Full text of Business Conditions Digest : March 1987
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U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
Robert Ortner, Under Secretary for Economic Affairs
BUREAU OF ECONOMIC ANALYSIS
Allan H. Young, Director
Carol S. Carson, Deputy Director
Edward K. Smith, Associate Director for
National Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication are—
Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Mary D. Young—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
John H. Auten, U.S. Department of the Treasury
Andrea Kusko, Board of Governors of the Federal Reserve System
Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce
Charles A. Waite, Bureau of the Census, U.S. Department of Commerce
ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle 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.
Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Annual subscription price: $44.00 domestic,
$55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are
available on request. Address correspondence
concerning subscriptions to Superintendent of
Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Make checks payable
to Superintendent of Documents.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
BUSINESS CONDITIONS DIGEST
New Features and Changes for This Issue
iii
METHOD OF PRESENTATION
Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How To Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes
1
1
1
1
4
5
5
6
ItCII
MARCH 1987
Data Through February
Volume 27, Number 3
PART I.
CYCLICAL INDICATORS
A3
A4
COMPOSITE INDEXES AND
THEIR COMPONENTS
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
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
Al
Chart
10
12
14
15
Table
60
—
—
16
19
21
23
26
28
31
61
63
64
65
68
69
71
36
—
39
74
77
—
DIFFUSION INDEXES
AND RATES OF CHANGE
_2L
C2
C3
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change
The Secretary of Commerce has determined
that the publication of this periodical is necessary in the transaction of the public business
required by law of this Department. Use of funds
for printing this periodical has been approved
by the Director of the Office of Management
and Budget through September 30, 1987.
ItCII
PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
Al
A2
A3
A4
A5
A6
A7
A8
AND PRODUCT
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income
Chart
40
41
42
43
44
45
46
47
Table
80
80
81
81
82
82
82
83
48
49
84
87
51
89
52
53
90
90
56
57
92
93
58
59
59
94
95
96
PRICES, WAGES,
AND PRODUCTIVITY
Bl
~BT
Price Movements
Wages and Productivity
LABOR FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components
GOVERNMENT ACTIVITIES
Receipts and Expenditures
Defense Indicators
U.S. INTERNATIONAL TRANSACTIONS
Merchandise Trade
Goods and Services Movements
INTERNATIONAL COMPARISONS
Industrial Production
Consumer Prices
Stock Prices
PART III. APPENDIXES
A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators)
B. Current Adjustment Factors
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 1987 issue)
F. Specific Peak and Trough Dates for Selected Indicators (October 1986 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series
9
9
1C
1]
1]
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
BCD DATA ON DISKETTE
time to time to in-
Data for most BCD series are available on diskette. Current data, covering the
last 5 calendar years, are available on a subscription basis—one diskette per
month for 12 months ($240). Historical data, covering 1945 to date, are
available on a set of five diskettes ($100). For more information, write to the
Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230.
corporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
concept, composition,
comparability, coverage,
seasonal adjustment
methods, benchmark
Changes in this issue are as follows:
1. The series on net business formation (series 12) has
been suspended from the composite index of leading indicators
(series 910). The index has been recalculated back to January
1984 based on the 11 remaining indicators (including revisions
in these indicators). The weights and statistical factors remain unchanged. The suspension was necessary because the net
business formation series has deteriorated as a measure of
change in the business population, primarily because of the
poor quality of one component and the unavailability of data
for another component in time for inclusion in the initial release. If net business formation had been included in the index, the index would have increased 1.0 percent in February,
decreased 0.4 percent in January, and increased 2.5 percent
in December.
The composite index of capital investment commitments
(series 914) has not been updated due to the suspension of
net business formation, which is one of its three components.
Also, the diffusion index of leading indicator components
(series 950) has been revised for the period 1984 to date to
reflect the suspension of net business formation and the inclusion of revised data for the 11 remaining components. Net
business formation, although suspended from the composite and
diffusion indexes, will continue to be updated each month.
Further information concerning these revisions 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 DIGEST is scheduled
for release on May 5.
in
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.
2. Data from the survey of "Manufacturers' Shipments, Inventories, and Orders" (M3-1) have been
revised by the source agency for the period 1982 to date. These revisions reflect (a) benchmarking
of shipments and inventories estimates to the 1982 Census of Manufactures and the 1983-1985 Annual
Surveys of Manufactures; (b) benchmarking of defense shipments to the MA-175 "Shipments to Federal
Government Agencies"; (c) redefinition of inventory series; (d) adjustments to unfilled orders levels;
(e) corrections to monthly data for late response, reclassification of reports, and reporting and processing errors; (f) recalculation of estimates of new orders, which are derived from estimates of unfilled orders and shipments; and (g) updating of seasonal adjustment factors.
The following series have been revised in this issue to reflect the above changes: series 6-8,
10, 20 ; 24, 25, 27, 36, 38, 65, 69, 78, 96, 548, 559, 561, 588, and 964. Revised data for other
series affected by these changes (series 31, 56, 57, 70, 71, and 77) will be shown in a future issue.
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau of the Census, Industry Division.
3. The series on change in producer prices for sensitive crude and intermediate materials
(series 98) has been revised for the period 1982 to data to reflect a new seasonal adjustment by the
source agency. The series on change in sensitive materials prices (series 99) has been revised for
the period 1982 to date to incorporate the revision of series 98, which is one of its components.
Further information concerning these revisions may be obtained from the U.S. Department of Labor,
Bureau of Labor Statistics, Office of Prices and Living Conditions, Division of Industrial Prices and
Price Indexes (series 98); and the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division (series 99).
4. Recently revised data on U.S. money supply and liquid assets are shown in this issue for the
following periods:
1972 through 1985--series 104;
1974 through 1985--series 85, 102, and 105-108.
Revised data for 1986 to date were shown in the February 1987 B£D. (See item 9 on page iv of
that issue.) These revisions will not be extended 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 based wholly or in part on consumer installment credit (series 66, 95, 111, and
113) have been revised for the period 1980 to date. These revisions reflect the source agency's updating of the statistics on the basis of newly available benchmark data for depository institutions,
finance companies, and retailers, and the computation of new seasonal adjustment factors.
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, Bureau of Economic Analysis, Statistical Indicators Division (series 95 and 111).
6. The series that include data on commercial paper issued by nonfinancial companies (series
72, 101, 111, and 112) have been revised for the period 1984 to date to reflect the source agency's
annual updating of the basic statistics and computation of new seasonal adjustment factors. (For
additional revisions affecting series 111, see item 5 above.)
Further information concerning these revisions may be obtained from the Federal Reserve Bank of
New York, Market Reports Division, 33 Liberty Street, New York, NY 10045.
7. Appendix C contains historical data for series 28, 45, 53, 117-119, and 330-335.
8. Appendix G contains cyclical comparisons for series 5, 43, 51, and 82.
IV
METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters
but which do not conform well enough to business
cycles to qualify as cyclical indicators. (There are a
few exceptions: Four series which are included in
part I are also shown in part II to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The largest
section of part II consists of quarterly series from
the national income and product accounts; other
sections relate to prices, labor force, government
and defense-related activities, and international
transactions and comparisons.
The two parts are further divided into sections
(see table of contents), and each of these sections
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts
begin with 1962, but those for the composite
indexes and their components (part I, section A)
begin with 1950, and a few charts use a two-panel
format which covers only the period since 1975.
Except for section F in part II, charts contain
shading which indicates periods of recession in
general business activity. The tables contain data
for only the last few years. The historical data for
the various time series are contained in the 1984
Handbook of Cyclical Indicators.
In addition to the charts and tables described
above, each issue contains a summary table which
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment process; however, a separate holiday
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
which contain considerable variation due to the
number of working or trading days in each month.
As used in this report, the term "seasonal
adjustment" includes trading-day and holiday
adjustments where they have been made.
Most of the series in this report are presented in
seasonally adjusted form and, in most cases, these
are the official figures released by the source
agencies. However, for the special purposes of this
report, a number of series not ordinarily published
in seasonally adjusted form are shown here on a
seasonally adjusted basis.
MCD Moving Averages
Month-to-month changes in a series are often
dominated by erratic movements. MCD (months for
cyclical dominance) is an estimate of the appropriate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
It is the smallest span of months for which the
average change in the cyclical factor is greater than
that in the irregular factor. The more erratic a
series is, the larger the MCD will be; thus, MCD is 1
for the smoothest series and 6 for the most erratic.
MCD moving averages (that is, moving averages of
the period equal to MCD) tend to have about the
same degree of smoothness for all series. Thus, a
5-term moving average of a series with an MCD of 5
will show its cyclical movements about as clearly
as the seasonally adjusted data for a series with an
MCD of 1.
The charts in this report generally include
centered MCD moving averages for those series
with an MCD greater than 4. The seasonally
adjusted data are also plotted to indicate their
variation about the moving averages and to provide
observations for the most recent months.
Reference Turning Dates
The historical business cycle turning dates used
in this report are those designated by the National
Bureau of Economic Research, Inc. (NBER). They
mark the approximate dates when, according to
NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
the new reference trough bounding the shaded area
have been designated.
The historical reference turning dates are subject
to occasional reviews by NBER and may be changed
as a result of revisions in important economic
time series. The dates shown in this publication
for the 1948-70 time period are those determined
by a 1974 review. Since then, NBER has designated
turning points for recessions in 1973-75, 1980, and
1981-82.
Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.)
The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the
Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
^\
Economic
\Process
Cyclical N .
Timing
N^^
LEADING (L)
INDICATORS
(61 series)
ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)
1.
EMPLOYMENT AND
UNEMPLOYMENT
(15 series)
II.
PRODUCTION
AND INCOME
(10 series)
III.
CONSUMPTION,
TRADE, ORDERS,
AND DELIVERIES
(13 series)
IV.
FIXED CAPITAL
INVESTMENT
(19 series)
V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)
VI.
PRICES, COSTS,
AND PROFITS
(18 series)
VII.
MONEY AND
CREDIT
(28 series)
Marginal employment
adjustments
(3 series)
Job vacancies
(2 series)
Comprehensive
employment
(I series)
Comprehensive
unemployment
(3 series)
Capacity utilization
(2 series) .
Orders and deliveries
(6 series)
Consumption and
trade (2 series)
Formation of business
enterprises
(2 series)
Business investment
commitments
(5 series)
Residential
construction
(3 series)
Inventory
investment
<4 series)
inventories on
hand and on
order
(1 series)
Stock prices
Money # series)
€re#HJow$
{§ series)
Credit difficulties
(2serfes)
Bank reserves
<2 series)
tetemi rate$
( I series)
Comprehensive
employment
{I series)
Comprehensive
output and income
(4 series)
Industrial
production
(4 series)
Consumption and
trade (4 series)
Business investment
commitments
( I series)
Business investment
expenditures
(6 series)
LAGGING (Lg)
INDICATORS
(19 series)
Comprehensive
unemployment
(2 series)
TIMING
UNCLASSIFIED (U)
(8 series)
Comprehensive
employment
(3 series)
Business investment
expenditures
(1 series)
(1mm)
Sensitive commodity
prices (2 series)
Profits and profit
margins (7 series)
Cash flows (2 series)
Velocity of money
(2 series)
interest rates
(2serie$)
Inventories on
hand and on
order
(4$eries)
Unitfaborcosts
and iafeor snare
(4 series)
interest rater
<4 series)
Outstanding debt
(4 series)
Sensitive commodity
ptim {I series)
Profits and profit
margins ( i series)
Interest rates
{I series)
Consumption and
trade (1 series)
Business investment
commitments
(1 series)
IV.
FIXED CAPITAL
INVESTMENT
( I S series)
V.
INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)
VI
PRICES, COSTS,
VII.
MONEY AND
AND PROFITS
mm
Inventory
investment
(4 series)
Stock prices
(I series)
Sensitive commodity
prices (3 series)
'!
Profits <JIH! profit
margins (6 series)
Cash item (2 series)
Money (4 series)
Profits <wd profit
margins ( i series)
Money ( I series)
V e « y o t money
{ ! series)
Unit lafeor costs
and labor share
(4 series)
Velocity of money
{ ! series)
8anfc reserves
^Series)
Werestrstes
(8 series)
Outstanding debt
<4 series)
B. Timing at Business Cycle Troughs
N.
Economic
\ . Process
Cyclical!\
Timing
N.
LEADING (L)
I,
EMPLOYMENT AND
UN»LQYMENI
U5 series)
II,
PHQDUCTION
AND INCOME
(10 series)
III
Marginal employment
adjustments
(1 series)
Industrial
production
(I series)
Orders and deliveries
($ series)
Consumption and
trade (4 series)
f ormatton of business
enterprises
(2 series)
Business investment
commitments
(4 series)
Residential
construction
(3 series)
Consumption and
trade (3 series)
Business investment
commitments
(1 series)
Orders M4 deliveries
(1 series)
Business investment
commitments
(2 series)
Business investment
expenditures
(7 series)
CONSUMPTION,
TRADE, ORDERS,
AND DELIVERIES
(13 series)
INDICATORS
(47 series)
ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(41 series)
Marginal employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
^employment
(lamps).
TIMING
UNCLASSIFIED (U)
(1 series)
,
Comprehensive
output and income
(4 series)
Industrial
production
(3 series)
Capacity atization
(2 series)
inventories on
hand and on
order
{5 series)
{18 series)
(28 mm)
Credit difficulties
(2 series)
Bank reserves
aseriis)
independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1984
Handbook of Cyclical Indicators.)
In addition to these principal composite indexes,
differentiated according to cyclical timing, there
are other indexes based on leading indicators that
have been grouped by economic process. Taken
together, these additional indexes include many
component series of the overall leading index, plus
a few related series. Also shown in this section is
the ratio of the index of roughly coincident
indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at peaks and troughs,
all but one component of the leading index are
denoted "L f 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 ot 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.
Section B. Cyclical Indicators by Economic Process
This section covers 112 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given type. Eight series are
unclassified at peaks, one series at troughs, and 18
series at all turns (of the 18, 14 have definite but
different timing at peaks and at troughs). No series
that is classified as U both at peaks and at troughs
is included in the list of cyclical indicators.
The classification scheme which groups the
indicators of this section by economic process and
cyclical timing is summarized in the two
tabulations on page 2. Cross-classification A is
based on the observed behavior of the series at five
business cycle peaks (November '48, July '53,
August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 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
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.
Part II. OTHER IMPORTANT ECONOMIC
MEASURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity.
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries. The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national product—personal consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services—are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in
the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.
4
Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
Shares of GNP and national income (A8).—The
major expenditure components of GNP
(consumption, investment, etc.) are expressed as
percentages of GNP, and the major income
components of national income (compensation of
employees, corporate profits, etc.) are expressed as
percentages of national income.
Section B. Prices, Wages, and Productivity
The important data on price movements include
the monthly consumer and producer price indexes
and their major components. Based largely on
these series are the quarterly price indexes from
the national income and product accounts, notably
the GNP implicit price deflator (with weights
reflecting the changing proportions of different
expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are
presented for the period since 1975.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of work in the business sector, and
rates of change for most of these measures.
Section C. Labor Force, Employment, and
Unemployment
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1975) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1975) 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. ( " I V " = fourth
quarter)
Solid line with plotting points
indicates quarterly data.
Parallel lines indicates a break
in continuity (data not available, extreme value, etc.).
Diffusion Indexes
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.
Various scales are used to
highlight the patterns of the
individual series. "Scale A "
is an arithmetic scale, "scale
L - 1 " is a logarithmic scale
with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles
in that distance, etc.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting
points indicates
quarterly
data over 1-quarter spans.
Roman
number
indicates
latest quarter for which data
are used in computing the indexes.
Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
Solid line indicates percent
changes over 3- or 6-month
spans.
Arabic number indicates latest
month used in computing
the changes.
Broken line indicates percent
changes over 1-month spans.
Broken line with plotting
points
indicates
percent
changes over 1-quarter spans.
Solid line with plotting points
indicates percent changes over
3- or 4-quarter spans.
Roman
number
indicates
latest quarter used in computing the changes.
HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, 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
Percent change
Unit
of
measure
Series title and timing classification1
Annual average
2dQ
3d Q
1986
4th Q
1986
Dec.
1986
Jan.
1987
Feb.
1987
Jan.
1987
to
Feb.
1987
2d Q
to
3dQ
1986
3dQ
to
4th Q
1986
I. 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
Leading Indicator Subgroups:
914. Capital investment commitments
915. Inventory investment and purchasing
916. Profitability
917. Money and financial flows
L,LTL
CC.C
Lg,Lg,Lg
L,L,L
L,L,L...
L,L,L...
L.L.L...
L,L,L
.967 = 100.
.do.
.do.
.do.
do..
do...
do..
do..
168.6
160.3
127 .0
126 .3
179.2
164.5
132.2
124.4
178.4
164.5
131 .7
124.9
179.8
164.7
132.0
124.8
183.4
165.6
132.9
124.6
186.8
166 .7
132.3
126 .0
185.8
164.5
134.5
122 . 3
187.1
165.9
134.1
123 . 7
-0.5
-1 .3
1 .7
-2 .9
0.7
0 .9
-0.3
1 .1
0.8
0.1
0.2
-0.1
110 .3
102 .0
115.2
138.8
109.5
103.2
NA
143 .9
109.8
103.4
120.0
141 .8
109.2
102 .7
120.0
145.3
109.3
103.5
NA
147.7
111 ,0
104.6
NA
149.2
108.9
104.3
NA
148.7
NA
103.9
NA
NA
-1 .9
-0.3
NA
-0.3
NA
-0.4
NA
NA
-0.5
-0.7
0.
2.5
2 .0
0.5
0.7
-0.2
0.1
0.8
NA
1 .7
B. Cyclical Indicators by Economic Process
B l . Employment and Unemployment
Marginal Employment Adjustments:
* 1 . Average weekly hours, mfg
21. Average weekly overtime hours, mfg.3
*5. Average weekly initial claims (inverted4)
.. L.L.L..
. L.C.L..
L,C,L... Thousands-
40.5
3.3
383
40.7
3 .5
370
40.7
3.4
377
40.7
3.5
373
40.8
3.5
347
40.8
3.5
356
40.9
3 .6
359
41 . 2
3.6
361
0.2
0 .1
-0.8
0.7
0.
-0.6
0 .
0.1
1 .1
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers
L,Lg,U.... Ratio ....
L,Lg,U.... 967 = 100
0.497
139
0.501
139
0.475
134
0.495
136
0 .526
144
0.539
144
0.527
142
0.553
148
•0.012
-1.4
0.026
4.2
0.020
1 .5
Comprehensive Employment:
48. Employee hours in nonagricultural establishments
42. Persons engaged in nonagricultural activities
* 4 1 . Employees on nonagricultural payrolls
40. Employees in goods-producing industries
90. Ratio, civilian employment to population
of working age3
Comprehensive Unemployment:
37. Number of persons unemployed (inverted4)
43. Unemployment rate (inverted4)3
45. Avg. weekly insured unemployment rate (inv. 4 ) 3
* 9 1 . Average duration of unemployment (inverted4)
44. Unemployment rate, 15 weeks and over (inv.4)3
U,C,C... A.r., bil. hrs...
U,C,C... Millions
do
C,C,C...
L.C.U.... housands
U,Lg,U.... Percent
L,Lg,U.... Thousands...
L,Lg,U.... 'ercent
do
L,Lg,U....
Lg,Lg,Lg.... Weeks
Lg,Lg,Lg.... Percent
182 .30
103.97
97.61
24,930
186.45 185.68 186 .50 188.16 188.49 1 8 9 . 1 1 191.02
106.43 106.08 106.87 107 .24 107.48 1 0 7 . 8 7 1 0 8 . 1 5
100.17
99.85 100.32 101 .07 101 .32 101 . 6 4 101 .98
2 4,9 40 24,952 24,872 24,892 24,920 2 5 , 0 0 9 2 5 , 0 5 9
0.3
0 .4
0.3
0.4
0.2
0 .
7 .0
0.031
5.9
1 .0
0.3
0 .3
0.2
0.4
0.7
0.5
-0.3
0
0
0.7
0.1
59.38
59.95
59.85
60.07
60.13
60.19
60.30
60.45
0.11
0.15
0.22
0 .06
8,312
7 .2
2.8
15.6
2.0
8,237
7.0
2.8
15.0
1 .9
3,379
7 .1
2.8
14.9
1 .9
S, 1 91
6.9
2.9
15.4
1.9
8,138
6.8
2.7
15.0
1.8
7,949
6.7
2.6
15.0
1 .8
3,023
6.7
2.6
15.0
1 .8
7,967
6 .7
2.6
14.6
1 .8
-0.9
0.
0.
0.
0.
0.7
0.
0.
2.7
0.
2.2
0.2
-0.1
-3.4
0.
0.6
0.1
0.2
2.6
0.1
B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52. Personal income in 1982 dollars
* 5 1 . Personal income less transfer payments
in 1982 dollars
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction
C,C,C... A.r., bil. do!..
...do
C,C,C...
3585.2
2962.8
3674.9 3661.4 3 6 8 6 . 4
3051 .8 3071.7 3 0 5 8 . 5
3696.1
3058.9
3064.6
3046.3
3066.2
-0.6
0.7
0.7
-0.4
0.3
0.
C,C,C...
2527.4
2602.0
2621.9 2605.2
2606.5
2611 .8 2592.6
2612 .5
-0.7
0 .8
-0.6
0.
C,C,C...
537.8
541 .1
539.5
541 .6
540.3
539.6
539.8
-0.1
0.
-0.4
0.4
125.0
124.4
125 .0
127 .7
127 .9
127 .1
131 .8
130.2
130.9
1567.1 1562.8 1568.0
126.0
128.6
132.8
1574.1
126.6
129.2
133.5
126 .8
128.8
134.3
127 .3
129.9
134.4
0.2
-0.3
0.6
0.4
0.9
0.1
79.7
78.1
79.8
78.4
80.0
78.9
79.9
78.9
80.1
78.9
-0.1
0.
0.2
0.
92.86
94.52
97 .75
95.47
87.91
93.17
-9.9
-10 .1
6.0
6.0
2.3
2.0
80.81
85.71
-3.78
-1.46
358.96 3 5 7 . 5 0
55
52
-5.6
-3.01
-1.0
-1
6.1
2.32
-0.4
0.
2.3
0.3
Industrial Production:
*47. Industrial production
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output in 1982 dollars
C,C,C.
C,C,C
C,L,L
C,C,C
1977 = 100.,
do
do
A.r., bil. dol.
Capacity Utilization:
82. Capacity utilization rate, mfg3...
84. Capacity utilization rate, materials'
L.C.U
L,C,U
Percent
.do.
123.8
127 .3
125.1
1533.2
80.1
80.2
79.8
78.5
93.47
93.11
541 .9
79.5
78.3
0.8
0.7
0.8
0.
0.
-0.
0.1
0.3
B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
L,L,L.
7. Mfrs.' new orders in 1982 dollars, durable goods
L,L,L.
*8. Mfrs.' new orders in 1982 dollars, consumer goods
and materials
L,L,L.
25. Change in mfrs.' unfilled orders, durable goods3
L,L,L
5
96. Mfrs.' unfilled orders, durable goods
L,Lg,U..
*32. Vendor performance, slower deliveries3 ©
L,L,L
..do...
..do..
Bil. dol., EOP
Percent
82.11
79.29
80.73
80.3 9
85.64
79.85
0.38
-0.77
0.66
-0.02
-0.49
-1.99
3 6 3 . 0 3 362.74 363 .09 3 6 4 . 2 1 362 .74 3 6 2 . 7 4
52
56
52
45
52
55
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales in 1982 dollars
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores in 1982 dollars
55. Personal consumption expenditures, automobiles
58. Index of consumer sentiment ( u )
C,C,C.
C,C,C.
C,L,C.
C.L.U..
U.L.U..
L,C,C.
L,L,L
Bil. dol
do
1977 = 100
Bil. dol
....do
A.r.. bil. dol
IQ 1966=100
423.97 431.14 425.18
406.27 420.32 416.32
120.2
124.4
124.4
114.50 120 .45 118.45
106.92 112.37 111 .50
115.3
123.8
115.2
93.
94.8
96.8
433.00
424.75
124.8
123.22
115.00
140.1
94.8
440.19
428.68
125.8
123.22
114.08
127 .6
92.0
448.82 4 2 8 . 7 5
4 3 6 . 4 5 415.46
127.2
126.8
126 .94 117.52
1 1 6 . 8 9 107 .62
89.1
90.4
... L,L,L
... L.L.L.
1967 = 100...
Number
120.9
55,230
120.4
58,393
120.1
57,113
120.0
59,514
121 .5
64,804
30.55
32.52
32.19
26.44
28.55
I. dol
do
97 .66
91 .04
NA
NA
127 . 5
122.29
111 . 6 8
-4.8
-0.3
-7.4
-7.9
NA
NA
0.6
4.1
3.8
-0.2
2.5
1 .8
2.1
-0.
-0.4
1 .8
2.0
0.3
4.0
3
21
-2.1
1
0
0
0
-0
-8
-3.0
-0,
-1 ,
-0.
4.2
90.
1.5
122.2
124.6
0.6
NA
34.03
30.71
30.31
-9.8
-1.3
33.54
28.09
34.79
29.31
30.92
26.76
30.87
26.32
-11.1
-8.7
-0.2
-1.6
4.2
6.2
29.63
30.63
27.43
27 . 3 5
-10.4
-0.3
3 A
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 1982 dollars
24. Mfrs.' new orders, nondefense capital goods
27. Mfrs.' new orders in 1982 dollars, nondefense
capital goods
. L.L.L..
L,L,L.
L,L,L...
L,L,L.
121 .2
58,070
31 .85
do...
do...
32.45
26 .97
32.00
26.64
30.81
25.62
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Unit
of
measure
1
Series title and timing classification
Percent change
Annual average
1985
86.42
27 . 2 2
1986
2dQ
1986
3dQ
1986
4th Q
1986
Dec.
1986
Jan.
1987
Feb.
1987
77 . 0 3
NA
NA
78.95
19.99
85.77
77.67
20.21
81 . 1 2
78.49
NA
NA
78.29
83.02
70.82
Dec.
to
Jan.
1987
2dQ
to
3dQ
1986
Jan.
to
Feb.
1987
3dQ
to
4th Q
1986
I. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial and
Mil. sq.ft..
industrial buildings, floor space
L,C,U.
Bil. dol
11. Newly approved capital appropriations, mfg
U,Lg,U.
97. Backlog of capital appropriations, mfg.5
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.... 1977 = 100...
86. Nonresidential fixed investment in 1982 dollars
C,Lg,C... A.r., bil. dot...
Residential Construction Commitments and Investment:
28. New private housing units started
*29. Building permits, new private housing units
89. Residential fixed investment in 1982 dollars
L,l,L... A.r., thousands.
L,L,L... 1967 = 100
L,L,L... A.r., bil. dol
94 58
6 .0
-14.7
399.13 393 .91 3 9 1 . 7 2 391.88 3 9 8 . 8 3 4 1 1 . 7 2 3 7 3 . 7 5
139.6 138.6 1 3 7 . 7
138.8 138.3 137.1 137.5
461 4 456 7 456 .8 454.4 457 .8
138.9
-9.2
0.3
1,80 4
134.8
1,851
140 .6
-0.5
-11 .5
1 ,813
152.3
1,742
138.1
177 2
1 ,806
140.2
194 0
1,878
145.3
1 92 7
1,758
133.8
197.2
1,702
135.2
199.7
9 0
6 6
15 1
-0 3
-28 5
1 .45
9.8
3.16
3.4
15.55
2.9
- 5 . 8 0 - 1 3 . 9 0 -11 .06
-3.4
-5.7
-40.9
-0.76
-0.32
-1 .40
-0.12
1.1
NA
NA
-0.4
5.3
NA
1 .0
0.
0.8
-0.5
1.8
-0.4
0.7
2.6
4.3
-6.4
-7.9
2 .3
-3.2
1 .0
1 .3
387 .1 3 3 8 0 . 6 9 3 7 5 . 9 2 3 7 4 . 5 5 3 9 4 . 3 4
NA
-1 .6
] .1
-5.4
B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1982 dollars3
*36. Change in mfg. and trade inventories on hand and on
order in 1982 dollars (smoothed6)3
31. Change in mfg. and trade inventories, book value3
38. Change in mfrs.' inventories, materials and supplies
on hand and on order, book value3
Inventories on Hand and on Order:
71. Mfg. and trade inventories, book value5
70. Mfg. and trade inventories in 1982 dollars5
65. Mfrs.' inventories, finished goods, book value5
*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3
78. Mfrs.' inventories, materials and supplies on hand
and on order, book value5
L,L,L...
do..
do..
L,L,L...
L,L,L...
L,L,L
Lg,Lg,Lg....
Lg,Lg,Lg...
Lg,Lg,Lg...
Lg,Lg,Lg...
L,lg,Lg..,
Bil. dol..
il. dol., EOP .
do
do
Bil. dol., EOP .
-28.2
4.67
66.6
NA
NA
15.73
107.5
NA -21 .35
NA
-6.3
-8.10
-2.3
-1 .03
NA
-2.76
NA
1 .28
0.31
583.23 586.64 588.91 588.07 586.64 586.64 592.20
638.43 641.07 646.28 643.48 641.07 641.07 648.34
104.07 101 .14 101 .72 100 .16 101 .14 101 .14 102.92
NA
NA
NA
NA
NA
NA
-0.1
-0.4
-1 .5
-0.2
-0.4
1 .0
1 .56
NA
0.09
NA
-0.03
-0.02
229.39 225.59 225.41 225.04 225.59 225.59 224.56
NA
-0.5
NA
-0.2
0 .2
-0.17
247 .2
0.34
-1.40
2.1
-0.65
0.93
-2.2
-0.79
-0.73
-0.8
0.21
1 .05
9.9
1 .05
186.84 236.34 240.58 241.15 243.69 248.61 264.51 280.93
6.4
6.2
0.2
1 .1
1 .56
Ratio
-15.4
1 .54
1 .55
1 .52
0.19
1 .50
1.73
1 .47
0.9
1 .1
1 .8
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,I
Percent
Stock Prices:
*19. Stock prices, 500 common stocks (u)
LrL,l
Profits and Profit Margins:
16. Corporate profits after tax
18. Corporate profits after tax in 1982 dollars
79. Corporate profits after tax with IVA and CCAdj
80
do
, in 1982 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. dot...
L,L,L...
do
L,C,L...
do
L,C,L...
do
L,L,L... Cents
L,L,L... 1977 = 100...
131 .4
123.1
188.9
181 .0
3.8
98 .8
133.9
122.7
197 .1
185.4
NA
98 .6
128.8
118.3
194.2
183.6
4.3
98.8
135.9
124.3
197 .6
185 .3
3.4
99 .0
144.2
131 .5
195.8
182 .4
NA
97 .7
1 .8
0 .9
-0.9
0 .2
5 .8
-0.9
-1 .6
NA
-1 .3
.. L,L,L. A.r., bil. dol..
.... L,L,L...
do
376.0
374.9
383.1
382 .8
374.9
374.1
384.3
383.8
398.8
397.0
2 .5
2 6
3 .4
164.8
168.9
168.0
169.3
171 .4
0.8
1 .2
0 .708
0.725
0.7 24
0 .7 27
0.729
138.0
85.4
138.6
81.1
138.7
81 .8
138.0
80.2
138.5
79.3
73 .5
73 .8
73 .5
73 .8
7 4.1
Cash Flows:
34. Corporate net cash flow
35. Corporate net cash flow in 1982 dollars
1941-43=10.
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.... 1977 = 100....
*b) Actual data as percent of trend3
Lg,Lg,Lg.... Percent
64. Compensation of employees as percent of
national income3
Lg,Lg,Lg....
do
-0.22
244.8
-0.43
0.30
228.9
0.14
0.53
222 .1
-0.2 5
-0.20
220.3
-0.0 4
0.85
242.2
1 .01
0.30
247.5
1 .78
-1 .10
252.8
1 .13
5.5
5.1
137.7
78.5
138.2
78.4
138.2
78.1
0.4
-0.1
0.
-0.3
6.1
3.8
0 .4
0 .3
-0.5
-1.6
0.4
-0.9
0 .3
0 .3
-0.13
-0.02
0.04
3.5
2.0
0.51
-0.08
0.
3.6
1 .6
B7. Money and Credit
Money:
85. Change in money supply Ml 3
102. Change in money supply M23
104. Change in total liquid assets3
105. Money supply Ml in 1982 dollars
*106. Money supply M2 in 1982 dollars
Velocity of Money:
107. Ratio, GNP to money supply Ml 3
108. Ratio, personal income to money supply M23
Credit
33.
112.
113.
•111.
110.
Flows:
Net change in mortgage debt3
Net change in business loans3
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 (inverted4)3
L,L,L.
L,C,U
L,L,L
L,L,L
L,L,L
.do.
do
do
Bil. dol
C,C,C... Ratio
C,Lg,C...
do..
L,L,L... A.r., bil.dol...
L,L,L....
do
L,L,L....
do
L,L,L... A.r., percent..
L,L,L... A.r., bil. doi...
.. L,L,L... Percent, EOP
1 .26
1 .28
1 .39
2.54
0.99
0.97
1 .77
-0.05
0.72
0.87
0.85
0.68
0.88
0.79 - 0 . 0 2
0 .77
0.63
0.66
0.70
0.70
0.80
0.77
0.70
NA
532.6 592.5 582.8 603.2 624.8 637.3 639.2 636.2
2226.6 2360.6 2342.4 2389.9 2428.9 2442.5 2445.6 2434.7
6.736
1.336
6.258
1 .300
6.342
1 .316
6 .185
1 .288
5 .958
1 .269
77 .64
NA
NA
NA
NA
22.53 10.68 - 1 7 . 0 6 11.27 49.83
76.62 54.99 60.73 78.02 26.05
4.6
6.7
10.2
6 .6
8.4
647.34 627.96 576.42 694.72 7 80.5 2
2.32
1 .85
2.53
2.24
1.85
1 .265
1 .258
-1.57
-0.09
-0.03
0.3
0.1
-1.02
-0.81
1 .269 -0.007
0.011
NA
NA
NA
99.96 121.20 - 2 6 . 9 2
6.43
1 .73
NA
7.7
12.9
NA
1.85
NA
NA
NA
-0.5
-0.4
NA
21 .24
4.70
-5.2
NA
NA
NA
NA
NA
-0 .157 -0.227
-0.028 -0.019
NA
NA
28.33 38.56
17 .29 -51.97
1.7
2.1
1 2.4
20.5
0.29
0.39
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Percent change
Series title and timing classification1
2dQ
1985
I. CYCLICAL INDICATORS—Con.
B7. Money and Credit-Con.
Bank Reserves:
93. Free reserves (inverted 4 ) 3 ©
94. Borrowings from the Federal Reserve3 ©
Interest Rates:
119. Federal funds rate3 ©
114. Discount rate on new Treasury b i l l s 3 ©
116. Yield on new high-grade corporate b o n d s 3 ©
115. Yield on long-term Treasury bonds3 ©
117. Yield on municipal bonds3 ©
118. Secondary market yields, FHA mortgages3 ©
67. Bank rates on short-term business l o a n s 3 ©
*109. Average prime rate charged by banks 3 ©
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding in
1982 dollars
-492
1 ,321
93
836
L.Lg.Lg.... 'ercent
do...
C,Lg,Lg....
do...
Lg,Lg,Lg....
do...
C,Lg,Lg....
do...
U.Lg.Lg....
do...
Lg,Lg,Lg....
do...
Lg,Lg,Lg....
do...
Lg.Lg.Lg....
8.10
7.49
11 .75
10 .75
9.10
12.24
9.74
9.93
6.80
5.97
9.23
8.14
7 .32
9.91
8.11
8.33
Lg,Lg,Lg....
*95. Ratio, consumer installment credit to
personal income3
do
Lg,Lg,Lg.... Percent
Jan.
1987
4th Q
1986
L.U.U.... Mil. dol...
L,Lg,U....
Lg,Lg,Lg.... Bil. dol., EOP .
Lg,Lg,Lg.. Bil. dol
3d Q
Feb.
1987
Jan.
1987
Jan.
to
Feb.
1987
2dQ
to
3d Q
-1
857
-82
874
224
807
542
827
488
5 80
653
556
54
-247
-165
-24
92
13
06
95
54
95
8.13
8.61
6 .21
5.53
9.14
7.89
6 .27
5.34
9.05
7 .84
6.93
9.42
7 .28
7.50
6.91
5.49
8.87
7.67
6.86
9.21
6.43
5.45
8.59
7.60
6.61
8.79
6 .10
5.59
8.58
7.69
6 .61
8.81
-0.48
-0.04
-0.28
-0.07
-0.2 5
-0.42
-0.33
0.14
-0.01
0.09
0.
0.02
7 .50
7 .50
7 .50
7.85
NA
522 .80 577.79 551 .77 571 .28 577.79 577.79 578.32
331 .62 342.54 338.67 340 .53 3 4 6 . 8 8 353 .09 363 .19 3 6 0 . 9 4
321.49 3 4 2 . 0 3 339.23 342.70 347.92 354.50 361 .38 3 5 7 . 0 2
NA
0.
0.
-306
-67
-0.71
-0.60
0 .08
-0.06
-0.26
-0.05
-0.40
-0.76
0.06
-0.19
-0.09
-0.05
-0.35
-0.48
-0.45
-0.35
3.5
0.5
1.1
1 .9
0.1
2.9
-0.6
1 .9
-1.2
1 .0
NA
0.42
-0.01
NA
3dQ
to
4th Q
1986
0 .24
15.94
15.71
16.13
16.37
16.31
16.30
111 .5
322.2
O.3
309.8
308.7
323.8
306.1
318.7
300.5
291 .8
114.5
328.4
0.1
319.7
299.8
312.1
2 80 .0
307 .6
306.4
284.8
1 14.0
326 .5
0 .1
316.3
298.8
311 .7
276.5
306.9
305.6
283 .7
115.0
328.9
0 .2
322.3
297 .4
308.4
276 .9
305.0
306 .8
282 .9
115.2
330.8
0.2
326 .3
298.4
309.6
277 .8
304.8
309.6
284.5
331
0
327
298.1
309.3
274.4
304.8
310 .1
284.2
333.1
0 .7
328.6
300.9
313.6
282 .3
307.6
310 .8
286 .2
334.4
0 .4
329.6
302.7
315.7
287 .4
309.2
310 .0
286 .8
165.2
169.2
168.8
169.3
170.5
170.6
170.6
171 .4
0.
0.5
0.3
94.1
173.9
98.0
106
104.8
94.9
179.1
99.0
107 .1
105.5
95.3
178.5
99.2
107 .4
105.7
95.0
179.6
99.2
107 .3
105.7
95.1
180.8
99.2
106.6
105.1
95.0
94.3
94.4
-0.7
0.1
-0.3
0.6
0
-0.1
0.
0.1
0.7
0
-0.7
-0.6
0.4
0.3
0 .9
-0 .
1 .2
3.2
1 .1
0.3
0.3
-0.7
- 1 .9
-0.9
3.1
-0.7
0
0
-2.2
-0.6
-2
-5.5
-2.6
0.3
0.4
-0.6
1 .0
-2.0
- 1 .9
-0.6
0.
0.2
0.7
-0.1
0.1
0.7
14.70
II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
Bl. Price Movements
310.
320.
320c.
322.
330.
335.
331.
332.
333.
334.
Implicit price deflator for gross national product
Consumer price index for all urban consumers (CPI-U) © . . . .
Change in CPI-U (S/A) 3
Consumer price index for all urban consumers, food
Producer price index (PPI), all commodities ©
PPI, industrial commodities ©
PPI, crude materials for further processing
PPI, intermediate materials, supplies, and components
PPI, capital equipment
PPI, finished consumer goods
1982 = 100...
1967 = 100...
'ercent
1967 = 100...
do
do
do
do
do
do
0.6
0.5
0 .4
0 .9
1 .4
2.9
0.9
0.2
0 .7
0.4
-0.3
0.3
0.6
0.7
1.8
0.5
-0.3
0.2
0.9
0
0
1.9
-0.5
-1.1
0.1
-0.6
0.4
0.6
0
1 .2
0.3
0.4
0.3
-0.1
0.9
0.6
B2. Wages and Productivity
340. Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls
341. Real average hourly earnings of production or
nonsupervisory workers on private nonagricultural payrolls
345. Average hourly compensation, nonfarm business sector
346. Real average hourly compensation, nonfarm business sector
370. Output per hour, business sector
358. Output per hour, nonfarm business sector
1977 = 100...
do
do
..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 and over
Number unemployed, both sexes 16-19 years of age
Number unemployed, full-time workers
Civilian Labor Force Participation Rates:
451. Males 20 years and over3
452. Females 20 years and over3
453. Both sexes 16-19 years of age3
Millions
do
Thousands...
...do
do
....do
....do
Percent
do...
do..,
115.46 117.83 117 .63 118.17 118.56 118.59 119.03 119.35
107 .15 109.60 109.25 109.98 110.42 110.64 111 .01 111 .38
8,379
8,191
7,949
8,237
8,138
8,023
7,967
8,312
3,772
3,750
3,751
3,7 86 3,725
3,720 3,648
3,715
3,089
3,006
3,032
2,945 2,865
2,900 2,873
3,129
1 ,43 4 1 ,407 1,359
1,402
1,446
1 ,468 1 ,454 1,518
6,827
6,647
6,708
6 ,609 6,46 5 6,534 6,488
6,793
78.1
54.7
54.5
78.1
55.5
54.7
78.0
55.4
55.1
78.0
55.8
54.7
78.1
55.7
54.4
78.3
55.6
53 .8
78.3
55.8
54.5
78.2
55.9
55.2
0
-0
-0.3
D. Government Activities
D l . 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 deficit3
State and local government receipts
State and local government expenditures
517.
525.
548.
557.
570.
564.
Defense Department gross obligations incurred
Defense Department prime contract awards
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
do
do
-198.0 - 2 0 3 . 4 -232.2 - 1 9 7 . 4 - 1 8 9 . 2
854.2
813 .5 833.1
7 8 6 . 8 826
1045
1030.5 10 43
984.9 1030
59.4
58.9
64.0
61 .7
63.0
634
611.5
577.5
620.9
629.1
575.4
552.6
515.8
557 .9
56 5.1
Mil. dol
....do..
..do...
Thousands
A.r., bil. dol..,
NA
26,883 29,988 31 ,027 30,615 28,436 26,583
12,240 11 ,980 11 ,732 14,164
9,655 11 ,931 1 0 , 1 6 1
9,185
8,685
9,161
8,3 80
9,622
7 ,648 4 , 6 8 2
170.6
185.1
186 . 5
180 .3
178.1
180.8
185.8
1 ,544 1 ,600 1,589
1 ,613 1 ,615 1 , 6 1 3
1,608
259.4 277 .6
278.8
278.4
286.8
Mil. dol...
