116.2
132.5

164.7
155.8
120.2
129.6

164.3
157.2
120.4
130.6

164.0
158.4
120.4
131 . 6

166.4
157.8
122.3
129.0

167.5
157.4
121 . 8
129.2

109.3

111
101

1984

Dec.
1984

Jan.
1985

Feb.
1985

1. CYCLICAL INDICATORS
Al. Composite Indexes
910.
920.
930.
940.

Twelve leading indicators
Four roughly coincident indicators
Six lagging indicators
Ratio, coincident index to lagging index

L,L,L. 1967-100
do
C.C.C...
do
Lg,Lg,Lg...
do
L,L,L...

Leading Indicator Subgroups:
914. Capital investment commitments
915. Inventory investment and purchasing
916 Profitability
.
.
...
917. Money and financial (lows
..
.

L,L,L...
L.L.L..
LLL.
L.L.L...

do
do
do
do

156.0
139.9
111 .7
125.4

154.4
117.0
132.0

108.8
102.8
104.7
130.7

110.2
105.3
NA
136.5

110.9
107.2
110.5
137.7

110.0
104.0
111.4
137.3

103.0
NA
136.0

109.1
102.1
NA
136.1

109.3
102.6
NA
139.9

40.1
3.0
426

40.7
3.4
366

40.8
3.4
353

40.5
3.3
364

40.5
3.4
396

40.7
3.4
3 86

40.6
3.3
378

0.271
96

0.458
131

0.446
128

0.464
132

0.503
139

0.527
145

0.484
138

165.7

167.8
154.0

.5
.9
NA

NA

0.2
0.5
NA
2.8

B, Cyclical Indicators by Economic Process
B l . Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average weekly hours mig
,.,,
21. Average weekly overtime hours, mfg.3
•5. Average weekly initial claims (inverted*)

L,L,t Hours
L,C,L.,,
do
L.C.L... Thousands

Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers

L.Lg.U.... Ratio
L,Lg,U.... 1967-100

Comprehensive Employment:
48. Employee hours in nonagr'tculturai establish nents
42. Persons engaged in nonagricultural activities
•41. Employees on nonagricultural payrolls
,
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age1

U,C,C... A.r., bil. hrs
U,C,C... Millions
CCC...
do
L,C,U.». Thousands

402

168.15 176.87 176.73 177.81 178.47 179.63 180.00 179.19
9 7 . 4 5 1 0 1 . 6 8 1 0 1 . 6 1 1 0 2 . 0 0 1 0 2 . 6 6 1 0 2 . 8 9 103 . 0 7 1 0 3 . 3 4
90.14
94.16
94.56
95.44
93.79
95.99
95.68
96.11
23,394 24,905 24,862 25,056 25,154 25,258 25,332 25,196

'.]

57.15

58.79

58.87

58.89

59.07

59.20

59.24

59.35

0.04

10,717

8,539

8,529

8,447

8,233

8,191

8,484

8,399

-3.6

1.0

1 .0

2.5

37

0 (\
3.0

7 1
/ . J

2.7
18.4
2.4

2.7
17.6
2.3

2.8
17.1
2.1

2.8
17.3
2.1

2.9
15.3
2.0

3.0
15.9
2.1

-0.1
11 .6
0.1

-0.1
-3.9
-0.1

0
0
4.3
0 !i

0.3
-0.1
2.8
0.2

43
45
91
44

1534.7 1639.3 1638.8 1645.2
1 2 8 4 . 6 1 3 6 6 . 5 1361 .6 1 3 7 5 . 5

1662.4
1389.5 1397,9 1397.1 1396.1

0 .4
-0.1

-0.1

1.0
1.0

50
52

1095.0

U77.4

1172.2

1186.6

1200 .2 1 2 1 0 . 3

-0.7

- 0 .1

213.5

224.8

225.0

225.4

226.3

228.0

228.8

227.7

0.4

-0.5

147.6
134.5
168.1
688.6

163.3
154.7
179.4
764.5

163.1
153.6
180.1
76 7.4

165.6
157.4
181 .3
766 .8

164.7
157.6
179.6
778.8

165.0
158.0
179.7

165.5
158.2
179.7

164.7
157.5
179.2

0.3
0.1
0.

L.C.U... Percent
L,C,U..,.
do

75.2
75.2

81.6
82.0

81.8
82.7

82.5
82.9

81.6
80.8

81.5
80.4

81.4
80.7

80.8
80.1

L,L,L... Bil. dol
LX,L... ...... do

87.85
37.01

100.91
41 . 5 9

U,Lg,U.... Percent

Comprehensive Unemployment:
37. Number ol persons unemployed (inverted1)
id.
45.
*91.
44.

40.0
3.3

L,Lg,U.... Thousands
unemployment rate (inverteo )*
,
L,Lg(u.... Percent
s
..do
Avg. weekly insured unemployment rate (inv.<) ... L,Lg,U....
4
Average duration of unemployment {inverted )
Lg.Lg.Lg- Weeks
Unemployment rate, 15 weeks and over (nv.*) 1
Lg.Lg.Lg.... Percent

3.8
20.0
3.8

2.8
18.2
2.4

82. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1972 dollars
CCC... A.r., bil.doi
„ do
52. Personal income in 1972 dollars
C,C,C...
*51. Personal income less transfer payments
do
in 1972 dollars.
CCC
53. Wages and salaries in 1972 dollars, m nmg, mfg,
and construction
.......
.
....CCC.
do
Industrial Production:
*47. Industrial production
73. Industrial production, durable mfrs
74. Industrial production, nondurable m h
49. Value of goods output in 1972 dollars

CCC... 1967-100
CCC...
do
C.L.L...
do
C C C . A.r., bil. dol

Capacity Utilization:
82. Capacity utilization rate, mfg1....
84. Capacity utilization rate, materials1.

1202 .1 1201 .0

1

.0
.2

1
0 .2

1 .1

51

0.4

53

-0.5
-0.4
-0.3

1 c
2 e
0 .7
-0 , 1

-0.5
0.1
-0.9
1 .6

47
73
74
49

-0.1
0.3

-0.6
-0.6

0 .7
0 .2

-0,9
-2,1

82
84

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
7. Mfrs.' new orders in 1972 dollars, dt rable goods
•8. Mfrs.' new orders in 1972 dollars, consumer goods
and materials. .......
...
.
25. Change in mfrs.' unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods'
*32. Vendor performance, slower delivers 1 ©

99.92 100.80 100.62 101.74 104.98 104.74
41.18
41 .43
41 , 2 7 41 .70 4 2 . 9 7
42.80

3.2
3.0

-0.2
-0.4

0 .9
0 .6

-0.2
-0.4

6
7

34.13
LLL
37.53
37.46
do
37.47
37.06
37.28
38.18
39.85
L,L,L....
do
2.69
2.12
2.35
1.34
- 1 . 3 4 - 1 .93
1 .32
2.05
L,Lg,U.... til. dol., EOP ... 3 1 9 . 3 0 3 4 4 . 7 4 3 4 4 . 7 6 3 4 8 . 7 8 3 4 4 . 7 4 3 4 4 . 7 4 3 4 6 . 0 6 3 4 8 . 1 1
61
L.L.L,,, Percent
54
69
57
49
45
47
48

6.9
3.25
0.4
2

-4.2
0.73
0.6
1

0
-1.(u
1 .2
- L2

- 1 .1
-2.66
- 1 .2
-8

25
96
32

Consumption and Trade:
56. Manufacturing and trade sales
•57, Manufacturing and trade sales in 1972 dollars
75. Industrial production, consumer gooJs
54. Sales of retail stores
59. Sales of retail stores in 1972 dollar;;..
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment (u)

C,C,C...
CCC...
C,L,C...
C,L,U....
U.L.U....
L,C,C.,.,
l,,L,L...,

NA
NA
161 .9
112.37
53.31

-0.7
-0.9
0.2
0.2
-0.3

NA
NA
-0.6
1.5
1 .2

93.7

3.3

-2.4

0
0
0
-0
-0
_3
2

4

0.9
1.0
-0.2
2.0
1.5
0.9
-3.9

56
57
75
54
59
55
58

1 .4
NA

0.6
NA

1 3
-2 6

-1.8
NA

12
13

do
1967-100
Bil. dol
do
A.r.,bil.dol
Q 1966-100.

3 6 7 . 0 6 40 9 . 2 8 4 1 0 . 9 1 4 1 1 . 0 3 4 1 4 . 5 5 4 1 8 . 5 1 4 1 5 . 5 2
161.70 176.08 176.56 176.60 178.44 180.44 178.86
161 . 7 1 6 2 . 0
151 .7
162.2
162,5
162.6
162.9
8.99 108.16 107.78 109.92 110.52 110.75
8.15
51 .76
52.12
47.75
52.48
52.83
51 . 7 0
52.66
102 .3
104.6
101 .8
88.3
100 .9
87.5
96.6
97.5
98.9
95.0
92.9
96.0

1967-100
Number

114.8
50,162

Bil. dol

4
4
8
5

ft
0

B4. Fixed Capital Investment
Formation of Business Enterprises:
*12. Net business formation
13. New business incorporations
Business Investment Commitments:
10. Contracts and orders for plant and equipment
*20. Contracts and orders for plant and equipment
in 1972 dollars
24. Mfrs.' new orders, nondefense cap tal goods
27, Mfrs.' new orders in 1972 dollars, nondefense
capital goods.,
,




LLL
i.fLfl

L.L.L.... Bil. dol

116.7
116.9
NA 5 3 , 2 7 6

118.2
51,883

116.1
NA

115.7
NA

117.3
NA

118.0
NA

26.68

31 .22

31.80

31 .82

31 .06

30.88

26.84

34.21

-13.1

27.5

0 1

-2.4

10

L.L.L....
LLL .

do
do

13.40
22.73

15.40
26.91

15.83
27.62

15.49
27.33

15.01
26.3 8

14.07
26.62

12.68
23.14

18.81
29.98

-9.9
-13.1

48.3
29.6

-2. 1
-1 0

-3.1
-3.5

20
24

LLL .

do

11 . 7 2

13.63

14.11

13.65

13.10

12.34

11 .18

17.10

-9.4

53.0

-3. 3

-4.0

27

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data'
Series title and timing classification1

of
measure

Annual
1983

Percent change

average

1984

Jan.
to
Feb.
1985

Dec.

24 Q
1984

1984

4th Q
1984

Dec.
1984

Feb.
1985

Jan.
1985

to
Jan.
1985

,_

ZdQ
to
3dQ
1984

E
3d Q
to
4th Q
1984

1. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial and
industrial buildings, floor space
L,C,U.... Mil. sq. ft
11. Newly approved capital appropriations, mfg
U,Lg,U.... Bil. dol
97. Backlog of capital appropriations, mfg.s
C,Lg,Lg... Bil. dol., EOP ...
Business Investment Expenditures:
61. Expenditures for new plant and equipment
C.Lg.Lg.... A.r., bil. dol
69. Mfrs.' machinery and equipment sales and business
do
construction expenditures
C,Lg,Lg....
76. Industrial production, business equipment
C,Lg,U.... 1967 = 100
86. Nonresidential fixed investment in 1972 dollars
C,Lg,C... A r bil dol
Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
RQ ftpiirtpntial fi*pH inup<;tmpnt in 1Q7? rtnllar<;

L,L,L... A.r., thousands..
L,L,L... 1967-100
1I I
A r bil dol

86.73

81 . 1 4

269.22

307.59

320.57
153.3
1 71 . 0

3 7 6 . 6 6 3 7 3 . 3 0 382.62 400.23 4 1 6 . 3 4
186.5
188,5
181 . 0
177.0
189.9
209.5
213 . 8
202 . 9
204. 9

382.83
189.5

63.56
22.00
73.50

30.14
97.24

79.06
37.15
92.52

302 . 7 0

78.07

79.35
27.59
95.90

83.17
28.98

82.48

-6.4

1 .7

NA
188.8

-8.0
-0.2

NA
-0.4

1 ,638
129.3

12.9
3.4

97.24

1 ,747
133.3
60 ,2

1 ,858
141 . 9
60 . 8

1 ,663
121.4
60 .1

1 ,598
123.7
59 .2

-3.6

24.8

20.3

30.6

16.8

1 .92
8.8

21 . 4 1
51 . 9

32.42
56.3

16,62
54.4

11 .36
23.4

1 .46

0.73

0.75

-1.79

4.8
5.0
1 .4

9
11
97

3.4

313 .11 3 2 1 . 4 0

129.4
53 . 7

1 ,703

0.4
-25.7
3.7

128.1

1 ,841
132.5

3.92
15.0
-0.43

1 ,630

- 1 1 .0
-2.4

2.6

61

2,5
5.4
3.3

4.6
1 .1
2 .1

69
76
86

-3.9
1 .9
- 1 .5

28
29
89

-10.5
-14.4
- 1 .2

B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1972 dollars3
L,L,L.. . . . do . . .
*36. Change in mfg. and trade inventories on hand and on
6 3
order in 1972 dollars (smoothed )
L,L,L... . . . do . . .
31. Change in mfg. and trade inventories, book value3.
L,L,L . .. . .do . . .
38. Change in mfrs.' inventories, materials and supplies
on hand and on order, book value3
L,Ltl
Bil. dol
Inventories on Hand and on Order:
71. Mfg. and trade inventories, book value5
Lg.Lg.Lg.... Bil. dol., EOP ...
do
70. Mfg. and trade inventories in 1972 dollars5
Lg.Lg.Lg....
do
65. Mfrs.' inventories, finished goods, book values
Lg,Lg,Lg....
•77. Ratio, mfg. and trade inventories to sales in
1972 dollars3
....
LgLg.Lg.... Ratio
78. Mfrs.1 inventories, materials and supplies on hand
and on order, book value'
L,Lg,Lg.... Bil. dol., EOP ...

10.3

-13.8

30

NA - 1 5 . 8 0
NA
- 1 .9

-5.26
- 3 1 .0

36
31

0 .77

NA

-0.53

-2.54

38

NA
NA
NA

0.4
0.5
-0.5

NA
NA
NA

2.5
2.2
2.9

1.0
1 .0
0.8

71
70
65

2.60
25.9

NA
NA

- 1 .32
10.9

0,34

NA

5 1 4 . 3 4 5 6 6 . 2 7 5 4 6 . 8 3 5 6 0 . 4 3 566 . 2 7 566 . 2 7 5 6 8 . 4 3
259.02 2 7 8 . 9 7 270.03 276.10 2 7 8 . 9 7 2 7 8 . 9 7 2 8 0 , 2 4
8 9 . 76
80.87
89.76
86.54
89.08
89.29
8 9 . 76
1 .59

1 .54

208.59 2 1 7 . 3 2

1 .28

1 .55

1 .56

1 .55

1 .57

NA

0.02

NA

0.03

0.01

77

220.44 222.70

217.32

217.32

217.66

NA

0.2

NA

1.0

-2.4

78

-0.81
255.8
-0.52

-1.69
253.1
-0.81

-0.48
-2.3
-0.20

-0.88
- 1 .1
-0.29

-0.05
-4.0
-0.99

0.63
-4.0
0.40

98
23
99

171 . 6 1 180 . 8 8

4.3

3.1

2.9

19

1 .52

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3
23. Spot market prices, raw industrial materials©
*99. Change in sensitive materials prices (smoothed6)3

L.L.L.... Percent
U.L.L... 1967=100
L.L.L.... Percent

Stock Prices:
*19. Stock prices, 500 common s t o c k s ©

L,L,L... 1941-43 = 10...

Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1972 dollars
79. Corporate profits after tax with IVA and CCAdj
80
do
, in 1972 dollars
15. Profits after taxes per dollar of sales, mfg.3
26 Ratio price to unit labor cost nonfarm business

L.L.L.... A.r., bil. dol
do
L,L,L...
do
L,C,L...
do
L.C.L...
L,L,L.... Cents
L,L,L.... 1977 = 100

127.4
60.5
149.4
71 .2
4.0
98 .0

Cash Flows:
34 CorDorate net cash flow
35 Cornorate net cash flow in 1972 dollars

LL L
LL L

A.r., bil. dol

Unit Labor Costs and Labor Share:
63. Unit labor cost, business sector
Lg,lg,Lg.... 1977 = 100
68. Labor cost per unit of real gross domestic product,
nonfinancial corporations
Lg,Lg,Lg.... Dollars
62. Labor cost per unit of output, mfg.
a) Actual data
Lg.Lg.Lg.... 1967 = 100
*b) Actual data as percent of trend3
Lg,Lg,Lg.... Percent
64. Compensation of employees as percent of
national income3
Le Lc LE
do

1 .24
258.5
1 .03

-0.36
278.9
-0.19

-0.68
288.1
0.11

-0.73
276.6
-0.88

-0.10
265.5
-0.48

-0.33
261 . 9
-0.32

160.41 160.46

155.76

160.54

165.19

164.48

146.2
68.2
196.2
92 .2
NA
99.5

150.2
70.3
195.2
92 . 1
4.9
99.8

141 . 7
65.7
199.8
93 . 6
4.5
99.7

142.3
65.6
205.2
95 .6
NA
99 . 8

-5.7
-6.5
2.4
1 .6
-0.4
-0.1

0.4
-0.2
2.7
2.1
NA
0.1

16
18
79
80
15
26

318.9
149 3

367.6
16 9 3

366. 7
169 3

366 . 7
168 4

376.6
171.9

0.
- 0 .5

2.7
2.1

34
35

156.0

157.7

156.5

158.0

158.5

1 .0

0.3

63

1.409

1 .425

1 .414

1 .434

1 .437

219.6
95.4

218.5
90.0

218.0
90.4

216.8
88.7

220.7
89.1

75 0

73 4

73 3

73 4

5.4

1.4
223.0
89.2

223.3
88.9

0.2

68

-0.6
-1.7

1.8
0.4

62
62

0.1

222.4
89.4

-0 . 1

64

-0.35
-0.03
-0.11
0.2
0.8

0.16
0.33
-0.10
0.
1 .4

85
102
104
105

0.016
0.063
0.004 -0.008

107
108

NA
-3.75 -60.89
NA
7.16
45.81 -30.80 - 5 7 . 4 6
NA - 2 8 . 3 2
7.15
4.85
-7.8
-3.6
NA
8.5
-28.6
45.3

33
112
113
111
110

0.3
-0.2

0.1
-0.3

73 . 3

B7. Money and Credit
Money:
85. Change in money supply M l 5
102. Change in money supply M23
104. Change in total liquid assets1
105 Money supply M l in 1972 dollars
•106. Money supply M2 in 1972 dollars

do
L,L,L....
do
L,C,U....
do
L.L.L....
L L L... Bil. dol
do
L.L.L....

0.78
0.95
0.89
214.0
886.2

0.47
0.67
0.92
219.5
91 7 . 2

0.61
0.60
1.01
219.7
912.3

0.26
0.57
0.90
220.1
91 9 . 6

0.42
0 .90
0.80
220 .0
932,1

0.85
1 .10
0.99
221 . 5
940.3

0.75
1 .13
NA
222.7
949.2

1.17
0.88
NA
224.5
954.2

Velocity of Money:
1(17 Ratin GNP to monev SUDDIV MP
108. Ratio, personal income to money supply M23

C C C Ratio
do
C,Lg,C...

6.482
1 .300

6.720
1 .323

6.712
1 .324

6.728
1.328

6.791
1 .320

1.312

1 .305

1 .298 -0.007 -0.007

21 . 9 0
-2,09
81 .83
5.7

NA
43.72
86.68
14.2

NA
12.92
NA
NA

NA

NA

Credit
33.
112
113,
*111.
110.

Flows:
Net change in mortgage debt3
Net change in business loans'
Net change in consumer installment credit3
Change in business and consumer credit outstanding3
Funds raised by private nonfinancial borrowers

Credit Difficulties:
39. Delinquency rate, installment loans (inverted')1




s

L.L.L... A.r., bil. dol
do
L,L,L....
do
L.L.L....
L,L,L.... A.r.t percent
L.L.L.... Ar bil dol

L,L,L... Percent, EOP ...

60.17
37.55
9 9 . 6 9 124.81 121 . 0 6
30.92
88.38
38.08
3.66
52 . 4 0
69.55
76.70
97.87
39.77
77.98
14.0
10.4
21.8
5.0
15.2
3 90 99 4 4 7 3 1 502 51 35 8 89 521 42
1.94

2.09

2.02

2.10

2.09

2.09

-0.10
0.03
NA
0,5
0.9

NA

0.42
-0.25
NA
0.8
0.5

NA

-0.08

0.01

106

39

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

Percent change

Unit
Series title and timing classific?tio r

of
measure

Annual average
1983

1984

2dQ
1984

3dQ
1984

4th Q
1984

Dec.
1984

Jan.
1985

Decto
Jan.
1985

Feb.
1985

Jan,
to
Feb.
1985

Q
to

3dQ
1984

3dQ
to
4th Q
1984

I. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted*) 3 ®

94. Sorrowings from the Federal Reserve 3 ©

l,U,U..., Mil. dol....

,

Interest Rates:
119. Federal funds r a t e ' ©
,
114. Discount rate on new Treasury bills 3 ©
115. Yield on new high-grade corporate b o n d s ' ©
115. Yield on long-term Treasury bonds* ©
,
117. Yield on municipal bonds5 ©
118. Secondary market yields, FHA mortgages 3 ©
67. Bank rates on short-term business l o a n s ' ©
*109. Average prime rate charged by banks3 ©
Outstanding Debt:
66. Consumer installment credit outstanding'
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding In
1972 dollars
*95. Ratio, consumer installment credit to
personal income'

LJLg.LJ,...

....do

Ug.Lg.... Percent......
C.lg.Lg,.,,
..do...
Lg,Lg,Lg....
do...
CLg.Lg...
do.,.
U,Lg,Lg....
....do...
Lg.Lg.Lg....
....do...
Lg.lg.Lg....
....do...
Lg,Lg,Lg,...
do.,.

- 1 ,892 - 6 , 4 1 8 -3,885 - 2 , 3 3 3
4,607 3,186
2,507
7,061

-650
1 ,395

1 ,683
-390
1,289 - 1 , 7 9 1

8.38
8.16
12.47
11 .21
9.95
12.99

8.35
7.76
12.46
11 .15
9.51
13.01

8.50
8.22
12.39
11 .35
9.65
13.27

-0.03
-0.40
-0.01
-0.06
-0.44
0.02

0.15
0.46
-0.07
0.20
0.14
0.26

11 .06

10.61

10.50

-0.45

NA
452.02 430.13 447.52 452.02 452.02 459.24
2 9 9 . 7 9 296.24 309.05 320.13 321 .23 3 2 4 . 8 7 3 2 5 . 9 5

-545 - 3 , 0 4 6
1 ,034 3 , 7 3 0

9.09
8.62
12.25
10,84
9.51
13.11
10.64
10.79

10,22
9.57
13.3
11 .99
10.10
13.82
12.02
12.04

10.56
9.84
14.18
12.69
10.37
14.57
12.45
12.31

11 .39
10.34
13 .72
12.34
10.17
14.26
13.29
12.99

9.2
8.97
12.63
11 .37
10.12
13 .11
11 .29
11 .80

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

388.72
264.94

Lg,Lg,Lg..,.

104.13 115.06 113.31 118.49 123.03 123.45 124.90

.do

Lg.Lg.Lg,... Percent

-260
-106

4,526 -2,533
4,554 -2,454

-0.11

0.83
0.50
-0.46
-0.3 5
-0.20
-0.31
0.8
0.6

-2,12
-1 .37
-1 .09
-0.9 7
-0.05
-1.15
-2.00
-1.19

1.6
1,1

NA
0.3

4,0
4.3

1,0
3.6

125.56

1.2

0.5

4.6

3.8

0.14

NA

0.41

-0.14

1.1

0
-2.2
-0.1
0..4
-0.1

0
0
0
-0.2
-0.2
-1.9
-0.5
0
-0.3

13.34

14,18

14.12

14.53

14.39

14.53

14.67

NA

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

215
298
0
291
303.1
315
323.6
312.3
287.2
284.6

223.4
311 .1
0.3
302.9
310.3
322.6
331
320.0
294.1
290.4

222.4
309
0
301
311.4
323.2
332.8
320.8
294.1
290.6

224.6
313.1
0.4
303.7
310.6
323.1
328.8
320.4
295.3
290,3

226.1
315.4
0
306
309
323.4
327
320
295.5
290.8

315.5
0
30 7
309
323.0
329
320.6
295
291 .5

316.1
0.2
307.7
309.8
323.2
322.2
320.4
297.0
291 .1

31 7.4
0.3
309.3
309.2
322.5
316.1
318.9
298.4
290.3

1977-100...

155.3

162.8

159.9

161 .0

162.1

163.1

162.8

163.7

-0.2

0.6

0.7

0.7

...do
....do
do

94.8
161 .6
98,3
103.7
103.4

94
168.9
98,6
107.4
106.6

95.1
167.4
98,1
107.0
106.6

94.5
168.9
98.2
107.2
106.3

94.4
170.4
98.1
107.9
106.7

94.7

94.4

94.6

-0.3

0.2

-0.6
0.9
0
0
-0.3

-0.1
0.9
-0
0
0.4

0.4
0.1
3.6
1 .0
7.1
3.0
2.2

0.2
0.3
-1.0
-0.6
-1 .1
-1.7
-0.1

0.2
0.3
-1.0
-2.2
1.4
-2.4
-0.4

0.4
0.6
-2.5
-2
-2.5
-1.9
-1 .7

-0.1
0.4
1.1

0.
0,1
0.5

0.
0.
-0.4

0.
0.1
-0.1

-16.9
0.3
2
-6.9
0.8
2.3

-16
2.3
3.7
8.2
2,9
1.3

II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
6 1 . Price Movements
310.
320.
320c.
322.
330.
335.
331.
332.
333.
334.

Implicit price deflator lor gross national pnduct
Consumer price index for all urban consumers (CPI-U) ©
Change in CPhU (S/A) 3
Consumer price index for all urban consumers, food
Producer price index (PPI), all commodity s © - ,
PPI, industrial commodities ©
PPI, crude materials for further processing
PPI, intermediate materials, supplies, and components
PPI, capital equipment,...
PPI, finished consumer goods

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

-0
0
-0.1

0
0
-0.1
0.8
-0.2
0
-0.3
0.1
0
0.2

B2. Wages and Productivity
340. Average hourly earnings of production or lonsupervisory

workers on private nonagricultural payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagricultural payrolls
345, Average hourly compensation, nonfarm bi siness sector
346. Real average hourly compensation, nonfarm susiness sector
370, Output per hour, business sector
358. Output per hour, nonfarm business sector.

...do

...do...

C. Labor Force, Employment, and Unemployment
441.
442.
37.
444.
445.
446.
447.

Civilian labor force
Civilian employment
Number of persons unemployed
Number unemployed, males 20 years and over
.....
Number unemployed, females 20 years aid over
Number unemployed, both sexes 16-19 tears of age
Number unemployed, full-time workers

Civilian Labor Force Participation Rates;
451. Males 20 years and over3
452. Females 20 years and over3

3

453. Both sexes 16-19 years of age

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

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

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

111 .55 113.54 113.51 113 .75 114.18 114.46 114.88 115.08
100.83 105.00 104.98 105.31 105.95 106.27 106.39 106.68
8,447
8,399
8,539
8,529
8,191
8,484
8,233
10,717
3,846
3,774
3,932
3,934
3,759
3,798
3,738
5,257
3,129
3,126
3,107
3,087
2,952
3,161
3,051
3,632
1 ,499 1 ,508 1,472
1,480
1 ,525 1,499
1,444
1,829
6,958
6,954
7,057
6,988
6,963
6,83 7 6,811
9,075
78.3
53.7
53.9

78.3
53.8
54.3

•178.6 - 1 7 5 . 7
641 .1
704.8
819.7
880.5
44.1
53.0
478.2
523.6
434.1
470.7

163.7
70 4 . 3
868.0
54.5
520
466.1

78.5
53.1
53.5

78.3
53.8
53.9

78.3
53.9
53.8

78.3
54.0
54.1

78.2
54.4
55.2

78.2
54.5
55.7

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

Federal Government surplus or deficit3
Federal Government receipts
Federal Government expenditures
State and local government surplus or dakit 3 ...
State and local government receipts
State and local government expenditure:

517.
525.
548.
557,
570.
564.

Defense Department gross obligations incurred
Defense Department prime contract awads
Mfrs.' new orders, defense products
Industrial production, defense and space equipment..
Employment, defense products industries
Federal Government purchases for national defense .

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

•180.6 - 1 9 7 . 3
706.2
722.5
886 .8 919. 7
47.6
55.8
524.6
53 9.8
477.0
484.0

D2. Defense Indicators
Mil. dol
...do
...do
1967-100...
Thousands
A.r., bil. dol...

20,635 22,437 1 9 , 7 6 9 22,092 25,466 26,686 22,492
10,787 12,942 10,834 11,396 15,157
NA
7,017
6,306
7,128
7,935
6,772 7,462
9,758
8,546
133.3
137.4
142.7
119.9 135.7
145.9
144.8
1,420
1,453
1,481
1 ,355 1,436
1 ,505
1,492
220.3
231 .6
200.5 221 .5 2 2 0 . 8

NA
NA
5,021
147.0
MA

-15.7
NA
14.2
0.8
0.9

NA
NA
-48.5
0.8
NA

11
5
13.0
3.1
2,3
-0.2

15.3
33.0
11
3.9
1,9
5.1

Mil. dol

16,722 18,137 17,734 18,496 18,649 19,142 19,401
3,011
3,146
3,137
3,314
2,997
3,118
2,945
3,875
3,536
3,769
4,013
4,128
3,844
4,247
21 ,513 2 7 , 1 3 2 26,454 2 8 , 8 7 0 26,682 25,933 28,297
4,689
4,314
4,340
4,319
5,269
4,298
4,005
3,787
3,716
2,937
4,007
3,719
3,732
4,051

NA
NA
NA
NA
NA
NA

1 .4
-11 .1
2.9
9.1
-6.8
8.5

MA
NA
NA
MA
NA
NA

4.3
4.7
-2.0
9.1
-18.0
7,7

0.8
-0.6
6
-7,6
-0.1
-7.3

E. U.S. International Transactions
El. Merchandise Trad*
602.
604.
606.
612.
614.
616.

Exports, excluding military aid shipments
Exports of domestic agricultural products
Exports of nonelectrical machinery
,
General imports
Imports of petroleum and petroleum products...
Imports of automobiles and parts




...do..
..do..

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

Unit
of
measure

Percent change

Annual average
3dQ
1983

4th Q
1983

1st Q
IS84

2dQ

3d Q

1984

1984

4th Q
1984

1st Q
to
2dQ
1984

2dQ
to
3dQ
1984

3d Q
to
4th Q
1984

II. OTHER IMPORTANT ECONOMIC MEASURES-Con.
£2. Goods and Services Movements Except
Transfers Under Mitary Grants
667.
668.
669.
622.
618.
620.
651.
652.

Balance on goods and services3
Exports of goods and services
Imports of goods and services
Balance on merchandise trade3
Merchandise exports, adjusted
Merchandise imports, adjusted
Income on U.S. investment abroad
Income on foreign investment in the United States

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

-0.28
87.36
87.65
-9.12
5 2.80
61 ,92
20.96
14.01

-8.23 -22.61
83.05
90.59
91 .28 113.20
-15.26 - 2 6 . 8 6
50.06
55.08
65.33
81 .94
19.25
21.90
13.37
17.38

-9.70 -14.13 -17.52 -22.55 -30.74 -19.64
84.91
91 .05 91 .78
84.83
90.6 5 8 8 . 8 6
9 9 . 0 4 1 0 8 . 1 8 111 .41 121 .79 111 .43
94.53
•17.50 - 1 9 . 4 1 - 2 5 . 8 1 - 2 5 . 8 0 - 3 2 . 9 4 - 2 2 . 8 8
56 .26
50.44
51 .83
55.62
54.55
53 .92
67.94
71 .24
79.14
79. 73
80.3 5 88.56
20.80
19.61
21 .66
21 .85
20.82
23 .30
13.63
14.49
17.36
17.81
18.78
15.55

3304.8
1534.7
6,543
1538.3
2340.1
1095.4
4,670

3346.6
1550.2
6,602
1549.3
2367.4
1102.2
4,694

-5 .03
-2.0
3.0
0.01
1 .2
0.8
-10.6
11.6

-8.19
2.5
9.3
-7.14
2,0
10.2
4.0
8.2

11 .10
0.8
-8.5
10.06
1 .2
-10.6
0.9
-5.2

A. National Income and Product
Al. GNP and Personal Income
200.
50.
217.
213.
224.
225.
227.

Gross national product
Gross national product in 1972 dollars
Per capita gross national product in 1972 dollars
final sales in 1972 dollars
Disposable personal income
Disposable personal income in 1972 dollars
Per capita disposable personal income in 1972 dollars..

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

...do
,,.do
A.r., dollars..

3758.7
1662.4
6,998
1645.6
2644.5
1186 .7
4,996

2.6
1 .7
1 .5
2.5
2.1
1 .5
1 .3

1 .4
0.4
0.1
-0.2
2 .0
1.0
0.7

1 .7
1.0
0.8
1 .9
1.5
0.9
0.6

2361 .4 2396 .5
1984.9 2 1 5 5 . 9 2341 .8 2181 .4 2230.2 2 2 7 6 . 5 2332
1065.9 1075.4
96 3.3 1009.2 1062.4 1015.6 1032.4 1044.1 1064
326.3
279.8
299.8
317.2
284.1
310.9
320
245.1
318.8
182.9
157.5
159.6
167.2
173.7
178.6 177.0
140.5
178.0
823.0
811 .7
841.3
858.3 861 . 4 8 6 6 . 5
757.5
801.7
856.9
395.0
3 83 .2 3 8 7 . 1
396.6 3 9 5 . 5
363.1
3 76.3 393.5
378.5
982.2 1 0 7 4 . 4 1166.1 1 0 8 5 . 7 1107.5 1124.4 1153.7 1182.8 1203.8
482.0 483 .4 488.9 4 9 3 . 5 49 7.5
459.8
475.4
490 .8 4 7 7 . 6

2.5
1 .9
3.2
2.8
2.0
2,5
2.6
1 .1

1.2
0 .2
- 1 .1
-0.9
0.4
-0.3
2.5
0.9

1.5
0.9
2.9
3.3
0.6
-0.1
1 .8
0.8

3069.3
1480.0
6,370
1490 .4
2180.5
1058.3
4,555

3662.8
1639.3
6,926
1614.5
2576.8
1169.0
4,939

3431 .7
1572.7
6,681
1565.4
2428.6
1124.3
4 , 7 76

3553.3
1610 .9
6,82 9
1579.3
2502.2
1147.6
4,865

3644.7
1638.8
6,933
1618.5
2554.3
1165.3
4,930

3694.6
1645.2
6,943
1614.6
2606.4
1176 .5
4,965

A2. Personal Consumption Expenditures
A.r., bil. dol..

230. Total
231. Total in 1972 dollars

232.
233.
236.
238.
237.
239.

Durable goods
Durable goods in 1972 dollars
Nondurable goods '.
Nondurable goods in 1972 dollars...
Services
Services in 1972 dollars

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

...do...
..do...
..do...
...do..,

A3. Gross Private Domestic Investment
240. Total
241. Total in 1972 dollars
242. Fixed investment
243. Fixed investment in 1972 dollars

245. Change in business inventories3
30. Change in business inventories in 1972 dollars3

...do...
...do...
...do...
...do...
,..do...
...do...

414.9
194.3
441 .0
204
-26
-10.4

471.6
221 .0
485.1
224.6
-13.5
-3.6

637.8
289.9
579.6
265.1
58.2
24.8

491 .9
230.6
496.2
229.8
-4.3
0.9

540 .0
249.5
527.3
242.2
12.7
7.2

623.8
285.5
550.0
253.9
73.8
31 .6

627.0
283 .9
576.4
263
50
20.3

662.8
300.2
591 .0
269.6
71.8
30.6

637.8
289.9
601 .1
273 .1
36.6
16.8

0.5
-0.6
4.8
3.9
-23.2
-11 .3

5.7
5.7
2.5
2.2
21.2
10.3

-3
-3.4
1 .7
1 .3
-35.2
-13.8

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

6 50.5
292.7
258.9
117.0
391.5
175.7

6 85.5
291 .9
269.7
116.2
415.8
175.7

302,
295
122,
452,
179.6

689.8
292.0
269.2
115.6
420.6
176.4

691 .4 704.4
288.8 289.5
266.3 267.6
113.0 112 .2
425.1 4 3 6 . 8
175.8 1 7 7 . 3

743.7
302 .1
296.4
123.2
447.4
178.9

761 .0
306.1
302.0
125.0
458.9
181 .1

780 .5
310.5
315.7
129.6
464.8
180.9

5.6
4.4
10
9
2.4
0.9

2.3
1.3
1.9
1 .5
2.6
1 .2

2.6
1.4
4.5
3,7
1.3
-0.1

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

19.0
29.7
3 48.4
147.6
329.4
118.0

-8.3
12.6
336.2
139.5

-64.2
-15.0
364.3
146.0
428.5
161 .1

-16.4
11.9
342.0
141 .6
358.4
129. 7

-29.8
2.0
346.1
141 .0
375.9
139.1

-51 .5
-8.3
358.9
144.9
410.4
153.2

-58
-11
362.4
144.7
421
156.2

-90.6
-27.0
368.6
147.4
459.3
174.4

-56.0
-13.4
367.2
147.1
423.2
160 .5

-7.2
-3.1
1.0
-0.1
2.6
2.0

-31 .9
-15.6
1
1.9
9.1
11.7

34.6
13.6
-0.4
-0.2
-7
-8.0

2 4 4 6 . 8 2 6 4 6 . 7 2960.4 2684.4 2766.5 2 8 7 3 . 5 2944.8 2984.9 3038.3
2 0 5 5 . 4 2 1 1 3 . 4 2159.2 2191 .9 2228.1
1864.2 1984.9 2173.2 2000
153.7
149.8
159.1
123
154.9
121.7
154.4
131 .9
111
63.0
64.1
62.0
56
61.0
58.3
62
60.4
51
293.5
291 .1 282
245.0 2 6 0 . 0
277.4
225.2
286
159.1
2 93 .5
282.8
259.2 258.9
266.8
256.6
260.9
2 84.1

2.5
2.2
-3.3
1.6
4.9
6.0

1 .4
1 .5
2.6
1 .6
-2.9
3.8

1
1 .7
3.5
1 .7
3.8
0

556.4
557.9
525.3
536.5
164.1
163.0
-133 .0 -141 .5
6.3
6.2

1.3
3.3
-5.0
-1.8
-0.4

1 .0
1 .9
13.3
-23.8
0 .6

0.3
2.1
-0.7
-8.5
-0.1

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

Total
. . ..
Total in 1972 dollars.
....
Federal Government...
...
.. ..
Federal Government in 1972 dollars
State and local government
State and local government in 1972 dollars.
A5. Foreign Trade

250.
255.
252.
256.
253.
257.

Net exports of goods and services3.
. .
Net exports of goods and services in 1972 dollars3,
Exports of goods and services
Exports of goods and services in 1972 dollars. .
Imports of goods and services
Imports of goods and services in 1972 dollars

344
126 .9

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

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

290.
295.
292.
298.
293.

Gross saving
Business saving... .
. .
Personal saving
Government surplus or deficit3
Personal saving rate3.

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

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

552.3
40 8 . 8 43 7.2
388.0
453.6
519.0
136.0
118.1
156.1
-115.3 -134.5 -122.8
6.2
5.0
6.1

NOTE: Series are seasonally adjusted except for those, indicated by © , that 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 and sources, see "Titles and Sources of
Series" at the back of this issue. 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. CCAdj, capital consumption
adjustment.
1
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.




455.2
485.7
469.7
486.4
119.0
128.7
-133.5 - 1 2 9 . 3
5.0
5.3

543 .9
498.8
152.5
-107.4
6.1

551 .0
515.3
144.8
-109.2
5.7

'For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual
figures published by the source agencies are used if available.
3
Differences rather than percent changes are shown for this series.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
s
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Chart A l . Composite Indexes
Hm Ckt
P T

\Mfi. Apr.
P T

July May
P T

Apr. Feb.
PT

Mar.
I

Dec. Nsv.
P T

? T

P

1 MM: 1987-1001

-3

160150-

-8

910. Index of twelve leading indicators

1/0-

s^*

Y*c?

(series 1, 5f 8,12,19, 20,29,32, 36, 99,106, 111)

140130-

5J-

vy

120-

no10090-

-n

o

-4

A

*/\

y\yV

1,

—4

/vy\r%/

-23

170-

.

160-

/ "

150140-

J

c

;i

130-

920. Index tf four roughly coincident indicators

120-

V

i

110-

0

100-

°

f

-4

90-

/
-6
140-

+6

130-

+3
930. Index of six lagging indicators
(series 62, 77,91,95,101, VIST/

-1

y

V ^

^

120-

\ /

110100-

+13

90-

80-

70-

60-

+4

§0-

40-

1948 49 50 51 52 33 54 S5 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 71 78 79 80 81 82 83 841985
NOTE: Numbers entered on the ch,irt indicate length of leads ( - ) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.

10



MARCH 1985

KCII

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A l . Composite Indexes—Continued
Nov. Oct.
P

July May

T

P

Aug. Apr.

T

P

Apr. Feb.

T

P

Dec. Urn.

Nov.

Mar.

ten. July July

PI

T

P T

Nov.

P

T

j Index: 1967=1001
914. Capital investment commitments (series 12, 20, 29)
-15
126-1

-8

110168*

-3

00 ^

-2
120-

915. Inventory investment and purchasing (series 8 f 32,36, 99) " " 2 "
-24

_^Z

-12

L/"*^

^

0
110-

^w

n

90-

-10

-4

100-

129-

916. Profitabity (series 19,26,80)

-

-23-

v*V-

-10

A=^ \

v-'

z^
-3

110-

-4

v

100-

-3

-3

-6

-2

-20,

-9

917; Money and financial flows (series 104, 106,ui)
-12

/

110-

^>
r

' - J T - ;i

r

80-

-25

-2

940. Ratio, coincident index to lagging index

1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 JO 11 7t 73 1% 1%
NOTE: Numbers entered on the chart indicate length of leads (-) and tags { + ) in months from reference turning dates.
Current data for these series are shown on page 60.

• E M ) MARCH 1985



11

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
Dec. Nov.
F T

P 7

Nov.

PI

Mar

FT

Jan. July J;% Nov.
F T P
I

I. Average weekly hours of production or nonsupervisory workers, manufacturing (hours)

5. Average weekly initJa] claims for unemoiovmejit insurance.
State programs (thousands—inverted scale)

8. Manufacturers' new orders in 1972 dollars, consumer goods
and materials industries (bil. dot.) |L t L,L

32. Vendor performance, percent of companies receiving slower
deliveries (percent)
|Y[X

12. Net business formation (index: 1 9 6 7 ^ 1 0 0 )

20. Contracts and orders for plant and equipment m
1972 doflars (hi dol.)

1S48 49 BO b l 5?. S3 54 S5 B6 57 !i8 Ii9 60

63 64 65 ©6 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 841985

Currant d«t« for these stries are shown on pages 61, 64, 65, and 66.

12



MARCH 1985

BCII

CYCLICAL INDICATORS
IA

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued
Nov. Oct.
P T

July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.
P T

Uov.
P

Mar,
T

JanJuly July Nov.
P T P T

29. New building permits, private housing units (index: 1 9 6 7 - H f f i l
l II

36. Change in manufacturing and trade inventories on hand and on order in 1972 dollars, smoothed1 (ann. rate, bil. dot.)

99, Change in sensitive materials prices, smoothed1 (percent)

19. Stock prices, 500 common stocks (index: 1141-43 =-10)

106. Money supply M2 in 1972 dollars (ML.W.)

111. Change in business and consumer crecfit outstanding
(ana rate, percent)
1 L.L.L I

xa^

+30+20-

no-

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 81 82 83 841985
'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, 7 1 , and 72.

BCII MARCH 1985



1
3

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
Nov. Get.
P T

July May
P

T

Aug. Apr.

Apr. h*b.

P T

P

Jan. July July

Dec, Nov.

T

P

P T

T

P

Nov.
T

Employees on nonagricuitural payrolls

Personal income less transfer
1972 dolars

W. Industrial production, total (bdex: 1961*100) f

\

57. Manufacturing
1972 dolars (b*. d d )

1948 49 50 SI 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 81 82 83 841985
Current data for those series are shown on pages 62, 63, and 65.

14



MARCH 1985

CYCLICAL INDICATORS
IA

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

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

July i a y
P

T

Aug. Apr.

Jan. July July

Apr. Feb.

PI

PT

P T

P

Nov.
T

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

77. Ratio, manufacturing and trade inventories
1<J7? dnllarc f rating

62. Labor cost per unit of output, manufacturing—actual data
as percent of trend (percent) \u\7u

109. Average prime rate charged, by banks

U.U.U

101. Commercial and industrial bans outstanding
in 1972 dollars (bil. dol.)
Lg;lg,L

95. Ratio, consumer installment credit outstanding to personal income

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 81 82 83 841985
Current data for these series are shown on pages 62, 68, 70, and 73.

KCII

MARCH 1985




15

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart B l . Employment and Unemployment
Apr.

Dec. Nov.
P T

Feb.

P

T

Nov.

Mar.

P

T

Jan. July
P

T

July

Nov.

P

T

nal Employment Adjustments |
1. Average ; * M d y hours of product!® m fwrnipervisory workers,
manufacfaiTJog (hours)
fTfi

4140-

393821. Average weekly w&tm
manufacturing ( h o t r t

hours of productkm iTiOimjpervisory workers,
I L.C.L I
4-1

3-

5. Average weekty initial claims for unemployment insurance,
State program! ftousands—inverted a m > [
]

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 6 1 .

16



MARCH 1985

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Jan. July
P

T

July

Nov.

P

I

105-

100-

95-

42. Persons engaged % nonagricultural actfVftiis ^ m i i o n s ) ^ ^ / ^

^r

90-

85-

80-

41. Emptoyees on nonagricuJtural payrolls (mions)

75-

fcZci
70-

65-

28-

40. Employees oniwoagricultural payrolls, goodi-producing
industries i i

2726-

V^V

MUC,U

25-

___

24-

/

___

23-

s

222120-

W

60-|
59*

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

m

7_

5857-

____
____

__
__

___

565554-

1959 60

61 62

63 64 65

66

67

68

69 70

71 72 73

74 75

76

77

78 79

80 81 82

83

84

85 1986

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

MARCH 1985



17

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
Apr.

Feb.

P

T

Dee.

Nov.

Nov.

"ar.

P

T

P

I

|Comprehensive Unemployrrent]
37. Number of persons unemployed (millions—inverted scab)

liulm

/N/"-^>A

43. Unemployment rat« (percent—inverted scale)

|L,Lg,U|

\

/
\

'

45, Average weekly insured urwmfteyrnent rate, State propams (percent—inverted scale)

L

A

91. Average durwon of unemployment (wwks—inverted scale)

T
V7
44. Unemployment rate, persons unemployed 15 weeks ami over (percent—inverted scale)

1 L g. L s- L e i
\

T
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 62.

18



MARCH 1985

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income
Apr. Feb.
P

Dec.

Jan. July

Nov.

P

T

T

P

July

Nov.

T

P

T

80

81

[(apprehensive Output and Income]

50. Gross national product in 1972 dollars, Q (ann. rate, bil. dol.)

52. Personal income in 1972 dollars (amUate, bil. dol.)
CX

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

C,C,C

53. Wages and salaries ift 1972 dollars, mining, manufacturing
and construction (arm. rate, bil. do).)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85 1986

Current data for these series are shown on page 63.

BCII MARCH 1985



19

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued

47. lndusl#ffDduction (index: 191?-100)
C,C(C

74. bdustriilwyction, nondurable wmctures
(index:!*-100)
\

73. Industrf^pdkictJon, durable manufactures
(index: 1|I7*1OO)

49. Valued goods output in 1972 dAac

rifJUL doL)

utilization rate, man^acturing (percent)

1959 60

61

62

63 64

65 66

67

68

69

70

71 72 73

74 75

76

77

78 79

80 81

82 83 84

85 1986

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

20



MARCH 1985

KCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries
Apr. Feb.
P T

Dec.
P

Nov.
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

Nov
T

[Orders and Deliveries |
6. Manufacturers' new orders in current dollars,
durable goods industries (bil dol.)
J/

7. Manufacturers1 n ^ nrfore in 1Q7?rinllars,durable

industries (bil. dot.)

8. Manufacturers' new orders in 1972 dollars, consumer
goods and materials industries (DM. OOI.)

LI
L

25. Change in manufacturers' unfilled orders, durahlft goaife
industries (bil. dot.; MCD moving avg.—4-term)

96. Manufacturers' untied orders, durable goods industries
(ba.doi.)

32. Vendor performance, percent of companies
receiving slower deliveries (percent)
1001

A
50-

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 64.

RC!) MARCH 1985



21

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Apr. Feb.

P

Dee.
P

T

Uw.

Nov.

Jan. July

Mar.

P

T

P

T

July

Nov.

P

I

500-

|Qotpmption and Trade)

LJJ

450*
400350300250-

56. Manufacturing and trade l i e s in current dolars

(ML doL)

200-

*sT

[CHI

150-

57. Manufacturing and trade sales
h 1972 dolars (bi.doL)

100 J
190-

75. industrial production, consumer goods
(index: 1967-lOffJ

170150130110120110100-

90-

54. Sates of retail stores in current doiars (&i. m.)

80-

|ctuer

706050-

59. Sates of retal stores in 1972 dolars (fat M.)

40120-1
11010090«

AAL/

8070605040-

30-

bb. Kersofial comumptwn expenottures,
automobles, Q (ana rate, bl. do!.)

fliclcl

20-1

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

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Curr«nt data for those series are shown on page 65.

22



MARCH 1985

ItOlt

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
Apr. Feb.
P
T

Jan. July
P T

July
P

Nov.
T
160-

1 Formation of Business Enterprises 1

140-

12. Net business formation (index: 1 9 6 7 ^

120100-

504013. New business incorporations
304035 H
302510. Contracts and orders for plant and equipment
in current dollars (bil. doi.)

20-

| Business Investment Commitments |

15-

1020. Contracts and orders for plant and equipment
in 1972 dollars ( b l doi.)

35302520-

24. Manufacturers' new orders in current dollars, nondefense
capital goods industries (bil. doi.)
LL

15-

1027. Manufacturers' new orders in 1972 dollars, nondefense
capital foods industries (bil. doi.) r [ - j j [

HO1009080 s
70-

v

hH^i

9. Construction contracts awarded for commercial and inttostfal 'i^ff
buildings (mil. sa. ft. of floor soace: MCD movine ave t -

50-

f

40-

/

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

'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.