...do..
...do..
do..
do..
do..
17 ,772 18,108 18,154 17,609 18,784 18,430 16,382
1 ,941 2 ,135 2 , 3 3 4
2,352
1 ,989
2,164
2,426
3 ,736 3,829
4,227
3,492
3,907
4,099
3,917
28,838 30,830 30,266 3 0 , 7 6 4 31,333 27 ,795 29,804
2,709
2,381
2,511
2,414
2,299
2,894
4,180
5,169
5,810
5,211
6 ,143
5,483
5,578
4,688
34.8
2.4
-1.5
5.1
2.9
2.3
8.2
2.5
1 .3
-4.6
0.9
1.8
-1 .3
20.7
14.8
1.5
1 .2
3.0
-7.1
-31 .8
-9.7
2.4
0.3
-2.8
-3.0
10.0
2.5
1 .6
-5.2
11 .5
6.7
9.3
7 .1
1.8
1 .4
5.7
D2. Defense Indicators
1977 = 100...
NA
NA
6,973
187 . 2
NA
NA
-14.8
-38.8
0.4
-0.1
NA
NA
48.9
0.4
E. U.S. International Transactions
El. Merchandise Trade
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
-11 .1
-15.4
-17.4
7 .2
17 .8
-5.7
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data2
Unit
of
measure
Series title
Percent change
Annual average
1984
1985
1986
3d Q
1985
4th Q
1985
1st Q
1986
2dQ
1986
3d Q
1986
4th Q
1986
1st Q
to
2dQ
1986
2dQ
to
3d Q
1986
3d Q
to
4th Q
1986
B
l
II. OTHER IMPORTANT ECONOMIC MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military 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
- 2 3 .58 - 2 5 . 6 7 - 3 1 . 3 6 - 2 4 . 4 5 - 2 9 . 4 5 - 3 1 . 0 5 - 3 0 . 3 5 - 3 1 . 1 4 - 3 2 . 8 9
89.62
92.84
92.68
90.87
91 . 5 0
91 . 9 9
94.37
90.03
90.23
1 1 3 . 6 0 1 1 5 . 3 0 1 2 4 . 0 3 1 1 4 . 6 9 1 2 0 . 3 2 1 2 2 . 5 5 1 2 2 . 3 4 1 2 3 . 9 8 127 . 2 7
-28.13 -31 .11 - 3 6 . 9 3 -31 .68 - 3 7 . 3 5 - 3 6 . 4 9 - 3 5 . 7 0 - 3 7 . 1 5 - 3 8 . 3 7
53.61
55.44
55.08
54.98
55.76
57 . 3 3
52.50
52.73
53.59
84.72
90.7 8
90 . 0 8
95.70
92.36
90 . 0 8
83 .10
84.17
92.91
2
2
.
6
4
21
.43
21 .56 2 2 . 5 0
22.65
24.51
24.20
22.34
24.50
16.94
17.31
16.54
17 . 7 0
16.20
16.87
16.20
16.24
15.25
0.70
0.5
-0.2
0.79
2.8
0.8
-6.4
-2.2
A.r., bil. dol
do
A.r., dollars
Ar bil dol
do
. ...
do
A.r., dollars
3765.0
3489.9
14,721
3430.7
2670.6
2470.6
10,421
3998.1
3585.2
14,981
3576.2
2828.0
2528.0
10,563
A r, bit dol
do
do
do
do
do
do
do
2428.2
2246.3
331 .2
318.9
870.1
828.6
1227 .0
1098.7
2600.5 2762.5
2324.5 2418.7
359.3
388.1
343.9
368.6
90 5 . 1
932.7
841 .6
872.1
1336.1 1441 .7
1139.0 1178.0
Bil. dol
do
.do
do
do
do
do
do
-0.7 9
0 .9
1 .3
-1 .45
1 .2
2 .3
- 1 .3
-6.4
- 1 .75
1.6
2.7
-1.22
2.8
3.0
-4.1
2.1
667
668
669
622
618
620
651
652
A. National Income and Product
A l . GNP and Personal Income
200
50.
217
213
224
225.
227.
Gross national product
Gross national product in 1982 dollars
Per capita gross national product in 1982 dollars
Final sales in 1982 dollars
Disposable personal income
Disposable personal income in 1982 dollars
Per capita disposable personal income in 1982 dollars
230.
231.
232.
233.
236.
238.
237.
239.
Total
Total in 1982 dollars
Durable goods
Durable goods in 1982 dollars
Nondurable goods
Nondurable goods in 1982 dollars
Services
Services in 1982 dollars
240.
241.
242.
243.
245.
30.
Total
Total in 1982 dollars.
Fixed investment
Fixed investment in 1982 dollars
Change in business inventories3
Change in business inventories in 1982 dollars3
4206.1
3674.9
15,216
3668.4
2971 .6
2602.0
10,773
4087.7
3622.3
1 5 , 0 80
3627 .5
2882.2
2540.7
]0,577
4149.2
3655.9
15,188
3616.1
2935.1
2581 .2
10,723
4175.6
3661 .4
15,179
3646.3
2978.5
2625.8
10,886
4240.7
3686.4
1 5 , 2 46
3686.7
2979.9
2605.5
10,776
4258.7
3696.1
15,249
3724.5
2993 .0
2595.4
10,708
0.6
0 .2
-0.1
0.8
1 .5
1 .7
1 .5
1.6
0.7
0.4
1 .1
0.
-0.8
- 1 .0
0.4
0.3
0.
1 .0
0 .4
-0.4
-0.6
200
2627 . 1 2 6 6 7 . 9
2 3 4 2 . 0 2351 .7
373 . 3
362.0
357 . 4
347 . 0
907 . 4
922.6
843 . 8
847 . 2
1346.4 1383.2
1 1 4 0 . 8 1157 . 5
2697.9
2372.7
360.8
345.4
929.7
860.6
1407 . 4
1166.6
2732.0
2408.4
373 . 9
357 . 1
928.4
877 . 3
1429.8
1174.0
2799.8
2820.4
2448.0 2 4 4 5 . 8
403.1
414.5
3 80 . 4
391 .6
940.1
932.8
875.1
875.4
1452.4 1 4 7 7 . 2
1181 .0 1 1 9 0 . 2
1 .3
1 .5
3.6
3.4
-0.1
1 .9
1 .6
0.6
2.5
1.6
10 . 9
9.7
0.5
-0.2
1 .6
0.6
0.7
-0.1
-2.8
-2.9
0.8
0.
1 .7
0.8
230
231
232
233
236
238
237
239
-1.9
-3.4
1.5
0.9
-22.6
-28.2
240
241
242
243
245
30
4030.5
3603.8
15,041
3603.1
2832.0
2524.7
10,537
50
217
213
224
225
227
A2. Personal Consumption Expenditures
A3. Gross Private Domestic Investment
do
do
do
do
do
do
662.1
652.0
598.0
592.8
64.1
59.2
661 .1
647 .7
650 .0
638.6
11 . 1
9.0
6 83.6
657 . 2
677 .0
650.7
6.7
6.6
657 . 4
643 . 8
654.3
643.1
3.1
0.7
669.5
653.2
672.6
658.4
-3 .1
-5.2
708.3
684.0
664.4
644.1
43.8
39.9
687 .3
664.7
672.8
649.6
14.5
15.1
675.8
651 .3
6 80 .3
651 .6
-4.5
-0.3
663 . 2
629.0
690.3
657 . 4
-27.1
-28.5
-3.0
-2.8
1 .3
0.9
-29.3
-24.8
-1.7
-2.0
1 .1
0.3
-19.0
-15.4
do
do
do
do
do
do
733.4
675.2
311 .3
291 .7
422.2
383.5
815.4
721 .2
354.1
323.6
461 .3
397.6
864.2
7 46.8
366.2
332.2
498.0
414.6
829.7
731 .8
360.9
329.9
46 8 . 8
401 .9
855.6
749.4
380.9
347.2
47 4 . 7
402.2
836.7
725.2
355.7
320 .4
480 . 9
40 4 . 8
860.8
742.2
367.6
328.9
493 . 3
413 . 3
874.0
750.4
369.3
330.9
504.7
419.5
885.3
769.3
372.1
348.6
513.2
420.7
2.9
2.3
3 .3
2.7
2.6
2.1
1.5
1 .1
0.5
0.6
2.3
1 .5
do
do
do
do
do
do
-58.7
-78.9 -104.3
-83.7 -105.3
- 9 3 . 7 - 1 0 4 . 5 -108.9 - 1 1 0 . 2
-83.6 - 1 0 8 . 2 - 1 4 7 . 8 - 1 1 3 . 8 - 1 3 2 . 0 - 1 2 5 . 9 -153 .9 -163.3 - 1 4 8 . 0
382.7
373.0
369.8
368.2
363 .0
383.5
362.3
374.8
370.8
369.7
371.5
362.3
362.9
359.8
385.8
355.8
369.2
371 .2
441 . 4 4 4 8 . 6
477 . 3
473 .6
467 . 5
493 .7
446 . 0
46 8 . 5
hi 9.7
453 .2
519.3
47 0 . 5
494.8
513.6
533 . 8
46 9 . 6
495.1
534.5
-10.8
-28.0
-3.1
-2.5
-0.2
3.7
do
do
do
do
do
do
3032.0 3 2 2 2 . 3 3386 .2 3 2 4 3 . 4 3 2 8 7 . 3 3 3 4 0 . 7 3 3 7 6 . 4 3396 .1 3431 .5
2 2 1 4 . 7 2 3 6 8 . 2 2 4 9 8 . 0 2 3 8 0 . 9 2 4 2 3 . 6 2 46 1 . 5 2 4 8 0 . 2 2 5 0 7 . 4 2 5 4 2 . 8
236.9
254.4
278.8
262.1
249.3
283.2
289.1
277 . 5
265.3
8.3
7.6
8.3
15.0
7.3
14.8
16.3
16.2
12.8
264.7
280 . 7
285.6
296.3
310 . 4
300.5
293 . 1
302 .0
2 96 . 4
307 .4 3 1 1 . 4 2 9 4 . 0
307.6
309.7
2 80 . 4
297 .7
292 . 9
304.9
A4. Government Purchases
of Goods and Services
260.
261.
262.
263.
266.
267.
Total
Total in 1982 dollars
Federal Government
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars
1 .3
2.5
0 .8
5.3
1 .7
0.3
260
261
26 2
263
266
26 7
A5. Foreign Trade
250
255.
252.
256.
253
257.
Net exports of goods and services3
Net exports of goods and services in 1982 dollars3
Exports of goods and services
Exports of goods and services in 1982 dollars.
Imports of goods and services
Imports of goods and services in 1982 dollars
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
-4.4
-9.4
2.1
3.2
2.6
4.1
-1.3
15.3
3.4
3.9
2.9
-0.1
250
255
252
256
253
257
0.6
1.1
-4.0
-0.6
3.0
-1.6
1 .0
1 .4
2.1
-8.6
2.8
-4.3
220
280
282
284
286
288
-0.6
0.6
- 1 1 .8
3.5
-0.3
290
295
292
298
2 93
A6. National Income and Its Components
1 .1
0.8
9.0
27 . 3
- 1 .1
-2.4
A7. Saving
do
do
do
do
Percent
573 .3
538.6
551 . 5
506.1
564.7
544.5
168.7
114.2
143.3
-101.5 - 1 3 6 . 3 - 1 4 0 . 4
6.3
3.8
5.1
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.
541 .7
560.1
119.6
-138.0
4.2
524.1
553.5
125.8
-155.1
583.2
56 2 . 6
145.6
-125.1
4.4
5.0
539.7
559.9
153.1
-173.3
5.1
517.2
566.4
84.1
- 1 3 3 .3
2.8
514.1
56 9 . 8
74.2
-129.8
2.5
-7.5
-0.5
5.2
-48.2
0.1
-4.2
1 .2
-45.1
40.0
-2.3
2
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.
'Inverted series. Since this series tends to move counter to movements in general business activity, signs of
the changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.
CYCLICAL INDICATORS
A
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart A l . Composite Indexes
[idex: 1967=1001
190 180 •
910. Index of twelve leading indfcators'
(series 1,5,8,12,19,20,29,32,36,99,106, 111)
170 160150140 -
-8
130120 110 100 -
jrf_
90-
|_2J
-23
-4
A
//
^
^
*/V J
/v/v
Nui
\
/
/
170-
920. Index of four roughly concident indicators
(series 4 1 , 4 7 , 5 1 , 5 7 )
160 150 -
/
0
-*
140 -
f
V
-2
-2
/
J
^
180 -
\ r*
130+i
120 -
V
110-
0
100y'
0
90-
/
-2
40 •
1950 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 84 85 86 1987
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates,
i Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 60.
10
MARCH 1987
licit
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
Under 1967=1001
914. Capital investment commitments (series 12,20,29)
915. Inventory investment and purchasing (series 8 , 3 2 , 3 6 , 9 9 )
-3
-2
917. Money and financial flows (series 104,106, 111)
150-
-20
-9
-6
160-
-6
r
m
140 130 120110 10090-
-2
70
^^/
J
T
940. Ratio, coincident index to tagging index
1950 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 84 85 86 1987
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
Current data for these series are shown on page 60.
KCII
MARCH 1987
11
C O M P O S I T E INDEXES A N D THEIR C O M P O N E N T S — C o n t i n u e d
Chart A 2 . Leading Index C o m p o n e n t s
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours)
full
Hi
5. Average weekly initial claims for unemployment insurance, State programs (thousands—inverted scale)
fusn
8. Manufacturers' new orders in 1982 dollars, consumer goods
and materials industries (bil. dol.)
•o-i
J
32. Vendor performance, percent of companies receiving slower deliveries (percent)
Full
25-
20. Contracts and orders for plant and equipment in
1982 dollars (bl. dol.)
'•2
-J;-
'<Q 1 9 8 7
Current data for these series are shown on pages 61, 64, 65, and 66.
12
MARCH 1987
ItCII
COMPOSITE INDEXES A N D THEIR C O M P O N E N T S — C o n t i n u e d
Chart A2. Leading Index C o m p o n e n t s — C o n t i n u e d
29. Now private houoing units authorized by local
36. Change in manufacturing and trade inventories on hand and on order in 1982 dollars, smoothed1 (aim. rate, bit. dot.)
99. Chanee in sensitive materials mices, smoothed1 (percent)
106. Money supply M2 in 1M? Hnlarc (hy rinl)
111. Change in business and consumer credit outstanding
farm, rate, nprrenti
I960 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 7.1 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987
iThis 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, 71, and 72.
MARCH 1987
\\i\\
13
CYCLICAL INDICATORS
A
|
COMPOSITE INDEXES AND THEIR C O M P O N E N T S — C o n t i n u e d
C h a r t A 3 . C o i n c i d e n t Index C o m p o n e n t s
1101009041. Employees on nonagricirihral payrolls (mions)
80-
70-
2800-
JH
260024002200 -
51. Personal income less transfer payments in
1982 dollars (aim. rate, bl. dol.)
2000 18001600 -
140130 120110 -
47. Industrial production (index: 1977=100)
100 9080450 400350-
57. Manufacturing and trade sales in
1982 dollars (bl. dol.)
300-
250-
200-
150-1
1950 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 84 85 86 1987
Current data for these series are shown on pages 62, 63, and 65.
14
MARCH 1987
\\i\\
CYCLICAL INDICATORS
A
|
COMPOSITE INDEXES AND THEIR C O M P O N E N T S — C o n t i n u e d
Chart A4. Lagging Index Components
91. Average duration of unemployment (weeks—inverted scale)
fvA/ \
.
|Lg,Lg,Lg|
_/^V"
V. J
\
10 H
f
12 i
\W
14-
\
r
16-
w
18-1
2022-
77. Ratio, manufacturing and trade inventories to sales in.
1982 dollars (ratio) [ j J i T j
105100-
labor cost per unit of output, manufacturng—actual data
03 percent of trend (percent) i r c
95-
3
9085-
109. Average prime rate charged by banks (percent)
Lg,Lg,L
101. Comnercial and industrial loans outstanding in 1982 dollars (bl. doi.
U,Le,L
18-
95, Ratio, consumer installment credit outstanding to personal income(percent)
|Lg,Lg,tg|
16141210-
1950 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 84 85 86 1987
Current data for these series are shown on pages 62, 68, 70. and 73.
ItCIt
MARCH 1987
15
CYCLICAL INDICATORS
C Y C L I C A L I N D I C A T O R S BY E C O N O M I C P R O C E S S
Chart B l . Employment and Unemployment
[Marginal Employment Adjustments |
1. Average weekly hours of production or nonsupervisory workers,
manufacturing (hours)
21, Average weekly overtime hours of production or nonsupervisory workers,
manufacturing (hours)
(TTTl
5. Average weekly initial claims for unemployment insurance,
State programs (thousands—inverted scale) | L.C.L I
pot) Vacancies!
60. Ratio, help-wanted advertising in newspapers to number
of persons unemployed (ratio)
luaiii
46. Help-wanted advertising in newspapers (index: 1967=100)
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 61.
16
MARCH 1987
IICII
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
| Comprehensive Employment]
48. Employee hours in nonagricuttural establishments
| j | i n n . rate, bil. hoursf§||||£j
42. Persons engaged in nonagriculturaf activities (millions)
/*
41. Employees on nonagricuttural payrolls (millions)
40. Employees on nonagricuhural payrolls, goods-producing
industries (trillions) u Q M I
r
90. Ratio, civilian employment to population of working age (percent)
j U.Lg.U
~ /
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on pages 61 and 62.
MARCH X987
17
CYCLICAL INDICATORS
B
I
CYCLICAL I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d
Chart B l . E m p l o y m e n t a n d U n e m p l o y m e n t — C o n t i n u e d
1 Comprehensive Unemployment |
37, Number of persons unemployed (millions—inverted scale)
43. Unemployment rate (percent—inverted scale)
X
V
/A/s/
45. Average weekly insured unemployment rate, State programs (percent—inverted scale)
V
/
91. Average duration of unemployment (weeks—inverted scale)
*+.r~~~<
1 Lg,Lg,Lg|
\
^
^
^
V
44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale)
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 62.
18
MARCH 1987
CYCLICAL INDICATORS
B I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income
4400-
| Comprehensive Output and Income |
40003600-
50. Gross national product in 1982 dollars, Q (am. rate, oil. dol.)
3200-
2800-
2400-
3600340032003000-
52. Personal income in 1982 dollars (ann. rate,fail,dol.)
fcicicl
2800-
^s*
26002400220020001800 -
3000 28002600 -
51. Personal income less transfer payments in 1982 dollars
(am.rate,biLdol.) | r r r l
24002200200018001600-
53. Wages and salaries in 1982 dollars, mining, manufacturing,
and construction (am. rate, bil. dol.) | c r j c |
600 550500450-
1962 63
64
65
66
67
68
69
70
71
I'l
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 63.
l»fM
MARCH 1987
19
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income—Continued
140-
[Industrial Production|
130 —
\7
47. Industrial production (index: 1977=100)
120-
7
110 10090150140130120110-
73. Industrial production, durable manufactures
(index: 1977=100)
100-
\r
90-
ZL
74. Industrial production, nondurable manufactures
(index: 1977=100)
1800-
fclll
1700-
rv
16001500 -
49. Value of goods output in 1982 dollars, Q
(arm. rate, ML doL)
|c,c,C|
14001300120011001000-
800-J
|Capacity Utilization!
82. Capacity utilization rate, manufacturing (percent) j L,C,U |
60
84. Capacity utilization rate, materials (percent) 11,0,11
J
90 T
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on pages 63 and 64.
20
MARCH 1987
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries
| Orders and Deliveries |
7. Manufacturers' new orders in 1982 dollars, durable goods
industries (bil. dol.)
| L,L,L |
^
6. Manufacturers' new orders in current dollars,
durable goods industries (bil. dol.) ^
8. Manufacturers' new orders in 1982 dollars, consumer
goods and materials industries (bil. dol.)
X
\r
irv
25. Change in manufacturers' unfilled orders, durable goods industries », •.
(bil. dol.; MCD moving avg.—4-term)
|L,L,L|
%. Manufacturers' unfilled orders, durable goods industries
(bil. dol.)
[7-7-77]
/
-/—
Z
32. Vendor performance, percent of companies
receiving slower deliveries (percent)
*M
1S62 63
65
66
V'W
3"1
84
R-:
86
87
88 1989
Current data for these series are shown on page 64.
MARCH 1987
21
CYCLICAL I N D I C A T O R S
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
550-
[Consumption and Trade|
-
57. Manufacturing and trade sales
in 1982 dollars (bil. dol.)
|C,C,G|
>^_^~——^
v
N
.
-
~
^
-
500 -
^
1
i|
-
/
450 -
400-
J^~
350 -
300-
— -
,s^^^
250 /
^
200 -
^^^~^
56. Manufacturing and trade sales in current dollars
(bit dd.)
fcxx] \
y-*^s
S
150 -
140 -
75. Industrial production, consumer goods
(index: 1977=100)
T
120 -
100-
140120-
59. Sales of retail stores in 1982 dollars (bil. d d )
100-
SOD \
60 J
54. Sales of retail stores in current dollars (bil. dol.)
fcXui
160 -
\
140120100 -
Z
55. Personal consumption expenditures,
automobiles, Q (am. rate, bil. dol.)
40-
20 J
110-
58. Index of consumer sentiment (1st Q 1966=100)
100 90807060 J
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 65.
22
MARCH 1987
KCII
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
160 •
[Formation of Business Enterprises |
140120100 -
12. Net business formation (index: 1967=100) [ L X
70 •
6050-
13. New business incorporations (thousands)
40-
30 J
454035-
[Business Investment Commitments|
3025-
20-
20. Contracts and orders for
in 1982 dollars (bil. dol.) i
15-
10. Contracts and orders for plant and equipment
in current dollars (bil. dol.)
U L
40-
27. Manufacturers' new orders in 1982 dollars, nondefense
capital goods industries (bil. dol.)
353025-
2015-
Manufacturers' new orders In current dollars, nondefense
capital goods industries (bit dol.) | L,L,L
10-
9. Construction contracts awarded for commercial and industrial
buildings (mil. sq. ft. of floor space; MCD moving avg.—5-term) 1
110 100-
9080-
,-J/1
70-
! V.
6050-
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.
I E U ) MARCH 1987
23
CYCLICAL I N D I C A T O R S
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
| Business Investment Commitments—Con. |
110100 9080-
\j
7060-
97. Backlog of capital appropriations, 1,000 manufacturing
corporations, Q (bil. dot.)
35302520-
15-
10-
11. Newly approved capital appropriations, 1,000 manufacturing
corporations, Q (bil. dol.)
100. Expenditures in 1982 dolars for new plant and equipment,
Q (aim, fate, Ml. ckri.) Jc.Lg.Lgf
Business Investment Expenditures
61. Expenditures in current dollars for new plant and
equipment, Q (am. rate, bil. dol.)
C.Lelsl
\.
Machinery and equipment sales and
business construction expenditures
(aim. rate, bil. doL) I C,Lg,L
76. Industrial production, business equipment
(index: 1977=100) [ J
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on pages 66 and 67.
24
MARCH 1987
B€ll
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
| Business Investment Expenditures—ConT]
Gross private nonresidential fixed investment in 1982 dollars (am. rate, hil. rinl/l
88. Producers' durable equipment, Q [ C,Lg,C
[Residential Construction Commitments and investment!
28. New private housing units started (arm. rate, millions)
2.6 T
2.42.22.01.81.61.41.2-
1.00.8-
29. New pnvate housing units authorized by local building permits
(index: 1967=100) ^
fiTi
200 180 160 140120100-
240 -
Gross private residential fixed investment in
1982 dollars, Q (am. rate, bil. doL)
220200180-
TOT
160 -
z-Z-
140120 100
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
J
88 1989
Current data for these series are shown on page 67.
Kd)
MARCH 1987
25
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment
| Inventory Investment]
30. Change in business inventories in 1982 dollars, Q (am. rate, bil. dol.)
lull
36. Change in manufacturing and trade inventories on hand and on
order in 1982 dollars ( a m . rate, bil. dot.; moving avg.—4-term1)
31. Change in manufacturing and trade inventories, book value
(ann. rate, bil. do).; MGO moving avg.—6-term)
38. Change in manufacturers' inventories, materials and supplies on
hand and on order (bil. dot.; MCD moving avg.—4-term)
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
1
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 page 68.
26
MARCH 1987
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment—Continued
1 Inventories on Hand and on Order |
700 -
70. Manufacturing and trade inventories in 1982 dollars (bit dd)
600 500-
400-
71. Manufacturing and trade inventories,
i s book value (ML a f g
X
300 -
200-
110100908070-
65. Manufacturers' inventories, finished goods
60-I
50-1
30 J
77. Ratio, manufacturing and trade inventories tosales in 1982 dojlars
260 -
78. Manufacturers' inventories, materials and supplies on hand
and on order (bil. doL) ( I J ^ J g ]
220 180-
100 -
60-1
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 68.
\\i\\
MARCH 1987
27
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits
98
I Sensitive Commodity Prices]
-
C n a n e in
£ P r o d u c e r 9"°**for 28 sensitive crude and intermediate materials
(percent; MCD moving avg.—6-term) [LT_T_]
i
in
99. Change in sensitive materials prices (percent; moving
23. Spot market prices, raw industrial materials2 (index: 1967=100)
/
vr
|Stock Prices!
19. Stock prices, 500 common stocks (index: 1 9 4 1 - 4 3 - 1 0 )
fun
18. Corporate profits after tax in 1982 dollars, Q
[profits and Profit Margins|
(ann. rate, bil. dol.) [ O X l
N
16. Corporate profits after tax in current dollars, Q
(am. rate, bil. dol.) f T J X l
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
1
This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
Beginning with data for June 1981, 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.
28
MARCH 1987
licit
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
|Profits and Profit Margins—Con.]
280240-
80. Corporate profits aftertax with IVA and CCAdj in
1982 dollars, Q (arm. fate, bil. dd.)
200-
160120-
X
79. Corporate profits after tax with IVA and CCAdj in
current dollars, Q (am. rate, bil. dot)
40-
22. Ratio, corporate domestic profits after tax to corporate domestic
tacome, Q (percent) {LTL,L 1 \
1210-
A,
r
x
81. Ratio, corporate domestic profits after tax with IVA and CCAdj V /
to corporate domestic income, Q (percent) |U,L,L|
Ai.
864-
15. Profits after taxes per dollar of sales, manufacturing corporations, Q (cents) | L,L,L |
5-
3-
26. Ratio, implicit price deflator to unit labor cost, nonfarm business
sector, Q (index: 1 9 7 7 - 1 0 0 )
102100989694-
I Cash Flows |
500-
35. Corporate net cash now in 1982 dollars, Q
(arm. rate, bil. dol.)
\^
400 -
(I.L.H
300-
200-
34. Corporate net cash flow in current doBars, Q
(ann. rate, DM. aoi.)
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
100
84
85
86
87
'
J
88 1989
Current data for these series are shown on pages 69 and 70.
ItCIt
MARCH 1987
29
CYCLICAL INDICATORS
B
CYCLICAL I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d
C h a r t B 6 . Prices, Costs, a n d P r o f i t s — C o n t i n u e d
|Unit Labor Costs and Labor Share]
63. Unit labor cost, business sector, Q
0.800.750.700.650.60-
68. Labor cost in current dollars per unit of gross domestic product
in 1982 dollars, nonfinancial corporations, Q (dollars)
0.55-
/
0.500.450.40-
160 •
150 •
140130-
120 •
62. Labor cost per unit of output, manufacturing
(index: 1977=100)
110 100-
70 J
64. Compensation of employees as a percent of national income,
Q (percent)
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 70.
30
MARCH 1987
Kill
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit
85. Change in money supply Ml
(percent; MCD moving avg.—6-term)
+ 2.0+ 1.6-
~ir
•imu
+ 1.2+ 0.8+ 0.4-
•i
SfH
0.0-
-4-4
-0.4-
102. Change in money supply M2
(percent; MCD moving avg.—6-term)
+ 1.6-
A -i
Sr^X.
.Ms . V i | \
+ 1.2-
C. ?•
+ 0.8-
-F
+ 0.40.0-
-0.4-
104. Change in total liquid assets (percent; MCD moving avg.—6-term) | LfL, L
700650-
105. Money supply M l in 1982 dollars (Ml. dot.)
600550-
\FZ~Z
500450270025002300-
106. Money supply M2 in 1982 dollars (bil. do).)
2100
1900 -
1700 -
15007.5'
107. Ratio, gross national product to money supply M l , Q (ratio)
7.0'
IC,C,C|
6.56.0
|rv|
| Velocity of Money |
5.5 •
5.0'
1.50 •
1.45 •
108. Ratio, personal income to money supply M2 (ratio) •
1.40 •
1.35
IC.Lg.CI
130'
1.25
1 20'
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 7 1 .
MARCH 1987
31
CYCLICAL INDICATORS
B
I
C Y C L I C A L I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d
Chart B7. Money and C r e d i t — C o n t i n u e d
[Credit Flows|
33. Net change in mortgage debt held byfinancialinstitutions
and life insurance companies (aim. rate, bil. dol.)-
112. Net change in business loans (ann. rate, bil. dot.;
MCD moving avg.—6-terni) [TJT.
113. Net change in consumer installment credit (am. rate, bil. dol.;
MCD moving avg.—6-terro) | L.L.L ]
111. Change in business and consumer credit outstanding (am. rate, percent):
1200-1
1000800-
JrvL
110. Funds raised by private nonfinancial borrowers in credit
markets, Q (am. rate, bil. doL) |L,L,L|
~
600500-
A/\
400-
/
300200-
100 J
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
1989
Current data for these series are shown on pages 71 and 72.
32
MARCH1987
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY E C O N O M I C P R O C E S S — C o n t i n u e d
Chart B 7 . Money and C r e d i t — C o n t i n u e d
[Credit Difficulties [
14. Current liabilities of business failures (mil. dol.inverted scale; MCD moving avg.—6-term)
lU.Ll
100 -i
200300400600-
400050006000-J
39. Percent of consumer installment loans delinquent 30 days and over
(percent—inverted scale) | L L L |
93. Free reserves (bil. dol.—inverted scale)
1 ii il
94. Member bank borrowings from the Federal Reserve (bil. dol.)
r\j
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77 -78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 72.
ItCII
MARCH 1987
33
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
1 Interest Rates!
119. Federal funds rate (percent)
114. Discount rate on new issues of 91-day Treasury bills
116. Yield on new issues of high-grade corporate bonds
(percent) ] Lg,Lg,Lg |
\
+/*r
115. Yield on long-term Treasury bonds (percent)
118. Secondary market yields on FHA mortgages (percent)
117. Yield on municipal bonds, 20-bond average (percent)
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on pages 72 and 73.
34
MARCH 1987
IU II
CYCLICAL INDICATORS
B
I
CYCLICAL I N D I C A T O R S BY E C O N O M I C P R O C E S S — C o n t i n u e d
Chart B7. Money and C r e d i t — C o n t i n u e d
21-
I Interest Rates—Con. |
2019-
109. Average prime rate charged by banks (percent)—.
1817161514-
67. Bank rates on short-term business bans, Q (percent)
13-
1 Lg.Lg.Lg 1
1211109-
6-
vyyr
5-
400350-
1 Outstanding Debt]
101. Commercial and industrial loans outstanding in 1982 dollars
(bil.doL)
Ii0i..i»l \
300250200-
72. Commercial and industrial loans outstanding in current
400-
300-
66. Consumer installment credit outstanding (bil. dot.)
200-
100 J
18-
95. Ratio, consumer installment credit outstanding to personal income
(percent)
16-
IU.LK.UI
1412-
1962
63
64
65
66
67
68
69
70
71
73
74
/5
76
7/
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 73.
licit
MARCH 1987
35
CYCLICAL INDICATORS
C
D I F F U S I O N I N D E X E S A N D RATES OF C H A N G E
C h a r t C l . Diffusion Indexes
] Percent rising]
950. Twelve leading indicator components' (6-mo. span—, 1-mo. span—-)
100-
50-
<H
951. Four roughly coincident indicator components (6-mo. span—, 1-mo. span—-)
II
» 11
II
mi
I
ioo n
iL
n lif
952. Six tagging indicator components (6-mo. span
50-
, 1-mo. span—-)
100-i
50-
o-i
961. Average weekly hours of production or nonsupervisory workers, 20
manufacturing industries (9-mo. span
, 1-mo. span—-)
100-1
50-
962. Initial claims for unemployment insurance, State programs, 51 areas
(percent declining; 9-mol span
, 1-mo. s p a n — )
100-1
50-
963. Employees on private nonagricuttural payrolls, 172-186 industries
(6-mo. s p a n — , 1-mo. s p a n — )
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
100-
81
82
83
84
85
86
87
88 1989
1
Beginning with data for January 1984, series 12 has been suspended from this index.
Current data for these series are shown on page 74.
36
MARCH 1987
CYCLICAL INDICATORS
C
I
D I F F U S I O N I N D E X E S A N D RATES OF C H A N G E — C o n t i n u e d
Chart C l . Diffusion I n d e x e s — C o n t i n u e d
964. Manufacturers' new orders, 34-35 durable goods industries
(9-mo. span—, 1-mo. span—-)
| Percent rising]
100-1
50-
965. Newly approved capital appropriations in 1982 dollars, 17
manufacturing industries {4-Q moving avg***, 1-Q sparw»)
1
L
966. Industrial production, 24 industries (6-mo. s p a n — , 1-mo. span—-)
100 -
50-
967. Spot market prices, 13 raw industrial materials
(9-mo. span
, 1-mo. s p a n — )
50-
968. Stock prices, 500 common stocks, 42-82 industries
(9-mo. span-—, 1-mo. s p a n — )
100-1
50-
960. Net profits, manufacturing, about 600 companies1 (4-Q span)
~ \
\
^
5
r"
J
605040-
1962 63
64
65
66
67
68
59
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.
KCII
MARCH 1987
37
CYCLICAL INDICATORS
D I F F U S I O N I N D E X E S A N D RATES OF C H A N G E — C o n t i n u e d
C h a r t C l . Diffusion I n d e x e s — C o n t i n u e d
Actual
Anticipated
Actual
•——
Anticipated .••••••
970. Expenditures for new plant and
equipment, 21 industries (1-Q span)
(a) Actual expenditures
974. Number of employees, manufacturing and trade (4-Q span)1
100 -
7075-
6050-
V
(b) Later projections
»
50-
25-
40-
0-
975. Level of inventories, manufacturing and trade (4-Q span)
1
(a) Actual expenditures
80-
V
•
70-
V
60-
*
50401
971. New orders, manufacturing (4-Q span)
976. Selling prices, manufacturing (4-Q span)1
100 90807060-
972. Net profits, manufacturing and trade
.....
.
(4-Q span)
1
977. Selling prices, wholesale trade (4-Q span)1
90-
»••'*•
80\
70-
'7•y
/
60-
f
50-
978. Selling prices, retail trade (4-Q span)1
973. Net sales, manufacturing and trade (4-Q span)1
100-
100 -i
90807060-
1975 76
77
78
79
80
81
82
83
84
85
86 1987
1975 76
77
78
79
80
81
82
83
84
85
86 1987
i This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400
business executives.
Current data for these series are shown on page 76.
MARCH 1987
ItCII
CYCLICAL INDICATORS
C
|
D I F F U S I O N I N D E X E S A N D RATES OF C H A N G E — C o n t i n u e d
C h a r t C 3 . Rates of C h a n g e
1-month spans
3-month spans ~~™~
[ Percent change at annual rate |
910c. Composite index of twelve leading indicators
1
J *\/\. . I V / v
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 1982 dollars (1-Q span)
•-20 + 10 •
m
- 1 0 -1
48c. Employee hours in rwnagricultural establishments
51c. Personal income less transfer payments in 1982 dollars
-ryr
y.^AAV^A^|t^
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
+ 20+ 10 •
0-10-2087
88 1989
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.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
ItCII
MARCH 1987
39
OTHER IMPORTANT ECONOMIC MEASURES
A
NATIONAL INCOME AND PRODUCT
Chart A l . G N P and Personal Income
5000 •
Jm
4500400035003000-
200. Gross national product in current dollars, Q (aim. rate, bil. dol.)
25002000-
1500-
223. Personal income in current dollars
(am. rate, bil. dol.)
\
\
1000-1
224. Disposable personal income in current
dollars, Q (am. rate, bil. dol.)
4500'
4000-
50. Gross national product in 1982 dollars, Q
(ann. rate, bil. doL)
35003000 •
25002000-
4500-
213. Final sales in 1982 dollars, Q (am. rate, bil. dol.)
40003500300025002000 -
225. Disposable personal income in 1982
dollars, Q (am. rate, btt. dol.)
1500-
217. Per capita gross national product in 1982 dollars, Q
(am. rate, thous. dol.)
16'
141210-
227. Per capita disposable personal income in
1982 dollars, Q (am. rate, thous. dol.)
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on pages 63 and 80.
40
MARCH 1987
OTHER IMPORTANT ECONOMIC MEASURES
A
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
P
T
P
I Annual rate, bWon (Mars (current)
3700
3000
2800
2600
2400
2200
2000
180016001400 -
Personal consumption expenditures—
1200
230.
1000-
|feinualrate, faion dollars (1982)
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on pages 80 and 81.
MARCH 1987
41
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL I N C O M E AND P R O D U C T — C o n t i n u e d
Chart A3. Gross Private Domestic Investment
Annual rate, billion dollars (current) |
900800700-
Gross private domestic investment—
600500400-
240. Total, Q * j C ^
300-
200-
242. Fixed investment, Q
245. Change in business inventories, Q
Annual rate, bilion dollars (1982)
30. Change in business inventories, Q
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 81.
42
MARCH 1987
IECII
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
C h a r t A 4 . G o v e r n m e n t Purchases of Goods a n d Services
Annual rate, biWon dollars (current)
Government purchases of goods and services—
266. State and local
government, Q
100-1
Annual rate, blon dollars (1982)
1000-
900800700600500-
267. State and local government, Q
400-
263. Federal Government, Q
200-
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 8 1 .
MARCH 1987
HCII
43
OTHER IMPORTANT ECONOMIC MEASURES
IA I
NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade
Annual rate, billion dollars (current)
600550500450-
[IV]
400350300250-
252. Exports of goods and services, Q
200 -
150 -
• 253. Imports of goods and services, Q
100 -
250. Net exports of goods and services, Q
+ 500-
-50-100 -
IV
-150-
j Annual rate, blon dollars (1982)
257. Imports of goods and services, Q
256. Exports of goods and services, Q
255. Net exports of goods and services, Q
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 82.
44
MARCH 1987
KCII
( ,v
NATIONAL INCOME AND PRODUCT—Continued
C h a r t A 6 . National I n c o m e and Its C o m p o n e n t s
[Annual rate, billion dollars (current) |
4000-
iv
3500300025002000-
220. National income, Q
1500-
• - - 280. Compensation of employees, Q
1000400360320280240-
286. Corporate profits before tax with inventory valuation
and capital consumption adjustments. O
200 180160140 120-
^ - 2 8 8 . Net interest, Q
100 908070-
T
60-
282. Proprietors' income with inventory vatiafon and
capital consumption adjustments, Q
504030-
284. Rental income of persons with capital
consumption adjustment, Q
10-
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 82.
KCII
MARCH 1987
45
OTHER IMPORTANT ECONOMIC MEASURES
jA
I
NATIONAL INCOME AND PRODUCT—Continued
Chart A7. Saving
Annual rate, billion dolars (current)
100 -
60-
40 J
298. Government surplus or deficit, Q
293. Personal saving rate, Q
A
A.
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
10 -i
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on pages 82 and 83.
46
MARCH 1987
ItCII
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A8. Shares of GNP and National Income
[Percent of GNP]
235. Personal consumption expenditures, Q
65-
60-1
268. State and local government purchases
of goods and services, 0
15 -i
265. Federal Government purchases of goods and services, Q
248. Nonresidential fixed investment, Q
249. Residential fixed investment, Q
0-
247. Change in business inventories, Q
251. Net exports of goods and services, Q
-5-
| Percent of National Income |
64. Compensation of employees, Q
75-
70-
65
J
15 T
287. Corporate profits before tax with inventory valuation
and capital consumption adjustments, Q
10-
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
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 83.
IMJ)
MARCH 1987
47
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
I Index: 1982=1001
310c. Implicit price deflator for gross
I P«tent change at anmiajratej
national prnrinrt ( 1 - Q span)
130
+ 15 -,
120
310. Implicit price deflator fw-guss.
national producUQ
-,
+ 10 -
110
100 •
+5 -
90
0 -
70J
311c. Fixed-weighted price index, gross domestic business product
(1-Q span)
+ 15 + 10 -
130
311. Fixed-weighted price index,
'
gross domestic business product, i
120
100
90
+ 5-
I 6-month spans
Producer price indexes—
330c. Ml commodities
70-1
I Index: 1967=1001
Producer price indexes—
o-10-
340'
320
300
280
260
33(1 ftll rnmnwfttiBj;
335c. Industrial commodities
+ 20 -i
+ 10
240-
0
220200
•J - 1 0 - 1
ISO
331c. Crude materials for
further processing
340
320300280'
260-
335. Industrial i
+
30-
+ 20 10 -
240
220200180'
332c. Intermediate materials, supplies, and components
331. Crude materials for further processing
/
j
ry
x*/ r
^
-
^
—
•
"
"
^
—
-
^» ^^—^
-
V
\
2
332. Intermediate materials. supplies,
and components
360
340
320300
280260240'
220 •
+ 20 + 10 0 -
\r
-10-
333c. Capital equipment
200 -•
+ 20
+ 10
0
334c. Finished consumer goods
20-
+
+ 10
A/
>—\
0
334. Finished consumer goods
1975 76
77
78
79
80
81
82
-10
83
84
85
86 1987
1975 76
77
78
79
80
81
82
83
84
85
86 1987
Current data for these series are shown on pages 84, 85, and 86.
MARCH 1987
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B l . Price Movements—Continued
I Index: 1967 = 100 j
380
Consumer price indexes—
340 •
300
260
220
322. All urban consumers, food -—•
180 -
320. All urban consumers
140-
320c. All urban consumers (6-month span)
ft
j Percent change at annual rate
322c. All urban consumers, food (6-month span)
+ 20+ 100-
-10-
Chart B2. Wages and Productivity
I Index: 1977=100
[Wages]
200'
180 •
160 •
341. Real average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls1
140 •
120100-
\
340. Average hourly earnings of production or nonsupervisory workers
on private nonagricultural payrolls (current dollars)1
—
220200180 •
160 140 •
346. Real average hourly compensation, all employees,
nonfarm business sector, Q .
120 •
100 -
345. Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
35
86
87
1989
i 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.
I M J ) MARCH 1987
49
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B2. Wages and Productivity—Continued
I
a g e s
Change in average hourly earnings of production or nonsupervisory workers on private nonagricultural payrolls1—
—^
wcen c
'
'
+ 15-
340c. Current-dollar earnings
i
'it
i
I
*
+ 10+ 50-
..
l
r
r
r
M
Change in average hourly compensation, all employees,
nonfarm business sector, Q—
jj
345c. Current-dollar compensation
+ 15-
4-quarter spans
+ 10+ 50-
346c. Real compensation
+ 10-
l-quarter spans (ann. rate)
t
+ 50-
-5-
Negotiated wage and benefit decisions—
348. Average first-year changes, Q ( a m . rate)
349. Average changes over life of
contract, Q (am. rate)
I Index: 1977=1001
[Productivity |
358. Output per hour, all persons,
nonfarm business sector, Q
\
370. Output per hour, all persons,
Business sectorTQ
370c. Change in output per hour, all persons, business sector, Q
+ 10-
j — l-quarter spans (ann. rate) ,
,' \
+ 5-
7.
\j ^4-quarterspam
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. 2 One-month percent changes have been multiplied by a constant (12) to make them comparable
with the annualized 6-month changes. See page 87 for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.
50
MARCH 1987
OTHER IMPORTANT ECONOMIC MEASURES
C
LABOR FORCE, EMPLOYMENT, AND U N E M P L O Y M E N T
Chart C l . Civilian Labor Force and Major Components
130 120110 -
441. Civilian labor force (millions)
100-
90-
\
442. Civilian employment (millions)
70 J
Civilian labor force participation rates (percent)—
451
mts
2 0 years and over
8580757065-
453. Both sexes 16-19 years of age
60555045-
452. Females 20 years and over
40-
1412108-
Number unemployed (millions)
37. Persons unemployed
/
6-
445. Females 20 years and over
444. Males 20 years—
and over
2-
446. Both sexes 16-19 years of age
1210-
447. Number unemployed, full-time worfcers (millions)
6-
-448. Number of persons employed part time for economic
reasons (millions)
2962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 89.
MARCH 1987
51
OTHER IMPORTANT ECONOMIC MEASURES
G O V E R N M E N T ACTIVITIES
Chart D l . Receipts and Expenditures
[ftnnual rate, bBon dollars (current)|
140012001000 -
600-
502. Federal Government expenditures, Q
400 -
501. Federal Government receipts, Q
200 J
500. Federal Government surplus or deficit, Q
IV
900-,
800700500400-
511. State and local government receipts, Q
300?00-
512. State and local government expenditures, Q
I
i nn -!
510. State and local government surplus or deficit, Q
+ 60+ 40-
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 90.
52
MARCH 1987
ICUI
OTHER IMPORTANT ECONOMIC M.
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
| Advance Measures of Defense Activity]
517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.—6-tetm)
525. Defense Department prime contract awards
(bil. dol.; MCD moving avg.—6-term)
543. Defense Department gross unpaid obligations outstanding (bil. dol.)
548. Manufacturers' new orders, defense products
(Ml. dol.; MCD moving avg.—6-term)
i
1962
63
64
65
66
67
SS
Current data for these series are shown on page 90.
l t d ) MARCH 1987
53
OTHER I M P O R T A N T ECONOMIC MEASURES
I£ ) I
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
[intermediate and Final Measures of Defense Activity |
557. Industrial production, defense and space equipment
(index: 1977=100)
Jl
/
559. Manufacturers' inventories, defense products
(Ml. do).)
s
561. Manufacturers' unfilled orders,
defense products (bil. doL)
580. Defense Department net outlays, military functions and military j
assistance (bil. dol)
_Jlr"
*
AMA^^SA^
588. Manufacturers' shipments, defense products (bil. dol.)
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 91.
54
MARCH 1987
OTHER
J) I
,-vit-';?1-' r<
, > ;
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense I n d i c a t o r s — C o n t i n u e d
| Intermediate and Final Measures of Defense Activity—Con~l
570. Employment, defense products industries (millions)
~i
208-
Defense Department personnel (millions)—
3.5-i
3.0-
577. Military personnel on active duty
2.5-
578. Civilian personnel, direct hire employment
i o-
400350300-
[National Defense Purchases!
250-
564. Federal Government purchases of goods and services, national
defense, Q (ann. rate, bit dot.)
100-
50 J
565. National defense purchases as a percent of GNP, Q (percent)
109"
IV
1962
63
64
65
66
67
68
69
70
74
75
76
77
78
79
80
81
82
83
84
85
86
67
88
198?
Current data for these series are shown on page 9 1 .
I S l ^ l l MARCH 1987
55
OTHER IMPORTANT ECONOMIC MEASURES
E I
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
2520-
15-
602. Exports, excluding military aid shipments (bil. dot.)
10 98765-
2-
604. Exports of domestic agricultural products
(bil. dd.)
N
' — 6 0 6 . Exports of nonelectrical machinery (bil. doi.)
1-J
4035302520-
1098765-
3-
2-
614. Imports of petroleum and petroleum
products (bil. dd.)
10.8616. Imports of automobiles and parts (bil. dd.)
0.6-
0.4-
02J
1962 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 92.
56
MARCH 1987
Wito
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
| Annual rate, biion dolars
s i Excess of receqrts
3D Excess of payments
Goods and services—
667. Balance on goods and services, Q
622. Balance on merchandise trade, Q
70-
Income on investment—
60-
651. U.S. investment abroad, Q —504030k
20-
652. Foreign investment in the United States, Q
10-
1962
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88 1989
Current data for these series are shown on page 93.
Digitized
» ( for
J )FRASER
MARCH 1987
57
OTHER IMPORTANT ECONOMIC MEASURES
F |
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
j'3n
P
' ; . '•,
,-i
!
,
P
I Index: 1977=1001
[hdex: 1977=100|
Industrial production—
Industrial production—
140130-
47. United States
130 -
721. OECD European countries
120-
120 -
110-
110 -
100-
100 90-
160'
12
150
140'
728. Japan
130 •
120
110
100
90
130 -
727. Italy
725. West Germany
130'
120-
120'
110 -
z
110 100'
j*r*»*
100 90-
90-1
726. France
1975
76
77
78
79
80
81
82
83
84
85
86
1987
130 -
723. Canada
120-1
120 -
110 —
110-
100-
100 -
90-
90-1
1975
76
77
78
79
80
81
82
83
84
85
86
1987
Current data for these series are shown on page 94.
58
MARCH 1987
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS—Continued
Chart F2. Consumer Prices
Chart F3. Stock Prices
I Percent change at annual rate]
100 - 1
1975
76
77
78
79
80
81
82
83
84
85
86 1987
1975 76
77
78
79
81
82
83
84
85
86 1987
Current data for these series are shown on pages 95 and 96.
KCII
MARCH 1987
59
CYCLICAL INDICATORS
A
I
COMPOSITE INDEXES AND THEIR COMPONENTS
Q j
Year
and
month
910. Index of
twelve leading
indicators (series
1, 5, 8, 12, 19,
20, 29, 32, 36,
99, 106, 111) x
(1967 = 100)
1985
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)
COMPOSITE INDEXES
940. Ratio,
coincident index
to lagging index2
Leading indicator subgroups
914. Capital
investment
commitments
(series 12, 20,
29)2
(1967 = 100)
(1967 = 100)
915. Inventory
investment and
purchasing
(series 8, 32, 36,
99) 2
916. Profitability (series
19, 26, 80)
917. Money and
financial flows
(series 104, 106,
111)
(1967 = 100)
(1967 = 100)
(1967 = 100)
n
Revised 3
January
February
March
165.5
166.5
167.2
158.4
159.0
159.3
123.7
124.3
125.4
128.1
127.9
127.0
109.2
111.0
110.8
102.6
102.5
102.0
113.1
114.1
114.2
139.0
138.6
138.9
April
May
June
165.9
166.9
167.3
160.5
160.2
159.5
125.1
126.7
126.5
128.3
126.4
126.1
110.0
109.7
110.1
101.8
101.6
101.5
114.5
115.0
115.8
137.1
135.9
135.6
July
August
September
168.5
169.3
170.2
159.7
160.9
160.9
126.9
127.2
128.4
125.8
126.5
125.3
110.5
110.6
111.2
101.5
101.5
101.6
116.7
116.9
115.6
137.7
139.0
140.0
October
November
December
171.2
171.1
174.0
160.8
161.6
163.0
129.7
129.7
130.2
124.0
124.6
125.2
110.3
109.5
110.5
102.1
102.3
102.7
114.8
114.9
116.5
141.1
140.6
141.9
January
February
March
174.1
175.0
176.4
162.9
163.4
162.9
131.6
131.9
rl33.0
123.8
123.9
rl22.5
108.9
110.2
109.9
103.3
103.3
rlO3.5
117.3
119.0
119.8
142.2
140.3
rl40.0
April
May
June
178.2
178.6
178.4
165.6
rl64.3
163.7
rl31.2
rl32.0
rl31.9
rl26.2
rl24.5
rl24.1
110.4
109.5
109.6
rlO3.8
rlO3.5
rlO2.9
119.9
119.7
120.4
rl40.3
142.4
142.6
July
August
September
179.7
180.0
132.1
rl32.2
rl31.7
124.3
rl24.5
rl25.5
109.8
108.8
108.9
rlO2.9
rlO2.6
rlO2.6
120.1
179.7
164.2
164.6
165.3
0)120.7
rll9.3
rl44.9
rl45.6
rl45.4
October
November
December
180.9
182.5
186.8
164.9
rl65.2
[H>rl66.7
133.3
rl33.0
rl32.3
123.7
rl24.2
rl26.0
108.4
108.6
111.0
102.6
rlO3.3
rlO4.6
rll8.4
rll8.2
(NA)
rl47.2
rl46.7
0>rl49.2
164.5
165.9
E>134.5
6
134.1
rl22.3
P123.7
108.9
(NA)
rlO4.3
P103.9
1986
1987
January
February
March
185.8
1>*187.1
5
P148.7
(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 (H); for series that move counter to movements
in general business activity, current low values are indicated by 0 ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back
of this issue. The "\" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
beginning with data for January 1984, series 12 has been suspended from this index.
2
The following series reached their high values before 1985: series 940 (136.2) in January 1984, series 914 (111.5) in February 1984, and
series 915 (107.9) in April 1984.
3
See "New Features and Changes for This Issue," page iii.
^Excludes series 36 and 111, for which data are not available.
5
Excludes series 57, for which data are not available.
6
Excludes series 77 and 95, for which data are not available.
60
MARCH 1987
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
E |
Minor Economic
Process
Marginal Employment Adjustments
Timing Class
Year
EMPLOYMENT AND UNEMPLOYMENT
L, C, L
L, C, L
L, L, L
1. Average weekly hours
of production or nonsupervisory workers, manufacturing
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 programsl
(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)
(Ratio)
(1967 = 100)
(Ann. rate,
bil. hours)
1985
January
February
March
40.5
40.1
40.5
3.3
3.3
3.3
378
402
389
0.490
0.501
0.502
140
141
141
180.23
180.17
181.38
April
May
June
40.3
40.4
40.5
3.3
3.2
3.2
387
383
392
0.470
0.474
0.500
132
132
141
181.05
181.65
181.88
July
August
September
40.4
40.6
40.7
3.2
3.3
3.3
381
375
381
0.497
0.490
0.491
141
134
136
181.80
182.58
183.11
October
November
December
40.7
40.7
40.9
3.4
3.4
3.6
367
371
391
0.503
0.524
0.527
140
144
145
184.42
184.58
184.81
January
February
March
40.8
40.7
40.7
3.5
3.4
3.4
375
384
393
0.538
0.498
0.490
143
142
138
185.63
185.29
185.41
April
May
June
40.7
40.7
40.6
3.4
3.4
3.3
374
378
378
0.472
0.452
0.500
132
128
141
185.82
185.76
185.45
July
August
September
40.6
40.8
40.8
3.4
3.5
3.5
370
379
369
0.506
0.495
0.485
140
134
135
185.90
186.66
186.95
October
November
December
40.7
40.8
40.8
3.5
3.5
3.5
343
0)342
356
0.510
0.530
0,539
141
147
144
187.41
188.58
40.9
3.6
H>p3.6
359
361
0.527
[H>p0.553
E>pl48
1986
rl88.49
1987
January
February
March
H>p41.2
142
rl89.11
DP191.02
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.
MARCH 1987
61
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT-Continued
Comprehensive Employment—Continued
U,C,C
42. Number
of persons
engaged in nonagricultural
activities
(Thous.)
C, C, C
41. Employees
on nonagricultural payrolls
(Thous.)
L, C, U
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
37. Number of
persons unemployed
L, Lg, U
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, Lg, Lg
44. Unemployment rate,
persons unemployed 15
weeks and over
(Percent)
1985
January
February
March
102,979
103,269
103,676
96,366
96,507
96,870
25,008
24,931
24,971
59.18
59.31
59.46
8,506
8,365
8,351
7.4
7.3
7.2
2.9
2.9
2.9
15.9
15.9
16.2
2.0
2.1
2.1
April
May
June
103,612
103,719
103,403
97,104
97,338
97,442
24,996
24,949
24,897
59.41
59.39
59.08
8,364
8,291
8,385
7.3
7.2
7.3
2.8
2.8
2.8
16.4
15.3
15.5
2.1
2.0
2.0
July
August
September
103,711
104,030
104,558
97,672
97,890
98,128
24,875
24,880
24,843
59.19
59.30
59.50
8,438
8,141
8,242
7.3
7.1
7.1
2.8
2.8
2.8
15.5
15.3
15.3
2.0
2.0
2.0
October
November
December
104,720
104,923
104,998
98,428
98,666
98,910
24,903
24,931
24,977
59.55
59.60
59.64
8,288
8,171
8,184
7.1
7.0
7.0
2.7
2.8
2.8
15.3
15.6
15.2
2.0
1.9
1.9
January
February
March
105,612
105,452
105,555
99,296
99,429
99,484
B3>25,101
25,038
24,945
59.86
59.63
59.71
0)7,902
8,485
8,380
6.8
7.2
7.2
2.8
2.8
2.8
15.0
15.2
14.6
1.8
2.0
1.9
April
May
June
105,770
106,014
106,449
99,783
99,918
99,843
25,038
24,965
24,854
59.75
59.80
59.99
8,323
8,422
8,392
7.1
7.2
7.1
2.8
2.8
2.8
14.7
14.8
15.2
1.8
1.9
1.9
July
August
September
106,763
107,010
106,845
100,105
100,283
100,560
24,869
24,888
24,858
60.08
60.12
60.02
8,230
8,057
8,285
7.0
6.8
7.0
3.0
2.9
2.8
15.1
15.6
15.5
1.9
1.9
2.0
October
November
December
107,030
107,217
107,476
100,826
101,068
rl01,322
24,865
24,891
24,920
60.07
60.14
60.19
8,222
8,243
7,949
6.9
6.9
6.7
2.7
2.7
2.6
15.2
14.8
15.0
1.8
1.9
1.8
107,866
0)108,146
rl01,641
0)plOl,978
r25,009
p25,059
60.30
8,023
7,967
6.7
2.6
0)60.45
0)6.7
0)2.6
15.0
0)14.6
0)1.8
1986
1987
January
February
March
1.8
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.
62
MARCH 1987
ItCIt
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Industrial Production
Comprehensive Output and Income
ccc
Timing Class
Year
and
month
PRODUCTION AND INCOME
50. Gross national product
in 1982 dollars
ccc
Personal income
223. Current
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
52. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
ccc
51. Personal
income less
transfer payments in 1982
dollars
(Ann. rate,
bil. dol.)
CCC
53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)
CCC
47. Index of
industrial
production
(1977 = 100)
CCC
73. Index of
industrial
production,
durable manufactures
(1977 = 100)
CL, L
74. Index of
industrial
production,
nondurable
manufactures
(1977 = 100)
CCC
49. Value of
goods output
in 1982 dollars
(Ann. rate,
bil. dol.)
1985
January
February
March
3,547.0
3,227.3
3,258.3
3,273.8
2,933.9
2,951.4
2,952.0
2,500.3
2,516.8
2,517.9
538.7
537.3
538.8
122.7
123.2
123.4
126.6
126.4
127.3
122.6
123.5
123.7
l,52l'.i
April
May
June
3,56^6
3,302.7
3,288.5
3,304.9
2,972.7
2,949.3
2,958.7
2,537.6
2,514.8
2,525.1
536.7
536.8
536.4
123.3
123.6
123.6
127.5
127.4
127.0
124.1
124.7
124.8
1,52616
July
August
September
3,603.8
3,315.4
3,320.5
3,333.9
2,962.8
2,962.1
2,963.5
2,522.2
2,525.9
2,526.8
535.0
537.4
537.0
123.4
124.4
124.3
126.9
128.1
127.4
125.4
126.0
126.4
1,544.2
October
November
December
3,62^3
3,358.3
3,372.3
3,418.0
2,971.9
2,971.2
3,003.5
2,535.9
2,536.4
2,569.0
538.7
538.5
542.0
123.6
124.8
125.6
126.7
128.2
128.7
125.8
127.2
127.5
1,54K7
January
February
March
3,655.9
3,417.4
3,435.3
3,445.1
2,992.5
3,021.4
3,040.7
2,551.7
2,577.9
2,593.6
541.6
540.8
541.6
126.2
125.3
123.6
129.5
128.7
126.8
129.3
128.7
127.7
1,563!6
April
May
June
3,661.4
3,486.8
3,481.3
3,481.9
H>3,082.9
3,072.6
3,059.7
H>2,633.9
2,621.9
2,609.9
0)544.3
543.0
538.5
124.7
124.2
124.2
128.1
127.0
126.2
129.6
129.9
131.2
1,562^8
July
August
September
3,68^4
3,490.8
3,497.9
3,507.9
3,062.1
3,060.3
3,053.0
2,605.7
2,608.4
2,601.6
538.4
541.1
538.9
124.9
125.1
124.9
127.4
127.5
128.1
131.7
132.2
131.4
1,568^6
October
November
December
H>r3,696'.l
r3,517.8
r3,523.3
r3,542.7
r3,056.3
r3,055.8
r3,064.6
r2,604.1
r2,603.5
r2,611.8
543.9
540.5
540.3
125.3
126.0
128.1
128.6
rl26.6
rl29.2
rl32.7
133.5
r3,548.9
H)p3,581.3
r3,046.3
p3,066.2
r2,592.6
p2,612.5
r539.6
p539.8
rl26.8
0>Pl27.3
rl28.8
H)pl29.9
rl34.3
DP134.4
1986
132.3
E>rl,574'.i
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.
MARCH 1987
63
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
• •
Ittl
PRODUCTION AND
INCOME-Continued
1^1
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
Minor Economic
Capacity Utilization
Process
Timing Class
L, L, L
L, C, U
L, C, U
82. Capacity
utilization rate,
manufacturing
Orders and Deliveries
1
84. Capacity
utilization rate,
materials1
L, L, L
6. Current
dollars
(Bil. dol.)
(Bil. dol.)
(Bil. dol.)
(Bil. dol.)
Revised 2
Revised 2
Revised 2
Revised 2
7. Constant
(1982) dollars1
month
(Percent)
(Percent)
(Bil. dol.)
Revised 2
1985
L, Lg, U
25. Change in
manufacturers'
unfilled orders,
durable goods
industries1
durable goods industries
and
L, L, L
8. Manufacturers' new
orders in 1982
dollars, consumer goods
and materials
Manufacturers' new orders,
Year
L, L.L
96. Manufacturers' unfilled
orders, durable
goods industries
L, L, L
32. Vendor
performance,
companies receiving slower
deliveries1©
(Percent
reporting)
80.2
80.2
80.4
81.4
81.3
81.2
98.98
98.44
97.45
93.47
92.87
91.85
81.30
78.95
78.43
1.64
0.74
-1.16
356.76
357.49
356.33
47
48
46
80.4
80.3
80.0
80.5
80.1
80.2
96.25
98.26
102.64
90.71
92.26
96.29
78.58
79.28
78.21
-1.64
-0.13
4.37
354.70
354.57
358.93
44
44
44
79.9
80.3
80.0
79.7
79.8
79.5
98.44
101.20
101.74
92.17
94.75
95.53
78.11
78.86
79.95
1.02
1.61
2.65
359.95
361.55
364.21
44
42
42
79.4
80.1
80.2
79.1
79.4
80.3
101.71
95.59
104.14
95.15
89.33
97.24
80.03
80.08
79.66
0.41
-5.15
3.56
364.61
359.47
363.03
46
42
46
80.8
80.2
79.1
80.1
79.6
78.5
99.02
101.44
101.20
92.63
94.89
94.58
81.47
80.97
79.20
0.63
1.94
3.45
363.66
365.59
H>369.04
46
48
50
May
79.9
79.4
78.7
78.1
98.12
97.08
June
79.3
78.0
97.77
91.53
90.47
91.12
80.82
78.53
80.21
-2.71
-1.41
-1.84
366.33
364.92
363.09
50
55
50
July
August
September
79.7
79.7
79.6
78.3
77.9
78.1
99.99
96.13
103.47
93.10
89.42
96.07
78.77
79.61
82.79
0.48
-1.94
2.59
363.56
361.63
364.21
54
51
52
79.6
79.8
r80.0
77.8
78.4
r78.9
100.39
100.66
E>105.97
92.87
92.94
97.75
81.18
79.52
85.64
-1.14
0.44
-0.77
363.08
363.52
362.74
54
56
56
r79.9
p80.1
r78.9
p78.9
95.47
plOl.18
87.91
P93.17
80.81
[H>p85.71
-3.78
p-1.46
358.96
P357.50
55
52
55
January
February
March
April
May
June
July
August
September
October
November
December
1986
January
February
March
April
October
November
December
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 2 1 .
1
The following series reached their high values before 1985: series 82 (81.3) in July 1984; series 84 (82.9) in August 1984; series 7
(100.61) in March 1984; series 25 (9.80) in March 1984; and series 32 (72) in March 1984.
2
See "New Features and Changes for This Issue," page iii.
64
MARCH 1987
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
^ 9
Minor Economic
Process
C.C.C
C, C,C
Manufacturing and trade sales
56. Current
dollars
(Mil. dol.)
57. Constant
(1982) dollars
(Mil. dol.)
C, L, C
75. Index of
industrial
production,
consumer
goods
(1977 = 100)
C, L, U
U, L, U
Sales of retail stores
54. Current
dollars
(Mil. dol.)
FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and Trade
Timing Class
Year
and
month
• •
l i l
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued
59. Constant
(1982) dollars
(Mil. dol.)
L,C,C
55. Personal
consumption
expenditures,
automobiles
(Ann. rate,
bil. dol.)
L, L,L
58. Index of
consumer
sentiment 1(u)
(1st Q
1966 = 100)
L, L, L
12. Index of
net business
formation1
(1967 = 100)
L, L, L
13. Number of
new business
incorporations
(Number)
1985
January
February
March
417,350
418,218
420,346
398,853
400,734
402,554
118.0
119.1
119.3
110,511
111,935
111,999
104,256
105,301
104,966
110.2
96.0
93.7
93.7
121.2
122.1
121.4
52,328
53,086
54,574
April
May
June
423,215
424,379
418,219
406,623
408,803
400,212
118.9
119.7
119.9
114,256
113,992
113,468
106,881
106,734
106,243
112.8
94.6
91.8
96.5
120.8
120.4
120.4
54,690
55,394
54,313
July
August
September
421,565
428,205
427,201
404,428
411,491
410,596
119.4
120.9
121.1
114,620
116,349
118,499
107,322
108,737
110,643
126L4
94.0
92.4
92.1
121.5
121.2
120.7
54,558
55,843
56,180
October
November
December
426,123
431,012
431,799
408,186
411,314
411,431
120.5
122.7
123.3
114,947
115,354
116,687
107,127
107,007
107,844
111.6
88.4
90.9
93.9
121.2
120.4
119.9
r57,644
56,570
57,583
r431,564
r426,744
420,230
r411,906
r412,097
410,592
123.8
123.3
121.8
rll7,438
rll7,090
116,684
r108,138
rlO8,921
109,665
nil i
95.6
95.9
95.1
119.3
120.8
121.5
58,003
59,753
58,867
April
May
June
428,455
421,613
425,475
420,460
413,038
415,467
124.5
124.3
124.4
117,715
118,675
118,960
111,157
111,642
111,700
115'. 2
96.2
94.8
99.3
rl22.4
rl20.8
120.4
59,156
57,733
57,322
July
August
September
427,473
429,310
442,206
419,493
421,843
432,903
125.2
125.1
124.2
119,804
121,523
0)128,331
112,492
113,467
0)119,045
0)i4o!i
97.7
94.9
91.9
120.7
119.3
rl20.2
57,618
r56,285
r57,436
October
November
December
435,848
435,889
0)r448,823
r424,508
r425,083
0>r436,449
124.7
rl25.6
rl27.2
121,655
121,062
rl26,938
113,062
112,302
rll6,886
rl27.6
95.6
91.4
89.1
119.7
118.7
rl21.5
r57,081
56,656
0>p64,8O4
p428,749
(NA)
p415,457
(NA)
rl26.8
E>Pl27.5
rll7,519
pl22,291
rlO7,618
pill,681
90.4
90.2
rl22.2
0>pl24.6
(NA)
1986
January
February
March
1987
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.
1
Series 58 reached its high value (101.0) in March 1984.
ItCII
MARCH 1987
65
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
1
PROCESS
^
FIXED CAPITAL INVESTMENT—Continued
Minor Economic
Business Investment Commitments
Process
Timing Class
L, L, L
L. L. L
plant and equipment
and
10. Current
dollars
month
L, L, L
Manufacturers' new orders,
nondefense capital goods industries
Contracts and orders for
Year
L, L, L
20. Constant
(1982) dollars
24. Current
dollars
L,C, U
U, Lg, U
9. Construction contracts awarded for
commercial and industrial buildings1
27. Constant
(1982) dollars
Square feet of
floor space
(Millions)
Square meters of
floor space2
(Millions)
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations 3
(Bil. dol.)
(Bil. dol.)
(Bil. dol.)
(Bil. dol.)
Revised"4
Revised 4
Revised 4
Revised 4
29.12
33.44
32.62
29.04
ED35.40
33.44
24.68
29.00
27.58
24.96
H>31.33
28.82
81.14
82.48
87.41
7.54
7.66
8.12
29^94
29.87
30.48
31.92
30.04
31.14
32.61
25.05
25.39
27.32
25.62
26.50
28.45
91.95
83.99
69.68
8.54
7.80
6.47
27.56
31.44
31.65
33.35
31.98
32.52
33.98
26.19
27.00
28.10
27.23
28.31
29.24
91.89
91.41
24.17
B>93.19
8.54
8.49
G>8.66
November
33.94
29.86
0)34.46
34.68
30.57
34.02
28.42
25.00
H>29.89
29.71
26.19
29.91
92.00
92.61
79.23
8.55
8.60
7.36
27!l9
December
29.25
32.78
30.37
28.94
34.19
31.22
24.96
27.67
26.59
25.08
29.61
27.83
70.66
78.41
69.96
6.56
7.28
6.50
23^39
30.29
30.37
31.76
25.47
25.48
25.90
26.45
27.03
28.07
84.26
76.71
75.88
7.83
7.13
7.05
19*99
June
29.78
29.25
30.08
July
August
September
30.76
29.55
31.35
32.60
31.54
32.44
26.64
25.54
27.14
28.95
27.99
28.72
73.10
79.09
80.82
6.79
7.35
7.51
P20.21
October
31.90
31.62
34.03
32.88
32.95
34.79
27.65
27.30
29.31
29.12
29.14
30.63
71.77
85.41
78.29
6.67
7.93
7.27
(NA)
30.71
P30.31
30.92
P30.87
26.76
P26.32
27.43
P27.35
83.02
70.82
7.71
6.58
1985
January
February
March
April
May
June
July
August
September
October
(Bil. dol.)
C Lg, Lg
97. Backlog of
capital appropriations, 1,000
manufacturing
corporations
(Bil. dol.)
99.35
H)99!88
97!l8
94! 58
1986
January
February
March
April
May
November
December
92.22
85^77
p8l!l2
(NA)
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F. W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.
3
Series 11 reached its high value (34.12) in 2d quarter 1984.
4
See "New Features and Changes for This Issue," page iii.
66
MARCH 1987
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Timing Class
Residential Construction
Commitments and Investment
Business Investment Expenditures
C, Lg, Lg
C Lg, Lg
Expenditures for new plant
and equipment
Year
and
month
FIXED CAPITAL INVESTMENT-Continued
61. Current
dollars
(Ann. rate,
bil. dol.)
100. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
C, Lg, Lg
69. Machinery
and equipment
sales and
business
construction
expenditures
(Ann. rate,
bil. dol.)
C Lg, U
76. Index of
industrial production, business equipment
(1977 = 100)
C Lg, C
Lg, Lg, Lg
C Lg, C
28. New private housing
units startedx
Gross private nonresidential
fixed investment in 1982 dollars
87. Structures
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
88. Producers'
durable equipment
(Ann. rate,
bil. dol.)
86. Total
L, L, L
(Ann. rate,
thous.)
L, L, L
29. Index of
new private
housing units
authorized by
local building
permits 1
(1967 = 100)
L, L, L
89. Gross private residential
fixed investment
in 1982 dollars
(Ann. rate,
bil. dol.)
Revised2
1985
January
February
March
373.*56
371.84
377.28
392.10
404.35
138.3
139.2
138.9
442.7
149'.9
292^8
1,754
1,673
1,810
130.8
135.2
139 9
172^4
April
May
June
387.' 86
387.*31
398.08
397.26
400.21
140.7
140.8
138.5
463^0
H>154!i
308.9
1,816
1,683
1,678
135.1
137.7
136.9
175! i
July
August
September
389^3
388!58
392.96
401.99
395.62
139.5
141.0
140.4
463^1
152^3
310.9
1,681
1,743
1,679
136.3
142.1
147.2
180.'0
October
November
December
B>397!88
0>397!57
405.04
404.90
138.3
140.8
140.0
B>476!9
152^4
324! 5
0)419.77
1,813
1,690
1,887
135.8
133.0
146.7
18K5
1986
January
February
March
377.94
374ll8
384.46
399.12
396.02
E>141.5
140.5
137.7
457.8
148.1
309.7
2,004
1,923
1 887
148.4
144.2
146 3
186.3
April
May
June
375.92
372*73
397.24
386.25
391.66
138.6
137.9
136.6
456.8
132^9
323^9
1,945
1,848
1,842
150.3
142.6
142.9
192.7
July
August
September
374^55
368.69
393.07
391.59
390.99
137.9
139.3
139.3
454! 4
129^5
324.9
1,786
1,800
1,689
140.3
133.4
127.8
19A2
October
November
December
a394.'34
a389.17
393.32
391.45
411.72
rl38.6
rl37.1
r457.8
rl27.7
E)r330.1
1,657
1,637
[H)rl99.7
rl,813
124.8
128.6
152.3
P373.75
(NA)
rl37.5
P138.9
rl,804
pi,851
134.8
140.6
139.1
1987
January
February
March
a386.82
a38olo4
April
May
June
a393.'39
a386.29
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
x
2
Series 28 reached its high value (2,260) in February 1984; series 29 reached its high value (158.5) in February 1984.
See "New Features and Changes for This Issue," page iii.
MARCH 1987
67
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
IS
Minor Economic
Process
Timing Class
Year
and
month
NVENTORIES AND INVENTORY INVESTMENT
Inventory Investment
30. Change in
business inventories in 1982
dollars x
Smoothed 2
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
Revised
1985
31. Change
in mfg. and
trade inventories, book
valuex
36. Change in mfg. and trade
inventories on hand and on
order in 1982 dollars1
Actual
(Ann. rate,
bil. dol.)
L, L, L
L.L.L
L.L.L
3
Inventories on Hand and on Order
Revised
3
L, L, L
Lg, Lg, Lg
38. Change in
mfrs.' inventories, materials and supplies on hand
and on order 1
(Bil. dol.)
Revised
Lg, Lg, Lg
Manufacturing and trade
inventories
71. Book
value
(Bil. dol.)
70. Constant
(1982) dollars
(Bil. dol.)
3
Lg, Lg, Lg
Lg, Lg, Lg
77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars
65. Manufacturers' inventories,
finished
goods
(Ratio)
(Bil. dol.)
Revised
L, Lg, Lg
78. Mfrs.1
inventories,
materials and
supplies on
hand and on
order l
(Bil. dol.)
Revised 3
3
January
February
March
23.2
27.20
13.97
-12.24
8.42
12.08
10.65
28.4
32.9
-2.1
-0.06
-1.04
-3.12
575.80
578.54
578.37
632.39
634.14
634.21
106.30
106.48
0)106.84
1.59
1.58
1.58
238.40
237.37
234.24
April
May
June
\YA
5.68
-22.09
6.65
6.06
-3.54
-6.40
2.0
-8.6
27.5
-0.72
-2.51
1.04
578.53
577.81
580.11
635.58
634.35
635.39
106.69
106.80
106.05
1.56
1.55
0)1.59
233.52
231.01
232.06
July
August
September
h'.i
4.36
-19.63
-6.36
-3.47
-3.28
-5.04
3.2
-10.6
0.4
-1.60
-0.46
-0.91
580.37
579.49
579.52
636.56
635.86
635.69
105.18
104.52
103.77
1.57
1.55
1.55
230.46
230.00
229.08
October
November
December
-I'.Z
16.36
3.90
4.68
-5.21
0.71
6.47
29.6
8.7
6.3
-0.03
-2.68
3.01
581.99
582.71
583.23
637.74
638.64
638.43
103.14
103.85
104.07
1.56
1.55
1.55
229.05
226.37
229.39
January
February
March
39^9
31.06
15.35
49.26
10.76
15.12
24.46
r9.2
rl4.2
36.0
-0.42
1.24
-0.60
r584.00
585.18
588.18
640.58
641.50
645.87
103.96
103.40
103.21
1.56
1.56
1.57
228.97
230.21
229.61
April
May
June
15*. i
15.70
-43.60
8.87
29.33
16.94
0.39
5.1
-22.5
26.2
-0.93
-2.10
-1.17
588.60
586.73
588.91
647.86
645.28
646.28
103.31
103.34
101.72
1.54
1.56
1.56
228.68
226.58
225.41
July
August
September
-0.3
12.44
-20.89
-33.17
-6.89
-3.64
-6.87
35.8
-21.0
-24.9
-0.81
-1.17
1.61
591.90
590.14
588.07
0)648.42
646.97
643.48
102.28
101.56
100.16
1.55
1.53
1.49
224.60
223.43
225.04
October
November
December
r-28^5
4.93
-15.78
-11.51
-15.12
-15.52
-11.06
41.8
-18.0
r-40.9
-0.79
-0.38
1.73
591.56
590.05
r586.64
r644.55
r643.80
r641.07
100.18
101.56
101.14
1.52
1.51
rl.47
224.24
223.86
225.59
P77.66
(NA)
p4.67
(NA)
p66.6
(NA)
p-1.03
(NA)
[H>p592.20
(NA)
P648.34
(NA)
P102.92
(NA)
pi.56
(NA)
P224.56
(NA)
1986
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
x
The following series reached their high values before 1985: series 30 (85.1) in 1st quarter 1984, series 36 actual (88.21) in April
1984, series 36 smoothed (79.00) in May 1984, series 31 (88.9) in February 1984, series 38 (3.53) in October 1983, and series 78 (244.21)
in July 1984.
2
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
3
See "New Features and Changes for This Issue," page iii.
RR
MARCH 1987 I M A t
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
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 x
23. Index of
spot market
prices, raw
industrial,
materials12©
(Percent)
(1967 = 100)
Revised
L, L, L
U, L, L
5
PRICES, COSTS, AND PROFITS
L, L. L
99. Change in sensitive materials
prices *
19. Index of
stock prices,
500 common
stocks ©
Smoothed3
Actual
(Percent)
(Percent)
Revised
5
Revised
(1941-43 = 10)
Profits and Profit Margins
L, L, L
IL, L
Corporate profits after tax
16. Current
dollars1
18. Constant
(1982) dollars1
L,C, L
L,C, L
Corporate profits after tax
with IVA and CCAdj*
79. Current
dollars
80. Constant
(1982) dollars
L, L, L
22. Ratio, corporate domestic profits after
tax to corporate domestic
incomex
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Percent)
5
1985
January
February
March
-O.O7
-1.69
-0.38
255.8
253.1
252.4
-0.72
-1.20
-0.26
-0.53
-0.68
-0.82
171.61
180.88
179.42
126.0
118.7
178.7
171J
5*.i
April
May
June
-0.96
0.90
0.52
257.1
252.0
242.9
0.04
-0.13
-0.78
-0.60
-0.30
-0.20
180.62
184.90
188.89
126\7
11S\8
187^2
179^8
5*.6
July
August
September
-0.07
-0.34
240.7
239.8
238.0
-0.31
-0.31
192.54
188.31
184.06
133.4
124.9
200.5
H>192!3
5.3
U . JJ
-0.35
-0.44
- 0U . A?
H-C
October
November
December
0.59
-0.55
0.00
236.9
234.5
235.0
0.18
-0.62
0.09
-0.30
-0.27
-0.22
186.18
197.45
207.26
139^4
13o!l
189^2
18CL2
5!3
0.45
-1.24
0.91
236.9
233.3
223.1
0.45
-1.07
-0.85
-0.07
-0.10
-0.33
208.19
219.37
232.33
126*.9
116\5
[H>20CL7
190 !i
4^5
0.93
0.65
0.00
219.9
221.3
225.0
0.09
0.50
0.50
-0.55
-0.35
0.14
237.98
238.46
245.30
128.8
118.3
194.2
183.6
4.8
July
August
September
0.61
-2.57
1.36
227.6
212.0
221.2
0.67
-3.38
1.93
0.46
-0.09
-0.50
240.18
245.00
238.27
135^9
124^3
197!6
185!3
5!6
October
November
December
1.37
0.88
0.30
235.5
243.7
247.5
2.62
1.45
0.61
0.06
1.20
1.78
237.36
245.09
248.61
pl44^2
P131.5
P195.8
P182.4
p5.*3
-1.10
-0.17
252.8
247.2
6
246.3
0.04
-0.73
1.13
0.34
264.51
0)280.93
7
293.02
- D fiR
u. DJ
1986
January
February
March
April
May
June
1987
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.
x
These series reached high values before 1985: series 98 (2.90), Feb. 1983; series 23 (289.5), May 1984; series 99 actual (2.68), Feb.
2
1983; series 99 smoothed (1.82), Apr. 1983; series 16 (146.4), IQ 1984; series 18 (142.7), IQ 1984; series 22 (6.7), IIIQ 1983.
This is
3
a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
See
footnote 2, p. 68. ''See footnote 1, p. 70. 5See "New Features and Changes," p. iii. 6Avg. for Mar. 2-24. 7Avg. for Mar. 4, 11, 18, 25.
MARCH 1987
69
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class
Year
and
month
g j
L, L, L
81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
income1
15. Profits after
taxes per dollar
of sales, manufacturing corporations 2
(Percent)
(Cents)
Unit Labor Costs and Labor Share
Cash Flows
Profits and Profit Margins—Continued
U, L, L
PRICES, COSTS, AND PROFITS—Continued
L, L, L
26. Ratio, implicit price deflator to unit
labor cost,
nonfarm business sector
(1977 = 100)
L, L, L
L, L, L
Corporate net cash flow
34. Current
dollars
Lg, Lg, Lg
63. Index of
unit labor cost,
business sector
35. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
(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
(1977 = 100)
Actual data
as a percent
of trend
64. Compensation of employees as a
percent of national income
(Percent)
(Percent)
1985
k'.Z
98!7
361.0
360.1
163.1
0.704
138.1
137.5
137.5
87.7
86.9
86.5
1ZA
8.*2
3.7
9^9
37CL8
36^5
164!i)
0.708
136.8
136.9
137.7
85.7
85.4
85.4
73!5
July
August
September
H>8.8
3.7
0>99!3
382! 8
381! 6
164!i
0.705
137.8
137.8
138.0
85.1
84.7
84.4
73!i
October
November
December
7.9
3.6
98.2
389.4
388! i
167'.3
0.716
139.7
138.6
139.4
85.1
84.0
84.1
73.7
January
February
March
8.2
3.6
99.0
37^3
374.2
167!6
0.721
138.1
138.6
73!7
H>140.4
82.9
82.8
83.5
April
May
June
h'.i
4.*3
9^8
374.9
374.1
168.0
0.724
138.4
139.1
138.6
82.0
82.0
81.3
73^5
July
August
September
8.1
p3.4
99.'6
384.3
383'.8
169.3
0.727
137.8
138.2
138.1
80.4
80.3
79.9
72L8
October
November
December
p7*.8
(NA)
97.7
[H>p398!8
E>p397.'6
E>17l'.4
0>pO.729
139.4
rl38.3
137.7
80.2
79.2
78.5
H>p74.*i
rl38.2
P138.2
r78.4
P78.1
January
February
March
April
May
June
1986
1987
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.
^ V A , inventory valuation adjustment; CCAdj, capital consumption adjustment.
Series 15 reached its high value (4.9) in 2d quarter 1984.
2
70
MARCH 1987
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
MONEY AND CREDIT
Minor Economic
Money
Process
Timing Class
L, L, L
L,C, U
L, L, L
Velocity of Money
L, L, L
L.L.L
C,C,C
Credit Flows
C Lg, C
L.L.L
L, L, L
33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companiesx
(Ann. rate,
bil. dol.)
112. Net change
in business loans
104. Change
in total liquid
assets x
105. Money
supply Ml in
1982 dollars
106. Money
supply M2 in
1982 dollars
(Percent)
(Percent)
(Bil. dol.)
(Bil. dol.)