KCI» MARCH 1985



23

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Dec.

Nov.

Nov.

T

P

Jan. July
P I

Urn,

P

1

Juiy

Nov.

P

T

[Business Investment Commitments—Con.

97. Backlog of capita) appropriations, 1,000 manufacturing
corporations, Q (bil, do).)

11. Newly approved capital appropriations, 1,000
manufacturing corporations, Q (bit doL)

61. Expenditures for new plant and equipm&ti by U.S.
nonfarm business, Q (anil, rite, btfciftt)

| Business Investment Expenditures

69. Machinery and equipment sate* and business
construction expenditures (arm. rate, bl. dol.)

J^
/

76. Industrial production, business equipment
(index: 1967 ~10Q)
n 10 ii

IMM

m

61

f*2

63

(14

GS

6©

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Currant data for th«»« sarios art shown on pagas 66 and 67.

24



MARCH 1989

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T.

[Business Investment Expenditures—Con.|
;

Jan. July
P

T

July

P

Nw
o
T

|

Gross private nonresidential fixed investment in 1972 dollars (arm, rate,fell,dot.)

8. Producers' durable equipment, Q

[Residential Construction Commitments and Investment [I
i

28. New private housing units started (aim, rate, millions)

1.6-i

29. New private housing units authorized by focal building permits
(index: 1967—100)

cc89. Gross private residential fixed investment in
1972 dollars, Q (ann. rate, bit dol.)

MM.

Z

\Z

V
1959 60

61

62

63

64

65

66

67

68

69

70

71

r

72

73

74

75

1
76

77

78

§§ ness

Current data for these series are shown on page 67.

MARCH 1985




2
5

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Nov.
P

Dee.
P

| inventory investment]

Jan. July
P T

Mar.
T

July
P

Nev.
I

30. Change in business iwmntories in 1972 dc/tm, Q (arm, rate, bi, dol.)

36. Change in manufacturing and trade inventor^ on hand and on order
in 1972 dollars (arm. rate, bil. dol.; moving sif.—A-term 1 ;!
+30+20+ 100-10-20-30+ 90+ 80+ 7O«

+60-

31. Change in manufacturing and trade inventories, I
(arm. rate, bil. dol.; MCD moving avg,-4-term)

+ 50-

+40+30-

+ao+ 10-

o-10-20-30-40-50-60-

38. Change in manufacturers' inventories, mater&b and supplies on handu
and on order, book value (bil. dol.; MCD m o i f f avg.—4-tenn)

1959 60

61

62

63

l4
>

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

"This is a weighted 4 - t e r m 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 1985

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Apr. Feb.
P

Dec.

Nov.

Nov.

P

T

P

T

Mar.
T

Jan. July
P

T

July

Nov.

P

T

lapntories on Hand and on Order |

71. Manufacturing and trade inventories
book value ( f r dot)
\

. Manufacturing and trade inventories in 1972 dollars ( b l doi.)

65. Manufacturers' inventories, finished
book value (bil. d d )

77. Ratio, manufacturing and trade inventories to sules in 1972 dollars
(ratk))

260240220200-

78. Manufacturers' inventories, materials and supplies on hand
and on order >i boofc value (bil. dof.)
_

180160140120100-

80-

60-

401959 60

61

62

63 64 65 66

67 68

69

70

71 72

73

74 75

76

77

78 79

80

81

82

83 84

85 1986

Current data for these series are shown on page 68.

MARCH 1985



2
7

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits
Apr.

Feb.

Die.

P

T

P

98

[Sensitive Commodity Prices]

-

Nov.

Mar

P

NOT.

T

T

Jan. July
F

T

July

Nov.

P

T

Ch

ange in prodaeir pricesfar28 sensMft mfa and
intermediate materials (percent; MCD m n * | avg.-6-term)
+4+20-2-4-6-

99. Change in sensitive materials prices (percift; moving
avg.-4-term1) WTT\

340-

23. Spot market pttest, raw industrial m a t i ( # (index: 1 9 6 7 - 100)
U,L,L|

A .

/

A

J '

300-

f

260-

.

220180-

\

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

200-

1 Profits and Profit Margins]

160-

V-W
18. Corporate profits after tax in 1972 dollars, Q
( a m rate, biL dot.)

120-

80-

40

J

16. Corporate profits after %m in current dollars, (|
(arm. rate, bil. dol.) r r r r - i
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

l

ThU is a weighted 4-t8rm moving average (with weights 1,2,2,1) placed on the terminal month of the span.
'Beginning with data for June 1 9 8 1 , this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
Current data for these series are shown on page 69.

2
8



MARCH 1985

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Apr. Feb.
P
T

Dec. Nov.
P
T

Nov.

Mar-

Jan. July July
F T P

Nov.
T
240-

[Profits and Profit Margins—Con, [

200160-

Z

79. Corporate profits after tax with IVA and CCAdj in
current dollars, Q (ann. rate, bil. dol.) ^

120 •

80"

40 J

0. Corporate profits after tax with IVA and CCAdj in
1972 dollars, Q (ann. rate, bil. dol.) p r n

22. Ratio, corporate domestic profits after tax to corporate
domestic income, Q (percent)
\

firm

A

81. Ratio, corporate domestic profits after tax with IVA and
CCAdj to corporate domestic income, Q (percent)

V
/
\ „ /

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

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

1041021009896944501

[Cash Flows]

400350300*
250200-

34. Corporate net cash flow in current dollars, Q (ann. rate, bil. dot.)

150-

100-

35. Corporate net cash flow in 1972 dollars, Q

(ann. rate, bil. dol.)

fuXl50 J

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

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

ItCII MARCH 1985



29

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Dec.

P

Nov.

Nov.

Mar.

P

Apr. Feb.

T

P

T

T

Jan. July
P

I

July
P

Nov.
T

abor Costs and Labor Share

63. Unit lafe«r cost, business ratflj

(imtevs;W7->100)

"7

68. Labor cost in current t$lars per unit of gro§£ domestic product in
1972 dollars, Donfit^cfel corporations, Q (

62. Labor cost par urafllfutput,
L

64. Compematjon of e r ^ f e e s as a percent of ft^&ral income
Q (percent)
['"••,

1959 60

61

62

63 64 65 66

67

68

69

70

71

72 73

74 75 76 77

78

79

w

81

82

83 84

85 1986

Current data for thssa series are shown on page 70.

30



MARCH198S

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit
Apr. Feb.
P T

Dec.
P

Nov.
T

Nov.
P

Mar.
T

Jan. July
P T

July
P

Nv
o
T

85. Change in money supply M I
(percent; MCO moving avg.—6-term) I L L L

m L Ml WsiJ*!

102. Change in money supply M2
j
(percent; MCD moving avg.—6-term)

104. Change in total liquid assets (percent; MCD moving avg.-6-term)

105. Money supply M l b 1972 dollars (bit. doJ.)

106. Money supply M2 in 1972 dollars (bi. doL)

107. Ratio, gross national product to money supply M l ,
Q (ratio)
{FF

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

1959 60

61

62

63 64 65 66

ItCII MARCH 1985



67

68

69

70

71

72

73

74 75

76

77

78 79

80 81

82

83 84

85 1986

31

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Jan. July
P T

July
P

Nov.
T

81

82

33. Net change in mortgage # t held by financial i
and life insurance compaflte (arm. rate,

112. Net change in business tajMann. rate,
MCD moving avg.—6-terml .ftj

113. Net change in cormim#|gallment credit
(arm. rate, biL dol; MQKpving avg.—6-term

111. Change in business and c o p i e r credit outst
(ana rate, percent) f [

1959 60

61

62 63 £4

65

66

67

68

69

70

71 72

/4

75 76

77

78 79

80

83 84

85 1986

Current data for th»s« serios ara shown on pages 7 1 and 72.

32



MARCH 1985

BCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Jan. July
P

T

July

Nov.

P

T

iCWDifficulties]
14. Current liabilities of business failures (mil. dol.
inverted scale; MCDjnovfag avg.—6-term)
L.LI

39. Percent of consumer instafimeint loans delinquent 30 days and over
(percent—inverted scale)

borrowings from M i t r a l Reserve (bit. dol.)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 72.

MARCH 1985



33

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr. Feb.

P

Dee.

I

Mar.
T

Nev.

Nov.

P

T

Jan. July
P 7

Juiy
P

Nov.
f

81

82

119. Federal funds rate (percent)

114. Discount rate on new issues of 91-day
Treasury bills (percent) |c,Lg,Lg

116. 1 M on new issues of high-prade corporate bonds

115. Yield on long-term Treasury bonds (percent)
C.Le.L

118. Secondary market yields on FHA mortpps (percent)

117. Held on municipal bonds, 20-bond average (percent)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

83

84

85 1986

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

34



MARCH 1985

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Apr.

Feb.

P

T

Jan. Juiy
P

July

Nov.

T

P

T

80

81

Commercial and industrial
bil. dol.)

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85 1986

Current data for these series are shown on page 73.

MARCH 1985



35

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes;
Apr. Feb.
P

Nov.
P

Dec. Nov.

T

PI

Mar.
T

Jan. -uly
P T

Ja".y
P

Nev.
T

[ Percent rising]
950. Twelve leading M c t f w components (6-mo, spm

, 1-mo. s p a n - — )
100"

50-

0-

951. Four roughly comcid«nltedicatorcomponents <6-4no. span

, 1-mo. s p a n - — )
100-

nfi/ i

II ' 1 !

so0-

952. Six lagging indicator oiaponents (6-mo. span——., 1-mo. s p a n — )
100-

oJ

961. Average weekly hours of producing or nonsupevisory workers, 20
manufacturing industries (9-mo. mm
1-mo. soan.. J

100-

50-

o962» Initial claims for unempioynMi insurance, State programs, 51 areas
(percent declining; 9-mo. jftatu—, 1-mo. span---)
100-

§0-

0-

963. Employees on private jmgnctiturat payrolls, {72-136 industries
(6-mo. span
1-rmsoan---)

100-

50-

0-

X959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 74,

36



MARCH 1985

ItCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C l . Diffusion Indexes—Continued
Apr. Feb.
P T

Dec. Nov.
P
T

Nov.
P

Mar,
T

Jan. July July
P I P

Nov.
T

[Percent rising [

964. Manufacturers' neVv orders, 34-35 durable goods industries
o. s p a n — , M m span - - - )

100-

50-

0-

965. Newly approved capital appropriations in 1972 doHars, 17
manufacturing industries (4-Qmoving a v g ^ » ^ 1-Q $pan»»^)

90-

705030-

966. Industrial production, 24 industries (6-mo. span—, 1-mo. span---)
100-

^ K

50-

0-

967. Spot market prices, 13 raw industrial materials
(9-mo. span—> 1-mo. span---)

100-

50-

0-

968. Stock prices, 5 M common stocks, 46-82 Industries
(9-mo. s p a n — , 1-mo. span---)

100-

50-

0-

960. Net profits, manufacturing, about 600 companies1 (4-Q span)
90-

\

70-

V

/

50-

30-

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

'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 1985



37

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF C H A N G E — C o n t i n u e d

Chart C l . Diffusion Indexes—Continued
Nov.

Jan. July
P T

Mar

F

T
' ! • •

.

•

!

.

^

t

J

;

1

,

Juiy
P

Nsv.

Nov.

Mar.

f

P

T

Jan. Juiy

July

Not

ActuaJ
Percent rhhf |

Pwcent | S t
. Expenditures for new plant net
21 industries (1-Q span) ^
(a) Actual expenditures

974. NuntMr of employees, manufacturing
1

70 T
6050-

25-

(b) Later projections

40

975. M

of inventories, manufacturing ;$f trade | #

(a) Actual expenditures

^% !

E *^*v

t

(c) Early projections

7
5

70-

i K

60-

50

50-

as

40-

* | $ 5 l Hew orders, mamifacturing |4-Q spa) 1

97$. Se*ng prices, manufacturing
90'

.*. • « • .

90-

80'

80-

•tjfcA

60-

7060-

50
977, Seing prices, wholesate trade

profits, manufacturing and tra4|
9080-

*

1001
90-

j».

8070-

60-

60 J

50$7$. Seing prices, retal trade (

t sales, manufacturing and traA i

.. m. .

100-1
90-

1*1

80-

2T

70-

K

IBBI

1973 74 75

60-»

76

77

78

79 80

81

82

83

84 1985

1973 74

75

76

77

78

79

80

81

82

83

84 1985

'This is a copyrighted series used by permission; it may not be reproduced without written permission fro n Dun & Bradstreet, Inc. Dun 8> 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 1985

ItCII

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan.Juiy
P

T

Nov
T

July

P

1-month spans - - : 3-month spans —**

| Percent change at annual rate
910c. Composite index of twelve leading indicators

920c. Composite index of four roughly coincident indicators

930c. Composite index of six lagging indicators

47c. Index of industrial production

50c. Gross national product in 1972 dollars (1-Q span) '

^W

f\s\

48c. Employee hours in nonagricuJtural establishments

51c. Personal income less transfer
payments in 1972 doiars

1959 60

61

62

63

64

65

.
I

66

72

67

68

69

70

71

73

74

75

76

77

78

79

80

81

82

83

84 - 85 1986

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.

licit MARCH 1985



39

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
Nov.
P

Dee. Nov.
P
T

Apr=

Jan. July
P T

Mar.
T

JuEy
P

Nov.
T

200. Gross national product in current dollars, Q (ana rate, bit dol)

223. Personal income in current 6m$
(am. rate, ML dol) V

224. Disposable perwal income in current
doiars, Q ( m rate, b l dol.)

50. Gross national product in 1972

18001600-

213, Final sates in 1972 doiars, Q ( m n t t N . dol.)

1400 •
12001000800-

225. tfeDo^abte personal income in 1972
doiars, Q (am. rate, bl. dol.)

600-

8-

217. Per capta p>ss national product III l $ ) z oojiars, tj
(arm. rate, ttwus. dol>
'

7654-

227. Per c ^ jisposabte personal income in
i y / z doWst g (aon. rate, tnous. oof.)
1059 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

3-

80

81

82

83

84

85 1986

Current data for thss« ssriat art shown on pages 63 and 80.

40



MARCH 1985

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures
Dec.

P

Nov.

Nov.

Mar.

P

Apr. Feb.

T

P

T

T

Jan. July
P

T

July

Nov.

P

T

I Annual rate, billion dollars (current)]
w«r*

IP3.

Personal consumption expenditures—

*1

270025002300210019001700150013001100-

230. Total, Q
900^

•

!

700-

MS

500 J

237. Services, Q ^'
340-

J
V

X

236. Nondurable goods, Q

300260220180-

&,

232. Durable goods, Q
140-

100-

Annual rate, byikKi doiars (1972)

1959 60

61

62

63 64

65 66

67

68 69

70

71

72

73

74 75

76

77

78 79

81

82

83 84

35 1986

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

KCII MARCH 1985



41

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A3. Gross Private Domestic Investment

P

Dee.
P

I

Nov.
T

Naw.
P

Mar.
I

Jan. July
P T

July
P

Nov.
T

| Annual rate, btton l i a r s (current) |
700650600550500 •
450«

Gross private domestic investment—
350300-

250200*

150-

242. Fixed investment, Q

245. Change in businm teentories, Q

| Amu* rate, b * » defers (1972)|

30. Change in business inventories, Q

1950 60

61

62

63 64

65

66

67

68

69

70

71

72

73

74 75 76

77

78 79

80 81

82

83 84

85 1986

Current data for these series are shown o i page 8 1 .

42



MARCH 1989

ltd)

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Apr. Feb.
P T

Dec. Nov.
P
T

Nov.

Jan. July
P T

Mar.

P

T

July
P

Nov.
T

I Annual rate, b i o n dollars (current)]

Government purchases of goods and services—
900800700600500-

400-

260. Total, Q
300-

200-

266. State and local
government, Q

100 J

262. Federal Government, Q

| Annual rate, h l o n dojars (1972)]

267. State and local government, Q

263. Federal Government, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 8 1 .

RCII MARCH 1985



43

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
Dec. Nov.
P
T

Apr, Feb.

P

I

Nov.

Jan. July

Mar.

P

T

P

July

Nov.

P

T

T

253. Imports of gosxfs and

252. Exports of goods m i ten/ices, Q

2S& Net exports of g o o # M services, Q

256, Exports of goodi^nd services, Q

25& iH exports of goods minces,

1959 60

61

62

63

€4

65

66

67

68

69

70

71

72

73

74

75

Q

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 62.

44



MARCH 1985

BCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Apr. Feb.
P

Dec.

Nov.

P

T

T

Nov.
P

Mar.

Jan. July

T

P

T

July
P

NOT.
T

[Annual rate, bUEon doiars (current)|

3400300026002200180014001000800280. Compensation of employees, Q
600-

400360320280240200-

286. Corporate profits before tax with inventory valuation and capital,
consumption adjustments, Q
^
J

J\J

180160140-

J_

1201009080-

r

[jv]
-288.

Net interest, Q
50-

Proprietors' income with inventory valuation and
iimntiAn orliiictmant'C (\

7060-

*
40-

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

30-

20-

10
1959 60

61 62 63 64 69 66 67 68 69 70 71 72 73

74 75 76 77 78 79

80 81 82 83 84

J

85 1986

Current data for these series are shown on page 82.

BCD

MARCH 1985




45

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Apr. Feb.
P T

Die.
P

Nov.
T

Nov.
P

Mar.
T

Jan. July
P T

P

Nov.
T

(Annul rate, bjon^ters (current)!

298, Government surplus or e b M , Q

1 Percent |

293. Personal saving rail, Q

8641959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on p»g«* 82 and 83.

46



MARCH 1 9 8 5

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Apr.

Feb.

Dec.

Nov.

Nov.

Mar.

P

T

P

T

P

T

Jan. July
P

T

July

NOT

P

T

I Percent of GNP|
70-

235. Personal consumption expenditures, Q

6020-

268. State and local government purchases
of goods and services, Q
265. Federal Government purchases of goods and services, Q
10 •

248. Nonresidential fixed investment, Q

249, Residential fixed investment, Q

^ 2 4 7 . Change in business inventories, Q

251. Net exports of goods and services, Q
-5-

iPerCent of National Income]
64. Compensation of employees, Q
75-

70-

65-

287. Corporate profits before tax with inventory valuation
and capital consumption adjustments, Q

283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
289. Net interest, Q
285. Rental income of persons with capital consumption adjustment, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 83.

ItCII MARCH 1985



47

OTHER IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements
Nov.
P

Mar,
T

Jan, July July
F T P

Jan. July
P T

Nov.
I

i h f a 1972°° 1001

^£
3$$. Implicit price deflator for gross

i

:

national product, (J

July
P

310c I q i i t price deflator for gross
g g j p l product (1-Q span)
iii

y ^

180-

*/P

160-

31L Fixed-weighted price index, g r g |
iwrostk business product, Q

140 -J

Ik^r, 1967=
—in

I

7-

PF^teer price indexes—

T
, 330. Ai commodities >

335. Industrial yommodftfos

340
320
300
280
260'
240-

/

y
•30160-1
360340"
320300280260-

I I I . Crude materials for
hirihat i

^

V

/

/

£

/ \

y
332.

Kz:

flO-

333c. Capitai
333. Capital equipment

H0-

_V
^
^334. Finished emmtffife

334c. Finished cor
160-

^
1973 74

140 J

75

76

77

78

79

80

81

82

83

84 1985

1973 74

75

76

77

78

79

80

81

82

83

84 1985

Current data for th«« seritts are shown on pages 84, 85, and 86.

48



MARCH 1985

BCD

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B l . Price Movements—Continued
Apr, Feb.

P

Dec.

Nov.

Nov.

Mar.

P

T

T

P

T

Jan. July
P

T

July

Nov.

P

T

I index; 1967=1001

Ctjjisiimer price indexes-

S
140-

100-

| Percent change at annual rate |
320c. All urban consumers (6-month span)

+10-U

322c. All urban consumers, food (6-month span)

Chart B2. Wages and Productivity
Itrtdex: 1977=1001
200-1
180160-

341. Real average hourly earnings of production or nonsupervisory.
workers on private nonagricuiturai payroll 1

14012010080-

340. Average hourly earnings of production or nonsupervtsory
workers on private nonagricuiturai payrolls (current dollars)1

200-1
180160-

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

140120100-

80-

34b. Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)

60-

40-*

1959 60 61 62 63 64 65 66 67 68 69 70 /I /z 73 74 75 76 77 78 79 80 81 82 83 84 85 1986
'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.

MARCH 1985



49

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

Chart B2. Wages and Productivity—Continued
Apr.
P

Feb.
T

Hm.

[Wages—Con. 1
Chaqft in average hourly earnings ot production or nomupervtsory
WOrteS On private nmawiciitiiiraL

Mar.

p

Dec. Nov.
P
T

:

Jan. hiiy

July

Nov.

iPercent change |

6-month soans (aim, rate)

,

. 1 . . .iHm. •

340c. OHrrent-dolar earnings a ^ f t ^ ' T 1 ' '

X
;

illc. Real earnings i ; A 4 » » * S i ^ ^

Charp in average hourly compensation, afl employees,
nonfii''business sector, Q—
(ann. rate>

345c. Current-dolar compemation

+ 10-

4~quarter i p n s
,

;

346c. Real compensation

flO-i

1-quarter spam (arm. rate)

+50-

Nefoi^led wage and benefit decisionsP S . Average first-year changes, Q (arm. rate)
349, Average changes over life of
contract, Q (aim. rate)

iProdyeffvity |

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

370. Output p«r how, i l persons,
business sector, Q
370c. Change in output per hour, ail persons, business sector, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

[Percent change)

74

75

76

77

78

79

80

81

82

83

84

85 1986

'Adjusted for ovartima (in manufacturing only) and Interindustry employment shifts and seasonally. 'One-month percent changes have been multiplied by a constant (12) to make them comparable
with the annuallzed 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.
• • ^ ••1

50



MARCH 1985 I M

OTHER IMPORTANT ECONOMIC MEASURES
C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components
Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan. July
P

T

July

Nov.

P

T

442. Civilian employment (millions)

Civilian labor force participation rates (percent)—

60-

453. Both sexes 16-19 years of age
55504540-

452. Females 20 years and over

14-

Number unemployed (mmons)—

1210-

4-

444. Males 20
and over

446. Both sexes 16-19 years of age
12108-

447. Number unemployed, faWme
workers (miions)

12
s

2-

448. Number of persons employed part time for
economic reasons (millions)
1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

L/J

79

80

81

,
82

83

84

85 1986

Current data for these series are shown on page 89.

BCII MARCH 1985



51

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Chart D l . Receipts and Expenditures
Apr. Feb.
P

Dec.
P

T

Jan. *dy Jxy
P I P

NQV.

T

NOT

?

Annual rate, b*on ciotors (current)
13001
11009011-

700"
500-

502. Federal Government expenditures, Q

300-

501. Federal Government receipts, Q

100-

500. Federal Government surplus or deficit, Q

700-|
600-

500400-

511. Stile and tocal government t®d«pts, Q

300200-

512. State and bcai government expenditures, Q
100-

+ 80+60-

510. State andtea]government surplus or deficit, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

8B 1986

Current data for these series are shown on page 90.

52



MARCH 1985

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
Jan. July
P

T

July

Nov.

P

T

30-*

26-

vance Measures of Defense Activity)

2218-

14-

(bfl. dol.; i$G0 moving avg.—6-term)

10-

20-|

18161412-

10-

86-

Defense Department prime contract

4J
180-t
160140120100-

80-

543, Defense Department gross anpaid obhga
60 J
121110987654-

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 90.

ItCII MARCH 1985



53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued
Ape Feb.
P
T

Dec.

Nov.

Nov.

Mar.

P

I

P

i

Jan. July
P T

July

Nov.

P

T

Lbttgrnediate and Final Measures of Defense Activity |

"" "
""
i^7 buitretrialtvndiirtlhn fteffiiKfl and ^narfi AnnimtiPiit

^

ui

-^^

(index: 1967-100)

_ > -

- r

* '

\

/

rn
559. Madtrfacturers' inventories, defense products, book value

(ta dot)

561. Manufactures' unfilled orders, defeme products (bl. dot.)

580. Defense Department net outlays, military functions and military
assistance ( i t doJ.)

538. Manufactarers* shipments, defwse products

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Currtnt data for thtt* strict ara shown on page 91.

54



MARCH 198S

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Apr, Feb.
P
T

Dec.
P

Nov.
T

Nov.
P

1 Intermediate and Final Measures of Defense Activity—Cpin.j
ij,

.

Mar.
T

j|

Jan. July July
F T P

Nov.
T

jj

570. Employment, defense products industries (millions)

;

1.81.6-

1.21.0-

Defense Department personnel (rjifensj}—
3.5-

577, Military personnel on active duty

3.02.52.0-

578. Civilian personnel, direct hire employment
1.5-

1.0-

0.5-

INational Defense Purchases!
240220200180-

564, Federal Government purchases of goods M Sfi^VICfeS, na
defense^ (ann. rate, bit. dol.)

16014012010080 «

60-

40-

565. National defense purchases as a percent of GNP, Q (percent)
10987654-

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

73

79

80

81

32

83

84

35 1936

Currant data for these series are shown on page 91.

IICII MARCH 1985



5
5

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
Apr, f'eh,

Mar.

Nov.
P

Dec. Nov.
P
T

Jan. July
P T

July
P

Nov.
T

80

81

82

602. Exports, excluding mlrtary aid shipments
(bil. doJ.)

604. Exports of domestic agricultural products
(bl. do!.)
606. Exports of r>ooelectncal
(bi. dol.)

mtfflmy

614. Imports of petroleum anil petroleum products
(bidoL)

616. Imports of automobles and parts ( b l dof.)

19S9 60

61

62

63

34

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

83

84

85 1986

Currant data for these series are shown on page 92.

56



MARCH 1985

KCII

OTHER IMPORTANT ECONOMIC MEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements
Jan. July
P

T

July

Nov.

P

T

1 Annual rate, billion dollars I

Goods and services—
667. Balance on goods and services, Q

Merchandise, adjusted—

622. Balance on merchandise trade, Q

• ':\J:

::

\
620. Imports, Q

Income on investment—

651. U.S. investment abroad, Q

Foreign investment in the United States, Q

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Current data for these series are shown on page 93.

KCII MARCH 1985



57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
Apr. Hto.
P

Mar.
T

Nov.
P

Dae. Nsv.
P
T

T

Jan. Jyly
P T

July
P

Nov.
T

lhdw:l967-i00l
280
260240220200-

Industrial production—

/ZoT

y

721. OECD Eurooian couthta

180160-

m

\

140*
120nc

47. Untied

^728.

100-

unnoa nngaom

Japan
60 J

1959 60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85 1986

Currant data for thtit tarltt tr* shown on pag« 94.

5
8



MARCH 198S

ltd)

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices
Nov. Mar.
P
I

Chart F3. Stock Prices
Jan. July
P T

July
P

[Percent change at annual rate \

Nov.
T

Nov.
P

16-month spans]

Consumer prices—

1973 74

75

76

77

78

79

80

81

82

83

84 1985

Mar.
T

Jan. July
P T

July
P

I Index: 1967^1001

Stock prices-

1973 74

75

Nov.
T

76

77

78

79

80

81

82

83

84 1985

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

ItCII

MARCH 1985




59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

COMPOSITE INDEXES

Year
and
month

910. Index of
twelve leading
indicators (series
1, 5, 8, 12, 19,
20, 29, 32, 36,
99,106, 111)

(1967 = 100)

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

(1967-100)

930. Index of
six lagging indicators (series
62, 77, 91, 95,
101, 109)

(1967 = 100)

940. Ratio,
coincident index
to lagging index

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

915. Inventory
investment and
purchasing
(series 8, 32, 36,
99)

916. Profitability (series
19, 26, 80)

917. Money and
financial flows
(series 104,106,
111)

(1967 = 100)

(1967-100)

(1967 = 100)

(1967-100)

(1967-100)

1983
January
February
March . . . . . .

145.2
147.4
150.2

134.3
133.5
134.6

115.7
115.8
114.4

116.1
115.3
117.7

106.3
107.0
107.2

97.7
99.2
101.3

97.6
98.6
100.5

127.2
129.1
129.8

April . . . . . . .
May . . . . . . ,
June . . . . . . .

152.5
154.4
157.3

135.6
137.9
139.8

113.5
111.0
109.8

119.5
124.2
127.3

107
109
110

101.
102.
102,

102.5
104.6
105.7

129.7
129.0
131.5

July
August
September . . .

158.2
158.9
160.0

140.7
140.8
143.3

109.7
110.3
109.7

128.3
127.7
130.6

109.4
108.9
109.3

103.
104.
104,

106.
107.
107.

132.4
132.0
130.2

October
November . . .
December . . .

162.4
162.5
163.4

145.0
145.9
147.5

109.6
110.0
110.9

132
132.
133.0

110.4
110.1
109.2

105.
105,
106.1

108,
108,
108,8

131.1
132.0
133.9

164.5
1(56.5
167.2

149.5
150.6
rlSl.l

H>136.2
135.3
rl34.0

110.3
111.5
110.8

106.1
106.8
107.5

109.2
108.4
109.3

133.4
134.8
rl36.3

168.0
H>168.5
167.0

152.6
153.9
155.5

109.8
111.3
rll2.8
rll4.6
rll6.4
rll7.7

rl33.2
rl32.2
H32.1

110.7
110.8
111.1

107.8
H>107.9
106.0

110.1
110.8
110.5

rl36.7
rl38.2
rl38.3

July
August
September . . .

154.0
154.4
155.6

155.7
rl55.8
156.0

rl20.1
rl21.4

rl30.7
rl29.7
rl28.5

109.5
110.2
110.2

104
103
103.8

110.3
111.7
112.1

rl37.5
rl37.1
rl37.4

October
November . . .
December . . .

rl64.1
rl64.9
rl64.0

rl56.1
rl57.2
@>158.4

rl20.5
rl20.2
rl20.4

rl29.5
rl30.8
rl31.6

H09.2
rlO9.6
r!09.1

103.8
103.2
rlO2.1

H12.1
E>rll2.4
(NA)

rl35,8
rl36.1
rl36.1

157.8
157.4

B>122.3
3
121.8

rl29.0
P129.2

rlO9.3
.5

rlO2.6
plOl.9

1984
January
February
March
April .
May
June

1985
January . . . .
February
March . . . . . .

166.4
M67.5

2

IS>rl39.9
(NA)

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 (R); for series that move counter to movements
in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are 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
Hxcludcs series 36 and 111, for which data are not available.
2
Excludes series 57, for which data are not available.
3
Excludes series 77 and 95, for which data are not available.

60



MARCH 1985

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

EMPLOYMENT AND UNEMPLOYMENT

Marginal Employment Adjustments

Timing Class

L, L, L

1. Average weekly hours
of production or nonsupervisory workers, manufacturing

Year

L,C,L

L.C.L

Comprehensive
Employment

Job Vacancies

L, Lg, U

21. Average weekly overtime hours of production
or nonsupervisory workers,
manufacturing

5. Average weekly initial
claims for unemployment
insurance, State programs1

(Hours)

(Thous.)

60. Ratio, help-wanted
advertising in newspapers
to number of persons
unemployed

U,C,C

L, Lg, U

46. Index of help-wanted
advertising in newspapers

48. Employee hours in
nonagricultural establishments

month
(Hours)

(1967 = 100)

(Ratio)

(Ann. rate,
bil. hours)

1983
January
February
March

39.5
39.1
39.7

2.4
2.4
2.6

507
478
479

0.215
0.214
0.216

83
83
83

165.75
164.04
165.06

April
May
June

40.1
39.9
40,1

2.9
2.7
2.9

470
453
406

0.213
0.230
0.243

81
87
92

166.67
167.07
167.47

July
August
September

40.2
40.3
40.7

3.0
3.0
3.2

380
408
387

0.283
0.273
0.284

100
97
98

168.29
168.25
170.68

October
November
December

40.6
40.6
40.6

3.3
3.3
3.4

386
381
378

0.335
0.359
0.391

111
114
121

171.12
170.69
172.73

40.9
40.9
40.7

3.5
3.5
3.5

364
E>345
348

0.406
0.435
0.420

123
129
124

174.01
175.02
174.40

1)41.1
40.6
40.6

E>3.7
3.3
3.3

360
348
350

0.419
0.435
0.485

124
125
134

176.89
176.31
176 99

July
August
September

40.5
40.5
40.6

3.3
3.3
3.3

365
358
368

0.484
0.449
0.459

138
128
129

177.06
177.49
178 87

October
November
December

40.4
40.5
40.7

3.3
3.4
3.4

405
397
386

0.480
0.501
(H>0.527

135
137
0)145

178.40
177.37
r l 7 9 63

40.6
p40.0

3.3
P3.3

378
402

0.484
pO.493

138
pl39

|H>rl80.00
P179.19

1984
January
February
March
April

May
June

1985
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.
l

Data exclude Puerto Rico, which is included in figures published by the source agency.

MARCH 1985



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

42. Number
of persons
engaged in non
agricultural
activities

(Thous.)

C, C, C

41. Employees
on nonagricultural payrolls

(Thous.)

L.CU

40. Employees
on nonagricultural payrolls,
goodsproducing
industries
(Thous.)

Comprehensive Unemployment
U, Lg, U

90. Ratio,
civilian employment to population of
working age

(Percent)

L, Lg, U

L, Lg, U

37. Number of
persons unemployed

L, Lg, U

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programs1

(Percent)

(Percent)

(Thous.)

Lg, Lg, Lg

91. Average
duration of
unemployment

(Weeks)

Lg, Lgt Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

1983
January
February
March

95,792
95,756
95,897

88,827
88,728
88,945

22,959
22,827
22,832

56.53
56.43
56.47

11,513
11,556
11,430

10.4
10.4
10.3

4.5
4.5
4.4

19.0
19.2
19.3

4.2
4.2
4.2

April
May
June

96,209
96,282
96,987

89,259
89,578
89,927

22,949
23,087
23,241

56.59
56.56
56.97

11,316
11,258
11,273

10.
10,
10.

4.4
4.2
3.9

19.3
20.3
20.8

3.9
4.0
4.0

July
August
September

97,691
98,101
98,673

90,274
89,918
91,018

23,414
23,532
23,669

57.32
57.51
57.68

10,534
10,595
10,281

9,
9,
9.2

3.7
3.5
3.3

21.
20.
20,

3.9
3.6
3.5

October
November
December

98,753
99,453
99,703

91,345
91,688
92,026

23,895
24,058
24,198

57.65
57.97
58.10

9,872
9,448
9,208

8.4
8.2

3.2
3.1
3.0

20,
20,

19.6

3.3
3.1
3.0

January
February
March

100,000
100,524
100,818

92,391
92,846
93,058

24,383
24,577
24,595

58.12
58.40
58.49

9,026
8,836
8,783

8.0
7.8
7.8

3.0
2.9
2.9

19.9
19.0
18.9

2.8
2.7
2.6

April
May
June

101,023
101,795
102,023

93,449
93,786
94,135

24,760
24,851
24,974

58.59
58.97
59.04

8,800
8,560
8,228

7.8
7.5
7.2

2.8
2.7
2.7

18.7
18.5
18.1

2.5
2.5
2.3

July
August
September

102,044
101,884
102,075

94,350
94,523
94,807

25,059
25,098
25,010

58.98
58.80
58.88

8,491
8,481
8,370

7.5
7.5
7.4

2.7
2.7
2.7

18.0
17.6
17.3

2.3
2.3
2.3

October
November
December

102,480
102,598
102,888

95,157
r9M97
r95,681

25,080
25,123
r25,258

58.96
59.06
59.20

8,367
)8,142
8,191

7.3
E>7.1
7.2

E>2.7
2.8
2.8

16.7
17.4
17.3

2.2
2.1
2.1

103,071
H>103,345

r95,993
(R>p96,112

[R>r25,332
p25,196

59.24
0)59.35

8,484
8,399

7.4
7.3

2.9
3.0

E>15.3
15.9

E>2.0
2.1

1984

1985
January . .
February .
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on paces 14, 15, 17, and 18.
M)ata exclude Puerto Rica, which is included in figures published by the source agency.

62




MARCH 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Comprehensive Output and Income

ccc

ccc

Timing Class

Year
and
month

PRODUCTION AND INCOME

50. Gross national product
in 1972 dollars

Personal income
223. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

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

Industrial Production

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

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

ccc
47. Index of
industrial
production

(1967 = 100)

ccc
73. Index of
industrial
production,
durable manufactures

(1967 = 100)

cm
74. Index of
industrial
production,
nondurable
manufactures

(1967 = 100)

ccc
49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil. dol.)

1983
January
February
March

l,49l!o

2,659.7
2,656.8
2,671.8

1,264.1
1,260.9
1,265.7

1,075.5
1,071.1
1,074.8

210.5
209.4
210.1

137.4
138.1
140.0

122.5
123.9
126.3

157.4
159.0
160.7

65&\9

April
May
June

1,524.8

2,693.2
2,715:8
2,734.4

1,268.0
1,275.6
1,282.6

1,077.6
1,083.0
1,091.3

210.5
210.9
212.2

142.6
144.4
146.4

129.1
131.0
133.2

163.3
165.4
167.8

681! 6

July
August
September

1,550.2

2,744.9
2,759.9
2,785.0

1,283.3
1,284.9
1,291.1

1,094.2
1,096.8
1,104.1

213.1
213.5
215.9

149.7
151.8
153.8

136.8
138.8
141.6

170.6
172.9
174.6

698 ! l

October
November
December

1,572^7

2,814.9
2,834.2
2,860.4

1,306.2
1,312.1
1,321.2

1,119.1
1,121.9
1,130.8

217.2
218.4
219.8

155.0
155.3
156.2

142.8
143.6
145.0

175.6
174.8
173.9

715^5

January
February
March

1,61CL9

2,897.4
2,923.5
2,940.6

1,332.8
1,341.7
1,344.0

1,144.1
1,153.1
1,155.3

221.9
223.1
222.7

158.5
160.0
160.8

148.6
150.5
151.4

175.2
177.2
177.6

744! 9

April
May
June

1,638.8

2,968.5
2,978.8
3,006.5

1,354.2
1,358.9
1,371.6

1,165.0
1,169.7
1,181.8

224.6
224.7
225.6

162.1
162.8
164.4

152.6
153.3
154.9

179.1
179.9
181.3

767!i

July
August
September

1,645.2

3,027.7
3,045.8
3,068.3

1,373.1
1,373.2
1,380.3

1,183.9
1,183.9
1,191.9

225.5
225.7
225.1

165.9
0>166.O
165.0

157.2
157.8
157.1

October
November
December

E>rl,662<4

r3,079.3
r3,097.5
r3,111.8

rl,381.5
rl,389.0
E)rl,397.9

rl s 191.8
rl,198.4
[H>rl,210.3

224.5
226.3
r228.0

164.4
rl64.8
rl65.0

r3,130.9

rl,397.1
pi,396.1

rl,202.1
pi,201.0

[H>r228.8
P227.7

rl65.5
P164.7

1984

E>181.8
181.7
180.3

766*. 8

157.1
157.6
rl58.0

179.4
rl79.6
rl79.7

E>r77S\8

E>rl58.2
P157.5

rl79.7
P179.2

1985
January
February
March

" l ^ l . ^

E>P3,141.2

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.
lM

Flash" estimate.

MARCH 1985




63

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

• •
l i l

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

PRODUCTION AND
INCOME—Continued

^ Q

Capacity Utilization

Timing Class

L.C.U

82. Capacity
utilization rate,
manufacturing

Year
and
month

Orders and Deliveries

L, C, U

84. Capacity
utilization rate,
materials

L.L.L

(Percent)

L.L.L

Manufacturers' new orders,
durable goods industries
6. Current
dollars

(Percent)

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

(Bil. dol.)

7. Constant
(1972) dollars

(Bil. dol.)

Lt L. L

U.L

8. Manufacturers' new
orders in 1972
dollars, consumer goods
and materials

25. Change in
manufacturers'
unfilled orders,
durable goods
industries

(Bil. dol.)

(Bil. dol.)

L, Lg, U

96. Manufacturers' unfilled
orders, durable
goods industries

(Bil. dol,)

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

1983
70.0
70.6

71,6

68.7
70.1
71.5

81.84
77.52
79.80

35.03
32.93
33.91

31.40
31.63
31.71

3.83
-0.38
0.15

290.85
290.47
290.61

41
42
50

72.9
73.8
74.9

72.5
73.5
74.4

82.86
83.29
89.46

35.16
35.22
37.67

32.04
33.55
33.89

2.74
1.28
3.87

293.36
294.63
298.50

52
52
52

75.4
77.3
7S.4

76.5
77.4
78.6

87.88
88.82
91.51

36.91
37.27
38.35

34.60
35.25
35.34

2.80
2.09
2.55

301.30
303.39
305.94

52
61
60

78.9
78.8
73.9

79.5
79.6
79.6

94.78
97.99
98.44

39.67
40.95
41.04

36.07
36.60
37.46

5.60
5.68
2.09

311.53
317.21
319.30

64
59
67

January
February
March

80.1
80.9
81.0

80.6
81.9
82.2

99.44
102.34
0)105.18

41.47
42.47

38.53
38.36
37.50

4.15
6.06

D8.19

323.46
329.51
337.70

63
63
H>72

April
May
June

81.5
81.7
82.2

82.5
82.7
82.9

98.32
102.26
99.17

40.54
42.18
40.81

37.28
38.42
36.67

2.62
4.31
0.13

340.32
344.63
344.76

71
70
66

January
February
March
April
May
June
July
...
August
September .

.

October
November
December
1984

E>43.48

July
August . . .
September

82.8

83.1

©82.8
82.0

E>83.2
82,4

101.70
102.02
98.68

41.87
41.91
40.51

37.84
37.93
36.64

3.30
0.98
-0.27

348.06
(H>349.05
348.78

60
54

October
November ..
December

81.7
r81.6
r81.5

81.0
80.9
r80.4

96.07
104.04
rlO1.74

r39.47
42.64
r41.70

r36.83
37.07
r37.28

-4.36
2.26
r-1.93

344.42
346 68
r344.74

52

50
45

r81.4
P80.8

r80.7
P80.1

rlO4.98
P104.74

r42.97
P42.80

H>r39.85
P38.18

rl.32
p2.05

r346.06
p348.ll

47
48

58

1985
January
February
March
April
May
June
July
August
September

.

October
November
December . .
See note on page 60.

Graphs of these series are shown on pates 12, 20,

64



I 21.

MARCH 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS
Minor Economic
Process
C.C.C

C.C.C

C.L.C

Manufacturing and trade sales
56. Current
dollars

(Mil. dol.)

57. Constant
(1972) dollars

(1967 = 100)

(Mil. dol.)
Revised

1983

75. Index of
industrial
production,
consumer
goods

2

C, L,U

U.L.U

L.C.C

Sales of retail stores

59, Constant
(1972) dollars

54. Current

dollars

(Mil. dol.)
Revised

2

FIXED CAPITAL
INVESTMENT

Formation of Business Enterprises

Consumption and Trade

Timing Class

Year
and
month

• •
l i l

^ Q j CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

(Ann. rate,
bil. dol.)

(Mil. dol.)
Revised

55. Personal
consumption
expenditures,
automobiles

ILL

L.L.L

58. Index of
consumer
sentiment @

(1st Q
1966=100)

12. Index of
net business
formation

(1967-100)

13. Number of
new business
incorporations1

(Number)

2

345,890
342,742
348,227

154,166
153,092
155,596

143.6
143.4
144.3

92,041
92,159
94,231

45,542
45,646
46,534

78.4

70.4
74.6
80.8

111.4
113.3
112.7

49,999
48,296
48,032

351,012
360,488
368,971

155,840
159,750
163,430

147.7
150.4
152.4

95,073
96,827
98,291

46,742
47,464
48,158

88.1

89.1
93.3
92.2

112.0
114.8
116.4

48,903
50,211
50,992

July
August
September

370,181
373,283
379.229

162,746
163.623
165,068

154.8
156.3
157.3

98,651
98,590
99,534

48,169
47.999
48.364

9CK2

93.9
90.9
89.9

115.2
114.4
115.8

48,601
52,828
50,445

October
November
December

382,457
386,564
395,682

166,438
168,593
172,020

156.9
156.1
157.7

100,980
102,202
102,867

48,996
49,613
49,815

96\3

89.3
91.1
94.2

118.0
117.8
116.3

50,441
51,642
51,557

January
February
March

401,133
398,815
401,905

173,254
172,231
172,733

159.5
159.4
160.2

106.136
105,726
104,525

51,076
50,928
50,228

10L9

100.1
97.4
(H)101.0

115.9
117.2
116.9

53,044
53,591
53,424

April
May

174,104
177,265
178,302

161.4
161.7
163.0

107,443
107,941
109,085

51,630
52,020
52,698

DlO4!6

96.1
98.1
95.5

117.5

June

405,880
412,725
414,124

115.7
117.0

53,933
51,166
54,729

July
August
September

411,410
411,176
410,505

176,575
177.143
176,087

[H>163.8
162.5
161.6

107,563
107,396
108,373

51,713
51,509
51,878

ioo!9

96.6
99.1
100.9

115.8
119.1
H>119.6

52,092
51,723
51.835

October
November
December

410,621
414.523
0>r418,513

176,602
178.276
[R>180,437

161.6
rl62.6
rl62.5

108,974
110,255
110,519

51,991
52.628
52,829

noils

96.3
95.7
92 9

rll7.6
rllS.O
rll5.7

(NA)

p415,520
(NA)

pl78,863
<NA)

rl62.9
P161.9

110.747
E>P112.371

52,661
E>p53,307

96.0
93.7

rll7.3
P118.0

January
February
March
April
May
June .

. . . .

1984

1985
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.
l
Series 13 reached its high value (57,507) in December 1982.
2
See "New Features and Changes for This Issue," page iii.

BCII MARCH 1985




65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
Q |

PROCESS

FIXED CAPITAL INVESTMENT—Continued

Minor Economic
Business Investment Commitments

Process

Timing Class

. . . . . .

L.L.L

L,L, L

L.L.L

Contracts and orders for

Manufacturers' new orders,

plant and equipment
Year

nondefense capital goods industries

10. Current

sod

dollars

month

(Bil. dol.)

20. Constant
(1972) dollars

(Bil. dol.)

24. Current
dollars

(Bil. dol.)

L.CU

L,L, L

27. Constant
(1972) dollars

(Bil. dol.)

U, Lg, U

9. Construction contracts awarded for
commercial and industrial buildings1
Square feet of
floor space

(Millions)

Square meters of
floor space2

(Millions)

11. Newly

approved capital
appropriations,
1,000 manufacturing corporations
(Bil. dol.)

C Lg, Lg

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

(Bil. dol.)

1983

23.26
24.07
23.83

June
July
August

. . . . . . . . .

September

. . . . . . .

October
November
December

13.14
13.25
14.24

21.96
21.85
23.83

11.52
11.09
12.61

57.11
57.60
63.13

5.31
5.35
5.86

20.87

12.89
13.48
15.20

22.06
22.89
25.30

11.36

rll.61
13.54

63.03
63.93
70.18

5.86
5.94
6.52

22.78

14.66
14.08
13.87

25.50
24.68
24.89

13.01
12.28
12.45

71.15
73.07
68.14

6.61
6.79
6.33

24.26

14.52

rl5.55
15.74

25.09
27.02
26.86

13.00
13.89
14.06

72.72
64.41
74.95

6.76
5.98
6.96

26.82

14.68
16.73
16.09

25.88
28.96
28.03

13.11
14.82
14.41

79.78
82.49
74.90

7.41
7.66
6.96

E>37.15

15.36
15.32
15.80

27.65
26.50
27.84

13.33
13.53
14.08

79.55
82.65
75.84

7.39
7.68
7.05

r27.59

30,41
31-89
r30.88

.

20.07

32.57
30.86
32,03

.

5.68
5.47
5.14

29.73
33.61
32.07

May

61.13
58.88
55.37

28.75
r30.98
30.92

April

10.44
9.67
11.01

29.40
28.92
28.25

March

20.48
19.17
20.13

25.65
27.28
29.21

February

11.62
11.77
12.59

25.77
26.91
27.63

January

14.95
16.02
rl4.07

25.38
27.13
r26.62

12.89
14.07
rl2.34

79.04
83.75

7.34
7.78

H>86.73

i>8.06

rl2.68

r23.14
(H>p29.98

rll.18
[H>pl7.10

81.14
82.48

r7.54
7.66

69! 60
...
70.58

72.57

73! 50

1984
January
February
March
April

May
June

. .

July
August
September
October
November
December

78^65

92.52

r95.'9O

p28.98

H>P97.24

1985

r26.84

January

B>P34.21

February
March

E>pl8.81

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.

*This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information
Systems Company, F.W. Dodge Division.
'Converted to metric units by the Bureau of Economic Analysis.

66



MARCH 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

g j

Minor Economic
Process

Residential Construction
Commitments and Investment

Business Investment Expenditures

Timing Class

C Lg, Lg

C Lg, Lg

61. Expenditures lor new
plant and equipment by U.S.
nonfarm business

69. Machinery
and equipment
sales and business construction
expenditures

(Ann. rate,
bil. dol.)

Year
and
month

FIXED CAPITAL INVESTMENT—Continued

(Ann. rate,
bil. dol.)

C Lg, U

76. Index of
industrial production, business equipment

(1967 = 100)

C Lg, C

Lg. Lg, Lg

C, Lg, C

Gross private nonresidential
fixed investment in 1972 dollars
87. Structures

86. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L,L,L

28. New private housing
units started

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

(Ann. rate,
thous.)

L, L.L

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

(1967 = 100)

L, L, L

89. Gross private residential
fixed investment
in 1972 dollars

(Ann. rate,
bil. dol.)

1983
January .
February
March . .

261.71

307.65
298.73
310.69

146.6
142.7
143.7

161.6

49.0

112.5

1,605
1,675
1,635

115.6
117.6
120.5

46.2

April .
May .
June .

261.16

308.89
302.96
327.25

146.9
147.7
150.2

165.3

48.1

117.2

1,512
1,780
1,716

125.7
134.1
142,5

53.4

July
August . .
September

270.05

319.56
320.14
331.57

153.3
156.6
158.7

172.6

48.3

124.3

1,775
1,907
1,677

141.5
135.0
124.4

57.2

October . .
November
December

283.96

325.11
339.42
354.91

161.3
164.1
167.3

184.5

51.4

133.1

1,696
1,748
1,704

133,
133,
129.4

57.8

January .
February
March . .

293.15

343.03
345.94
362.47

170.7
171.9
172.1

193.3

54.1

139.2

1,933
(0)2,208
1,700

145.3
0)153.6
139.5

60.6

April .
May .
June .