Revised 2
Revised 2
r0.83
rl.35
rO. 58
1.11
1.04
0.40
0.74
0.96
0.61
r513.6
r518.4
r518.6
2,188.7
2,202.5
2 199 5
r6.879
r0.63
r0.97
rl.41
0.07
0.64
1.14
0.20
0.47
0.83
r520.1
r523.5
r529.7
2,193.5
2,200.6
2,221.0
r6.800
rl.358
rl.344
r l .335
86.62
66.98
73.73
9.59
28.55
-42.54
rO.97
rl.33
rl.21
0.65
0.79
0.60
0.46
0.82
0.78
r533.9
r540.1
r545.9
2,231.3
2,245.6
2,256.2
r6.675
rl.331
rl.322
rl.320
58.92
68.39
42.35
18.52
1.20
-18.55
r0.46
0.86
1.23
0.34
0.57
0.80
0.64
0.99
0.94
546.4
548.3
553.3
2,255.7
2,256.6
2,267.6
6.591
1.325
1.323
1.330
125.47
71.12
106.55
56.11
56.44
43.50
0.30
0.52
1.31
0.20
0.30
0.64
0.60
0.48
0.38
553.1
557.5
567.1
2,264.5
2,277.4
2,301.1
6.546
1.327
1.330
1.326
-23.17
57.40
43.56
57.86
-50.58
-11.22
1.20
1.76
1.20
0.96
0.90
0.76
0.64
0.81
0.52
575.5
584.2
588.7
2,329.7
2,344.9
2,352.6
6.342
1.329
1.315
1.305
52.58
30.83
(NA)
-46.75
21.97
-26.40
1.36
1.54
0.89
0.98
0.91
0.66
0.66
0.71
0.72
596.5
604.8
608.3
2,375.1
2,393.2
2,401.5
6.185
1.296
1.287
1.282
8.20
47.78
-22.16
November
1.20
1.57
December
H>2.54
0.89
0.53
0.88
0.64
0.65
0.80
614.5
622.6
637.3
2,418.5
2,425.6
2,442.5
r5.958
1.274
rl.269
rl.265
25.92
23.62
99.96
0.79
p-0.02
p0.77
(NA)
B>639.2
P636.2
0)2,445.6
p2,434.7
1.258
pi.269
[H)121.20
p-26.92
85. Change
102. Change
in money
in money
supply M l
supply M2 *
Year
and
107. Ratio,
gross national
product to
money supply
Ml1
108. Ratio,
personal income
to money supply
M21
month
(Percent)
(2)
(2)
Revised 2
1985
January
February
March
April
May
June
July
August
September
October
November
December
(Ratio)
(Ratio)
(2)
C2)
r1.347
rl.346
r l 347
(Ann. rate,
bil. dol.)
Revised 2
71.21
59.26
ini
id
iul•It
54.62
22.08
An oc
1986
January
February
March
April .
May
June
July
August
September
October
1987
January
February
March
0.97
p-0.05
3
0.41
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 3 1 , and 32.
x
The following series reached their high values before 1985: series 102 (2.66) in January 1983, series 104 (1.16) in September 1984,
series 107 (6.950) in 4th quarter 1984, series 108 (1.375) in March 1984, and series 33 (143.70) in September 1984.
2
See "New Features and Changes for This Issue," page iii.
3
Average for weeks ended March 3, 10, and 17.
I f c O l MARCH 1987
71
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
Q
PROCESS
Minor Economic
Timing Class
L, L, L
L, L,L
113. Net change
in consumer
installment
Year
credit
L.L.L
111. Change in
business and
consumer credit
outstanding x
and
110. Funds
raised by private
nonfinancial
borrowers in
credit markets
L, L, L
14. Current
liabilities of
business
failures1©
month
(Ann. rate,
percent)
(Ann. rate,
bil. dol.)
2
Revised
Bank Reserves
Credit Difficulties
Credit Flows—Continued
Process
MONEY AND CREDIT—Continued
(Ann. rate,
mil. dol.)
(Mil. dol.)
L, L, L
39. Percent
of consumer
installment
loans delinquent 30 days
and overx
(Percent)
Interest Rates
L, U,U
L, Lg, U
93. Free
reserves1©
94. Member
bank borrowings from the
Federal
Reserve1©
(Mil. dol.)
(Mil. dol.)
L, Lg, Lg
119. Federal
funds rate 1 ©
(Percent)
C Lg, Lg
114. Discount
rate on new
issues of 91-day
Treasury bills 1 ©
(Percent)
2
Revised
1985
63.20
80.62
98.02
12.5
10.2
13.9
512,540
1,821.0
2,409.8
3,485.8
2.20
2.19
2.40
-650
-386
-827
1,395
1,289
1,593
8.35
8.50
8.58
7.76
8.22
8.57
91.94
73.07
35.28
9.8
9.3
2.8
540,744
r3,289.2
r3,048.3
r2,914.1
2.38
2.25
2.33
-585
-530
-300
1,323
1,334
1,205
8.27
7.97
7.53
8.00
7.56
7.01
67.68
66.18
0)125.96
8.6
8.1
9.7
591,564
r2,173.9
r3,018.4
r2,200.1
2.29
2.35
2.39
-252
-246
-623
1,107
1,073
1,289
7.88
7.90
7.92
7.05
7.18
7.08
67.28
66.58
83.65
14.5
10.4
12.5
0)944,524
r6,844.3
r4,160.4
rl,548.8
2.26
2.32
2.32
-434
-813
-260
1,187
1,741
1,318
7.99
8.05
8.27
7.17
7.20
7.07
75.83
60.96
28.68
11.8
3.5
4.4
460,156
r3,238.9
r3,252.2
p2,746.6
2.27
2.29
2.41
r341
r213
rl35
770
884
761
8.14
7.86
7.48
7.04
7.03
6.59
June
71.18
50.87
60.14
3.4
7.2
3.2
576,416
p2,902.5
p3,515.7
p3,426.6
2.44
2.52
2.53
r-92
r-38
rl28
893
876
803
6.99
6.85
6.92
6.06
6.12
6.21
July
August
September
75.40
67.28
91.37
8.0
8.0
4.0
694,724
p7,609.1
p3,685.0
p3,377.2
2.22
2.33
2.24
rl69
-132
-282
741
872
1,008
6.56
6.17
5.89
5.84
5.57
5.19
October
67.04
9.38
1.73
8.1
4.2
12.9
p780,524
p4,099.5
pi,973.8
p3,867.9
1.81
1.95
1.85
-95
226
542
841
752
827
5.85
6.04
6.91
5.18
5.35
5.49
P6.43
(NA)
P7.7
(NA)
p3,446.6
p2,921.1
(NA)
r488
p653
580
p556
6.43
6.10
6.10
5.45
5.59
"5.56
January
February
March
April
May
June
July
August
September
October
November
December
1986
January
February
March
April
May
November
December
1987
January
February
March
3
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.
x
The following series reached their high values before 1985: series 111 (22.0) in June 1984, series 14 (829.2) in July 1983, series 39
(1.78) in February 1984, series 93 (-7,328) in August 1984, series 94 (8,017) in August 1984, series 119 (11.64) in August 1984, and series
114 (10.49) in August 1984. 2See "New Features and Changes for This Issue," page iii. 3Average for weeks ended March 4, 11, 18, and 25.
^Average for weeks ended March 5, 12, 19, and 26.
72
MARCH 1987 I M ] | I
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q [
Minor Economic
Process
Outstanding Debt
Interest Rates—Continued
Timing Class
Year
and
month
MONEY AND CREDIT—Continued
Lg- U- Lg
116. Yield on
new issues of
high-grade
corporate
bonds1©
(Percent)
C, Lg, Lg
115. Yield on
long-term
Treasury
bonds1©
(Percent)
U, Lg, Lg
117. Yield on
municipal
bonds, 20bond average 1 ©
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
118. Secondary
market yields
onFHA
mortgages * ©
67. Bank rates
on short-term
business
loans1©
(Percent)
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
109. Average
prime rate
charged by
banks1©
66. Consumer
installment
credit outstanding
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
Commercial and industrial
loans outstanding
72. Current
dollars
101. Constant
(1982) dollars
(Mil. dol.)
(Mil. dol.)
Revised
Lg, Lg, Lg
2
Revised
(Percent)
(Mil. dol.)
2
Revised
95. Ratio,
consumer installment credit
outstanding
to personal
income
2
Revised 2
1985
January
February
March
12.46
12.39
12.85
11.15
11.35
11.78
9.51
9.65
9.77
13.01
13.27
13.43
io!io
10.61
10.50
10.50
451,450
458,168
466,336
324,426
326,266
329,670
313,758
315,843
319,758
13.99
14.06
14.24
April
May
June
12.45
11.85
11.33
11.42
10.96
10.36
9.42
9.01
8.69
12.97
12.28
11.89
9^90
10.50
10.31
9.78
473,998
480,087
483,027
330,469
332,848
329,303
319,912
321,592
318,783
14.35
14.60
14.62
July
August
September
11.28
11.61
11.66
10.51
10.59
10.67
8.81
9.08
9.27
12.12
11.99
12.04
9.27
9.50
9.50
9.50
488,667
494,182
504,679
330,846
330,946
329,400
320,587
322,245
322,625
14.74
14.88
15.14
October
November
December
11.51
11.17
10.42
10.56
10.08
9.60
9.08
8.54
8.43
11.87
11.28
10.70
9.68
9.50
9.50
9.50
510,286
515,834
522,805
334,076
338,779
342,404
324,661
327,639
330,506
15.19
15.30
15.30
10.33
9.76
8.95
9.51
9.07
8.13
8.08
7.44
7.08
10.78
10.59
9.77
9.29
9.50
9.50
9.10
529,118
534,198
536,589
347,226
343,011
342,076
336,459
337,277
341,053
15.48
15.55
15.58
April
May
June
8.71
9.09
9.39
7.59
8.02
8.23
7.20
7.54
7.87
9.80
10.07
9.98
8!l3
8.83
8.50
8.50
542,521
546,759
551,771
338,180
340,011
337,811
339,538
340,011
338,149
15.56
15.71
15.85
July
August
September
9.11
9.03
9.28
7.86
7.72
8.08
7.51
7.21
7.11
10.01
9.80
9.90
7.73
8.16
7.90
7.50
558,054
563,661
571,275
338,494
342,476
340,629
340,537
344,890
342,685
15.99
16.11
16.29
October
November
December
9.29
8.99
8.87
8.04
7.81
7.67
7.08
6.85
6.86
9.80
9.26
9.21
7.28
7.50
7.50
7.50
576,862
577,645
577,789
342,789
344,757
353,087
343,820
345,448
354,505
H)16.40
16.39
16.31
7.60
7.69
7.61
6.61
6.61
"6.69
8.79
8.81
7.50
7.50
7.50
E)p578,325
(NA)
[0)363,187
p360,944
H>361,380
p357,017
pl6.30
(NA)
1986
January
February
March
1987
January
February
March
3
8.59
8.58
8.67
3
7.46
5
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.
x
The following series reached their high values before 1985: series 116 (14.49) in June 1984, series 115 (13.00) in June 1984, series 117
2
(10.673 in June 1984, series 118 (15.01) in May 1984, series 67 (13.29) in 3d quarter 1984, and series 109 (13.003 in August 1984.
See
3
"New Features and Changes for This Issue," page iii.
Average for weeks ended March 6, 13, 20, and 27.
^Average for weeks ended March
5
5, 12, 19, and 26.
Average for March 1 through 27.
MARCH 1987
73
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE
Q |
Year
and
month
950. Twelve leading
indicator components
(series 1, 5, 8, 12, 19,
20, 29, 32, 36, 99, 106,
111) l
1-month
span
Revised 3
6-month
span
951. Four roughly
coincident indicator
components (series
41,47,51,57)
1-month
span
DIFFUSION INDEXES
952. Six lagging
indicator components
(series 62, 77, 91, 95,
101, 109)
961. Average weekly
hours of production or
nonsupervisory workers,
20 manufacturing
industries
962. Initial claims for
unemployment insurance,
State programs, 51
areas 2
963. Employees on
private nonagricultural
payrolls, 186
industries
6-month
span
1-month
span
6-month
span
1-month
span
9-month
span
1-month
span
9-month
span
1-month
span
6-month
span
11.8
72.5
52.4
47.8
53.8
49.2
47.8
43.0
Revised 3
1985
January
February
March
68.2
54.5
36.4
45.5
50.0
50.0
100.0
75.0
100.0
100.0
75.0
66.7
50.0
58.3
50.0
50.0
66.7
35.0
22.5
85.0
40.0
40.0
47.5
84.3
33.3
41.2
64.7
April
May
June
36.4
77.3
50.0
45.5
54.5
72.7
100.0
62.5
75.0
100.0
100.0
100.0
41.7
50.0
33.3
58.3
50.0
50.0
12.5
77.5
77.5
55.0
67.5
67.5
19.6
45.1
88.2
64.7
58.8
68.6
49.2
51.6
47.0
45.9
44.3
44.3
July
August
September
50.0
63.6
68.2
90.9
72.7
90.9
50.0
100.0
50.0
75.0
100.0
100.0
41.7
50.0
58.3
58.3
41.7
50.0
27.5
87.5
65.0
87.5
92.5
97.5
7.8
82.4
59.8
64.7
13.7
r62.7
56.2
56.8
50.8
48.9
50.8
54.1
October
November
December
72.7
45.5
81.8
90.9
81.8
50.0
50.0
87.5
87.5
100.0
100.0
62.5
91.7
41.7
66.7
58.3
75.0
66.7
75.0
52.5
95.0
75.0
80.0
80.0
23.5
74.5
27.5
64.7
33.3
64.7
61.9
57.6
59.5
57.0
57.0
55.9
January
February
March
59.1
45.5
59.1
59.1
50.0
54.5
75.0
75.0
50.0
100.0
75.0
75.0
75.0
50.0
83.3
50.0
66.7
58.3
22.5
22.5
72.5
80.0
57.5
27.5
58.8
52.9
62.7
49.0
39.2
51.0
59.7
53.5
45.1
53.8
53.8
47.6
April
May
June
63.6
59.1
59.1
54.5
63.6
63.6
100.0
25.0
37.5
75.0
75.0
100.0
0.0
58.3
33.3
33.3
33.3
33.3
45.0
45.0
45.0
60.0
30.0
40.0
25.5
74.5
56.9
56.9
58.8
r67.6
54.1
49.2
46.2
45.9
45.9
48.6
July
August
September
59.1
50.0
50.0
68.2
72.7
90.9
75.0
100.0
50.0
75.0
75.0
100.0
50.0
33.3
33.3
33.3
41.7
50.0
42.5
90.0
57.5
75.0
r65.0
r72.5
34.3
77.5
19.6
92.2
47.1
p90.2
54.6
54.3
54.9
49.7
55.4
r61.1
October
November
December
54.5
72.7
81.8
72.7
"88.9
75.0
87.5
100.0
50.0
100.0
91.7
HI.7
66.7
50.0
P85.0
66.7
80.4
7.8
55.1
62.7
r60.8
P62.4
25.0
50.0
82.5
r52.5
50.0
37.5
r55.0
p65.0
50.0
1986
5
6
r62.4
1987
January
February
March
36.4
"44.4
5
50.0
100.0
6
p88.2
r53.2
p59.2
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.
beginning with data for January 1984, series 12 has been suspended from this index.
2
Figures are the percent of components declining.
3
See "New Features and Changes for This Issue," page iii.
''Excludes series 36 and 111, for which data are not available.
5
Excludes series 57, for which data are not available.
6
Excludes series 77 and 95, for which data are not available.
74
MARCH 1987
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
m
964. Manufacturers'
new orders, 34
durable goods industries
Year
and
month
1985
1-month
span
9-month
span
Revised 3
Revised 3
965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries
1-quarter
span
DIFFUSION INDEXES—Continued
966. Industrial production, 24 industries
967. Spot market
prices, 13 raw
industrial materials ©
968. Stock prices, 500
common stocks 1 ©
960. Net profits,
manufacturing, about
600 companies2©
4-Q moving
average
1-month
span
6-month
span
1-month
span
9-month
span
1-month
span
9-month
span
*54
39.6
56.2
70.8
54.2
62.5
66.7
23.1
38.5
57.7
23.1
23.1
23.1
89.1
93.5
37.0
77.8
73.3
85.6
51
56.2
58.3
50.0
66.7
72.9
58.3
76.9
38.5
23.1
23.1
38.5
46.2
55.4
66.7
75.6
77.8
82.2
73.3
60.4
66.7
68.8
38.5
46.2
46.2
38.5
46.2
38.5
76.7
30.0
11.1
75.6
82.2
86.0
70
*48
54.2
68.8
50.0
75.0
70.8
60.4
42.3
23.1
57.7
53.8
53.8
53.8
55.6
88.9
86.7
88.1
92.9
90.5
*70
*43
41.7
70.8
58.3
70.8
39.6
22.9
68.8
47.9
50.0
61.5
38.5
34.6
46.2
50.0
57.7
60.5
81.0
94.0
90.5
90.5
88.1
'70
p46
45.8
54.2
54.2
53.8
61.5
65.4
42.3
50.0
50.0
61.9
50.0
77.4
88.1
90.5
81.0
'70
(NA)
79.2
37.5
50.0
January
February
March
50.0
42.6
58.8
50.0
64.7
57.4
50
April
May
June
41.2
58.8
51.5
54.4
45.6
58.8
42
July
August
September
52.9
64.7
38.2
55.9
48.5
52.9
59
October
November
December
61.8
42.6
44.1
44.1
47.1
58.8
53
January
February
March
55.9
55.9
45.6
38.2
47.1
44.1
36
April
May
June
61.8
32.4
55.9
47.1
55.9
47.1
24
July
August
September
47.1
44.1
72.1
32.4
67.6
48.5
P71
58.3
68.8
33.3
54.2
r75.0
r77.1
50.0
50.0
65.4
50.0
65.4
73.1
35.7
67.9
42.9
81.0
71.4
78.6
October
November
December
44.1
47.1
55.9
P67.6
(NA)
64.6
62.5
r75.0
P77.1
73.1
61.5
65.4
65.4
34.5
76.2
50.0
95.2
'80.8
(4-quarter span)
70
"ll
1986
r70.8
1987
52.9
P64.7
January
February
March
April
May
June
r54.2
p68.8
4
84.6
42.3
30.8
98.8
95.2
...
July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
1
Based on 46 industries through April 1985, on 45 industries through December 1985, on 43 industries through January 1986, and on 42 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
See "New Features and Changes for This Issue," page iii.
'Based on average for March 3, 10, 17, and 24.
ItO
MARCH 1987
75
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q j
Year
and
quarter
970. Expenditures for new plant and equipment
21 industries
a. Actual
expenditures
(1-Q span)
b. Later
projections
c. Early
projections
(1-Q span
DIFFUSION INDEXES—Continued
971. New orders, manufacturing1©
972. Net profits, manufacturing
and trade' ©
Actual
Actual
Anticipated
(1-Q span)
(4-Q span)
(4-Q span)
973. Net sales, manufacturing
and trade' ©
Anticipated
(4-Q span)
Actual
(4-Q span)
Anticipated
(4-Q span)
(4-Q span)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
97.6
76.2
90.5
66.7
90. 5
61.
76. ?
76. ?
61.9
71.4
95.2
45.2
90
86
84
79
88
91
90
88
80
79
74
74
84
86
88
84
85
84
82
80
88
90
90
88
61.9
76.2
64.3
59.5
57. 1
76. ?
71.
52. \
61.9
83.3
76.2
38.1
74
74
76
75
82
84
82
80
70
69
70
70
80
81
81
78
76
74
75
74
84
84
84
81
19.0
57.1
70.8
(NA)
35. 7
66. 7
42.
85. 7
47.6
69.0
47.6
66.7
76
76
74
75
82
83
84
78
70
71
70
70
78
81
81
78
72
73
74
74
81
84
83
80
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
38.1
80
83
HHj
Year
and
quarter
974. Number of employees,
manufacturing and trade1 ©
975. Level of inventories,
manufacturing and trade1 @
Actual
Actual
Anticipated
DIFFUSION INDEXES—Continued
976. Selling prices, manufacturing1 ©
Anticipated
82
83
78
81
Anticipated
Actual
978. Selling prices, retail
trade1©
977. Selling prices, wholesale
trade1©
Anticipated
Actual
Anticipated
Actual
(4-Q span)
(4-Q span)
72
68
70
70
70
74
74
68
6C)
66
63
66
62
65
70
67
62
6^ \
6' \
62•>
62>
60
62
66
62
62
62
64
64
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
65
63
62
62
62
64
64
62
72
70
70
70
66
70
70
66
74
70
70
68
74
76
76
72
73
69
65
65
60
58
58
59
60
62
59
58
66
63
60
61
64
66
62
58
65
62
61
61
70
70
64
62
64
60
59
60
6t 5
6(
58
59
60
58
59
60
59
58
62
61
62
60
58
58
60
57
59
60
58
63
62
65
62
59
59
59
58
62
(4-Q span)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
72>
It
11>
It >
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
6c
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
60
59
60
60
60
66
64
64
63
68
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those,
indicated b y ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
lr
rhis is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. Dun §
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.
76
MARCH 1987
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components
1987
1986
July
August
September
October
November
Decemberr
January
February
961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING '
(Hours)
All manufacturing industries
40.6
40.8
40.8
40.7
40.8
40.8
40.9
41.2
Percent rising of 20 components .
(42)
(90)
(58)
(50)
(82)
(52)
(55)
(65)
Lumber and wood products
Furniture and fixtures
40.1
39.4
40.2
39.9
40.1
40.0
40.3
39.8
40.7
39.6
40.4
39.6
40.7
40.0
41.0
40.0
Stone, clay, and glass products
Primary metal industries
42.2
41.3
42.5
41.9
42.5
42.0
42.
42.
41.9
42.4
42.1
42.5
43.0
42.7
43.
42.
Fabricated metal products
Machinery, except electrical
41.1
41.4
41.2
41.7
41.
41.
41.2
41.6
41.4
41.7
41.
41.
41.5
41.9
41.
42,
Electric and electronic equipment .
Transportation equipment
41.1
42.1
41.2
42.6
41.2
42.6
40.9
42.1
41.0
42.3
41.0
42.1
40.9
42.3
41.
42.
Instruments and related products
40.8
38.8
41.0
39.2
40.7
39.6
41.1
39.8
41.2
40.2
41.3
40.3
41.2
39.5
41.2
39.4
Durable goods industries:
Miscellaneous manufacturing
Nondurable goods industries:
Food and kindred products
Tobacco manufacturers
Textile mill products
Apparel and other textile products
40.0
35.9
40.3
36.2
39.7
38.5
39.8
39.1
40.0
38.4
39.8
37.7
40.1
37.2
40.1
34.3
40.9
36.6
41.4
36.5
41.6
36.7
41.
36.
41.5
36.9
41.9
37.0
41.8
36.9
42.2
37.5
Paper and allied products
Printing and publishing
43.2
37.9
43.5
38.0
43.0
38.0
43.0
38.0
43.2
38.1
43.
38,
43.6
37.8
43.6
38.1
Chemicals and allied products .
Petroleum and coal products ..
41.9
43.5
42
44
42.0
43.4
42.2
43.7
42.5
43.8
42.2
43.6
42.3
45.5
42.5
45.2
Rubber and miscellaneous plastics products .
Leather and leather products
40.5
37.0
41.2
36.7
41.6
36.8
41.4
36.8
41.7
37.2
42.3
38.1
41.6
37.3
41.2
37.5
100,658
105,966
95,466
101,182
(47)
(56)
(53)
(65)
964. MANUFACTURERS' NEW ORDERS. DURABLE GOODS INDUSTRIES '
(Millions of dollars)
All durable goods industries
Percent rising of 34 components .
Primary metals
Fabricated metal products..
99,991
96,129
(47)
(44)
+
103,468
100,392
(72)
(44)
+
7,744
11,206
8,677 +
10,829 +
8,955
11,317
8,252
11,187
+
8,258 +
11,155 +
9,180
11,724
7,348 +
10,860 +
8,368
11,354
Machinery, except electrical
Electrical machinery
+
-
17,140
17,554
16,616
17,020
+
16,574
17,864
16,124
18,054
+
-
16,800
17,378 +
16,499
18,803
16,007
15,901
+
+
16,627
17,202
Transportation equipment
Other durable goods industries.
+
-
26,639
19,708
23,421
19,566
+
+
28,391
20,367
26,757
20,018
+
27,074
19,993
+
+
29,500
20,260
24,201
21,149
+
26,896
20,735
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling. The "r" indicates revised; "p",
preliminary; and "NA", not available.
*Data are seasonally adjusted by the source agency.
2
Data are revised; see "New Features and Changes for This Issue," page iii. 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.
ItCIt
MARCH 1987
77
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued
Diffusion index components
1987
1986
July
August
September
November1"
October
December1"
January 1 "
FebruaryP
966. INDEX OF INDUSTRIAL PRODUCTION
(1977 = 100)
+
126.0
126.6
126.8
127.3
(62)
(71)
(54)
(69)
129.5 +
148.6 +
132.9
150.2
(NA)
148.2
(NA)
(NA)
120.6 +
76.8
121.7
73.7
123.0
72.4
(NA)
73.2
+
108.4
140.3
108.7
139.4
108.9
140.1
+
+
168.3 +
125.6 +
170.2
127.2
168.5
127.9
168.7
131.7
140.3
99.0
+
141.1 +
98.9 +
142.0
102.6
142.0
102.1
142.4
(NA)
134.3
89.8
133.7
100.1
+
134.4
96.8
+
134.7
95.6
135.1
(NA)
(NA)
(NA)
114.7
102.5
116.0
102.7
116.1
104.2
+
+
117.8 +
105.1 +
118.5
106.9
117.3
107.3
(NA)
(NA)
138.1
165.4
138.6
164.6
136.9
163.0
137.8
167.8
+
+
139.5 +
168.5
141.4
167.6
141.0
169.5
(NA)
170.0
Chemicals and products
Petroleum products
134.1
90.6
134.4
94.0
133.9
93.3
133.9
91.1
+
132.3 +
92.0 +
134.2
92.6
135.9
96.0
(NA)
94.0
Rubber and plastics products..
Leather and products
155.5
61.9
155.5
62.0
154.9
59.4
157.6
60.2
+
+
159.0 +
61.3
159.6
59.5
159.5
59.0
(NA)
(NA)
Metal mining
Coal
69.2
120.2
70.9
122.2
70.7
120.8
68.5
117.6
+
68.3
130.1
(NA)
124.3
(NA)
133.5
(NA)
(NA)
Oil and gas extraction
Stone and earth minerals ..
92.4
111.8
90.7
114.8
91.0
111.7
90.5
116.4
90.4
115.2
91.2
112.9
91.2
113.6
91.1
(NA)
124.9
125.1
124.9
125.3
(58)
(69)
(33)
(65)
Lumber and products
Furniture and fixtures
120.8
149.5
122.5
148.3
125.0
147.7
125.9
149.2
+
Clay, glass, and stone products .
Primary metals
119.6
73.6
119.7
73.4
121.6
74.1
118.1
74.2
+
+
Fabricated metal products
Nonelectrical machinery
105.7
142.6
105.9
142.6
107.3
140.9
108.3
142.2
Electrical machinery
Transportation equipment
166.8
125.6
167.2
125.1
166.9
127.7
167.7
125.2
Instruments
Miscellaneous manufactures
141.7
97.5
142.0
98.3
141.7
97.7
Foods
Tobacco products .
134.3
97.9
135.1
97.1
Textile mill products
Apparel products....
113.4
102.5
Paper and products
Printing and publishing .
All industrial production
Percent rising of 24 components
2
Durable manufactures:
107.1
141.2
Nondurable manufactures:
Mining:
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.
( + ) = rising, (o) = unchanged, and ( - ) = falling.
The "r" indicates revised: " p " ,
*Data are seasonally adjusted by the source agency.
Where actual data for separate industries are not available, estimates are used to compute the percent rising.
2
78
MARCH 1987
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q j
SELECTED DIFFUSION INDEX COMPONENTS: BasicData and Directions of Change—Continued
Diffusion index components
1987
1986
July
August
967.
Raw i n d u s t r i a l s p r i c e i n d e x ( 1 9 6 7 = 1 0 0 )
....
+
Percent rising of 13 components
227.6
September
October
November
INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS
-
212.0
(50)
+
221.2
+
(65)
(50)
235.5
+
December
March1
February
2
243.7
+
(62)
(73)
January
247.5
+
252.8
-
-
(42)
(85)
(65)
247.2
246.3
(31)
Dollars
Copper scrap
(pound).,
(kilogram)..
-
0.428
0.944
-
0.416
0.917
+
0.444
0.979
-
0.431
0.950
-
0.429
0.946
+
0.442
0.974
+
0.448
0.988
+
0.452
0.996
+
0.476
1.049
Lead scrap
(pound)..
(kilogram)..
+
0.130
0.287
-
0.126
0.278
+
0.138
0.304
+
0.153
0.337
+
0.173
0.381
+
0.177
0.390
+
0.178
0.392
-
0.167
0.368
-
0.162
0.357
Steel scrap
(U.S. ton).,
(metric ton)..
o
70.000
77.161
+
74.750
82.397
-
72.600
80.027
-
71.500
78.814
-
71.000
78.263
+
71.400
78.704
+
75.000
82.673
+
77.000
84.877
-
75.000
82.673
Tin
(pound)..
(kilogram)..
-
3.056
6.737
+
3.068
6.764
-
3.052
6.728
+
3.138
6.918
+
3.430
7.562
+
3.636
8.016
+
3.795
8.366
-
3.778
8.329
-
3.732
8.228
Zinc
(pound)..
(kilogram)..
+
0.430
0.948
+
0.444
0.979
+
0.453
0.999
+
0.481 +
1.060
0.489
1.078
-
0.449
0.990
-
0.433
0.955
-
0.414
0.913
o
0.414
0.913
Burlap
(yard)..
(meter)..
-
0.242
0.265
0.229
0.250
-
0.220
0.241
-
0.217
0.237
+
0.218
0.238
+
0.226
0.247
+
0.238
0.260
-
0.237
0.259
-
0.231
0.253
Cotton
(pound)..
(kilogram)..
0.267
0.589
+
0.336
0.741
+
0.442
0.974
+
0.457
1.008
+
0.542
1.195
+
0.575
1.268
-
0.550
1.213
-
0.544
1.199
+
0.968
1.059
+
0.975
1.066
Print cloth
0.666
1.468
-
3
(yard).,
(meter)..
+
0.712
0.779
-
0.700
0.766
+
0.760
0.831
+
0.868
0.949
+
1.035
1.132
-
0.904
0.989
+
0.920
1.006
Wool tops
(pound)..
(kilogram)..
o
3.200
7.055
+
3.275
7.220
+
3.300
7.275
+
3.805
8.389
+
3.980
8.774
+
4.000
8.818
o
4.000
8.818
Hides
(pound)..
(kilogram)..
-
0.784
1.728
-
0.768
1.693
-
0.745
1.642
+
0.760
1.675
0.752
1.658
-
0.717
1.581
+
0.718
1.583
+
0.736
1.623
+
0.788
1.737
Rosin
(100 pounds)..
(100 kilograms)..
o
50.000
110.230
o
50.000
110.230
o
50.000
110.230
o
50.000
110.230
o
50.000
110.230
o
50.000
110.230
o
50.000
110.230
o
50.000
110.230
o
50.000
110.230
Rubber
(pound)..
(kilogram)..
+
0.434
0.957
+
0.435
0.959
+
0.451
0.994
+
0.468
1.032
-
0.448
0.988
-
0.447
0.985
+
0.459
1.012
+
0.465
1.025
Tallow
(pound)..
(kilogram)..
+
0.097
0.214
+
0.098
0.216
+
0.112
0.247
+
0.123
0.271
o
0.123
0.271
+
0.142
0.313
+
0.152
0.335
-
0.143
0.315
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( f )
preliminary; and "NA", not available.
rising, (o) -=- unchanged, and ( —) = falling.
3.300
7.275
3.250
7.165
0.460
1.014
-
0.132
0.291
The "r" indicates revised: "p",
x
The index is the average for March 2 through 24; component prices are averages for March 3, 10, 17, and 24.
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.
3
Data beginning August 1, 1986, reflect a change in the domestic Federal price support for cotton.
2
MARCH 1987
79
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
H H
Year
and
quarter
b. Difference
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
217. Per capita
gross national
product in 1982
dollars
50. Gross national product in 1982 dollars
200. Gross national product in current dollars
a. Total
GNP AND PERSONAL INCOME
a. Total
c. Percent
change at
annual rate
b. Difference
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
c. Percent
change at
annual rate
(Ann. rate,
dollars)
213. Final sales
in 1982 dollars
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
3,670.9
3,743.8
3,799.7
3,845.6
125.1
72.9
55.9
45.9
14.9
8.2
6.1
4.9
3,444.7
3,487.1
3,507.4
3,520.4
79.6
42.4
20.3
13.0
9.8
5.0
2.3
1.5
14,582
14,730
14,778
14,795
3,359.6
3,430.0
3,446.8
3,486.4
3,909.3
3,965.0
4,030.5
4,087.7
63.7
55.7
65.5
57.2
6.8
5.8
6.8
5.8
3,547.0
3,567.6
3,603.8
3,622.3
26.6
20.6
36.2
18.5
3.1
2.3
4.1
2.1
14,874
14,928
15,041
15,080
3,523.9
3,550.2
3,603.1
3,627.5
4,149.2
4,175.6
4,240.7
r4,258.7
61.5
26.4
65.1
6.2
2.6
6.4
3,655.9
3,661.4
3,686.4
r3,696.1
33.6
5.5
25.0
3.8
0.6
2.8
rl.l
15,188
15,179
15,246
3,616.1
3,646.3
3,686.7
r3,724.5
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
rl8.0
rl.7
r9.7
rl5,249
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
Q
Year
and
quarter
GNP AND PERSONAL INCOME-Continued
^ Q
230. Total in current
dollars
Disposable personal income
224. Current dollars
(Ann. rate,
bil. dol.)
225. Constant
(1982) dollars
(Ann. rate,
bil. dol.)
PERSONAL CONSUMPTION EXPENDITURES
231. Total in 1982
dollars
233. Durable goods
232. Durable goods
in current dollars
in 1982 dollars
227. Per capita in
1982 dollars
(Ann. rate,
dollars)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
2,612.7
2,646.3
2,693.8
2,729.6
2,446.9
2,460.3
2,481.9
2,493.1
10,358
10,392
10,457
10,477
2,363.8
2,416.1
2,445.6
2,487.2
2,213.8
2,246.3
2,253.3
2,271.7
321.2
331.3
331.8
340.4
311.1
319.0
318.8
326.8
2,755.4
2,842.3
2,832.0
2,882.2
2,495.7
2,550.8
2,524.7
2,540.7
10,466
10,674
10,537
10,577
2,530.9
2,576.0
2,627.1
2,667.9
2,292.3
2,311.9
2,342.0
2,351.7
347.7
354.0
373.3
362.0
332.3
338.8
357.4
347.0
2,935.1
2,978.5
2,979.9
r2,993.0
2,581.2
2,625.8
2,605.5
r2,595.4
10,723
10,886
10,776
2,697.9
2,732.0
2,799.8
r2,820.4
2,372.7
2,408.4
2,448.0
r2,445.8
360.8
373.9
414.5
r403.1
345.4
357.1
391.6
r380.4
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
rl0,708
1987
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 pages 40 and 41.
MARCH 1987
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
Q
Year
and
quarter
236. Nondurable
goods in current
dollars
(Ann. rate,
bil. dot.)
'ERSONAL CONSUMPTION EXPENDITURES—Continued
238. Nondurable
goods in 1982
dollars
(Ann. rate,
bil. dol.)
237. Services in
current dollars
(Ann. rate,
bil. dol.)
R H
239. Services in
1982 dollars
(Ann. rate,
bil. dol.)
240. Total in
current dollars
(Ann. rate,
bil. dol.)
GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1982 dollars
242. Fixed investment in current
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
243. Fixed investment in 1982
dollars
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
855.7
870.3
873.9
880.3
819.7
832.8
831.7
830.5
1,186.9
1,214.5
1,239.9
1,266.5
[,083.0
U094.6
1,102.8
L,114.4
659.5
657.5
670.3
661.1
649.3
649.7
658.9
649.9
564.0
597.6
605.8
624.4
564.1
592.7
598.3
615.9
888.2
902.3
907.4
922.6
834.3
841.3
843.8
847.2
1,294.9
1,319.7
1,346.4
1,383.2
1,125.8
[,131.8
[,140.8
[,157.5
650.6
667.1
657.4
669.5
638.2
655.6
643.8
653.2
625.2
648.0
654.3
672.6
615.0
638.1
643.1
658.4
929.7
928.4
932.8
r940.1
860.6
877.3
875.4
r875.1
1,407.4
1,429.8
1,452.4
rl,477.2
1,166.6
1,174.0
1,181.0
708.3
687.3
675.8
r663.2
684.0
664.7
651.3
r629.0
664.4
672.8
680.3
r690.3
644.1
649.6
651.6
r657.4
266. State and
local government
in current dollars
267. State and
local government
in 1982 dollars
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
rl,190.2
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
• H
• S I
Year
and
quarter
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 1982
dollars
260. Total in
current dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
261. Total in
1982 dollars
(Ann. rate,
bil. dol.)
262. Federal
Government in
current dollars
(Ann. rate,
bil. dol.)
263. Federal
Government in
1982 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
95.5
59.9
64.4
36.7
85.1
57.0
60.6
33.9
693.2
733.3
743.8
763.4
650.2
678.2
681.0
691.5
283.4
315.2
317.2
329.1
271.2
296.3
295.6
303.8
409.8
418.1
426.6
434.3
379.0
381.8
385.4
387.7
25.4
19.1
3.1
-3.1
23.2
17.4
0.7
-5.2
777.3
799.0
829.7
855.6
695.3
708.3
731.8
749.4
333.7
340.9
360.9
380.9
305.8
311.4
329.9
347.2
443.5
458.1
468.8
474.7
389.5
396.9
401.9
402.2
43.8
14.5
-4.5
r-27.1
39.9
15.1
-0.3
836.7
860.8
874.0
r885.3
725.2
742.2
750.4
r769.3
355.7
367.6
369.3
r372.1
320.4
328.9
330.9
r348.6
480.9
493.3
504.7
r513.2
404.8
413.3
419.5
r420.7
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
r-28.5
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 4 1 , 4 2 , and 43.
ito
MARCH 1987
81
OTHER IMPORTANT ECONOMIC MEASURES
A
NATIONAL INCOME AND PRODUCT—Continued
Q j
Year
and
quarter
Net exports of goods and services
Exports of goods and services
(Ann. rate,
bil. dol.)
253. Current
dollars
(1982) Jollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
Imports of goods and services
256 . Constant
252. Current
dollars
255. Constant
(1982) dollars
250. Current
dollars
• M
Ittl
FOREIGN TRADE
257. Constant
(1982) dollars
220. National income in current
280. Compensation of
dollars
employees
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
NATIONAL INCOME
AND ITS COMPONENTS
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
-45.6
-63.2
-60.0
-66.1
-68.
-87.
-85.
-92.
6
2
7
7
373.4
382.1
389.2
386.2
361.
367.
375.
375.
3
0
5
0
419.
445.
449.
452.
0
3
1
2
429.
454.
461.
467.
9
2
2
7
2,963
3,010
3,052
3,102
2
3
3
0
2,
2,
2,
2,
153.7
195.4
234.7
275.0
-49.4
-77.1
-83.7
-105.3
-78.
-108.
-113.
-132
8
1
8
0
378.4
370.0
362.3
368.2
369. 4
361. 2
355. 8
427.
447.
446.
473.
9
1
0
6
448.
469.
469.
494.
2
3
6
8
3,157 0
3,201 4
3,243,4
3,287 3
2,
2,
2,
2,
316.3
352.1
380.9
423.6
-93.7
-104.5
-108.9
r-110.2
-125
-153
-163
r-148
9
9
3
0
374.8
363.0
370.8
r383.5
369 2
359 8
371 2
495.
513. 6
534. 5
3,340 7
3,376 4
3,396 1
r533.8
p 3 , 4 3 1 .5
2,
2,
2,
2,
461.5
480.2
507.4
542.8
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
362
9
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
468. 5
467. 5
479. 7
r493. 7
r385.8
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
i
Year
and
quarter
1
284. Rental income
of persons v* ith
CCAdj1
282. Proprietors'
income with IVA
and CCAdj1
286. Corporate
profits before tax
with IVA and
CCAdj1
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
R 9 SAVING
NATIONAL INCOME AND ITS COMPONENTS-Continued
(Ann. rate,
bil. dol.)
288. Net interest
290. Gross saving
295 Business
292. Personal
saving
saving
(Ann rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
5
6
6
7
12 1
8.4
7 1
5 6
262 5
271 7
3
1
6
8
7
8
8
1
3
3
266 4
274 3
296 3
285 6
3
1
5
r283 2
12
16
16
14
8
.3
.2
.8
296 4
293 1
302 0
p310 .4
242.
229.
234.
240.
259.8
265 0
292 5
305 2
316 1
315 7
580.7
568.7
578.2
565.5
489.0
505.0
510.0
520.3
179.2
157.6
316 8
311 4
309 7
573.2
566.8
541.7
524.1
525.6
538.9
560.1
553.5
144.1
183.6
119.6
125.8
583.2
539.7
517.2
p514.1
562.6
559.9
566.4
P569.8
172.9
165.0
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
250. 7
255. 5
249
262
307.6
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
265
289
277
304
297
292
9
7
9
r 2 8 0 .4
1987
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 1987
145.6
153.1
84.1
r74.2
OTHER IMPORTANT ECONOMIC MEASURES
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. Nonresidential
fixed investment
(Percent)
247. Change in
business inventories
249. Residential
fixed investment
(Percent)
(Percent)
(Percent)
251. Net exports of
goods and services
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
-87.5
-93.9
-104.8
-119.9
6.9
6.0
6.4
6.0
64.4
64.5
64.4
64.7
10.6
11.0
11.1
11.5
4.8
4.9
4.8
4.7
2.6
1.6
1.7
1.0
-1.2
-1.7
-1.6
-1.7
-96.6
-155.6
-138.0
-155.1
5.2
6.5
4.2
4.4
64.7
65.0
65.2
65.3
11.3
11.6
11.4
11.6
4.7
4.8
4.8
4.9
0.6
0.5
0.1
-0.1
-1.3
-1.9
-2.1
-2.6
-125.1
-173.3
-133.3
p-129.8
5.0
5.1
2.8
2.5
65.0
65.4
66.0
66.2
11.1
11.0
10.8
4.9
5.2
5.2
5.3
1.1
0.3
-0.1
-2.3
-2.5
-2.6
r-2.6
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
rl0.9
r-0.6
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
^
Year
and
quarter
SHARES OF GNP AND NATIONAL INCOME-Continued
Percent of GNP—Continued
265. Federal Government purchases of
goods and services
(Percent)
Percent of national income
268. State and local
government purchases
of goods and services
(Percent)
64. Compensation of
employees
(Percent)
283. Proprietors'
income with IVA
andCCAdj1
(Percent)
285. Rental income
of persons with
CCAdj1
(Percent)
287. Corporate profits
before tax with
IVA and CCAdj1
289. Net interest
(Percent)
(Percent)
1984
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
8.4
8.3
8.6
11.2
11.2
11.2
11.3
72.7
72.9
73.2
73.3
8.2
7.6
7.7
7.8
0.4
0.3
0.2
0.2
8.9
9.0
8.5
8.5
9.9
10.1
10.4
10.2
8.5
8.6
9.0
9.3
11.3
11.6
11.6
11.6
73.4
73.5
73.4
73.7
7.9
8.0
7.7
8.0
0.2
0.3
0.2
0.3
8.4
8.6
9.1
8.7
10.0
9.7
9.5
9.4
8.6
8.8
8.7
r8.7
11.6
11.8
11.9
73.7
73.5
73.8
P74.1
7.9
8.6
8.2
p8.3
0.4
0.5
0.5
p0.4
8.9
8.7
8.9
p9.0
9.1
8.8
8.6
p8.2
7.7
1985
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
rl2.1
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
See note on page 80.
Graphs of these series are shown on pages 46 and 47.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
MARCH 1987
83
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
^ J
Year
Implicit price deflator for
Fixed-weighted price index,
gross national product
gross domestic business product
310. Index
and
month
310c. Change
311. Index
over 1-quarter
spans 1
spans 1
percent)
Consumer price index
for all urban consumers
320. Index ©
320c. Change
over 1-month
spans1
(1982 = 100)
Consumer price index for
all urban consumers, food
320c. Change
over 6-month
spans'
322. Index
322c. Change
322c. Change
over 1-month
over 6-month
spans'
spans'
(Percent)
(Ann. rate,
percent)
316.1
317.4
318.8
0.2
0.4
0.5
3.7
4.0
4.2
306.8
308.8
308.7
0.0
0.7
0.0
320.1
321.3
322.3
0.3
0.3
0.2
4.1
3.6
2.7
308.6
308.4
309.5
0.0
-0.1
0.4
0.6
1.2
2.5
322.8
323.5
324.5
0.2
0.2
0.1
2.8
3.2
3.4
309.6
309.7
310.6
0.0
0.0
0.3
1.7
2.9
3.7
3.6
325.5
326.6
327.4
0.4
0.5
0.3
3.7
2.8
1.7
311.2
312.9
315.1
0.2
0.5
0.7
3.6
3.2
2.5
2.1
328.4
327.5
326.0
0.3
-0.3
-0.4
0.4
-0.1
0.1
315.1
314.6
314.4
0.0
-0.2
-0.1
2.5
2.3
1.5
1.2
325.3
326.3
327.9
-0.3
0.2
0.4
-0.5
0.4
1.8
315.1
316.5
317.4
0.2
0.4
0.3
3.3
5.2
6.1
2.3
328.0
328.6
330.2
0.0
0.2
0.3
2.7
2.7
2.2
320.2
322.7
323.9
0.9
0.8
0.4
6.5
6.4
6.3
r2.3
330.5
330.8
331.1
0.2
0.2
0.2
3.5
4.1
325.2
326.5
327.2
0.4
0.4
0.2
5.3
4.3
333.1
334.4
0.7
0.4
328.6
329.6
0.4
0.3
(Ann. rate, .
(Ann. rate,
(1982 = 100)
311c. Change
over 1-quarter
PRICE MOVEMENTS
percent)
(1967 = 100)
(Ann. rate,
(1967 = 100)
(Percent)
percent)
1985
3.4
3.7
January
110.0
110.2
February
March
April
ni.'i
May
3.4
3.3
110.9
June
2.5
July
111.8
August
111.6
September
3.6
October
November
112.8
11^6
December
1.8
1.6
1.7
1.8
1986
January
2.5
113.5
February
11^2
March
April
May
1.8
....
114.0
113^5
June
July
3.6
115-0
August
11412
September
October
0.7
November
115.2
December
nils
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on 1
Graphs of these series are shown on pages 48 and 49.
1
Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and
1-quarter changes are placed on the 1st month of the 2d quarter.
MARCH 1987
ItCII
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
WM
330. Index ©
(1967 = 100)
330c. Change
over 6-month
spansl ©
330c. Change
over 1-month
spans1 @
(Ann. rate,
percent)
(Percent)
Producer price index, crude materials
for further processing
Producer price index, industrial commodities
Producer price index, all commodities
Year
and
month
PRICE MOVEMENTS-Continued
335. Index ©
(1967 = 100)
335c. Change
over 1-month
spans1 ©
(Percent)
335c. Change
over 6-month
spans' ©
(Ann. rate,
percent)
331. Index
(1967 = 100)
331c. Change
over 1-month
spans1
(Percent)
331c. Change
over 6-month
spans1
(Ann. rate,
percent)
1985
January
February
March
309.5
309.1
308.6
-0.1
-0.1
-0.2
-0.1
-0.3
-0.4
322.9
322.2
322.5
0.0
-0.2
0.1
0.2
0.9
1.1
317.0
316.1
311.7
-1.8
-0.3
-1.4
-10.3
April
May
June
309.3
309.8
309.2
0.2
0.2
-0.2
-0.3
-1.2
-2.0
323.8
325.3
324.8
0.4
0.5
-0.2
0.9
0.9
-0.1
309.7
307.9
305.8
-0.6
-0.6
-0.7
-8.1
-11.8
-11.6
July
August
September
309.0
307.3
305.5
-0.1
-0.6
-0.6
-0.9
-0.2
0.6
324.4
323.7
322.3
-0.1
-0.2
-0.4
0.2
-0.4
0.2
303.9
296.9
293.0
-0.6
-2.3
-1.3
-5.6
-2.1
-1.4
October
November
December
307.9
309.5
310.2
0.8
0.5
0.2
-0.1
-1.9
-3.4
324.2
324.7
325.1
0.6
0.2
0.1
-0.4
-2.9
-5.1
300.9
304.6
303.7
2.7
1.2
-0.3
-3.3
-6.4
-8.1
January
February
March
308.9
304.4
300.3
-0.4
-1.5
-1.3
-6.2
-6.5
-7.1
323.8
318.9
314.0
-0.4
-1.5
-1.5
-7.6
-7.9
-8.0
298.8
287.3
280.9
-1.6
-3.8
-2.2
-17.6
-16.0
-16.7
April
May
June
298.2
299.2
299.0
-0.7
0.3
-0.1
-7.3
-4.7
-1.9
311.6
311.6
-0.8
0.0
n
i
U.I
-9.2
-6.8
273.2
279.1
277.2
-2.7
2.2
"31 1 Q
Oi 1 . O
-14.2
-6.9
-2.9
July
August
September
297.4
297.2
297.5
-0.5
-0.1
0.1
0.1
-0.3
-0.6
308.5
307.9
308.7
-1.1
-0.2
0.3
r-1.3
-1.2
-1.6
276.7
277.2
276.8
-0.2
0.2
-0.1
r5.7
-0.6
-2.0
October
November
December
r298.4
298.7
298.1
0.3
0.1
-0.2
2.4
3.7
r309.6
309.8
309.3
r0.3
rO.l
-0.2
3.3
5.1
r280.9
278.2
274.4
rl.5
r-1.0
-1.4
4.1
7.5
300.9
302.7
0.9
0.6
313.6
315.7
1.4
0.7
282.3
287.4
2.9
1.8
-8.3
-9.9
1986
o. o
-D 7
u. /
1987
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.
C h a n g e s are centered within the spans:
MARCH 1987
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
Q |
Producer price index, intermediate
materials, supplies, and components
Year
and
month
332. Index
(1967 = 100)
332c. Change
over 1-month
spans'
(Percent)
PRICE MOVEMENTS-Continued
Producer price index, capital equipment
332c. Change
over 6-month
spans'
333. Index
(Ann. rate,
percent)
(1967 = 100)
333c. Change
over 1-month
spans'
(Percent)
Producer price index, finished consumer goods
333c. Change
over 6-month
spans'
(Ann. rate,
percent)
334. Index
(1967 = 100)
334c. Change
over 1-month
spans'
334c. Change
over 6-month
spans'
(Percent)
(Ann. rate,
percent)
1985
January
February
March
320.3
319.1
318.6
0.0
-0.4
-0.2
-0.6
-0.3
-0.8
297.0
298.7
299.3
0.5
0.6
0.2
3.1
2.8
3.5
290.3
290.0
290.0
-0.2
-0.1
0.0
1.5
1.5
0.9
April
May
June
319.4
320.1
319.0
0.3
0.2
-0.3
-1.2
-0.8
-0.9
299.4
300.0
300.5
0.0
0.2
0.2
2.5
1.8
0.3
292.0
292.8
292.2
0.7
0.3
-0.2
1.7
1.1
-0.3
July
August
September
318.4
317.8
317.1
-0.2
-0.2
-0.2
-1.3
-1.4
-0.4
300.7
301.4
299.7
0.1
0.2
-0.6
2.0
2.1
2.0
292.8
291.6
289.5
0.2
-0.4
-0.7
-0.3
0.5
2.1
October
November
December
317.3
317.8
318.4
0.1
0.2
0.2
-0.3
-2.5
-4.2
302.4
303.2
303.5
0.9
0.3
0.1
1.9
1.6
3.1
291.6
293.6
295.2
0.7
0.7
0.5
0.7
-2.4
-3.4
January
February
March
317.9
313.8
310.3
-0.2
-1.3
-1.1
-6.2
-6.8
-7.3
303.5
303.8
304.3
0.0
0.1
0.2
1.8
1.5
1.7
293.8
288.1
284.5
-0.5
-1.9
-1.2
-6.3
-6.4
-7.0
April
May
June
307.3
306.8
306.6
-1.0
-0.2
-0.1
-8.1
-5.8
-2.9
305.1
305.5
306.1
0.3
0.1
0.2
1.9
1.9
2.2
282.3
284.1
284.7
-0.8
0.6
0.2
-8.1
-3.4
-0.5
July
August
September
304.7
304.5
305.7
-0.6
-0.1
0.4
-1.6
-1.3
-1.2
306.3
306.6
307.6
0.1
0.1
0.3
r2.4
2.9
2.6
281.7
283.1
283.8
-1.1
0.5
0.2
rl.8
0.4
-0.4
October
November
December
304.8
304.8
304.8
-0.3
0.0
0.0
1.9
3.1
r308.7
309.9
310.1
0.4
r0.4
0.1
3.0
2.2
r284.8
284.6
284.2
r0.4
r-0.1
-0.1
3.2
2.6
307.6
309.2
0.9
0.5
310.8
310.0
0.2
-0.3
286.2
286.8
0.7
0.2
1986
1987
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.
Changes are 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 1987
IICII
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
WAGES AND PRODUCTIVITY
Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls1
Year
and
month
Current-dollar earnings
340. Index
(1977 = 100)
340c. Change
over 1-month
spans2
(Percent)
Average hourly compensation, all employees,
nonfarm business sector
Current-dollar compensation
Real earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)
341. Index
(1977 = 100)
341c. Change
over 1-month
spans2
(Percent)
341c. Change
over 6-month
spans2
(Ann. rate,
percent)
345. Index
(1977 = 100)
345c. Change
over 1-quarter
spans2
345c. Change
over 4-quarter
spans2
(Ann. rate,
percent)
(Ann. rate,
percent)
1985
January
February
March
162.7
163.6
163.8
0.0
0.5
0.2
3.5
3.1
3.1
94.4
94.5
94.2
-0.2
0.1
-0.4
r-0.7
r-0.8
April
May
June
164.2
164.4
165.2
0.2
0.2
0.5
2.7
2.3
3.1
94.0
93.9
94.2
-0.1
-0.1
0.3
-1.1
-0.9
0.7
173.3
July
August
September
165.0
165.5
166 4
-0.2
0.3
0 5
2.4
2.9
3 1
93.9
94.1
94 5
-0.3
0.2
0 4
0.0
0.0
-0 3
llk'.7
October
November
December
166.2
166.8
167.7
-0.1
0.4
0.6
2.9
3.3
2.6
94.0
93.9
94.1
-0.5
-0.1
0.1
r-0.8
0.7
1.2
176.2
January
February
March
167.3
168.2
168.5
-0.3
0.5
0.2
2.7
2.3
1.7
93.5
94.4
95.0
-0.6
0.9
0.7
2.8
2.9
2.3
177^6
April
May
June
168.4
168.7
169.2
-0.1
0.2
0.3
1.8
1.4
1.3
95.3
95.3
95.2
0.3
-0.1
-0.1
3.1
1.6
-0.2
178.5
July
August
September
168.9
169.3
169.6
-0.2
0.3
0.1
1.9
2.5
1.7
95.0
95.1
94.9
-0.2
0.2
-0.2
-0.7
0.0
-0.3
179.6
October
November
December
170.0
170.8
170.6
0.2
0.5
-0.1
r2.0
P2.5
95.0
95.3
95.0
0.1
0.3
-0.2
r-1.3
p-1.4
rl70.6
P171.4
rO.O
p0.5
r94.3
p94.4
r-0.7
pO.l
3.9
0.2
17l!5
3.9
4.4
3.8
3.2
3.6
3.6
316
1986
3.1
2.8
2.2
2.6
2.4
2.7
180.8
1987
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.
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.
2
MARCH 1987
87
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
K 9
Negotiated wage and
benefit decisions
Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month
348. Average
first-year
changes ©
Real compensation
346. Index
(1977 = 100)
WAGES AND PRODUCTIVITY—Continued
346c. Change
over 1-quarter
spans1
346c. Change
over 4-quarter
spans'
(Ann. rate,
percent)
(Ann. rate,
percent)
(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)
1.7
104.4
0.9
104^9
l'.5
105.4
1.0
104'.5
o.'o
105^6
0.1
105.7
1985
0.5
January
February
March
97.9
April
May
June
97.9
July
August
September
98.1
October
November
December
98^0
3.6
105.7
3.5
-0.2
106.4
2.0
3.4
3.0
107^3
0.4
2.0
-0.3
2.7
3.4
CL2
0.8
0.9
2.7
0.5
1.4
1.4
-3.2
106^4
1986
January
February
March
98^4
April
May
June
99.2
July
August
September
99.2
October
November
December
99.2
1.5
i'.2
0.6
107'.3
0.7
3.6
0.5
1.6
107^4
1.2
0.0
3.3
1.2
0.7
1.2
-0.4
105*7
107 .'3
0.0
p2.7
-2.8
p2.4
105.1
106^6
1987
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
Changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are
placed on the middle month of the 3d quarter.
MARCH 1987
OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Q
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
444. Males
20 years
and over
(Thous.)
(Thous.)
445. Females
20 years
and over
446. Both
sexes 16-19
years of age
(Thous.)
(Thous.)
(Thous.)
448. Number
employed
part time
for economic
reasons
Civilian labor force participation rates
451. Males
20 years
and over
(Percent)
452. Females
20 years
and over
453. Both
sexes 16-19
years of age
(Percent)
(Percent)
(Thous.)
(Thous.)
January
February
March
114,797
114,970
115,316
106,291
106,605
106,965
8,506
8,365
8,351
3,806
3,762
3,728
3,183
3,124
3,148
1,517
1,479
1,475
6,982
6,908
6,797
5,400
5,134
5,423
78.1
78.1
78.1
54.4
54.5
54.7
55.2
55.2
55.2
April
May
June
115,313
115,286
114,926
106,949
106,995
106,541
8,364
8,291
8,385
3,791
3,629
3,847
3,171
3,179
3,136
1,402
1,483
1,402
6,818
6,719
6,811
5,365
5,469
5,276
78.2
78.1
78.1
54.7
54.5
54.5
54.7
55.0
52.4
July
August
September
115,280
115,277
115,844
106,842
107,136
107,602
8,438
8,141
8,242
3,733
3,631
3,660
3,133
3,137
3,182
1,572
1,373
1,400
6,915
6,701
6,718
5,363
5,435
5,310
77.9
78.0
78.2
54.4
54.5
54.8
55.2
53.5
54.1
October
November
December
116,080
116,149
116,333
107,792
107,978
108,149
8,288
8,171
8,184
3,673
3,664
3,617
3,038
3,063
3,073
1,577
1,444
1,494
6,727
6,721
6,668
5,206
5,316
5,292
78.2
78.1
78.0
54.8
54.9
55.1
54.6
54.4
54.4
January
February
March
116,794
117,042
117,187
108,892
108,557
108,807
7,902
8,485
8,380
3,544
3,796
3,789
2,945
3,189
3,131
1,413
1,500
1,460
6,500
6,898
6,879
5,297
5,214
5,295
78.3
78.2
78.2
55.0
55.1
55.1
53.6
54.9
54.9
April
May
June
117,292
117,587
118,005
108,969
109,165
109,613
8,323
8,422
8,392
3,688
3,820
3,808
3,087
3,098
3,082
1,548
1,504
1,502
6,759
6,924
6,798
5,567
5,569
5,322
78.0
78.0
78.1
55.2
55.4
55.7
55.4
55.2
54.8
July
August
September
118,117
118,124
118,272
109,887
110,067
109,987
8,230
8,057
8,285
3,811
3,634
3,805
3,010
2,994
3,015
1,409
1,429
1,465
6,684
6,518
6,739
5,222
5,269
5,303
78.1
77.9
78.0
55.8
55.8
55.7
54.5
54.8
54.8
October
November
December
118,414
118,675
118,586
110,192
110,432
110,637
8,222
8,243
7,949
3,814
3,820
3,725
2,994
2,976
2,865
1,414
1,447
1,359
6,688
6,673
6,465
5,450
5,319
5,342
77.9
78.2
78.3
55.8
55.8
55.6
55.0
54.5
53.8
119,034
119,349
111,011
111,382
8,023
7,967
3,720
3,648
2,900
2,873
1,402
1,446
6,534
6,488
5,201
5,459
78.3
78.2
55.8
55.9
54.5
55.2
(Thous.)
1985
1986
1987
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 1987
OTHER IMPORTANT ECONOMIC MEASURES
£) I
GOVERNMENT ACTIVITIES
Q l
RECEIPTS AND EXPENDITURES
f"ederal Government•
Year
and
month
500. Surplus
or deficit
(Ann. rate,
bil. dol.)
Q
State and local government'
DEFENSE INDICATORS
Advance measures of defense activity
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.)
517. Defense
Department
gross obligations incurred
(Mil. dol.)
525. Defense
Department
prime contract awards
543. Defense
Department
gross unpaid
obligations
outstanding
548. Manufacturers'
new orders,
defense
products
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
Revised 2
1985
January
February
March
-162i2
793.3
955.4
65!6
56K3
495.' 6
22,492
20,377
20,346
12,449
12,432
10,360
174,180
173,704
174,338
9,173
6,278
7,810
April
May
June
-2li!8
755.8
970.6
59^2
57K9
51^6
22,655
25,140
29,513
9,658
14,147
11,627
174,867
178,000
179,337
8,180
9,339
12,794
July
August
September
-197.5
792^6
990'.1
59!5
584.2
524.7
31,641
34,470
30,753
12,163
17,579
11,702
182,074
187,278
186,401
9,786
10,649
9,944
October
November
December
-217.6
805.8
1,023.4
62^5
592^7
53CK2
28,629
25,809
30,768
10,584
10,086
14,088
185,059
182,400
183,504
8,727
6,808
10,734
January
February
March
-195.0
806^6
l,00l!5
69.9
608.3
538.5
28,411
30,247
30,969
13,424
9,318
14,368
185,822
188,008
190,756
8,502
9,018
12,347
April
May
June
-232^2
813.5
1,045.7
58'.9
6lil5
552^6
29,758
30,267
33,056
12,855
8,849
13,493
188,903
189,004
193,207
7,962
8,944
8,234
July
August
September
-197.4
833.1
1,030.5
6416
629.1
5651 i
31,199
29,968
30,678
15,992
13,088
13,413
196,185
198,635
199,295
10,436
7,900
10,530
October
November
December
p-189*.2
p854*.2
rl,043i4
p59!4
p634 # .8
r575'.4
28,383
30,341
p26,583
7,549
9,484
11,931
198,408
198,337
pl97,769
7,929
10,479
7,648
plO,161
(NA)
(NA)
4,682
p6,973
1986
1987
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
2
Based on national income and product accounts.
See "New Features and Changes for This Issue," pageiii .
90
MARCH 1987
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
1
Q j DEFENSE INDICATORS—Continue J
National defense
purchases
Intermediate and final measures of defense activity
Year
and
month
557. Index of
industrial
production,
defense and
space equipment
559. Manufacturers' inventories, defense
products
561. Manufacturers' unfilled
orders, defense
products
580. Defense
Department
net outlays,
military
(Mil. dol.)
588. Manufacturers' shipments, defense
products
570. Employment, defense
products industries
Defense Department
personnel
577. Military
on active
duty @
(Thous.)
578. Civilian,
direct hire
employment
(Thous.)
564. Federal
purchases of
goods and
services,
national
defense
(Ann. rate,
bil. dol.)
565. National
defense purchases as a
percent of
GNP
(Percent)
(Mil. dol.)
(Mil. dol.)
Revised1
Revised1
163.2
164.2
166.0
27,846
28,378
28,439
147,994
146,726
146,560
18,762
20,058
20,465
7,156
7,546
7,976
1,496
1,506
1,514
2,146
2,147
2,148
1,073
1,074
1,076
248! 9
6\4
28,929
28,854
29,647
147,334
149,056
153,624
19,597
20,603
20,554
7,406
7,617
8,226
1,521
1,530
1,541
2,148
2,149
2,151
1,081
1,084
1,084
255^1
6\4
June
167.1
168.3
169.9
July
August
September
170.8
173.3
174.5
30,291
30,814
31,096
155,876
158,467
160,184
21,498
22,489
21,987
7,534
8,058
8,227
1,549
1,569
1,565
2,156
2,157
2,151
1,091
1,094
1,099
265^5
6.6
October
174.8
177.2
178.5
31,244
31,304
31,450
160,067
157,957
159,452
20,908
21,847
22,443
8,844
8,918
9,239
1,572
1,581
1,580
2,151
2,153
2,150
1,099
1,098
1,100
268!o
6^6
178.7
176.3
176.2
31,787
31,579
32,486
160,175
160,831
164,885
20,152
21,586
23,342
7,779
8,362
8,293
1,589
1,590
1,589
2,157
2,160
2,160
1,103
1,087
1,084
266^4
6.4
178.0
178.0
178.4
33,041
33,285
33,556
164,472
164,728
163,840
22,101
22,921
21,954
8,375
8,688
9,122
1,594
1,598
1,576
2,150
2,150
2,143
1,081
1,072
1,060
Z1ZA
6^
179.5
181.0
182.0
33,727
33,937
34,254
165,406
164,708
166,337
22,538
21,714
23,886
8,870
8,598
8,901
1,605
1,611
1,608
2,150
2,161
2,169
1,059
1,052
1,072
286.8
6.8
184.6
184.9
rl85.8
165,006
165,613
162,605
22,324
21,168
r22,512
9,260
9,872
10,656
1,611
1,613
1,069
1,063
1,059
r6.5
rl,615
r2,181
2,178
r278.8
December
34,560
34,409
33,966
2,177
November
rl86.5
P187.2
34,231
(NA)
159,020
pl57,535
p22,233
(NA)
8,266
p8,458
pi,613
(NA)
2,179
p2,172
pi,061
(NA)
(1977 = 100)
(Mil. dol.)
(Thous.)
Revised1
1985
January
February
March
April
May
November
December
1986
January
February
March
April
May
June
July
August
September
October
1987
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.
x
See "New Features and Changes for This Issue," page i n
ItO
MARCH 1987
91
OTHER IMPORTANT ECONOMIC MEASURES
E
I
U.S. INTERNATIONAL TRANSACTIONS
Q
MERCHANDISE TRADE
602. Exports, excluding
604. Exports of domestic
606. Exports of non-
military aid shipments
agricultural products
electrical machinery
612. General imports
614. Imports of petro-
616. Imports of auto-
leum and petroleum
mobiles and parts
products
Year
and
month
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
1985
January
February
March
April
May
June
July
August
September
October
November
December
19,401
17,853
18,446
2,945
2,842
2,436
4,247
3,970
4,160
28,297
27,985
28,129
4,005
3,833
3,411
4,033
4,999
4,243
17,779
17,414
17,438
2,624
2,215
2,218
3,970
4,073
3,952
28,295
28,685
29,425
4,936
5,237
4,842
4,350
4,073
4,932
17,412
17,423
17,732
2,184
2,347
2,080
3,615
3,897
3,777
26,630
26,083
31,764
3,342
3,252
4,041
4,161
4,489
5,555
17,368
17,976
17,024
2,351
2,446
2,426
3,694
3,918
3,730
27,594
30,285
32,888
3,811
4,367
5,079
4,198
5,461
5,758
'17,006
'17,734
'18,911
2,320
2,283
2,135
3,854
4,294
3,740
'32,005
'28,895
'31,972
4,978
4,254
3,578
5,044
5,378
5,018
'17,964
'17,430
'19,069
2,043
1,960
1,819
3,981
3,644
3,582
'28,762
'30,272
'31,764
2,084
2,718
2,731
5,044
5,054
5,535
'17,707
'17,601
'17,518
2,062
2,231
2,111
3,585
4,091
3,812
'34,121
'29,476
'28,695
2,483
2,225
2,435
6,242
6,280
4,909
'19,328
'18,593
'18,430
2,447
2,204
2,352
3,932
4,138
4,227
'30,018
'36,187
'27,795
2,155
2,788
2,299
5,790
7,156
5,483
'16,382
(NA)
1,989
(NA)
3,492
(NA)
'29,804
(NA)
2,709
(NA)
5,169
(NA)
1986
January
February
March
April
May
June
July
August
September
October
November
December
1987
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.
'Not seasonally adjusted.
92
See item 7 of "New Features and Changes for This Issue" on page iv of the March 1986 issue.
MARCH 1987
ItO
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Q |
GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted:
Goods and services
Year
and
month
667. Balance
(Mil. dot.)
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.)
1985
January
February
March
-22,832
88,040
110,872
-25,045
55,324
80,369
18,726
16,507
April
May
June
-25,959
89,350
115,309
-30,367
53,875
84,242
22,253
16,804
July
August
September
-24,454
90,234
114,688
-31,675
52,498
84,173
24,502
16,240
October
November
December
-29,451
90,873
120,324
-37,352
52,727
90,079
24,509
15,254
January
February
March
r-31,049
r91,498
rl22,547
r-36,489
r53,588
r90,077
r24,199
17,699
April
May
June
r-30,350
r91,986
rl22,336
r-35,700
r55,075
r90,775
r22,639
17,311
July
August
September
r-31,136
r92,843
rl23,979
r-37,149
r55,764
r92,913
r22,342
rl6,196
October
November
December
p-32,892
p94,374
pl27,266
p-38,370
p57,326
p95,696
p21,432
pl6,*542
1986
1987
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).
MARCH 1987
93
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Q |
Year
and
month
47. United States,
index of industrial production
(1977 = 100)
721. OECD1
European countries, index of
industrial
production
(1977 = 100)
728. Japan,
index of industrial production
INDUSTRIAL PRODUCTION
725. West
Germany, index
of industrial
production
726. France,
index of industrial production
722. United
Kingdom, index
of industrial
production
727. Italy, index
of industrial
production
(1977 = 100)
(1977 = 100)
(1977 = 100)
(1977 = 100)
(1977 = 100)
723. Canada,
index of industrial production
(1977 = 100)
1985
January
February
March
122.7
123.2
123.4
108
110
111
143.0
143.4
141.9
110
109
110
101
105
107
106
106
108
102.8
111.5
111.7
115.5
116.8
April
May
June
123.3
123.6
123.6
110
111
111
144.9
147.4
144.9
110
111
112
104
107
104
109
108
108
107.6
108.5
111.1
116.4
117.6
118.8
July
August
September
123.4
124.4
124.3
111
111
112
147.2
145.5
144.5
114
112
112
107
107
107
107
108
110
107.3
105.8
110.6
118.8
118.7
120.0
October
November
December
123.6
124.8
125.6
112
114
110
144.8
144.2
144.6
116
116
111
107
109
104
109
110
107
106.9
110.9
106.6
119.9
119.3
121.2
January
February
March
126.2
125.3
123.6
112
113
112
144.6
145.2
144.5
113
113
113
104
rlO5
104
rlO8
110
rlO9
rlO8.4
rill.5
rll4.9
120.3
120.3
117.1
April
May
June
124.7
124.2
124.2
115
111
114
144.6
145.1
145.3
117
112
116
110
103
108
111
rlO9
108
rll6.6
rl09.0
rll4.2
120.2
117.7
116.6
July
August
September
124.9
125.1
124.9
115
113
114
144.9
141.3
146.3
117
116
114
109
109
109
110
111
rllO
rlll.O
rlO6.1
rill.2
118.1
116.3
116.2
October
November
December
125.3
126.0
rll4
115
pll3
143.5
116
rl41.1
rl45.8
rll4
pll2
109
109
plO7
110
110
plO9
rll0.8
rll2.5
pllO.3
117.5
P116.5
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
115.2
1986
rl26.6
1987
January
February
March
rl26.8
P127.3
(NA)
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.
94
MARCH 1987
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
Q
United States
Year
and
month
320. Index ©
(1967 = 100)
Japan
320c. Change
over 6-month
spans1
(Ann. rate,
percent)
738. Index ©
(1967 = 100)
CONSUMER PRICES
738c. Change
over 6-month
spans1
(Ann. rate,
percent)
735. Index ©
(1967 = 100)
United Kingdom
France
West Germany
735c. Change
over 6-month
spans1
(Ann. rate,
percent)
736. Index ©
(1967 = 100)
736c. Change
over 6-month
spans'
(Ann. rate,
percent)
732. Index ©
(1967 = 100)
732c. Change
over 6-month
spans1
(Ann. rate,
percent)
1985
January
February
March
316.1
317.4
318.8
3.7
4.0
4.2
321.3
318.7
320.2
2.2
1.3
1.4
211.0
211.9
212.6
3.4
3.4
2.4
453.5
455.8
459.0
5.5
5.5
6.0
578.0
582.7
588.1
8.2
8.3
8.5
April
May
June
320.1
321.3
322.3
4.1
3.6
2.7
321.9
323.3
323.5
1.6
1.7
0.9
212.9
213.1
213.3
1.6
0.9
0.2
462.2
464.5
466.4
5.8
5.3
4.7
600.6
603.4
604.7
7.3
6.6
4.7
July
August
September
322.8
323.5
324.5
2.8
3.2
3.4
323.8
320.7
323.8
2.2
2.4
1.7
212.9
212.2
212.6
0.0
0.2
1.1
468.2
468.7
469.2
4.1
3.9
3.3
603.5
605.1
604.8
2.8
2.7
3.1
October
November
December
325.5
326.6
327.4
3.7
2.8
1.7
328.4
325.0
325.2
1.1
1.9
1.0
212.9
213.3
213.5
1.0
0.3
-0.2
470.6
471.5
472.1
2.7
1.7
1.4
605.8
607.9
608.7
4.0
3.6
3.6
January
February
March
328.4
327.5
326.0
0.4
-0.1
0.1
325.8
324.4
323.5
-0.6
-0.2
-0.6
213.8
213.3
212.8
-0.5
-0.8
-1.3
472.6
471.7
472.9
1.6
1.1
1.3
610.0
612.2
613.0
3.2
2.8
2.0
April
May
June
325.3
326.3
327.9
-0.5
0.4
1.8
324.7
326.9
325.2
-0.6
0.4
0.4
212.6
212.6
212.9
-1.8
-1.0
-0.7
474.7
475.6
477.0
1.3
2.3
3.0
619.0
620.1
619.8
1.0
1.1
2.3
July
August
September
328.0
328.6
330.2
2.7
2.7
2.2
324.4
323.8
325.4
-1.0
-0.3
-0.5
211.9
211.4
211.7
-1.1
-1.5
-0.8
477.5
478.0
479.9
2.8
2.8
2.9
618.0
619.9
623.0
2.8
4.2
5.7
October
November
December
330.5
330.8
331.1
3.5
4.1
325.7
324.1
323.5
-2.0
(NA)
211.0
210.8
211.2
0.0
(NA)
480.9
481.4
481.9
4.5
(NA)
623.9
629.2
631.3
6.8
6.8
1986
1987
January
February
March
333.1
334.4
322.2
(NA)
212.1
(NA)
486.2
(NA)
633.7
636.2
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
MARCH 1987
95
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS—Continued
Q
Italy
Year
and
month
737. Index ©
Q j
CONSUMER PRICES—Continued
733c. Change
over 6-month
spans'
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
737c. Change
over 6-month
spans1
733. Index ©
STOCK PRICES
(1967 = 100)
(Ann. rate,
percent)
January
February
March
736.8
744.2
749.4
10.7
11.1
10.4
341.3
343.5
344.3
5.3
4.5
4.0
186.7
196.8
195.2
839.5
851.9
900.4
195.1
202.0
213.4
294.3
307.9
317.8
578.1
585.1
592.3
147.2
164.1
165.0
293.2
293.2
295.2
April
May
June
756.1
760.6
764.4
10.0
9.4
8.5
345.7
346.5
348.3
3.4
2.9
3.6
196.5
201.1
205.5
880.3
890.6
915.0
212.5
218.7
234.2
328.9
336.4
337.2
592.0
607.0
591.3
164.4
188.7
199.0
297.8
309.2
306.5
July
August
September
766.7
768.2
771.3
7.5
6.0
7.0
349.5
350.1
350.5
3.1
3.4
4.7
209.4
204.8
200.2
941.6
915.9
915.0
234.8
237.4
253.2
321.9
316.8
312.3
568.4
597.0
605.7
212.9
229.8
246.4
314.0
318.6
297.4
October
November
December
780.6
786.1
791.6
6.2
6.2
6.2
351.7
353.1
354.7
5.2
5.0
4.6
202.5
214.8
225.5
930.9
910.7
933.9
273.6
293.2
294.9
300.4
338.9
356.3
617.4
652.0
644.5
251.1
263.9
285.2
302.2
322.8
327.8
January
February
March
795.6
801.2
804.4
5.8
6.8
5.5
356.3
357.7
358.5
4.5
4.8
2.9
226.5
238.6
252.7
936.5
964.8
1,052.8
327.1
320.8
329.6
383.6
409.9
450.2
647.8
690.0
755.0
303.8
343.9
430.2
321.2
322.7
344.3
April
May
June
806.8
809.9
813.1
5.5
5.7
4.8
359.1
360.7
361.3
3.0
3.5
3.7
258.9
259.4
266.8
1,116.7
1,144.6
1,203.9
345.8
318.7
313.8
517.4
525.9
457.9
780.6
756.2
764.9
512.3
580.0
485.1
347.9
352.8
348.6
July
August
September
813.1
814.7
817.1
4.0
3.6
3.6
363.9
365.1
365.1
4.4
4.6
5.4
261.3
266.5
259.2
1,262.7
1,354.5
1,361.8
293.2
316.3
327.2
494.1
515.6
513.8
755.5
750.0
767.2
483.2
P541.3
p535.5
331.7
342.2
336.6
October
November
December
822.0
825.3
827.8
4.1
(NA)
366.9
368.9
369.5
4.4
3.9
258.2
266.6
270.4
1,280.7
1,297.0
1,406.4
r322.1
r325.2
r331.9
507.5
rp519.3
rp552.1
750.7
rp774.2
rp780.1
P530.6
p517.0
p488.1
343.4
344.3
346.5
287.7
305.6
P318.7
rpl,439.6
rpl,498.0
pi,605.0
rp306.8
rp277.4
P272.8
rp556.2
rp565.2
P597.7
rp832.9
rp917.6
p972.4
P324.5
rp293.1
P294.0
378.4
395.4
P418.1
(1967 = 100)
1985
1986
1987
January
February
March
832.8
(NA)
370.3
371.9
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
Changes over 6-month spans are centered on the 4th month.
96
MARCH 1987
APPENDIXES
B. Current Adjustment Factors
Series
5. Average weekly initial claims, State
unemployment insurance
1
13. New business incorporations .
July
1986
Aug. Sept. Oct. Nov. Dec
105.4
86.1
81.5
101.7
93.3
96.7 104.7
15. Profits after taxes per dollar
of sales,
manufacturing corporations2
72. Commercial and industrial loans
outstanding in current dollars3
99.8
84.8 104.8
99.9
94.2
99.7
99.6
99.9
517. Defense Department
gross obligations
incurred1
92.3
85.6
126.9 105.6 105.7
525. Defense Department prime contract awards
72.8
78.7
186.2
543. Defense Department gross unpaid
obligations outstanding
96.6
93.7
570. Employment, defense products industries . . 100.0
99.4
96.5
1987
Feb. Mar. Apr. May
95.6 105.8 127.0 143.7 102.4
99.6
100.2
Jan.
70.1 119.1
93.3
93.3 107.6 107.6
82.9
88.0
99.0 107.3
97.8
108.8
99.8
99.5
100.6 100.6 100.7
100.4
116.3 114.2
89.6
105.8
89.7
80.5
88.3
93.8 114.8
83.0
79.8
81.7
103.1 100.6
98.4
99.9
99.4 123.4
97.5 100.1 101.4 104.1 103.6
100.0 100.1 100.2
91.0
June
103.4
100.3 100.3 100.1 100.0
99.8
99.7
100.1
578. Defense Department civilian personnel,
direct hire employment
101.7 101.2
98.7
99.2
99.7
99.9
99.4
99.4
580. Defense Department net outlays1
102.2
100.7
97.7
100.9
95.4
104.4
97.1
94.8 103.5 100.7
99.7
100.8
82.6
84.5
90.7
99.5 114.0 109.1 112.4 108.5 112.0 101.6
90.4
84.7
. . . . 100.9
95.4
98.3 104.8
604. Exports of domestic agricultural products .
606. Exports of nonelectrical machinery
614. Imports of petroleum and petroleum
products1
616. Imports of automobiles and parts
1
108.3 103.1 111.7
96.5
81.5
95.0
96.1
113.1
97.7
98.6
94.7
97.8
91.2
106.2 102.9
86.3
97.9
95.4
103.7
99.5
99.5 100.4 101.0
111.9 101.7
104.0 103.0
97.8
88.0 111.8
84.6
96.1 109.7
109.3 104.5 109.4
NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis rather than by the source agency. Seasonally adjusted data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description
of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE 1-11 VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
factors are the products of seasonal and trading-day factors.
Quarterly
series; factors are placed in the middle month of the quarter.
3
These factors apply only to the loans portion of this series.
97
C. Historical Data for Selected Series
Year
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1952...
1953,..
1954...
1955...
1956 . . .
1957.. .
1958 . . .
1959.. .
1960 .. .
1961 ...
1962 ...
1963. . .
1964...
196 5...
1966 . . .
1967.. .
1968.. .
1969. ..
1970 . . .
1971 ...
197 2.,.
1973...
1974...
197 5...
1976 . . .
1977 . . .
1978. ..
197 9...
1980.. .
1981 .. .
1982 . . ,
1983.. .
1984...
1985...
1986. ..
57
41
1,151
1 ,170
1,657
1 ,460
1 ,183
1 ,361
1 ,244
1 ,603
1 ,361
1,370
,067
,3 80
,769
,085
,828
,494
,481
,451
,032
,367
,527
,718
,630
,341
,547
843
,586
,897
,754
1,516
1 ,460
1,417
1 ,664
1 ,444
1,168
1 ,107
1 ,667
1,503
1 ,226
1 ,278
1 ,456
1 ,820
1 ,433
1 ,378
1,123
1,520
1 ,705
1,305
1 ,741
2 , 3 90
2,289
1,752
90 4
1,53 8
1 ,943
1 ,738
1 ,520
1 ,350
1 ,246
866
1 ,699
2 ,260
1,673
,483
,506
,411
,684
,401
. 573
,108
,620
,109
,312
,443
,534
,517
,423
,394
,056
,46 6
,561
,319
,910
,334
,365
,555
993
,421
,063
,032
,847
,047
,306
931
,606
,663
,810
,412
,498
,433
,708
,408
, 147
,154
,590
,289
, 166
1,524
1,689
1 ,448
1 ,438
1,352
1 ,091
1,554
1 ,524
1 ,264
1 ,986
2,249
2,084
1,607
1,005
1,395
1 ,892
2,197
1 ,748
1 ,051
1,360
917
1 ,472
1,851
1,816
1 ,47 6
1 ,343
I ,80 7
1 ,431
1 ,184
1,146
1,598
1,601
1,063
1,365
1,564
1 ,491
1 ,484
1 ,656
990
1 ,308
1 , 548
1,327
1,8 93
1 ,462
1,483
1 ,395
1,702
3 ,429
1,164
1,128
1,6 48
1 ,357
1 ,240
1,361
1,411
1,647
1 ,406
1,381
1,082
1,455
1,678
1 ,236
2 ,366
1 ,526
975
1 ,321
1 ,804
2,142
2,044
1,498
1,482
910
1 ,303
1,688
1 ,61 2
1 ,887
2,406
2,378
1,586
976
1,442
1 ,844
1,82 9
I ,666
1 ,246
1,366
8 80
1,630
1 ,940
1,7 46
3.1
2.5
4.7
4.1
3.3
3.5
6.0
3.1
2.5
5.0
3.8
3.3
3.4
6.6
4.3
4.5
6,3
4.4
3.0
2.5
5.3
3.6
3.2
2.5
4.1
4.5
3.2
3.1
2.5
4.7
4.0
IV Q
IQ
NEW PRIVATE HOUSING UNITS STARTED 1
(ANNUAL RATE, THOUSANDS)
Annual
AVERAGE FOR PERIOD
,408
,425
,412
,730
,375
,174
1,191
1 ,498
1,271
1 ,228
1 ,483
1 ,641
1 ,46 7
1 ,478
1 ,265
1 ,304
1,408
1,583
1,2 90
2 ,049
2 ,221
2,266
1,426
1,121
1,459
1,971
2,075
1 ,876
1,353
1,380
1,498
1 ,704
1,325
1,175
1,236
1 , 503
1 ,247
1,382
1 ,404
1 ,588
1 ,550
1,488
1 ,194
1,248
1 ,40 5
1,528
1,385
2,026
2 ,254
2 ,067
1,513
1,087
1,495
1,8 93
2,070
1,913
1,438
1 ,346
,559
,632
,289
.191
1,443
1,324
,563
,625
,313
,193
1 ,483
1,348
,618
,580
,234
,191
1,513
,342
,610
,490
,266
,204
1 ,475
,383
,730
,434
,212
,162
,547
,197
,335
1,450
1,614
1 , 562
1,529
1 ,086
1 ,364
1, 512
1,368
1 ,517
2,083
2,252
2,123
1,316
1,226
1,401
2,058
2,092
1,760
,430
,344
,312
,517
,639
,569
,432
,119
,407
,495
,358
,399
,158
,382
,051
1,142
1 ,260
1,550
2,020
1,996
1,778
,540
,097
,429
,324
,763
,455
,482
,0 46
,421
,556
,507
,534
,041
2,481
1,874
1,150
1,264
1,720
1 ,949
1 ,970
1,832
,355
,246
,415
,533
,779
,524
,452
843
1 ,491
1 ,569
1,381
1,580
2,128
2,485
1 ,677
1,070
1,344
1,629
2,042
1,981
1 ,681
1 ,140
1,02 5
1 ,776
1,774
1,683
1 ,045
902
1,733
1,843
1,678
1 ,041
1,166
1,785
1 ,732
1 ,681
940
1,046
1 ,910
1,586
1,7 43
91 1
1 ,144
1,710
1,698
1,679
873
1 , 173
1,715
1 ,590
1,813
,416
,246
,385
,622
,622
,486
,460
961
1 ,538
1 ,630
1 ,229
1,647
2,182
2,421
1 ,724
1 ,026
1,360
1 ,641
2,042
2,094
1 ,524
1,510
837
1 ,372
1,785
1 ,689
1 ,690
3.6
2.5
5.3
3.3
3.3
2.7
5.4
3.3
2.6
2.9
5.6
3 .2
2.5
3.2
5.6
3.1
1,391
1 ,434
1,448
1 ,714
1,369
1,165
1 ,194
1 ,530
1,269
1 ,259
1 ,470
1 ,639
1,488
1,468
1 ,270
1,214
1 ,456
1 ,545
1 ,313
2,020
2 ,241
2,139
1 ,515
1 ,071
1 ,450
1,919
2,114
1 ,846
1 ,058
1 ,182
948
1 ,660
1 ,823
1 ,726
1 ,455
,339
, 5 80
,612
,279
,192
,387
,506
,213
,359
,430
,672
,529
,481
,084
,397
1 ,521
1 ,41 1
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 ,80 2
1,672
1 ,701
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 ,707
2,202
2,424
1 ,642
1 ,024
1,342
1 ,691
2,075
2 ,040
1,568
1 ,505
873
1,283
1 ,729
1,630
1 ,797
1 ,446
1,402
1,532
1,627
1,325
1,175
1,31
1 ,51
1,25
1,31
1 ,46
1 ,60
1 ,529
1,473
1 ,165
1 ,292
1,508
1,467
1 ,434
2,052
2,357
2,045
1,338
1,160
1,53 8
1,987
2 ,020
1 ,745
1 ,292
1 ,084
1 ,062
1 ,703
1,750
1,742
AVERAGE FOR PERIOD
1952...