302.70

358.57
375.62
385;72

173,
176,
181,

202.9

56.8

146.0

1,949
1,787
1,837

142.0
141.0
142.8

S)60.8

July
August . .
September

E>313.11

372.53
376.68
398.65

185.
187.
186.

209.5

57.1

152.4

1,730
1,590
1,669

126.4
121.6
116.3

60.1

October . .
November
December

a321.40

386.95
r397.40
0>r416.34

187.3
188.4
H>rl89.9

E>r2l3.8

H)r59.4

E>rl54.4

1,564
1,600
rl,630

114.5
128.5
128.1

r59.2

p382.83

rl89.5
P188.8

rl,841
pi,638

132,5
129.3

1984

1985
January ,
February
March . .

a337.85

April .
May .
June .

a344.86

(NA)

July . . . .
August . .
September
October . . ,
November
December ,
See note on page 60.

Graphs of these series are shown on pages 13, 24, and 25.

MARCH 1985



6
7

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
0

PROCESS

INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Inventories on Hand and on Order

Inventory Investment

Process

Timing Class

L.L.-L

L,L,L

1,1,1

Lf L.L

30. Change in

3 1 . Change

38. Change in

inventories on hand and on

in mfg, and

mfrs.' inven-

tories in 1972
Year

36. Change in mfg. and trade

business inven-

order in 1972 dollars

trade inven-

tories, mate-

tories, book

Lg, Lg, Lg

rials and sup-

dollars

Lg, U , Lg

and

inventories

plies on hand

value

month
(Ann. rate,

(Ann. rate,

(Ann. rate,

bil. dol.)

bil. dol.)

bil. dol.)

L, Lg, Lg

71. Book

70. Constant

value

(1972) dollars

65. Manu-

77. Ratio,

78. Mfrs.'

facturers' in-

mfg. and

inventories,

trade inven-

materials and

finished

tories to

supplies on

goods, book

sales in

hand and on

value

1972 dollars

order

(Ann. rate,

bil. dol.)

Lg, Lg, Lg

ventories,

Manufacturing and trade

and on order

Smoothed 1

Actual

Lg, Lg, Lg

(Bil. dol.)

(Bit. dot,)

(Bil. dol.)

(Bil. dol.)

(Ratio)

(Bil. dol.)

1983

-16.5

-13.75
3.20
-15.07

-24.37
-16.85
-9.38

-40.0
10.0
-44.1

0.08
0.97
0.69

502.21
503.04
499.37

257.82
257.60
256.06

83.84
83.63
82.34

1.67
1.68
1.65

191.19
192.16
192.85

-6.1

2.53
12.38
-1.75

-5.83
-1.58
2.17

10.7
9.3
-5.0

0.13
1.16
1.58

500.26
501.04
500.62

255.89
256.22
255.65

82.08
82.10
81.88

1.64
1.60
1.56

192.98
194.13
195.72

0.9

16.43
17.60
12.64

6.70
9.89
13.16

9.2
34.9
32.4

1.64
E>2.92
1.64

501.38
504,28
506.98

255.86
256.31
256.78

82,23
82.14
81.72

1.57

197.36
200.27
201.91

7.2

18.54
18.28
14.96

15.91
16.37
16.87

26.2
27.4
34.6

2.47
1.77
2.44

509.17
511.45
514.34

257.29
258.06
259.02

81.54
81.72
80.87

27.77
H>47.15
25.78

18.80
25.15
31.76

44.7
(H>109.8
66.6

2.86
2.71
2.42

518.06
527.22
532.77

260.17
263.23
265.12

80.77
81.87
82.87

20.3

38.58
34.48
-10.84

.37
35.06
26.84

99.5
58.2
11.1

2.28
2.55
-0.98

541.06
545.91
546.83

267.98
270.03
270.03

84.06
85.30
86.54

30.6

26.54
19.68
19.58

18.73
14.26
16.86

54.4
61.8
46.9

2.40
-0.51
0.37

551.37
556.52
560.43

272.11
274.34
276.10

87.26
88.52
89.08

r6.73

rl8.63
rll.53
r3.92

40.6
14.5
rl5.0

-2.98
-1.97
r-0.43

563.81
565.02
r566.27

r277.64
r278.27
r278.97

89.53
89.64
.76

rl.55

219.72
217.75
r217.32

P2.60

P25.9

P0.34

(NA)

(NA)

(NA)

[R>p568.43
(NA)

B>p280.24
(NA)

89.29
(NA)

E>pl.57
(NA)

P217.66
(NA)

January
February
March
April
May

June
July
August
September . . .
October
November

.. .

December

., ,

204.38
206.15
208.59

1.51

1984
January

©31.6

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

.. .

December

., .

16.8

r-3.13
r-3.29

1.50
1.53

rl.53

211.45
214.16
216.59

1.51

218.87
221.42
220.44

1.57

B>222.85
222.33
222.70

1.57
1.56

1985
January

P21.74
(NA)

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

.. .

December

.. .

See note on page 60.
W V
U

MVIV

VII

pVgb

VV'

Graphs of these series are shown on pates 13, 15, 26, and 27.
1

This scries is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
See "New Features and Changes for This Issue/1 page iii.

2




MARCH 1985

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

| U

Minor Economic
Process

Year
and
month

Stock
Prices

Sensitive Commodity Prices

Timing Class

L.L.L

98. Change in
producer prices
for 28 sensitive
crude and
intermediate
materials
(Percent)

U, L, L

23. Index of
spot market
prices, raw
industrial,
materials'@

(1967 = 100)

L.L.L

L.L.L

99. Change in sensitive materials
prices
Actual

PRICES, COSTS. AND PROFITS

Smoothed'

(Percent)

(Percent)

1.40

-0.04
0.78
1.61

19. Index of
stock prices,
500 common
stocks ©

Profits and Profit Margins
L.L.L

L.L.L

Corporate profits after tax
16. Current
dollars

18. Constant
(1972) dollars

L.C. L

UCL

Corporate profits after tax
with IVA and CCAdj3
79. Current
dollars

80. Constant
(1972) dollars

L.L.L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil, dol.)

(Ann. rate,
bil. dol.)

(Percent)

144.27
146.80
151.88

102.6

48.9

120.0

57.3

5.3

157.71
164.10
166.39

123.4

58.9

141.9

67.9

6.3

166.96
162.42
167.16

142.6

67.9

160.2

76.5

7.1

(1941-43 = 10)

1983
1.56
1)2.53
1.72

January
February
March

0.04
1.62
2.28

April
May
June

232.1
241.3
248.8

E>2.49
1.80

253,
251.
250.

0.53
0.66
1.09

E>1.75
1.30
0.88

July
August
September . . ,

0.81
1.24
-0.43

256.0
265.2
267.9

1.04
1.71
0.08

0.85

October
November . . ,
December . . ,

1.60
1.08
0.84

273.4
279.8
282.4

1.43
1.24
0.70

1.01
1.00
1.02

167.65
165.23
164.36

141.1

66.4

175.5

83.0

6.9

January
February
March

-1.09
0.97
0.29

283.6
283.6
289.2

-0.45
0.53
0.73

0.81
0.38
0.26

166.39
157.25
157.44

H>150.6

H>71.0

184.7

87.5

7.1

April
May
June

-0.29
-0.71
-1.04

288.6
)289.5
286.2

-0.20
-0.28
-0.89

0.31
0.22
-0.19

157.60
156.55
153.12

150.2

70.3

195.2

92.1

7.1

July
August
September . . ,

-1.54
-1.20
rO.54

280.1
275.6
274.0

-1.43
-1.12
0.13

-0.66
-1.01
-0.98

151.08
164.42
166.11

141.7

65.7

199.8

93.6

6.5

October
November . . ,
December . . ,

-0.13
0.17
-0.33

266,
268,
261.9

-0.88
0.30
-0.88

-0.72
-0.39
-0.32

164.82
166.27
164.48

P142.3

p65.6

[H>p205.2

E>p95.6

p6.6

-0.81
-1.69

255.8
253.1

-1.10
-1.20

-0.52
-0.81

171.61
EH80.88
5
179.31

1984

1985
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, 28, and 29.
lf
This is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
2
3
See footnote 1 on page 68.
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. '•Average for March 1 through 21.
5
Average for March 6, 13, and 20.

MARCH 1985



69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

g j

Minor Economic
Process . . . . . . . .
Timing Class . . . . . .

Profits end Profit Margins—Continued
1, L, L

81. Ratio, cor
porate domestic profits after
tax with IVA
and CCAdj to
corp, domestic
income1

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

(Percent)

Year
and
month

U.L.L

(Cents)

PRICES, COSTS, AND PROFITS—Continued
Unit Labor Costs and Labor Share

Cash Flows

L, L.L

26. Ratio, implicit price deflator to unit
labor cost,
nonfarm business sector

(1977 = 100)

L, L, I

L, L, L

Corporate net cash flow
34. Current
dollars
(Ann. rate,
bil. dol.)

Lg, Lg, Lg

63. Index of
unit labor cost,
business sector

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

(1977 = 100)

Lg, Lg, Lg

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

Lg, Lg, Lg

Lg. Lg, Lg

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

(1967 = 100)

Actual data
as a percent
of trend

64. Compensation of employees as a
percent of national income

(Percent)

(Percent)

Revised2

1983
January . ,
February ,
March . . .

6.5

3.3

96.4

280.0

130.9

156.8

1.421

227.4
225.6
223.9

100.9
99.8
98.7

76.0

April
May
June

7.5

4.0

97.9

310.5

146.2

155.4

1.408

221.
220,
219.0

97
96
95

75.2

July
August
September . . ,

81
.

4.2

98.7

339.6

159.2

155.1

1.400

216.4
214.7
214.4

93.9
92.8
92.3

74.5

October
November . . .
December . . .

8.9

4.5

98.8

345.6

160.9

156.8

1.408

215.0
217.1
219.2

92.
92,
93.1

74.3

January . .
February .
March . . .

9.1

4.9

98.7

360.4

167.5

157.7

1.415

218.4
218.5
218.7

92.3
91.9
91.6

73.5

April .
May .
June .

9.6

[H}4.9

99.8

366.7

169.3

156.5

1.414

218.9
218.1
217.0

91.2
90.5
89.6

73.3

July
August
September . . ,

9.7

4.5

99.7

366.7

168.4

158.0

1.434

215.8
216.6
217.9

88.7
88.6
88.8

73.4

18>P9.9

(NA)

[H>p99.8

@)P376.6

H>P171.9

[H>pl58.5

.437

219.1
r220.6
r222.4

88.9
89.1
89.4

P73.3

r223.0
[H>p223.3

89.2
P88.9

1984

October. .
November
December

1985
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 15, 29, and 30.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
See "Mew Features and Changes for This Issue," page iii.

70



MARCH 1985

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ ^

Minor Economic
Process

MONEY AND CREDIT

Money

Timing Class

L,L, L

85. Change
in money
supply M l

U,L

L, C,U

102. Change
in money
supply M2

Velocity of Money

L,L,L

L,U

104. Change
in total liquid
assets

105. Money
supply M l in
1972 dollars

106. Money
supply M2 in
1972 dollars

(Percent)

(Bil. dol.)

(Bil. dol.)

Revised1

C1)

C1)

Year
and
month
(Percent)

(Percent)

C1)

1983

C,C,C

107. Ratio,
gross national
product to
money supply
Ml

(Ratio)

C Lg, C

108. Ratio,
personal income
to money supply
M2

(Ratio)

Credit Flows

L, L, I

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

112. Net change
in business loans

(Ann. rate,
bil, dol.)

C1)

January
February
March

r0.75
rl.18
rl.16

|H>r2.78
rl.83
r0.82

E>1.44
0.91
0.66

r206.7
r209.2
r211.4

r857.2
r873.5
r879.7

r6.476

rl.324
rl.299
rl.295

45.77
40.99
-40.55

38.41
-4.84
11.70

April
May
June

r0.69
.32
r0.81

rO.7O
r0.78
r0.68

0.97
0.65
0.92

r211.5
r213.4
r214.6

r880.0
r883.2
r887.1

r6.469

rl.296
rl.297
rl.297

1.30
-38.76
32.99

-36.02
-47.33
4.38

July
August
September . . ,

rO.96
r0.70
r0.41

r0.61
r0.52
r0.63

1.02
0.65
0.89

r215.8
r216.6
r216.7

r889.0
r890.6
r893.0

r6.462

rl.294
rl.295
rl.298

63.30
70.21
5.22

-2.59
8.72
-5.54

October
November . . ,
December . . .

r0.67
r0.42
r0.34

0.90
r0.64
r0.49

0.54
0.92
1.15

r217.4
r217.6
r217.7

r898.0
r900.7
r902.4

r6.523

rl.301
rl.301
rl.307

81.37
78.73
110.02

5.59
20.02
51.36

r0.64
0.53
0.58

rO.61
0.67
0.55

0.62
0.98
1.27

217.7
218.0
218.7

902.
904.
907.

6.650

1.316
1.319
1.319

78.56
89.56
110.09

-17.78
55.30
E>119.22

0.35
0.61
0.88

0.54
0.63
0.63

0.80

218.5
219.5
221.0

908
912
916

6.712

1.325
1.321
1.325

129.68
131.71
113.03

90.92
69.83
104.38

-0.07
0.37
0.47

0.48
0.55
rO.67

1.05
0.80
0.86

220.1
220.0
220.3

917.8
919.0
922.0

6.728

1.328
1.328
©1.329

113.89
109.14
(H)rl40.15

39.17
11.57
42.01

r-0.58
1.00
r0.85

0.45
rl.16
1.10

0.58
0.82
pO.99

218.4
r220.1
221.5

923.5
932.5
r940.3

E>r6.791

rl.328
rl.321
rl.312

r87.62
r70.98
p21.90

72.78
H3.55
r-2.09

rO.75
pi.17
3
0.97

rl.13
p0.88

(NA)

r222.7
H>p224.5

r949.2
E>p954.2

rl.305
pi.298

(NA)

r43.72
P12.92

1984
January
February
March
April
May
June
July
August
September . . .
October

November . . .
December . . .
1985
January
February
March
April
May

June
July
August
September . . .
October
November . . ,
December . . .
See note on page 60.
Graphs of these series are shown on paces 13, 3 1 , and 32.
l

See "New Features and Changes for This Issue,"
Average for weeks ended March 4 and 11.

2

MARCH 1985




page i i i .

71

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

I f l

Minor Economic
Process
Timing Class

Credit Flows—Continued
L.L.L

113. Net change
in consumer
installment
credit

Year
and
month

(Ann. rate,
bil. dol.)

L.L.L

111. Change in
business and
consumer credit
outstanding

(Ann. rate,
percent)

MONEY AND CREDIT—Continued
Bank Reserves

Credit Difficulties
L.L.L

110. Funds
raised by private
nonfinancial
borrowers in
credit markets
(Ann. rate,
mil. dol.)

L.L.L

14. Current
liabilities of
business
failures @

(Mil. dol.)

L, Lf L

39. Percent
of consumer
installment
loans delinquent 30 days
and over
(Percent)

93. Free
reserves

©

(Mil. dol.)

U Lg, U

94. Member
bank borrow*
ings from the
Federal
Reserve ©

(Mil. dol.)

I Lg, Lg

119. Federal
funds rate @

(Percent)

C Lg, Lg

114. Discount
rate on new
issues of 91-day
Treasury bills ©

(Percent)

t1)

1983

January
February
March

46
-122
-415

500
557
852

8.68
8.51
8.77

7.81
8.13
8.30

-517
-453
-1,234

993
902
1,714

8.80
8.63
8.98

8.25
8.19
8.82

1.95
1.90
1.88

-875
-1,127
-943

1,382
1,573
1,441

9.37
9.56
9.45

9.12
9.39
9.05

1,816.8
1,624.5
868.5

1.91
1.86
1.94

-332
-383
-184

837
912
745

9.48
9.34
9.47

8.71
8.71
8.96

(NA)
r406,408

1.84
01.78
1.85

-102
376
-241

715
567
952

9.56
9.59
9.91

8.93
9.03
9.44

19.8
©23.9
21.8

r502,512

2.06
1.96
2.02

-742
-2,408
-2,526

1,234
2,988
3,300

10.29
10.32
11.06

9.69
9.90
9.94

14.
11.
rl6.

r358,892

-5,311
-7,328
-6,614

5,924
&8,017
7,242

11.23
E>11.64
11.30

10.13
E>10.49
10.41

1.91
1.97
2.09

-5,397
-3,924
-2,333

6,017
4,617
3,186

9.99
9.43
8.38

9.97
8.79
8.16

(NA)

r-650
p-390

1,395
pi,289

8.2

31.14
0.26
35.24

0.9
-0.3

263,148

2,158.1
1,086.4
1,154.7

24.49
27.26
46.33

-0.5
-4.5
5.5

389,164

1,125.6
920.0
2,188.6

July
August
September . . .

44.4?
49.12
30.64

8.1
8.9
1.1

384,480

829.2
1,353.1
947.2

October
November . . .
December . . .

61.12
57.83
69.38

8.6
10.8
13.4

!H>527,i76

63-63
79.30
70.44

8.1
15.3
20.7

76.90
0)122.80
93.90

April
May
June

L, U. U

Interest Rates

,

2.24
2.23
2.22

1984

January
February
March
April
May
June
July
August
September . . .

85.27
71.98
51.40

October
November . , .
December . . .

75.30
rll.96
r81.83

12.9
12.5
r!5.7

86.68

rl4.2

p521,420

1985

January .
February
March . .

(NA)

(NA)

2

8.35
8.50
8.63

April
May
June
July
August
September . . .
October
November , . .
December . . .
See note on page 60.
Graphs of these series are shown on pages 13, 32, 33, and 34.
*See "New Features and Changes for This Issue, page i i i .
2
Average for weeks ended March 6, 13, and 20.
9
Average for weeks ended March 7, 14, and 21.

7
2



MARCH 1985

7.76
3

8.22

8,62

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
^

PROCESS

g

MONEY AND CREDIT—Continued

Minor Economic
Interest Rates—Continued

Process

Timing Class

Lg, Lg, Lg

116. Yield on
new issues of
high-grade
Year

corporate

and

C Lg, Lg

115. Yield on
long-term
Treasury
bonds ©

bonds ©

U. Lg, Lg

117. Yield on
municipal
bonds, 20bond average ©

Lg, Lg, Lg

Outstanding Debt

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

66. Consumer
installment
credit outstanding

118. Secondary
market yields
on FHA
mortgages ®

67. Bank rates
on short-term
business

109. Average
prime rate
charged by

loans ©

banks ©

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

101. Constant
(1972) dollars

month

(Percent)

(Percent)

(Percent)

(Percent)

(Mil. dol.)

(Mil. dol.)

(Mil. dol,)

C1)

1983

Lg, Lg, Lg

95. Ratio,
consumer installment credit
outstanding
to personal
income
(Percent)
(*)

12.04
12.11
11.81

10.37
10.60
10.34

9.50
9.58
9.20

12.87
12.65
12.68

10!20

11.16
10.98
10.50

351,539
351,561
354,498

268,369
267,966
268 941

106,580
106,083
106 553

13.22
13.23
13 27

10.19
10.21
10.64

9.05
9.11
9.52

12.50
12.41
12.96

10-31

June

11.58
11.24
11.90

10.50
10.50
10.50

356,539
358,811
362,672

265,939
261,995
262,360

105,364
103,514
103,332

13.24
13.21
13.26

July
August
September

12.46
12.89
12.68

11.10
11.42
11.26

9.53
9.72
9.58

14.23
13.78
13.55

11.09

10.50
10.89
11.00

366,378
370,471
373,024

262,144
262,871
262,409

102,963
102,764
102,383

13.35
13.42
13.39

October
November

12.54
12.86
12.87

11.21
11.32
11.44

9.66
9.75
9.89

13.23
13.23
13.25

10^95

11.00
11.00
11.00

378,117
382,936
388,718

262,875
264,543
268,823

102,326
103,136
104,600

13,43
13.51
13.59

12.65
12.80
13.36

11.29
11.44
11.90

9.63
9.64
9.93

13.08
13.20
13.68

ll!66

11.00
11.00
11.21

393,187
399,795
405,665

267,341
271,949
281,884

103,380
104,838
107,960

13.57
13,68
13.80

13.64
14.41

9.96
10.49

DlO.67

13.80
[H>15.01
14.91

12.'45

11.93
12.39
12.60

412,073
422,306
430,131

289,461
295,280
303,978

110,735
112,918
116,288

13.88
14.18
14.31

H>13!29

13.00
(H>13.00
12.97

437,237
443,235
447,518

307,242
308,206
311,707

117,313
118,132
120,026

14.44
14.55
14.59

ll'.29

12.58
11.77
11 fifi

r439,118
r445,198
r452 017

317,772
r321,401
r??1 971

122,314
rl23,331

rl4,26
rl4.37

10.61
10.50
MO. 50

0)459,240
(NA)

r324,870
E>p325,947

rl24,902

0)pl4.67
(NA)

January
February
March
April
May

December

1984
January
February

. .

March

E>14.49

12.17
12.89
(H>13.00

July
August
September

14.25
13.54
13.37

12.82
12.23
11.97

10.42
9.99
10.10

14.58
14.21
13.99

October
November
December

13.02
12.40
12 47

11.66
11.25
11 21

10.25
10.17

13.43
12.90

April .

....

May
June .

....

. . .

1 ? QQ

1985
January
February
March

2

12.46
12.39
12.88

2

11,15
11.35
11.80

3

9.51
9.65
9.78

13.01
13.27

B)P125,557

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

See "New Features
Average for weeks
Average for weeks
'•Average for March

2

3

and Changes for This Issue," page iii.
ended March 1, 8, 15, and 22.
ended March 1, 14, and 21.
1 through 22.

I N ] I I MARCH 1985



7
3

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE

DIFFUSION INDEXES
950. Twelve leading
indicator components
(series 1, 5, 8,12, 19,
20, 29, 32, 36, 99, 106.
Ill)

Year
and
month

1-month
span

6-month
span

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

1-month
span

952. Six lagging
indicator components
(series 62, 77, 91, 95,
101,109)

6-month
span

1-month
span

6-month
span

961. Average weekly
hours of production or
nonsupervisory workers,
20 manufacturing
industries

962. Initial claims for
unemployment insurance,
State programs, 51
areas'

9-month
span

1-month
span

77.5
12.5
100.0

90.0
90.0
80.0

68.6
57.8
35.3

1-month
span

9-month
span

963. Employees on
private nonagricultural
payrolls, 186
industries

1-month
span

6-month
span

54.3
46.5
60.8

50.8
63.0
69.2

1983
January
February
March

75.0
70.8
66.7

100.0
100.0
100.0

100.0
25.0
100.0

100.0
100.0
100.0

33.3
50.0
25.0

16.7
16.7
16.7

April
May
June

87.5
70.8
87.5

91.7
100.0
91.7

87.5
100.0
100.0

100.0
100.0
100.0

25.0
8.3
25.0

16,
16,
33,

90.0
30.0
85.0

85.0
95.0
95.0

80.4
48.0
78.4

84.
90.
92.

68.
69.
64.6

75.1
80.0
82.4

July
August
September . . ,

62.5
62.5
66.7

91.7
83.3
66.7

75.0
75.0
100.0

100.0
100.0
100.0

58.3
58.3
16.7

33.
41.
66,

70.0
62.5
92.5

95.
95.

94

92.5

70.6
7.8
96.1

80.4

74,
68,
69,

84.1
82.4
84.6

October
November , . .
Oecember , . .

75.0
45.8
62.5

83.3
83.3
79.2

100.0
100.0
100.0

100.0
100.0
100.0

41.7
58.3
75.0

66.7
66.7
66.7

40.0
62.5
55.0

95.0
85.0
92.5

58.8
35.3
60.8

84.3
86.3
68.6

75.4
69.7
73.8

85.9
86.8
83.8

January
February
March . . . . . .

58.3
70.8
50.0

75.0
70.8
62.5

100.0
75.0
100.0

100.0
100.0
100.0

8.3
75.0
r75.0

66.
66.
75.0

77.5
50.0
22.5

80.0
30.0
32.5

36,
72
68,

76.5
90.2
56.9

71.1
73.2
67.0

81.9
82.7
79.7

April
May
June

58.3
41.7
29.2

25.0
25.0
33.3

100.0
100.0
100.0

100.0
100.0
100.0

r83,
66,
66,

83,
83,
83,

87.5
7.5
37.5

27.5
52.5
15.0

43,
29,
92.2

66.7
70.6
38.2

63.8
64.1
63.0

75.4
69.2
63.2

July
August
September . . .

16,7
45.8
75.0

r33.3
16.7
33.3

75.0
87.5
50.0

100.0
100.0
100.0

83.3
75.0
r83.3

83,
66,

r66.7

37.5
60.0
70.0

22.5
r50.0
rl2.5

19.6
51.0
74.5

27.5
r37.3
P13.7

62.4
57.6
40.8

62.4
62.7
r63.5

October

33.3
66.7
50.0

62.5
2
60.0

r62.5
100.0
100.0

75.0
3
66.7

58.3
50.0

83.3
"75.0

22.5
72.5
62.5

P12.5

(NA)

70.6
r72.5

65.7
51.9
63.5

r60.3
p52.2

r66.7

66.7
"25.0

r27.5
p5.0

P13.7
(NA)

r56.8
P47.3

98.0
96.1
100.0

1984

,

November . . .
December . . .
1985
January
February
March . . . . . .

2

66.7
50.0

3

50.0
33.3

April
May
June
July
August
September . . .
October . ,
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 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 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 page 36.
1
Figures are the percent of components declining.
2
Excludes series 36 and 111, for which data are not available.
Excludes series 57, for which data are not available.
'•Excludes series 77 and 9S, for which data are not available.

74



MARCH 1985

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

DIFFUSION INDEXES—Continued

Year
and
month

964. Manufacturers'
new orders, 34
durable goods industries

1-month
span

9-month
span

965. Newly approved
capital appropriations
in 1972 dollars, 17
manufacturing
industries

1-quarter
span

967. Spot market
prices, 13 raw
industrial materials ( u )

966. Industrial production, 24 industries

4-Q moving
average

1-month
span

6-month
span

1-month
span

9-month
span

968. Stock prices, 500
common stocks1 (u)

1-month
span

9-month
span

960. Net profits,
manufacturing, about
600 companies * ©

(4-quarter span)

1983
January
February
March

67.
52.
55.

88.2
88.2
83.8

45

April
May
June

70.6
73.5
67.6

86.8
88.2
88.2

53

July
August
September . . .

47.1
58.8
64.7

91.2
88.2
85.3

50

October
November . . .
December . . .

64.7
67.6
55.9

94.1
91.2
88.2

59

January
February
March

61.8
47.1
55.9

85.3
73.5
82.4

71

April
May
June

29.4
67.6
35.3

70.6
55.9
41.2

59

July
August
September . . .

58.8
44.1
41.2

44.
55.
r58.8

October
November . . .
December . . .

41.2
58.8
58.8

P47.1

75.0
58.3
75.0

79.
87.
91.

61.5
76.9
57.7

80.8
61.5
57.7

63.3
59.2
73.5

100.0
98.0
93.9

71

83.3

91.7
95.8
95.8

65.4
46.2
46.2

80.8
96.2
88.5

81.6
91.8
65.3

89.
87.
86.

74

52

91.
79.

59

87.
83,
75.0

95.8
91.7
81.3

57.7
73.1
57.7

88.5
80.8
73.1

52.0
30.6
85.4

91.
80.
72.

82

62.5
56.3
70.8

79.2
83.3
87.5

69.2
76.9
42.3

80.8
80.8
73.1

47.9
57.4
61.7

38.3
40.4
34.0

81

60

89.6
91.7
83.3

38.5
61.5
65.4

73.1
65.4
42.3

52.1
10.6
60.6

41.5
25.5
58.7

76

r56

87.5
79.2
68.8

77.1
66.7
62.5

50.0
50.0
42.3

34.6
30.8
30.8

43.6
36.2
36.2

30.4
37.0
37.0

76

p58

62.5
64.6
70.8

r36

70.8
39.6
29.2

62.5
r50.0
r41.7

34.6
46.2
46.2

23.1
15.4
15.4

34.8
93.5
73.9

60,
54,
65,

p65

47.9
r45.8
r50.0

r43.8
p25.0

30.8
57.7
19.2

15.4
19.2

34.8
78.3
26.1

82.6

56

1984

3

1985
January
February
March

r47.1
p42.6

r58.3
p25.0

3

23.1
38.5
61.5

89.1
93.5

April
May
June
July
August
September . . .
October
November . . .
December , . .
See note on page 74.
Graphs of these series are shown on page 37.
^ased on 49 industries through August 1983, on 48 industries through October 1983, on 47 industries through June 1984, and on 46 industries thereafter. Data for component industries are not shown in table C2 but are available from the source.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc.
3
Based on average for March 5, 12, and 19.

MARCH 1985



75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |

Year
and
quarter

970. Expenditures for new plant and equipment

971. New orders, manufacturing

by U.S. nonfarm business, 21 industries
a. Actual
expenditures

b. Later
projections

c. Early

Actual

J

972. Net profits, manufacturing

973. Net sales, manufacturing

and trade' @

@

and trade'

Anticipated

Actual

Anticipated

Actual

Anticipated

©

projections

(1-Qspan)

(1-Qspan)

DIFFUSION INDEXES—Continued

(4-Q span)

(4-Q span)

(1-Qspan)

( 4-Q

(4-Q span)

span)

(4-Q span)

(4-Q span)

1982

66.7
71.4

52
50
52
56

60
68
64
60

53
52
52
54

52.4
38.1
66.7
76^2

66'
74
78
84

66
77
82
85

62
66

64
73

71

on

54.8
76.2
66.7
61.9

90
86
84
79

88
91
90
88

80
79
74
74

47.6
23.8
33.3
57.1

47.6

21.4

38.1
38.1
76.2
81.0

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

57.1
40.5
90.5
81.0

52.4
26.2
23.8

57.1

61
66
66
60

63
58

65
70
72
65

57
60

1983
First quarter
Second quarter . . . .
Third quarter
..
Fourth quarter

/ 1
74

66
74

RA

86

85
84
82
80

ou
81

68
78

1A
fH
80

88
90
90
88

1984
First quarter . . . . . .
Second quarter . . . .
Third quarter . . . . .
Fourth quarter . . . .

76.2
71.4
95.2
<NA)

73.6
61.9
78.6
66.7

84
86
88
84

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

82
84

54.8

1

M

Vflar
Tear

974. Number of employees,
manufacturing and trade l ( u )

975. Level of inventories,

quarter

Actual

Actual

Anticipated

84

DIFFUSION INDEXES—Continued

976. Selling prices, manu-

Anticipated

977. Selling prices, wholesale

978. Selling prices, retail

facturing:1 @

"©

manufacturing and trade

and

80
81

tradel ©

tradel ( u )

Anticipated

Actual

(4-Q span)

(4-Q span)

(4-Q span)

72
67
68
61

82
78

78
75
74
68

82
81
76
72

63
62
68
70

CO
DC

CO

en

64

72

67

69
72

70
71

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

48
46
46
46

50
51
51

58
52
52
52

54
56
56
50

72
68
63
60

80
76
68
66

61
60
65
68

65
66
70
69

1A

7/1

70
70
68

/H

/J

76
76
72

69

(4-Q span)

Anticipated

Actual

Anticipated

Actual

(4-Q span)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

48

72
68

1983
First quarter , . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .

50

48
54
58
61

56
59
60

54
59
62
68

52
58
62
64

65
63
62
62

62
64
64
62

72
70
70
70

cc

68
72

DO

Or

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

DO
70

70
66

65
65

10

1c
76

75
72

72
68

70
70

70
74

74
68

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

60
62

64
66

70
70

68
66

65
70

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 pate 38.
lr

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

76



MARCH 1985

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components

1984
July

August

September

1985
October

November

December

January

February13

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING :
(Hours)
40.5

40.5

40.6

40.4

40.5

40.7

40.6

40.0

(38)

(60)

(70)

(22)

(72)

(62)

(28)

(5)

Lumber and wood products
Furniture and fixtures

39.3
39.8

39.4
39.1

40.2
39.9

39.7
39.6

39.5
39.8

+

r40.0
39.6

39.9
40.4

38.6
39.4

Stone, clay, and glass products,
Primary metal industries

41.9
41.5

41.7
41.0

42.0
41-3

41.8
41.3

41.8
41.5

-

r41.7
41.2

41.6
41.0

41,
40.

Fabricated metal products ..
Machinery, except electrical .

41.3
41.8

41
42

41.5
42.0

41.3
41.9

41.1
41.7

+
+

r41.4
r41.8

41
41

40.
41

Electric and electronic equipment ..
Transportation equipment

40.8
42.2

40.9
42.4

41.2
42.8

40.9
42.4

41.0
42.4

o
+

r41.0
43.0

40,9
43.4

40
42.

Instruments and related products ..
Miscellaneous manufacturing

41.3
38.9

41.1
39.1

41.5
39.6

41.2
39.7

41.5
39.7

+
+

r41.8
r39.9

41.2
38.8

40.7
38.7

Food and kindred products
Tobacco manufacturers ....

39.5
37.5

39.7
39.2

39.6
39.6

39.6
39.9

39.7
40.1

+
-

r40.1
r38.8

39.8
37.2

39.5
37.2

Textile milt products
Apparet and other textile products ..

39.8
35.8

39.4
36.0

39.2
35.9

38.7
35.9

39.0
36.0

+
+

r39.2
r36.4

39.1
36.1

38.6
35.4

Paper and allied products.
Printing and publishing ...

43.3
37.7

43.1
37.8

43.1
37.9

43.0
37.8

43.2
37.9

43.1
-

r37.7

43.1
37.8

42.3
37.6

Chemicals and allied products .
Petroleum and coal products ..

41.9
43.2

42.0
43.9

41.8
43.1

41.6
43.5

41.7
43.5

+
-

r41.9
r42.9

42.0
43.8

41.6
43.7

Rubber and miscellaneous plastics products .
Leather and leather products

41.2
37.0

41.4
36.0

41.5
36.5

41.4
36.4

41.6
36.4

+
+

42.0
36.9

41.3
36.8

40.4
36.8

All manufacturing industries
Percent rising of 20 components .
Durable goods industries:

Nondurable goods industries:

964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES '
(Millions of dollars)
All durable goods industries

98,676

96,067

+ 104,037

101,744

+ 104,985

- 104,737

(44)

(41)

(41)

(59)

(59)

(47)

(43)

10,848
12,426

+

10,067
13,003

11,133
13,106

+

10,212
13,243

+ 101,704

102,015

(59)

Percent rising of 34 components

-

Primary,metals
Fabricated metal products.

+
-

11,183
11,024

+
+

11,245
12,034

10,281
11,878

+
+

10,597
12,054

Machinery, except electrical
Electrical machinery

+

18,149
16,267

+

17,549
16,403

18,049
16,792

-

16,962
14,631

+
-

18,082
14,497

- rl6,389
+ 15,399

+

15,074
18,290

+
-

20,470
14,929

Transportation equipment
Other durable goods industries...

+
+

25,267
19,814

-

25,096
19,688

22,113
19,563

+

21,912
19,911

+
+

28,619
19,565

- r26,899
+ rl9,987

+
+

27,382
20,000

-

26,529
19,354

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

ItO

MARCH 1985




77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

1985

1984

Diffusion index components

July

August

September

October

November

Januaryr

February'3

165.0

165.5

164.7

December

966. INDEX OF INDUSTRIAL PRODUCTION
(1967-100)

All industrial production
Percent rising of 24 components

+
2

165.9
(71)

166.0

165.0

164.4

rl64.8

(40)

+

(29)

(48)

(46)

(50)

(58)

(25)

152.0
191.6

(NA)
(NA)

+

Durable manufactures:
Lumber and products,.,
Furniture and fixtures ..

146.0
192.6

+
+

148.8
195.3

+
-

149.2
194.3

+
+

152.6
194.7

-

152.2
rl92.1

150.8
191.6

Clay, glass, and stone products..
Primary metals

160.9
94.5

-

160.0
94.4

-

158.0
94.1

+

160.1
92.7

-

159.0
r91.5

157.5
88.1

+
+

158.3
90.8

+

(NA)
92.7

Fabricated metal products
Nonelectrical machinery.,.

140 ..6
186.9

+

140.0
189.1

-

139.5
187.9

+
-

140.7
187.7

+

rl39.0
rl88.9

141.0
189.3

o

141.0
189.0

-

140.3
187.0

Electrical machinery . . . . .
Transportation equipment

221.5
140.6

0
+

221.5
141.0

+
-

222.8
137.6

-

222.3
137.2

r222.5
141.3

225.4
143.2

+

221.5
145.9

+

220,0
146.1

Instruments
Miscellaneous manufactures .

176.7
152.4

+
-

177.4
149.2

+
-

178.5
147.0

+

176.5
148.3

+
-

177.5
rl43.5

180.3
137.7

+

179.2
138.6

-

177.5
135.9

Nondurable manufactures:
Foods
Tobacco products .

164.9
115.1

164.7
113.8

164.3
113.1

164.0
119.5

-

rl62.9
117.4

164.0
121.5

(NA)
(NA)

(NA)
(NA)

Textile mill products
Apparel products....

139.8
(NA)

140.3
(NA)

135.4
(NA)

133.3
(NA)

-

rl32.0
(NA)

131.0
(NA)

131.5
(NA)

(NA)(NA)

Paper and products ....
Printing and publishing

176.7
172.6

176.7
173.1

177.5
170.5

173.5
172.3

+

rl73.0
174.0

173.4
173.4

172.1
173.6

171.8
173.0

Chemicals and products
Petroleum products

232.0
124.7

231.6
124.3

230.8
122.6

228.0
122.9

+
+

r230.2
124.0

229.2
120.3

228.5
119.0

(NA)
119.5

Rubber and plastics products..
Leather and products

341.4
60.6

341.5
59.1

338.4
57.9

338.6
55.0

+

r332.2
55.9

333.2
56.4

334.5
53.9

(NA)
(NA)

Metal mining
Coal

96.4
176.5

83.4
171.7

84.5
173.7

91.2
127.8

+

r87.5
134.4

76.6
142.1

82
144

(NAJ

Oil and gas extraction
Stone and earth minerals ..

122.8
151.9

122.5
153.5

122.4
154.6

122.6
147.8

+ rl23.8
- rl47.5

123.5
146.0

123.9
145.0

Mining:

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( 4 ) ^ rising, (o) « unchanged, and ( • - ) ~ falling.
preliminary; and "NA", not available.
x
Duta are seasonally adjusted by the source agency.
"Where actual data for separate industries are not available, estimates are used to compute the percent rising.

7
8



(NA)
120.5
(NA)

The "r" indicates revised; " p " t

MARCH 1985

ICO

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

j Q

SELECTED DIFFUSION INDEX COMPONENTS: BasicData and Directions of Change—Continued

Diffusion index components

1984

August

July

September

1985
October

November

967. INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS

Raw industrials price index (1967 = 100) ...,

-

280.1

-

-

(46)

(35)

Percent rising of 13 components

275.6

274.0

-

(46)

266.4

+

December

January

February

March 1

-

-

-

-

2

268.3
(58)

(31)

261.9
(19)

255.8
(23)

253.1
(38)

251.4
(62)

Dollars

Copper scrap

(pound)..
(kilogram),.

-

0.459
1.012

Lead scrap

(pound)..
(kilogram)..

+

0.188
0.414

Steel scrap

(US ton).
(metric ton)..

-

85.000
93.696

+

86.000
94.798

+ 92.000
101.412

- 88.000
97.002

- 86.500
95.349

- 86.000
94.798

+ 91.000
100.309

+ 94.500
104.167

+ 95.667
105.454

(pound)..
(kilogram)..

-

5.772
12.725

-

5.680
12.522

-

5.585
12.313

-

5.404
11.914

+

5.515
12.158

-

5.443
12.000

-

5.085
11.210

-

5.040
11.111

+

5.187
11.435

(pound).,
(kilogram)..

-

0.502
1.107

-

0.491
1.082

-

0.476
1.049

-

0.454
1.001

o

0.454
1.001

o

0.454
1.001

-

0.444
0.979

-

0.439
0.968

+

0.454
1.001

(yard)..
(meter)..

+

0.329
0.360

+

0.336
0.367

+

0.366
0.400

+

0.395
0.432

+

0.396
0.433

-

0.395
0.432

-

0.394
0.431

-

0.374
0.409

-

0.358
0.392

(pound).,
(kilogram)..

-

0.683
1.506

0.640
1.411

-

0.625
1.378

+

0.626
1.380

-

0.610
1.345

+

0.617
1.360

-

0.610
1.345

-

0.599
1.321

+

0.609
1.343

Print cloth

(yard)
(meter)..

+

0.768
0.840

0.762
0.833

+

0.779
0.852

+

0.794
0.868

+

0.798
0.873

-

0.778
0.851

-

0.746
0.816

-

0.702
0.768

+

0.720
0.787

Wool tops

(pound)
(kilogram)..

-

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

o

3.500
7.716

Hides

(pound).,
(kilogram)..

+

0.766
1.689

+

0.771
1.700

+

0.795
1.753

-

0.716
1.578

-

0.625
1.378

-

0.586
1.292

-

0.560
1.235

-

0.520
1.146

+

0.542
1.195

Rosin

(100 pounds)
(100 kilograms)..

o

47.000
103.616

o

47.000
103.616

Rubber

(pound)..
(kilogram)..

-

0.464
1.023

+

Tallow

(pound)
(kilogram)..

-

0.208
0.459

-

Tin

.

Zinc

Burlap

Cotton

:

+

0.460
1.014

-

0.435
0.959

-

0.421
0.928

+

0.458
1.010

-

0.447
0.985

+

0.450
0.992

+

0.462
1.019

-

0.452
0.996

0.171
0.377

-

0.143
0.315

-

0.120
0.265

+

0.141
0.311

-

0.137
0.302

-

0.109
0.240

o

0.109
0.240

-

0.098
0.216

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

o 47.000
103.616

0.465
1.025

-

0.464
1.023

-

0.437
0.963

-

0.426
0.939

-

0.422
0.930

-

0.421
0.928

o

0.421
0.928

-

0.414
0.913

0.201
0.443

+

0.218
0.481

-

0.216
0.476

+

0.223
0.492

-

0.206
0.454

-

0.198
0.437

+

0.202
0.445

+

0.204
0.450

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
The index is the average for March 1 through 21; component prices are averages for March 5, 12, and 19.
2
Data are not seasonally adjusted. These series are based on copyrighted data used by permission; they may not be reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Bureau of Economic Analysis.

MARCH 1985



79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

1
0

| GNP AND PERSONAL INCOME

Year
and
quarter

a. Total

b. Difference

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

217. Per capita
gross national
product in 1972
dollars

50. Gross national product in 1972 dollars

200. Gross national product in current dollars
c. Percent
change at
annual rate

c. Percent
change at
annual rate

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
dollars)

213. Final sales
in 1972 dollars

(Ann, rate,
bil. dol.)

1982
First quarter
Second quarter
Third quarter
Fourth quarter . . . .

3
3
3
3

026.0
061.2
080.1
109.6

-1.9
35.2
18.9
29.5

-0
4
2
3

2
7
5
9

1,483 5
1,480 5
1 ,477 1
1, 4 7 8 . 8

-17
-3
-3
1

8
0
4
7

-4 .6
-0 .8
-0 .9
0 .5

6, 408
6, 381
6, 349
6, 341

1,490.3
1,484.5
1,483.5

3
3
3
3

173,8
267.0
346.6
43;i.7

64.2
93.2
79.6
85.1

8
12
10
10

5
3
1
6

1 ,491 0
1 ,524 8
1,550.2
1 ,572 7

12
33
25
22

2
8
4
5

3 .3
9 .4
6 .8
5 .9

6, 379
6, 510
6, 602
6, 681

1,507.5
1,530.9
1,549.3
1,565.4

33 553.3
3, 644.7
3, 694.6
r3 758.7

121.6
91.4
49.9
r64.1

14
10
5
rl

9
7
6
1

38
27
6
rl7

2
9
4
2

10 .1
7 .1
1 .6
r4 .3

6, 829
6, 933
6, 943
r6, 998

1,579.3
1,618.5
1,614.6
rl,645.6

13 828.2

l

l

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

1 ,610
1 ,638
1 ,645
r l ,662

9
8
2
4

1985
First quarter . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .

D
Year
and
quarter

| | PERSONAL CONSUMPTION EXPENDITURES

230. Total in current
dollars

Disposable personal income

(Ann. rale,
bil. dol.)

2 .1

1

GNP AND PERSONAL INCOME—Continued

224. Current dollars

1

*8 8

M ,671.2

7 6

69.5

233. Durable goods
in 1972 dollars

232. Durable goods
in current dollars

231. Total in 1972
dollars

227. Per capita in
1972 dollar;

225. Constant
(1972) dollars

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. c ol.)

(Ann. rat
dollars)

(Ann. rate,
bil. dol.)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

2,132. 0
2,156. 8
2,3.95. 8
2,237. 5

1 , 0 5 2 .8
1 , 0 5 4 .8
1,057 Q
1 , 0 6 7 '.6

2,261. 4
2,302. 9
2,367. 4
2,428. 6

1,073
1,082
1,102
1,124

4 548
4 546
A
548
4 578

]L.931 3
]L,960 9

',001 3
>,046 1

138.5
138.8

953
958
964
976

7
9
2
3

239. 4
241. 6
244. 5
255! 0

1 OQ

0

145.2

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

.1
.0
.2
.3

4
4
4
4

591
619
694
776

?,070
M41
1,181
!,230

4
6
4
2

982
1,006
1,015.
1,032.

5
2
6
4

259. 4
276. 1
284. 1
299. 8

146.8
156.2
159.6
167.2

1,147 6
1 , 1 6 5 .3
1 , 1 7 6 .5
rl } 186 .7

4
4
4
r4

865
930
965
996

*,276
,332.
.,361
r't>,396

5
7
4
5

1,044. 1
1,064. 2
1,065. 9
1,075. 4

310. 9
320. 7
317. 2
r326. 3

173.7
178.6
177.0
rl82.9

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

2,502. 2
2,554. 3
2,606. 4
r2,644. 5

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
NOTE: Series are seasonally adjusted except for those, indicated by (u), 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 paces 40 and 41.
1(1
Flash" estimate.




MARCH 1985

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q F ERSONAL CONSUMPTION EXPENDITURES—Continued
Year
and
quarter

236. Nondurable
goods in current
dollars

(Ann. rate,
bil. dol.)

238. Nondurable
goods in 1972
dollars

(Ann. rate,
bil. dol.)

237. Services in
current dollars

(Ann. rate,
bil. dot.)

H |

239. Services in
1972 dollars

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE DOMESTIC INVESTMENT

241. Total in
1972 dollars

242. Fixed investment in current
dollars

(Ann. rate,
bil. dot.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1972
dollars

(Ann. rate,
bil. dol.) .

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

746.4
750.6
762.5
770.6

360.5
362.0
363.7
366.0

945.4
968.6
994.2
1,020.6

454.7
458.1
461.2
465.1

436.2
431.2
415.9
376.2

204.7
200.4
194.3
177.8

453.2
442.1
431.3
437.3

211.4
204.5
200.7
202.4

775.2
796.9
811.7
823.0

368.8
374.9
378.5
383.2

1,035.8
1,068.6
1,085.7
1,107.5

466.8
475.1
477.6
482.0

405.0
449.6
491.9
540.0

191.3
212.6
230.6
249.5

447.9
469.0
496.2
527.3

207.8
218.7
229.8
242.2

841.3
858.3
861.4
r866.5

387.1
396.6
395.5
395.0

1,124.4
1,153.7
1,182.8
rl,203.8

483.4
488.9
493.5
r497.5

623.8
627.0
662.8

285.5
283.9
300.2
r289.9

550.0
576.4
591.0
r601.1

253.9
263.7
269.6
r273.1

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

r637.8

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• H
H I

GROSS PRIVATE
DOMESTIC INVEST.-Con.

GOVERNMENT PURCHASES OF GOODS AND SERVICES

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil. dol.)

Year
and
quarter

(Ann. rate,
bit. dol.)

(Ann. rate,
bit. dol.)

261. Total in
1972 dollars

(Ann. rate,
bil. dol.)

262. Federal
Government in
current dollars

(Ann. rate,
bil. dol.)

263. Federal
Government in
1972 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-17.0
-10.9
-15.3
-61.1

-6.7
-4.0
-6.4
-24.6

630.9
633.7
656.3
681.0

290.2
287.0
292.8
300.6

249.8
245.0
261.6
279.4

114.8
111.0
117.2
124.8

381.1
388.7
394.7
401.6

175.4
176.0
175.7
175.8

-42.9
-19.4
-4.3
12.7

-16.5
-6.1
0.9
7.2

678.8
682.2
689.8
691.4

294.3
292.4
292.0
288.8

273.0
270.5
269.2
266.3

119.0
117.2
115.6
113.0

405.8
411.6
420.6
425.1

175.3
175.2
176.4
175.8

73.8
50.6
71.8
r36.6

31.6
20.3
30.6
16.8

704.4
743.7
761.0
r780.5

289.5
302.1
306.1
r310.5

267.6
296.4
302.0
r315.7

112.2
123.2
125.0
129.6

436.8
447.4
458.9
r464.8

177.3
178.9
181.1

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

rl80.9

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 4 1 , 42, and 43.

MARCH 1985



81

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Q

Year
and
quarter

255. Constant
(1972) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

253. Current
dollars

256. Constant
(1972) dollars

252, Current
dollars

280. Compensation of
employees

257. Constant
(1972) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

NATIONAL INCOME
AND ITS COMPONENTS

220. National income in current
dollars

Imports of goods and services

Exports of goods and services

Net exports of goods and services
250. Current
dollars

M l
ISM

FOREIGN TRADE

(Ann. rate,
bil. dol.)

(Ann. rate
bil. dol.)

(Ann. rate,
bil. dol.)

1932
27.7
35.5
6.6
6.3

34.9
34.1
25.7
24.1

359.4
366.3
346.3
321.7

152.2
155.1
146.6
136.7

331.7
330.8
339.7
315.4

117.3
121.0
120.9
112.6

2,422.3
2,443.9
2,452.4
2,468.6

1,834.2
1,857.7
1,876.3
1,888.7

19.6
-6.5
-16.4
-29.8

22.9
13.6
11.9
2.0

328.5
328.1
342.0
346.1

138.2
137.0
141.6
141.0

308.9
334.5
358.4
375.9

115.3
123,4
129.7
139.1

2,527.0
2,609.0
2,684.4
2,766.5

1,921.3
1,962.4
2,000.7
2,055,4

-51.5
-58.7
-90.6
r-56.0

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

-8.3
-11.4
-27.0
r-13.4

358.9
362.4
368.6
r367.2

144.9
144.7
147.4
rl47.1

410.4
421.1
459.3
r423.2

153.2
156.2
174.4
rl60.5

2,873.5
2,944.8
2,984.9
p3,038.3

2,113.4
2,159.2
2,191.9
r2,228.1

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter
Q j
Year
and
quarter

282. Proprietors'
income with IVA
and CCAdj'

(Ann. rate,
bil. dol.)