1953...
1954...
1955...
19 56...
1957...
1958...
1959...
1960...
1961 ...
1962...
1963...
1964...
1965...
1966 . . .
1967 . . .
196 8 . . .
1969. . .
1970...
1971 . . .
1972...
1973 . . .
1 974. . .
197 5 . . .
1976 . . .
1977 . . .
1978. . .
1979...
1980. . .
1981 . . .
1982...
1983...
1984...
1985...
1986. . .
4.9
4.3
6.2
4.7
4.7
4.0
3.3
4.5
4.2
3 .6
3 .1
3.3
3 .5
4.1
4.5
3.0
2.9
2.6
2.5
2.3
2.2
2.7
3.9
3.6
2.8
3 .2
5.9
4.3
3.0
2 .1
2 .6
2.2
2 .0
3 .5
4.0
3.5
2.6
2.8
4.0
3.6
4.0
3 .6
3.1
3 .4
3 .4
4.3
4.4
2.9
2.9
3.1
3.3
3 .4
4.1
4,5
2.9
2.9
3.4
3.3
3.3
7.0
6.9
3 .5
4.4
5.3
4.0
4.1
3.7
2.9
3.5
2.6
3 .2
6 .5
4.5
3.8
4.2
3 .3
4.5
4.1
3.5
6.7
3.7
4.7
5.3
4.2
4.2
3.6
3,0
2 .4
2 .6
2 .1
2.1
3.5
3.9
3 .6
2.6
3.2
6.1
4.5
3.7
3.2
2 .8
4.4
3.2
4.6
3.7
3.5
6.0
4.6
4.3
6 .3
4.5
4.6
3.9
3.3
2.5
5.6
5.5
5.1
5.2
4.4
2 .4
2.1
2.0
3.6
4.1
3.3
5.1
4,4
4.1
3.4
2.9
2.1
2 .3
2 ,0
2.0
3.8
4.1
3.5
5.7
3.7
3.3
2.9
4.3
3.3
4.8
3 .6
3.4
2.7
2.6
2.1
2.3
2.0
2.2
4.2
4.1
4.0
3.1
2 .6
3.7
5.5
4.6
3.7
3,6
2.8
3.2
5.9
5.1
4.5
3.7
3.0
3.1
3.7
3 .8
5.1
3 .1
3.3
5.0
3.4
4.2
4.5
6.7
4.4
3.8
3.2
2.9
4.1
3.3
4.6
4.1
53. WAGES AND SALARIES IN 1982 DOLLARS, MINING, MANUFACTURING, AND CONSTRUCTION 3
(ANNUAL RATE, BILLIONS OF DOLLARS)
1952. ..
1953 . . .
1954.. .
1955. . .
1956.. .
1957 . . .
1958...
1959. . .
1960. . .
1961 . . .
1962.. .
1963...
1964...
196 5 . . .
1966. . .
1967 . . ,
1 96 8 . . .
1969...
1970...
1971 . . .
197 2 . . .
1973.. .
1974. . .
1975. . .
1976. . .
1977 . . .
1 978. . .
1979. . .
1980 . . .
1981 . . .
1982...
1983...
1984...
1985. . .
1986...
279.1
312.1
299.5
309.9
342.1
355.4
330.2
344.3
367 .6
347 .8
370.2
384.6
396 .1
427 . 6
455.5
480 . 4
487.5
512.2
512.2
486 .7
501 .4
281 .6
315.3
300.1
312.8
342.7
3 56 . 9
322.6
346.9
368.1
346.6
373.4
384.1
403.7
431 .7
459.5
47 5 . 3
494.5
511 .3
510.3
485 .9
506.2
283.9
318.1
298.5
317 .2
344.2
355.5
320.1
352.6
366 .3
348 .3
376.3
384.6
406.1
432.8
46 2 . 9
476 .5
495.2
515.1
511 .1
486 ,7
511 .1
543.7
495.9
504.2
519.1
546.6
584.4
562.3
546.2
521 .8
489.4
520.2
538.7
541 . 5
484.1
507.1
523 . 5
550.9
583 .9
557 .9
537 .6
521 .7
487.9
524.5
537 .3
536.8
481 . 3
509.6
528.9
558.1
586.9
551 .4
539.7
520 .2
489.2
524.5
538.8
279.7
31 8.0
297.1
320 .5
349.8
352.9
314.5
357 .2
364.5
351 .1
3 80.9
386.8
40 8.7
430 .4
466.5
475.8
497.2
515.7
504.6
488.2
513.5
4.0
535.6
478.6
512.0
533.2
569.4
578.9
543 .6
539.5
514.8
489.5
525.8
536.7
281.8
318.4
297 . 4
325.9
346.3
350 .6
314.4
361.2
365.5
354.5
379.7
3 90.4
410.0
43 4 . 1
467.8
47 4 . 5
501.3
517 .9
491.7
514.8
544.7
537.5
481 .4
513.9
538.0
568.8
581 .1
536 .4
538.3
511 .6
491 .1
526.2
536 .8
278.
316.
296 .
327 .
347 .
351 .
318.
267 .7
318.2
294.9
330.1
340 .2
349.9
322.0
288.0
316 .0
295.4
330 .1
348.9
350.1
326.6
298.9
310.0
294.9
331 .2
353 .0
346.6
330.3
362,6
359.3
3 80 .6
391 .7
411 .5
43 5 . 4
47 2.7
47 5 . 8
500 . 8
518.9
499.0
489.5
515.3
546.3
537.1
481 .0
512 .3
543.5
572.0
57 9 . 9
530.2
539.6
504.0
493 .9
528.2
536.4
361 .4
359.6
381 . 9
359.0
361 . 9
381 .1
43 6 . 8
473 .1
477.6
501 .2
520.2
500 .0
488.1
512 .7
551 .4
534.2
478.4
514.5
544.4
574.2
578.6
526 .7
537.7
498.8
497 .1
529.9
535.0
43 9 . 8
47 4 . 9
481.4
501.0
521.7
497.3
487 .2
518.5
542.4
532.9
486 .2
517.2
544.8
57 4 . 4
57 2 . 3
534.4
537 . 8
495.1
499.3
531 .4
537.4
3 56 , 3
3 57 . 9
382.3
394.6
420.4
441.0
476 .1
47 7 . 8
504.3
521 .6
488.7
488.1
521.6
546 .4
529.2
488.9
516.2
549.4
576.0
57 2 . 5
536 .7
531 .8
491 .4
505.9
532 .6
537.0
'This series contains revisions beginning with 1984. 2 This series contains revisions beginning
series contains revisions beginning with 1982.
3 .2
2.7
5 .4
3.3
3.5
3.6
6.5
4.0
5.1
3.0
2.3
2 .4
2.1
2.0
3.6
4.0
3.4
2.6
3.3
5.9
4.5
3.7
3.2
2.8
4.3
3.3
4.8
3 .6
2.5
3 .7
5.0
3 .1
3 .4
4.8
5.6
5.0
6.1
2.0
2.2
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
3 . 5
5.1
4.5
3.7
3.0
3.1
3.7
3.8
5.0
3 .1
4.0
3.4
2.7
3,5
5.9
4.4
3.8
3.2
3.0
AVERAGE FOR PERIOD
301.6
310.5
300.5
335.3
355.4
344.0
328.9
348.4
355.6
364.8
381 . 5
396.1
414.3
446 .0
476 .9
476.8
506.8
521 . 8
47 9 . 1
489.1
527.7
547 .0
526 .6
490.5
515.2
552.0
577.3
56 9.2
539.8
531.0
486 .0
509.3
532.5
538.7
'ith 1983.
3 .0
2.4
5.4
3.4
3.3
3.3
7.0
3.7
4.3
5.6
3.9
4.2
3.8
3.0
2.1
2.6
2 .2
2.0
3.4
3
306.1
310.4
281.5
280.0
284.9
306.0
288.1
306 . 5
339.7
354.6
341.4
340 . 4
352.1
351.5
370.0
383 .3
396.7
420 .4
449.8
47 8.0
483 . 9
509.8
517,7
47 5 . 9
490.1
531 .1
549.4
509.6
491 .6
522.0
552.5
581 . 5
566.8
543.2
526.9
484.1
512.9
535.1
538.5
308.1
340 .6
358.7
336 .0
341 .9
362.4
344.7
372.0
383 .7
399.4
427 .1
453.6
47 7 . 1
487.5
510 .9
517.5
484.0
496.7
533.7
549.2
502.4
496.4
523.5
550.0
584.6
567 .0
545.1
522 .7
487 .1
515.9
538.1
542 .0
299.4
313.3
343 .0
355.9
324.3
347 .9
367.3
347.6
373.3
384.4
402.0
430 .7
459.3
477 . 4
492.4
512.9
511 .2
486.4
506 .2
542.2
540.7
487 .1
507.0
523.8
551 .9
585.1
557.2
541 .2
521 .2
488.8
523.1
538.3
296 .9
324.7
347 . 8
351 .7
315.7
360.4
364.2
355.0
3 80 . 4
389.6
410.1
433 .3
469.0
47 5 . 4
499.8
517.5
500.6
489.8
514.5
545.0
536.7
480.3
512.7
538.2
570.1
580.0
536.7
539.1
510 .1
491 .5
526 .7
536.6
295.1
330 . 5
347 .4
348.9
326.3
354.7
358.9
359.8
381 . 8
392.6
417 . 4
43 9,2
47 4 . 7
47 8 . 9
502.2
521 .2
495.3
487 . 8
517.6
546.7
532.1
484.5
516.0
546 .2
574.9
574.5
532.6
535.8
495.1
500 .8
531 .3
536.5
305.0
338.5
3 56 .2
340 . 5
337 .1
354 .3
350.6
368.9
3 82.8
397 . 4
420.6
449,8
47 7 . 3
482 .7
509.2
51 9 . 0
479.7
492.0
530.8
548.5
512.9
492 . 8
520.2
551 .5
581 .1
567.7
542.7
526.9
485.7
512 .7
535 .2
539.7
299.1
326.7
348 .6
349.2
325.8
354.3
360.3
357 . 8
379.6
391 .0
412.5
438.2
470.1
478.6
500.9
517.6
496 .7
489.0
517 .3
545.6
530.6
486.2
51 4 . 0
53 9 . 9
569.5
576.8
542.3
535.7
503.0
498.4
529.1
537 .8
This
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
May
Apr.
June
1 1 7 . YIELD ON MUNICIPAL BONDS,
(PERCENT)
1952...
1953 . . .
1954...
1955 . . .
1956...
1957 . . .
1958.. .
1959. . .
1960...
1961 . . .
1962.. .
1963.. .
1964. . .
196 5 . . .
1966.. .
1967...
1968. . .
196 9 . . .
1970 . . .
197 1 . . .
1972...
1973...
1974. . .
197 5 . . .
1976 . . .
1977.. .
1978. . .
1979. . .
1980 . . .
1981 . . .
1982. . .
1983...
1984. . .
1985...
1986 . . .
2.08
2.54
2 .44
2.43
2.50
3.09
3 .00
3.36
3.63
2.08
2.81
2.48
2 .40
2.64
3 .27
2.95
3.56
3.57
2 .23
2.93
2.30
2.57
2.80
3 .49
3.33
3.69
3.42
2.38
2.66
2.34
2.51
3.11
3.28
3.37
3.62
3.44
2.19
2.73
2.39
2.48
2.76
3.28
3.16
3.56
3.52
3.14
3.14
3.23
3.19
3.66
3.82
4.46
5.43
6.82
5.74
5.36
5.16
5.96
6 96
6.78
5.70
6 .02
6.22
7.95
10.69
12.33
9.23
10.37
3.21
3.18
3.20
3.29
4.06
4.04
4.31
6.00
6.33
5.75
5.36
5.33
6.72
7 23
6.64
5.59
6 .16
6.28
8.58
12.11
11 .39
9.61
10 .17
9.05
3.04
3.26
3.19
3 .47
3.89
4.36
4.64
6.40
5.93
5.16
5.08
5 .12
6.74
7 38
6.18
5.57
6 .27
7.20
9.62
12.54
9.90
9.77
10.12
8.68
3.16
3.17
3.21
3 .26
3.81
3.94
4.45
5.72
6.35
5.48
5.26
5.19
6.17
7 05
6.64
5.68
6.02
6.52
8.60
11.33
11 .66
9.51
10 .10
9.10
4.30
4.81
4.56
4.32
4.80
4.56
4.30
AVE IAGE FOR PERIOD
2.13
2.99
2.15
2.98
2.24
2.90
2.26
2.30
2.90
2.31
2.38
2.75
2.34
2.38
2.62
2.32
2.50
3.18
2.91
3.42
3.72
3 .40
3.34
3.10
3.22
3.06
3.52
3.54
4.29
4.85
6.65
5.36
5.12
5.05
5.22
6.82
7.07
5.87
5.71
2 .44
3.00
3.02
3.36
3.60
3.31
3.21
3.15
3.14
3.09
3.64
3.52
4.31
4.98
6.36
5.23
5.28
5.13
5 .20
6.39
6.94
5.89
5.62
2.57
3.10
3.06
3 .30
3.56
2.70
3.13
2 .96
3.39
3.56
2.68
3.27
2.92
3.58
3.60
2.54
3.41
2.97
3.72
3.55
2.65
3 .40
3.09
3.71
2.80
3 .54
3.36
3.58
2.94
3.54
3.54
3.78
2.95
3.42
3.45
3.62
3.53
3 .16
3.37
3.32
3.55
3.40
3.14
3.05
3.28
3.18
3.72
3.55
4.54
5.26
6.03
5.17
5.31
5.29
5 .40
3.06
3 . 10
3.28
3.15
3.56
3.60
4.34
5.19
6.49
5.37
5.43
5.15
5.73
3.11
3.11
3.20
3.17
3.65
3.89
4.54
5.33
7.00
5.90
5.30
5.14
6.02
3.26
3.21
3.20
3.24
3.77
3.96
4.50
5.76
6.96
5.95
5.34
5.18
6.13
3.28
3.22
3.18
3 .27
3.95
4.02
4.33
5.75
6.53
6.06
5.41
5.40
6.68
3.23
3.13
3.19
3 .24
4.12
3 .99
4.21
6.00
6 .20
5.82
3 .02
3.20
3.25
3.40
3.94
4.30
4.49
6.09
6.39
6.60
5.73
5.80
6.87
5.75
6.03
6.87
5.62
6.22
6.79
5.63
6.28
6 .61
5.62
6.12
5.18
5.05
6.57
7 39
6.30
5 .64
6.13
3.04
3.30
3.18
3.46
3.86
4.34
4.60
6.30
5.93
5.20
5.02
5.18
6 .61
7 43
6.29
5.49
6.19
3.07
3.27
3.13
3.54
3.86
4.43
4.82
6.82
5.46
6.92
5.89
5.61
3.11
3.20
3.23
3.35
4.12
4.12
4.38
6.26
6.25
5.37
5.36
5.10
6.76
7 44
6.51
5.51
6.09
5.05
5.12
7.05
7 31
5.94
5.57
6 .50
3.23
3.10
3.21
3.11
3.63
3.54
4.38
5.03
6.35
5.25
5.24
5.16
5.27
6 65
6 .98
5.88
5.65
7.35
9.68
13 . 2 8
9.50
9.63
9.51
8.16
10.10
12.97
9.58
9.64
9.65
9 .17
10.16
12 .82
9.20
9.93
9 .77
8.63
10.62
12.59
9.05
9.96
9 .42
7.59
10.78
11.95
9.11
10.49
9.01
7.63
10.67
12.45
9.52
10.67
8.69
8.13
11 .14
12.28
9.53
10.42
8.81
8.67
12 .26
11.23
9.72
9.99
9.08
8.94
12.92
10.66
9.58
10 .10
9.27
9.11
12 .83
9.69
9.66
10.25
9.08
9.56
11.89
10.06
9.75
10 .17
8.54
10.20
12.91
9.96
9.89
9.95
8.23
9.98
13.02
9.43
9.73
4.32
4.81
4.56
4.32
4.78
4.56
4.27
4.34
4.69
4.29
4.70
4.77
5.34
5.40
5.64
6 .20
6 .81
5.58
5.60
6.24
6 .00
5.69
5.52
5.45
5.70
7 .49
8.99
9 .06
8.45
9.18
10.24
12.60
14.23
17.38
13.08
13.01
4.29
4.27
4.34
4.69
4.56
4.70
5.36
5.56
5.58
6.23
5.89
5.68
5.48
5.45
5.45
4.29
4.34
4.64
4.59
4.68
5.35
5.51
5.57
6.22
5.82
5.65
5.47
5.45
6 .00
5.45
6.7 8
7 .99
9.29
6 .83
«.O5
9.20
7.32
7 .45
6.94
8.06
9.10
7.37
7.50
8.66
8.69
9.17
4.62
4.60
4.71
5.35
5.43
5.58
6.21
5.77
5.64
5.46
4.29
4.30
4.67
4.78
5.32
5.39
5.64
6.21
4.81
5.35
5.37
5 .7 1
6.19
5.60
5.45
5.59
5.45
5.45
6.32
5.44
6 .45
8.06
9.11
7.75
7.53
7.52
8.35
9.16
7.89
7 .54
4.30
4.82
4.56
4.30
4.86
4.56
4.31
4.82
4.56
4.81
5.38
5.35
5.75
6.18
5.68
5.58
5.45
5.46
5.44
6.51
4.87
4.92
5.37
5 .80
6.14
5.68
5 .57
5.45
5.46
5.45
6.58
5.50
4.95
5.63
5.57
7.35
8.36
9.07
7.92
7.55
10.30
9.32
8.93
8.77
9.81
10 .58
13.54
17 .96
14.61
14.21
11 .99
14.79
17.10
8.65
9.35
10.26
14.63
15.04
16 . 4 1
13.45
15.91
16 . 3 1
9.74
10.61
11.99
16.33
16.19
10.49
11.85
16.31
16.73
13.27
13.68
13.43
13.80
12.97
15.01
12.28
14.91
11.89
14.58
12.12
7:46
8.84
9.04
8.55
10.24
8.82
8.64
9.44
9.46
9.16
9.03
9.46
9.06
9.05
8.77
FEDERAL FUNDS RATE
(PERCENT)
1.29
1 .35
2.93
2.72
2.48
3 .99
1.45
2.14
2.91
3.48
3.90
4.42
4.94
4.60
6 .30
8.98
3.00
1.67
2.40
3.97
2.54
2.37
3.00
6.64
8.98
2.96
1 .20
2.80
3.84
2.02
2.70
2 .98
3.43
4.04
4.65
4.53
5.05
6.79
7.76
3.00
1.26
2.96
3 .92
1 . 50
2.69
2 .90
3.47
4.09
4.67
4.05
5.76
7.41
8.10
3.50
5.94
3.29
6.58
3.83
7.09
7.13
4.87
4.61
6 .70
10.07
13.82
19.08
13.22
8.68
9.56
8.35
6.24
4.77
4.68
6.78
10.06
14.13
1 5.93
14.78
8.51
9.59
8.50
5.54
4.84
4.69
6.79
10.09
17.19
14.70
14.68
8.77
9.91
8.58
3.98
4.60
5.00
14.38
17.43
12.99
13 .23
13.43
11.87
9.41
8.45
8. 81
10.04
12.41
14.47
15.98
12.82
13.23
12 .90
11 .28
5.61
5.60
6.23
6.04
5.69
5.53
5.45
5.45
5.62
6 .77
6 .81
7.50
8.62
8.40
7.59
7.56
8 78
9.51
9.32
8.28
8.96
10.23
12.24
14.08
16.43
12.80
13 . 2 5
12.99
10 .70
1.07
2.18
0.90
2.24
0.91
2.35
1.26
2.48
3.50
1 .80
3.98
2.47
2.26
2.90
3.50
3.36
4.08
5.53
3.88
5 92
9.00
6.20
3 .22
2.27
4.00
2.44
2.62
2.94
3.48
4.87
10.78
5.04
10 .01
6.24
5.25
6.14
8.45
11 . 4 3
10.87
15.87
5.82
5.03
6 .47
8.96
13.77
12.81
1 5.08
9.71
9.48
9.99
7 .99
6.09
5.70
5.55
6.11
5.69
5.56
5.45
5.46
5.46
6.63
6.63
7 .28
8.40
9.01
7.84
7 .56
9 18
10.38
9.74
8.82
8.74
9.81
11.37
14.26
18.55
14.03
13 . 5 5
13.99
12.04
6.65
7.29
8.48
8.97
7.75
7.57
8 97
10.13
9.53
8.55
8.81
9.98
5.45
5.49
5.63
5.60
6.23
6.05
5.70
5.54
5.45
5.45
5.51
6 .81
6.77
7.36
8.48
8.90
7 .62
7.57
8 86
5.55
5.58
6.23
5.90
5.67
5.49
5.45
5.45
6 .48
6 .81
7 58
4^9
5.61
5.45
5.45
5.45
6.41
8.16
9.12
7.67
7.52
7 80
9.36
8.84
8.97
8.55
10.25
14.69
16.96
12.73
13.32
13.24
12.43
16.18
16 . 4 1
12.62
14.57
12.38
4:60
4.87
5 .41
6.14
5.68
5.57
5.45
5.46
5.45
6.57
6.59
7.35
8.37
9.06
7.91
7 .55
10.18
9.40
8.91
8.76
9.86
10.80
13.40
17 .76
14.98
13.85
14.26
12.05
5.62
5.59
5.49
6 .06
5.70
5.54
5.45
5.45
5.54
6.16
6.74
7 .38
8.53
8.76
7.65
7.57
8 87
6.56
5.60
5.46
5.45
5.47
7.53
9.42
8.43
8.86
10.08
14.31
16.61
12 .87
13.24
13.11
11 .28
6 .31
5.30
3.11
3.82
2.24
(u)
1 .21
1 .37
©
4.30
4.74
4.56
7 .42
8.36
9.11
7.97
7.54
8 19
9.85
9.13
8.99
8.77
9.96
10 .46
12.39
16.76
16.29
11 9 .
197 5 . . .
1976...
1977 . . .
1978. . .
1979. . .
1980 . . .
1981 . . .
1982 . . .
1983...
1984...
1985...
1986 . . .
2.38
2.60
2.36
2.57
3.22
3.04
3 .34
3.68
3.40
2.06
2.78
1968.
1969.
1970.
1971
197 2 . .
1952..
1953 . • .
1954.. .
1955...
1956.. .
1957 . . .
1958. . .
1959 . . .
1960 . . .
1961 . . .
1962. . .
1963...
196 4 . . .
1965 . . .
1966. . .
1967 . . .
196 8
1969...
1970...
197 1 . . .
1972 . . .
1973.. .
IQ
2.04
2.65
SECONDARY MARKET YIELDS ON FHA MORTGAGES
(PERCENT)
Annual
IQ
©
5.48
6.71
IV Q
Dec.
2.08
2.65
4.26
4.34
4.75
4.56
4.73
1985 . . .
1986.. .
WE RAGE
III Q
Nov.
2.07
2 .55
1952...
1953 . . .
1954...
1955. . .
1956 . . .
1957 . . .
1958...
1959. . .
1960...
1961 . . .
1962. . .
1963.. .
1964. . .
196 5 . . .
1966. . .
197 5. . .
1976. . .
1977 . . .
1978. . .
1979. . .
1980 . . .
1981 . . .
1982...
JO-BOND
Oct.
2.09
2.43
118.
. .
..
. .
...
.
Sept.
Aug.
July
3.00
0.63
2.90
3.85
1.98
2.29
3.00
3.50
3.00
0.93
3.3 9
3 .32
1 .73
2.68
2 .99
3.50
2.99
0.68
3 .44
3.23
1.16
2.71
3 .02
3.24
1.53
3.50
2.98
2.00
2.93
3 .49
3.50
3.50
.76
3.76
2.60
.88
2.90
3.48
4.90
3.94
5.17
3.98
5.30
3.79
5.53
3 .89
8.67
7.94
8.90
7.60
8.61
9.19
6.61
5 .40
4.00
5 78
9.15
7.12
4.27
7.84
4.46
8.49
4.55
10.40
10.50
5.49
4.82
4.73
6 .89
10.01
17 .61
15.72
14.94
8.80
10.29
8.27
5.22
5.29
5.35
7 .36
10.24
10.98
18.52
14.45
8.63
10.32
7.97
5.55
5.48
5.39
7 .60
10.29
9.47
19.10
14.15
8.98
11.06
7.53
6.10
5 .31
5.42
7 .81
10 .47
9.03
19 . 0 4
12.59
9.37
11 .23
7.88
6.14
5.29
5.90
8.04
10.94
9.61
17.82
10.12
9.56
11 .64
7.90
10.31
9.45
11 .30
7.92
1 .02
2 .36
1 .78
3.89
5.94
8.98
6 .70
3.23
2.16
3.99
2.30
2.40
2.92
3 ,45
3.58
4.17
5.57
4.17
5.92
8.94
5.57
3.11
1 .57
3.30
3.22
1 .96
2.68
3.18
3 .50
4.07
5.11
4.22
5.66
8.21
7.17
7.82
10 .56
10 .00
8.74
5.42
5.20
5.16
7.28
10.18
12.69
17.78
14.51
8.80
10.56
7.92
6.16
5.28
5.82
8.10
10 .95
9.84
17 .58
11.01
9.46
11.39
7.90
5.41
4.88
6.51
9.58
13.58
15.85
13.59
9.29
9.43
9.27
8.10
5.82
5.05
5.54
7.93
11 . 1 9
13.36
6.38
12 .26
9.09
10.22
8.10
1 .34
1 .49
1.92
2.98
2 .42
3.99
1.98
2.33
2.93
3.38
3.85
4.32
5.40
4.51
6 02
8.97
2.96
1 .86
2.56
3.93
2.00
2.40
2.96
3.46
3 .97
4.56
4.82
4 79
6.58
8.57
3.00
0.94
3.08
3.70
.74
2.55
2.96
3.49
4.08
4.91
3.99
5.98
8.33
7 .88
3.24
1 .32
3.57
2.94
1.68
2.85
3 .33
3.46
4.07
5.06
10 .03
5.33
9.95
3.54
6.54
5.22
4.95
6.51
9.76
13.18
15.85
13.31
9 .20
9.34
9.43
8.05
5.20
4.65
6.56
10.03
13.78
18.90
12.37
8.95
9.47
8.38
8.27
6.30
4.83
4.66
6.76
10.07
15.05
16.57
14.23
8.65
9.69
8.48
4.10
5.77
4.12
5 81
8.85
5.60
(MARCH 1 9 8 7 )
99
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
ES
Sept.
Oct.
Nov.
Dec.
I Q
II Q
g
8"
8"
87 .0
87 .4
86.9
8 8.3
92.3
94.1
89.4
87.2
87 .8
87 . 5
89.2
92 .7
88.5
87.0
87.8
87 . 5
90 . 6
93.0
94.3
94.8
94.6
94.6
94.5
94.9
98.1
99.8
100.8
103.6
108.6
111.0
115.6
122.9
141 .8
171.5
178.7
187 .1
198.2
217.5
249.7
2 80.8
295.8
300.7
306.1
309.8
310.2
94.8
94.9
95.2
94.9
94.4
94.8
95.4
99.1
99.9
101.7
104.8
109.6
112.6
117 .0
127 .
149.2
171.2
179.5
190 .1
202 .0
223 .9
259.0
287.6
298.3
300.5
309.3
309.1
88.8
3 .9
8 .6
8 3.1
9 .1
9 5.8
9 4.5
95.0
9 4.7
-0.5
-0.3
-0.9
-0.3
0.2
0.2
-0.5
0.1
0.1
0.1
0.5
(1967=100)
1952...
1953.. .
1954...
1955...
1956. . .
1957 . . .
1958...
1959. . .
I960.. .
89.7
87.2
88.0
89.3
87.0
87.7
89.2
87.3
87.7
88.7
86 .8
88.1
88.6
87 .2
88.0
88.8
92.7
89.2
92.8
89.5
92.7
90 .2
93 .0
94.8
94.7
94.8
94.7
94.9
95.2
95.2
95.2
1962 . . .
1963.. .
196 4 . . .
196 5 . . .
1966. . .
1967 . . .
196 8 . . .
196 9 . . .
1970 . . .
197 1 . . .
1 97 2 . . .
1973. . .
1974. . .
197 5 . . .
1976. . .
1977.. .
197 8 . . .
1979. . .
1980.. .
1981 . . .
1982. . .
1983.. .
1984...
1985. . .
1986.. .
95.0
94.7
95.2
95.2
98.6
100.1
101 .1
104.3
109.3
111.8
116.3
124.5
146.6
171.8
179.4
188.1
200.1
220 .8
254.9
284.8
298.3
299.9
308.0
309.5
94.9
94.4
94.7
95.4
99.3
99.9
101.9
104.8
109.7
112.8
117.3
126 . 9
149.5
171.3
179.4
190.2
202.1
224.1
260.2
287.6
298.6
300.9
308.9
309.1
94.9
94.2
94.6
95.5
99.3
99.6
102.1
105.4
109.9
113.1
117.4
129.8
151.4
170.4
179.7
192.0
203.7
226.7
261.9
290.3
298.0
300.6
311.0
308.6
1952. . .
1953 . . .
1954.. .
1955...
1956 . . .
1957 . . .
1958. . .
1959 . . .
1960. . .
1961 . . .
1962...
1963...
1964...
196 5 . . .
196 6 . . .
1967 . . .
1968...
196 9 . . .
1970...
197 1 . . .
197 2 . . .
1973...
1974.. .
1975...
1976...
1977 . . .
1978. . .
1979. . .
1980...
1981...
1982...
1983...
1984...
1985...
1986...
-0 .4
-0.4
-0.2
-0.3
0.3
0.5
0.1
0.1
0.0
0.0
0.0
-0.1
-0.3
-0.5
0.2
0.7
-0.2
0.8
0.5
0.4
0.9
0.9
1.9
2.0
-0.3
0.0
1.1
1.0
1.5
2.1
1.0
0.1
0.3
0.3
-0.1
-0.1
0.3
0.0
-0.5
0.3
-0.1
0.6
0.1
0.5
0.0
0.0
-0.2
-0.1
0.1
0.0
-0.3
0.2
0.6
0.2
0.3
0.1
2.3
1.3
-0.5
0.2
0.9
0.8
1.2
0.7
0.9
-0.2
-0.1
0.7
-0.2
90.8
92 .9
88.7
88.0
87.7
87.7
90 .5
93.8
89.1
87 .7
87 .7
88.0
91 .0
94.0
88.7
88.1
87 .3
88.7
91 .7
93.7
88.2
87.5
87 .1
88.6
91 .7
93.5
95.2
95.0
95.0
94.8
94.8
95.0
94.5
94.6
95.0
94.6
94.5
94.9
94.4
94.3
94.3
96.2
99.5
99.7
102.4
106.3
110.0
113.9
118.2
133 .2
1 55 .0
173.2
181 .9
195.2
208.0
232.0
264.2
294.1
298.6
301 .5
311 .5
309 .8
-0.6
-0.6
-0.1
0.5
0.5
0.8
0.3
-0.1
-0.6
94.3
94.5
94.3
96.9
99.6
100 .2
102 .5
106 .8
110 .4
114.4
118.8
136 .0
155.7
173.7
183.2
194.5
209.6
233.5
265.6
294.8
299.3
302 .4
311.3
309.2
94.6
94.8
94.6
97 .0
100.3
100.3
102.8
107.0
110.9
114.7
119.7
134.3
161 .7
175.7
184.4
194.8
210.7
236.9
270 .4
296.2
300.4
303 .2
311 .9
309.0
94.7
94.6
94.5
97 .0
100.7
100.0
102.5
106.9
110.4
115.1
119.9
142.1
167 .4
176.7
183 .8
194.6
210.6
238.3
273 .8
296.4
300.2
304.7
310 .7
307 .3
95.4
94.5
94.9
97.1
100.7
100.1
102 .9
107 .1
111.0
114.6
120.2
139.7
167 .2
177.7
184.8
195.3
212.4
242.0
274.6
295.7
299.3
305 .3
309.3
305.5
94.8
94.7
95.0
97 .2
100 .1
100.1
102.9
107 .4
110.9
114.5
120.0
138.7
170.2
178.9
185.3
196.3
214.9
245.6
277.8
2 96.1
299.8
306 .0
309.4
307.9
0.6
1.3
0.5
0.1
0.5
-0.4
-0.6
-0.7
-0.2
-0.1
.8
>
#
2
3
8 5. 2
9-.0
.7
9 4.9
94 .3
94.9
9 4.9
9 4.9
9"
9 j',
8
100 .1
103.3
108.1
110.9
114.6
120.7
139.2
171.9
178.2
185.6
197.1
215.7
247.2
279.1
295.5
300.3
305.5
310.3
309.5
(PE RCENT)
0.2
0.7
0.6
0.6
0.4
0.2
0 .2
0.4
0 .4
0.4
0 .1
0.7
0.3
0.5
0.3
0.3
0.7
0 .6
0.7
0.6
1.3
3.4
0.2
0.4
0.5
1.0
1.5
2.1
1.4
0.8
-0.3
0 .6
-0 .1
-0.3
0.3
0.0
-0.5
-0.3
-0.2
-0.1
0.4
0.1
-0.4
0.0
0.1
0.1
0.3
0.1
0.5
0.9
1.0
0.9
1.2
1.4
1 .5
0.3
1 .1
0.0
0.0
0.1
0.2
0.5
0.7
-0.1
0.1
0.0
-0.2
-0.4
-0.2
0.3
-0.2
0.3
0.1
0.5
0.3
0.8
0.0
0.4
0 .6
2.1
1 .5
0.6
0 .3
0.5
0.7
0.9
0.5
0.2
0 .2
0.3
0 .1
0.2
-0.5
-0.3
-0.8
0.5
-0 .1
0.3
- 0 .2
-0.2
-0.2
-0.5
-0.1
0.2
0.0
0 .7
0.1
0.5
0.1
0.5
0 .4
0 .4
0 .5
2 .1
0.5
0.3
0 .7
-0.4
0.8
0.6
0.5
0.2
0 .2
0.3
-0.1
- 0 .2
196 5 . . .
1966.. .
1967 . . .
196 8 . . .
196 9 . . .
1970.. .
1971. . .
197 2 . . .
1973 . . .
1974...
1975...
1976...
1977...
1978. . .
197 9 . . .
1980...
1981...
1982...
1983...
1984...
1985...
1986. . .
-3 .3
-3 .1
1.4
1.4
3.6
2.9
_
2.6
1.7
1 .5
-0.4
_
0.6
-1.7
-0.4
1 .9
4.6
-1 .8
4.0
5.1
4.9
4.6
5.3
18.3
21.2
2.2
2 .7
9.9
10.7
14.5
14.5
11.5
1.3
0.5
3.5
-0.1
_
-
5.5
.4
.8
).2
-4.2
-0.2
-0.2
1.6
-2 .2
2.0
2.4
.3
1.5
1.3
3.2
1.3
1.3
2.0
1.1
0.8
1.1
-2.1
-0.6
-0.2
-0.4
2 .4
i- . O
*4 . J
4.1
-0.2
3.1
0.8
4.6
5.9
3.5
5.5
6.4
21.8
24.0
1.5
4.2
10.6
11.4
15.7
14.2
11.0
2.1
0.8
4.0
-0.3
3.4
6.3
3.3
6.2
5.6
22.5
20.6
2.6
5.1
8.1
11.8
15.3
13.1
10.2
2.4
1.1
3.4
-0.4
1.8
-0.7
0.7
0.6
0.0
0.6
-2 .1
-0.8
0.2
-1.3
3.5
0 .4
3 .4
5.2
2.9
5.3
5.9
16 .4
21.7
4.6
5 .7
7.3
10.9
15.1
12.5
8.2
1 .4
2.2
2.5
-0 .3
-0 .2
0 .6
0.0
-0.2
0.2
0.4
0.3
0.3
0.3
-0.3
0.5
0.0
0.3
-0.5
0 .6
0 .2
-0.1
-0.3
-0.4
0 .8
-0.3
0 .0
-0.2
-0.1
-0.1
0.0
0.4
0 .1
-0.3
-0.3
-0.1
-0.5
0.3
0.2
5.8
3.5
0.6
0 .8
-1.3
3.9
1.2
0 .7
0.2
0.5
1.5
1.8
0.5
0.5
0.2
-0.4
-0.5
-0.6
2 .6
0 .2
-0.6
- 0 .2
-1 .9
-0.4
0.4
-0.4
2 .2
- 1 .0
0.2
-1.3
-1.9
1.1
0.6
0.6
1 .1
-0 .6
-1.5
-0.6
-0.8
2.8
0.2
2.8
1 .0
1 .2
4.0
1 .3
4.1
4.5
25.4
25.4
6.4
5.0
4.7
8.6
13.1
10.7
6.2
1 .1
2.5
1 .2
-1 .2
1 .6
3.3
2.0
2 .7
4.8
15.8
22.0
8.8
5.8
3.5
8.7
14.0
9.9
3.8
0.9
3 .2
-1.1
-2.0
1.6
-2.3
2.1
0.4
1.5
1.1
1.4
1 .8
1 .6
3.6
1.6
1 .9
4.3
13.0
24.2
8.1
4.5
2.1
8.3
14.0
11 .7
1.8
1 .2
3 .6
-1.2
-0.9
0 .3
-0 .1
-0.1
-0.2
-0 .7
1.8
0.7
0.3
0.5
1.2
1.5
1.2
0.1
0.2
0.2
0.0
0.8
0.6
0.5
0.4
0.9
1.6
0.3
0.3
-1 .1
0.0
0.0
0.3
0 .4
-1 .1
1 .8
-0.9
3.2
0 .1
-0.6
-1.7
-0.1
-0.2
-0.3
-0 .4
1 .6
0.0
0.7
0.2
0.1
0.0
0.1
0.0
0.6
)VER
-0.6
0 .4
0 .2
0 .5
-0.4
-0.3
-0.1
-0.6
0.3
0.0
0.4
1 .3
0 .1
-0.1
0 .2
-0 .1
0.0
-0.2
-0.1
-0.5
0.5
0.0
0.0
0.7
0.1
0.1
0 .1
0.7
0.1
0.3
0.2
0.5
0.3
0.8
6-MONTH
SPAN
s
-0.5
0 .3
0 .2
0.2
-0.2
0.0
0.0
0.1
0.2
-0.1
0 .3
-0.3
0.0
0.4
0.7
0.0
0.1
0.6
0.4
1.0
-0 .4
0.2
0.4
0 .4
0.7
0.5
-0.2
0.2
-0 .2
0.3
0.5
100
4.8
94.4
94.3
94.4
96.3
99.5
99.7
102.3
106.2
110.1
113.9
118.2
133.2
154.5
173.0
182.1
194.7
208.0
231 .8
264.2
294.1
298.6
301.5
311.4
309.4
9 4.9
9 4.6
9 4.7
9 7.0
00.6
00.1
02.7
07.0
10.8
14.8
19.9
38.7
65.4
7f .7
8 4.3
9 4.9
1 .2
.3 9 . 1
.72.9
96.1
00.0
04.4
10.6
07.3
87.7
87 . 4
87.1
8
9
9
9
9
9
8
2
3
4
4
4
.
.
.
.
.
.
4
0
8
5
4
9
9
9
9
9
4
4
4
7
.8
.7
. 9
.6
99.9
100.3
103.3
108.0
110.9
114.9
121.2
139.9
17 1.2
178.6
186.0
197.2
216.0
247.5
279.2
295.8
300.3
305.9
309.8
309.2
88.6
87 .4
87.6
87 .8
90 .7
93.3
9/. (•
94.8
94 . 9
94.5
94.8
9 4.5
9 4.7
96.6
99.8
100 .0
102.5
106 .5
110 .4
114.0
119.1
134.7
160.1
174.9
183.0
194.2
209.3
235.6
268.8
293 .4
299.3
303 .1
310.3
308.7
-3.4
0 .0
-0.7
-4.7
0 .0
0 .0
2.7
1.7
-0.4
-1.9
-0.2
0.0
1.1
1.3
1.3
3.6
1.9
4.9
1.1
0.4
-0.2
0.4
1.7
0 .2
0 .8
1.3
4.0
0.9
0.6
0.8
1 .8
3.4
1 .6
1.2
4.3
9.2
23.0
5.9
4.1
2.0
7.5
13.5
11 .6
1 .0
1 .1
2 .7
-0.8
-0.2
0.0
1 .7
0.6
0.0
1 .3
0.4
1 .2
3.4
1.1
2.1
7 .0
8.7
21 .3
5.8
4.3
3.8
7 .7
14.4
11.8
0.7
0.9
2.5
-1.0
0.6
0.0
-0.1
0.3
-0.3
-0.4
0.0
0.6
0.0
0.7
0.3
0.5
0.1
0.9
1 .8
1.9
-0.2
0 .3
0.8
0.6
0.8
1 .0
0 .6
0.
0.
0 .2
-0.2
0 .1
0.3
0.1
0.3
0.1
0.1
-0.1
0.0
0.2
0.4
-0.1
0.4
0.6
0.4
0 .6
0.5
1.8
2.2
-0.2
0.2
0.8
0.9
1.4
1.6
1 .1
0.2
0 .0
0.5
0.2
-0 .1
-3.1
-0.9
0 .0
1 .8
-3.7
-1.6
1 .0
0.9
2.8
0.8
2.3
2.0
1.3
-0.4
1 .6
4.3
1.6
2.8
8.2
19.2
12.9
4.3
4 .1
5.5
9.8
15.8
10.9
1 .4
-0.3
3.2
-1 .5
- 0 .1
-0 .4
-0.1
-0.1
0.1
0.5
0.2
-0.1
0.0
-0.1
-0.5
-0.2
0.1
-0.1
0.5
0.1
0 .2
0.1
0.5
0 .2
0.4
0.4
1.6
1.0
0.6
0 .6
0.4
1 .0
1 .0
0.4
0.5
0 .1
0 .2
0.0
0.1
0.2
0.5
0.0
0.4
0.4
0.2
0.0
0.0
-0.1
0.2
0.4
0.0
0.2
0.1
0.4
0.0
0.1
0.1
0.2
0.1
0.4
0.9
2.4
0.8
0.3
0.2
0.5
1.2
1.1
0.1
0.0
0.3
-0.2
-0.4
-0.7
-0.3
-0.2
-0.2
0.2
0.1
0 .0
-0.2
0.1
0.1
-0.3
0.0
0.0
0.3
-0.3
0.2
0.2
0.5
0.0
0.3
0.7
0.5
0.9
0.2
0.4
0.5
0.8
1.1
0.8
0 .0
0.2
0.1
0.0
0.5
-0.3
0.0
0.0
0.1
0 .4
0.2
0.0
0.0
0 .0
0.0
0.0
0 .0
0.0
0.3
0 .1
0.1
0.2
0.4
0.2
0.3
0.5
1.2
1.6
0.4
0.4
0.5
0.8
1.2
1.0
0.4
0.1
0.1
0 .1
0 .0
AVERAG E FOR PERIOD
-2.7
1 .2
-0 .9
-1.5
0 .3
0 .4
0 .0
©
-1 .8
0 .0
-1.6
0.0
0.1
0.6
0 .4
1 .3
1.3
-0.6
0.2
1 .9
0 .4
1 .3
1 .3
-2.5
1 .4
-1 .3
0.2
1.3
-1 .1
-0.7
0.1
-1.6
-2 .2
3.9
3.8
4.0
-0.4
5.3
4.4
5.3
3 .8
5.8
3.9
5.4
5.8
3 .9
12.0
10.7
4.7
3.1
4.9
16 .6
17.5
3.9
2.3
20 .9
21.9
7 .1
7 .9
8.8
2.1
4.0
9.5
13.2
19.2
10.3
1 .5
13.9
17.1
11 .8
1 .6
11.3
15.2
13.9
10.9
0.5
0.9
2 .8
-1.0
-1.9
3 .8
-0.5
-3.4
1.9
0.8
3.6
7.9
NOTE: These series contain no revisions but are reprinted for the convenience of the user. Percent changes are centered within
the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures
are averages of the centered changes.
Annual
AVERAG : FOR PERIOD
330C. CHANGE IN PRODUCER PRICE INDEX, ALL COMMODITIES,
1952...
1953...
1954...
1955...
1956...
1957 . . .
1958...
1959...
1960...
1961 . . .
1962...
1963 . . .
196 4 . . .
IV Q
AVERAGI FOR PERIOD
88.2
86.9
87.3
87.6
90 .7
93.2
94.6
94.0
94.5
95.9
99.4
99.2
102.1
105.5
110 .0
113.4
117 .5
130.5
152.7
172.1
181 .3
194.3
206.5
230.0
262.8
2 93 .4
298.0
300 .6
311 .3
309.3
III Q
©
-0.3
-1.2
1.7
-0 .5
1 .5
4.3
2 .4
-0.1
-0.1
-0.3
-2.0
0.0
0.4
-0 .4
3.5
3 .0
0 .5
2.1
4.2
2.1
4.0
5.1
19.2
23.0
6 .6
5.5
5.2
9.4
14.1
11 . 0
6.1
1.1
2.6
0.9
-1.2
-1.9
0.9
-1.6
2.0
3.2
1.6
-0.3
-1.6
-0.3
0.3
0.7
0.9
.2
-3.7
-0.3
-0.2
2.3
3.7
1.6
0.6
0.2
1.0
1.4
-1.0
0.4
1.5
o!8
1.3
-1.4
3.1
3.5
1.4
1.7
5.2
10.3
22.8
6.6
4.3
2.6
7.8
14.0
11.7
1.2
1.1
2.9
-1.0
-0.2
5.0
3.3
3.9
12.3
15.8
7.2
3.2
6.4
7.4
12.3
17.4
11.0
1.5
0.4
3.3
-1.0
-1.8
-2.6
0 .2
-0.3
1 .7
4.1
2.0
0.6
-0.1
0.4
-0.4
-0.1
0.2
0.4
3 .4
1.6
.1
3 .0
4.6
2.7
3.8
7.1
16.5
18.7
4.6
5.0
6.2
10.2
15.1
11 .9
4.9
1 .1
2.4
0.6
-0 .8
(MARCH 1987)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb
1952...
1953...
114.5
104.1
102.5
99.3
113. 3
103 . 4
102 . 3
98. 9
9 5 .5
99. 0
101 . 9
100. 4
97 . 2
97. 5
97. 7
95. 7
94. 0
95. 6
107.6
100 . 5
100 . 5
103 . 2
Mar.
Apr
May
111 . 5
101 . 0
103 . 0
98. 8
96 .
98. 3
101 . 8
101 . 3
98. 1
96. 5
111 . 3
101.8
102.6
96.2
110
100
100
98
June
July
Aug
Sept.
Oct.
Nov
.7
.3
.7
.1
110. 6
103. 4
100 . 2
110. 8
101 . 4
108. 2
102. 2
107. 8
100 . 3
99. 9
97. 2
96 . 1
99. 0
97 . 3
99. 7
97 . 0
107
99
100
98.0
103.6
100.5
100.5
102.2
100.0
102 . 4
101 . 9
99. 7
101 . 2
98. 8
98.3
95.5
96.1
94.7
94.0
98.5
105.6
97.3
94.0
95.7
95.5
92.9
100.9
105.5
99. 1
101 . 8
98. 0
96. 6
99.2
100.7
108.7
100.2
100.1
110.1
102. 2
102. 6
99. 0
97 . 2
95. 0
96. 6
95. 9
93. 4
99. 7
106. 7
99. 9
101 1
109.0
111 .7
115.0
125.4
167.8
186.1
195.4
111 . 8
115.5
126.0
175.6
176.9
196.4
203.2
216.1
208.3
209.1
270^7
286.0
331.7
273^4
287.8
335.2
325.6
323.
325.3
322.8
276 2
302 2
335 3
321 6
319 3
307.9
305.8
303
I Q
II Q
1
101. 2
98. 6
94 2
113. 2
103. 7
102 . 5
98. 7
111
101
102
97
1954...
1955...
1957...
1958...
1959...
I960...
1961 . . .
1962. . .
1963.. .
196 4 . . .
196 5 . . .
1966. .
1967. .
1968..
1969. .
1970. .
197 1 . .
.
.
.
.
.
.
1972...
1973...
1974. . .
1975...
1976 . . .
1977...
197 9 . . .
1980. ..
1981 . . .
1982 . . .
1983...
1984...
1985...
1986...
100.1
100.3
100.9
97.1
97 .1
97.9
96 . 9
95.1
94.4
105.5
102 . 9
100 . 2
104.0
112.2
111.3
120.6
143.8
202.3
190.3
201 . 4
205.5
215.0
255.8
2 90.3
330.4
318.6
313.5
331C.
1952...
1953...
1954...
1955.. .
1956...
1957 . . .
1958...
1959...
1960. . .
1961.. .
196 2 . . .
1963.. .
196 4 . . .
196 5 . . .
1966...
196 7 . . .
196 8 . . .
196 9 . . .
1970.. .
1971 . . .
1972...
1973...
1974. . .
197 5 . . .
1976.. .
1977. . .
1978...
1979...
1980. . .
1981 . . .
1982...
1983...
1984...
1985...
1986...
97 4
94 4
94 4
95 9
107 0
99 2
101 0
104.6
96. 3
95. 0
94. 3
97 . 0
106. 4
98. 1
101 . 4
105. 8
6
8
5
5
0
4
9
4
3
8
332 8
319 4
318 1
113
121
157
198
182
196
212
223
267
2 90
331
318
320
1
7
4
9
4
6
9
0
7
2
6
5
3
115. 1
123. 7
159. 9
193. 6
190. 1
204. 1
218. 1
230.
26 9 . 5
282 . 2
333. 0
320.
323. 4
3 30 3
316 1
3 37
311 7
337 . 3
309. 7
114.
121.
150
205
185
198
209.
218
262
295
317 !o
100 6
98 1
96.9
CHANGE IN PRODUCER PRIC E INDEX, CRUDE
OVEP 1-MONTH SPANS 1
-1.9
-1 .0
1.3
0 .7
-0.1
-0.9
-0.3
-0.1
0.1
0.2
0.1
-1.1
1.4
-0.9
0.9
0.6
-0.4
0.5
0.1
0.9
1.4
2.7
7 .1
-3.2
-1.6
-0.2
1.3
2.6
-0.3
0 .7
1.0
-0.7
0.6
-1.8
-1.0
-0 7
-0 2
-0 4
1 5
_1 1
1 6
-0 5
0 1
0 4
-0 2
-1 2
-1 2
1 3
2 0
-2 3
0 3
-0 8
0 1
3 0
1 0
4 7
1 6
-2 8
-1 5
2 1
1 6
2 5
1 9
0 7
0 3
1 .5
- 0 .5
-0 3
-1 4
0 3
0 3
-0 9
-0 4
-0 5
1 4
0 2
0 9
-0 6
-0 3
-1 4
0 4
0 3
-0 6
-1 3
0 5
1 4
1 2
- 1 .3
-0 1
4 .6
- 3 .2
- 1 .4
-0 .9
1 .4
2 .1
2 .1
-1 .9
- 0 .4
- 0 .3
0 .7
2 .1
- 1 .4
2
6
4
0 8
-0
-2
0
1
-0
7
2
-1 5
0 7
0
0
-0 4
-1 1
0 6
-0 1
1 1
-0 6
-1 1
0 4
1 1
1
1 8
-0
1
1
-2
4
6
6
3
2
3
0
-2
0
8
4
0
1
0
-0
7
2
3
7
8
-0.2
0.8
-0.4
-2.6
1.3
-0.3
1.8
-0.8
0.2
-1.0
-0.2
-0.3
-0.3
1.5
-0.8
1.4
4.9
-3.9
2.8
-0.4
-0.9
1.0
0.4
2.5
-3.2
2.5
1.0
1.3
0.6
1.
- 0 ."
2."
-1 A
-0.
4
5
-0.4
1.7
1.1
-0.1
0
-0.1
-0.5
-0.6
-0.1
-0.9
-0.7
0
6
114 6
127 9
167 6
190 9
199 4
207 1
206 8
98. 2
95. 2
97 . 3
97. 3
95. 5
93. 8
100. 6
107 . 3
100. 0
101. 3
110. 0
Ill 0
114. 4
128 8
204 8
200 8
201 3
203 2
204 0
273
316 4
332
3
318
327
330
2 96
8
3
0
9
95. 7
96 . 6
99. 7
95. 3
96. 1
100. 4
106. 8
99. 6
102. 0
109. 8
113.
113. 9
129. 3
194 4
194 6
206 0
202 6
203 5
320
328
316
330
328
293
8
1
8
1
0
96 . 9
98. 3
95. 7
95. 3
101. 3
105. 1
100. 1
102. 4
Ill . 1
113.
116 . 3
130 . 7
186. 9
202 . 0
208. 0
201 . 3
4
323 3
315 4
329 4
323 5
300 9
326
6
94
8
3
0
.2
.0
.1
.7
109. 9
102 . 3
99. 5
102 7
97 5
6
99. 2
101. 8
100. 6
98. 9
102. 5
100. 6
97. 9
95. 3
96 . 0
101 . 4
101 . 9
96
96
98
96
95
102
103
99
104
112
112
118
134
188
205
205
202
330
318
316
326
324
304
105
100
101. 0
97
96
97
98.
0
9
5
6
9
5
5
5
2
5
8
5
0
3
2
6
0
6
5
8
0
93 8
95 3
104 6
102 3
100 6
103 5
112 1
110 3
118 9
140 0
188 9
196 6
204 6
6
6
8
6
3
6
328 2
315 5
315 6
329 9
322 8
303 7
205
9
97. 5
97 . 2
97 . 7
95. 7
94. 5
95. 3
106 . 7
100. 9
100 . 6
103. 9
112. 7
113! 0
121 . 4
150. 6
202. 2
185. 9
198. 8
209.
292 . 1
331 . 6
318. 8
317 . 3
333. 2
314. 9
95.
93.
98.
105.
-0
3
-0
-0
-0
1
0
-1
-0
1
0
0
0
-1
1
-0
1
1
5
9
1
7
4
0
1
1
9
4
5
2
1
3
0
1
-1 0
0 3
-0 8
1 5
-4 6
7 9
1 5
- 0 .6
- 1 .1
-0 .5
1 .0
5 .0
0 .0
-1
-1
0
-0
.1
.1
.3
.6
0 2
-1 9
3
-0
-1 1
1 7
0 2
-0 7
-0 8
-2 1
2 4
0 7
-0 4
0 4
0 9
0 6
0 1
0 2
0 9
-1.0
-0 2
0.7
22 2
5
1
-1
-1
-0
2
0
9
4
8
-1 0
4 .7
- 0 .9
- 0 .9
2 .5
- 1 .0
- 2 .3
-2
0
-0
1
0
-2
-0
0
0
-0
2
3
8
9
2
1
6
7
6
-0
5
7
5
2
2
-0
5
2
-0
-0
5
4
Annua
108
112
115
125.
167.
0
-0
2
-0
0
7
2
2
4
4
1
1
2 3
-0 3
-0 2
-5
-3
2 0
2 .7
1 .4
- 1 .3
- 0 .6
0 .9
- 0 .6
- 1 .3
9
-1 6
0 5
0 4
1 2
0 0
2 1
1
9
3 8
1 0
1
-3
6
-0
2
3
2
0
8
185 5
194 0
205 2
214
285 3
333
323
3
323
335
307
1
7
8
99. 7
96 . 9
98. 7
96. 0
96. 3
106. 8
100 . 4
99. 5
95. 1
99. 7
101 . 8
97 . 5
96. 7
204. 3
8
97 . 1
98. 4
95. 3
95. 4
102. 8
103 . 5
100 . 1
103 . 6
Ill . 9
9
117." 8
135. 0
188. 1
201 . 2
206. 1
203 . 2
208. 5
8
313. 1
331 . 9
319. 1
325. 6
330. 5
297. 9
5
328. 4
319. 1
315. 9
328. 6
323. 5
303. 1
97 . 9
95. 6
94. 4
100. 2
106 . 9
99. 8
101 . 5
109. 6
112. 2
114. 3
128. 7
188. 9
195. 4
202. 2
no.
3
101. 9
101. 0
97. 1
99. 8
102. 0
99. 4
97. 0
96. 5
97 . 5
95. 4
94. 5
99. 3
105. 7
100 . 0
101 . 6
108. 4
112. 3
115! 1
127 . 6
174. 0
196. 1
196. 9
202. 7
209.
274.
304.
329.
319.
3
6
0
5
323. 6
330.
306. 1
AVERAGE FOR PERIOD
4
-1 9
0 7
-0 3
-0 2
-0.6
0 6
-0 8
0 9
0 3
-1 4
0 4
-0 8
-0
0
1
7
8
8
99. 2
100 7
MATERIALS FOR FURTHER PROCESSING,
(PERCENT)
-0.5
-1.5
-1.9
2.0
-0.6
2.6
-1.4
-0.5
-1.0
- 1 .6
-0.4
0.8
-1.2
2.4
-0.1
1.0
-0.6
1.3
0 .1
0 .4
0.5
4.6
-4.9
0.5
III Q
AVERAGE FOR PERIOD
(1967=100)
111 . 7
103 . 7
102 . 6
9 8 .0
9 5. 1
98.5
103.3
IV Q
Dec
0 5
2 5
1 0
1 7
-1 5
-0 .4
- 0 .2
- 1 .4
2 .7
-0
-0
0
-3
0
0
0
-0
-0
2
5
6
1
4
.4
9
5
1
3
6
8
-0
0
0
0 2
1 2
-1 8
-0 6
2 .3
1 .3
_1 . 2
1 .7
2 .7
0 .9
1 .5
-1 .2
0 .6
2 .2
0 .5
1 .3
1 .3
- 1 .5
0 .4
- 0 .9
0 .2
1 .2
3
1 4
-1 7
0 2
1 7
1 1
- 1 .7
-0 5
0 4
-2
1
-0
-2
-0
2
2
9
8
2
0
-0 9
1 1
-1 2
- 0 .4
- 1 .5
0 .5
4 .3
0 .2
- 4 .1
-0 .5
1 .7
1 .6
0 .8
1 .3
-0 .7
-1 .0
-0 .4
1 .0
-0 .5
-0 .3
-1
-0
4
5
0 5
-0 2
0 3
-0 8
0 9
-0 1
0 4
0 0
1
2
2
0 2
-0
-1
0
0 8
-1 0
0 1
0 4
0
0
5
9
0 8
4 0
1 8
-2 5
3
1
6
1
8
0 7
-0 4
-0
-1
-0
0
0
-0
-0
-1
-0
2
3
1
-0
7
0
6
0 4
-0 5
5
0 3
-0 3
1 7
-0 5
0
7
1 2
3 7
-3 8
2 5
3
2
0
1 1
1 7
4
I
-0
6
2
0
-0
0
3
7
3
-5
-2
-5
-3
.8
.7
.3
0
-3
-2
-1
0
-0
.2
.8
.9
.8
.5
.2
-1
2
-0
0
0
3
3
0 5
0 7
-1
2
-9
4
4
0 7
0 3
-0 5
-0 6
-0. 7
0 .7
-0. 6
-0. 3
0. 6
-0.
2
-0. 3
-0. 4
-0.
6
-1. 0
-0 3
1
-1 1
0 6
-0
0
-0
-0
0
0. 9
0
1. 4
-0. 1
1 .1
-0. 2
-0
-0
-0
0. 4
-0 . 2
1
-1
0
0. 6
0
-0. 1
0. 5
-0. 5
0. 9
4. 2
3. 3
1. 6
-0. 9
-0 9
0 2
0 9
3 7
-0 7
-0 9
0 8
-0 4
-1 4
0
-0
1
2
-0
3
1
6
4
4
6
5
3
4
4
3
5
7
9
4
7
9
4
0
-0 2
0 6
1 4
1 3
1 2
0 8
-1 3
-0 1
0 0
-0.6
1 2
-0
9
-0 3
-0.2
-0 4
0 6
0 0
0
-0
0
0
3
0
0 1
0
4
0 1
0 8
-0 2
-0 1
0 2
0 7
-0 1
0 6
1 4
2 7
0 4
0 4
0 1
0 3
1 4
1 3
1 0
-0 3
0 0
0 4
-0 2
- 0 .5
0
-0
3SING,
STH N ? E PANS' R U UNNU3
1952. . .
1953...
1954...
1955...
1956 . . .
1957. . .
1958. ..
1959...
1960...
1961 . . .
1962.. .
1963 . . .
1964...
1966.'. .
1967...
1968...
196 9 . . .
1970.. .
1971...
197 2 . . .
197 3 . . .
1974...
1975. . .
1976...
1977...
197 8 . . .
1979. . .
1980.. .
1981 . . .
1982...
1983...
1984...
1985...
1986 . . .
-9.8
-12.2
5.5
-1.8
-0.6
-1.2
- 8 .4
-10
5.5
5
-8
8
-2
8
-1 .0
-4
0.2
1
-2
-0.2
-1.2
-6 .6
-2.9
3 .6
10.3
-12.9
2.6
4.4
13.1
49.7
7.3
-11.4
-3.7
17.4
26.9
20.1
-1 .1
4.1
-2.0
5.1
4.9
-8.3
-1
-8
-5
6
6
-7
2
5
7
0
7
6
4
.2
.6
.1
0
.3
.1
4
1
6
4
-1
+
12
56
-2
4
- 1 0 .0
- 8 .9
- 1 .0
- 1 .0
6 .9
- 1 .0
3 .2
- 2 .0
0 .6
- 5 .9
- 4 .2
- 5 .0
- 1 .9
12 . 1
1 .7
- 4 .1
- 1 .0
- 0 .5
3
12 .3
57 . 3
3
L
3
- 1 2 .3
- 0 .2
3 .6
24 . 0
19 .9
- 1 .0
0 .7
4 .4
4 .0
5 .6
- 9 .9
3 .1
26 . 2
20 . 3
- 2 .4
4 .3
6 .3
4 .6
1 .6
- 1 0 .3
-9
-2
13 .9
-6
7
-1 3
-4 4
-4 2
6
9
4 .2
4
-3
0
6
-4.4
-3.8
-6.2
- 2 . 9
-4.6
-6.9
-5.6
7.5
7.0
0.0
-1 .4
8.6
2.5
-4.0
-6 .5
- 1 .4
-6 .3
_3 .6
4 .6
1
0
-6
_3
.6
.0
.4
-4.3
-3.5
-2
-2
- 3 .5
-4.1
-0.4
-0.8
-0.4
-0.4
- 4 . 8
-0.6
4.8
1.9
3.6
11 5
2 3
- 5 .7
1 .8
10.7
-0.6
-1.0
1.6
9.6
- 0 . 4
0.8
2.0
9
- 2 .4
4 .1
2 .0
.I
-0 .2
13.6
-2.3
10.2
-0.4
10 .J
-0.2
12 .5
35 . 8
- 1 1 .0
9 .8
5 .7
1 .3
2 1 .7
1 6 .6
8 .4
3 .0
1 .9
3 .7
0 .8
- 8 .1
11.8
85.2
-4.5
18.4
4.9
-5.5
16 . 2
8. 6
14. 4
-0 . 3
-0 . 4
5 .9
-0. 2
-11.8
12.9
52.5
-4.3
27.6
6.2
-8.6
15.8
10.0
22.2
-2.1
-1.1
6.2
-5.4
-11.6
11 .6
36 .6
8 .9
19 .7
- 2 .7
- 1 2 .1
13 . 9
10 . 8
33 . 8
- 5 .7
- 2 .9
3 .7
- 8 .0
- 5 .6
-4
.0
0 .8
4 .2
1 .5
2 .1
-6 .5
- 3 .9
- 4 .4
- 4 .5
2 .7
3 .1
- 1 .7
-5 .9
- 3 .6
2 .3
5 .9
3 .8
3 .2
- 4 .5
0 .6
8 .3
0 .5
5 .8
14 . 5
26 .3
2 1 .3
1 0 .7
- 0 .7
- 6 .6
12 .9
12 .8
33 .6
- 7 .7
- 5 .3
2 .2
- 6 .6
- 2 .1
-11 .4
-12 .9
1
-4
-7
- 1 .7
- 1 .8
- 6 .3
- 2 .0
-1 .2
7
0
-2
5
-3
-3
-3
-0
.8
.7
.3
-1 .0
- 2 .9
-9
1 .8
6 .0
-8 .2
6 .6
5 .2
7 .0
-0 .5
1 .3
9
0 .8
1 .8
11
-1 .0
36 . 5
0 .7
- 1 5 .1
- 2 .9
6 .7
14 .6
24 . 2
17 . 1
1 0 .6
- 7 .6
- 0 .4
1 .8
-8 .2
-6 .4
48 . 2
4 .7
-12 .1
-8 .9
10 .4
2 0 .1
24 .4
6 .8
6 .8
- 5 .8
2 .2
4 .5
- 9 .7
- 8 .1
12 .6
54 . 4
12 . 4
57 . 8
- 6 .6
18 .6
5 .6
- 4 .3
17 . 9
11 .7
15 .0
0 .2
0 .1
5 .3
- 1 .6
- 1 0 .5
-7 .0
0 .6
6 .9
5 .8
.7
.0
.5
.7
2 3 .5
8 .5
-2 .3
3 .0
9 .4
13 .5
30 . 0
-11 .4
- 5 .9
4 .4
- 5 .7
- 1 .4
- 1 .4
10
26 . 4
45 .7
- 0 .6
2 .0
- 1 .5
8. 1
16 . 3
10 . 5
19 . 5
- 9 .7
-5.0
8 . 1
- 9 .6
- 3 .3
.4
.5
- 1 3 .7
2 .8
- 6 .0
0 .8
-2
6
23
15
-1
2
1
-10
-1
-0
3 .8
- 3 .1
3 .9
.2
.2
.7
.3
.9
NOTE: Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed
on the 4th month. Quarterly and annual figures are averages of the centered changes.
'This series contains revisions beginning with 1982. 2 This series contains revisions beginning with 1981.
.7
7 .7
4 .6
- 1 2 .3
1 .0
5 .2
- 1 .7
2 .2
4 .9
-3 .5
.8
.5
.2
.4
.4
-2.0
4 .9
0 .8
- 3 .3
-0 .8
8 .2
-4
-1
7
-1
-10 5
3 .4
- 3 .6
5 .0
-1 .6
5 .7
-2 .4
0 .8
- 2 .7
- 2 .1
- 6 .6
- 3 .3
0 .0
6 .2
0 .6
-5
- 8 .1
0 .8
- 2 .0
- 2 .5
- 6 .9
-0 .8
1 1.5
2 5 .7
20 .1
- 1 .5
3 .0
2 .9
4 .6
4 .0
- 9 .5
-0 .1
10 . 6
0 .4
- 2 .0
6
2
9
3
9
1 6
-1 3
-6 1
-2 5
0 .6
-10 .8
0 .3
- 1 .9
-4 .0
1 .5
0 .9
- 2 .5
- 2 .4
2 .4
2 .9
-4 .3
-2 .2
3 .5
8 3
-4 3
1 8
5 7
7
-0 8
1 .9
13 . 3
- 1 1 .0
1 .5
4 .9
5 .7
1 .6
-7
-1
-4
-5
4
3 8
5 .0
16
26
17
13
-1
-5
5
.2
.9
.0
.9
.2
.1
.4
.5
.3
.7
37 .0
17 .0
- 9 .3
- 3 .3
5 .2
-6 . 8
14 . 3
21 .6
11 .5
12.3
- 7 .7
-1 .1
4 .8
-9 .2
- 3 .0
.9
12
12
32
-8
-4
3 .4
-8 .4
-3 .5
-2 .2
-4 .2
4 .8
4
5
.7
5
.5
1
0
-3
-0
0
-0
-2
0
9
-2
.2
.1
.5
.9
.2
- 1 .7
3 .4
.3
0 .2
19 .6
38 .9
- 0 .1
5 .4
2 .0
4 .1
19 . 3
13 .9
14 .6
- 3 .2
- 0 .7
4 .5
-3 .4
-7 .2
(MARCH 1987)
101
C. Historical Data for Selected Series—Continued
Year
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
86.2
84.9
86.5
86 . 5
90 . 2
93 . 8
94.3
95.0
95.8
95.2
86.0
84.9
85.5
85.3
85.4
85.3
85 .2
85.9
85.5
86.2
85 .3
86.8
85 .5
86.5
85 .6
86 . 4
85 . 4
86 . 4
85 . 1
86 . 3
84.8
86 .4
86 .9
90 .4
94.1
94.0
95.2
95 .8
95.3
86 .8
91 .1
94.0
94.0
95.3
95.9
95.4
87 .0
91 .6
93.9
94.0
95.5
95 .8
95.3
87 . 2
92.0
93.8
94.0
95.9
95.6
95.0
87 . 4
92.1
94.0
94.1
95.8
95.8
94.8
86 .6
88.1
91.3
94.2
94.2
95.8
95.7
94.7
86 .4
88.4
92.3
94.5
94.3
95.7
95.6
94.7
86.3
89.2
92.6
94.4
94.4
95.6
95.6
94.7
86 .2
89.6
93.1
94.2
94.5
95.7
95.5
94.5
86 . 5
89.7
93.2
94.3
94.6
95.8
95.3
94.7
86 .4
89.9
93.4
94.4
95.0
95.7
95.1
94.9
Apr.
May
June
July
Aug.
Sept.
I Q
H Q
III Q
IV Q
Annual
(1967=100)
1952. . .
1953. . .
1954...
1955...
1956...
1957...
1958...
1959...
I960...
1961 . . .
1962...
1963...
196 4 . . .
196 5.' ! !
1966...
1967 . . .
1968. . .
196 9 . . .
1970 . . .
1972. . .
1973.. .
1974. . .
197 5 . . .
1976...
197 7 . . .
197 8 . . .
197 9 . . .
1980. . .
1981 . . .
1982...
1983...
1984...
1985...
1986...
94.7
95.7
96.0
97 .7
99.9
101 . 1
104.2
108.6
111.8
116.3
123.4
142.6
180.0
184.4
195.6
207 . 8
226.8
266 . 9
296.8
311 .7
309.8
316.8
320.3
332C.
94.7
95.6
96.0
98.1
99.7
101 .6
104.6
108.5
112.0
117 .0
125.3
145.2
179.5
184.9
196 .6
209.1
228.9
27 1 .9
298.2
311 .2
310.1
317.9
319.1
85 .9
85.0
86 .4
86.7
90.6
94.0
94.1
95.2
95.8
95.3
94.6
95.4
96 .1
98.3
99.6
101 .7
105.1
108.4
94.5
95.4
96.3
98.7
99.5
101.8
105.0
108.9
95.2
95.3
96.5
99.2
99.5
101 . 9
105.2
109.3
95.4
95.1
96.9
99.3
99.8
102 .2
105.4
109.7
95.3
95.2
96 . 9
99.8
99.9
102.3
L05.5
110.1
95.3
95.2
97 .1
100.3
100 .0
102.4
106.0
110.3
95.3
95.6
95.6
95.7
97 . 2
100.1
100 . 2
102 .7
106.3
110.6
97.3
99.8
100 . 3
102.9
106.9
111.2
97.5
99 .9
101 .1
103.7
107.8
111 .4
117.2
127 .5
149.3
178.3
185.5
198.3
210.4
231 .4
273.8
301.4
310.2
309.3
319.5
318.6
117.5
128.2
1 52 .2
178.6
186.1
200 .0
211 .5
235.1
274.8
305.1
309.5
308.5
320 .3
319.4
117.9
131.1
156.9
177.9
187.1
201.4
213.2
237.7
276.2
306.3
309.5
309.7
320 . 9
320.1
118.1
133.5
160.0
177.7
188.6
201.5
214.8
240.4
278.6
307.2
309.9
311.1
321 . 4
319.0
L18.4
131 . 3
165.7
L78.4
189.7
202.0
215.4
244.4
281.0
307 . 9
310.4
312.1
320.9
318.4
118.6
135.1
173.3
180 .0
190.3
202.9
217 .0
247 .7
283.9
309.4
310.1
313.3
320.3
317.8
119.4
133.4
173.5
180 .6
192.1
203.9
218.8
251 .7
285.2
309.6
310.4
315.2
319.9
317.1
115.3
120.2
134.7
177.4
182 . 4
192.3
204.3
221 .2
255.9
287.9
309.8
310.2
316.0
320.3
317.3
97.6
99.9
100 .7
103.1
107.4
111 . 3
115.6
121 .2
136.1
179.5
183 . 1
193.6
205.7
223 . 2
258.2
2 90.3
310 .0
310.6
315.9
320.6
317.8
94.8
94.7
9 5.6
96.0
98.0
99.7
101.5
104.6
108.5
116.2
122.8
139.0
179.4
183.8
194.9
206.6
224.6
260.6
2 93.1
310 .4
310.8
316 .4
320.3
318.4
112.1
116.8
125.4
145.7
179.3
184.9
1 96 .8
209.1
229.0
270.9
298.8
311.0
309.7
318.1
319.3
85.4
85.8
86.5
87.2
91 .9
93.9
94.0
95.7
95.7
95.0
9 5.0
95.0
9 5.3
96 .6
99.1
99.6
102.0
105.2
109.3
113.3
117.8
130.9
156.4
178.1
187 .3
201.0
213 .2
237.7
276.5
306 .2
309.6
309.8
320.9
319.5
CHANGE IN PRODUCER PRICE IN DEX,
INTERMEDIATE MATERIALS,
85.5
86.6
86 .4
88.6
92.1
94.4
94.3
95.7
95.6
94.7
95.0
95.3
9 5.3
97.1
00 .1
00 .0
02.5
05.9
10.3
15.1
18.8
33.3
70.8
7 9.7
L 90 .7
202.9
217.1
247 .9
283 .4
309.0
$10.3
313.5
320 .4
317 .8
85 .1
86.4
86 .4
89.7
.2
9 + .3
9<!
9 .7
, .3
9 + .7
94. e
95.6
95.9
97.5
99.9
100.7
103.2
107 .4
111.3
115.7
121.4
136 .6
178.8
183.1
193.6
205.5
223.0
258.2
2 90 . 4
310.1
310.5
316.1
320 .4
317.8
85 . 5
86.0
86 . 5
88.1
92 .0
94. 1
94.3
95.6
95.6
95.0
94. 9
95.2
95.5
96 . 8
99.2
100.0
102.3
105.8
109.9
114.1
118.7
131 .6
162.9
180.0
189.1
201 . 5
215.6
243 . 2
280 . 3
306.0
310.4
312.3
320 .0
318.7
SUPPLIE S, AND COMPONENT
AVERAG E FOR PI: R I O D
1952...
1953. . .
1954...
1955...
1956. . .
1957 . . .
1958...
1959 . . .
1960...
1961 . . .
1962...
1963...
1964...
196 5 . . .
1966.. .
1967 . . .
196 8 . . .
196 9 . . .
1 970 . . .
1971. . .
1 97 2 . . .
1973...
1974...
1975. . .
1976...
1977...
1978. . .
1979. . .
1980. . .
1981 . . .
1982 . . .
1983.. .
I 984. . .
1985...
1986...
-0.2
0 .1
0.1
0.1
0.3
0.4
-0 .1
0.0
0.1
0.1
-0.1
-0.1
0.0
0.0
0.2
0.0
0.0
0.5
0.7
0.4
0.1
0.5
2.6
0.3
0.3
0.4
0.6
1 .0
2.4
1 .3
0.4
-0.3
0.1
0.0
3 32C.
-0.2
0.0
-0.1
0 .5
0 .2
0 .3
-0.3
0.2
0.0
0.1
0.0
0 .0
-0.1
0.0
0 .4
-0.2
0 .5
0.4
-0.1
0 .2
0.6
1.5
1 .8
-0.3
0.3
0.5
0 .6
0.9
1 .9
0.5
-0.2
0.1
0 .3
-0.4
-0.6
0.5
0.0
-0.1
0 .8
-0.1
0.0
0.1
0.1
0.1
0.1
-0.1
-0.2
0.1
0.2
-0.1
0.1
0.5
-0.1
0 .5
0.2
1 .8
2.8
-0.7
0.3
0.9
0.6
1 .1
0 .7
1.1
-0.3
-0.3
0 .5
-0.2
-0.1
0 .0
0.1
0 .2
0.5
-0.1
0.0
0.2
-0.1
-0.1
0.1
-0 .1
0.0
0 .2
0.4
-0.1
0.1
-0.1
0.5
0 .2
0.3
0.5
1 .9
0.2
0.3
0.9
0.5
1 .6
0 .4
1.2
-0.2
-0.3
0 .3
0.3
-0.2
0.7
0.1
0.2
0.4
-0.1
0.0
0.4
-0.2
-0.3
0.1
0.7
-0.1
0.2
0.5
0.0
0.1
0.2
0.4
0.4
0.3
2.3
3.1
-0.4
0.5
0.7
0.8
1.1
0.5
0.4
0.0
0.4
0.2
0.2
0.4
0.3
-0.2
0.2
0.1
0.2
0.1
-0.1
0.2
-0.2
-0.1
0.2
-0.2
0.4
0.1
0.3
0.3
0.2
0.4
0.5
0.2
1.8
2.0
-0.1
0.8
0.0
0.8
1.1
0.9
0.3
0.1
0.5
0.2
-0.3
-0.2
0.7
0 .2
0.8
-0.9
0.2
0.1
0 .0
-0.1
-0.1
0 .1
-0.1
0.1
0.0
0.5
0 .1
0.1
0.1
0.4
0 .7
0.3
- 1 .6
3.6
0.4
0.6
0 .2
0.3
1.7
0.9
0.2
0.2
0.3
- 0 .2
-0.2
0.2
-0.3
-0.2
0.3
1.1
0.3
0.1
-0.1
-0.1
0.0
-0 .1
0.0
0 .0
0.2
0.5
0 .1
0.1
0.5
0.2
0 .7
0.2
2 .9
4.6
0.9
0.3
0 .4
0 .7
1.4
1.0
0.5
-0.1
0 .4
-0 .2
-0 .2
0.1
-0.1
-0 .1
0.9
0.3
-0.1
0.1
-0.1
0.0
0.0
0 .0
0.0
0.2
0.1
- 0 .2
0 .2
0.3
0.3
0.3
0 .0
0.7
- 1 .3
0 .1
0.3
0.9
0 .5
0 .8
1.6
0.5
0.1
0 .1
0 .6
-0.1
-0.2
-0.2
0.0
-0.1
0 .4
0.5
-0.2
0.1
0.1
-0.1
-0.2
-0.1
0.3
0.4
0.1
-0 .3
0 .1
0.2
0.6
0.5
-0. 1
0.7
1.0
2 .2
1.0
0.1
0.2
1 .1
1.7
0.9
0.1
-0 .1
0.3
0 .1
0 .1
-0.4
-0.1
0 .3
0 .1
0.1
0.1
0 .1
0.1
-0.2
0.2
- 0 .1
0.0
0.0
0.3
0 .1
0.4
0.2
0.5
0.1
0 .3
0.8
1 .0
1 .2
0.4
0.7
0 .7
0.9
0.9
0.8
0.1
0 .1
0 .0
0 .1
0 .2
-0.4
0.1
-0.1
0 .2
0 .2
0.1
0.4
-0 .1
-0.2
0.2
0 .0
0.1
0.2
-0.1
0.0
0.4
0 .6
0.4
0.1
0.5
1 .3
2.1
-0 .1
0.4
0.7
0.4
0 .6
0 .9
1 .0
0.1
0.1
0 .2
-0.1
0 .2
-0.3
0 .2
0.0
0 .2
0.4
0.2
-0 .1
0 .1
0.1
0.1
0 .0
-0.1
-0.1
0.0
0 .3
-0.1
0.2
0.5
0.2
0 .4
0.3
1 .3
2.4
-0 .2
0 .3
0 .6
0.6
1.0
1.7
1 .0
0 .0
-0.2
0 .3
-0 .2
0.0
0.3
0.0
0.2
0.3
0 .0
0.0
0.2
0.0
- 0 .2
0.0
0.3
-0 .1
0.3
0.3
0 .1
0 .2
0.1
0 .4
0.4
0.3
1.5
2 .3
- 0 .1
0.5
0.5
0.7
1.3
0.6
0.6
0.0
0.2
0.2
0 .1
-0.9
-0.7
-0.2
4.8
5.6
0 .2
1.7
0.0
- 1 .0
0.2
-0.8
0.8
1.7
1.7
0.2
-1 .4
-0.2
1 .2
4 .6
3.9
-1.1
1 .9
0.2
-0.6
0.2
- 0 .6
0.6
1.7
2.1
- 1 .2
-0 .7
0.0
1.2
4.3
3 .0
-0.8
1.9
0.6
-0.4
0.4
-0.8
0.2
1 .5
2.3
- 1 .0
- 2 .6
1.7
0.3
-1.0
3.6
0.0
-0.6
1.3
-0.3
- 1 .0
-0.3
0 .7
4.3
4.8
3.1
2.8
4.7
4.0
3.6
3 .1
14.0
25.3
5.6
5.5
6.6
6 .5
11 .8
18.3
11 .7
0.4
-0.7
2 .7
-0.8
-4.2
4.9
1.4
-0.5
2.2
0 .0
-0.5
0.7
0 .4
-0.8
1.5
3.3
-0.5
2.5
3 .3
0.9
0 .4
1 .1
-0.4
-1.3
0 .4
1.4
-0.6
2 .2
4.2
0.6
2.0
2.5
3.4
5.4
3.4
13.0
37.5
0.5
6.3
6.3
7.7
17.2
9.4
6.9
-0.5
2.5
1.5
-1.0
2.9
0.9
1.4
0.0
-0.9
-0.7
-0 .4
1.2
1.3
1 .9
1.6
2.2
2 .5
4.2
3.7
4.4
6.1
8.9
30.8
5.7
6.9
4.6
9.4
18.0
10.3
2.5
0.6
4.1
-0.3
-1.0
4.2
-0.6
1.8
0 .3
-0.7
0.3
-0 .7
0.5
1 .6
2 .0
-0.7
2.9
4.2
4.9
3.3
3.0
11.4
19.6
10.3
0.0
0.1
0 .0
0.7
0.2
0.1
0.1
-0.1
-0.1
0.0
0.0
0.0
0 .1
0 .1
0.3
0 .1
0.2
0.3
0.3
0.5
0 .4
0 .0
2.8
0.5
0 .6
0.4
0.6
1.6
0.8
0.3
0.1
0 .4
-0.2
- 0 .2
-0.3
0.0
0.0
0 .2
0 .3
0.0
0.2
0.0
-0.2
0.1
-0.1
0 .1
0 .2
0.1
-0.1
0.3
0.3
0 .5
0.2
0 .2
0.9
1 .4
1.1
0.6
0.5
0.4
0 .9
1 .2
0 .9
0.1
0.0
0 .2
0.0
0 .2
-0.1
0 .2
0.0
0 .3
0.3
0.1
0.0
0.1
0.0
0.0
0.0
0.1
0.0
0.1
0 .2
0.1
0.2
0.3
0.3
0 .4
0.5
1.0
2.2
0.2
0.5
0.5
0 .7
1 .2
1 .0
0.5
0 .0
0 .2
0 .1
0 .0
CHANGE IN
AVERAG E FOR P : R I O D
1952 . . .
1953 . . .
1954...
1 955 ...
1956!!!
1957 . . .
1958...
1959...
1960 . . .
1961 . . .
196 2 . . .
1963 . . .
1 964. . .
1965. . .
196 6 . . .
196 8 . . .
1969...
1970 . . .
1971 . . .
1972.. .
1973 . . .
1974. . .
197 5 . . .
1 976 . . .
1977. . .
197 8 . . .
197 9 . . .
1980. . .
1981 . . .
1982 . . .
1983 . . .