Q

NATIONAL INCOME AND ITS COMPONENTS—Continued
284. Rental income
of persons with
CCAdj1

(Ann. rate,
bil. dol.)

286. Corporate
profits before tax
with IVA and
CCAdj1

288. Net interest

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

290. Gross saving

(Ann. rate,
bil. dol.)

SAVING
292. Personal
saving

295. Business
saving

(Ann. rate,
bit. dol.)

(Ann. rate,
bil. dot.)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

116.8
107.7
102.2
117.6

47.8
48.3
52.9
57.0

159.9
161.7
163.3
151.6

263.6
268.5
257.7
253.8

447.0
445.4
397.9
344.8

378.3
386.2
393.8
393.9

142.6
136.7
134.5
130.2

114.7
116.9
123,3
131.9

57.7
59.0
56.2
60.4

179.1
216.7
245.0
260.0

254.2
254.2
259.2
258.9

393.4
414.7
455.2
485.7

417.0
441.4
469.7
486.4

128.0
96.7
119.0
128.7

154.9
149.8
153.7
rl59.1

61.0
62.0
63.0
r64.1

277.4
291.1
282.8
P293.5

266.8
282.8
293.5
r293.4

543.9
551.0
556.4
P557.9

498.8
515.3
525.3
P536.5

152.5
144.8
164.1
rl63.0

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
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.
X
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82



MARCH 1985

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q j
Year
and
quarter

SAVING—Continued

298. Government
surplus or deficit

Q

SHARES OF GNP AND NATIONAL INCOME

293. Personal
saving rate

Percent of gross national product
235. Personal consumption expenditures

(Ann. rate,
bil. dol.)

(Percent)

(Percent)

248. Nonresidents
fixed investment
(Percent)

247. Change in
business inventories

249. Residential
fixed investment
(Percent)

(Percent)

251. Net exports of
goods and services
(Percent)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-73.8
-77.6
-130.4
-179.2

6.7
6.3
6.1
5.8

63.8
64.1
65.0
65.8

12.1
11.5
11.1
10.9

2.9
3.0
2.9
3.1

-0.6
-0.4
-0.5
-2.0

0.9
1.2
0.2
0.2

-151.7
-123.4
-133.5
-129.3

5.7
4.2
5.0
5.3

65.2
65.6
65.2
65.0

10.5
10.4
10.6
11.2

3.6
4.0
4.3
4.2

-1.4
-0.6
-0.1
0.4

0.6
-0.2
-0.5

-107.4
-109.2
-133.0
p-141.5

6.1
5.7
6.3

64.1
64.0
63.9

r63.8

4.3
4.3
4.2
4.1

2.1
1.4
1.9

r6.2

11.2
11.5
11.8
rll.9

-1.4
-1.6
-2.5
r-1.5

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

-0.9

1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

rl.O

1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q J

Year
and
quarter

SHARES OF GNP AND NATIONAL INCOME—Continued

Percent of national income

Percent of GNP—Continued
265. Federal Government purchases of
goods and services

268. State and local
government purchases
of goods and services

(Percent)

(Percent)

64. Compensation of
employees
(Percent)

285. Rental income
of persons with
CCAdj1

283. Proprietors'
income with IVA
and CCAdj'

(Percent)

(Percent)

287. Corporate profits
before tax with
IVA and CCAdj1
(Percent)

289. Net interest

(Percent)

1982
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

8.3
8.0
8.5
9.0

12.6
12.7

12.8
12.9

75.7
76.0
76.5
76.5

4.8
4.4
4.2
4.8

2.0
2.0
2.2
2.3

6.6
6.6
6.7
6.1

10.9
11.0
10.5
10.3

8.6
8.3
8.0
7.8

12.8
12.6
12.6
12.4

76.0
75.2
74.5
74.3

4.5
4.5
4.6
4.8

2.3
2.3
2.1
2.2

7.1
8.3
9.1
9.4

10.1
9.7
9.7
9.4

7.5
8.1
8.2
8.4

12.3
12.3
12.4
12.4

73.5
73.3
73.4
P73.3

5.4
5.1
5.1
P5.2

2.1
2.1
2.1
P2.1

9.7
9.9
9.5
p9.7

9.3
9.6
9.8
P9.7

1983
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1985
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.

MARCH 1985




83

OTHER IMPORTANT ECONOMIC MEASURES
B I

PRICES, WAGES, AND PRODUCTIVITY

Q
Implicit price deflator for
gross national product
Year
and
month

310. Index

(1972-100)

310c. Change
over 1 quarter
spans1

(Ann. rate,
percent)

PRICE MOVEMENTS

311. Index

(1972 = 100)

311c. Change
over 1 quarter
spans1

(Ann. rate,
percent)

Consumer price index for
all urban consumers, food

Consumer price index
for all urban consumers

Fixed-weighted price index,
gross domestic business product
320. Index ©

320c. Change
over 1-month
spans'

320c. Change
over 6-month
spans!

(1967 = 100)

(Percent)

(Ann. rate,
percent)

(1967 = 100)

322. Index

322c. Change
over 1-month
spans3

322c. Change
over 6-month
spans '

(Percent)

(Ann. rate,
percent)

1983
2.7

212^9

April
May
June

214\2

July
August ,
September

215.9

October
November
December

216\2

293.1
293.2
293.4

0.3
-0.1
0.1

1.4
2.3
3.4

288.5
288.9
290.2

0.0
0.1
0.4

2.4
2,8
2.2

3.9

295.5
297.1
298.1

0.7
0.4
0.2

3.6
4.4
5.0

291.3
292,1
291.5

0.4
0.3
-0.2

2,1
1.9
1.7

4.5

299.3
300,3
301.8

0,4
0.3
0.4

4.2
4.1
4.2

291,5
291.7
292,7

0.0
0.1
0.3

1.7
1.5
3.0

3.5

302.6
303.1
303.5

0.3
0.3
n . Ji
U

4.7
4.8

293.8
294.3
one q

0,4
0.2
nR
u. o

5.8
7.2

A C
4-. D

4,2

305.2
306.6
307.3

0.6
0.4
0.3

4.8
4.5
4.3

299.9
302.0
301.9

1.4
0.7
0.0

5.4
4.6
3,8

4,1

308.8
309.7
310.7

0.4
0.2
0.2

3.6
3.7
3.8

301.6
301.0
301.5

-0.1
-0.2
0,2

1.8
1.5
1.7

4.0

5,0

January
February
March

311.7
313.0
314.5

0.3
0.4
0.4

3.5
3.6
3.7

302.6
304.2
304.4

0.4
0.5
0.1

2.5
3.3
3.8

r3.5

315.3
315.3
315.5

0.3
0.2
0,3

3.4
3.3

305.4
305.9
307,2

0.3
0.2
0.4

3.4
3.4

316.1
317.4

0.2
0.3

307.7
309.3

0.2
0.5

22o!i
2.6
222^5
3.1

225!6
4.4
226^9

C

A

0,4-

1984
January . . . . . . . . .
February . .
March .

4.4
229^3

22o!<5

April . . .
May
June . . . . . .

3.3
23L6

July . . . . . . . . . .
August
September

224\6

October
November . .
December . . . . . . .

226! i

3.9
233^9
2.8

r236!6

1985
January
February
March . . . . . . . . . .

2

a

229li

5.4

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.
'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
-quarter changes are placed on the 1st month of the 2d quarter,
'"Flash" estimate.

84



MARCH 1985

OTHER IMPORTANT ECONOMIC MEASURES
B

|

PRICES, WAGES, AND PRODUCTIVITY—Continued

PRICE MOVEMENTS—Continued

Year
and
month

330. Index ©

(1967=100)

330c. Change
over 1-month
spans' @

(Percent)

Producer price index, crude materials
for further processing

Producer price index, industrial commodities

Producer price index, all commodities
330c. Change
over 6-month

335. Index ©

spans1 ©

(Ann. rate,
percent)

(1967 = 100)

335c. Change
over 1-month
spans' ©

(Percent)

335c. Change
over 6-month

331. Index

spans' ©

(Ann. rate,
percent)

(1967 = 100)

331c. Change
over 1-month
spans'

(Percent)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

1983
January
February
March

299.9
300.9
300.6

April
May
June

-0.3
0.3
-0.1

0.5
0.8
1.1

313.9
313.9
313.5

-0.4
0.0
-0.1

-1.2
-0.9
0.1

316.3
318.0
320.0

300,
301,
302,

0.0
0.3
0.3

2.2
2.5
3.2

312.4
313.6
315.3

-0.4
0.4
0.5

1.7
2.2
2.3

July
August
September . . .

303,
304,
305,

0.3
0.5
0.2

3.6
2.7
2.5

316.5
317.3
317.1

0.4
0.3
-0.1

October
November . . .
December . . .

306.0
305.5
306.1

0.2
-0.2
0.2

3.2
2.8
3.8

318.5
318.3
318.4

January
February
March

308.0
308.9
311.0

0.6
0.3
0.7

3.5
4.0
3.4

April
May
June

311.
311.
311.

0.1
0.1
-0.1

July
August
September . . .

311.
310.
309.

October
November . . .
December . . .

-0.5
0.5
0.6

4.1
1.5
2.1

322.2
321.0
321.1

0.0

1.1
4.8
6.1

3.9
3.0
2.0

318.1
325.5
329.6

-0.9
2.3
1.3

4.7
5.4
7.9

0.4
-0.1
0.0

1.6
2.1
3.1

329.
329.
333.5

1.2

11.7
2.9
4.6

319.1
320.6
321.9

0.2
0.5
0.4

2.6
3.1
3.4

336.2
330.2
337.1

0.8
-1.8
2.1

3.5
1.8
-1.9

2.5
1.2
-1.1

322.6
323.2
323.8

0.2
0.2
0.2

3.0
1.7
0.2

335.4
332.5
330.4

-0.5
-0.9
-0.6

-2,9
-1.7
-5.6

0.2
-0.4
-0.5

-1.2
-0.7
-0.9

323.9
323.3
322.2

0.0
-0.2
-0.3

r0.5
0.4
-0.5

331.3
327.4
327.6

0.3
-1.2
0.1

r-6.4
-1.7
-0.7

309.
310.
309.9

0.0
0.3
-0.2

-1.3
-1.0

r323.4
323.8
323.0

r0.4
rO.l
-0.2

-0.4
-0.5

r324.5
329.6
329.3

r-0.9
rl.6
-0.1

-5.4
-6.8

309.8
309.2

0.0
-0.2

323.2
322.5

0.1
-0.2

322.2
316.1

-2.2
-1.9

1984

1985
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.
x
Changes are centered within the spans:

MARCH 1985



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

85

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

PRICE MOVEMENTS—Continued
Producer price index, intermediate
materials, supplies, and components
Year
and
month

332. Index

(1967 = 100)

332c. Change
over 1-month
spans'

(Percent)

Producer price index, capital equipment

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

333. Index

(1967 = 100)

333c. Change
over 1-month
spans1

(Percent)

Producer price index, finished consumer goods

333c. Change
over 6-month

(Ann. rate,
percent)

334. Index

(1967 = 100)

334c. Change
over 1-month
spans :

334c. Change
over 6-month
spans•

(Percent)

(Ann. rate,
percent)

1983
January
February
March

309.9
310.0
309.3

-0.4
0.0
-0.2

-1.0
-0.6
0.1

284.1
285.0
285.8

-0.1
0.3
0.3

2.6
2.3
1.8

283.4
283.3
282.9

-0.9
0.0
-0.1

-0.6
-1.0
-0.9

April
,
May . . . . . . .
June , . . . . , ,

308.5
309.6
311.1

-0.3
0.4
0.5

1.4
2.1
3.8

285.9
286.3
286.9

0.0
0.1
0.2

2.3
2.4
1.8

282.8
283.6
284.7

0.0
0.3
0.4

0.8
1.6
2.3

July . . . . . . .
August
September . . ,

312.
313.
315.

0.3
0.4
0,6

4.9
4.1
3.4

287.3
288.4
288.4

0.1
0.4
0.0

2.2
2.0
2.0

284.5
285.5
286.1

-0.1
0.4
0.2

2.6
1.4
1.3

October
November . . .
December . . .

315.
315.
316.4

0.3
0.0
0.2

3.2
3.0
2.9

289.0
289.2
289.7

0.2
0.1
0.2

2.2
2.3
2.9

286.5
285.6
286.5

0.1
-0.3
0.3

3.0
2.8
3.6

January
February
March . . . . . .

317.1
317.9
319.6

0.2
0.3
0.5

2.7
3.2
3.2

290.5
291.7
.292.5

0.3
0.4
0.3

3.7
3.2
3.1

288,
289,
291,

0.8
0.2
0,6

3.1
3.5
2.7

April
May
June

320.1
320.9
321.5

0.2
0.2
0.2

2.4
1.5
0.3

294.3
293.8
294.1

0.6
-0.2
0.1

2.9
2.5
2.3

290,
290.
290,

-0.1
-0.1
-0.1

1.5
0.4
-0.9

July . . . . . . .
August
September . . .

320.9
320.3
320.0

-0.2
-0.2
-0.1

r0.2
0.0
-0.6

294.7
295.3
295.8

0.2
0.2
0.2

0.5
1.3
1.2

291.0
290.1
289.9

0.2
-0.3
-0.1

-0.7
0.3
0.8

October
November . , .
December . , .

r320.4
320.9
320.6

0.1
0.2
-0.1

-0.3
-0.9

295.1
295.7
295.8

-0.2
0.2
0.0

1.6
2.1

289.9
290.9
291.5

0.0
0.3
0.2

0.1
0.1

320.4
318.9

-0.1
-0.5

297.0
298.4

0.4
0.5

291.1
290.3

-0.1
-0.3

1984

1985
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.
x
Changes art) centered within the spans:

86



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

MARCH 1985

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

WAGES AND PRODUCTIVITY
Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls'
Year
and
month

(1977 = 100)

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

Current-dollar compensation

Real earnings

Current-dollar earnings
340. Index

Average hourly compensation, ail employees,
nonfarm business sector

340c. Change
over 6-month
spans'
(Ann. rate,
percent)

341. Index

341c. Change
over 1-month
spans *

(1977 = 100)

(Percent)

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

345. Index

(1977 = 100)

345c. Change
over 1-quarter
spans'

345c, Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

1983
January
February
March

152.9
153.6
153.6

0.4
0.5
0.0

4.4
4.6
3.8

94.8
95.3

April
May . . . . . . .
June

154.2
154.7
155.1

0.4
0.3
0.2

July
August
September . . .

155.6
155.4
156.2

October
November . . .
December . .

3.1
2.4
0.8

159.7

95.1

0.3
0.5
-0.2

3.7
2.4
3.4

94.8
94.8
94.8

-0.2
0.0
0.0

0.1
-1.9
-1.1

161.0

0.4
-0.1
0.5

3.7
3.2
3.5

94.8
94.4
94.5

0.0
-0.5
0.2

-0.1
-0.3
0.0

161.9

157.1
157.2
157.8

0.5
0.1
0.4

3.7
4.0
3.7

94.8
94.7
94.9

0.3
-0.1
0.2

-0.1
0.8
1.1

163.7

January
February . . .
March

158.4
158.5
159.1

0.4
0.1
0.4

3.6
3.1
3.2

94.8
94.8
95.0

-0.1
0.0
0.3

1.2
0.3
0.5

165.9

April
May
June

159.9
159.6
160.3

0.5
-0.2
0.4

3.0
2.6
3.2

95.3
94.8
95.1

0.3
-0.5
0.3

0.7
-1.5
-1.8

167.4

July
August . . . .
September . .

160.8
160.6
161.6

0.3
-0.2
0.6

1.8
3.0
r3.6

95.1
94.1
94.2

0.0
-1.1
0.1

-2.9
-1.0
r-0.8

168.9

October
November . .
December . .

161.3
162.0
rl63.1

-0.2
0.4
0.6

94.0
94.4
94.7

-0.2
0.4
r0.4

-1.6
pl.l

rl62.8
P163.7

-0.2
p0.6

r94.4
p94.6

-0.4
pO.2

5.7

4.1
3.3

3.9
2.3

3.9
4.5

3.9

1984

2.4
P 3.9

5.4

4.3
3.5
p4.1

3.7

p3.6
P170.4

1985
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
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 1985



87

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

WAGES AND PRODUCTIVITY—Continued
Negotiated wage and
benefit decisions

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

Real compensation

346. Index

(1977 = 100)

346c. Change
over 1-quartfir
spans'

346c. Change
over 4-quarter
spans1

(Ann. rate,
percent)

(Ann. rate,
percent)

348. Average
first-year
changes ®

(Ann. rate,
percent)

Output per hour, all persons, business sector

349. Average
changes over
life of
contract ©

(Ann. rate,
percent)

370. Index

(1977 = 100)

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

370c. Change
over 1-quarter
spans'

370c. Change
over 4-quarter
spans[

(Ann. rate,
percent)

(Ann. rate,
percent)

(1977 = 100)

3.4

101.6

3.1

103.6

3.5

104.1

3.3

104.4

2.7

105.2

p3.0

106.6

1983
5.3

January
February
March

98.7

April
May
June

98.5

July
August
September .. .

98.0

October . .
November
December

98.1

-1.6

-1.0

102.2
4.4

3.6

0.6
-1.8

5.9

103.6
5.0

4.3

-0.6

2.8

104.3
4.9

0.1

2.1

1.4

1.5

1.4

3.1
104.7

-0.3

1984
0.4

January
February
March

98.2

April . , ,
May . . ,
June . . .

98.1

July
August
September . . .

5.1

4.7

98.2

October . .
November
December

0.1
-O.I

3.5

3.2

4.9
107.0

pO.O

O.I

4.0

105.7

2.7

3.1

0.6
107.2

p-0.3

P98.1

p3,8

p2.0

106.3
p2.6

P107.9

P106.7

1985
January . .
February .
March . . .
April . . ,
May . . .
June . . ,
July . . . .
August . .
September
October . .
November
December
See note on page 80.
Graphs of these series are shown on paces 49 and 50.
I
Changcs are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, and 4 quarter changes are
placed on the middle month of the 3d quarter.




MARCH 1985

OTHER IMPORTANT ECONOMIC MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
447. Number
unemployed,
full-time
workers

Civilian labor force
Year
and
month

441. Total

442. Civilian
employment

Number unemployed
37. Persons
unemployed

(Thous.)

(Thous.)

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

(Thous.)

(Thous.)

(Thous.)

446. Both
sexes 16-19
years of age

(Thous.)

448. Number
employed
part time
for economic
reasons

Civilian labor force participation rates
451. Males
20 years
and over

452. Females
20 years
and over

453. Both
sexes 16-19
years of age

(Percent)

(Percent)

(Percent)

1983
January
February
March

110,746
110,700
110,733

99,233
99,144
99,303

11,513
11,556
11,430

5,587
5,737
5,620

3,990
3,950
3,895

1,936
1,869
1,915

9,802
9,915
9,747

6,456
6,303
6,179

78.2
78.2
78.2

53.0
53.0
52.9

53.9
53.0
53.0

April
May
June

110,906
110,892
111,717

99,590
99,634
100,444

11,316
11,258
11,273

5,669
5,657
5,408

3,751
3,750
3,861

1,896
1,851
2,004

9,656
9,521
9,382

6,021
5,989
5,945

78.
78.
78.6

52,
52.

52.8

53.1

54.5

July
August
September . . .

111,707
112,184
112,264

101,173
101,589
101,983

10,534
10,595
10,281

5,186
5,129
5,016

3,481
3,567
3,513

1,867
1,899
1,752

8,934
8,948
8,733

5,858
5,958
5,974

78.7
78.6
78.5

52,
53,
53,

53.7
54.9
53.6

October
November . . .
December . . .

111,914
112,150
112,237

102,042
102,702
103,029

9,872
9,448
9,208

4,801
4,592
4,382

3,359
3,225
3,227

1,712
1,631
1,599

8,315
7,924
7,679

5,726
5,884
5,677

78.4
78.4
78.3

53,
53,
53.3

52.8
53.3
53.5

January
February
March

112,320
112,724
112,906

103,294
103,888
104,123

9,026
8,836
8,783

4,273
4,139
4,048

3,191
3,135
3,148

1,562
1,562
1,587

7,532
7,321
7,301

5,719
5,697
5,465

78.3
78.3
78.3

53.1
53.3
53.5

53.4
53.8
53.9

April
May
June

113,202
113,722
113,619

104,402
105,162
105,391

8,800
8,560
8,228

4,087
3,909
3,807

161
127
972

552
524
1,449

7,331
7,056
6,578

5,520
5,377
5,549

78.
78.
78,

53.6
54.1
53.8

54.
54,
54.

July
August
September . . .

113,868
113,629
113,764

105,377
105,148
105,394

8,491
8,481
8,370

3,884
3,836
3,817

3,130
3,214
3,044

1,477
431
509

7,010
6,933
6,931

5,482
5,384
5,449

78,
78.
78.

54,
53,
53.6

54.5
53.0
54.2

October
November . . .
December . . .

114,016
114,074
114,464

105,649
105,932
106,273

8,367
8,142
8,191

3,731
3,725
3,759

3,173
3,027
2,952

1,463
1,390
1,480

6,932
6,768
6,811

5,483
5,413
5,596

78.3
78.3
78.3

53.9
53.9
54.0

53.7
53.5
54.1

114,875
115,084

106,391
106,685

8,484
8,399

3,798
3,774

3,161
3,126

1,525
1,499

6,963
6,954

5,389
5,077

78.2
78.2

54.4
54.5

55.2
55.7

52.5

1984

1985
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.

MARCH 1985




OTHER IMPORTANT ECONOMIC MEASURES
£ ) I GOVERNMENT ACTIVITIES

DEFENSE INDICATORS

RECEIPTS AND EXPENDITURES
State and local government'

Federal Government'
Year
and
month

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol,)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

(MIL dol.)

(Mil. dol.)

548. Manufacturers'
new orders,
defense
products

(Mil. dol.)

1983
January .
February
March . .

-185.7

619.8

805.6

34.1

458.3

424.2

21,340
19,502
20,444

16,908
13,042
7,351

122,628
123,803
125,570

9,419
5,105
6,751

April ,
May ,
June ,

-167.3

649.3

816.7

43.9

473.5

429.6

19,332
19,554
21,518

10,132
10,111
10,814

126,165
126,532
129,720

7,309
4,805
7,692

July
August . . .
September .

-180.9

640.2

821.1

47.4

486.1

438.7

19,409
20,489
20,388

11,017
10,727
10,921

131,172
130,829
133,056

6,750
5,103
5,154

October..
November
December

-180.5

655.0

835.5

51.2

495.0

443.8

17,201
24,242
24,204

2,820
16,140
9,463

131,130
139,062
141,820

6,566
9,004
7,600

January
February
March

-161.3

686.4

847.6

53.9

509.6

455.7

21,145
22,667
23,445

15,089
14,273
13,779

142,169
145,648
150,842

6,608
7,289
11,539

April
May
June

-163.7

704.3

868.0

54.5

520.6

466.1

19,185
20,342
19,781

11,398
9,459
11,644

149,369
149,452
151,538

6,248
5,679
6,990

July
August . .
September

-180.6

706.2

886.8

47.6

524.6

477.0

20,988
23,098
22,191

10,101
12,647
11,441

152,828
156,271
156,950

7,215
7,584
6,586

p-197.3

p722.ii

r919.7

P55.8

P539.8

r484.0

20,821
28,892
26,686

12,901
25,552
7,017

159,226
168,321
172,010

4,916
10,343
r8,546

p22,492

<NA)

pl74,180
(NA)

r9,758
p5,021

1984

October
November . .
December . .
1985
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 1985

ICO

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued

^ J

DEFENSE INDICATORS—Continued
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Index of
industrial
production,
defense and
space equipment
(1967 = 100)

559. Manufacturers' inventories, defense
products, book
value

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

(Mil. dol.)

580. Defense
Department
net outlays,
military

(Mil. dol.)

588. Manufacturers' shipments, defense
products

570. Employment, defense
products industries

(Mil. dol.)

(Thous.)

Defense Department
personnel
577. Military
on active
duty©
(Thous.)

564. Federal
purchases of
goods and
578. Civilian,
services,
direct hire
national
employment © defense
(Thous.)

565. National
defense purchases as a
percent of
GNP

(Ann. rate,
bil. dol.)

(Percent)

1983
January
February
March

116.4
116.1
117.0

16,545
16,458
16,774

100,886
100,716
102,234

17,058
16,772
16,804

5,187
5,275
5.233

1,344
1,346
1.342

2,120
2.122
2.127

1,024
1,028
1,030

194.7

6.1

April
May
June

118.2
117.6
118.0

16,782
17,185
17,295

104,234
103,804
106,114

17,529
16,854
17,189

5.309
5,235
5,382

1,345
1,349
1.354

2,123
2,120
2.116

1,029
1,040
1,049

199.3

6.i

July
August
September

120.4
120.2
121.8

17,400
17,803
17,508

107.287
106,908
106,596

16,975
18,455
17,463

5,577
5,482
5,466

1.361
1,344
1,364

2.113
2,115
2,123

1.053
1,052
1,026

200.9

6.6

October
November
December

122.9
124.0
125.7

17,358
17,363
17.759

107,522
110,839
112,761

17,781
17,329
18,726

5,640
5,687
5,678

1,369
1,369
1,378

2.120
2,126
2,124

1.034
1.040
1.045

207.2

6.0

January
February
March

128.3
129.5
130.1

17.812
18.217
18,537

113,650
115,087
120.894

18,448
17,801
17,794

5,718
5,852
5,731

1,382
1,391
1,400

2,130
2,135
2,140

1,042
1,043
1,046

213.4

6.0

April
May
June

133.2
133.1
133.5

18,925
19,492
19,989

121,158
121,088
122,100

18,525
18,609
18,953

5,985
5,749
5,977

1,408
1,420
1,433

2,138
2,141
2,143

1,049
1,061
1,071

220.8

6.1

July
August
September

135.9
136.8
139.5

20,776
21,263
22,206

123,319
124,774
125,223

18,405
19,181
19,469

5,993
6.129
6,136

1,443
1,452
1,463

2,142
2,144
2,138

1,079
1,074
1,043

220.3

6.0

October
November
December

141.1

rl42.2
rl44.8

22,627
22.308
22,287

123,790
127,857

6,350
6,275
r6,624

1,473
1,478

1,058
1,065
1,067

r6.2

rl,492

2,138
2,141
2.138

r231.6

rl29,777

18.687
20.152
19,899

rl45.9
P147.0

22,909
(NA)

rl33.0l7
P131.245

rl8,762
p20,170

r6,520
p6,793

pi,505
(NA)

2,146
p2,147

pi,065
<NA)

1984

1985
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 1985



91

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS

Q |
6 0 2 . Exports, excluding
military aid shipments

604. Exports of domestic
agricultural products

MERCHANDISE TRADE

606. Exports of nonelectrical machinery

612. General imports

Year
and
month

(Mil. dol.)

(Mil. dol.)

(Mil. dol,)

1

1983

(Mil dol.)
Revised

Revised

614. Imports of petroleum and petroleum
products

(Mil. dol.)

616. Imports of automobiles and parts

(Mil dol.)

1

January
February . . . . . . . .
March . . . . . . . . . .

17,232
16,312
16,690

3,128
2,985
2,811

3,644
3,359
3,499

20,127
18,804
19,528

4,481
3,183
3,603

2,329
3,019
2,676

April . . .
May
June , . . . .

16,095
15,655
16,959

2,891
2,715
2,977

3,513
3,433
3,265

19,914
21,446
20,916

3,749
5,432
4,215

2,746
2,819
2,823

July
August . . . . . . . . .
September

16,486
16,582
17,257

3,072
2,973
3,322

3,655
3,290
3,718

21,828
22,714
22,451

4,622
4,597
4,929

2,936
2,813
2,636

October . . . . . . . . .
November . . . . . . .
December . . . . . . .

17,033
17,063
17,298

2,979
3,109
3,175

3,689
3,686
3,683

24,333
23,115
22,976

4,818
4,459
3,997

3,233
3,415
3,801

January . . . . . . .
February . . .
March . . . . . . . .

17,889
17,208
17,906

3,457
3,198
3,336

4,009
3,848
3,764

26,204
26,420
Of. QAQ

4,515
4,660
5,393

3,684
3,751
3,680

April . . . . . . . . . . .
May
June

17,520
17,978
17,705

3,030
3,245
2,715

3,811
3,976
3,746

28,074
26,012
25,276

6,000
5,113
4,694

3,838
3,635
3,683

July . . . . . . . . . . .
August . . . .
September

19,154
18,123
18,210

3,236
3,022
3,153

3,790
3,878
3,640

31,334
26,866
28,409

4,674
4,021
4,261

3,947
3,773
4,302

October
November
December

18,411
18,395
19,142

2,799
3,242
3,314

4,007
3,905
4,128

26,783
27,331
25,933

4,007
4,637
4,298

3,600
3,817
3,732

19,401
(NA)

2,945
(NA)

4,247
(NA)

28,297
(NA)

4,005
(NA)

4,051
(NA)

1984

1985
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.
^Soo "New Features and Changes for This Issue," page iii.

92



MARCH 1985

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted1

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on investment
620. Imports

(Mil. dol.)

651. U.S. investment abroad

(Mil dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1983
January
February
March

-1,370

81,111

82,481

-9,277

49,246

58,523

17,618

12,380

April
May
June

-7,712

81,355

89,067

-14,870

48,745

63,615

18,973

12,995

July
August
September . . .

-9,703

84,826

94,529

-17,501

50,437

67,938

20,802

13,630

October
November . . .
December . . .

-14,127

84,910

99,037

-19,407

51,829

71,236

19,609

14,490

r-17,522

r9O,653

rlO8,175

r-25,813

53,920

r79,733

r23,296

15,552

-22,547

r88,863

rill,410

r-25,802

54,548

r80,350

r20,818

17,363

July
August . .
September

r-30,737

r91,054

rl21,791

r-32,941

r55,616

r88,557

r21,658

r!8,782

October . .
November
December

p-19,645

p91,783

pill,428

rp-22,879

rp56,259

rp79,138

p21,848

pl7,809

1984
January
February
March
April
May
June

1985
January . . .
February . .
March
April
May
June
July . . . .
August . .
September
October . .
November
December
See note on page 80.
Graphs of these scries are shown on page 57.
l
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).

MARCH 1985



93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

m

Year
and
month

47. United States,
index of industrial production

(1967*100)

721. OECD1
European countries, index of
industrial
production

(1967==100)

728. Japan,
index of industrial production

(1967=100)

INDUSTRIAL PRODUCTION

725. West
Germany, index
of industrial
production

(1967-100)

726. France,,
index of industrial production

(1967-100)

722. United
Kingdom, index
of industrial
production

727. Italy, index
of industrial
production

(1967=100)

(1967 = 100)

723. Canada,
index of industrial production

(1967-100)

1983
January
February
March

137.4
138.1
140.0

150
150
150

229.5
228.0
232.7

146
148
150

157
155
155

122
122
120

152.0
152.2
149.4

147.7
147.6
148.3

April .
May
June

142.6
144.4
146.4

150
151
153

233.0
235.2
235.9

150
150
156

155
160
157

122
123
120

142.1
144.4
144.4

150.0
151.7
155.0

July
August
September

149.7
151.8
153.8

153
153
153

236.4
242.3
245.0

150
150
153

159
159
157

124
124
125

153.8
148.9
148.3

156.9
159.1
162.0

October
November
December

155.0
155.3
156.2

153
156
rl56

244.5
247.7
250.9

154

155

156
157

162
160

125
rl27
rl28

150.2
153.3
149.6

162.7
164.1
165.3

January
February . , .
March .

158.5
160.0
160.8

158
158
156

251.4
260.2
256.4

rl56
159
154

162
160
162

rl28
rl27
rl25

152.4
150.2
155.6

rl67.8
rl62.1
165.3

April
May
June

162.1
162.8
164.4

rl54
158
151

257.7
263.9
265.2

154
156
140

157
162
159

rl24
r!23
rl24

149.4
154.9
156.2

rl66.2
rl67.5
rl68.6

July
August
September

165.9
166.0
165.0

158
159
158

266.4
268.4
265.2

rl59
157
rl59

165
165
159

rl24
rl24
rl25

154.3
156.6
158.3

H75.O
173.1
rl70.2

164.4

159
159
|)158

273.2
274.3
p273.4

rl61
162

125
125
pl25

154.5

P162

163
162
pl57

rl52.8
pl53.5

rl71.0
rl73.7
P174.5

(NA)

(NA)

<NA)

(NA)

(NA)

(NA)

(NA)

1984

October
November . . .
December . . .

rl64.8
rl6b.O

1985
January
February
March . . ,

rl65.5
P164.7

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 ami Development.

94



MARCH 1985

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS—Continued

Q

Japan

United States
Year
and
month

320. Index ©

(1967-100)

320c. Change
over 6-month
spans1

(Ann. rate,
percent)

738. Index ©

(1967 = 100)

CONSUMER PRICES

West Germany

738c. Change
over 6-month
Spans'

(Ann. rate,
percent)

735. Index ©

735c. Change
over 6-month
spans1

(Ann. rate,
percent)

(1967 = 100)

United Kingdom

France
736. Index ©

(1967-100)

736c. Change
over 6-month
spans1

(Ann. rate,
percent)

732. Index ©

(1967-100)

732c. Change
over 6-month
spans'

(Ann. rate,
percent)

1983
January
February
March

293.1
293.2
293.4

1.4
2,3
3.4

306.6
305.5
307.5

0.7
2.1
1.2

201.2
201.3
201.2

1.7
1.9
1.2

390.1
392.9
396.5

11.9
10.8
10.0

523.5
525.8
526.7

3.5
3.2
3.8

April
May
June

295.5
297.1
298.1

3.6
4.4
5.0

308.6
312.0
309.7

1.1
1.9
1.0

201.7
202.2
202.9

2.4
3.6
4.1

401.8
404.5
406.9

9,8
9.9
10.3

534.1
536.4
537.7

5.0
5.4
6.1

July
August
....
September , .

299.3
300.3
301.8

4.2
4.1
4.2

308.3
307.4
311,4

2.0
1.6
2.3

203.6
204.3
204.9

3.6
3.2
3.8

410.4
412.8
416.0

9.1
8.9
8.6

540.6
543.0
545.4

6.5
6.3
6.6

October
November
December

302.6
303.1
303.5

4.7
4.8
4.6

314.2
312.2
311.4

2.6
4.0
3.8

204.9
205.2
205.7

3.0
2.2
2.2

419.2
420.9
422.4

8.3
8.0
7.1

547.3
549.2
550.7

5.3
4.8
4.4

January
February
March

305.2
306.6
307,3

4.8
4.5
4.3

312.3
314.2
315.1

2.7
2.4
1.5

206.6
207.1
207.3

2.6
2.5
1.9

425.4
428.0
431.0

6.6
6.6
6.9

550.4
552.6
554.4

4.1
4.0
3,7

April
May
June . ,

308.8
309.7
310.7

3.6
3.7
3.8

315.9
318.2
315.6

2.5
-0.1
0.8

207.7
207.8
208.6

1.6
1.3
0.9

433.6
436.2
438.4

6.8
7.0
7.2

561.8
563.9
565.3

3.6
5.1
5.1

July
August
September

311.7
313.0
314 5

3.5
3.6
3 7

316.2
313.4
318 5

1.6
1.9
3 8

208.2
207.8
208 0

1.6
1.7
2 i

441.5
443.7
445 9

7.7
7.4
6 8

564.7
570.0
571 1

5.7
5.9
5 4

October
November
December

315.3
315.3
315.5

3.4
3.3

321,0
319.0
319.6

3.2
(NA)

209.2
209.6
209 8

2.7
(NA)

449.0
450.3
451 2

6.4
(NA)

574.6
576.4
575 9

6.5
(NA)

1984

•

1985
January
February
March

316.1
317.4

321.3
(NA)

211.0
(NA)

453.5
(NA)

578.0
(NA)

April
May
June
July
August
September
October
November
December
S e note on page 30.
e
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.

x

MARCH 1985




95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued

Q

CONSUMER PRICES—Continued

737. Index©

(1967«100)

737c. Change
over 6-month
spans'

(Ann. rate,
percent)

733. Index ©

(1967 = 100)

STOCK PRICES

733c. Change
over 6-month
spans1

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

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 ©

(Ann. rate,
percent)

(1967 = 100)

(1967=100)

(1967 = 100)

(1967=100)

(1967 = 100)

(1967 = 100)

(1967-100)

Canada

Italy
Year
and
month

Q

1983
602.7
610.5
616.0

14.3
14.2
13.8

312.5
313.9
317.1

4.2
3.4
4.2

156.9
159.7
165.2

533.3
530.8
544.2

126.0
131.9
143.9

159.1
165.0
179.1

371.9
381.6
388.3

95.5
109.1
118.7

210.0
216.6
219.5

622.2
628.2
632.2

14.0
13.2
12.7

317.1
317.9
321.5

5.2
5.9
4.7

171.6
178.5
181.0

559.7
573.4
583.3

157.0
158.6
159.5

188.7
200.4
196.8

410.4
403.7
426.1

115.8
111.6
110.3

240.0
251.8
260.2

638.5
641,1
649.4

12.4
11.8
11.7

322.9
324.5
324.5

5.6
5.0
4.9

181.6
176.7
181.8

598.7
606.4
619.7

169.0
166.9
164.7

206.1
220.2
224.9

418.9
431.8
422.6

112.9
120.5
118.4

264.3
267.3
272.0

660.4
667.0
670.3

11.1
11.5
11.5

326.5
326.5
327.5

5.4
5.1
4.6

182.4
179.7
178.8

621.0
621.5
638.6

173.4
176.7
179.2

225.3
239.5
247.6

411.2
424.1
432.6

111.6
112.7
112.8

251.1
273.6
268.6

January . . . . . . . . .
February . . . . . . . .
March

678.3
685.8
690.6

11.1
10.9
10.9

329.2
331.1
331.9

4.3
4.7
3.4

181.0
171.1
171.3

687.6
699.6
736.1

185.3
182.3
178.4

275.9
263.4
261.1

457.2
457.2
485.3

125.3
128.7
128.5

259.5
259.5
260,0

April
May .
June . . .

695.4
699.6
703.8

10.0
9.4
8.1

332.7
333.3
334 7

3.1
2.3
3 0

171.4
170.3
166 6

776.0
744.6
711 2

177.9
178.0
175 8

285.4
277.1
272 3

495.0
489.6
468 7

124.9
122.5
119 6

252.0
P245.6
P242.6

705.9
708.0
713.0

6.8
6.4
6.8

336.6
336.6
336.9

2.5
3.4
4.2

164.3
178.9
180.7

701.3
728.8
738.6

167.2
172.0
178.3

256.7
274.3
287.0

447.5
478.6
497.0

121.4
128.7
127.6

P234.0
p252.5
P256.6

720.1
724.4
729.5

7.2
7.7

337.5
339.7
339.9

4.3
5.2

179.3
180.9
178.9

760.5
774.7
804.7

185.2
185.1
187.4

287.9
r286.0
285.8

503.7
525.9
551.2

127.4
130.5
130.5

P257.1
P259.2
P256.0

186.7
196.8
P195.1

839.5
rp857.3
P883.0

195.1
202.0
P210.0

rp297.8
rp309.0
P315.3

578.1
585.1
p592.6

rpl23.1
rpl37.1
P137.1

P264.7
rp281.5
P282.7

January
February
March
April
May
June

. ..

July
August
September
October.
November
Oecember

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

1984

...

July
August
September
October
November
December

.......

1985
January .
February
March

..

736.8
744.2

341.3
343.5

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

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

See note on page 80.
Graphs of these series are shown on page 59.
x
Changcs over 6-month spans are centered on the 4th month.

96




MARCH 1985

C. Historical Data for Selected Series
Year

Jan,

Feb.

Mar

Apr.

May

June

July

Aug.

Sept.

Oct.

fVQ

Nov.

Dec.

10.95
11.55
11.95
9.94
11.14
15.74
15.78
13.58
15.34
14.73
14.72
17.01
17.70
18,90
20.84
24.54
25.64
26.39
29.03
29.71
26.12
31.25
37.87
45.89
45.58
44.35
54.29
64.14
79.58
78.41
83.68
79.61
71.54
97.99

11.88
11 . 1 8
12.89
9.96
12.60
16.42
15.73
12.54
14.59
15.96
14,89
17.59
18.62
18.66
22.04
25.15
25.54
28.61
29.14
29.55
29.04
31 . 9 2
39.30
43.44
41.49
44.2 7
56.86
6 7.41
78.01
78.87
86.14
76.64
76.61
98.44

23.04
44.18
34.93
42.00
30.02
42.36
45.37
45.94
37.91
49.30
46.72
43.26
52.32
56.02
60.18
67.32
78.14
73.95
83.61
89.33
83.04
89.74
98.59
124.44
136.23
120.17
142.93
171.84
198.50
244.67
246.05
248.90
232.10
239.16

26.97
39.97
36.80
40.47
30.21
43.59
45.91
42.92
37.30
49.72
45.76
46.51
50.32
55.85
61.68
68.19
79.05
77.42
82.29
90.46
82.6 8
87.16
102.37
127.48
143.23
122.12
152.78
180.75
214.15
238.34
216.49
261.70
227.66
255.61

18.19
18.33
18.87
15.25
16.91
22.54
21.35
17.96
20.03
18.91
19.06
22.04
22.96
24.35
26.58
30.87
31 . 3 8
31 .56
33.52
3 2.86
27.76
31.92
37.53
42.57
34.48
31.77
36.49
40.14
45.45
40.44
39.25
34.92
30.68
40.95

19.28
17.75
20.33
15.28
19.10
23.49
21.26
16.54
18.97
20.46
19.29
22.79
24.15
24.02
28.11
31.64
31.22
34.14
33.49
32,55
30.86
32.41
38.79
39.81
31.22
31.49
37.90
41.92
44.30
40 .41
40.01
33.57
32.75
41.04

41.68
70.3 9
55.29
65.86
46.05
63.92
64.12
61.72
50.01
63.92
59.87
55.95
67.78
72.76
77.39
85.57
97.97
90.41
99.10
101.66
91.07
94.69
99.45
121.51
121.47
89.19
100.88
113.72
121.73
136.19
122.01
114.68
101.37
101.87

47.96
63.11
58.07
62.61
46.14
65.10
63.85
57.42
49.21
63.97
58.68
60.12
65.10
72.52
79.00
86.40
98.00
94.37
96.79
102.30
89.70
90.86
102.72
121.49
119.95
89.92
106.50
117.72
128.11
129.10
106.08
118.29
96.88
108.05

14.68
14.66
15.78
13.56
16.92
19.85
18.02
15,81
18.11
17.44
17.44
20,32
20,55
22.06
23.74
26.70
26.83
27.54
30.46
29.30
25.52
29.55
34.55
36.66
30.13
30.01
33.48
36.72
39.24
3 5.70
34.66
30.44
28.41
36.60

15.55
14.19
17.05
13.68
18.14
19.46
18.19
14.91
18.05
18.79
17.37
20.97
20.12
22.07
24.84
27.38
26.55
2 9.46
29.73
29.02
27.99
29.82
35.06
34.65
27.04
30.18
34.43
37.54
39.98
35.40
34.70
30.85
28.68
3 7.46

37.04
57.02
45.17
54.28
42.50
58.12
55.42
54.44
45.28
59.90
54.90
51.36
61.15
64,05
67.94
76.15
83.23
78.79
85.67
90.2 8
83.24
86.09
92.72
110.34
104.44
7 9.80
94.93
106,27
110.32
118.01
106.95
101.34
89.01
94.74

41 . 7 4
48.99
48.60
54.55
44.24
59.10
53.86
52.67
45.62
58.03
53.05
56.26
58.10
64.52
69.30
75.65
82.61
79.42
85.40
89.15
83.15
83.94
94.20
107.73
104.28
82.81
98.17
107.92
115.63
114.63
91.57
104.58
89.83
99.48

MANUFACTURERS' NEW ORDERS IN CURRENT DOLLARS, DURABLE GOODS INDUSTRIES
(BILLIONS OF DOLLARS)
7.56
15.46
11.06
14.45
9.99
13.48
15.72
15.16
12.94
15.68
15.54
14.09
17.46
18.19
20.40
22.12
25.51
24.70
27.41
29.26
27.92
29.85
32.32
40.60
45.71
41.23
45.53
56.73
63.46
78.77
83.35
82.04
76.13
81.84

1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961,..
1962.. .
1963...
1964...
1965...
1966...
1967...
1968...
1969...
19 7 0 . . .
1971...
1972...
1973...
19 7 4 . . .
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...

7.62
14.08
11.06
14.21
10.31
13.92
14.61
15.64
12.47
16.97
15.97
14.68
17.81
18.82
20.03
22.44
25.80
24.87
27.30
29.99
27.69
30.10
33.06
41.15
45.32
40.47
hi.12
56.45
66.55
81.90
83.50
83.13
77.37
77.52

7.86
14.64
12.81
13.34
9.72
14.96
15.04
15.14
12.50
16.65
15.21
14.49
17.05
19.01
19.75
22.IS
26.83
24.38
2 8.90
30.08
2 7.43
29.79
33.21
42.69
45.20
38.47
49.68
58.66
68.49
84.00
79.20
83,73
78.60
79.80

8.35
13.84
12.94
13.69
10.17
14.24
15.69
14.11
11.80
16.84
15.02
15.25
16.67
18.66
20.46
22.99
26.29
24.72
27.57
31.52
26.86
29.12
33.66
42.33
45.96
40.86
50.42
59.36
71.00
77.89
75.33
87.14
76.91
82.86

9.23
13.25
10.86
13.58
9.75
14.51
15.16
14.58
12.20
16.02
15.22
15.46
16.89
18.99
20.59
22.44
26.00
25,96
27.31
2 9.80
2 7.80
28.75
34.42
42.74
48.83
40.74
51 . 0 1
59.71
71.61
80 . 72
69.84
87.64
75.83
83.29

9.39
12.88
13.00
13.20
10.29
14.84
15.06
14.23
13.30
16.86
15.52
15.80
16. 76
18.20
20.63
2 2 . 76
26.76
26.74
27.41
29.14
28.02
29.29
34.29
42.41
48.44
40.52
51.35
61.68
71.54
79. 73
71.32
86.92
74.92
89.46

11 . 5 2
12 . 6 1
12.04
12.35
10 . 50
14.98
14.75
13 . 4 3
13.17
15.79
15.28
15.72
17.03
18.86
21.62
23.37
26.28
25.65
27.11
29.60
27.68
29.61
34.21
42.25
49.65
43.88
53.45
60.63
70.09
77.64
77.49
86.50
75.23
87.88

14.21
11.41
11.76
10.89
10.45
15.04
17.73
14.03
13.57
14.93
15.83
16.51
17.03
18.67
20.21
23 . 2 1
25.86.
26 . 2 7
2 7.44
29.39
26.90
29.56
34.92
42.19
50.90
43.2 7
51.76
61 . 4 4
74.35
77.06
75.95
85.15
72.05
88.82

11.79
10.75
12.66
9.71
11 . 6 9
15 . 74
14.78
13.64
13.63
16.04
15.95
16.30
17.82
18.93
21.15
23.74
27.25
25.63
28.64
30.67
27.83
30.66
36.91
42.61
48.74
43.98
52.16
62 . 70
74.93
79.24
82.42
84.00
73.23
91.51

12.00
11.98
11.85
9.99
12.64
15.74
14.84
12.96
14.13
15.77
14.54
16.32
17.82
18.98
20.43
23.85
25.99
25.74
30.04
30.13
2 5.43
30.00
36.67
44.34
45.96
43.32
52.38
64.95
78.94
79.09
84.45
79.30
71.55
94.78

TOTAL FOR PERIOD

MANUFACTURERS' FEW ORDERS IK 1972 DOLLARS, DURABLE GOODS INDUSTRIES
(BILLIONS OF DOLLARS)
13.72
24.73
17.55
22.71
15.33
20.39
22.33
20.43
17.05
20.36
19.92
18.23
22.64
23.63
26.30
28.14
32.05
30.20
32.60
33.48
30.65
31.62
32.75
40.04
41.25
30.77
32.29
37.72
39.22
44.28
41.68
38.00
33.26
35.03

1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
19 70.
1971.
1972.
1973.
1974,
1975.
1976.
1977.
1978,
1979,
1980,
1981,
1982,
1983,
1984,
8.
1950.
1951.
1952,
1953,
1954.
1955.
1956.
1957.
1958.
1959,
1960.
1961.
1962.
1963.
1964.
19,65.
1966.
1967,
1968,
1969.
1970.
1971.
1972.
1973,
1974,
1975,
1976.
1977,
1978,
1979.
1980.
1981,
1982,
1983,
1984,

13.80
22.43
17.50
22.31
15.81
21.00
20.66
20.99
16.45
22.02
20.48
18.98
23.08
24.44
25.74
28.52
32.34
30.41
32.34
34.12
30.40
31.78
33.29
40.26
40.53
29.98
33.70
37.41
40.80
45.58
41.24
38.29
33.80
32.93

14.16
23.23
20.24
20.84
14.91
22.53
21.13
20.30
16.51
21.54
19.47
18.74
22.06
24.69
25.35
28.91
33.58
2 9.60
34.16
34.06
30.02
31.29
33.41
41.21
39.69
2 8.44
34.89
38.59
41.71
46.33
39.09
38.39
34.31
33.91

14.99
21.86
20.44
21.33
15.54
21.35
21.89
18.91
15.58
21.73
19.23
19.73
21.57
24.26
26.23
29.17
32.74
30.22
32.48
3 5.70
29.29
30.46
33.80
40.54
39.52
30.14
35.31
38.85
42.85
42.49
37.09
39.61
33.50
35.16

16.43
20.94
17.13
21.03
14.91
21,66
21.08
19.49
16.10
20.62
19.53
19.97
21,85
24.66
26.36
28.45
32.18
31 . 6 6
32.13
33.68
30.15
29.95
34.56
40.63
40.79
30.00
35.60
38.87
42 .86
43 . 72
34.30
39.62
32.93
35.22

16.54
20.31
20.50
20.25
15.69
22.09
20.88
19.02
17.53
21.62
19.92
20.42
21.68
23.60
26.41
28.78
33 . 0 8
32.49
32.1 8
32.92
30.26
30 . 4 5
34.36
40.3 2
39.64
29.78
35.59
40 . 0 0
42.40
42.89
34.69
39.06
32.45
37.67

20.11
19.92
18.96
18.82
15.99
22.06
20.54
17.89
17.38
20.27
19.66
20.34
22.03
24.37
27.68
29.51
32.44
31.10
31.70
33.37
29.86
30.53
34.14
40.20
3 9 . 72
32.20
36.84
3 8.94
41.30
41.45
37.34
38.67
32.51
36.91

24.51
18.14
18.46
16 . 6 3
15.93
21.96
24.42
18.64
17.83
19.17
20.42
21.34
22.03
24.09
25.84
29.27
31.81
31.73
32.02
33 . 0 3
28.95
30.19
34.81
39.99
39.86
31.65
35.50
39.23
43.40
40.99
36.32
37.88
31 . 1 2
37.27

20.06
17.12
19.91
14.89
17.82
22.81
20.19
18.11
17.89
20.56
20 . 6 9
21.05
23.05
24.42
27.02
2 9.90
33.52
30.68
33.30
34.31
29.90
31.35
36.65
40.24
3 7.70
32.01
35.44
39.63
43.46
41 . 6 2
39.21
3 7.22
31.52
38.35

20.14
19.02
18.70
15.32
19.27
22.62
20.13
17.19
18.50
20.24
18.79
21.11
23.09
24.46
26.06
30.04
31.93
30.93
3 4.73
33.52
27.05
30.64
36.45
41.63
35.08
31.23
35.37
40.85
45.55
41 . 0 2
39.74
34.97
30.76
39.67

12.39
18.13
14.52
17.75
14.39
18.88
18.33
18.52
14.91
20.79
18.68
16.80
20,46
21.60
22.62
25.44
27.56
26.27
28,55
30.06
27.60
28.87
31.13
36.64
34.70
26.81
31.65
34.96
36.97
38.68
36,37
34.36
29.50
31.63

12.31
18.62
16.22
18.00
14.44
20.21
18.21
18.14
14.69
20.17
17.61
17.82
20.08
21.73
22.44
25.50
28.60
26.02
28.53
30.02
27.46
28.06
30.97
37.06
34.28
25.99
32.32
36.31
37.31
39.40
33.95
33.97
30.48
31.71

12.88
16.95
16.74
18.62
14.50
19.67
18.48
17.56
14.60
19.70
17.52
18.23
18.98
21.99
23.27
25.07
27.61
26.22
28.04
29.87
27.35
28.26
31.05
35.81
34.27
27.32
32.38
3 5.80
39.10
37.91
31.45
34.80
29.41
32.04

14.37
16.28
14.74
18.13
14.50
19.52
17.90
17.48
15.06
19.09
17.62
18,75
19.76
21 . 5 4
22 .97
25 . 1 9
2 7.41
26 .45

14.49
15.76
17.12
17.80
15.24
1 9.91
17.48
17.63
15.96
19.24
17.91
19.28
19.36
20.99
23.06
25 . 3 9
27.59
2 6 . 75

18.05
15.67
16.09
17.62
14.57
20.28
17.59
16.93
16.42
18.91
18.06
18.62
20.01
21.80
23.94
26,01
27.08
26.76

29.55
27.60

2 9 . 73
28.20

30.36
27.30

31 .26
36.11
35.17
2 7.54
32.80
35.75
38.48
38.78
30.18
34.97
30 . 4 6
33.55

31.89
35.81
34.84
27.95
32.99
36.37
38.05
37.94
29.94
34.81
2 9.96
33.89

31.62
33 . 9 0
29.61
33.29
36.00
37.34
36.89
31,17
34.16
30.06
34.60

20.21
14.31
15.71
15.39
15.00
19.67
17.84
17.13
16.79
17.84
18.03
19.40
20 . 2 2
21.13
23.20
25.48
27.18
2 7.96
27.53
29.66
27.02
28.21
32 . 76
33 . 1 3
29.55
32.70
36.19
38,72
36.34
31 . 9 3
33.19
29.24
35.25

NOTE: Unless otherwise noted, these series contain revisions beginning w i t h 1980.
' T h i s series contains no revisions but is reorinted f o r the convenience of the user.




15.96
13,73
16.58
13.77
15.78
19,35
17.38
17.19
17.26
18.60
18.30
19.22
20 . 4 2
21.28
24.40
25.21
27.09
26.81
29.38
30.18
27.40
26.32
33 . 3 2
35.38
31 . 9 9
29.97
32.37
36.41
38.10
3 6 . 78
33 . 8 7
32.58
29.74
35.34

16.11
15.21
15.72
13.32
15.97
19.13
17.95
16.46
17.21
17.97
17.66
19.29
20.58
22 . 0 9
23.03
25.66
27.36
26.40
29.97
30.28
25.51
28.70
33.70
36.18
31.27
30.15
31.77
36.12
38.98
36.45
35.11
31.37
28.24
36.07

37.52
34.77
36.46
32.95
32.64
45 . 76
47.26
41 . 1 0
40.37
46.76
47.06
48.53
51.88
56,46
62.98
70.32
79.39
77.55
83.19
89.66
82.41
89.83
106.04
127.05
149.29
131 . 1 3
157.37
184.77
219.37
233.94
235.86
255.65
220 . 5 1
268.21

34.83
34.71
36.69
29.89
36.38
47.90
46.35
39.08
44.06
46.46
44.15
50.92
54.14
56.54
63,31
73.54
77.17
80 . 74
88.21
89.39
80.59
93.17
113.84
133.67
133.03
131 . 9 4
163.53
196.50
236.53
236.37
254.27
235.55
219.70
291.21

122.36
153.63
144.88
145.31
129.25
179.61
184,89
169.04
159.64
192.24
183.69
189.22
208.66
224,87
248.15
279.37
313.75
309.66
337.30
358.84
328.72
359.90
420.64
512.64
561.78
505.36
616.61
733.86
868.55
953.32
952.67
1001.80
899.97
1054.19

TOTAL FOR PERIOD

MANUFACTURERS' NEW ORDERS IN 1 9 7 2 DOLLARS, CONSUMER GOODS AND MATERIALS INDUSTRIES
(BILLIONS OP DOLLARS)
12.34
20.27
14.43
18.53
13.67
19.03
18.88
17.78
15.68
18.94
18.61
16.74
20.61
20.72
22.88
25.21
27.07
26.50
28.59
30.20
28.18
29.16
30.62
36.64
35.46
27.00
30.96
35.00
36.04
39.73
36,63
33.01
29.03
31.40

Annual

64.68
55.18
57.33
50.34
49.74
66.83
65.15
54.64
53.10
60.00
60.77
62.73
67.11
72.88
80.54
88.68
97.77
93.71
97.02
100.71
88.71
92.07
105 . 6 0
120.43
117.28
95.86
107.78
117.80
128.16
124.06
112 . 8 7
113.77
95.15
112.53

57,61
55.10
5 7.90
45.85
55.28
68.65
62.74
51.69
57.50
59.61
57.14
65.94
70.20
72.83
80.75
92.55
94.53
96.63
101.74
98.93
85.67
94.97
112.77
124.01
100.78
94.49
109.76
122.91
135.30
121.87
119.00
103.46
94.19
121.66

211.93
243.78
228.59
224 . 6 6
197.21
264.50
255.86
225.47
209.82
247.50
236.46
244.74
270.19
2 90.99
317.68
353.20
3 88.2 7
375.12
394.65
403.60
355.15
372.59
420.54
487.44
459.48
369.46
424.92
472.15
513.30
511.22
459.96
450.20
389.59
444.11

TOTAL FOR PERIOD
54 . 2 2
43.71
48.38
46.78
45.35
59.30
52.81
51.25
50 . 4 7
55.35
54.39
57.24
60.65
64.21
71.54
76 . 70
81.35
81,53
85.13
90.20
85^05
9 7.70

106.48
99.02
89.13
98.36
108.60
114.16
110.01
96.97
99.93
89.04
105.19

46.34
44.06
48.55
40.56
51.03
5 8.44
54.16
47.18
53.37
54.20
52.47
60.58
61.25
66.22
71.61
79.74
60 . 74
83 . 4 0

179.34
193.7 8
190.70
196.17
183.12
234.96
216.25
205.54
194.74
227.48
214.81
225.44
241.15
259.00
280 . 3 9
308.24
327.93
323 . 1 4

88.60
103.31
107.49
88.44
90.34
99.68
110.38
118.20
107.55
104.47
92.66
85.33
110.13

343.15
387.93
432.04
396.18
342.08
391.14
433.17
456.31
450.20
399.96
398.51
353.21
409.54

(MARCH 1985)

97

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.
26 ,

1950..
1951 . .
1952..
1953..
1954..
1955..
1956..
1957. .
1958. .
1959..
I960..
1961..
1962..
1963..
1964..
1965..
1966..
196 7 . .
196 8 . .
196 9 . .
1970..
1971,.
1972..
1973..
1974..
1975..
19 7 6 . ,
1977.,
1978..
1979..
1980..
1981..
1982..
1983..
1984..
36.

1 ,883
1 ,928
1,388
1,484
1 ,356
1,757
1,441
1,151
1,170
1,657
1,460
1,183
1 ,361
1,244
1,603
1 ,361
1,370
1,067
1 , 3 80
1 , 769
1,085
1,82 6
2,494
2,461
1,451
1 ,032
1,367
1,527
1,718
1,630
1,341
1,547
843
1,605

1 ,834
1 ,638
1,516
1 ,460
1,417
1,664
1,444
1,166
1,107
1 ,667
1 ,503
1 ,226
1 ,278
1,456
1,62 0
1,433
1,378
1 ,123
1,520
1 , 70 5
1,305
1 ,741
2 , 3 90
2,289
1 ,752
904
1,538
1,943
1,73 8
1,520
1,350
1 ,246
866
1,675

Apr.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

III Q

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 ,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 , 7 90
1,392
964
1,119
1 ,766

NEW PRIVATK BOUSING UNITS STARTED*
(ANNUAL RATE, THOUSANDS)

IV Q

Annual

I D

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 ,423
1,394
1,056
1,466

,945
,352
,412
,498
,433
,708
,408
,147
,154
, 5 90
,289
,166
,524
,689
,448
,438
,352
,091
,554

2,032
1 ,339
1,40 8
1,425
1,412
1,730
1 ,375
1,174
1,11)1
1,498
1,271
1,228
1,463
1,641
1,467
1,478
1,265
1,304
1,408

2,042
1 ,419
1 ,353
1,380
1,498
1,704
1,325
1,175
1,23 6
1,503
1,247
1,382
1,404
1,588
1,550
1,488
1,194
1,248
1,405

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 ,529
1 ,086
1 ,364
1 ,512

2,121
1,334
1 .443
1 ,324
1,563
1 ,625
1,313
1 ,193
1 ,374
1 ,43 0
1,344
1 ,312
1,517
1 ,639
1,569
1,432
1 ,119
1 ,40 7
1,495

,821
,456
,483
,348
,618
,580
,234
1,191
1,451
,540
,097
,429
,324
,763
,455
,482
,046
,421
L.556

1 ,605
1 , 3 86
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 ,452
843
1,491
1,56 9

1,561
1,324
1,475
1 , 3 83
1,730
1,434
1,212
1 ,162
1 ,593
1 ,416
1,246
1,385
1,622
1,622
1 ,486
1 ,460
961
1,538
1 ,630

1 ,900
1,330
1,476
1,343
1,80 7
1,431
1,184
1 ,146
1,598
1 ,601
1 ,063
1,365
1,564
1 ,491
1 ,464
1,656
9 90
1,308
1 ,548

,698
,6 82
,462
,483
.395
,702
,429
1,164
1,128
1,648
1,357
1,240
1,361
1 ,411
1,647
1,406
1,381
1,082
1,455

2,013
,377
,391
,434
,448
L.714
,369
L.165
L ,194
L,53O
1,269
L,259
1,470
,639
,488
L ,468
,270
,214
L,456

1 ,561
1,319
1,910
2,334
2,365
1,555
993
1 ,421
2,063
2,032
1 ,847
1,047
1,306
931
1 ,635

, 524
,264
,986
1,249
£,084
,607
,005
,395
,692
J.197
,748
,051
.360
917
1,512

1,583
1,290
2,049
2,221
2,266
1,426
1,121
1,459
1,971
2,075
1,876
92 7
1,140
1,025
1,780

1,528
1,385
2,026
2.2S4
2,067
1,513
1,087
1,495
1,893
2,070
1,913
1,196
1,045
902
1,716

1,368
1,517
2,083
2,252
2,123
1,316
1,226
1,401
2,058
2,092
1 ,760
1,269
1 ,041
1,166
1,775

1,358
1,399
2,158
2 , 3 82
2,051
1,142
1,260
1,550
2,020
1,996
1,778
1,436
940
1 ,046
1 ,90 7

,507
t .534
1,041
1,481
, 8 74
L ,150
1,264
1,720
L ,949
L .970
L .832
,471
911
,144
1,677

1 , 3 61
1,580
2,128
2,485
1,677
1,070
1,344
1,629
2,042
1,981
1 , 6 81
1,523
873
1,173
1 , 6 96

1,647
2,182
2,421
1 , 724
1,026
1,360
1 ,641
2,042
2,094
1,524
1,510
837
1,372
1 ,748

1 ,893
2,295
2,366
1 ,526
975
1 ,321
1 ,80 4
2,142
2,044
1 ,498
1,482
910
1,303
1 , 704

1,236
1,826
2,406
2,378
1,586
9 76
1,442
1 ,844
1,829
1,666
1,246
1,366
880
1 ,638

1,313
1,020
1,241
1,139
L .51 5
1,071
1,450
L.919
1,114
L ,846
,058
1,182
948
1 ,669

CHANCE IN MANUFACTURING AND TRADE NVENT0RIES ON HAND AND 01I ORDER ] N 1 9 7 2 DOLLARS, ACTUAL DATA
{ANNUAL RATE, BILLIONS OP DOLLARS)

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
1,523
931
1,446
1,582
1 312
1 I 70 7
2,202
2,424
1,642
1,024
1,342
1 ,691
2,075
2,040
1 ,566
1,505
8 73
1 , 2 83
1 ,716

1,90 8
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
1,473
1,165
1,292
1,508
1 46 7
1,434
2,052
2,357
2,045
1,338
1,160
1,538
1,987
2,020
1,745
1,292
1,084
1,062
1,703

AVERAGE FOR PERIOD

1950..
1951..
1952..
1953..
1954..
1955..
1956..
1957..
1958..
1959..
I960..
1961..
1962..

5.48
53.11
7,58
49.57
-19,99
2.56
11.72
-2.70
-33.08
12.29
-6.47
-9.17
17.12

2.51
34.26
-2.09
4.85
-12.13
5.12
11.47
-2.90
-19.32
30.05
0.37
-6.86
12.08

7.64
36.16
14.88
-0 .48
-19.21
15.80
-0.16
-3.78
-13.42
19.80
-9.96
-2.16
5.65

5.48
3 3.22
11 . 3 0
10.50
-15.53
-2.84
16,13
1.33
-12.01
16.43
-19.12
6.18
-13.63

19.28
31.81
2.11
4.72
-12,79
8.76
7.15
-3.01
-5.03
-1.36
-4.28
8.77
5.23

13.62
22.03
25.94
1.79
-15.17
15.59
5.11
-5.05
1.30
5.U
-4.49
6.85
3.30

10.75
19.10
6.52
-11.28
-15.08
9.77
16.91
-9.70
5.04
13.67
0.46
5.65
6.04

43.79
12.17
-3.30
-18.26
-13.52
7.76
10.39
-3.64
0.36
11.66
-4.46
9.58
3.02

18.65
3.55
12.79
-20.50
2.12
1.12
4.73
-1.81
13.25
11.09
3.65
8.96
8.76

16.38
11.23
9.77
-23.06
2.42
13.88
-1.06
-23.74
4.84
13.86
-8.23
5.11
9.53

19.37
11.29
3.23
-21.32
0.08
5.34
3.96
-10.52
7.45
2.53
-2.20
15.94
-1.15

9.97
12.13
7.37
-15.96
0.29
10.82
0.04
-6.25
12.59
11.20
-22.73
15.71
5.71

5.21
41.18
6.79
17.98
-17.11
7.83
7.68
-3.79
-21.94
20.71
-5.35
-6.06
11,62

12.79
29.02
13.12
5.67
-14.50
7.17
9.46
-2.24
-5.25
6.73
-9.30
7.27
-1.70

24.40
11.61
5.34
-16.66
-8.83
6.22
10.66
-5.05
6.22
12.14
-0.12
8,06
5.94

15.24
11.55
6.79
-20.11
0.93
10.01
0.98
-13.50
8.29
9.20
-11.05
12.25
4.70

14.41
23.34
8.01
-3.29
-9.88
7.81
7.20
-6.15
-3.17
12.19
-6.45
5.38
5.14

1963 . .
1964..
1965..
1966..
1967..
1968..
196 9 . .
1970..
1971..
1972..
1973..
1974..
1975..
1976.,
1977..
1978..
1979..
1980..
1981..
1982..
1983..
1984..

9,05
14.29
24.46
20.36
17.28
12.54
12.60
-12.60
21.82
10.06
42.82
18.07
-42.61
-1.00
14.54
17.14
28.09
-4.97
-11.54
-26.94
-13.75

12 • 46
7,01
16.09
27,13
7.26
6,66
12.43
-0.74
13.08
8.03
30.19
16.76
-42,52
10.93
13.01
18.20
13.98
-7.18
15.55
-23.28
3.20

13,88
9.23
19.68
3 2.23
3.31
3.92
13.30
-1.76
14.76
8.09
31,18
18.20
-19.61
14.88
8,28
33.67
6.85
-2.14
-4.85
-5,82
-15.07

12*84
2.48
18.31
7.96
9.28
13.10
11.71
-3.12
9.16
23.92
4.02
-37.02
11.03
15.61
32.41
21,79
2.03
-5.35
-9.40
2.53

7.58
8.05
12.05
24.74
-0.38
11.92
16.21
-7.24
-5.50
16.04
25.7ft
17.33
-26.40
10.08
13.42
21.46
6,9?,
-11.90
13.46
-31.61
12.3H

3,02
15.17
15.08
26.74
3.04
2.60
11.89
5.66
-10.42
11.03
24.58
26.58
-1.01
22.15
9.36
13.92
14.17
-27.06
8.87
-4.67
-1.75

11,92
16.37
18.16
12.66
-9.97
16.07
4.56
-9.10
3.01
22.68
-9.40
-25.54
-1.33
9.01
8.84
10.09
-11.04
3.46
-4.81
16.43

6.38
7.58
18.02
18.78
10.12
8.56
5.16
3.91
28.75
7.45
-17.58
-5.26
-2.36
21.85
20.69
-0.92
-8.23
-0.72
-24.67
17.60

26.42
2.17
11.05
7.62
15.34
15.68
-4.31
11.14
27.53
28.30
20.83
17.60
25.74
23.56
18.29
-20.81
-2.81
7.16
-9.73
12.64

11 . 1 0
8.60
23.68
3.52
17.00
6.80
-7.26
4.12
17.51
20.95
-19.16
-18.79
-3.24
2.84
20.74
0.08
0.28
-6.70
-19.09
18.54

17.36
13.91
14.34
16.97
15.62
0.37
6.13
1.27
20.50
34.21
-7,57
-10.73
4,90
18.04
22.16
-17.39
-5.10
3.18
-36,58
18.28

18.60
20.86
9.90
25.97
12.31
3.58
3.98
11.11
14.39
34.21
1 .37
12.70
17.51
21.46
29.92
-11.78
- 1 . 76
-17.04
-20.10
14.96

ioll8
20.08
26.57
9.28
7.71
12.78
-5.03
16.55
8.73
34.73
17.68
-34.98
8.27
11.94
23.00
16.31
-4.76
-0.2 8
-18.68
-8.54

12*02
9.87
23.26
3.54
7.93
13.73
3.38
-6.35
12.08
24.75
15.96
-21.48
14.42
12.80
22.60
14.29
-12.31
5.66
-15.23
4.39

4.03
14.91
8.71
15.74
13.02
5.16
13.44
1.80
1.98
19.76
19.48
-2.05
-4.40
7.35
18.14
15.94
-3.88
-7.36
3.30
-13.07
15.56

6.35
15.69
14.46
15.97
15.49
14.98
3.58
0.95
5.50
17.47
29.79
-8.45
-5.61
6.39
14.11
24.27
-9.70
-2.19
-6.85
-25.26
17.26

7.48
13.20
13.28
20.39
10.33
8.94
10.88
0.27
4.42
14.51
27.19
5.79
-16.62
9.11
14,25
21.45
4.26
-6.66
0.46
-18.06
7.17

-2.75
29.38
8.46
17.68
-17.91
2.67
9.83
-0.94
-17.96
14.53
2.01
-10.95
14.39
7.40
7.99
19.25
20.56
12.65
15.05
13.28
-2.29
10.79
8.11

8.34
34.46
9.14
7.23
-15.76
6.92
6.48
-2.65
-12.89
15.81
-9.34
1.31
1.80
11.36
10.26
13.04
25.30
5.40
7.60
13.47
1.05
5.13
9.98

16.62
20.80
10.16
-5.45
- L 3 . 53
9.70
10.20
-5.23
1.06
8.46
-3.43
7.37
3.70
4.86
12.11
12.27
21.23
8.29
2,99
13.49
2.91
-5.24
13.40

21.41
9.75
7.03
-20.21
-1.80
7.49
4.35
-10.34
7.30
10.68
-3.62
9.35
6.04
5.87
16.07
8.64
16.60
11.20
13.40
8.82
-0.86
5.22
21.69

11.41
23.60
8.69
-0.19
-12.25
6.70
8.21
-4.79
-5.62
12.37
-3.59
1 .77
6.48
7.37
11.62
13.30
20.92
9.39
9.76
12.26
0.20
3.97
13.30

2 7.05
25.19
-21.97
3.07
12.17
18.79
23.67
-8.86
-2.21
-16.26
-16.87

14.34
-29.70
11.86
12.37
26.69
13.79
-4.99
1.85
-15.13
-1.75

6.12
-13.73
9.11
13,16
16.16
7.79
-13.98
5,65
-13.08
9.92

-4.18
-3.71
7.57
15.67
20.14
-8.90
-3.64
-0.22
-19.60
16.38

10.37
-17.28
7.91
13.34
20.45
9.09
-7.87
1.27
-16.02
1.92

CHARGE IH MAHUfACTURIHC AHD TRADE 1 HVEHTGRIES OH HAHD AHD OH <3RDER IH 1 9 7 2 DOLLARS, SMOOTHED DATA2
(ANNUAL RATE, BILLIONS OF DOLLARS
1950..
1951..
1952..
1953..
1954..
1955..
1956..
1957..
1958..
1959..
I960..
1961..
196 2 . .
1963..
1964..
196 5 . .
1966..
196 7 . .
1968..
196 9 . .
19 7 0 . .
1971..
1972..
1974!!
1975..
1976..
1977..
1978..
1979..
1980..
1981..
1982..
1983..
1964..

-6.86
21.36
10.94
13.42
-19.60
0,95
9.65
0.71
-15.06
9.54
5.81
-11.21
14,26
4,62
7.06
17,91
16.42
14.91
16.99
14.24
0.35
5.80
6.49
21.69
29.31
-12.36
-2.64
9.35
16.50
25.50
-10.54
-4.16
-10.23
-24.37

-3.22
29.97
8.10
20.33
-17.56
1 .82
10.32
-0.71
-18.08
14.54
2.06
-12.14
15.61
6.60
7.86
19.93
20.58
12.66
16.77
12.98
-3.07
11.60
8.61
2 7.52
25.92
-22.10
3.93
13.67
18.91
25.36
-9.68
-2.69
-18.01
-16.85

1.84
36.81
6.33
19.29
-16.57
5.24
9.51
-2.82
-20.74
19.51
-1.83
-9.49
13.29
10.77
9.04
19.90
24.68
10.38
11,38
12.61
-4,14
14,76
9,24
31 . 9 3
20.34
-31,45
7.91
13.46
20.97
20.15
-6,37
0.23
-20.55
-9.38

5.21
3 7.66
7.41
11.47
-16.37
6.93
6.41
-3.12
-18.43
21.40
-7.46
-3.50
6.49
12.72
9.94
16.41
26.23
7.73
7.16
12.86
-0.98
12.40
8.58
31.58
15.34
-34.05
10.26
12.12
2S.55
IS.26
-3.60
0,75
-115,76
-5.83

1.00
3* • • 1 4
.73
.94
- 1 . >.73
.63
J.43
-2 . 4 7
-12.54
16.86
-10.34
1.66
0.23
12.16
9.87
12.08
25.49
4.90
7.50
13.57
1.99
5.14
9.77
27.69
13.09
-30.43
12.14
12.37
28.64
13.03
-3.22
1.43
-14.22
-1.58

11.80
31.38
11.2 7
5.29
-15.17
7.20
8.59
-2.37
-7.70
9.18
-10.21
5.77
-1.31
9.20
11.03
10.64
24.18
3.58
8.15
13.97
2.14
-2.15
11.59
25.85
14.59
-24.61
13.21
12.62
25.89
13.07
-8.16
3.3 7
-15.42
2.17

13.67
26.67
12.32
2.04
-14.42
9.27
9.59
-4.08
- 2 .40
6.27
-6.03
7.18
1.58
6.20
11,87
12.18
23.24
4.32
4.72
14.23
2.19
-7.34
11.06
24 . 5 5
13.75
-19.56
12.36
11.70
18.67
12.34
-14.49
7.13
-14.46
6.70

8.64
1.04
0.62
-5.42
4.47
1 .21
10.26
-6.02
1 .34
7.98
-2.80
7.22
4.49
4.51
11 . 4 4
13.76
22.09
8.30
1,22
13.45
3.06
-6,77
12.14

23.56
14.69
7.53
-12.96
-11.71
8.63
10.74
-5.59
4.23
11.14
-1.47
7.71
5.03
3.86
13.03
10.86
18,36
12.26
3.04
12.80
3.47
-1.61
17.01

21,29
5.69
-14.13
8.23
12.00
14.61
9.09
-16.06
6.23
-12.54
9.89

16.86
-1.09
-7.50
6.75
15.77
15.21
1.95
-11.40
3.59
-12.23
13.16

NOTE: Unless otherwise noted, these series contain revisions beginning with 1980.
'This series contains revisions beginning with 1982. 2This series is a weighted 4-term moving
average (with weights 1,2,2,1) placed on the terminal month of the span.




25.34
10,30
5.88
-18.64
-5.91
6.90
7.68
-7.39
6.18
12.17
-1.56
7.97
6.52
4.78
14.77
7.41
16,66
11.50
9.66
11.89
-0.17
4.19
22.18
19.19
-3.68
-3.28
7.03
17.11
17.92
-5.55
-5.47
1.61
-15.45
15.91

22.20
8.84
7,51
-21.12
-0.73
7.18
3.62
-10.88
7.33
10.68
-2.64
8.94
6.41
6.21
16.46
7.17
16.97
9.67
15.07
8.98
-1.98
5.95
23.22
23.3 6
-3.64
-3.06
7.92
15.45
20.15
-9.96
-3.07
0.56
-19.82
16.37

16.69
10 . 1 2
7.69
-20.87
1 .24
8.40
1.76
-12,76
8.40
9.18
-6.66
11.13
5.20
6.62
16.99
11 . 3 4
16.16
12.43
15.48
5.60
-0.43
5.51
19.66
2 8.81
-5.21
-4.79
7.76
14.46
22.34
-11.20
-2.37
-2.82
-23.53
16.87

AVERAGE FOR PERIOD

(MARCH 198S)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

My
a

June

July
MENT RAT 3 ,

Aug.

Sept.

Oct.

Nov.

Dec.

1 Q

.
.
.
.
.
.
.
.
.

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

1961 . . .
1962...
1963...
1964...
1965...
1966.. .
1967...
1968...
1969...
1
1
1
1
1
1
1
1
1
1
1

9
9
9
9
9
9
9
9
9
9
9

7
7
7
7
7
7
7
7
7
8
8

1
2
3
4
5
6
7
8
9
0
1

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

3.1

3.1

3.0

3.0
2.4

3.0
2.4

4.2

4.1

3.8

3.6

3.4

3.3

5.5

6.0

6.6

3.6
2.5
5.3
3.3

3.3
2.7
5.4
3.3

2.6

2.5

2.4

2.5

3.1

3.0

3.8
3.2
3.2

5.6
3.2

3.1

3.]

3.2

4.0

3.4
3.3
3.3

5.4
3.3
3.5
3.6

)

Annual

3.4
2.6
2.1
2.3
2.0
2.2

3.0
2.9
2.8
5.2
3.5
3.4
3.8
6.3
4.3
5.0
5 .5
4.3
4.2
3.6
3.0
2.3
2.5
2.2
2.1

5.3

3.5

!3

3.7
3.2
2.8
4.3
3.3

3.9
3.1
2.7
4.3
5.1
4.5
3.7
3.0
3.1
3.7
3.7

4.0
3.4
2.7
3.5
5.9
4.4
3.8
3.2
3.0
3.9
3.4

3.5

3.1

3.8

6.1
5.0

4.6
3.8

3.3

3.3

3.2

2.4
2.4
2 .1
2.0

2.1
2.3
2 .0
2.0

2 .0
2.3
2.0
2.1

4.1
3.3

4.0
3.1

2 .3
2 .1

2.2
2 .0

2.2
2.0

2.1
2.0

2.4
2.6
2.1
2.1

3.9
3.6
2.8
3.2
5.9

4.0
3.6

4.0
3.5

4.0
3.5

4.0
3.5

3.9
3.6

4.1
3.3

3.2
6.4

3.2
6.7

4.2
3.7
3.1
3.3

4.0
3.6
3.1
3.4

3.9
3 .3
3.0

3.8
3.1

3.8
3.1

3.7

2.8

2.8

3.7
3.2
2.8

2.1
2.4
2.4
2.2

2.5
2.3
2.2

3.9
3.6
2.8
3.1
5.5
4.2
3,6
3.1
3.3

WAGES

AND

2.2

2 .1
2.:
2.{
2.2

2.3
2.4
2.1
2.4

2.5
2.5
2.3
2,2

2.1
2.6
2 .2
2.0

2.3
2.4
2.1
2.0

3.9
3.1

3.8
3.1

4.0
3.5
2 .6
3.2
6.7

4.0
3.4
2,6
3.3
5.9

3.8
.2
.9

5.7
3.3
2.9

5.5

5.1

4.7

3.9
3.6
2.8
3.2
5.9

3.7
3.1
2.8
4.2

3.7
2.9
2.9
4.0
3.4

3.7
3.0
3.1
3.7
3.7

3.6
3.1
3.2
3.5
4.0

4.1
3.6
3.1
3.3
3.4

SALARIES IN 1 9 7 I DOLLARS, MINING , MANUFACTURING , AND CONSTRUCTION
(ANNUAL RATE, BILLIONS OP DOLLARS)

98.0
115.5
120.8
135.1
129.7
134.1
148.1
153.6
142.8
149.0
158.9
150.3
159.9
166.1
171.0

96.9
115.1
121.9
136.5
129.7
135.4
148.2
154.4
139.4
150.1
159.1
149.8
161.3
165.9
174.3

100.7
116.9
122.9
137.7
129.0
137.4
148.9
153.8
138.3
152.6
158.3
150.5
162.6
166.2
175.3

103 . 1
118.7
121 .1
137.8
128.6
138.6
151 . 3
152.7
136.0
154.4
157.5
151.8
164.5
16 7 . 1
176.6

105.4
118.3
122.0
138.0
128.6
141.1
149.8
151.6
136.0
156.2
158.0
153.2
164.0
168.5
177.0

106.7
119.4
120.6
137.0
128.2
141.8
150.2
152.1
137.5
156.9
156.7
155.3
164.4
169.1
177.6

109.4
119.6
115.9
137.6
127.6
142.7
147.1
151.3
139.2
156.1
156.4
155.4
165.0
169.1
178.8

112.0
119.4
124.6
136.6
127.7
142.9
150.9
151.3
141.3
152 . 0
155.2
156.4
164.7
169.1
180.4

112.1
119.0
129.4
134.2
127.7
143.4
152.5
149.8
142.8
151 .6
154.1
154.7
165.2
1 70 . 5
181 . 5

1966...
196 7 . . .
1968...
196 9 . . .
19 7 0 . . .

196.7
207.3
210.5
221.1
220.6

198.4
205.2
213.4
221.2
219.7

199.8
205.8
213.7
222.6
220.2

201 .5
205.5
214.6
223.0
217.8

202.0
204.9
216.4
223.9
215.2

204.1
205.4
216.2
224.2
215.5

204.3
206.1
216.4
224.7
215.7

205.1
207.8
216.3
225.1
214.8

205 .6
206.3
217.6
225.1
212.1

115.0
117.9
130.6
134.3
130.1
145.0
153.8
148.8
142.1
150.6
153.7
157.7
164.8
171.0
178.9
192 5
205.8
205.9
218.7
224.8
206.8

19)2...
19 7 3 . . .

216.4
232.3

218.4
234.7

220.6
233.

221.6
234.2

222.0
234.4

222.3
235.2

221 .1
237.2

223.7
233.4

1975...
19 7 6 . . .
1977...

213.2
216.6
223.0

208.1
217.9
225.0

206.f
218. <
227.:

205.7
220.0
229.1

206.9
220.8
231.2

206.8
220.0
233.4

205.6
221 .0
233.8

208.9
221.7
234.0

224.9
235.0
22 7 6
210.2
221.8
235.9

227.4
235.4
226 6
210.8
221.3
236.9

1979
1980
1981
1982
1983
1984

251.6
241.7

251.1
240.2

251. <
23 7 .

249.5
233.7

222.8
210.5

223.8
209.4

222.6
210.1

221.8
210.5

248.6
230.3
231.0
220.2

247.9
227.7
231.8
217.0

210.9

212.2

248.3
226.4
231 . 0
214.6
213.1

246 . 3
229.4
230 . 9
212.7
213.5

246.7
230.3
228.4
211 .0
215.9

244.6
231.3
228.3
208.3
217.2

82.
76.4

1950. . .
1951..
1952..
1953..
1954..
1955..
1956..
1957.,
1958..
1959..
I960..
1961..
1962..

74.9
88.3
84.4
90.5
81.3
83.5
88.2
86.2
75.7
80.2
85.6
74.1
80.2

75.4
88.3
84.6
91.1
80.8
84.1
87.4
87.0
73.8
81.4
84.6
73.5
81.4

1964..
1965..
1966..
1967..
1968..
1969..

84.5
68.6
90.9
89.5
87.1
87.1

84.7
88.7
90.9
88.1
87.3
87.4

84 J

1971..
1972..
1973..
1974..
1975..
19 7 6 . .

78.2
80.8
86.4
85.8
71.9
77.5
80.4
82.1
86.9
84.4
80.7
72.3
70.0

78.0
81.3
87.5
85.3
70.1
78.8
80.5
82.1
87.1
84.0
80.6
73.4
70.6

77.
81.
87.
85.
69.

88.4
84.
91.
60.
85.
87.
86.
72.
82.

83 .
73.
81.
89.
91.
87.

87.(
87.

79.

81 .
83.
87.
83.
80.
72.9
71.6

AVERAGE FOR PERIOD
116.3
118.6
132.3
133.0
132.7
146.9
153.2
147.5
147.1
152.2
151.9
160.0
165.4
171.4
181.5
194 1
206.1
208.9
220.1
222.6
205.3
211 5
228.8
236.2
219 7
211 .2
224.2
237.2

116.0
119.8
134.4
131.5
133.3
147.3
155.1
145.3
147.7
156.8
148.9
160.8
165.8
172.6
184.3
195 8
206.2
210.5
220.6
223.0
208.9
2 1 4 4
230.0
236.2
216 5
213 .2
225.1
236.1

98.5
115.6
121.9
136.4
129.5
135.6
148.4
153.9
140.2
150.6
158.8
150.2
161.3
166.1
173.5

105.1
118.8
121.2
137.6
128.5
140.5
150.4
152.1
136.5
155.6
1 57.4
153.4
164.3
168,2
177.1

111.2
119.3
123.3
136.1
127.7
143.0
150.2
150.6
141.1
153.2
155.2
155.5
165.0
169.6
180.2

115.8
118.8
132.4
132.9
132.0
146.4
154.0
147.2
145.6
153.2
151.5
159.5
165.3
171.7
181.6

107.6
118.2
124.7
135.8
129.4
141 . 4
150.8
151.0
140.8
153.2
155.7
154.7
164.0
168.9
178.1

1 98.3
206.1
212.5
221.6
220.2

202 . 5
205.3
215.7
223.7
216.2

205 .0
206.7
216.6
225.0
214.2

206.0
208.4
219.8
223.5
207.0

203.0
206.6
216.2
223.4
214.4

218.5
233.6

222 .0
234.6

223.2
235.2

228.7
235.9

223.1
234.8

209.4
217.8
225.1

206 . 5
220.3
231.2

208.2
221.5
234.6

211 . 7
223.5
236.7

209.0
220.8
231.9

242.6
232.3
226.7

242.2
232.8
224.2

218.4

219.8

251.5
239.9
232 .0
223.1
210.0

248.7
230,6
231 . 3
219.7
211.2

247.1
228.7
230.1
212.8
214.2

243.1
232.1
226.4
208.0
218.5

247.6
232.8
230.0
215.9
213.5

81.1
87.4
82.9

87.0
84.1
84.2

1
CAPACITY UTILIZATION RATE, MANUFACTURING
(PERCENT)

AVE

88.4
83.6
85.1
90 .6
78.8
87.3
84.9
84.2
75.7
79.5
79.1
79.0
81 . 4

87.2
83.7
87.7
68.3
79.2
87.5
86.0
83.2
76.2
79.0
77.9
78.2
81.8

87.5
83.1
88.8
87.2

87.0

88.1

86.6
81.9
90.7
79.9
87.6
85.3
84.6
73.9
84.8
80.2
77.3
80.9

85.5
84.9
79.8
91.0
79.4
87.7
81.5
64.3
74.3
83.0
79.7
78.1
81 .5

83.6
90.2

83.9
90.5

75.6
88.3
84.6

88.4
86.5
81 . 4
76.4
78.2
77.5
79.6
81 . 4

88.3
85.8
79.4
79.1
78.5
75.8
80.8
81.8

89.0
86.8
77.5
79.0
83.6
74.3
81.6
81.7

64.5
87.5
86.5
74.1
81 . 4
84.5
73.8
61 . 2

87.4
86.5
84.6
72.4
84.6
81.3
76 . 4
81.3

85.6
89.4
91.6
86.4
87.7
86.3

85.4
89.5
91.5
86.1
87.7
86.6

85.9
90.3
91.4
85.3
87.1
86.9

86.1
89.9
91 .1
86.3
86.9
86.6

86.2
89.6
91.2
85.9
86.7
86.3

84.6
69.6
91.6
86.2
86.7
85.9

86.8
89.6
90.1
87.1
8 7.4
84.8

88.0
90.5
90.0
87.5
86.8
84.2

84.5
88.9
91.1
88.3
87.1
87.3

78.4
82.7
87.9
85.5
70.3

78.6
82.9
87.7
85.7
71.9

79.6
82.3
84.1
86.6
78.1
81.0
71.5
73.8

79.8
82.7
84.6
86.4
76.1
80.6
71.3
74.9

78.5
82.9
87.9
85.4
73.3
80.2
82.7
85.1
86.3
75.5
80.9
71.4
76.4

77.4
83.8
87.5
85.1
74.8
80 . 2
82 . 7
85.4
85.2
76.3
80.7
71.2
77.3

78.5
84.4
8 7. 7
8 i.8
7 5.7
7 3.9
8 1.7
8 ).8
8 5.5
7 r.6
79.4
70.6
78.4

79.2
85.2
87.7
82.8
75.5
79.6
82.9
66.2
85.2
78.8
77.7
69.4
78.9

79.3
85.9
87.6
79.5
76.2
80.2
82.8
86.6
84.7
79.9
75.9
68.8
78.8

79.7
86.8
87.3
75.1
76.7
80.7
82.9
87.1
84.5
80.5
74.2
68.9
78.9

77.9
81.3
87.2
85.5
70.3
78.5
80 . 9
82.4
87.2
83.9
80.6
72.9
70 . 7

79.2
88.2
83.6
91.5
79.4
86.7
8 7.8
8 .0
7 .3
8' t . O
s;> . .34
7
8] .7

81.0

83.1

8 7.4
83.1
91.7
79.8
87.9
86.3
84.2
71.9
84.9
81.5
76.4
81.3

85.6
89.3
91.5
87.5
86.8
87.0
77.9
82.7
87.3
85.0
69.9
79.2
81.9
84.1
85.6
80 . 7
80 . 7
72.0
72.9

NOTE: Unless otherwise noted, these series contain revisions beginning with 1980.
'This series contains no revisions but is now shown on a monthly, rather than quarterly, basis.




3.5

3.1

1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...

1978..
1979..
1980..
1981..
1982..
1983..
1984..

3 .3
3.3
2.5
3.7
5.0
3.1
3 .4
4.8

7.1

S3.

1977..

IV Q

t.2

3.2

1983...
1984...

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

III Q

AVEIIAGE FOR PERIOD

(PERCENT)

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960

II Q

STAT E PROGRAMS

IAGE FOR PERIOD

87.5
84.1
83.9
75.4
80.5
78.9
78.4
81.6

87.5
83.5
89.8
84.7
80.8
86.6
86.4
79.4
78.2
80.1
75.9
80.7
61.6

82.6
85.8
65.4
89.2
80.1
87.0
86.1
83.6
75.0
81.6
80.1
77.3
81.4

85.5
89.4
91.5
86.7
87.4
86.6

86.1
89.9
91.2
85.6
86.9
86.6

86.5
90.0
90.6
86.9
87.0
85.0

85.6
89.:
91.1
86. <
87.
86.<

78.3
8 .8
8 7.6
8 S .4
7 I.7
7 9.5
8 : .3
84.3
86 . 2
78.3
80.8
71.6
73.9

78.1
83.7
87.7
85.1
74.6
60.1
82.7
85.4
85.7
76.5
80.3
71.1
77.4

79.4
86.0
87.5
79.1
76.1
80.2
82.9
66.6
64.6
79.7
75.9
69.0
78.9

78.*
83.*
87.:
83. (
72. <
79.(
82.2
84.
86. (
79.(
79.<
71.1
75.2
(MARCH 1985)

99

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.
84.

My
a

June

July

1950 . . .

80 . 7
91.6

1953

91 3

92 , 4
79,8

1956 . . .

91.8

92
88
83
90
79

87.0

90 . 7

80 . 9

86 .6

1 963.

Sept.

Oct.

Nov.

Dec.

IQ

II Q

III Q

IV Q

93 s
85 •\
90 7
83 . 5
83

.6
.6
.5
,4
.7

86 . 2
87 . 7
87 . 9
79 . 3
81 . 0
89 . 7
91 .6
81 . 0
77 . 2
81 . 4

87
87
87
80
81
90
91
76
77
61

.0
.6
.2
.8
.9
.3
.4
.1
.1
.2

87.4
86.8
88.3
84.5
81 .6
84.4
91.3
89.8
71.0
79.8

85.2
87.8
88.2
82.7
82.2
86.1
91 . 8
88.9
70.3
81.2

85.0
87.2
88.8
82.6
60.5
87.4
92.3
88.4
74.6
81.9

66.3
87.3
87.9
80.0
81 . 3
89.7
91.5
81 . 0
77.0
81.3

*2
.5
.0
.4
.0
.6

88
86
82
73
66
79

.9
.5
.0
.4
.6
.6

81.6
82.5
88.6
66.2
82.7
73.0
70.1

83.1
85.0
87.6
79.2
81 . 9
70.7
73,5

82 . 7
86.5
87.5
75.6
82.0
69.4
77.5

82 . 9
88.3
66.6
80,6
76.2
67.2
79.6

82 .
85. <
87. <
80 J
80.
70.
75.2

18
96
70
92
71
38
79
10
60
09
92
31
10
41
90
29
10
39
07
00
17
16
39

0 . 92
- 0 . 09
- 0 . 60
- 0 . 41
0 . 30
0 . 29
- 0 . 10
- 0 . 42
0 . 00
- 0 . 38
- 0 . 73
- 1 . 02
- 0 . 31
0 , 31
0 . 39
0 . 59
- 0 . 69
0 . 88
1 . 41
1 t 44
- 1 . 92
0 . 48
1 . 62

0.
-0.
-0.
-0.
0.
0.
0.
0.
-0.
0.
0,
0.
0.
0.
0.
0.
-1.
1.
2.
-0.
-0.
1.
1.

1.52
1.14
-0.77
0.10
-0.20
0.13
0.32
-0.7 7
-0.03
1.01
-0.80
0.04
-0.17
O.00
0.24
-0.49
0.97
-1.01
0.23
2.07
-1.30
1.36
0.81
3.11
0.42
-1.55
2.18
0.69
1.56
2.07
0.66
-1 . 6 9
-0.92
1.94

2.36
-0.7 9
-0.3 9
-0.03
-0.10
0.60
-0.48
-0.44
0.18
0.64
-0.82
0.66
-0.59
0.21
0.37
0.20
0.25
0.93
0.70
-1.86
0.38
0.77
1.01
2.51
-0.57
1.02
1.06
-0.94
2.07
0.78
-2.93
0.09
-0.55
1.31

0.81
0.93
-1.55
-0.16

2.13
-1.15
-0.88
-0.60

7
n
ft
ft
7

89
80
80
79
73
82
81

69 8
90 ?
85
86
88
82
81
88
91
88
76
81

.8
.9
.5
.1
.1
.9
,2
,2
.6

8:
Bi
8E
80
81
8<
91
86
7i
81

.4
.4
.3
.5
.5
,4

86
8?
77
80
69
78

.9
.1
.2
.9
.0
.6

8" ' 7
86 . 9
H U9
11 . 7
6 .9
7< . 5

81 . 8

1967...
1968.. .
1969.. .
19 7 0 . . .
1971...
1972.. .
1973...
1974...
1975.. .
1976...

89.2
86.8
87.8
85.0
81 , 8
84.0
90.6
90.4
73.2
78.6

8 7.3
86.7
88.4
84.5
61 . 4
84.2
91.6
89.7
70.6
80.1

85.7
86.8
88.6
64.1
81.5
84.9
91 . 7
89.4
69.3
fi0.6

86.2
87.1
88.2
83.3
81 .6
86.0
91.4
88.1
69.4
80.5

64.9
86.1
87.7
82.7
82.5
86.3
91.9
89.3
69.9
81.4

84
68
88
82
62
86
92
89
71
81

.5
.1
.6
.1
.6
.3
.1
.3
.5
.8

84.6
87.8
88.4
82.4
80.6
86.6
92.3
88.8
72.5
81 . 8

88 . 7
91 . 7
.9
85 . 4
87 .1
89 . 0
63 . 0
79 . 6
87 . 4
92 .6
88 . 1
75 . 2
82 .3

19 7 7 . , *
1978...
1979...
I960.. .
1981.. .
1982...
1983. ..
1984...

82.7
88.5
86.9
82.7
72.3
66.7

82.1
88.5
86.3
82 . 8
73.9
70.1

82.6
88.7
85.4
82.7
72.9
71.5

84.5
87.3
82.5
81.8
71.6
72.5

83.2
84.9
87.7
78.9
81.9
70.6
73.5

85
87
76
82
70
74

.7
.9
.2
.1
.0
.4

86.'l
68.0
74.2
82.7
69.7
76.5

86
87
75
82
69
77

87.1

98.
1950...
1951..
1952..
1953..
1954..
1955..
1956.,
1957..
1958..
1959..
I960.,
1961..
1962..
1963..
1964..
1965..
1966..
1967..
1968..
196 9 . .
1970..
1971..
1972,.
19 7 3 . .
19 7 4 . .
1975..
19 7 6 . .
1977..
1978..
1979..
1980..
1981..
1982..
1983..
1964..

1.30
2.80
-1.15
-0.61
-0.41
0.30
-0.10
-0.80
0.94
0.30
0.19
-0.73
0.72
0.00
0.00
-0.59
0.78
-1.00
-0.48
2.11
-0.76
0.81
1.81
1.51
-0.99
-3.22
3,14
-0.59
2.58
0.89
0.94
-2.55
-0.14
1.56

Annual

68.4
90 .2
84.8
89 . 4
80 ,6
92 .0
89.4
84. 7
75.4
82 . 9
79.
77.
81 .
83 .
87.
91 .(
91 .
86. (
87.3
88.3
82.5
81.4
86.9
91,7
87.0
73.2
81 . 0

85 .0
85 . 3
77 .1
.8
78 .0
80 , 7
80 . 7

71 .1
1960. . .

Aug.

CAPACITY UTILIZATION RATE, MATERIALS'
(PKRCENT)

CHANCE IN PRODUCER PRICES FOR 2 8 SENSITIVE
PERCEN T)

.6
.7
.6
.0
.0
.1
.4
.0
. 7
.2

88
86
81
76
67
79

CRUDE AND IN TERHEDIATE MATERIALS
AVERAGE FOR PERIOD

0.9J!

2 . 82
- 0 . 97
- 0 . 20
" 0 . 20
0 . 21
0 . 59
- 0 . 67
- 0 . 10
0 . 84
0 . 95
- 1 . 57
0 . 62
- 0 . 63
0 . 10
0 . 30
- 0 . 10
- 0 . 19
2 . 05
1 . 52
- 2 . 14
0 . 17
1 . 28
I . 74

4 .54
-2 .68
-0 .50
- 0 .10
1 .98
0 .49
-0 .58
- 0 .10
0 .62
- 0 .47
-0 .60
- 0 .31
0 .00
1 .98
0 .50
0 .30
-0 .19
1 .01
1 .68
-1 .60
- 0 .86
2 .66
1 .49

5 . 05
- 3 . 58
0 . 40
- 0 . 40
- 0 , 10
1 . 08
- 1 . 45
- 0 . 31
2 . 07
- 0 . 38
- 1 . 71
0 . 10
0 . 42
0 . 82
0 . 80
1 . 18
- 3 . 85
0 . 60
0 . 83
0 . 43
- 0 . 09
2 . 37
1 . 25

4 . 51
- 0 . 67
- 0 . 30
- 0 . 41
0 . 61
0 . 87
- 0 . 59
- 0 . 63
1 . 32
0 . 00
-0.31
0 . 41
- 0 . 21
- I . 52
- 0 . 40
- 0 . 49
- 0 . 68
1 . 48
1 . 18
0 . 25
- 0 . 09
0 . 24
0 . 07

-4*6:1
3*8 7
0 . 0 !i
- 0 . 7<i
2.1?.
0.2/
-2.7/
-0.20
- 0 . 2 J!
1.6i»

- 0 . 30
- 1 . 95
1 . 20
- 1 . 76
2 , 97
1 . 89
0 . 22
- 0 . 57
- 0 . 89
2 . 26

0 .74
-0 .47
4 .58
2 .07
0 .46
-1 .37
3 .70
-0 .64
0 .48
0 .81

- 1 . 97
2 . 23
- 0 . 61
3 . 60
1 . 21
- 0 . 40
3 . 29
- 0 . 51
- 1 . 41
1 . 24

-1.
3.
1.
2.
0.
0.
1.
-2.
0.
-0.

81
39
56
04
78
53
04
00
04
43

- 4 . 05
- 0 . 33
- 0 . 05
- 1 . 24
2 . 00
1 . 49
1 , 20
- 0 . 59
0 . 30
1 . 60

- 1 . 97
0 . 67
1 . 21
- 0 . 78
2 . 87
- 0 . 86
2 . 13
- 1 . 91
- 0 . 22
1 . 08

3.
-5.
2.
1.
2.
-0.
-1.
0.
-0.
0.
0.

82
66
40
21
10
67
10
31
59
00
21
52
21
00
20
00
19
07
95
50
98
27
18
05
33
27
15
69
42
94
61
39
86
84

5 .42
- 4 .87
-0 .68
- 0 .20

6.
-2.
0.
-0.

5.
-0.
-0.
-0.

74
71
10
82

1.
1,
-1.
-1.

21
1
1
h,t

2 . 56
- 0 . 53
- 0 . 30
0 . 52

1.
-0.
-0.
-0.

33
36
49
10

1.87
0.35
-0.97
0.51
-0.10
0.70
0.57
-1.10
-0.31
1.36
-1.05
-0.42
-0.31
0.11
0.00
-0.59
0.68
-1.32
0,10
1.82
-1.69
1.51
0.46

1 .38
0.26
-C.20
©.40
-0.10
-0.60
0.48
-C.41
-0.73
1.36
-1.54
1,26
-C.92
-0.10
0.72
-0.30
1.44
-0.72
1.06
2.27
-1.46
1.75
0.15

1.36
-0.70
-0.29
0 .00
-0.62
0.50
-0.19
-0.61
-0.21
0.67
-0.49
1.56
-0.63
-0.11
0.91
0.00
0.47
-0.41
0.19
-1.98
0.00
0.95
0.38

2,90
-0.70
-0.69
0.10
0.10
0.79
-0.57
-0.61
-0,10
0.29
-0.39
-0.20
-0.31
0.6:i
-0.10
0.71
0.4 7
1.14
0.38
-1.46

-0.35
0.06
1.16
0.09
1.40
1.30
1.92
-2.75
-1.66
2.53

2.60
-1.48
2.23
2.57
0.69
4.03
-0.88
0.24
-0.76
1.72

3.22
1,15
1.93
-0.31
1.13
0.17
-6.24
1.04
-0.55
0.04

0.66
-0.71
-1.30
0.50
0 .42
-0.79

0.98
-0.80
-1.03
-1.40
0 . 73
0.70

2.80
-0 .11
- 0 . 76
-0.10
0.31
0*00

o.n
0.0<)

0
0
-0
-0
0
-0
-0
0
1
0
-0
-0
-0.
0.
0
0
-0
-0
2.
0.
0
-0
2

4.70
-2.31
-0.13
-0.30
0.83
0.81
-0.87
-0.41
1.34
-0.28
-0.87
0.07
0,07
0.43
0.30
0.33
-1.57
1.10
1.23
-0.31
-0.35
1.82
0.94
2 .43
-1.01
1.72
1.84
2.57
0.82
-0.41
2.68
-1.05
-0.30
0.54

0.64
0.07
-0.57
-0.51
0.37
0.19
-0.26
0.00
0.34
-0.10
-0.48
-0.27
-0.07
0.24
0.50
0.29
-0.66
0.52
2.14
0.31
-0.91
0.53
1.73
3.17
-3.78
0.87
0.77
0.22
1.48
-0.44
1.31
-0.96
0.31
1.17

2.30
-0.47
-0.47
-0.19
0.22
0.43
-0.32
-0.41
0.45
0.32
-0.74
0.12
-0.19
0.22
0.35
0.08
-0.25
0.38
1.07
0.05
-0.55
1.12
1.12
2 .81
-1.24
0.52
1.46
0.64
1.46
0.50
0.43
-0.90
-0.36
1.24

99
(PERCENT)
19 5 0 . .
1951 . .
1952..
1953..
1 954.
1955^.'

1.V2
3.11
-1.26
-0.99
- 0 .5 2
0.91

1957..
1958..
1959..
I960..
1961..
1962*.
1963!*.
1964..
1965..
1966..
1967..
196 8 . .
196 9 . .
19 7 0 . .
1971..
1972..
19 7 3 . .
1 974,,
1975..
1976..
1977..
1978..
1979..
1980..
1981,.
1982,.
1983..
1984..

-1.16
0.10
-0.10
0.38
-0,31
0.91
-0.10
0.20
-0.77
1 .22
-0.20
-0.3 9
1 .92
0.17
0.28
1.99
1.81
0.44
-2.25
2.13
0.65
2.56
1.37
1.09
-2.03
-0.17
1.40

0.66
0.40
-2.09
0.00
- 0 .31
0.80
-0.10
0 . 70
-0.96
0.41
-0.80
0*00
0 .00
-0.29
0.93
-1.19
0 .00
1 .79
-0.78
1.20
0.85
3.84
1.94
0.19
1.07
0.91
0.75
2.36
1 .60
-2.20
-1 .23
2.49

2 . 62
- 1 . 94
- 0 . 86
- 0 . 30
0 .
0 ! 69

-0.63
1.19
-1.36
1.75

-0.84
0.68
0.20
1.11

0.11
0.29
-0.20
0.00

0.
0.
-1.
-0,

-0.31
0.51
0.48
0 .92
-1.10
0.69
1.32
-0.96
1.10
1.18
3.49
2.01
-0.58
2.19
2.22
0.35
3.71
-0,98
0.71
-1.15
1.80

0.00
1.52
0.87
-0.18
-0.91
-0.39
-0.35
-0.09
1.08
0.75
2.54
1.81
1.29
2 .20
-0.26
0.64
0.70
-4.69
0.87
-1.08
0.53

0.52
-0.50
0.48
-0.5H
0.41
-0.49
-0.52
0.2?
-0.36
1.65
2.41
-3.92
1.65
0.28
-0.94
0.78

- 0 . 31
0 . 30
- 0 . 48
- 0 . 09
1 . 12
0 . 59
- 0 . 79
- 0 . 53
0 . 00
0 . 81
1 . 70
0 . 00
- 2 . 81
0 . 96
- 2 . 52
2 . 14
0 . 98
- 1 , 04
- 0 . 90
- 2 . 09
1 . 09

o.oe

-3.7 9
-0.53
-0.36
0.66

84
68
18
70

AVERAGE FOR PERIOD

1 .28

40
86
10
41

0 . 97

0 . 87

.15
.29
.70
.10

1 . 66
- 0 . 10
- 0 . 70
0 . 40

0 . 61
0 . 48
-0.40
0 . 20

1.
0.
-0.
-0.

1 .15
0 .60
0 .00
0 .00
0 .10
0 .59
-0 .62
-1 ,07
1 .08
0 .72
0 .97
0 .49
-0 .51
3 .69
0 .75
0 .57
- 0 .40
3 .02
0 .04
0 .88
1 .04

0 . 41
1 . 39
0 . 76
- 3 . 78
0 . 40
0 . 58
0 . 60
- 0 . 36
1 . 69
0 . 88
3 . 76
- 1 , 57
2 , 52
- 0 . 9?
1 . 66
1 .66
- 0 . 12
3 . 27
0 . 04
- 0 . 83
1 . 71

-0.82
0 . 49
-0.38
- 1 . 15
0 . 60
0 . 97
0 , 79
- 0 . 27
0 . 44
0.08
1 . 72
- 2 . 20
2 . 52
0 . 33
1 . 10
1 . 21
0 . 20
1 . 15
- 1 . 74
0 . 33
0 . 08

0 . 83
1 . 46
0 . 19
- 0 . 66
- 0 . 20
1 , 53
- 0 , 44
- 0 . 18
- 0 . 09
2 . 06
1 . 75
- 3 . 55
- 0 . 55
- 0 . 65
- 0 . 36
2 . 30
1 . 79
0 . 69
- 0 . 89
- 0 . 23
1 . 43

I
-0
-0
0

NOTE: UnleSEi otherwise noted, these series contain revisions Sieginning with 1980.
'This series contains no revisions but :s now shown on a monthly, rather than quarterly, basis.

100



- 0 . 4f J
82
19
91
30

5.85
-2.81
-0.23
-0.48

1 .70
0.09
-0.65
-0.34

2.62
-0,73
-0.83
-0.39

0 . 57

1 , 24

0.31

0.46

1.04

0.44

0.56

83
70
19
82
61

0 . 00
- 0 . 69
- 0 . 29
- 0 . 31
0 . 92

-1.01
-o"21
0.60
-0.65
0.62

- 0 .3 3
0.04
0.55
-0.39
0.14

-0 .64
1*14
0.03
-0.60
0.23

-0 .58
0*61
-0.10
-0.68
-0.33

-0 .64
0*39
0.27
-0.58
0.16

0 , 10
- 0 . 10
0 . 38
- 0 . 69
0 . 89
1 . 67
0. 1 7
- 1 . 19
0 . 70
1 . 30
4 . 11
- 4 . 77
1 . 36
0 . 92
2 . 46
- 0 . 57
- 0 . 48
- 0 . 28
- 0 . 91
0 . 09
0 . 70

-0.14
0.24
-0.19
1.02
-0.83
0.10
1.68
-0.5 2
0.66
1.34
3.05
1.46
-0.88
1.80
1 .26
1.22
2.48
0.57
- 1 .1 7
-0.85
1.90

0.07
0.44
0.29
-0.2 7
0.21
-0.10
-0.55
-0.12
0.24
1.07
2.22
-0.70
0.04
1.15
-1.24
1.19
0.59
-3.17
-0.19
-1.18
0.76

0.25
).83
_ .64
>.37
.71
.32
),57
.07
.56
.15
_ .09
.51
.02
.17
.15
-0.11
2.48
-0.55
0.13
0.94

0.48
0.61
0.35
-0.62
0.53
1.57
0.14
-0.85
0.23
1.66
2.80
-3.49
0.27
0.27
0.51
1.30
0.17
0 .70
- 1 .1 7
-0.31
1.12

0.16
0.53
0.14
-0.38
0.07
0.57
0.40
-0.51
0.60
1.16
2.55
-0.96
0.24
1 .06
0.42
1.21
0.78
0.14
-0.77
-0.55
1.18

0.
-0.
-0.
-1.

0 . 51
0 . 48
0 . 47
- 0 . 49
0 . 90
1 . 51
0 . 70
- 1 . 18
0 . 09
1 . 63
2 . 55
- 2 . 16
0 . 00
0 . 55
- 0 . 57
2 . 16
- 0 . 80
1 . 49
- 1 . 70
- 0 . 79
1 . 24

(MARCH 198S)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.
99.

1950...
1951...
1952...
1953..,
1954.. .
1955.. .
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
196 4 . . .
1965...
1966...
1967...
1968...
196 9 . . .
19 7 0 . . .
1971...
1972...
1973...
19 7 4 . .
197s)!!
19 7 6 . . .
1977...
1978...
1979...
1980.. .
1981...
1982...
1983...
1984...

0.51
2.02
-0.31
-0.62
-0.19
0.39
0.46
-0.03
-0.41
0.29
-0.06
-0.58
-0.13
0.09
0.37
0.24
0.52
-0.54
0.50
1.64
0.25

0.75
1.97
-0.98
-0.54
-0.17
0.49
0.35
-0.50
-0.12
-0.03
-0.16
-0.28
0.21
-0.02
0.18
-0.26
0.7 7
-0.58
0.32
1.75
0.10
-0.30
1.05
1.95
2.27
-2)67
1.34
0.77
1.70
1.02
0.34
-0.89
-0.85
0.78

0.58
.62
. 58
)72
).49
.00
.14
0.05
0.21
-1.05
-0.04

Apr.

My
a

0.74
1.27
-1.39
-0.33
-0.22
0.44
0.06
-0.94
-0,10
0.28
-0.47
0.27
0.11
-0.10
0.17
-0.29
0.93
-0.76
0.13
1.74
-0.34
0.48
1.26
2.68
1.81
-l)58
1.66
1.04
1.57
1,77
0.65
-1.34
-0.81
1.61

1 .12
-0.56
-1.25
-0.32
0.38
0.10
-0.14
-0.64
-0.49
0.79
-0.58
1.02
-0.73
-0.02
0.59
0.48
0.31
- 0 .80
0.02
0.54
- 0 .44

0.79
0.28
-1.51
-0.23
0.07
0.27
-0.02
- 0 .91
-0.37
0.73
-0.6 8
0.85
- 0 .47
-0.12
0.46
0.08
0.79
- 0 .95
0.10
1.30
-0.57
0.99
1.13
3.17
1.69
-0.29
1.81
1 .11
0.90
2.37
- 0 .39
-0.69
-1.00
1.75

1 .06
3.05
0 .94
0.54
1.69
0.65
0 .58
1.88
-2.26
0.07
-1.01
1.30

441.
1950...
1951...
1952...
1953...
1954,..
1955...
1956...
1957...
1958.. .
1959...
1960...
1961...
1962...
1963...
1964...
196 5 . . .
1966...
196 7 . . .
1968...
196 9 . . .
1970...
1971...
1972...

61,661
61,941
62,432
63,439
63,101
63,910
66,419
66,428
67,095
6 7,93 6
68,962
70,447
70,189
71,146
72,356
73,569
75,186
76,639
77,578
79,523
81,981
83,850
85,978

61,687
61,778
62,419
63,520
63,994
63,696
66,124
66,879
67,201
67,649
68,949
70,420
70 , 4 0 9
71,262
72,683
73,857
74,954
76,521
78,230
80,019
82,151
83,603
86,036

61 , 6 0 4
62,526
61 , 7 2 1
63 , 6 5 7
63,793
63,882
66,175
66,913
67,223
68,068
68,399
70,703
70 , 4 1 4
71,423
72,713
73,949
75,075
76,328
78,256
80,079
82,498
83,575
86,611

19 73 . . .
1974...
1975...
19 7 6 . . .
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...

91 ) l 9 9
93,128
94,934
97,208
100,873
104,057
106,562
108,058
109,121
110,746

88,364
91 , 4 8 5
92,776
94,998
97,785
100,837
104,502
106,697
108,265
109,501
110,700

88,040
91 , 4 5 3
93,165
95,215
98,115
101,092
104,589
106,442
108,579
109,649
110,733

62,158
6 1 , 80 8
61 ,720
63,167
63,934
64,564
66,264
66,647
67,647
68,339
69,579
70,267
70,278
71,697
73,274
74,228
75,338
76,777
78,270
80,281
82,727
83,946
86,614
89,018
91 ,287
93,399
95,746
98,330
101,574
104,172
106,591
108,938
109,851
110,906

Aug.

1 .81
-0.95
-0.96
-0.47
0,47
0.22
-0.58
-0.40
-0.21
0.64
-0.42
0.54
-0.73
0.07
0.48
0.45
-0.10
-0.16
-0.08
-0.20
-0.19
0.42
1 .13
2.52
- 0 .3 7
0.42
1.35
-0.45
0.89
1.04
-3.16
0.08
-1.02
0.88

4.21
-2.87
-0.62
-0.25
0.36
0.82
-0.65
-0.20
0.96
0.16
- 0 . 78
-0.13
-0.45
0.44
0.45
0.05
-0.75
0.54
0.41
-0.42
-0.55
0.58
0.93
1.92
-0 . 7 5
-0.41
1 .44
-0,47
1.31
0.19
0.57
-0.37
-0.60
1.10

2.87
-1.83
- 0 .83
-0.40
0.45
0.56
-0.86
-0.28
0,37
0.39
-0.54
-0,03
-0 .68
0 .26
0.29
0 .14
-0.24
0.38
0.07
- 0 .60
-0.28
0.24
1.07
1 .96
-0.92
- 0 .26
1 .40
- 1 .07
1.18
0.40
-1.89
-0.32
-0.85
0.85

Oct.

Nov.

Dec.

1 Q

5.33
-3.02
-0.35
-0.39
0.36
1.01
-0.19
-0.40
1.18
0 .06
-0.73
0.08
-0.22
0.33
0.80
0.11
-1.47
0.45
0.65
0.06
-0.61
1 .00
0)68
2.15

5.15
-1.81
-0.31
-0.68
0.46
0.75
-0.05
-0.74
1 .25
0.11
-0.64
0.17
-0.02
0.19
0.97
0.16
-1.76
0.32
0.87
0.35
-0.42
0.88
0 . 78
2.28

3.81
-0.41
- 0 .46
- 0 . 74
0.56
0.39
- 0 .02
-0.93
1 .20
0.18
-0.69
-0.24
0.07
0.16
0.96
0.14
-1.32
0.35
1.18
0.37
-0.41

2.44
0.04
-0.59
- 0 .46
0.51
0.38
0 .08
-0.80
0.83
0.03
-0.70
-0.45
0.10
0.33
0.71
0.22
-0 .70
0.48
1 .45
0.25
-0.70

0.67
1.75
-0.89
-0.50
-0.19
0.44
0.29
-0.49
-0.21
0.18
-0.23
-0.20
0.06
-0.01
0.24
-0.10
0.74
-0.63
0.32
1.71
0.00

1.24
-0.41
- 1 ,24
-0.34
0.31
0 .20
-0.25
- 0 .65
-0.36
0.72
-0.56
0.80
-0.64
-0.02
0.51
0,34
0,33
-0.64
0 .01
0.55
-0.40

4.14
-2.57
-0.60
-0.35
0,39
0.80
-0.57
-0.2 9
0.84
0.20
-0.68
-0.03
-0.45
0.34
0.51
0.10
-0.82
0.46
0.38
-0.32
-0.48

1.13
2.21

1 .46
2.40

0.62
1.12
0.57
1.30
0.02
2.12
-0.41
-0.28
1 .11

1.50
0.29
0.98
1.44
0.26
2.13
-0.71
- 0 .06
1 .01

1 .08
-0.18
0.43
1.81
0,51
1 .47
- 1 .15
-0.24
1 .00

0 .46
0.18
0.28
1 .59
0 .28
0.94
-1.30
-0.27
1 .02

0.96
2.08
2.22
-2.51
1.24
0.77
1 .42
1.31
0.35
-0.67
-0.90
0.78

1 .11
2.91
0 . 75
0.22
1.62
0.44
0.79
1.76
-1.94
-0.18
- 1 .01
1 .31

0.89
2.01
- 0 .80
-0.02
1.32
-0.32
1.26
0.20
0.27
-0.37
-0.58
1.02

62,349
61,780
62,457
62,727
64,209
65,628
66,714
67,064
68,002
68,545
70,151
70 , 21 7
71 ,153
72,131
73,290
74,502
76,056
77,812
78,858
81 ,290
82,954
84,731
.87,392

62,428
62,204
61 ,971
62 ,867
63,936
6 5,821
66,546
67,066
68,045
6 8,821
69,884
70,492
70,91 7
72,281
73 ,308
74,838
76,199
78,194
78,913
81 ,494
83,276
84,872
87,491
90,131
92,518
94 26 7
96)704
99,815
103,080
105,700
107,405
108,998
110,727
111 ,914

62 ,286
62,014
62,491
62 ,949
63,759
66,037
66,657
67,123
67,658
68,533
70,439
70,376
70,871
72,418
73,2 86
74,797
76,610
78,191
79,209
81 ,397
83,548
85,458
87,592
90, 716
92,766
94,250
9 7',254
100,576
103,562
105,812
107,568
109,215
110,997
112,150

62,068

61 ,651
62,082
62,191
63,539
63,629
63,829
66,239
66,740
67,173
67,884
68,770
70,523
70,337
71,277
72,584
73,792
75,072
76,496
78,021
79,874
82,210
83,676
86,208
88,232
91 ,379
93 023
95)049
9 7 , 703
100,534
104,383
106,567
108,301
109,424
110,726

62 ,220
61,82 2
61,960
62,948
63,651
64,476
66,563
66,798
67,739
68,265
69,713
70 ,532
70,448
71 , 718
73,234
74,369
75,477
76,940
78,746
80,367
82,565
83,929
86,810
89,181
91 ,584
93 619

62,121

62,058
62,615
63,675

62,103
63,063
63,343

61,962
63,057
63,302

62,596
61 ,927
61 ,877
62,816
63,707

66,722
66,695
67,895
68,178
69,626
70,452
70,551
71 ,832
73,395
74,466
75,447
76,7 73
78,847
80 ,12 5
82,483
84,135
86,809

66,702
67,052
67,674
68,278
69,934
70,878
70,514
71 ,626
73,032
74,412
75,647
77,270
79,120
80,696
82,484
83,706
87,006

66,752
67,336
6 7 , 824
68,539
69,745
70,536
70,302
71,956
73,007
74,761
75,736
77,464
78,970
80,82 7
82,901
84,340
8 7,143

66 ,673
66,706
68,037
68,432
69,841
70,534
70,981
71 ,786
73,118
74,616
76,046
77,712
78,811
81 ,106
82,880
84,673
87,517

91 ,596
93,884
95,847
98,665
101 ,896
104,171
106,929
109,197
110 ,514
110 ,892

91 ,868
93 ,575
95,885
99,093
102 ,371
104,638
106,780
108,329
109,990
111,717

92 ,212

92,059

9 6 , 5 83
98,913
102,399
105,002
107,159
108,560
110,322
111 ,707

96,741
99,366
102,511
105,096
107,105
108,713
110,522
112,184

58,649
60,188
60 ,195
61 ,019
59,908
61 ,634
63,861
63,985
62,874
64,699
66,057
65,449
66 ,688

68,751
70,127
72,134
73 , 6 0 6

68,763
70,439
72,188
73,439

69,356
70,633
72,510
73,882

77,327
76,80 5
78,698
78,780
78,700
78,864
81 , 1 0 8
80,959
83,912
83,161
86,754
86,555
85,627
85,256
87,672
87,400
90,342
89,928
94,384
94,519
98,329
97,948
99,995
99,879
99,987 1 0 0 , 2 0 2
99,73 7 9 9 , 7 8 5
99,144
99,233

77,367
78,863
78,588
81 , 5 7 3
84,452
86,819
85,187
87,985
90,808
94,755
98,480
99,713
100,594
99,738
99,303

77,523
78,930
78,987
81,655
84,559
86,669
85,189
88,416
91 ,271
95,394
98,103
99,233
101 ,069
99,584
99,590

69,631
71 ,034
72,497
73,844
76 10 7
77)412
78,564
79,139
81 ,887
84,648
86,891
85,451
88,794
91 ,754
95,769
98,331
98,945
101 ,040
100,088
99,634

59,620
60,219
61,456
59,792
61 ,781
63,820
64,196
62,730
64,849
66,168
65,993
66.670
67,649
69,218
71,025
72,775
74,278
76 ,1 82
77)880
78,413
78,757
82,083
85,185
86,941
85,355
88,563
91 ,959
96,343
98.679
98,682
100,234
99,435
100,444

IV Q

Annual

AVS RAGE FOR PERIOD

92,488
94 202
96',5 53
99,453
102,795
105,530
107,098
108,283
110,703
112,264

62)621
62,795
63,312
66,445
66,700
67,398
6 7,740
68,994
70,395
70,077
70 ,854
72,188
73,465
75,093
76,641
78,491
79,463
81 ,624
83 ,6 70
85,625
87,943
90 ,8 90
92,780
94,409
97,348
100,491
103,809
106 ,258
107,352
108,933
110,953
112,237

CIVILIAN EMPLOYMENT
(THOUSANDS)

58,583
59,889
59,909
61,444
60,185
61,515
63,614
64,047
62,631
64 ,768
65,959
6 5,3 74
66,372

III Q

II Q

3,80
-0.73
-0.45
-0.63
0,51
0.51
0.00
-0.82
1 .09
0.11
-0.68
-0,17
0.05
0.23
0.88
0.17
-1.26
0.38
1 .1 7
0.32
-0.51
0 .49
1 .12
2.30
- 2 .46
0 .10
0.56
1 .61
0.35
1 .51
-1.05
-0.19
1 .01

2.46
-0.49
-0.80
-0.45
0.25
0.48
-0.13
-0.56
0.34
0.30
-0.54
0.10
-0.24
0.13
0.54
0.13
-0.25
-0.11
0 .47
0.56
-0.35
0.42
1.02
2.33
- 0 .0 7
-0)32
1.07
0.36
1.27
0,91
0.05
-0.5 7
-0.67
1.03

AVE RAGE FOR PERIOD

62,419

57,728
60,401
59,908
62,010
60,186
60,964
63,411
64,404
62,731
64,267
64,673
65,850
66,493

59,713
59,994
60,156
60,521
59,971
59,790
60,906
61 ,397 6 1 , 1 5 1
60,282
59,853
59 ,643
62,950
62,513
62,797
64,079
63,972
63,800
64,121
64,540
63,959
63,181
63,012
62,745
64,770
64,844
65,011
66,267
65,895
65,909
65,541
65,852
65,608
67,192
66,968
66,483
68,174
6 7,90 5 6 7 , 9 0 8
69,578
69,463
69,399
71,286
71 ,362
71,460
73,258
73,146
72,860
74,854
74,520
74,767
76,172
76 08 7 76 ,043
78)250
78,250
77)959
78,498
78,624
78,726
79,689
79,539
79,305
82,543
82,578
82,230
85,488
85,204
85 ,299
87,051
87,037
87,149
85,894
86 ,234 8 6 , 2 7 9
89,173
89,093
89,223
92,702
92,441
92,084
96,670
96,431
96 ,090
99,340
99,006
98,776
99,077
98,824
98,796
1 0 0 , 6 9 4 1 0 0 , 6 7 9 100,059
99,487
99,636
99,471
101 ,173 101 ,589 101,983

NOTE: These series contain revisions beginning with 1980.
'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed
on the terminal month of the span.




Sept.

CIVILIAN LABOR FORCE
(THOUSANDS)

57,751
59,661
60,462
61,884
60,663
60,727
63,518
64,257
62,898
63,684
65,620
65,588
66,538

57,635
59,636
60,460
61,600
60 ,024
60,753
63,753
63 ,632
63,220
63,86 8
65,347
6 5,7 76
66,108
6 7,0 72
68,327
69,997
72,198
73,671

July

62,083

442.
1950...
1951... '
1952...
1953...
1954...
1955...
1956...
1957.. .
1958...
1959...
1960...
1961...
1962...
1963 . . .
1964...
1965...
1966...
1967...
1968...
1969...
19 7 0 . . .
1971...
1972...
1973.. .
1974...
1975.. .
19 7 6 . . .
1977. . .
1978...
1979..,
1980.. .
1981 . . .
1982...
1983 . . .
1984.. .

June

CHANGE IN SENSITIVE MATERIALS PRICES, SMOOTHED DATA1
(PERCENT)

98)696
101,947
104,327
106 , 767
108,821
110,118
111,172

62,355
61 , 9 3 8
62,099
62,867
63,739
65,451
66,713
67,035
67,954
68,505
69,912
70,429
70,812
71,958
73,138
74,626
75,946
77,663
78,880
81 , 0 7 4
82,912
84,581
87,351
89,650
92,253
94,128
96)626
99,244
102,568
105,209
107,121
108,519
110,516
112,052

62,261
62,225
62,361
6 2 ,8 70
63,669
66,101
66,634
6 7,196
67,814
6 8,7 83
70,239
70,315
70,881
72,296
73,353
74,909
76,483
78,292
79,195
81 ,505
83,498
85,318
87,675
90,579
92,688
94 ,309
97,102
100,294
103,484
105,923
107,442
109,049
110,892
112,100

62,208
62,017
62,138
63,015
63,643
65,023
66,552
66,929
67,639
68,369
69,628
70,459
70,614
71,833
73,091
74,455
75,770
77,347
78,737
80,734
82,771
84,382
87,034
89,429
91,949
93 ,775
96 ) 158
99,009
102,251
104,962
106,940
108,670
110,204
111,550

AVI RAGE FOR PERIOD
60,497
59,836
60,010
60,954
60,748
60,132
59,977
60,738
60,893
60,116
60,357
60,270
63,684
63,257
62,991
63,910
63,796
63,975
63 ,922
63,669
64,046
63,549
63,470
63,475
65,341
64,530
64,911
65,778
66,109
65,632
65,900
6 5,919 66,081
66,947
66,847
67,114
6 8,267 6 8 213
68,294
69)814
69,582
72,062
7l)724
71,695
73,729
73 ,840
73,401
75 ,473
75,125
75,051
76,778
76 , 224 76,494
78,740
78,541
78,445
78,594
78,650
78,685
80 ,2 9 7 80,471
79,918
83,400
82,9 90
82,616
86,401
86,320
85,987
86,144
86 ,626
86,995
86,665
86,456
86,370
89,803
89,634
89,274
94,105
93 ,052 9 3 , 7 6 1
97,581
97,485
97,133
99,933
99,574
99,404
99,634
99 ,317 9 9 , 5 4 5
99,652
100,359 1 0 0 , 1 9 7
99,062
99,098
99,202
102,042 1 0 2 , 7 0 2 1 0 3 , 0 2 9

59,899
60,277
61,831
60,291
60,815
63,561
64,098
62,950
63,940
65,213
65,738
66,380
6 7,149
68)614
70,188
72,173
3,572
75,103
77,166
78,780
78,717
81,213
83,842
86,709
85,357
87,686
90,359
94,553
98,252
99,862
100,261
99,753
99,227

59,899
60,108
61,306
59,962
61,643
63,765
64,076
62,745
64,772
66,061
65,605
66,577
6 7,635
69)402
70 ,897
72,594
74,001
75 ,9^0
77,<>05
7 8 , 36
7 8 , }61
81 , 375
8 4 , 797
86 , 334
85 , 132
88,591
91 ,661
95,835
98,371
98,953
100,781
99,702
99,889

59,954
60,094
61 , 1 5 1
59,926
62,753
63,950
64,207
62,979
64,875
66,024
65,667
66,881
6 7,996
69)480
71,369
73,088
74,714
76 , 1 0 1
78,153
78,616
79,511
82,450
85,330
87,079
86,136
89,163
92,409
96,397
99,041
98,899
100,477
99,531
101 ,582

60,114
60,611
60,536
60,248
63,311
63,894
63,879
63,498
64,927
65,840
6 5,96 7
66 ,969
68,258
69,710
71,827
73,657
75 ,216
76 ,499
78,575
78,643
80 ,229
83 ,002
86,236
86,588
86,497
89,570
93,639
97,400
99,637
99,499
100,069
99,121
102,591

9,961
0,?50
1,179
0,109
2,170
3,799
<4,071
3,036
4,630
5, 778
5,746
66,702
6 7, 762
69,305
71,088
72,895
74,372
75,920
7 7,90 2
78,678
79,367
82,153
85,064
86.794
85,846
88,752
92,017
96,048
98,824
99,303
100,397
99.526
100,834

(HARCH 1985)

101

C. Historical Data for Selected Series—Continued

1930...
1951 . . .
1952...
1953...
1954...
1953.. .
1956.. .
195 7 . . .
1958...
1959. ..
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1966. . .
1969...
1 9 70 . . .
1971.,.
1972...
1973...
1974...
1975...
1976...
1977...
1976...
1979...
1980...
1981...
1982...
1983...
1984...

Jan.

2,349
1,236
998
,078
,662
,812
,442
,45 7
„ ,216
.,284
,926
,544
,042
,08?
,887
,600
,203
,05?
,065
927
1,188
2,100
2,071
1 ,688
1,755
3,127
3,161
3,046
2,535
2,277
2,724
3,471
4,350
5,587

Mar.

Feb.

2,295
1 ,096
994
901
1 ,816
1,719
1,425
1.391
2,460
2,258
1 ,772
2,579
1,948
2,137
1 ,80 5
1,615
1,161
1 ,040
1 ,105
903
1,334
2,069
1,993
1 ,693
1.80 9
3,214
3,041
3,136
2,483
2,291
2,726
3,496
4,439
5,73 7

Apr.

444.

Year

NUMBER

2,327
1,007
947
842
1 ,989
1,712
1,459
1 ,280
£.63 5
2,062
1 ,977
2,581
2,008
2,053
1 , 7 80
1 ,525
1,174
1 ,078
1 ,043
900
1 , 3 82
2,055
2,034
1,695
1,735
3,476
3,012
2,939
2,468
2,270
2,842
3,445
4,625
5,620

445.
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957.,.
1958...
1959...
1960...
1961...
196 2 . . .
1963...
1964...
1965...
1966...
196 7 . . .
1968...
1969...
19 7 0 . . .
1971...
1972...
1973...
1974...
1975...
19 7 6 . . .
1977...
19 7 8 . . .
1979!!!
1980...
1981...
1982.,.
1983.,.
1984...

1 ,030

m

592
475
918
891
76 5
851
1,058
1,163
1 ,003
1,283
1 ,25?
1,201
1 ,272
1,069
945
1,131
1,061
993
1 ,046
1,637
1,624
1,552
1,598
2,629
2,619
2,527
2 375
2)262
2 , 3 80
2,820
3,125
3 , 9 90

999
692
623
445
955
822
697
783
1,225
1,140
937
1,40 8
1,144
1,216
1 ,281
1,196
879
1,029
1 ,052
992
1 ,160
1 ,629
1,506
1,492
1,600
2,595
2,575
2,616
2*312
2,395
2,778
3,304
3,950

962
769
537
520
1.071
7 82
824
745
1,239
1 ,137
1 ,017
1 ,421
1 ,161
1 ,167
1,295
1 ,10 7
884
1 ,065
1 ,006
981
1,284
1,687
1,625
13498
1,581
2,742
2,518
2S642
2 23 8
2^289
2,341
2,768
3,40 8
3,895

2,235
910
93 8
975
2,133
1,833
1,376
1,415
2,899
1,827
1 ,923
2,656
2,043
2,006
1 ,748
1 ,570
1,103
1,079
976
904
1,494
2,049
2,019
1,670
1 , 7 96
3,632
3,002
2,824
2,335
2,253
3,292
3,349
4,758
5,669

NUMBER

My
a

2,019
898
904
933
2,175
1,529
1,477
1 ,420
2,964
1,810
1,893
2,787
2.021
2,000
1 ,667
1,5'.7
1,035
1,077
947
904
1,533
2,0*>3
2,006
1 , 6 71
1,736
3 , 7?2
2,9<>8
2,847
2,298
2,1)7
3,598
3,559
4,852
5,657

July

June

UNEMPLOYED, MALKS
(THOUSANDS

Aug.

III Q

IV Q

Annual

Sept.

Oct.

Nov.

Dec.

IQ

ll Q

1,557
1,013
1,064
981
2,293
1,354
1,404
1 ,644
2,772
2,093
2,139
2,466
2,009
1,80 4
1 ,703
1 ,344
1,063
991
96 2
1 ,072
1,830
2,142
1,878
1,543
1,978
3,585
3,075
2,532
2,229
2,345
3,747
3,545
5,529
5,016

1,459
1 ,147
930
1,044
2,254
1 ,465
1 ,330
1 ,710
2,646
2,076
2,295
2,371
1 ,932
1 ,851
1,740
1,260
1 ,016
1 ,046
950
1 ,064
1,890
2,029
1 ,910
1 ,467
2,129
3,489
3,076
2,679
2,222
2,417
3,584
3,813
5,703
4,801

1,387
1,087
876
1,278
2,008
1,455
1,481
1,947
2,439
2,297
2,353
2,269
2,043
1 , 9 70
1,543
1,224
1,078
1,071
933
1,003
2,023
2,166
1,791
1,560
2,380
3,497
3,241
2,584
2,216
2,449
3,550
4,021
5,843
4,592

1,427
968
872
1,575
1,876
1,439
1,532
2,030
2,413
1,883
2,508
2,182
2,035
1,90 8
1,596
1,204
1,119
1,089
88?
1,062
2,192
2,178
1,742
1,628
2,727
3,346
3,227
2,509
2,330
2,435
3,332
4,303
5,812
4,382

2,324
1,113
980
940
1,622
1,748
1,442
1 ,376
2,437
2,201
1,892
2,568
1 ,999
2 , 0 92
1 ,824
1 , 5 80
1,179
1,058
1,071
910
1,301
2,075
2,033
1 , 6 92
1 ,766
3,272
3,071
3,040
2,495
2,279
2,764
3,471
4,471
5,648

2,057
934
948
931
2,140
1 ,615
1,448
1 ,449
2,949
1,816
1 ,928
2,671
2,034
1 ,973
1 ,719
1,497
1,098
1 ,078
979
910
1 ,557
2,068
2,002
1,656
1,777
3,677
3,046
2,813
2,278
2,188
3,517
3,479
4,90 3
5,578

718
733
576
553
934
893
816
844
1 ,221
1 ,113
1,172
1 ,371
1 ,174
1,231
1,130
96 7
955
1 ,199
954
1,074
1,473
1 ,650
1,669
1 ,416
1 ,846
2,657
2,638
2,462

743
674
485
775
852
830
844
882

1,112
970
980
1,088
955
977
1,625
1,674
1,512
1,573
2,295
2,638
2,597
2,416
2 278
2^319
2,775
3,164
4,064
3,227

997
727
584
480
981
832
762
793
1,174
1,147
986
1,371
1,187
1,195
1,263
1,124
90 3
1,075
1,040
989
1,163
1,651
1,585
1,514
1,593
2,655
2,571
2,595

883
6 80
564
43 5
1,050
790
846
786
1,352
1,036
1,020
1,462
1,126
1 ,210
1,219
1 ,089
932
1,047
974
1,015
1,292
1 ,662
1,661
1,475
1 ,622
2,80 7
2 , 4 76
2,516
2 2 89

768
644
552
490
1,041
82 7
893
823
1 ,308
1,005
1 ,081
1 , 3 53
1,207
1,223
1,140
1,016
911
1 ,057
961
1,030
1,393
1,654
1 ,6 81
1,539
1,60 5
2,641
2,660
2,524

753
704
531
641
914
843
834
884
1 ,138
1,060
1,248
1,284
1,177
1,238
1,133
990
945
1 ,130
962
1 ,021
1,56 5
1,675
1,575
1 ,502
2,102
2,640
2,626
2,489

854
689
559
510
997
823
83 2
821
1,242
1,063
1,080
1,368
1,175
1,216
1,195
1,056
921
1,078
985
1,015
1,349
1,658
1,625
1,507
1,777
2,684
2,588
2,535

2I300
2,788
3,029
3,80 9
3,359

799
706
531
594
957
807
842
927
1 ,065
1,017
1,254
1 ,224
1,190
1,257
1,157
1,033
900
1,102
976
1,013
1,596
1,701
1,523
1,518
2,166
2,624
2,644
2,589
2 2 81
2)264
2,767
3,109
4,004
3,225

2)288
2,372
2,789
3,279
3,945

2J226

2,615
2,817
3,562
3,787

2^285
2,699
2,680
3,664
3,520

2,239
2,294
2,777
3,101
3,959
3,270

2)276
2,615
2,895
3,613
3,632

461
348
3 50
291
541
459

440
339
326
395
461

513
336
345
307
501

20 YEARS AND OVER
AVERAGE FOR PERIOD

»

1 ,917
994
1,001
884
2,113
1,482
1,491
1,512
2,985
1 ,811
1 ,968
3 ,569
1 .039
1 ,913
I ,743
1 ,404
1 ,105
1 ,077
1 ,013

923
1 ,624
2 ,061
1,981
1.628
1,800
3,627
3,167
2,769
2,200
2,193
3,662
3,529
5,099
5,408

UNEMPLOYED, FEMALES
(THOUSANDS

1,817
961
1,078
917
2,121
1,420
1,455
1,44 7
3,027
1,850
2,045
2,622
1,994
1,900
1,663
1,394
1,121
1,034
962
985
1,735
2,079
1,960
1,566
1,83 3
3,611
3,136
2,698
2,232
2,302
3,820
3,360
5,187
5,186

20

I ,632
1 ,002
1 ,168
905
2 , 2 80
1 ,464
1 ,412
1 ,463
2 ,997
1 ,877
2 ,124
2 ,531
3 ,0 82
1 ,839
1 ,633
1 , 3 86
1 .125
1 ,067
98?
957
1 ,755
2 ,160
1 ,698
1 ,575
1 ,957
3 ,453
3 ,046
2 ,720
2 ,229
2 ,350
3 ,770
3 ,514
! ,229
5 ,129

1,669
992
1 ,103
934
2,231
1 ,413
1,424
1,518
2,932
1.940
2,103
2,540
2,028
1,848
1 ,666
1,375
1,103
1 ,031
970
1,005
1,773
2,127
1,912
1.561
1,923
3,550
3,086
2,650
2,230
2,332
3,779
3,473
5,315
5.110

1,424
1,067
893
1,299
2,046
1 ,453
1 ,448
1,896
2,499
2,085
2,385
2,274
2,003
1,910
1,626
1,229
1,071
1,069
923
1,043
2,035
2,124
1,814
1 ,552
2,412
3,444
3,181
2,591
2,256
2,434
3,489
4,046
5,786
4,592

1,922
1,029
980
1 ,019
2,035
1,560
1,442
1,541
2,661
2,022
2,060
2,518
2,016
1,971
1,716
1,435
1,120
1,060
993
963
1,636
2,097
1,948
1,624
1,957
3,476
3.098
2,794
2,328
2,308
3 , 3 53
3,615
5,089
5,257

AND OVER

YEARS

AVERAGE FOR PERIOD

842
693
567
455
1,058
792
823
713
1,385
1,064
1,003
1,447
1,126
1,196
1,274
1 ,093
869
1,040
963
1,029
1,243
1,700
1,619
1,480
1,579
2,831
2,545
2,562

861
6 63
592
411
1,054
783
863
806
1,349
1 ,040
996
1,456
1,133
,242
1,212
1 ,055
1,001
1,035
968
979
1,344
1 ,662
1,698
1,403
1.618
2,838
2,384
2.408

945
663
534
440
1,038
796
851
838
1,321
1 ,004
1 ,060
1,482
1 ,119
1.193
1,171
1 ,119
905
1,067
992
1 ,038
1 , 2 90
1 ,623
1 ,666
1 ,541
1 ,6 70
2,753
2,498
2,577

639
631
558
453
1,035
789
1,009
838
1,304
1 ,029
1,120
1,448
1,144
1,220
1,161
1,038
890
1,051
989
979
1 , 3 80
1,610
1,702
1,532
1,733
2,679
2,673
2,492

2.238
2,565
2,772
3,551
3,751

2,189
2,624
2.847
3,569
3,750

2,251
2,656
2,832
3,566
3,861

2,196
2,733
2,858
3,652
3,481

1
1
1
1
1
1
2
2
2

714
589
582
46 6
,018
843
857
80 4
,351
985
,084
,285
,235
,210
,123
,040
938
985
967
,043
,364
,694
,684
,546
,764
,643
,6 73
,542

2
2
2
3
3

,406
,762
,840
,647
,567

1

1
1
1
1
1
1
1

751
711
515
551
1 ,071
848
812
828
1,269
1,002
1 ,039
1 ,327
1,243
1 ,238
1,135
970
904
1,134
928
1,068
1,435
1 ,657
1,657
1 ,539
1,918
2,600
2,635
2,538
2 30 8
2)254
2,601
2,943
3,692
3,513

1,127
1,050
1,318
1,258
1 ,168
L ,226

NUMBER UNEMPLOYED, BOTH SEXES 1 6 - 1 9 YEAB S OF AGE

446 ,

i TU niTCiU1\C\
"
1950..,
1951..
1952..
1953..
1954..
1955..

64 7
348
3 82
286
497
454

1956*.
1957..
1958..
1959..
I960..
1961. .
1962..
1963..
1964..
1965..
1966..
1967..
1968.
1969^!
1970..
1972.!
1973 . ,
1974..
1975..
1976. .
19 7 7 . .
1978..
1979...
1980 . .
198l!)
1982..
1983. ,
1984..

459
488
601
621
686
844
782
786
8 70
903
840
7 80

642
329
340
2 90
560
428
484
448
616
567
620
845
779
885
846
919
780
846

752
798
96?

797
959

l)s24
1 ,086
1 ,291
1,745
1,754
1 ,70 7
1,579
1 ,57©
1 5 79
l,'?80
1,90 9
1 ,936

1^429
1 ,267
1 ,322
1 ,711
1,710
1,691
1,625
1 ,570
l)?89
1 , 9 73
1 ,869

587
349
329
285
547
424

498
316
306
293
558
424

554
2 7li
36'/
252
538
43Ji

505
338
349
283
400
423

481
484

618
602
732
851
752
852
875
878
829
746

451
472
732
680
6 94
790
737
853
896
932
836
776

521
484
70S
629
$80
760
709
975
885
860
864
817

540
506
638
614
73 8
834
686
871
900
864
862
848

831
969

825
1.060

830

855

,022

L [S79
L ,201
1,318
,760
1,700
L ,726
L ,631
L.55O

\ni
,878
,915

464
358
355
2 90
503
423
488
511
748
649
671
858
6 81
931
784
669
86 5
859

453
342
337
294
556
477
432
480
677
726
738
866
696
829
899
82 8
83 7
893

466
343
357
289
563
4 76

448
314
333
377
478
472

403
385
336
339
43 7
518

46 9
318
310
468
46 8
492

43 5

519
310
341
276
499
427

494

450

471
7 60
6 80
706
883
709
915
8 74
902
831
833

5 80
684
689
723
80 2
791
924
851
816
792
893

56 4
651
720
791
73 7
704
841
943
857
813
841

473
612
597
679
847
771
841
864
900
816
7 91

487
6 93
641
704
795
711
900
694
885
854
814

487
73 5
6 85
705
869
695
892
852
866
844
862

53 7
679
710
766
790
731
890
863
863
811
877

1 ,157

904
1,060

856
1 .137

900
1 ,191

466
703
721
785
831
697
90 5
856
916
827
898
785
911
1,228

806
840
1,279

843
845
1,259

,218

1 ,276

1,251

1 ,357

1 , 243
1 ,314

,351
,823
,701
.6 56
,546
,534

1
1
1
1
1
1

,840
,657
,788
,506
,515

1,837
1,681
1,639
1,613
1,498

1
1
1
1
1

,301
,832
,799
,663
,556
,564

,541
,73 8
,670
,6 81
,588
,591

1,294
1 ,288
1 ,31 8
1,594
1 , 6 73
1.735
1,642
1,580
1.525

, JUZ

1,276
L ,261
L.548
,751
L ,716
1,622
,567
,579

1
1
1
]

!751

1 , 734
1 ,890

1,648
2,012

1 !eeo
2 ,010

',73$
,995

1,797
2,013

1,888
2,052

1
2,015

60 9
96 5
1,233
1,377
1 ,1 85
1,310
1 ,73 9
1,721
1,708
1,612
1 ,563
1.569
1 , 780
1 ,920
1 90 7

843
837
1 ,080
1,239
1,272
1 ,253
1,350
1,80 3
1,714
1 ,706
1 ,545
1 ,542
1 , 6 81
1,744
1,951
1 917

847
867
1,129
1 , 2 90
1,307
1 ,220
1,446
1,802
1,717
1,661
1,586
1,551
1 , 744
1,688
2,006
1 63 9

811
865
L ,255
, 2 90
,284
,289
,585
,728
,724
,575
,589
,558
, 6 78
,833
,027

497
678
654
712
82 6
721
884
872
874
837
839
83 8
853
1,106
,26 2
1,308
,235
,422
,76 7
L ,719
L,663
,5 63
,555
,669
,763
,977

,321
,309
.243
,747
, 7 83
, 6 73
,582
,578

]

* 748
} 9 5 8
DOC

2,005
1 ItCt

MOTE: Those series contain revisions bediming with 19HQ.

102



1

L , i. 1 J

,289
,288
,614
,760
,721
,461
,620
,571
,611
.814

625
342
3 50
287
535

A A 7

(MARCH 1985)

C.

Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Apr.

Mar.
447.

My
a

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

NUMBER UNEMPLOYED, FULL-TIME WORKERS
(THOUSANDS

II Q

Ml Q

IV Q

Annual

AVERAGE FOR PERIOD

1959...
I960...
1961...
1963...
196 4 . . .
196 5 . . .
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
1982...
1983...
1984...

3,719
3,466
3,041
2,391
2,285
2,257
2,088
2,427
3,902
3,933
3,402
3,567
6,059
6,045
5,792
5,115
4,699
5,276
6,612
7,814
9,802

3,722
3,377
3,163
2,301
2,193
2,333
2,071
2,663
3,868
3,843
3,441
3,607
6,124
5,854
5,867
5,009
4,816
5,285
6,618
8,020
9,915

3,624
3,391
2,980
2,349
2,250
2,201
2,026
2,787
3,884
3,894
3,393
3,563
6,493
5,849
5,742
4,952
4,718
5,391
6,535
8,336
9,747

3,539
3,339
3,029
2,365
2,247
2,009
2,107
2,938
3,857
3,858
3,385
3,628
6,798
5,864
5,626
4,769
4,768
5,992
6,428
8,562
9,656

3,613
3,196
2,875
2,423
2,277
2,049
2,026
3,158
3,981
3,954
3,324
3,653
7,078
5,724
5,539
4,821
4,514
6,589
6,639
8,734
9,521

3,365
3,146
2,794
2,295
2,296
2,171
2,162
3,193
3,928
3,83 7
3,253
3,750
6,772
5,995
5,585
4,670
4,627
6,687
6,614
8,944
9 , 3 82

3 ,422
2,985
2 ,692
2,277
2 ,236
2,179
2,171
3,304
4,007
3,910
3,253
3,928
6,721
5,945
5,458
4,968
4 , 714
6,967
6,458
9,095
8,934

3,317
3,053
2 , 6 96
2,235
2,267
2,115
2,137
3,356
4,060
3,871
3 , 2 80
3,889
6,420
5,998
5,534
4,73 8
4,893
6,877
6,462
9,180
8,948

3,283
3,105
2,610
2,225
2,295
2,042
2 , 2 86
3,487
4,068
3,756
3,303
4,248
6,666
6,056
5,362
4,76 9
4,856
6,720
6,744
9,575
8,733

3,410
3,081
2,470
2 ,218
2,417
2,046
2,240
3,656
3,971
3,832
3,175
4,430
6,605
6,060
5,398
4,600
4,923
6,645
7,119
9,906
8,315

3,520
2,925
2,493
2,279
2,388
2,042
2,169
3,911
4,102
3,474
3,391
4,851
6,426
6,107
5,331
4,642
4,924
6,682
7,443
10,138
7,924

3,451
3,029
2,459
2,266
2 ,347
1,934
2,190
4,032
4,091
3,420
3,422
5,272
6,276
6,146
5,052
4,798
4,975
6,509
7,929
10,186
7,679

3,688
3,411
3,061
2,347
2,243
2,264
2,062
2,626
3,885
3,890
3,412
3,579
6,225
5,916
5,800
5,025
4,744
5,317
6,588
8,057
9,821

,506
,227
,899
E ,361
,273
1,076
;1,098
: ,096
! ,922
:1,883
,321
J.677
( ,883
,861
,583
i*, 753
it , 6 3 6
( ,423
i ,560
(»,747
<>,520

3,3 41
3,048
2,666
2,246
2,266
2,112
2,198
3 , 3 82
4,045
3,646
3,279
4,022
6,602
6,000
5,451
4,825
4,621
6,855
6,555
9,283
8,872

3,460
3,012
2,474
2,261
2,364
2,007
2 ,200
3,866
4,055
3,575
3,329
4,851
6 ,436
6,104
5,260
4 , 6 80
4,941
6 ,612
7,497
10,077
7,9 73

3,505
3,178
2,791
2,315
2,293
2,138
2,142
3,206
3,968
3,806
>,344
• ,010
,523
,9 74
,548
»,83 8
f, 787
,269
,795
»,006
»,0 75

ECONOMIC REASONS
(THOUSANDS)

1 954
1955. . .
1956...
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
19 70.
1971.
1972.
1973.
1974.
1975.
19 76.
1977.
1978.
1979.
1980.
1981.
1 982.
1983.
1984.

1,847
1,923
3,022

1,874
2,086
3,174

I ,678
2 ,091
3 ,440

1,846
2,034
3,334

1,80 5
1,992
2,127
3,306

1 , 755
2,088
2,187
3,019

1 ,912
2,026
2,207
2,771

1 ,881
2,107
2,133
2,80 8

1 ,864
2,138
2,158
2,756

1 ,836
2,036
2,249
2,646

1 ,872
2,018
2,378
2,414

1 ,884
2,009
2,501
2,514

1,800
2,033
3,212

1,975
2,116
3,220

2,287
3,087
2,161
2,298
2,120
2,108
1,797
2,048
1,653
1,721
1,980
2,543
2,487
2,043
2,525
3,716
3,424
3,391
3,163
3,259
3,526
4,315
4,834
6,456

2,379
3,278
2,296
2,282
2,232
1,973
1,637
2,077
1,819
1,707
1,888
2,510
2,340
2,182
2,673
3,655
3,288
3,547
3,312
3,267
3,531
4,167
5 ,429
6,303

2 ,197
3 ,024
2 ,414
2 ,281
2 ,166
1 ,994
1 ,627
2 ,039
1 ,748
1 ,810
1 ,965
2 ,501
2 ,433
2,172
2,472
3,789
3,247
3,372
3,279
3,285
3,500
4,218
5 ,613
6,179

2,545
2,994
2,280
2,296
2,246
1,927
1,629
2,104
1,659
1,6 86
2,310
2,474
2,520
2,150
2,377
3,827
3,266
3,234
3,370
3,373
3,922
4,147
5,748
6,021

2,413
2,932
2,403
2,249
2,205
1,983
1,706
1,702
1,714
1,746
2,228
2,462
2,387
2,216
2,667
3,714
3,329
3,326
3,289
3,349
4,428
4,291
5,618
5,989

2^577
2,748
2,290
2,288
2,173
1,898
1,73 7
1,83 8
1,826
1 ,854
2,155
2,227
2,580
2,543
2,577
3,514
3,170
3,375
3,427
3,441
4,270
4,180
5,716
5,945

2^552
2,727
2 ,369
2,179
2 ,062
1 ,986
1,723
1,850
1,727
1,750
2 ,279
2,421
2,514
2,490
2,610
3,442
3,220
3,480
3,345
3 , 3 85
4,240
4,485
5,711
5,858

2^558
2,731
2,288
2,419
2,043
1 ,963
1,563
1,76 5
1,705
1,875
2,214
2,443
2,548

2^755
2,647
2,390

2,381
2,114
1,776
1 ,616
1,875
1,659
1,90 7
2,123
2,355
2,424
2,424
2,917
3,348
3,421
3,379
3,335
3,266
4,266
4,564

2 I?3 7
2,563
2,398
2,330
2,119
1 ,859
1 ,592
1 ,840
1,658
1,897
2,377
2,500
2,316
2,424
2,975
3 , 3 76
3,473
3,324
3,269
3,339
4,234
4,984

2^864
2,549
2,485
2,277
2,025
1,684
1,56 6
2,034
1,742
1,855
2 , 3 73
2,583
2,253
2,43 7
3,229
3,333
3,541
3,350
3,236
3,46 9
4,207
4,983

2^960
2,405
2,322
2,200
2,143
1,761
1,80 7
1,83 2
1,697
1,869
2,544
2,418
2,192
2,571
3,347
3,305
3,467
3,303
3,151
3,568
4,184
5,278

2,433
2,288
3,130
2,290
2,287
2,173
2,025
1,687
2,055
1,740
1,746
1,944
2,518
2,420
2,132
2,557
3,720
3,320
3,437
3,251
3,270
3,519
4,233

2,213
2,512
2,891
2,324
2,278
2,208
1,936
1,691
1,881
1,733
1,762
2,231
2,394
2,496
2,303
2,540
3,685
3,255
3,312
3,362
3,388
4,207
4,206

5,974

5 ,726

5,884

5,677

6,313

5,985

88.2
88.7
88.5
87.8
87.3
87,8
87,3
86.6
86 .3
86^5
86.3
85.3
84.4

88.0
88.4
88.8
86.5
67.9
87.3
68.0
87.1

86.3
88.4
88.4
88.1
88.0
87.4
87.7
87.1

86.3
87.6
88.1
87.9
68.1
67.6
87.4
86.9

88.2
68.6
87.9
87.8
87.6
87.7
87.3
86.6

86^2
85.9
85.9
65.2

86! 2
86.0
85.8
84.8

86 *4
66.2
85.4

83.9
83.6
83.6
83.4
63.1
62 .6
82.5
81.9
81.5
81.4
80.7
79.6
79.8
80.0
80.0
79.5
79.0
78.7
78.6
78.3

84.1
84.1
83.6
83.5
83.1
83.0
82.8
82.1
81.6
81.4
81.6
60.5
79.6
79.7
79.8
80.1
79.7
79.2
78.7
78.2

84.3
84.1
83.6
83.5
83.2
82.7
82.8
82.2
81.7
81.3
81.0
80.5
79.8
79.7
79.8
79.7
79.5
79.2
78.9
78.5

86^5
86.0
85.6
64.7
84 .4
84.2
83.6
83.5
83.4
83.2
82.8
82.5
82.1
81.6
61.1
80.8
60.3
79.9
79,6
79.6
79.8
79.4
78.8
78.6
78.6

451.
1950...
1951...
1952.
1953.
1954.
1955.
1956.
1957.
1 958.
1959.
1960.
1961.
1962.
1 963 .
1964.
1965.
1966.
1967.
1968.
1969.
19 70.
1971.
1972.
19 7 3 .
1974.
1975.
19 76.
1977.
1978.
1979.
1980.
1981.
1982.
1983.
1984.

AVERAGE FOR PERIOD

CIVILIAN LABOR FORCB PARTICIPATION UTB,
(PERCENT)

88.0
88.8
88.3
87.8
87.< •
88.
87.t

88.4
89.0
88.6
88.1
87.2
87.9
87.2

88.8
88.6
88.7
87.7
87.4
87.9
87.2

88.3
88.5
88.2
88.2
87.5
87.8
87.1

86 .i
86.,
86. I
86.
85.
84..
84. I
84.
83.(>
83. 7
83.
82. )
82 . S
82. i
81 . >
81. I
81. 8
80. &
79. 7
79. 5
79. 9
80. L
79. 7
79. Z
78.6
78.2

86.2
86.0
86.0
85.8
85.3
84.3
84.1
84.1
83.5
83.5
83.1
83.1
82.8
82.0
81,5
81.4
81.7
80.4
79.6
79.8
79.8
80.3
79.9
79.1
78.7
78.2

66.2
86.3
85.6
85.9
85.3
84.4
84.0
84.1
83.6
83.3
83.0
83.0
82.9
81.9
81.8
81.6
81.3
80.4
79.6
79. 7
79. 7
79.9
79.4
79.3
78.7
78.2

86.4
86.1
8 5 . tJ
84. t
84. t
84.1
84.1
83. 1
83..
83.1
82. }
83. C
82.;
81. 7
81. +
81.()
80. >
79. >
79.()
79. J
79. »
79.5
79.3
78.8
78.4

2,444
2,745
3,400
3,259
3,318
3,364
3,455
4,374
4,478
5,917
5,958

2,336
2,560
2,813
2,337
2,291
2,137
1,928
1,664
1,913
1,715
1,810
2,198
2,451
2,430
2,343
2,751
3,542
3,334
3,369
3,296
3 , 3 73
4,064
4,499
5 ,852
5,997

AVERAGE FOR PERIOD

88.5
86.5
86.0
87.9
88.2
87.6
87.5
86.7

88.4
88.2
88.0
87.6
88.4
87.6
87.3
86.9

88.0
87.6
87.2
86.6

88,4
68.4
88.0
87.9
87.4
87.6
87.0

88.4
88.4
88.0
87.8
87.2
87.6
87.3

86.2

86.1
85.9
85.8
84.8

86.6
65.9
85.6
84.4

86.3
86.0
85.6
84.9

86.5
86.2
85.5
84.8

86 ,4
86 .1
85.5
84.6

84.0
83.8
83.6
83.5
83.4
82.7
82.6
82.0
81.7
81.2
60.9
80.2
79.7
79.8
79.8
79.7
79.3
78.9
78.8
78.6

84.3
83.9
83.4
83.5
83.3
82.7
82.6
82.1
81 . 7
81.3
80.7
80.4
79.9
79.6
79.7
79.8
79.4
78.9
78.8
78.7

84.1
83.6
83.5
83.4
83.2
82.9
82.5
82.1
81.6
81.1
80.9
80.4
79.9
79.7
79.6
79.7
79.4
78.9
78.7
78.6

84.2
83.6
83.5
83.2
83.0
82.9
82.5
82.0
81.6
81.0
80.8
80.2
79.9
79.4
79.5
79.8
79.3
78.7
78.9
78.5

84.2
83.6
83.4
83.4
82 .9
82.8
62.4
81 .7
81.4
81.1
80.8
80.0
79.8
79.8
79.6
79.7
79.2
78.7
78.9
78.4

64.0
83.5
83.5
83.3
82.9
82.5
82.5
81.9
81 .4
81.3
80.9
79.9
80.0
79.9
60.0
79.5
79.2
78.7
78.8
78.4

NOTE: Unless otherwise noted, these series contain revisions beginning with 1980.
'This series contains revisions beginning with 1981.




1 ,839
1,967
2,169
2,953

HALES 20 TEARS AHD OVER

88.2
88.4
87.6
88.0
87.6
67.7
87.3
86.5
86.5
86 ^3
86.3
85.5
84.6

79.6
79.5
79.0
78.4

1 ,864
2,021
2 , 3 76
2,525
2,451
2,854
2,506
2,402
2 ,269
2,096
1,83 5
1,655
1,902
1,699
1,874
2,431
2,500
2,254
2,477
3,184
3,338
3,494
3,326
3,219
3,459
4,206
5,082
6,387
5,762

1

88.1
88.2
88.3
88.1
87.7
87.6
87.5
87.1

86.0
85.9
85.0
84.3
84.5
84.3
83.6
83.4
83.2
82.7
82.9
82.3
81.6
81.2
81.1
80.7
79.8
79.6
79.8
79.5

1 ,886
2,090
2,166
2,778
2,263
2,622
2,702
2,349
2,326
2,073
1,90 8
1 ,634
1,830
1 ,697
1,644
2,205
2,406
2,495
2,453
2,757
3,397
3,300
3,392
3,348
3,369
4,293
4,509
6 ,006
5,930

88.2
88.6
87.6
87.6

84.5
84.2
84.0
83.6
83.5
83.4
83.0
82.6
82.5
81.6
61 .4
81 .3
80.6
79.8
79.9
79.9
79.9
79.6
79.1
78.7
76.8
78.4

88.2
88.2
88.3
88.1
87.-9
87,
87.
86.
86 .
66.
66.
85.
84.
84.
84.
83.
83.
83.
83.
82.
82.
82.
61.
81.
61.
80.
79.
79.
79.
79.
79.
79.
78.
78.
(MARCH 1985)

103

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.
452.

Apr.

Mar.

CIVILIAN

LABOR

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

32.7
33.7
34.4
34.6
33.4
34.5
36.3
36,2
36,7
37,0
36.9
38.1
37.9
38.0

32.8
33,6
34.3
34.2
34.5
34.4
36.0
36.7
36.8
36.7
36,9
38.4
38.0
38.2

32.7
34.3
33.5
34.5
34.5
34.3
36.0
36.5
36.8
37.0
36.3
38.5
37.7
38.2

1 964. i .
196 5 . . .
1966...
196 7 . . .
1968...
1969...
1970,..
1971...
1972...
1973...
1974...
1975...
19 7 6 . . .
1977...
1976...
1979...
1980...
1981...
1982...
1963.,.
1984...

39.0
39.8
40.7
40.9
42,0
43.1
43.6
43.6
43.6
44.7
45.9
46.6
47.4
48.9
50.1
51.3
51.8
52.2
53.0

39,2
39.6
40.5
41.3
42.4
43.1
43.3
43.4
44.0
45.0
45,6
46.6
47.6
48.9
50.3
51.3
52.0
52.4
53.0

CIVILIAN

July

June

Oct.

Sept.

Nov.

Dec.

IQ

!

LABOR

33.8
33.6
33.8
34.1
34.1
35.0
36.4
36.4
37.0
37.2
37.9
38.4
37.5
38.2

33.2
34.5
33.7
34.1
33.8
35,5
36.6
36.9
37.0
37.1
37.9
38.0
37.6
38.3

33.6
33.9
33.9
33.7
33.9
36.0
36.6
36.4
37.2
36.9
37.9
37.7
38.1
38.1

33.1
33.8
34.9
33.7
34.5
35,9
36.8
36.5
36.8
36.9
38.1
37.5
38.3
38.4

33.6
34.2
34.2
34.0
34.4
36.0
36.6
36.6
36.8
37.3
37.6
37.9
37.9
38.6

33.7
34.1
34.8
33.6
34,4
36.0
36.4
36.6
36.6
37.0
38.2
37.6
37.8
38.7

33.3
34.5
34.2
33.2
34.0
36.4
36.4
36.9
36.7
37.2
38.2
37.5
37.8
38.5

32.7
33.9
34.1
34.4
34.1
34.4
36.1
36.5
36.8
36.9
36.7
38.3
37.9
38.1

39.2
40.0
40.8
42.0
42.5
43.0
43.2
43.8
44.3
45.1
46.0
46.6
48.2
49.4
50.2
51.3
52.4
52.8
52.7

39.7
39.9
40.9
41 . 9

39! 7
40.0
41.0
41.7

39^6
40.3
41.1
41.3

39^3
40.6
41.4
41.6

39!4
40.6
41 . 7

3 8.7
39.5
40.9
41.6

38.9
39.6
40.8
41.8

43.2
43.0
43.6
44.5
45.3
46.0
47.0
48.1
49.6
50.3
51.2
52.2
52.9
53.1

43.5
43.0
43.7
44.5
45.8
46.1
47.3
48.0
49.6
50.6
51.3
52.2
52,9
52.9

43.3
43.2
43.8
44.5
45.5
46.2
47.3
48.1
49.5
50.8
51.4
52.1
53.0
53.3

43.0
43.4
43.7
44.6
45.5
46.1
47.1
48.5
49,9
50.8
51.2
51.7
52.9
53.5

43.4
43.5
43,7
44.6
45.3
46.3
47.1
48.3
50.0
50.9
51.4
52.3
52.7
53.3

43.4
43.8
43.6
44.9
45.5
46.2
47.5
48.8
50.1
51.0
51.6
52,4
52.9
53.2

52.6
51.9
51.4
46.9
46.3
52.7
50./•
49.'.
46.!J
46.2
4 7 . i»
47. i

FORCE

PARTICIPATION RAT E, BOTH
(PERCENT)

1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964..,
1965...
1966...
1967...

51.9
51.4
52.2
52.4
50.9
46.8
51,4
49.5
47.4
47.5
47.2
47.4
45.6
45.4
44.4
43.0
48.0
46.3

51.7
51.0
SI.8
54,0
SI.4
45.4
50.5
49.8
48.0
46.7
47.4
46.7
45.9
45.1
45,3
43.7
46.7
46.2

50,2
53.3
50.9
53.1
51.7
46.3
50.0
50.6
47.5
46.7
46.7
47.6
46.8
44.8
45.0
44.1
46.9
47.5

50.8
50.9
50.7
51.8
50.1
47.3
49.4
49.5
46.1
47.7
48.5
46.0
46.5
45.3
44.0
45.3
47.4
47.6

50.9
52.6
52.3
49.5
48.6
47.6
52.1
49.4
48.9
46.2
48,1
45,8
47,4
46,2
44,8
45.6
46,9
47.2

1969!'. )
19 7 0 . . .
1971...
1972...
1973...
1974...
1975...
19 7 6 . . .
1977...
1978...
1979...
1980...
1981...
1982...
1983.,.
1984...

47.7
50.4
50.0
51.1
50.8
55.1
54.9
54.2
54.2
56.7
58.5
57.7
56.8
54.5
53.9

47.8
50.3
49.9
51.4
52.9
55.2
54.1
54.2
55.2
56.6
58.6
57.2
56.6
54,8
53.0

46.3
50.4
49.3
51.9
53.5
55.0
54.1
54.4
55.5
56,5
58.4
57.2
56.4
54,0
53.0

48.7
49.9
49.7
51.8
53.7
53.8
53.6
55.2
55.7
57.0
57.9
55.9
57.0
54.3
52,8

47.5
49.7
49.4
51,5
53.2
54.3
54.7
55.1
55.6
57.9
57.3
57.0
56.3
55.5
52.5

49.6
49.0
47.5
51,9
54.5
55.3
53.8
53.8
57.0
58.5
58.0
57.0
53.9
52.2
54.5

580.

DEFENSE

50.8
52.6
51.2
49,5
47.1
46.4
51.7
50.2
46.8
46.3
47.3
47.1
46.5
45.0
44.0
46.3
49.1
49.0
49.1
50.0
49.4
50.5
51.6
53.3
54.9
54.1
55.3
56,1
58.4
57.7
57.3
54.6
53,2
53.7

50,4^
51.3
52.8
50.9
46.3
46.7
52.5
50.2
46.5
46.0
49.7
47.8
47.8
44.6
44.4
44.0
48.5
46.8

NET

OUTLAYS,

MILITARY

SEXES

16-19

YEARS

1955 . . .
1956,..
1957.
1958.
1959,
1960.
1961...
1962..
1963.
1964.
1965.
1966.
1967.
1968,
1969,
19 70.
1971,
1972.
1973.
1974,
1975.
19 76.
1977.
1978.,
1979.
1980.
1981.
1982.
1983.
1984.

1,015
1,630
3,460
3,861
),600
i,172
J.077
3,508
),363
J.59O
»,586
1,672
> 066
* ,U V V
1,253
^,054
1,992
»,634
1,028
i,794
),471
>.495
>,201
>,280
1.256
,827
7,150
7.175
r ,476
1,493
J.404
10,900
12,639
14,152
17,058

998
1,783
3,412
4,022
3,643
3,046
3,059
3,580
3,475
3,552
3,537
3,759
4 0 96
^ ,V T V
4,177
4,258
3,899
4,618
6,021
6,346
6,714
6,485
6,162
6,205
6,377
6,625
7,503
6,908
8,017
8,271
9,466
10,652
12,932
14,689
16,772

950
L.975
3,613
4,107
1,369
149
)',004
1,601
1.435
1,588
,513
,800
, 179
[322
t,001
.961
i.900
,091
,025
,608
,194
,082
,341
,366
,467
,332
7,477
7,961
1,375

,500
li ,358
12,619
15,075
16,804

960
2,154
3,747
3,989
3,270
3 151
3*. 166
3,562
3,375
3,624
3,540
3,781
4 18 7
4)226
4,237
4,036
4,884
6,460
6,724
6,490
6,323
5,813
6,722
6 ,1 94
6,762
7,095
7 , 6 72
8,069
<J,056
9,400
11,188
12,833
15,670
17,529

954
2,317
3,604
4,079
3,220
3 118
3!l21
3,621
3,429
3,610
3,490
3,770
4 302
4^048
4,590
4,236
4,753
5,830
6,959
6,714
6,416
5,982
6,623
5,896
6,721
7,532
7,101
6,404
8,217
9,836
11 , 0 6 1
13,433
15,379
16,854

768
2,523
3,591
3,867
3,758
3 253
3.*91 7
3,455
3,607
3 ,631
3,176
3 , 711
4 2 56
4)057
4,674
4,035
5,214
5,061
6,769
6,571
5,655
6.540
7,130
6,597
7,001
6,719
7,027
8,023
9,072
9,361
11,537
13,264
15,334
17,189

52.5
52.7
50.5
49*4
46.5
50.5
50.3
49.3
47.
46.
47.i
46.'
45.
45.
45.
46.
47..
48.3

49.0
50.0
49.7
50.5
52.9
53.2
53.8
53.8
55.1
57.2
59.3
56.8
5 5.9
5 5.3
54.3
54.9

47.9
50.5
50.4
49.3
51.6
54.3
5 5.7
54.1
53.9
55.9
58.1
57.8
56.3
54.7
54.0
53.6

%
1
>
37.()
37.()
3 8 . ()
37.7
38.0
38.3

33.5
34.3
34.4
33.6
34.3
36.1
36.5
36.7
36.7
37.2
38.0
37.7
37.8
38.6

3 8.7
39.1
39.7
40.5

3 6,7
39.5
40.3
41,2

36.8
39.5
40.8
41.7

43.4
43.8
43.7
44.8
45.6
46.3
47.6
48.7
50.2
51.2
51.4
52.2
53.1
53.3

43.2
43.4
43.6
43.9
44.9
45.8
46.6
47.6
49.0
50.3
51.3
52.0
52.4
53,0

43.2
43.1
43,7
44.4
45.2
46.0
46.9
48.1
49.5
50.2
51.3
52.3
52.7
52.9

43.3
43.2
43.7
44.5
45.6
46.1
47.2
48.2
49.7
50.7
51.3
52.0
52.9
53.2

43.4
43.7
43.7
44.8
45.5
46.3
47.4
48.6
50.1
51.0
51.5
52.3
52.9
53.3

4 4 . 1i
44.1
47.1
49,1
48.2

52.5
52.9
51.1
49.2
44.6
53.4
50.3
49.3
47.1
47.4
46.5
45.6
44.8
43.9
44.3
46.1
49.3
48.3

51.3
51.9
51.6
53.2
51.3
46.2
50.6
50.0
47.6
47.0
47.1
47.2
46.1
45.1
44.9
43.6
47.2
48.0

5o!<>
50.1
50..
52.*t
55.1
55.1
53.1
54.4>
57.3
58.2
57.7
56.2
55.0
54.5
53.3

4 7.8
50.4
49.8
50.6
52.8
55.1
54.4
53.8
54.1
56.3
58.2
58.3
55.9
53.7
53.6
53.5

4 7.8
47.9
50.4
49.7
51.5
52.4
55.1
54.4
54.3
55.0
56.6
58.5
57.4
56.6
54.4
53.3

50.7
51.6
51.9
50.7
48.3
47.2
51.3
49,7
47.8
46.6
46.8
46.5
47.2
45.4
44.4
45,0
47.6
47.9
48.5
48.6
49.5
48.9
51.7
53.8
54.5
54.0
54.7
56.1
57.8
57.7
56.6
55.7

104

33.3
34.1
34.2
33. 3

34.
35.
36.
36.

33.2
34.0
34.1
33.9
34,2
35.3
36.4
36.5
36.9
37.0
37.6
38.0
37.8
38.3
38,9
39.4
40.2
41.1
41.6
42.7
43.3
43,3
43.7
44.4
45.3
46.0
47.0
48.1
49.6
50.6
51.3
52.1
52.7
53.1

OF AGE

53.5
52.4
50.2
48.2
47.3
51.1
49.7
49.3
47.9
46.6
47.3
46.4
45.3
45.
44.
47.
48.
48.

5o!
50.
49.
51.
54.
55.
53.
54.4
56.5
58.3
57.5
56.6
54.9
54.2
52.8

44.

51.8
52.8
50.6
49.4
4 7.9
49.5
50.9
49.3
47.3
46.6
47.2
47.2
46.2
45.2
44.6
46.1
48.6
48.9
48.7
50.2
49.8
50.1
52.0
53.6
54.8
54.0
54.8
56.4
58.6
57.4
56.5
54.9
53.8
54.1

54.0
53.3

52.9
52.4
50.9
48.8
46.1
52.4
50.1
49.3
47.3
46.8
47.1
46.5
45.0
44.8
44.2
47.7
48.9
48.4
4 7.8
50.7
50.0
50.3
52.4
55.0
55.0
53.5
54.3
56.7
58.2
57.8
56.2
54.5
54.1
53.2

51.6
52.2
51.3
50.5
48.4
48.8
50.7
49.6
47.5
46.7
47.5
46.8
46.1
45.1
44.5
45.6
48.1
46.4
46 • 3
49.4
49.9
49.7
51.9
53.7
54.6
54.0
34.5
56.0
57.8
57.9
56.7
55.4
54.1
53.5

ASSISTANCE1

TOTAL FOR PERIOD
1,055
2,911
3,328
3,868
3,117

1,132
2,983
4,229
3,981
3,062

1,291
3,129
3,742
3,847
3,160

1,458
3,167
3,843
3,721
3,108

1,533
3,224
3,965
3,631
3,160

2,963
5 , 3 88
10,485
11,990
10,612

2,682
6,994
11,142
11,935
10,248

3,236
9,027
11,753
11,470
9,220

4,262
9,520
11,550
11,199
9,428

13,163
30,929
44,930
46,594
39,508

3,254
3,633
3,487
3,649
3,665
3,713

3,288
3,412
3,686
3,607
3,682
3,808

3.364
3,173
3,758
3,631
3,628
3,83 7

10,204
10,638
10,411
10,865
10,206
11,262

9,492
10,687
10,809
10,948
11,081
11 , 2 4 1

10,122
9,924
11,100
10,878
11 , 0 2 5
11,892

4,193
3,949
4,261
5,599
6,434
6,663
6,473
6,276
5,959
5,502
6,527
7,584
7,251
7,530
8,046
8,592
9,993
11,993
14,014
16,881
17,463

4,188
3,918
4,449
5,521
6,399
6,495
6,747
6,136
6,139
6,237
6,490
6 , 9 73
7,285
7,892
8,215
9,026
10,139
12,193
14,277
15,972
17,781

3,359
3,335
3,681
3,617
3,752
4,054
4 12 2
4)163
3,958
4,639
5,627
6,022
6,642
6,553
6,341
6,217
6,232
6,151
7,451
7,518
7,659
8.484
9,407
10,887
11,992
15,298
16,779
18,726

9,140
10,689
10 , 2 7 3
10,730
10,636
U ,231

4,203
3,768
4,255
5,315
6,404
6,343
6,838
6,519
5,712
5,766
6,598
6,957
7,962
7,229
8,119
9,638
10,339
11,425
13,609
15,050
18,455

3,399
3,416
3,661
3,630
3,645
4,001
4 2 90
4)091
4,030
4,423
5,515
6,375
6,605
6,764
6,094
6,070
6,303
6,507
7,398
7,358
7,330
8,687
8,762
10,448
12,224
14,548
17,087
17,329

ll)752
12,313
11,852
14,152
1 8 ,140
19,165
19,793
19,174
18,445
18,826
18,999
19,919
21,985
21,560
23,454
25,139
2 8 , 3 70
32,910
3 8 , 1 90
43,916
50,634

12)331
13,501
12,307
14,651
17,351
20,452
19,775
18,394
18,335
20,475
18,687
20,484
21,346
21,800
24,496
26,345
28,597
33,786
39,530
4 6 , 3 83
51,572

12 t4Dl
12,752
11,283
12,585
16,435
20,117
19,028
20,026
20,097
17,442
17,375
18,993
21,296
22,955
22,185
24,205
26,624
30,826
34,611
41 , 7 1 2
48,243
52,893

38,958
41,938
42,593
43,421
42,948
45,626
50,169
49.277
49,003
50,255
62,101
74,404
78,787
79,658
76,236
72,646
75,448
75,827
63,521
88,447
68,426
97,541
105,303
119,267
137,716
163,555
188,360
206,935

NOTE: Unless otherwise noted, these series contain revisions beginning with 1980.
Uhis series contains no revisions but Is reprinted for the convenience of the user.




Annual

AVERAGE FOR PERIOD
52.0
53,0
50.0
49.6
48.0
49.6
50.6
48.4
47.1
46.6
46.9
48.0
46.4
44.8
44.2
45.5
49.3
49.5

FUNCTIONS AND MILITARY

1,049
3,133
4,196
3,621
3,041
3 049
2',950
3,642
3,636
3 , 6 92
3,734
3,720
4 176
4J356
3.566
4,069
5,521
7,279
6,022
6,715
7,302
5,771
6,107
5,86 8
6,755
7,742
7,426
8,040
8 , 3 94
10,494
11,193
13,889
16,312
16,975

IV Q

33.4
33,8
33.8
33.8
34.3
34.9
36.4
36.3
37.0
37.1
37.7
38.1
37.6
38.3
3 9.3
39.4
39.9
40.8

(HILLIOHS 07 DOLLARS)
1950,.,
1951,..
1952...
1953...
1954...

III Q

II Q

AVERAGE FOR PERIOD

33.0
34.1
34.0
33.4
34.3
34.7
36.7
36.3
37.0
37.1
37.7
38.1
37.6
38.4

39.2
39.8
40.8
41.4
42.6
43.5
43.2
43.6
44.3
45.1
46.0
46.8
48.0
49.4
50,2
51.4
52.2
52.5
52.9

!

DEPARTMENT

Aug.

PARTICIPATION RATE, FEMALES 20 YEARS A D OVER
M
(PERCENT)

33.4
33.8
33.6
34.0
34.4
35.1
36.2
36.2
37.1
37.1
37.6
37,9
37.6
38.4

39.2
39.6
40.4
41.4
42.4
43.4
43.2
43.7
44.1
45.1
45.9
46.7
47.9
49.1
50.5
51,2
52.1
52.6
52.9

453.

My
a

FORCE

1 4

A & 1

1 4

jEAA

12 iQ2v
12,442
11,906
13,511
16,663
18,796
20,142
20,064
18,571
18,426
18,772
19,148
21,822
22,161
22,681
25,386
27,195
31,474
36,409
44,123
49,836
53,836

(MARCH 198S)

G. Experimental Data and Analyses
(Nov.)

111 I I I

Components of BCD series 26 x
Year
and
quarter

Implicit price
deflator, gross
nonfarm business
product
(Index: 1977=100)

m IIIIUI

Unit labor cost,
all persons, nonfarm
business sector

nmTTTTTTMTITIil

(Nov.)
T

TTT

T T TT
T

151.9
152.7
153.8
155.2

157.6
155.9
155.9
157.1

156.3
157.3
159.0
pl59.9

158.3
157.6
159.5
pl60.2

Implicit price deflator, gross nonfarm
business product, Q
(index: 1977 = 100)

180
170
160
150
140
130
120
110
100
90
-J 80

1984
I Q....
II Q...
Ill Q..
IV Q...
1985

Unit labor cost, all persons, nonfarm
business sector, Q
I
f J
(index: 1 9 7 7 - 1 0 0 )
J

I Q....
II Q...
Ill Q..
IV Q...
ji Inventory-sales ratios in 1972 dollars (ratio)-—

Inventory-sales ratios in 1972 dollars 2
Year
ad
n
month

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

Ratio scale

180
170
160
150
140
130
120
110

:; Components of BCD series 26

(Index: 1977=100)

1983
I Q....
II Q...
Ill Q..
IV Q...

(Jan.) (July) (July)
P T
P

(Mar.)

Arithmetic
scale

I

2.2

Retail trade
(Ratio)

2.1

1984

Manufacturing

Jan
Feb.
Mar.
Apr.
May.
June

1.71
1.72
1.72
1.74
1.74
1.75

1.30
1.34
1.33
1.34
1.30
1.29

1.29
1.33
1.36
1.34
1.32
1.30

July
Aug.
Sept
Oct.
Nov.
Dec.

1.77
1.76
1.80
1.80
1.78
rl.74

1.32
1.34
1.37
1.37
1.37
1.36

1.33
1.34
1.33
1.36
1.35
1.34

2.0

1.9

1.8

1.7
1.5

Merchant wholesalers

1.4

1985
Jan
Feb.
Mar.
Apr.
May.
June

pi.78
(NA)

pi.36
(NA)

pi.36
(NA)

1.3
1.2
Retail trade

1.5

July
Aug.
Sept
Oct.
Nov.
Dec.

1.4

1.3

mini

iiiliiilinliiilnitiiihtl

mini

1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984

1985

NOTE: The " r " i n d i c a t e s r e v i s e d ; " p " , p r e l i m i n a r y ; and "NA", not a v a i l a b l e .
S o u r c e ; U.S. Department o f Labor, Bureau o f Labor S t a t i s t i c s .
2
Source: U.S. Department o f Commerce, Bureau o f Economic A n a l y s i s .




15
0

G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index

Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
,...,,
Average weekly initial claims, State
1
unemployment insurance (thousands)
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 hou$ing
units (index: 1967*100)
36. Change in inventories on hand &nd on order in
1972 do!., smoothed2 (ann. rate, bil. dol.) *
99. Change in sensitive materials prices,
smoothed3 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply (M2) in 1972 dollars
(billion dollars)
Ill, Change in credits-business and consumer
borrowing (annual rate, percent)
910. Composite index of 12 leading indicators3
(index; 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. F.mployees on nonagricultural payrolls
(thousands) , . . . , . , . , , , . . .
$1, 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)
„ .
11* Ratio, constant-dollar inventories to sales,
manufacturing and trade (ratio)
62. Labor cost per unit of output, manufacturingsactual data as a percent of trend (percent)
109. Average prime rate charged by banks
(percent)
101.
Commercial and industrial loans outstanding
in 1972 dollars (million dollars) . . . . .
95. Ratio, consumer installment credit to
personal income (percent)
930.
Composite index of 6 lagging indicators3
(index: 1967*100)

Nov.
1984

Jan.
1985

Dec.
1984

Nov.
to
Dec.
1984

Feb.
1985

Dec.
to
Jan,
1985

Oan.
to
Feb.
1985

40 . 5

40.7

4a,6

p40.0

0.15

-0,08

-0.55

397

386

378

402

0.08

0.06

-0.20

37,07

r37.28

r39.85

p38,l,8

0,03

0.33

-0.25

50

45

47

48

-0.20

0,08

0.05

rll5.0

rU5.7

rll7,3

P118.0

0,08

0.19

0,10

16.02

rl4.07

rl2.68

P18.81

-0,2$

-0.23

1 .02

128.5

U2.5

129.3

-0,01

0,10

-0,09

rU.53

P2.6O

NA

nO,42

-0,07

NA

-0,52

-0,81

0,03

-0,08

-0.14

^0,39

-0,32

166,%1

164,49

171 .61

180.88

-0,07

0,27

0.39

932.5

r940.3

r949,2

p954.2

0.27

0,30

0.20

12.5

r5.7

rl4,2

NA

-0 .36

0,44

rl64.0

rl66,4

PH7.5

-0.55

I .46

0,66

r95,497

r95,681

ir95 , 9 9 3

P96.U2

0.16

0,27

0,13

rl,198.4

rl,210,3

rl , 2 0 2 , 1

pl,201 ,0

0.49

-0.34

-0.06

rl64.8

rl65.0

pl64.7

0.03

0.08

-0,17

rl78,276

r*80,437

pi 78,863

NA

0.27

-0.19

r!57,2

158,4

rl57.8

0.76

-0.38

-0,25

17.4

17.3

15.3

15,9

0,04

0.89

-0,41

1 .56

rl.55

pi.57

NA

-0.13

0.26

r89.1

r89.4

r89,2

p88.9

0.11

-0.07

-0.16

XI . 7 7

11 .06

10.61

1Q.50

-0.50

-0.32

-0.11

rl23,331

rl23,454

rl24,902

pl25,557

0.03

0.31

0.20

r!4.37

rX4.53

pl4,67

NA

0 .61

0.54

r!2O,2

rU0.4

rl22,3

pl21 .$

0.17

1 .58

NA

NA

NA

NA
-0.41

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the February 1983 issue of BUSINESS CONDITIONS DIGEST
(pp. 108-109) for the weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
*This series is inverted in computing the composite index; i.e., a decrease in this series is qonsid.ered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.139; for the coincident Index, -Q.17$j for the lagging index, 0.018.
a
This
3

106




Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns

Actual
Devidata
ations
for
from
reference current
cycle
peaks

8, New order s for consumer goods and
materials, 1972 dollars, smoothed 1

1970 J * W

Median

1

A I,

-

|'""|"1MI'

Actual
data
for
specific current
troughs cycle
Deviations
from

New orders for consumer goods and

Percent

12.0
10.7

38.13
37.71

10.8
10,0
10.5
10.1

37.73
37.46
37.64
37.48

4/84
5/84
6/84
7/84

21
22
23
24

10.0
9.0
8.2
8.8

37.47
8/84
37.13
9/84
36.85 10/84
37.06 1 1 / 8 4

25
26

11 . 8
12 . 9

38 .07
38 . 4 4

-i

2/84
3/84

50
•

42

•

38

•

34

•

30

+25

-

+20
•

-

+10

•

SERIES
8
B I L . DOL.

35
16

3 2 . 4

17
18
19
20

30.9
31 .0
30.1
30.7

37.71 3/84
37.73
4/84
37.46
5/84
37.64
6/84

21
22
23
24

30.1
30.1
28.9
28.0

37.48
7/84
37.47
8/84
37.13
9/84
36.85 10/84

25
26
27

-5

-

40

12/84
1/85

DEVIMONTHS
FROM ATIONS CURRENT MONTH
ACTUAL
FROM
AND
SPEC.
TROUGH
YEAR
DATA
10/82

- +5

-

-

40

+15

-

28.7
32.2
33.5

37.06
38.07
38.44

3 8 . 1 3

2 / 8 4

-10
•

-

-20

-

30

-15

-

//
l

•I

materials, 1972 dollars, smoothed1

17
18
19
20

+30

TmT

SERIES
8 l
B I L . DOL
15
16

Percent
-

DEVIMONTHS
FROM ATIONS CURRENT MONTH
ACTUAL
FROM
REF.
AND
TROUGH
DATA
7/81
YEAR

-25

11/84
12/84
1/85

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
REF.
ACTUAL
AND
TROUGH
DATA
7/81
YEAR
SERIES
46
1967-100

.A

•

•

-

t L

o
•

JuJ

-

-10

\uTW

vr
v/

120

•

110

•

90

•

21
22
23
24

4.1
4.9
9.8
11 . 4

128
129
135
137

8/84
9/84
10/84
11/84

17.9
12.2
13.0

145
138
139

12/84
1/85
2/85

MONTHS
DEVIFROM ATIONS CURRENT MONTH
ACTUAL
FROM
AND
SPEC.
YEAR
TROUGH
DATA
9/82

80

-20

-

100

•

-

-30

-

illlfl
1 i l l 1 t l l l J l 11 l l l I 1 i , 1 1 1 1 i I l l l l i
1
1
--12
-6
0
+6
+12 +18 +24 +30
Months from reference troughs

4/84
5/84
6/84
7/84

3/84

SERIES 46
1967-100

17 ^ ] J / V
90
17
95

124
125
134
138

130

+10

fetal.
-

140

0.8
1.6
8.9
12.2

25
26
27

-i+20

0.8

17
18
19
20

Percent

VA

124

16

46. Help-wantfid advertising

-40

18
19
20

69.9
69.9
71 .2

124
124
125

3/84
4/84
5/84

21
22
23
24

83.6
89.0
75.3
76.7

134
138
128
129

6/84
7/84
8/84
9/84

25
26
27
28

84.9
87.7
98.6
89.0

135
137
145
138

10/84
11/84
12/84
1/85

90.4

139

2/85
-12

0 + 6

+12

+18

+24

+30

Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1985 issue.
'This series is an MCD moving average placed on the center month of the span. Specific trough dates used, however, are those for the actual series..
Numeral indicates latest month used in computing the series.

2




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
111 [T11) (I M 111 ] I (I M [ III1111 M M | i n ! 11II111

Actual
data

21. Average weekly overtime hours,
manufacturing

ii 11111111111111111111 ii 11111111111111 T] r u n

MONTHS
FROM
REF.
TROUGH

CURRENT MONTH
AND
ACTUAL
DATA
YEAR

Devi-

Actual

ations

21. Average weekly overtime hours,
manufacturing

data

from

current

troughs

SERIES 21
HOURS

for

specific

cycle

16

4.5

1970

4.0

3.5

3.5

3/84

17
18
19
20

3.7
3.3
3.3
3.3

4/84
5/84
6/84
7/ 84

-H 1.6

21
22
23
24

3.3
3.3
3.3
3.4

8/84
9/84
10/84
11/84

1.4

25
26
27

3.4
3.3
3.3

12/84
1/85
2/85

1.2

Actual

3.8

#3.6

• 3.4

MONTHS
DEVIFROM ATIONS CURRENT MONTH
AND
ACTUAL
FROM
SPEC,
YEAR
TROUGH
DATA
12/82

1.0

SERIES 21
HOURS

0.8

vy

2,5

Median

2.0

15
16

1.2
1 .4

3.5
3.7

17
18
19
20

3.0

3/84
4/84

1.0
1 .0
1.0
1.0

3.3
3.3
3.3
3.3

5/84
6/84
7/84
8/84

21
22
23
24

1 .0
1.0
1.1
1 .1

3.3
3.3
3.4
3.4

9/84
10/84
11/84
12/84

25
26

1 .0
1.0

3.3
3.3

1/85
2/85

MONTHS
FROM
REF.
TROUGH

90. Ratio, civilian employment to
population of working age

CURRENT MONTH
ACTUAL
AND
YEAR
DATA
SERIES
90
PERCENT

17
18
19
20

58.59
58.97
59.04
58.98

111 111 111111111

-12

-6

I 11 11111III I I I I I 1 1 H 1 1 1 11 It 11

0 + 6 +12 +18 +24 +30

59.20
59.24
59.35

0.2
• 2.4

0.0

90. Ratio, civilian employment to
population of working age

Actual

2.5

59.0

2.0

2/85

MONTHS
DEVIFROM ATIONS CURRENT MONTH
AND
ACTUAL
FROM
SPEC.
YEAR
TROUGH
DATA
2/83

1.5

SERIES
90
PERCENT

1.0

13
14
15
16

2.06
2.16
2.54
2.61

58.49
58.59
58.97
59.04

3/84
4/84
5/84
6/84

17
18
19
20

2.55
2.37
2.45

7/84
8/84
9/84
10/84

0.5

2.53

58.98
58.80
58.88
58.96

21
22
23
24

2.63
2.77
2.81
2.92

59.06
59.20
59.24
59.35

11/84
12/84
1/85
2/85

0.0

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1985 issue.




2.6

12/84
1/85

Months from reference troughs

108

0.4

58.80 8/84
58.88 9/84
58.96 10/84
59.06 11/84

56

54

> 2.8

4/84
5/84
6/84
7/84

25
26
27

55

0.6

3/84

21
22
23
24

57

3.0

- I 3.0

58.49
—I 6 0

•

in

H I Mh i . . .

-12

-6

In...I.....IMM,!,,.,.!.,,,.

0 + 6 +12 +18 +24 +30
Months from specific troughs

• 58 0

• 57.5

• 5/.0

• 56.5

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued
I 11 111 11M11 11 11 11M n111 M j I I I I I 11 11 11111 MActual
I

36. Net change in inventories on
hand and on order, smoothed1

Mil MMMIMTiriTIMMMMMIMMMMMMMI

MONTHS
FROM
REF.
TROUGH

data

CURRENT MONTH
ACTUAL
AND
DATA
YEAR
SERIES
361
ANN. RATE
B I L , DOL
2/84
25.15
31.76
3/84

+40

15
16

35.37
35.06

+30

17
18
19
20

14.26

+ 20

21
22
23
24

18.63
11.53

8/84
9/84
10/84
11/84

25
26

3.92
2.60

12/84
1/85

+10

Deviations
from
specific
troughs

36. Net change in inventories on
hand and on order, smoothed1

5/84
6/84
7/84

18.73

16.86

- 50

- 40
1+10

- 30

SERIES 36
ANN. RATE
BIL. DOL.

• 0

13
14
15
16

Deviations
from
reference

57. Manufacturing and trade sales,
1972 dollars

Actual
data
for
current
cycle

2/84
3/84
4/84
5/84

51 . 2 1
43.10

26 . 8 4
18.73

6/84
7/84

38.63
41 .23

14.26
16.86

8/84
9/84

21
22
23
24

-30

25.15
31.76
35.37
35.06

19
20

1975

49.52
56.13
59.74
59.43

17
18

-20

43.00
35.90
28.29
26.97

18.63 10/84
11 . 5 3 1 1 / 8 4
3.92 12/84
2 . 6 0 1/85

MONTHS
DEVIFROM ATIONS CURRENT MONTH
ACTUAL
AND
FROM
REF.
TROUGH
DATA
YEAR
7/81

+ 20
•

+ 12

190,000

• 185,000
• 180,000
• 175,000

+8
• 170,000

+4
• 165,000
0

- 20
•

•

-

1

0

57. Manufacturing and trade sales,
1972 dollars
28

15
16

7.4
7.7

172231
172733

2/84
3/84

17
18
19
20

8.6
10.5
11.2
10 .1

174104
177265
178302
176575

4/84
5/84
6/84
7/84

20

21
22
23
24

10.4 177143
9.8 176087
10.1 176602
11.2 178276

8/84
9/84
10/84
11/84

16

25
26

12.5 180437
11.5 178863

12/84
1/85

24

•160,000

SERIES

• 150,000
• 145,000

111[11111n11111111 il 11111 li ii 1111it111i 1 1
11
-12

- 6

0

+

6

+12 +18 +24

Months from reference troughs

+30

• 130,000

•

170,000

•

165,000

12

57

©155,000

-8

•185,000

> 175,000

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
SPEC.
ACTUAL
AND
TROUGH
DATA
YEAR
10/82

• 1 60,000
2/84

16

-12

-20

- 10

MIL. DOL.
_4

-10

SERIES
57
M I L . DOL.

Percent

+ 16

for
current
cycle

4/84

26.84

MONTHS
DEVIFROM ATIONS CURRENT MONTH
FROM
SPEC.
ACTUAL
AND
TROUGH
DATA
YEAR
1/83

-10

Actual
data

15.3 172231

17
18
19
20
21
22
23
24

15.6
16.6
18.7
19.4
18.2
18.6
17.9
18.2

172733
174104
177265
178302
176575
177143
176087
176602

7/84
8/84
9/84
10/84

25
26
27

19.3
20.8
19.7

178276
180437
178863

11/84
12/84
1/85

3/84
4/84
5/84
6/84

•

-1 0
H.ln.i.lnml
-12

- 6

0

IMMII
+

6

155,000

•

150,000

l.nnlnm

+12 +18 +24

+30

Months from specific troughs

NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106 of the January 1985 issue.
'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Agricultural products, exports
„
Anticipations and intentions
Business expenditures, new plant and equipment, ,
Business expenditures, new plant and equipment, D l .
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl. ..
Prices, manufacturing, Dl
. . .
Prices, retail trade, Dl ...
Prices, wholesale trade, Dl, ,
.
. . .
Profits, manulaetunng and trade, Dl
Sales, manufacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures

Current issue
Series tpage "umbers)
number Charts Tables

604

Historical
data
(issue date)

Series
description
(*)

11/84

56

6
1
90
7
5
8
94
7
95
7
91
7
96
7
98
7
97
7
92
7
93
7

2
4
3
8
2
2
3
8
38
38
38
38
38
38
38

6
7
7
6
6
5
7
6
7
6
7
6
7
6
7
6
7
6
7
6
7
6

8/84
8/84
1/84
1/85
1/85
1/85
1/85
1/85
1/85
1/85
1/85

2
3
2
3
20
3
7
3
7
3
7
37
37
37
37
3
7

66
1
5
5

5
6
2
2

92
6
5

11/84
9/84

5
6
3
9

B
Balance of payments See International transactions.
Bank loans- See Business Loans.
Bank rates See Interest rates.
Bank reserves
free reserves......
Member bank borrowings from the Federal Reserve..
Bonds See Interest rates.
Borrowing- See Credit,
Budget See Government.
Building- See Construction.
Building permits, new private housing ...,.....,.,.,„.,.,......,.
Business equipment, industrial production
Business expenditures, new plant and equipment...
Business expenditures, new plant and equipment, Dl
Business failures, current liabilities................................
Business formation, index... ,..„..„„..., ..„,.„,...,....
Business incorporations
,.„...,.,.,„„.,......
......
Business inventories -See Inventories.
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Business saving.,...,.,.,,.

Canada See International comparisons.
Capacity utilization
Manufacturing
Materials
Capital appropriations, manufacturing
Backlog.................................
Newly approved
................
Newly approved, Dl
.....
Capital equipment, producer price index..
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. ........................
Labor force
Unemployed ..„..„.,.,..,...........,.
Coincident indicators, lour
Composite index ...........,.„,.„..„.,.,.....,......
Composite index, rate of change,,.,.,.,.,.....,..................
Oiftuston index...........
Ratio to lagging indicators, composite index................
Commercial and industrial buildings, contracts awarded..
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars.....................
Loans outstanding, net change
Compensation See also Income.
Compensation, average hourly, nontarm
business sector
Compensation ol employees
Compensation ol employees, percent cf
national income
.........................................
Compensation, real average hourly, nonfarm
business sector
Earnings, average hourly, private nonfarm
economy,.. „„......,.....,„„. =.....„.........„
Earnings, real average hourly, private nonfarm
economy... ,...,„.,.,..„...„.,.
Wage and benefit decisions, first year
,
Wage and benefit decisions, life of contract
Wages and salaries in mining, manufacturing,
and construction
Composite indexes
Coincident indicators
Four eomciders, index
.„.,.,.
Four coineiders, rate ol change
Ratio to lagging indicator index
Lagging indicators
Six laggers, index ,,
Six laggers, rate ol change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Money and financial flows ...
Profitability.,
Twelve leaders, index.
..
Twelve leaders rate ol change
See notes at end of index.

110



9
3
94

3
3
3
3

7
2
7
2

6/83
6/83

3
5
3
5

2
9
7
6
6
1
90
7
1
4
1
2
1
3

13,25
2
4
2
4
38
3
3
12,23
2
3

6
7
6
7
6
7
7
6
7
2
6
5
6
5

7/84
8/84
8/84
8/84
2/85
12/84
12/84

2
4
1
2
2
3
2
3
3
4
2
1
2
1

11
0
7
2
12
1
25
9

15,35
3
5
32
4
6

7
3
7
3
7
1
82

6/84
6/84
6/84
11/84

3
2
32
32
2
6

82
8
4

2
0
20

6
4
6
4

3/85
3/85

1
4
1
4

97
1
1
95
6
33
3

2
4
2
4
3
7
48

66
66
7
5
8
6

2/85
2/85
2/85
3/84

2
2
2
2
2
2
5
1

94
1
3
5
3
4

1
1
2
9
2
9

60
7
0
7
0

7/84
9/84
9/84

5
2
6
2
6

42
4
90
41
4
3
7

5
1
1
7
5
1
18,51

8
9
62
8
9
62,89

3/85
2/85
3/85
2/85

9
9
9
9

90
2
920c
91
5
90
4
9

1
0
3
9
3
6
1
1
2
3

60

5

*74*
60
6
6

1/84
1/84
12/84
7/84
12/83

"5
5
2
1

11
0
7
2
12
1

15,35
3
5
3
2

7
3
7
3
7
1

6/84
6/84
6/84

32
32
32

35
4
20
8

4
9
4
5

8
7
82

12/84
10/84

46
46

6
4

30,47

70,83

9/84

4
6

36
4

4
9

88

12/84

4
6

30
4

4
9

87

8/84

5

31
4
38
4
39
4

4
9
50
50

8
7
88
88

8/84
12/83
12/83

5
5
3
5
3

5
3

1
9

6
3

3/85

1
1

90
2
920c
90
4

1
0
3
9
1
1

60

1/84
1/84
7/84

5

90
3
930c

1
0
3
9

60

94
1
95
1
97
1
96
1
90
1
910c

1
1
1
1
1
1
1
1
1
0
3
9

60
60
60
60
60

'60'

•5

1/84
1/84

5

7/84
7/84
7/84
7/84
1/84
1/84

5
5
5
5
5

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings.........
Expenditures, plus machinery and equipment sales....
Gross private fixed investment
Nonresidential, constant dollars
Presidential, percent of GNP
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Housing starts
Consumer finished goods, producer price index
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices—See also International comparisons.
All items..,..
Food
Consumer sentiment, index
Consumption expenditures—See Personal
consumption expenditures.
Contract awards, Oefense Department
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Corporate bond yields
Corporate profits—See Profits.
Costs—See Labor costs and Price indexes.
Credit
Borrowing, total private
Business loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
.....
Consumer installment credit
Credit outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Credit outstanding, percent change
Mortgage debt, net change
Crude and intermediate materials, change in
producer prices
Crude materials, producer price index

Debt-See Credit
Defense and space equipment, industrial production .,
Defense Department
Gross obligations incurred
Gross unpaid obligations
Net outlays
Personnel, civilian
Personnel, military
Prime contract awards
Defense products
Inventories, manufacturers'
New orders, manufacturers'
Shipments, manufacturers'
Unfilled orders, manufacturers'
Defense products industries, employment
Defense purchases, goods and services
Defense purchases, percent of GNP
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 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
Profits, manufacturing
Profits, manufacturing and trade
.....
Raw industrials, spot market prices
Raw industrials, spot market prices, components ....
Sales, manufacturing and trade
Selling prices, manufacturing
Selling prices, retail trade.....
Selling prices, wholesale trade
Stock prices, 500 common stocks
Workweek, manufacturing,..
Workweek, manufacturing, components
Disposable personal income—See income.

Current issue
Series (p3ge numbers)
number Charts Tables

29

13,25

Historical
data
(issue date)

Series
description
(')

7/84

9
6
9

2
3
2
4

6
6
6
7

12/83
9/84

2
1
1
7

8
6
28
4
8
7
8
9
29
4
28
34
3
8
7
5

2
5
47
2
5
2
5
4
7
2
5
48
12,21
22

6
7
8
3
6
7
67
8
3
67
8
6
64
6
5

9/84
10/84
9/84
9/84
10/84
3/85
3/84
3/85
8/84

40
40
40
40
40
2
4
5
1
1
5
1
2

66
13
1
9
5
3
9

3
5
32
15,35
3
3

7
3
7
2
7
3
7
2

6/84
6/84
9/84
11/83

3
3
3
3
3
3
3
4

30
2
32
2
58

4
9
4
9
2
2

84,95
8
4
6
5

4/84
4/84
1/84

49
4
9
20

55
2

5
3

90

11/84

5
5

2
0

12,23

6
6

12/84

2
1

1
0
16
1

2
3
3
4

6
6
7
3

12/84
8/83

2
1
3
5

10
1

32

7
2

11/84

3
4

11
0
7
2
12
1

15,35
3
5
3
2

7
3
7
3
7
1

6/84
6/84
6/84

3
2
3
2
3
2

6
6
13
1
9
5
3
9
11
1
3
3

3
5
3
2
15,35
33
13,32
32

7
3
7
2
7
3
7
2
7
2
7
1

6/84
6/84
9/84
U/83
6/84
5/84

3
3
3
3
3
3
3
4
3
1
3
1

98
31
3

28
48

6
9
8
5

3/85
3/84

5
1
50

557

54

57
1
53
4
50
8
58
7
57
7
55
2

5
3
5
3
54
5
5
5
5
5
3

90
90
9
1
9
1
9
1
90

1/84
11/84
3/85
1/84
1/84
11/84

5
5
5
5
5
6
5
6
5
6
5
5

59
5
58
4
58
8
51
6
50
7
54
6
55
6

5
4
5
3
5
4
5
4
5
5
5
5
5
5

9
1
90
9
1
9
1
9
1
9
1
9
1

6/84
6/84
6/84
6/84
7/84
9/84
9/84

1
7
1
5
1
7
1
5
5
4
3
4
3

3
9
32

3
3
12,21

7
2
64

11/83
2/85

3
4
1
7

90
7
95
6
91
5
94
7
9S
6
96
6

38
3
7
3
6
38
3
6
3
7

8/84
2/85
12/84
1/85
7/84
8/84

2
3
2
2
5
3
7
5
1
2

962
95
7
92
5
90
5
94
6

3
6
3
8
3
6
3
6
37

1/85
1/85
12/84
12/84
6/84

"8
3
7
5
5
1
5

91
7
90
6
92
7
97
6

38'
3
7
38
3
7

1/85
12/83
1/85
1/85

*7
3
37
37
2
5

93
7
96
7
98
7
97
7
98
6
91
6

3
8
38
38
38
3
7
3
6

7
6
7
5
7
4
7
6
7
4
7
5
7
8
7
4
7
6
7
4
7
4
7
5
7
7
7
6
7
5
7
6
7
5
7
9
7
6
7
6
7
6
7
6
7
5
7
4
7
7

i/85

3
7
3
7
3
7
37
2
5
5

11/84

1/85
1/85
1/85
6/83
7/84

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
"Current issuft
Series < p a e e n u m b e r $>
number Charts Tables

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Historical
data
(issue date)

£
Earnings—See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagricultural establishments
Rate of change
Total
..;
,
Employees in goods producing industries
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
Employees on private nonagriculturat payrolls, Dl
Employment, civilian
Employment, defense products industries
Employment, ratio to population
Help-wanted advertising in newspapers
;
Help-wanted advertising, ratio to unemployment „
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Overtime hours, manufacturing ....
,...„..,
Participation rate, both sexes 16-19 years of age
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
Unemployed, both sexes 1619 years of age
Unemployed, females 20 years and over
,
Unemployed, full-time workers
Unemployed, males 20 years add over
;
Unemployment, average duration
Unemployment, civilian
Unemployment rate, 15 weeks and over
Unemployment rate, insured
Unemployment rate, total
..../.
Workweek, manufacturing
Workweek, manufacturing, components
Workweek, manufacturing, Dl
Equipment—See Investment, capital.
Exports-See International transactions.

441
5?8
577
48c
48
40
974
41
963
442
570
90
46
60
5
962
21
453
452
451
448
42
446
445
447
444
91
37
44
45
43
1
961

51
55
55

89
91
91

39
17
61
17
62
38
76
14,1? 62
36
74
51
89
55
91
17
62
16
61
16
61
12,16 61
36
74
16
61
51
89
51
89
&1 . 89
51
89
1?
62
51
89
. 51
89
51
89
51
89
15,18 62
18,51 62,89
18
62
18
62
18
62
12,16 61
....
77
36
74

3/85
1/84
1/84
12/84
12/84
7/84

5
6

1/85

7/84
7/84
3/85
7/84

2/85

2/85
2/85
1/85
1/85
7/84
3/«5
3/85
3/85
3/85
2/85
3/85'
3/85
3/85
3/85
2/85

2/85
2/85
3/85
2/85
7/84

9
5
6

3
7
5
5
9

S
9
9

9

8
8
5
9
9
9
9
9
9
9
9
9
9
9
9
8
9

5

7/84

H
Help-wanted advertising in newspapers,
Help-wanted advertising, ratio to unemployment
Hour's, manufacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl

Average weekly overtime

34

72

10/83

94
213
917

33
40
11

72
80
60

6/83
10/84
7/84

311

•.,. .-.

Housing
Housing starts
Housing units authorized by local building permits..
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Implicit price deflator, GNP
imports-See International transactions.
Income
Compensation, average hourly, nonfarm
business sector
,
Compensation of employees
Compensation of employees, percent of
national income
Compensation, real average hourly, nonfarm
business sector lt
Consumer installment credit, ratio to personal income
Corporate profits with 1VA and CCAdi
Corporate profits with IVA and CCAd|. percent
of national income
•
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita,
constant dollars
Earnings, average hourly, private nonfarm

economy
Earnings, real average hourly, private nonfarm
economy
;....
Income on foreign investment in the United States
Income on U.S. investment abroad
Interest, net
Interest, net, percent of national income
National income
,
Personal income, constant dollars
Personal income, current dollars
Personal income less transfer payments, constant dollars
Rate of change

Total
119

G
Goods output in constant dollars
Government budget
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
National defense, percent o) GNP
State and local, constant dollars
•.
State arid local, current dollars
State ahd local, percent of GNP
Total, constant dollars
Total, current dollars
Gross domestic business product, fixed-weighted
price index..,
.
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 Ml
Goods output in constant dollars
..',
Implicit price deflator
,
Per Capita GNP, constant dollars
,
Gross private domestic investment—See Investment, capital.

(See complete titles in "Titles and
Sources Of Series," following this index)

48

84

9/84

93

33

72

6/83

3
5
38
5

49

20

63

9/84

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/84
9/84
9/84
9/84
9/84
9/84
11/84

263
262
265
564
565
267
266
268
261
260

43
43
47.
55
55
43
43
47
43
43

81
81
83
91
SI
81
81
83
81
81

10/84
10/84
10/84
9/84
9/84
10/84
10/84
10/84
10/64
10/84

4
3
4
3
4
3

311
68

48
30

84
70

9/84
9/84

4
9
2
8

10/84
10/84
10/84
10/84
10/84
10/84
2/85
9/84
9/84
10/84

3
8
3
8
3
8
3
8
3
8
3
8
3
0
1
4
38

50
50b
50c
.200
200b
200c
107
49
310
217

19,40 63.80
.,,.
80
39
80
40
80
....
80
....
80
31
71
20
63
48
84
40
80

5
3
5
3
5
3

5
3
5
3

5
3

48

4
3
43

4
3
4
3
4
3
4
3
4
3

3
8

46
60

16
16

61
61

2/85
2/85

9

7/84

5

7/84
7/84

'
V
5

1

12,16

961

36

61
77
74

21

16

61

Current issue
Series *page n u m b e r s )
number Charts Tables

28
29
89
249

25
13,25
25
47

67
67
67
83

Historical
data
(issue date)

3/85
7/84
9/84
10/84

Series
description

C)
24
24
40
40

5
6

F
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from
Final sales in tonstant dollars
Financial flows, Cl
Fixed investment—See Investment, capital
Fixed-weighted price ihdex, gross domestic
business product
Food-See Consumer prices.
Foreign trade-See International transactions.
France—See International comparisons,
Free reserves
,

Series title

Series
description

9

Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdi
Proprietors' income with IVA and CCAdi, percent
of national income
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
Of national income
Wage ahd benefit decisions, first year
Wage and benefit decisions, life ol contract
Wages and salaries in mining, manufacturing,
and construction
,..,
,
Incorporations, new businesses
Industrial commodities, producer price index
Industrial production-See also International comparisons.
Business equipment
Consumer goods
t.
Defense and space equipment
Durable manufactures
Nondurable manufactures
Total
<
Total, components
,
Total, 01
Total, rate of change.
:
Industrials, raw, spot market prices
Components
Diffusion index
Spot market Index... ;
Installment credit-See Credit.
Insured unemployment
Average weekly initial claims
Average weekly initial claims, Dl
Average weekly insured unemployment fate
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate

Treasury bond yields
Intermediate materials, producer price index
International comparisons
Consumer prices
Canada., . ,
France
...
Italy
Japan , .
United Kingdom
United States
West Germany
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany

310

9/84

35
4
20
8

49
4
5

8
7
82

12/84
10/84

4
6
4
6

6
4

30,4?

70,83

9/84

4
6

36
4
9
5
26
8

4
9
15,35

4
5

8
8
7
3
8
2

12/84
9/84
11/84

4
6
3
3
2
6

2?
8
25
2
24
2

4
7
40
40

8
3
8
0
80

11/84
10/84
10/84

2
6
1
1
1
1

27
2

4
0

80

10/84

1
1

30
4

4
9

8
7

8/84

5

31
4
62
5
61
5
28
8
29
8
20
2
52.
23
2

4
9
5
7
5
7
4
5
4
7
4
5
1
9
40

8
7
9
3
9
3
8
2
8
3
8
2
6
3
6
3

8/84
8/84
8/84
11/84
11/84
10/84
9/84
9/84

5
5
7
5
7
4
7
4
7
4
6
1
1
1
1

5c
1
5
1
18
0
22
8

14,19

3
1
4
5

63"
7
1
8
2

9/84
9/84
9/84
10/84

i
3i
0
4
7

23
8
24
8

4
7
4
5

8
3
8
2

10/84
10/84

4
7
4
7

25
8
38
4
39
4

4
7
50
5
0

8
3
88
88

11/84
12/83
12/83

4
7
5
3
5
3

5
3
1
3
35
3

1
9
2
3
4
8

6
3
65
8
5

3/85
12/84
3/84

1
1
2
1
5
1

8/84
8/84
11/84
8/84
8/84
8/84

1
2
1
2
1
3
1
2
1
2
1
2

8/84
8/84

1
2

2
5
2
5

3
9

6
7
2
4
7
6
6
5
2
2
7
5
5
4
57
5
9
1
6
3
2
0
7
3
6
3
2
0
7
4
4 14,20,58 63,94
7
78

96
6
4c
7

37*
3
9

7
5

97
6
2
3

3
7
2
8

7
9
7
5
6
9

i/85

5
92
6
4
5
28
8
29
8

12,16

6
1
7
4
6
2
8
2
8
3

1/85
1/85
3/85
11/84
11/84

8
8
8
4
7

6
7
16
1
19
1
18
1
17
1
19
0
14
1
15
1
32
3

3
5
3
4
3
4
3
4
3
4
3
5
3
4
3
4
48

7
3
7
3
7
2
7
3
7
3
7
3

2/85
8/83
10/83
10/83
10/83
7/83
8/83
8/83
3/84

3
5
3
5
3
5
3
5
3
5
3
5
3
5
3
5

73
3
76
3
77
3
78
3
72
3
30
2
75
3

5
9
5
9
5
9
5
9
5
9
4
9
5
9

4/84
4/84
4/84
4/84
4/84
4/84
4/84

60
6
1
6
1
6
1
6
0
4
9
6
1

5/84
5/84
5/84
5/84
5/84
5/84
8/84
5/84

5
9
5
9
5
9
5
9
58
5
8
1
2
5
9

3
6
1
8
4
5
4
7

7
2
7
3
8
6
9
6
9
5
96
9
5
9
5
84,95

9
5

94
73
2
5
8
5
8
9
4
76
2
58
9
4
7?
2
9
4
78
2
5
8
9
4
5
8
71
2
9
4
5
8
72
2
4 14,20,58 63,94
7
5
8
9
4
75
2

1/85

4
7

5
0

See notes at end of index.




111

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources ol Series," following this index)
Stock prices
Canada....,
France

Italy
Japan
..................................................
United Kingdom
..................................... .......
United States
West Germany
International transactions
Balance on goods and services
.„,...
Balance on merchandise trade
.,...
Exports, excluding military aid
...,
Exports, merchandise, adjusted, excluding military.....
Exports ot domestic agricultural products
Exports ol goods and services, constant dollars.......
Exports ol goods and services, current dollars
Exports of goods and services, excluding military ......
Exports of nonelectrical machinery
Imports, general
Imports, merchandise, adjusted, excluding military ....
Imports ot automobiles and parts.....
Imports ot goods and services
Imports ol goods and services, constant dollars........
Imports of goods and services, current dollars
Imports of petroleum and petroleum products
Income on foreign investment in the United States ....
Income on U.S. investment abroad
Net exports of goods and services,
constant dollars
....
Net exports of goods and services,
current dollars
Net exports ol goods and services, percent of GNP
Inventories
Business inventories, change, constant dollars......
Business inventories, change, current dollars
Business inventories, change, percent al GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade....
Inventory investment and purchasing, Cl
Manufacturing and trade, booh value
Manufacturing and trade, change in book value
Manufacturing and trade, constant dollars
Manufacturing and trade, Dl
....,
Manufacturing and trade, on hand and
on order, change
„.,.,...,.,............
Materials and supplies on hand and on order,
manufacturers' ...„„„...
Materials and supplies on hand and on order,
manufacturers', 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, plus machinery
and equipment sales
Gross private domestic investment
Business inventories, change-See Inventories.
Fixed investment, constant dollars
Fixed investment, current dollars..........
Nonresidential. constant dollars
,
Nonresidential, percent of GNP
....,
Presidential producers' durable equipment,
constant dollars
Nonresidential structures, constant dollars.............
Residential, constant dollars
Residential, percent of GNP
Total, constant dollars.,
Total, current dollars
New orders, nondelense capital goods,
constant dollars..............:
...,.,...,
New orders, nondefense capital goods,
current dollars
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 investment in the United States
Income on U.S. investment abroad
Italy -See International comparisons.

Current issue
"urnbers)
Tables

Historical
data
(issue date)

Series
description
(*)

96
96
96
96
96
96
96

1/84
1/84
1/84
1/84
1/84
1/84
1/84

63
63
63
63
63
25
63

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93

8/84
8/84
11/84
8/84
11/84
10/84
10/84
8/84
11/84
11/84
8/84
11/84
8/84
10/84
10/84
11/84
8/84
8/84

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

250
251

44
47

82
83

10/84
10/84

44
44

30
245
247
559
65
77
915
71
31
70
975

26.42
42
47
54
27
15,27
11
27
26
27
38

68,81
81
83
91
68
68
60
68
68
68
76

9/84
10/84
10/84
6/84
6/84
11/84
7/84
11/84
11/84
11/84
1/85

40
40
40
17
17
17
5
17
17
17
37

36

13.26

68

78

27

(page

Series
number

Charts

743
746
747
748
742
19
745

59
59
59
59
59
59
59

667
622
602
618
604
256
252
668
606
612
620
616
669
257
253
614
652
651

See notes at end of index.

112



Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.

Current issue
Series
number

(page

Charts

numbers)
Tables

Historical
data
(issue date)

Series
description
(•)

950
14
104

36
33
31

74
72
71

12/84
2/85
2/85

5
34
29

38
84
8

26
20

68
64
64

6/84
3/85
3/85

71

71
71
71
71
71
71
71
73
73

2/85
2/85
2/85
2/85
2/85
2/85
9/84
5/84
10/83
10/83

30
30
31
35
35

66
66
64

12/84
12/84
3/85

15
15
15

M
Materials and supplies on hand and on order,
manufacturers'inventories
Materials and supplies on hand and on order,
manufacturers' inventories, change
Materials, capacity utilization rate
Materials, new orders tor consumer goods and
Materials prices—See Price indexes.
Merchandise trade—See International transactions.
Military-See Defense.
Money and financial flows, Cl......
Money supply
Liquid assets, change in total
Money supply Ml, constant dollars
Money supply Ml, percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio; personal income to money supply M2. .
Mortgage debt, net change
Mortgage yields, secondary market
Municipal bond yields

6/84

12.21

7/84

917

104
105
85
106
102
107
108
33
118
117

17
14
15

31
31
31
13,31

31
31
31
32
34
34

29
29
29
30
29

10/84

255

N

3/85
6/84
6/84

97
11
965
914
9

24
24
37
11
23

66
66
75
60
66

2/85
2/85
2/85
7/84
12/83

22
22
22
5
21

National defense—See Defense.
National Government—See Government.
National income—See Income.
New orders, manufacturers'
Capital goods industries, nondefense,
constant dollars
Capital goods industries, nondefense, current dollars..
Consumer goods and materials, constant dollars
Contracts and orders, plant and equipment,
constant dollars
Contracts and orders, plant and equipment,
current dollars
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Ditfusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP

9/84
243
242
86
248

42
42
25
47

81
81
67
83

10/84
10/84
9/84
10/84

40
40
40
40

87
89
249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

9/84
9/84
9/84
10/84
10/84
10/84

40
40
40
40
40
40

12/84
12/84
61
970
20
10
652

651

23
23
21

23

66
66

8/84
8/84
12/84
12/84

21

57
57

93
93

8/84
8/84

57
57

24
38

12.23

57
76

Japan- See International comparisons.

labor cost per unit of gross domestic product...
Labor cost per unit of output, business sector...
Labor cost per unit of output, manufacturing
Actual data
Actual data as percent of trend
Labor cost, price per unit ol, nonlarm business..,
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
Leading indicators, twelve
Composite index
Composite index, rate of change.......

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

68
63

30
30

70
70

9/84
11/84

28
28

62
62
26

30
15
29

70
70
70

12/84
12/84
1/85

28
28
28

930
930c
952

10
39
36

60

1/84
1/84
12/84

910
910c

10
39

74'

60

1/84
1/84

5
"5

5

Obligations incurred, Defense Department
Obligations unpaid, Defense Department. . .
OECD. European countries, industrial production
Orders—See New orders and Unfilled orders.
Outlays, Defense Department
Output—See also Gross national product and
Industrial production.
Goods output, constant dollars
. .
Labor cost per unit of
Actual data..
Actual data as percent of trend
Per hour, business sector
Per hour, nonfarm business sector
Ratio to capacity, manufacturing . ,
Ratio to capacity, materials
. ..
Overtime hours, manufacturing

27
24
8

12,21

23
23

20

12,23

66

12/84

21

10
548
7
6

23
53
21
21

12/84
6/84
3/85
3/85

21
15
15
15

964
971

37

38

66
90
64
64
77
75
76

6/84
1/85

"is
37

88
87
86
248

25
25
25
47

67
67
67
83

9/84
9/84
9/84
10/84

40
40
40
40

517

543
721

53
53
58

90
90
94

1/84
11/84
5/84

55
55
58

580

54

3/85

49

20

9/84

62
62
370
358
82
84
21

30
15
50
50
20
20
16

70
70
88
88
64
64
61

12/84
12/84
1/85
1/85
3/85
3/85
7/84

28
28
52
52
14
14
5

453
452
451

51
51
51

89
89
89

3/85
3/85
3/85

9
9
9

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

9/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84
10/84

39
39
39
39
39
39
39
39
39
39

292
293
614

46
46
56

82
83
92

11/84
11/84
11/84

48
48
56

61
970
20
10
90

24
38
12,23

67
76
66
66
62

8/84
8/84
12/84
12/84
2/85

23
23
21
21
9

P
Participation rates, civilian labor force
Both sexes 16*19 years of age
Females 20 years and over
.. .
Males 20 years and over
Personal consumption expenditures
Automobiles.
.
....
Durable goods, constant dollars
Durable goods, current dollars
.
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP .
,
Personal income—See Income
Personal saving
Personal saving rate
. .
Petroleum and petroleum products, imports
Plant and equipment—See also Investment, capital.
Business expenditures, new
...
Business expenditures, new, Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars
Population, civilian employment as percent of

23
17

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title

(See complete titles in "Titles and
Sources of Series," following this index)
Price indexes
Consumer prices—See also International comparisons.
All items
Food
Deflators
Fixed-weighted, gross domestic business product ....
Implicit price deflator, GNP
Labor cost, price per unit of, nonfarm business
Producer prices
Alt commodities . . .
Capital equipment
Crude materials
Finished consumer goods
Industrial commodities
Intermediate materials
Sensitive crude and intermediate materials
Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade, Dl .
Wholesale trade, Dl
Prime contract awards, Defense Department.
. ...
Prime rate charged by banks
Producer prices—See Price indexes.
Producers' durable equipment, nonresidential, GPDI.
Production—See Gross national product and
Industrial production.
Productivity
Output per hour, business sector
Output per hour, nonfarm business sector
Profitability, Cl
Profits
Corporate profits after tax
Constant dollars
Current dollars
With IVA and CCAdj, constant dollars
With IVA and CCAdj, current dollars
Corporate profits before tax
With IVA and CCAdj
With IVA and CCAdj, percent of national 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 CCAdj to corporate
domestic income
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent of
national income

Raw industrials, spot market prices
Components
Diffusion index
Spot market index
Rental income of persons with CCAdj
Rental income of persons with CCAdj, percent
of national income
Reserves, free
Residential fixed investment, constant dollars
Residential fixed investment, percent of GNP
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars
.......

Current issue
Series (page numbers)
number Charts Tables

Historical
data
(issue date)

Series
description

(*)

30
2
32
2

4
9
4
9

84,95
8
4

4/84
4/84

49
49

31
1
30
1
2
6

48
48
2
9

84
84
7
0

9/84
9/84
1/85

49
38
28

30
3
33
3
31
3
34
3
35
3
32
3
98

48
48
48
48
48
48
28

8
5
8
6
8
5
8
6
8
5
8
6
6
9

3/84
3/84
3/84
3/84
3/84
3/84
3/85

50
51
50
51
51
50
51

97
6
2
3

'37'
28

7
9
7
5
6
9

1/85
1/85

25
25

98
9
9

28
13,28

6
9
6
9

3/85
3/85

51
25

1
9
98
6
2
6

13,28
37
2
9

6
9
7
5
7
0

1/84
6/83
1/85

25
25
28

96
7
98
7
97
7
55
2
19
0

3
8
3
8
3
8
5
3
3
5

7
6
7
6
7
6
90
7
3

1/85
1/85
1/85
11/84
7/83

37
37
37
55
35

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 sates, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, manufacturing and trade..
Retail sales, constant dollars
Retail sales, current dollars
Saving
Business saving
Government surplus or deficit
Gross saving
Personal saving
Personal saving rate
Selling prices—See Prices, selling
Sensitive crude and intermediate materials, change
in producer prices
Sensitive materials prices, percent change
Shipments of defense products
Spot market prices, raw industrials
Components
Diffusion index
Spot market index
State and local government—See Government.
Stock prices—See also International comparisons.
500 common stocks
500 common stocks, Dl
Surplus—See Government.

Current issue
Series (Pa8e numbers)
number Charts Tables

Historical
data
(issue date)

213

40

10/84

69
57
56
973
77
59
54

24
14,22
22
38
15,27
22
22

67
65
65
76
68
'65
65

9/84
11/84
11/84
1/85
11/84
12/84
12/84

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/84
11/84
11/84
11/84
11/84

26
48
48
48
48

98
99
588

28
13,28
54

69
69
91

3/85
3/85
6/84

51
25
17

967
23

37
28

79
75
69

1/85
1/85

25
25

19
968

13,28
37

69
75

1/84
6/83

25
25

114
115

Series title

{See complete titles in "Titles and
Sources of Series," following this index)

34
34

8/83
8/83

35
35

91
60
5
962

15,18
16
12,16
36

62
61
61
74

2/85
2/85
1/85
1/85

446
445
447
444
37

51
51
51
51
18,51

89
89
89
89
62,89

3/85
3/85
3/85
3/85
2/85

44
45
43

18
18
13

62
62
62

2/85
3/85
2/85

561
96
25

54
21
21

91
64
64

6/84
6/84
6/84

15
15
15

17
0
18
0
32

3
1
3
1
12,21

7
1
7
1
64

2/85
9/84
2/85

30
30
1
7

1

12,16
36'

61
77
74

7/84

961

Series
description
(•)

9/84
Treasury bill rate
Treasury bond yields...

30
7
38
5
96
1

50
50
1
1

88
88
60

1/85
1/85
7/84

52
52
5

1
8
1
6
80
7
9

2
8
2
8
2
9
2
9

6
9
6
9
6
9
6
9

9/84
9/84
9/84
9/84

26
26
26
26

26
8
27
8
92
7
90
6
1
5
96
1
22

45
47
38
3
7
2
9
1
1
2
9

82
8
3
7
6
7
5
7
0
60
6
9

11/84
11/84
1/85
12/83
1/85
7/84
9/84

26
26
37
37
27
5
26

8
1
22
8

2
9
4
5

7
0
82

9/84
10/84

26
47

283

10/84

97
6
2
3
24
8

3
7
28
4
5

79
75
6
9
82

25
8
9
3
89
29
4

47
3
3
2
5
4
7

8
3
7
2
6
7
8
3

11/84
6/83
9/84
10/84

47
3
5
40
40

5
9
54

22
22

6
5
6
5

12/84
12/84

20
20

1/85
1/85
10/84

2
5
2
5
47

U
Unemployment
Duration of unemployment, average
Help-wanted advertising, ratio to unemployment
Initial claims for unemployment insurance.
Initial claims for unemployment insurance, Dl
Number unemployed
Both sexes 16-19 years of age
Females 20 years and over
Full-time workers
.
. .
Males 20 years and over.
Total unemployed .
Unemployment rates
15 weeks and over .
.
Insured unemployment.
Total
Unfilled orders, manufacturers'
Defense products....
..
Durable goods industries
Durable goods industries, change
.. .
United Kingdom—See International comparisons.

Velocity of money
GNP to money supply Ml, ratio .
Personal income to money supply M2, ratio,
Vendor performance, slower deliveries
W
Wages and salaries—See Compensation.
West Germany—See International comparisons.
Wholesale (producer) prices—See Price indexes.
Workweek, manufacturing
Average weekly hours
Components
Diffusion index

7/84

NOTE: CCAdj, capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment.
* The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears.




13
1

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. "NT 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.
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.

I-A. Composite Indexes
910. Composite index of twelve leading indicators
(includes series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99,
106,111) (M).-Source 1
(10,39,60)

10. Contracts and orders for plant and equipment in
current dollars (M).—Sources 1, 2, and McGrawHill 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)
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)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).
Sources 1; 4; 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; and Federal Home
Loan Bank Board; seasonal adjustment by Bureau of
Economic Analysis
(32,71)
34. Corporate net cash flow in current dollars (Q).—
Source 1
(29,70)
35. Corporate net cash flow in 1972 dollars (Q)-Source
1
(29,70)
36. Change in manufacturing and trade inventories on
hand and on order in 1972 dollars (M).-Sources 1
and 2
(13,26,68)

14. Current liabilities of business failures (M).—Dun
& Bradstreet, Inc.
(33,72)

37. Number of persons unemployed (M).—Source 3

15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade
Commission; seasonal adjustment by Bureau of Economic Analysis
(29,70)

38. Change in manufacturers' inventories, materials
and supplies on hand and on order, book value
(M).—Source 2
(26,68)

(18,51,62,89)

16. Corporate profits after tax in current dollars ( Q ) . Source 1
(28,69)

39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)

18. Corporate profits after tax in 1972 dollars ( Q ) . Source 1
(28,69)

40. Employees on nonagricultural payrolls, goodsproducing industries (M).-Source 3
(17,62)

19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)

41. Employees on nonagricultural payrolls (M).—Source
3
(14,17,62)
42. Number of persons engaged in nonagricultural activities (M).-Source 3
(17,62)

(11,60)

20. Contracts and orders for plant and equipment in
1972 dollars (M).-Sources 1, 2, and McGraw-Hill
Information Systems Company; seasonal adjustment
by Bureau of the Census and Bureau of Economic
Analysis
(12,23,66)

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 or
nonsupervisory workers, manufacturing (M).—
Source 3
(16,61)

930. Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source

22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).-Source
1
(1160)
916. Composite index of profitability (includes series
19,26,80) (M).-Source 1
(11,60)
917. Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source

1

1

(10,39,60)

940. Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).—Source
1
(11,60)

23. Index of spot market prices, raw industrial materials (M).—Source 3 and Commodity Research Bureau,
Inc. (Used by permission. Beginning with June 1981,
this series may not be reproduced without written
permission from Commodity Research Bureau, Inc.)

(28,69,79)

t-B. Cyclical Indicators
1. Average weekly hours of production or nonsupervisory workers, manufacturing (M)—Source 3

(12,16,61,77)
5. Average weekly initial claims for unemployment
insurance, State programs (M).-~U,S. Department
of Labor, Employment and Training Administration;
seasonal adjustment by Bureau of Economic Analysis

24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2
(23,66)
25. Change in manufacturers' unfilled orders, durable
goods industries (M).-Source 2
(21,64)
26. Ratio, implicit price deflator to unit labor cost,
nonfarm business sector (Q).—Sources 1 and 3

43. Unemployment rate (M).-Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).—Source 3
(18,62)
45. Average weekly insured unemployment rate, State
programs (M).-U.S. Department of Labor, Employment and Training Administration
(18,62)
46. Index of help-wanted advertising in newspapers
(M).—The Conference Board
(16,61)
47. Index of industrial production (M).—Source 4

(14,20,39,58,63,78,94)
48. Employee hours in nonagricultural establishments
(M).-Source 3
(17,39,61)
49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).—Source

1

(19,39,40,63,80)

51. Personal income less transfer payments in 1972
dollars (M).-Source 1
(14,19,39,63)
52. Personal income in 1972 dollars (M).—Source 1

(29,70)

(19,63)

6. Manufacturers' new orders in current dollars, durable
goods industries (M).—Source 2
(21,64,77)

27. Manufacturers' new orders in 1972 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)

53. Wages and salaries in 1972 dollars, mining, manufacturing, and construction (M).-Source 1
(19,63)

7. Manufacturers' new orders in 1972 dollars, durable goods industries (M).-Sources 1 and 2
(21,64)

28. New private housing units started (M).—Source
2
(25,67)

8. Manufacturers' new orders in 1972 dollars, consumer goods and materials industries (M).—Sources
land 2
(12,21,64)

29. Index of new private housing units authorized by
local building permits (M).-Source 2
(13,25,67)

(12,16,61)

9. Construction contracts awarded for commercial
and industrial buildings, floor space (M).-McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by
permission. This series may not be reproduced without
written permission from the source.)
(23,66)

114



30. Change in business inventories in 1972 dollars (Q).—
Source 1
(26,42,68,81)
31. Change in manufacturing and trade inventories,
book value (M).-Sources 1 and 2
(26,68)
32. Vendor performance, percent of companies receiving slower deliveries (M).—Purchasing Management Association of Chicago
(12,21,64)

54. Sales of retail stores in current dollars (M).—Source
2
(22,65)
55. Personal consumption expenditures, automobiles
(Q).-Sourcel
(22,65)
56. Manufacturing and trade sales in current dollars
(M).—Sources 1 and 2
(22,65)
57. Manufacturing and trade safes in 1972 dollars
(M).—Sources 1 and 2
(14,22,65)
58. Index of consumer sentiment (Q,M).—University
of Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
and 2
(22,65)

TITLES AND SOURCES OF SERIES-Continued
60. Ratio, help-wanted advertising in newspapers to
number of persons unemployed (M).—Sources 1,
3, and The Conference Board
(16,61)

88. Gross private nonresidential fixed investment in
1972 dollars, producers' durable equipment ( Q ) . Source 1
(25,67)

61. Expenditures for new plant and equipment by U.S.
nonfarm business (Q).—Source 1
(24,67)

89. Gross private residential fixed investment in 1972
dollars (Q).-Source 1
(25,67)

62. Index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4
(15,30,70)

90. Ratio, civilian employment to population of working age (M).-Sources 1 and 3
(17,62)

63. Index of unit labor cost, business sector (Q).—Source
3
(30,70)

91. Average duration of unemployment in weeks (M).—
Source 3
(15,18,62)

64. Compensation of employees as a percent of national
income (Q).—Source 1
(30,47,70,83)

93. Free reserves (M).-Source 4

65. Manufacturers' inventories, finished goods, book
value (EOM).-Source2
(27,68)
66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)
67. Bank rates on short-term business loans (Q).—Source
4
(35,73)
68. Labor cost in current dollars per unit of gross
domestic product in 1972 dollars, nonfinancial corporations (Q). -Source 1
(30,70)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source
2
(24,67)
70. Manufacturing and trade inventories in 1972 dollars (EOM).-Sourcesl and 2
(27,68)
71. Manufacturing and trade inventories, book value
(EOM).-Sources 1 and 2
(27,68)
72. Commercial and industrial loans outstanding in current dollars (M).—Sources 1, 4 and The Federal
Reserve Bank of New York
(35,73)
73. Index of industrial production, durable manufactures (M).-Source 4
(20,63)
74. Index of industrial production, nondurable manufactures (M).-Source 4
(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, manufacturing and trade inventories to sales in
1972 dollars (M).-Sources 1 and 2
(15,27,68)
78. Manufacturers' inventories, materials and supplies
on hand and on order, book value (EOM).—Source
2
(27,68)
79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars <Q).—Source 1
(29,69)
80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1972
dollars (Q).-Source 1
(29,69)
81. Ratio, corporate domestic profits after tax with
inventory valuation and capital consumption adjustments to total corporate domestic income (Q).—
Source 1
(29,70)
82. Capacity utilization rate, manufacturing ( M ) . —
Source 4
(20,64)
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
85. Change in money supply Ml (M).—Source 4

(31,71)

86. Gross private nonresidential fixed investment in
1972 dollars (Q).-Source 1
(25,67)
87. Gross private nonresidential fixed investment in
1972 dollars, structures (Q).-Source 1
(25,67)




(33,72)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)
95. Ratio, consumer installment credit outstanding to
personal income (M).-Sources 1 and 4
(15,35,73)
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)

I-C. Diffusion Indexes
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
600 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 weekly hours of production or nonsupervisory workers, 20 manufacturing
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)

98. Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)

963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M). Source
3
(36,74)

99. Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)

964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)

101. Commercial and industrial loans outstanding in 1972
dollars (M).—Sources 1, 4, and The Federal Reserve
Bank of New York
(15,35,73)
102. Change in money supply M2 (M).-Source 4

(31,71)

965. Diffusion index of newly approved capital appropriations in 1972 dollars, 17 manufacturing industries (Q).—The Conference Board
(37,75)

104. Change in total liquid assets (M).-Sources 1 and
4
(31,71)

966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)

105. Money supply Ml in 1972 dollars (M).-Sources 1
and 4
(31,71)

967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)

106. Money supply M2 in 1972 dollars (M).-Sources 1
and 4
(13,31,71)
107. Ratio, gross national product to money supply Ml
(Q).-Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 ( M ) . Sourcesl and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
111. Change in business and consumer credit outstanding
(M).—Sources 1, 4, Federal Home Loan Bank Board,
and The Federal Reserve Bank of New York (13,32,72)
112. Net change in business loans (M).—Sources 1, 4,
and The Federal Reserve Bank of New York (32,71)
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).—Citibank and U.S. Department of the Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).—
U.S. Department of Housing and Urban Development,
Federal Housing Administration
(34,73)
119. Federal funds rate (M).—Source 4

(34,72)

968. Diffusion index of stock prices, 500 common stocks,
46-82 industries (M).—Source 1 and Standard &
Poor's Corporation
(37,75)
970. Diffusion index of expenditures for new plant and
equipment by U.S. nonfarm business, 22 industries
(Q).-Source 1
(38,76)
971. Diffusion index of new orders, manufacturing—about
600 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 1,400 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
trade—about 1,400 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 1,400 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 1,400 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
976. Diffusion index of selling prices, manufacturing—
about 600 businessmen reporting (Q). Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
977. Diffusion index of selling prices wholesale t r a d e about 400 businessmen reporting (Q). Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from Urn source.)
(38,76)
978. Diffusion index of selling prices, retail trade about
400 businessmen reporting (Q). Dun & Bradstreet,
Inc. (Used by permission. This series may net be
reproduced without written permission from the
source.)
(38,76)

243. Gross private domestic fixed investment in 1972
dollars (Q), Source 1
(42,81)

289. Net interest as a percent of national income (Q).
Source 1
(47,83)

245. Change in business inventories in current dollars
(Q).-Sourcel
(42,81)

290. Gross saving (Q).- Source 1
292. Personal saving (Q). Source 1

(46,82)

247. Change in business inventories as a percent of
gross national product (Q).-Source 1
(47,83)

293, Personal saving rate (Q). Source 1

(46,83)

295. Business saving (Q).- Source 1

(46,82)

248. Gross private nonresidential fixed investment as a
percent of gross national product (Q). Source
1
(47,83)
249. Gross private residential fixed investment as a
percent of gross national product (Q). Source
1
(47,83)
250. Net exports of goods and services in current dollars
(Q).—Source 1
(44,82)
251. Net exports of goods and services as a percent of
gross national product (Q).—Source 1
(47,83)

Il-A. National Income and Product
30. Change in business inventories in 1972 dollars (Q).

(26,42,68,81)

252. Exports of goods and services in current dollars
(Q).-Sourcel
(44,82)

50. Gross national product in 1972 dollars (Q). Source
1
(19,39,40,63,80)

253. Imports of goods and services in current dollars
(Q).-Source 1
(44,82)

64. Compensation of employees as a percent of national
income (Q). Source 1
(30,47,70,83)

255. Net exports of goods and services in 1972 dollars
(Q).-Source 1
(44,82)

200. Gross national product in current dollars (Q).
Source 1
(40,80)

256. Exports of goods and services in 1972 dollars
(Q).-Sourcel
(44,82)

213. Final sales in 1972 dollars (Q), Source 1

257. Imports of goods and services in 1972 dollars
(Q).—Source 1
(44,82)

Source l

(40.80)

217. Per capita gross national product in 1972 dollars
(Q). Sources land 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)

260. Government purchases of goods and services in
current dollars (Q). Source 1
(43,81)
261. Government purchases of goods and services in
1972 dollars (Q).-Souree 1
(43,81)
262. Federal Government purchases of goods and services in current dollars (Q).—Source 1
(43,81)

(46,82)

298. Government surplus or deficit (Q).--Source 1
(46,83)

II—B. Prices, Wages, and Productivity
310. Implicit price deflator for gross national product
( Q ) . - Source 1
(48,84)
311. Fixed-weighted price index, gross domestic business product (Q). -Source 1
(48,84)
320. Consumer price index for all urban consumers
(M).-Source 3
(49,59t84,95)
322. Consumer price index for all urban consumers,
food (M).-Source 3
(49,84)
330. Producer price index, all commodities (M).—Source
3
(48,85)
331. Producer price index, crude materials for further
processing ( M ) , - Source 3
(48,85)
332. Producer price index, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Producer price index, capital equipment (M).
Source 3
(48,86)
334. Producer price index, finished consumer goods
(M).-Source3
(48,86)
335. Producer price index, industrial commodities
(M).-Source 3
(48,85)

263. Federal Government purchases of goods and services in 1972 dollars (Q).-Source 1
(43,81)

340. Index of average hourly earnings of production or
nonsupervisory workers on private nonagricultural
payrolls (M). Source 3
(49,87)

227. Per capita disposable personal income in 1972 dollars (Q). Sources 1 and 2
(40,80)

265. Federal Government purchases of goods and services as a percent of gross national product (Q).
Source 1
(47,83)

341. Index of real average hourly earnings of production
or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3
(49,87)

230. Personal consumption expenditures in current dollars (Q). Source 1
(41,80)

266. State and local government purchases of goods and
services in current dollars (Q)-Source 1
(43,81)

345. Index of average hourly compensation, all employees,
nonfarm business sector (Q). Source 3
(49,87)

231. Personal consumption expenditures in 1972 dollars
(Q). Source 1
(41,80)

267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)

232. Personal consumption expenditures in current dollars, durable goods (Q). Source 1
(41,80)

268. State and local government purchases of goods and
services as a percent of gross national product

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q). Source
3
(49,88)

225. Disposable personal income in 1972 dollars (Q).
Source 1
(40,80)

(Q).- Source 1

(47,83)

233. Personal consumption expenditures in 1972 dollars, durable goods (Q), Source 1
(41,80)

280. Compensation of employees (Q).—Source 1

235. Personal consumption expenditures as a percent of
gross national product (Q). Source 1
(47,83)

282. Proprietors' income with inventory valuation and
capital consumption adjustments ( Q ) . - Source
1
(45,82)

236. Personal consumption expenditures in current dollars, nondurable goods (Q). Source 1
(41,81)
237. Personal consumption expenditures in current dollars, services (Q). Source 1
(41,81)
238. Personal consumption expenditures in 1972 dollars, nondurable goods (Q). Source 1
(41,81)
239. Personal consumption expenditures in 1972 dollars, services (Q), Source 1
(41,81)
240. Gross private domestic investment in current dollars (Q). Source 1
(42,81)
241. Gross private domestic investment in 1972 dollars
(Q). Source 1
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q).- Source 1
(42,81)

116



(45,82)

283. Proprietors' income with inventory valuation and
capital consumption adjustments as a percent of
national income (Q).—Source 1
(47,83)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

348. Negotiated wage and benefit decisions, average
first year changes (Q). Source 3
(50,88)
349. Negotiated wage and benefit decisions, average
changes over life of contract (Q), Source 3 (50,88)
358. Index of output per hour, all persons, nonfarm business sector (Q). Source 3
(49,88)
370. Index of output per hour, all persons, business
sector (Q).- Source 3
(49,88)

II—C_ Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M). Source 3

(18,51,62,89)

286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).Source 1
(45,82)

441. Civilian labor force (M).--Source 3

(51,89)

442. Civilian employment (M).=-Source 3

(51,89)

287. Corporate profits before tax with inventory valuation and capital consumption adjustments as a
percent of national income (Q).—Source 1
(47,83)

444. Number unemployed, males 20 years and over
(M).-Source3
(51,89)
445. Number unemployed, females 20 years and over
(M).-Source 3
(51,89)

288. Net interest (Q).—Source 1

(45,82)

TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source 3
(51,89)
447. Number unemployed, fult-time workers ( M ) . —
Source 3

(51,89)

448. Number of persons employed part time for economic reasons (M).-Source 3
(51,89)
451.

Civilian labor force participation rate, males 20
years and over (M).-Source 3
(51,89)

452. Civilian labor force participation rate, females 20
years and over (M).—Source 3
(51,89)
453. Civilian labor force participation rate, both sexes
16-19 years of age (M)-Source 3
(51,89)

tl-D. Government Activities
500. Federal Government surplus or deficit (Q).—Source
1
(52,90)
501.

Federal Government receipts (Q).—Source 1

570. Employment, defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic Analysis
(55,91)
577. Defense Department military personnel on active
duty (EOM).—U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports
(55,91)
578. Defense Department civilian personnel, direct hire employment (EOM) .-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
580. Defense Department net outlays, military functions
and military assistance (M).—U.S. Department of
Defense, Office of the Assistant Secretary of Defense
(Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis
(54,91)

47. United States, index of industrial production (M).
Source 4

(14,20,39,58,63,78,94)

320. United States, consumer price index for all urban
consumers (M).-Source 3
(49,59,84,95)
721.

Organization for Economic Cooperation and Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)

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 ) . Statistisches Bundesamt (Wiesbaden)
(58,94)
726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)

727. Italy, index of industrial production (M).—Istituto
Centrale di Statistica (Rome)
(58,94)

502. Federal Government expenditures (Q).—Source
1
(52,90)

It-E. U.S. International Transactions

728. Japan, index of industrial production (M)-Ministry
of International Trade and Industry (Tokyo)
(58,94)

510. State and local government surplus or deficit ( Q ) . Source 1
(52,90)

602. Exports, excluding military aid shipments (M).—

511.

604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)

(52,90)

State and local government receipts (Q).—Source
1
(52,90)

512. State and local government expenditures (Q).—
Source 1
(52,90)

Source 2

(56,92)

606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)

517. Defense Department gross obligations incurred
(M).—U.S. Department of Defense, Office of the
(56,92)
Assistant Secretary of Defense (Comptroller), Direc- 612. General imports (M).-Source 2
torate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products
adjustment by Bureau of Economic Analysis
(53,90)
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Department of Defense, Office of the Assistant Secretary of
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations
and Reports; seasonal adjustment by Bureau of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense,
Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)

616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(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. investment abroad (Q).—Source
1
(57,93)

548. Manufacturers' new orders, defense products (M).—
Source 2
(53,90)

652. Income on foreign investment in the United States
(Q).-Source 1
(57,93)

557. Index of industrial production, defense and space
equipment (M).—Source 4
(54,91)

667. Balance on goods and services (Q).—Source 1

559. Manufacturers' inventories, defense products, book
value (EOM).-Source 2
(54,91)
561.

Manufacturers' unfilled orders, defense products
(EOM).-Source 2
(54,91)

564. Federal Government purchases of goods and services, national defense (Q).—Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)




(57,93)

668. Exports of goods and services, excluding transfers
under U.S. military grants (Q).-Source 1
(57,93)
669. Imports of goods and services ( Q ) . - S o u r c e 1
(57,93)

Il-F. International Comparisons
19. United States, index of stock prices, 500 common
stocks (M).—Standard & Poor's Corporation
(13,28,59,69,96)

732. United Kingdom, consumer price index ( M ) . —
Department of Employment (London); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
733. Canada, consumer price index ( M ) . Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, consumer price index
Statistisches Bundesamt (Wiesbaden);
changes seasonally adjusted by Bureau of
ic Analysis

(M).—
percent
Econom(59,95)

736. France, consumer price index (M).—Institut National
de la Statistique et des Etudes Economiques (Paris);
percent changes seasonally adjusted by Bureau of
Economic Analysis
(59,95)
737. Italy, consumer price index (M). Istituto Centrale di
Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent
changes seasonally adjusted by Bureau of Economic
Analysis
(59,95)
742. United Kingdom, index of stock prices (Nl).-Central
Statistical Office (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 ) , Banca d'ltalia
(Rome)
(59,96)
748. Japan, index of stock prices (M).
(Tokyo)

Bank of Japan
(59,96)

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