1984...
1985...
1986...
-2.5
-0.2
0.2
- 3 .2
1 .9
0.7
- 2 .1
3.3
0.0
- 2 .1
4.5
0.2
-1.2
3.8
0.0
0.2
2.6
-0.2
0 .0
2.6
- 0 .7
-0.2
0.9
-0 .2
- 1 .6
0.5
0 .0
4.5
1 .7
-0.4
2.1
0.2
-0.4
1 .1
-0.8
-0.4
1.0
2 .9
5.2
1 .3
-0.6
2.8
-0.4
-0.6
0.8
0.8
-0.6
1 .5
3 .3
1 .3
-0.6
1 .7
0.2
-0.6
0.2
1 .3
-1.3
1 .9
3.7
1.0
2\5
0 .9
-0.2
1.7
-0 .2
-1.0
0.6
1.3
-1.0
1 .9
4.3
4.2
0.9
0.6
1.1
-0.4
-1.3
0.4
1.3
-0.8
2.3
4.5
3.3
0.9
0.9
0.6
-0.6
-1.5
0.2
1.5
0.0
2.3
3.7
3 .3
0.6
1.1
0.4
-0.6
-1.7
- 0 .2
2.3
0.8
2.1
2 .2
2 .6
1 .1
1 .3
-0.2
-0 .6
-0.6
-0 .6
0.8
1 .1
2.3
1 .4
2 .8
0.9
1.9
-0.2
-1.5
0.2
-0 .4
0.6
1.9
1.2
1.2
- 0 .6
3.0
4.1
3.8
2.9
-0 .8
2.4
4.1
3.6
3.4
-0 .2
2.2
3.3
3.6
4.4
2!5
l'.b
2.7
2.0
2.3
2.2
3.7
2 .4
4.2
13.8
27.7
17.0
32.9
18.2
32.5
13.2
35.0
16.3
42. +
9.5
35.0
4.5
4.6
10 . 4
35.9
4.3
5.7
7 .8
30.9
8.4
25.7
3.7
6.0
3.1
3.0
8.6
18.0
18.0
4.1
8.2
7 .2
13.0
15.3
12.3
-0 .2
-1 .1
2.7
-0.6
~A'.A
-1.9
5.3
6.9
8.1
14.6
14.3
9.9
-0.3
0.2
3.2
-0.8
~5'A
6.7
7 .4
16.1
10.8
7.6
-0.8
1 .5
2 .6
- 1 .2
5.' ?
6. 5
7 .7
17 .
9. )
7. 7
-0. 7
2 .L
1.5
-0.8
7.2
5.7
8.1
18.3
8.5
5.5
0.1
3.9
0.3
-0.9
6 .8
4.3
9 .4
18.5
9.8
3.1
0.5
4.9
0.0
-1.3
7 .1
4.3
9.6
18.0
10.5
2.4
0.7
4.0
-0.2
-1 .4
6 .8
5.1
9 .3
17.5
10.7
2 .1
0.6
3.4
- 0 .7
-0 .4
6 .3
5.8
10.9
19.3
11 .6
2.5
-0.4
3.0
-0.4
-0 .3
8!2
7 .4
13.4
14.4
11.3
-0.3
-0.6
3.2
-0.3
5.1
6.2
5.0
3.0
3.1
4.3
15!5
7 .3
5.5
6 .7
6.2
11 . 3
20.5
10.3
1 .2
0 .0
3.0
-0.7
-2.5
NOTE: Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes ire placed
on the 4th month. Quarterly and annual figures are averages of the centered changes.
'This series contains revisions beginning with 1982. 2 This series contains revisions beginning with 1981.
102
3.7
3.6
3.7
16 .3
31 .0
-0.8
4.6
7 .8
7.6
13.7
14.7
11.2
-0 .3
-0.5
3.0
-0.6
6.5
6 .2
11.3
1 9.4
11.2
1.4
-0.4
2.9
-0 .6
- 2 .3
-1.3
1 .6
0.2
4.2
3.8
0.7
0.8
0 .9
-0.5
-0 .6
0.0
0 .9
0 .4
1.9
2.1
2 .8
3.9
3.5
4.1
14.4
27 . 4
6.1
6 .2
9.0
17 . 0
11 . 4
5.5
-0.1
2 .2
0 .9
-1 .2
(MARCH 1987)
C. Historical Data for Selected Series—Continued
Year
Jan
Feb
Apr.
Ma
33 3.
1952.. .
1953 . . .
1954...
1955...
1956...
1958...
1959 . . .
1960...
1961 . . .
1962.. .
1 963. . .
1964. . .
196 5 . . .
1966...
1967 . . .
1968. . .
1969. . .
1970. . .
197 2 . . .
1973.. .
1974. . .
197 5 . . .
1976.. .
1977.. .
1978...
197 9 . . .
1 980 . . .
1981 . . .
1983...
1984...
1985. . .
1986...
May
June
Aug
July
Sept.
Oct.
Dec.
Nov
72. 4
72. 5
72.5
72.6
72.7
72. 5
72.5
72.3
72. 3
72.3
74. 3
75. 1
79. 9
74. 3
3
80. 4
74.
75. 5
81 . 2
75. 8
81 . 7
6
76. 1
82. 0
76. 4
82. 1
74.5
77.9
84.0
89. 5
91 . 2
91 . 8
91 .
92 . 1
92. 2
93. 0
8
89. 6
91 . 3
91. 7
91 .
92 . 2
92. 2
93. 1
89. 7
91 . 6
91 . 6
91 .
92 . 2
92. 2
93. 4
89. 7
91 . 9
91 . 7
9
92 . 1
92. 3
93. 3
89. 7
91 . 8
91 . 8
91 .
92. 3
92. 3
93. 5
74. 5
77. 1
82. 8
0
89. 6
78.
85.
89.
90.
5
6
5
0
2
74.9
79.0
85.6
89.3
90.5
72.2
72.5
74.3
75.1
79.9
86.3
89.5
72.6
73.4
74.6
75.8
81 .6
87.0
89.7
72.6
2
0
4
91 . 6
91.
92. 2
92 . 6
93 . 6
91 .6
91 .7
91 .7
91 .6
92.3
92.8
93.5
92.0
92.2
92.8
92.2
92.2
93.3
92.3
92.4
93.6
6
1
4
6
6
95. 9
99. 4
102. 9
105. 8
10 . 8
96. 3
99. 7
103. 3
106. 2
Ill .2
96.
99.
103.
106.
111.
7
8
4
5
4
16
19.
22.
32.
60.
71.
81.
95.
.13.
235.
116. 5
119. 5
123. 2
136. 0
161. 4
171 . 8
182 5
196 9
116
119
123
138.
162
172
183
198
7
5
9
0
7
5
5
95.3
99.0
102 .2
105.4
110 .2
115.6
118.6
121 .0
129.4
158.4
169.7
179.8
1 93 . 3
236. 5
237.
263
279.
286
2 93
300
249.6
272.3
283 0
289 5
295 9
303 2
98.6
101 .6
104.7
109.4
114.9
117.7
120.2
126 .6
155.1
167.7
178.7
191 .7
206.7
225.1
250 .6
274.2
284.7
2 90 .2
295.4
303.5
96.3
99.6
103.2
106.2
111 . 1
9
7
9
9
6
7
5
6
2
3
2
7
9
6
9
8
5
7
8
2
4
3
119.5
123 .0
135.8
161 . 4
171.9
182.5
196.9
214.7
236.7
262.1
277 .9
286 .2
293.8
300 .0
0 0
-0 4
0 0
-0 1
0 8
0 3
0 4
-0 3
-0 1
-0 1
0 .0
0 0
0 .0
0 2
0 5
0 3
0 2
0 7
0 5
0 .0
0 .2
0 .5
1 .5
0 .7
0 .5
0 .7
1 .0
0 .8
0 .6
0 .6
0 .2
0 .1
0 .4
0 .3
0.0
0 .1
0.5
0.5
0.1
0 .3
0 .3
0 .0
0.0
0 .0
0 .1
0 .2
-0.1
0.1
0.3
0.4
0.0
0 .5
0 .3
0.7
0 .3
0.9
0.9
0.5
0.8
0 .7
0.7
0.9
0 .4
0.7
0.6
0 .2
-0.2
0.1
0.3
0.2
0.1
0.2
0.6
0 .4
0.1
0.2
0.1
0.1
0.1
0.0
0.1
0.2
0.2
0.2
0 .3
0.3
0 .4
0 .3
0 .3
0 .4
1 .1
1.0
0.6
0.4
0.5
0.8
1.1
1.0
0.2
0.1
0.2
0.4
0.1
0.5
0.1
0.4
0.7
0.2
0.1
0.2
0.0
0.0
0.0
0.0
0.1
0.1
0.4
0.2
0 .3
0 .3
0.3
0 .2
0 .2
0.5
2.0
0.5
0.4
0.5
0.7
0.7
0 .8
0.7
0 .4
0.1
0.2
0 .1
- 0 .3
0 .5
1 .6
7 .4
8 .6
3 .4
2 .7
- 0 .2
-0 .4
0 .4
- 0 .2
0 .9
0.6
0.3
2 .2
6.5
6 .3
2.5
3.6
-0.2
1 .5
0 .4
-0.2
1 .1
2.5
3 .1
1 .4
3 .1
7 .4
3.9
1 .5
3.2
0 .1
0 .4
0.5
0.0
1 .0
4.7
0 .8
5.4
7 .8
4.1
0.4
2.0
-0.2
0.1
0.6
0 .4
-0.8
1 .7
0 .2
8.0
9.2
4.7
1 .1
0.0
- 0 .1
0.2
0.1
1 .0
1 .7
1 .7
3.5
3.3
1 .3
4.0
0 .9
4.1
-0.3
0 .3
1 .5
7.3
8.1
3.3
2 .8
-0.3
0 .4
0 .4
-0.2
0 .9
1 .0
1.5
3 .7
2 .7
5 .5
5.8
2.9
2.5
10.4
16 !3
7 .3
5.7
8.0
8.7
11.5
11 . 4
5.6
2.5
2 .4
2.4
3.1
3.9
3.0
4.4
3.4
4.0
5 .3
16 17
10.7
6 .4
5.8
7.0
9.6
12.5
10.4
4.1
2.0
2.9
3.1
3.6
3.7
3 .8
2.8
2.4
5 .2
25^
6.8
5.9
6.9
8.6
8.1
11.3
8.7
4.4
2.2
2 .4
1.5
2.8
5.0
6 .2
1 .3
0.6
4.4
27.8
6 .7
6.5
8.8
8.4
8.1
11.1
8.0
3.9
2 .4
1.1
2 .0
2.7
5.5
6.1
2.3
1.7
8 .7
19.1
7 .4
6 .1
8.1
8.7
11 .1
11.1
6.4
2.6
2 .4
2.2
2 .2
74.
75.
79.
85.
89.
4
90 .
91 . 6
91 .
92. 0
92. 2
92 . 6
89. 5
90 . 8
91 . 7
91 .
92 0
92. 2
92 7
0
8
9
1
8
95
99
102
105
110
4
1
2
4
2
95.
99.
102.
105.
110.
3
118 1
120 2
128 1
157 .0
168 8
178.9
192 2
208 3
228 2
253
5
284 3
2 90
297 0
115
118
121
129
158
169
179
193
210
230
256
7
1
2
3
6
8
2
115
118
121
130
159
170
180
194
211
232
258
275
285
2 92
299
95
98
101
105
109
284
291
298
0
9
6
7
6
1
3
285
294
299
3
3
4
8
3
5
4
4
7
6
0
4
2
6
0
286
293
300
9
9
3
8
8
5
8 9.6
74.5
78.7
84.8
88.7
89.8
91 .
91. 9
91.
92. 3
92 . 3
93. 6
91 . 1
91 .9
92.3
92.5
93.6
91.7
92.0
92.2
92.6
93.6
97. 0
99. 9
103. 7
107.0
111 . 9
97 . 2
100. 2
104. 0
107 . 2
112. 2
97 . 4
100 . 4
104.2
107 .7
112.7
119. 9
123. 7
141 . 8
163. 1
173. 5
184 5
199. 9
217 .
2 40. 9
265
3
287 3
294 5
300 7
119. 9
124. 1
145. 5
163. 4
174. 5
186 . 1
201 . 3
217. 5
2 43.0
7
120.2
124.6
148.3
164.7
175.8
187.2
203.0
219.9
2 44.5
268.4
4
0
4
288.6
295.8
299.7
97.8
100.9
104.5
108.1
114.0
116.9
119.6
124.9
151 .5
165.6
176.4
189.0
203.3
221 . 4
248.2
270.7
282.4
289.1
294.8
302.4
288
295
301
98.
101
104
108
114
116
119
125
153
166
177
190
205
23o!l
256.0
275.2
284.9
291.5
298.3
0 1
0 1
0 3
0 1
0 5
0 4
0 1
0 2
0 1
0 2
0 1
-0 1
-0 2
0 4
0 1
0 2
0 3
0 4
0 4
0 3
0 .3
0 .0
1 .2
1 .2
0 .7
0 .1
0 .3
0 .8
1 .4
1 .2
0 .5
- 0 .1
0 .2
0 .5
0
0
0
0
0
0
0
0
0
-0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-0
0
0
0
333C.
1965...
196 6 . . .
1967 . . .
196 8. . .
1969...
1970.. .
197 1 . . .
197 2 . . .
1973 . . .
1974...
197 5 . . .
1976 . . .
1977 . . .
1978. . .
1979. . .
1980 . . .
1981 . . .
1982 . . .
1983...
1984...
1985...
1986 . . .
8
0
1
1
6
5
1
1
1
1
0
0
1
1
4
3
3
3
4
3
5
7
.9
.8
.5
5
.5
.9
.8
.9
.4
.2
.2
.6
0 1
0 4
0 0
0 3
0 6
0 3
0 0
0 4
0 1
0 1
0 1
0 0
0 3
0 2
0 2
0 0
0 2
0 2
0 4
0 2
0 2
0 5
1 3
1 0
0 6
0 5
0 7
0 7
1 .0
0 8
0 .5
0 2
0 .2
0 .2
0 0
0 4
0 3
0 3
1 0
0 2
0 1
0 1
-0 1
0 0
0 1
0 0
0 1
0 2
0 3
0 3
0 5
0 2
0 2
0 3
0 3
0 5
1 1
0 6
0 4
0.4
0 5
0 9
1 5
0 8
0 3
0 0
0 7
0 0
0 !
0 4
0 1
0 4
0 6
0 2
0 1
0 3
-0 1
0 0
0 0
0 0
0 3
-0 1
0 4
0 3
0 4
0 4
0 4
0 3
0 2
0 7
2 7
0 4
0 3
0.6
0 8
0 6
0 3
0 7
0 5
0 2
-0 .1
0 2
0
0
0
0
0
0
0
0
0
0
-0
0
-0
0
0
0
0
0
0
0
0
0
2
0
0
0
0
0
0
0
0
0
0
0
1
8
0
4
4
1
0
3
1
1
1
1
1
1
4
1
1
3
2
1
2
2
1
4
.5
5
8
.6
.6
.7
.5
.2
.1
.2
72.4
73 .6
74.5
76 .7
82 . 4
87 .5
89.8
91 . 5
91 .7
91 . 8
92 .2
92.4
93.3
97 .2
100.2
104.0
107 .3
112.3
72.3
74.0
74.6
78.8
85.3
89.0
90.2
91 .6
91.6
91 .9
92.2
92.7
93.6
94.8
98.2
101 .2
104.6
108.8
114.5
96.8
100 .0
103.5
106.9
112.0
120.0
124.1
145.2
163.7
174.6
185.9
201 . 4
119.9
125.7
1 53 . 4
166.7
177.4
190.4
205.1
119.5
123.5
141 .0
162.5
173.4
184.6
199.2
218.3
242.8
266.9
281 .3
288.1
295.1
300.6
249.5
272.4
283.4
289.6
295.4
303.0
239.8
264.3
279.4
287 .2
294.0
300.5
74.6
77.1
83.0
88.0
89.6
AVERAGE FOR PERIOD
0
0
0
0
0
0
0
-0
0
-0
0
0
0
0
0
0
0
0
0
0
0
0
2
0
0
0
0
0
1
0
0
0
0
0
1
4
1
4
I
7
0
1
1
1
2
0
2
1
3
1
3
5
4
4
2
2
1
7
5
5
7
7
3
6
4
2
2
.1
-0.4
-0 1
-0 3
0 9
0 9
0 3
-0 1
0 0
0 1
0 0
0 0
0 0
0 1
0 1
0 2
0 3
0 3
0 2
0 3
0 3
0 0
0 3
2 6
0 2
0 6
0 9
0 7
0 0
0 9
0 5
0 4
0 4
0 2
0 .2
0.0
0.1
0.0
1.0
1.4
0.5
0.0
0.1
-0.9
0.1
0.0
0.2
0.0
0.2
0 .2
0.2
0.2
0.5
0.4
-0.2
0.3
0.4
1 .9
0.8
0 .7
0.6
0 .8
1.1
0.6
0.6
0.2
0.1
0 .3
-0.6
-0.3
0.0
0.0
1.0
1.0
0.3
0.2
-0.1
0.7
0.1
-0.1
0 .1
0.0
-0.2
0.4
0.5
0.3
0.4
1.2
-0.3
-0.5
0.2
2.2
0.5
0 .3
1.0
0.1
0.7
1.5
0.9
0.1
0.2
-0.3
0 .9
2
CHANGE IN PRODUCER PRICE INDE X, CAPITAL EQUIPMENT, OVER 6-MONTH SPANS
(ANNUAL RATE, P ERC ENT)
2 .2
1 .9
0 .8
2 .7
2 .5
2 .8
1 .9
3 .5
2 .8
4 .5
1 .6
3 .2
2 .8
5.0
1 .4
3 .8
0 .3
4 .8
0 .5
5 .4
4 .8
2 .0
3 .4
- 0 .2
0 .2
0 .4
0 .0
3
1 .6
3 .1
0 .2
0 .4
0 .7
0 .0
0
3
0
0
0
0
.5
.9
.1
.4
.7
.4
.0
0 .7
2 .4
0 .4
0 .0
0 .7
0 .2
0
2
0
0
0
0
1 .7
2 .8
1 .5
3 .2
1 .9
3 .8
4 .0
2 .5
5 .1
3 .9
4 .1
4 .2
2 .9
4 .3
3 .3
4 .5
12 . 4
12 .7
7 .0
5 .9
6 .9
10 .2
13 .3
9 .9
4 .4
2 .3
3 .4
3 .1
17 . 4
10 .3
6 .1
6 .1
6 .9
9 .4
12 . 4
10 . 3
4 .2
2 .3
2 .9
2 .8
.0
.2
.5
.0
- 0 .6
3 .3
0 .0
8 .7
-0 .8
1 .6
- 0 .3
7 .5
9 .5
- 1 .1
0 .3
0.8
7.8
9.0
.0
.2
.2
.4
.2
.7
.2
.2
0 .2
1 .5
- 1 .5
0 .2
0 .4
0 .7
0 .4
1 .1
0 .0
0 .4
0 .0
0 .9
1 .8
-0.9
-0.2
0 .0
0 .4
1 .1
1 .3
4 .3
1 .3
3 .8
1 .3
3 .8
0
4 .0
1.1
1.1
3 .6
3 .5
3 .7
3 .0
3 .4
3 .6
3
3 .9
3 .1
3 .1
3 .6
3 .5
3 .1
3 .8
2 .3
2 .2
5
1 .2
0 .5
3 .6
2.5
5.5
2.7
5.3
3 .7
3 .0
2 .0
1 .1
- 0 .2
0 .0
0 .2
0 .0
0 .9
0
1 .1
4
3 .0
2 .7
.1
- 1 .1
0.0
0.8
8.0
9.5
3.9
2.2
-0.4
0 .0
0 .4
- 0 .2
0.7
20 . 4
9 .1
6.1
5 .4
7 .2
9 .1
11 .7
10 . 9
3 .8
1 .5
2 .5
3 .5
22 . 5
7 .9
5 .6
6 .4
8 .2
9 .0
11 . 4
9 .5
3 .5
2 .1
2 .5
2 .5
26 . 8
6 .5
5 .9
7 .1
8 .6
7 .2
11 .6
8 .4
5 .2
2 .5
2 .3
1 .8
28 . 4
6 .1
6 .2
7 .3
8 .9
8.0
10 . 9
8 .1
4 .6
2 .1
2 .5
0 .3
30 .9
6 .1
6 .0
8 .4
8 .2
7 .6
10 . 9
8 .2
4 .2
2 .5
0 .5
2 .0
0 .7
0 .5
3
27 .7
6 .8
6 .4
8 .8
8 .7
8 .0
11 . 4
7 .9
3 .7
2 .3
1 .6
2 .1
1 .9
0.8
5 .1
24^
7 .2
7.1
9.1
8.4
8.7
11 .0
8.0
3.9
2 .4
1 .1
2 .0
1.7
0.5
7 .2
22^
7 .1
6.3
8.5
8.6
10.1
10 .9
7.7
2.9
2.5
1 .7
1.9
0
4
0
7
-0.1
0.1
-0.1
0.8
0.8
0.5
0.0
0.0
-0.2
0.0
0.1
0.1
0.1
0.1
0.2
0.2
0.3
0 .4
0 .4
0 .2
0.2
0.3
2.2
0.6
0.6
0.7
0.7
0.6
0.9
0.6
0.3
0.2
0.2
- 0 .1
-0.1
-0.
0 .2
0.5
0.6
0.3
0.3
-0.1
0 .2
0.0
0.0
0.1
0.0
0.0
0 .4
0.4
0 .2
0.5
0 .7
0 .1
0.0
0.5
1.5
0 .6
0.5
0 .8
0.6
0.8
0.8
0 .7
0 .3
0 .2
0 .0
0.4
0.0
0.2
0 .1
0.4
0.7
0 .3
0.1
0.1
0 .0
0.0
0.0
0.0
0.1
0.1
0.3
0 .2
0 .3
0.4
0.4
0 .2
0.2
0 .4
1 .7
0.6
0 .5
0.6
0.6
0.7
0.9
0.8
0 .3
0 .2
0 .2
0.2
AVERAGE FOR PERIOD
2 .7
5 .7
6 .3
2 .2
2 .0
g
18 '.A
7 .7
6 .2
7 .8
8 .9
11 . 8
11 .1
5 .9
2 .5
2 .2
2 .5
1 .6
NOTE: Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed
on the 4th month. Quarterly and annual figures are averages of the centered changes.
]
This series contains revisions beginning with 1982. 2This series contains revisions beginning with 1981.
Annual
SPANS1
:HA
(PE RCENT)
1952 . . .
1953...
1954...
1955...
1956...
1957 . . .
1958...
1959...
1960...
1961...
1962...
1963...
IV Q
71. 8
333C.
1952...
1953...
1954...
1955...
1956 . . .
1957...
1958...
1959...
1960...
1961 . . .
196 2 . . .
1963 . . .
1964. . .
196 5 . . .
1966.. .
1967.. .
1968. . .
196 9 . . .
1970.. .
197 1 . . .
197 2 . . .
1973 . . .
197 4 . . .
197 5 . . .
1976...
197 7 . . .
197 8. . .
197 9 . . .
1980.. .
1981 . . .
1982 . . .
1983 . . .
1984...
1985...
1986 . . .
III Q
II Q
IQ
PRODUCER PRICE INDEX, CAPITAL EQUIPM ENT1
(1967=100)
0.6
2.4
1.0
6.0
8.1
4.0
1 .4
1 .2
0.0
0 .3
0 .3
0.6
1 .2
1 .3
3 .8
3 .1
3.2
4.3
5.1
2.4
2.2
5 .9
22 . 4
7 .9
6 .2
7 .4
8.2
9.2
11 .5
8.4
3.8
2 .3
2.2
2.2
(MARCH 1987)
103
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
1952 . . .
1969, . .
1 970. . .
197 1 . . .
197 2 . . .
1 973. . .
91 .2
89.3
89.5
88.8
88.4
91 .3
94.1
93.9
93.3
95.0
94.8
94.4
94.7
94.5
98.2
99.5
100.9
104.4
109.6
111 .1
114.4
120.8
197 5 . . .
1976 . . .
1977...
1978. . .
197 9 . . .
1980. . ,
159.5
168.4
174.4
186.6
206 .1
235.7
1954!!!
1955 . . .
1956 . . .
3957...
1958. . .
1959...
1960. . .
1961 . . .
1963!! !
1964. . .
196 5 . . .
1966.. .
1967 . . .
1982...
1983...
1984...
1985...
1986...
278.1
283 .1
288.4
2 90 .3
Apr.
Mar.
334.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
91 .3
91 .0
90 .8
90 .6
91 .0
90.9
90 .5
90.3
90.0
89.1
89.0
89.0
88.6
91 .7
94.1
93.8
93.3
95.4
89.0
88.6
89.1
91 ,6
95.2
93.6
94.2
89.5
88.8
89.0
91 .8
94.6
93.9
94.4
89^
88.3
89.8
91.9
94.9
93.7
94.3
89.1
88.9
90 .2
92.3
94.7
93.7
94.4
89.3
88.0
89.9
92 .6
94.5
93.4
94.7
89.2
88.2
89.8
92.8
94.3
93.1
94.6
88.6
88.4
90 .4
92.6
94.4
94.2
94.6
88.5
88.2
90 .6
93.0
94.1
93.3
95.3
88.7
88.4
91 . 0
93.4
94.0
92.9
95.5
94.2
94.0
94.5
99.0
99.3
04.3
09.4
11 .6
14.9
22.3
93.6
94.1
94.9
99.3
99.0
101 .8
104.8
109.5
111.8
114.8
125.5
93.7
94.1
95.6
99.4
99.3
102.2
105.3
109.6
112.4
114.9
126.4
94.0
95.9
99.0
99.4
102 .3
106.2
109.3
112.8
115.6
127.3
94.2
96 .3
98.5
100.2
102.6
306 .8
109.6
113.2
116.2
128.9
94.3
96 .2
98.9
100.1
102.9
106, 9
109.7
112.6
116.8
128.4
94.3
96 .4
100 .2
100.4
103.0
107 .1
109.5
113.4
117.3
134.0
94.5
96.5
100.5
100.7
103.7
107.4
10.7
113.2
118.1
133.5
94.5
96.9
100.3
100.6
103.9
108.1
110.5
113.6
117.6
133.2
94.4
97.3
100.0
100.8
104.0
109.0
110.9
114.0
118.4
134.5
59.0
67.6
76 .5
88.1
08.5
39.3
158.6
167 .6
178.2
189.1
210 .3
242.0
160.0
168.7
179.0
191,7
212.4
243.7
161 .1
168.6
180.3
192.8
213 .4
244,6
162.5
169.0
180.4
194.8
214.8
246.9
164.1
169.3
181.1
196.3
217.2
251 .2
165.7
169.6
182 .1
196.4
219.9
254.2
166.8
170.0
168.2
171.2
168.8
172.5
88.6
88.5
91 .2
93 .8
94.0
93 .2
95.2
94.4
94.5
94,1
94.3
98.1
99.7
101.0
104.1
109.1
110.7
114.8
119.6
135.6
159.1
168.9
373.8
198.3
224.1
255.1
274.1
282 .9
286.4
2 90.1
289.5
199.6
226.6
256.6
274.7
283.7
286,5
2 89.8
291.6
201.0
229.8
258.4
275.4
285.0
285.5
290.6
293.6
203.6
232.0
259.5
276.5
285.9
286.5
2 90 .9
295.2
-0.3
-0.4
0.2
0.2
0.4
0.4
-0.1
-0.4
0.2
0.1
0.1
0.1
-0.1
0.4
-0.3
0.2
0.1
0.8
0.4
0.4
0.7
1.0
2.0
0.4
0.8
0-8
0.7
1.4
0.7
0.3
0.5
-0,3
0.3
0.7
277 .5
282.7
2 90 .7
290.0
278.0
282.9
2 90 .9
292.0
277 .7
283.8
2 90 .8
2 92.8
280 .3
284.9
290 .6
292.2
281 .4
284.6
291 .1
292.8
2 82 .5
285.4
2 90 .2
291 .6
91 .2
1952. . .
1953. . .
1954...
1955...
1956...
1957...
1958...
1959...
196 0 . . .
1961 . . .
1 96 2 . . .
1963...
196 4 . . .
196 5 . . .
1966,,.
1967 . . .
1968...
196 9 . . .
197 0 . . .
1971 . . .
197 2 . . .
1973.. .
197 4 . . .
197 5 . . .
1976...
1977 . . .
197 8 . . .
197 9 . . .
1980...
1 981 . . .
1982 . . .
1983...
1984...
1985. . .
1986...
-0 .7
0.2
0.6
0.2
-0.1
0.1
0.3
-0 .1
0.1
-0.2
0.4
-0 .1
0.6
0.2
0.1
-0.2
-0.1
0.3
0.5
0 .4
-0.3
1.0
2.8
0.3
-0.3
0.3
0.5
1.2
1 .6
1.0
0.6
-1.0
0.7
-0 .2
0.0
-0.2
-0.6
0.2
0.2
0.4
0.0
-0.1
0.0
0 .4
0.1
-0 .2
-0.7
0.0
0.8
-0.2
0.6
-0.1
-0.2
0 .5
0.4
1 .2
2.2
-0.3
-0.5
1 .2
0.8
1.2
1.5
0.8
0.0
0.0
0.3
- 0 .1
0,
-0.
o.c
-0.
0.(
-0.
1.
-0..
1.(
-0.
-0.,
-o.e
0.
0.
o..
-0.
0.
0.
0.
0.
-0.
2.6
0 .8
-0.3
0.0
1 ,0
0.5
0 .9
1.1
1 .3
-0.2
-0.2
0.5
0.0
-0.3
-0.3
0 .6
0.2
-0.1
0.2
-0 .6
0.3
0 .2
-0.5
-0.3
0.1
0.0
0.7
0.1
0.3
0.4
0 .5
0 .1
0 .5
0.1
0.7
0.8
0.9
0 .7
0.4
1.4
1 .0
0.7
1.1
0.2
0.1
0.1
0.7
- 0 .2
0.2
0 .1
-0.6
0.9
0.1
0.3
-0.2
-0 .1
-0.5
0.0
0.5
-0.1
0,3
-0 .4
0.1
0.1
0.9
-0 .3
0 .4
0.6
0 .7
1 .0
0.7
-0 .1
0.7
0.6
0.5
0.4
0.2
-0.1
0.3
0.0
0.3
-0.2
0.1
-0.6
0.7
0.4
0.4
-0 .2
0.0
0.1
-0.1
-0.3
0.2
0 .2
0.4
-0 .5
0.8
0.3
0.6
0 .3
0.4
0.5
1 .3
-0.5
0.9
0 .2
0.1
1.0
0 .7
0.9
0.4
0.9
0.4
-0.1
-0.2
0 .4
0.2
0 .2
-1.0
-0.3
0.3
-0.2
-0.3
0 .3
0.2
0 .0
0.0
0.1
-0.1
0.4
-0.1
0.3
0.1
0 .1
-0.5
0.5
-0.4
2 .7
1.0
0.2
0.4
0.8
1.1
1.7
0.1
0.4
-0 .1
0.2
0.2
-0.1
-0.1
-0.1
0.2
-0.1
0.2
-0.2
-0.3
-0.1
0.3
0.6
-0.2
0.0
0.2
1 .3
0.3
0.1
0.2
-0.2
0 .7
0.4
4.4
1 .7
1.0
0 .2
0.6
0.1
1 .2
1.2
0.0
0.4
0 .3
-0.3
-0.4
-0.4
0.7
-0.7
0.2
0 .7
-0.2
0 .1
1 .2
0 ,0
-0.3
1 .0
-0 .1
0.2
0.1
0 .3
0.3
0.7
0.3
1 .1
-0.2
0,7
-0 .4
0.9
0 .7
0.2
0.3
1.0
1 .9
0 .4
0.4
0.1
0 .4
0.0
-0.7
-0.2
-0.4
-0.1
-0.2
0.2
0.4
-0.3
-1.0
0.7
-0.1
-0.8
0.1
0.0
0.4
-0.2
-0.1
0.2
0.7
-0.2
0.4
-0.4
-0.2
1.8
0,8
0.7
0.4
0.7
1.1
0.6
0.2
0.3
0.0
-0.1
0.7
334C. CHANGE in PRODUCER
PRICE INDEX, FINISHED CONSUMER GOODS, OVER 6-MONTH SPANS 2
(A
-1 .3
- 3 .5
0.4
0.7
1 .8
2.7
3.5
-0.4
2.4
-1.9
0.9
-2.1
-0,2
2.3
5.2
-2.0
3.2
2.7
2.8
-2.0
-2.4
1.6
-0.9
3 .2
2.0
3 .2
-0 .6
3.0
-3.3
0.6
-1 .3
-0.6
3.2
3.5
-1 .2
3 .0
4.3
0 .6
-2.6
-0.2
0 .2
0,7
3.9
2 .4
1 .9
-0.6
2 .6
-2.9
-0.8
-0.2
0.2
4.3
0 .8
1.0
3.2
5.3
0 .9
-0.4
-0 .2
-0.4
-1 .8
3 .4
2.9
0.9
-1.1
3 .0
-2.1
-1.7
0.0
-0.8
3.6
1 .4
1 .2
4.0
4.8
0.2
-0.7
0 .0
0.4
-1.8
2.7
2.4
0 .4
- 1 .5
2 .8
-2.3
-0.6
0.0
0.6
4.1
2 .4
2.2
3 .0
5.4
0 .2
-1.7
1 .6
-0.9
-0 .5
2.9
2.2
-1 .7
1.3
0.9
-1.9
1.9
1 .1
0.9
3.4
2.4
3.5
3.8
5 .0
2.2
2.3
15.5
18.2
4.9
0 .6
9.3
9.1
13.2
15.7
11.5
2.4
-0.6
3.1
1.5
2 .8
15.6
18.2
2.1
-0.2
9.2
8.6
12.7
13 .3
10.3
1.7
-0.8
3.7
1 .5
2 .5
16.2
15.1
4.3
0.1
7 .7
10.2
11.3
13.3
10.3
2.8
-0 .7
2.9
0 .9
4.2
13,0
14.9
5.9
1 .1
7.8
10.7
11.1
13.6
8.3
2.4
1 .1
1.9
1.7
4.2
20.0
13.8
8.6
2 .4
6.4
9.0
11.2
12.8
6. 5
3.2
1 .6
0.6
1 .1
5.8
13.2
14.0
10.6
2.9
5.1
10 .0
13.6
11 .1
4.7
3.9
2 .6
-0.4
-0.3
104
IV Q
Annual
89.1
89.2
88.8
88.7
91 .5
94.5
93.8
93.6
95.1
90.8
89.3
89.0
88.2
90.0
92.7
94.4
93 .6
94.6
94.1
89.8
8 9.1
88.6
88.4
90 .9
.4
9^*.O
92 . 1
9 >.3
94.1
94.3
94.6
98.8
99.3
94.1
94.1
95.9
99.0
99.6
94.7
94.2
94.4
96.4
99.9
100.4
9
9i
9 .4
100.0
100.8
90.7
89.2
89.1
88.5
89.8
92 .4
94.4
93.6
94.5
94.3
94.6
94.1
94.3
96.1
99.4
100 .0
04.5
109.5
111 .5
114,7
122.9
41.9
159.0
167.9
107.1
110 ,0
113.1
117 .4
132.0
151.6
165.5
169.6
182.0
108.7
110.7
114.1
118.5
134.4
158.2
168.6
172.5
184.7
106.6
109.9
112.9
116.6
129.2
1 49.3
163.6
169.7
180.7
187.9
208.3
239.0
264.8
277 .9
283.0
289.5
2 90.1
106.1
109.5
112.8
115.6
127.5
145.5
161 .2
168.8
179.9
193.1
213.5
245.1
271 .6
278.7
283.9
2 90.8
292.3
220.4
253.5
229.5
258.2
217.9
248.9
282.3
285.5
2 90.5
291 . 3
275,5
284.9
286 .2
2 90.4
293 ,5
271.3
281 .0
284.6
2 90.3
291 .8
-1.0
0.1
-0.1
0.1
0.2
0.4
0.0
0.3
-0 .3
0 .4
-0.3
-0.2
-0.1
0.8
-0.3
0.2
0.1
0.1
-0.2
0.7
1 .0
0.8
-0.2
0 .1
0.8
0.3
1 .3
1 .0
0 .4
0.4
0.3
0,4
0 .1
0 .5
-0 .2
0.0
0.0
0.0
0 .2
0.1
0.5
-0.1
0.4
-0.1
0.1
-0.3
0.0
0,2
0.4
-0.2
0.3
0.2
0.1
0.4
0.0
1 .6
1.9
-0.1
-0.3
0.8
0.6
1.1
1.4
1.0
0.1
-0.4
0.5
-0.1
-0.2
0.0
0.0
0.1
0.4
0 ,2
-0.2
0.0
0.1
-0.4
-0.2
0.3
0.0
0.5
-0.3
0.4
0.3
0 .7
0.0
0.4
0 .4
0.9
0.4
0.8
0.3
0.4
1.0
0.7
0.7
0.6
0.3
0.3
0.0
0.3
0.0
0.3
-0.2
-0.2
0.1
0.1
-O.I
0 .2
0.1
0.1
0.5
-0.1
0.1
0 .1
0.7
0.2
0.4
0.2
0.3
0.0
0.5
1.2
1 .8
0.9
0.2
0 .4
0.6
1 .4
1 .1
0.2
0.3
0.2
0 .0
-0.3
-0.5
-0.2
0 .0
0.0
0.3
0.4
-0.1
-0.4
0.2
0.1
-0.3
0 .0
-0.1
0.5
-0.3
0.1
0.1
0.5
0.0
0 .5
0.4
0.5
1 .2
0.4
0.8
0.5
0 .9
1 .2
0.6
0.3
0.4
0.0
0 .1
0.6
-0.2
0.0
0 .0
0.0
0.2
0.2
0.0
-0.1
0.2
-0.1
0.0
0.0
0.0
0.3
0.1
0.1
0.3
0.4
0.1
0.3
0.3
1 .1
1 .3
0.5
0.2
0.5
0 .8
1.1
0.9
0.5
0.3
0 .0
0.1
0.1
AVE RAGE FOR PERIOD
_ .5
.4
-.2
- .3
.6
-1.8
0.0
-2.0
0.2
-3.3
0.0
-1 .1
-0.9
-3.7
0.7
-1.1
0.9
-3.9
-0.2
-0.4
0.9
-3.3
- 1 .6
0.0
1.6
-2.0
-2.0
0.7
0 .2
-0.9
0.5
-0.3
-1 .4
3.0
-2.2
0.5
-1 .8
- 0 .7
2.8
.1
_ .3
.9
- .1
). 9
.1
) .9
. .7
.8
2.6
$ .4
3.4
.6
1.1
+ .8
1 .0
] ^. 4
10.5
3.0
5.1
8.4
13.8
10.9
2.8
4.1
2.6
-0.8
-0.3
3.3
-1 .9
-1.7
2,6
0.2
1.1
0 .2
0.9
2.9
2.0
2.8
3.4
5 .3
2.9
2 .1
4.9
11 .6
18.9
9.8
4.7
5.3
8.7
16.0
11 .6
3.0
5.3
1.2
-0.1
0.5
3.3
-1.5
-1.1
1 .7
1.3
1.1
-0.6
0.2
3.8
2 .5
1 .6
-1.3
-0.2
0.6
1.7
0.9
0.6
0.4
4.2
1.2
-1.1
0.4
1.7
1.3
-0.8
-0.4
0.4
5.5
-1.8
- 1 .7
0 .0
0.6
1 .3
-3.9
0.0
0,8
5.9
-3.0
2.9
-0 .5
2.7
-2.7
0.2
-1 .2
-0.2
3 .3
3.2
5.1
4.3
2.1
3.9
-1 .5
-1 .4
2 .1
0.1
1.0
0.2
0.7
3.1
2.1
2.3
3 .2
5.0
2.2
3.2
7.0
17.9
14.0
5.3
6.1
6.2
10.2
17.8
8.9
3,8
1,2
2.7
-0.5
0.7
2.7
8.7
13.1
9.4
2.3
8.3
6.7
12,7
18.4
8.2
3.8
0.5
2.8
-0.1
-2.4
2 .8
3.1
4.1
1.4
3.9
-0 .1
-0.4
2.2
-2.1
-0.1
0.4
0.2
3.7
2 .1
2.3
3.6
5.1
0.9
2 .8
15.9
6.9
1 .0
9.9
7.1
12 .5
16.6
10.3
2.5
-0.1
3.0
-0.1
-3.4
15.8
17.2
3.8
0.2
8.7
9.3
12.4
14.1
10.7
2.3
-0.7
3.2
1 .3
15.4
14.2
8.4
2.1
6 .4
9.9
12.0
12.5
6.5
3.2
1.8
0.7
0 .8
4.4
2.0
2.8
5.9
10.7
19.6
8.0
5.8
5.8
9.2
16.7
10.5
3.0
4.0
1.1
0 .2
2 .1
::i
AVERAGE FOR PERIOD
NOTE: Percent changes are centered within the spans: 1-month changes are placed on the 26 month and 6-month changes are placed
on the 4th month. Quarterly and annual figures are averages of the centered changes.
'This series contains revisions beginning with 1982. 2 This series contains revisions beginning with 1981.
III Q
90 . 8
88.9
89.4
88.7
89.7
92.0
94.7
93.8
94.4
94.0
334C. CHANGE [» PRODUCER PRICE INDEX, FINISHED CONSUMER GOODS, OVER 1-MONTH SPANS1
(P :RCENT)
1952...
1953...
1954. . .
1955...
1956...
1957...
1958. . .
1959...
I960.. .
1961 . . .
196 2 . . .
1963 . . .
1 96 4 . . .
196 5 . . .
1966 . . .
196 7 , . .
196 8. . .
196 9 . . .
1970...
1971.. .
1972. . .
197 3 . . .
197 4 . . .
1975. , .
1976. . .
1977 . . .
1978...
197 9 . . .
1980...
1981 . . .
1982 . . .
1983 . . .
1984. . .
1985. . .
1986...
11 Q
AVERAGE FOR PERIOD
91 .2
78.1
83.2
289.3
290.0
I Q
PRODUCER PRICE IN )EX. FINISHED CONSUMER GOODS1
(1967=100)
2 .3
5.2
11.1
18.3
9.4
4.5
5.4
8.8
15.5
11.0
2.9
4.5
1.6
-0,2
0.8
- 3 .6
-0.4
-0.5
1.1
3.4
3 .9
-1 .4
0.1
1.0
1.4
-1.3
0.1
0.5
5.2
- 1 .2
2.0
2.5
4.4
2.8
2 ,9
9.5
15.6
10.1
2.9
8.1
6.7
11.8
17.6
9.1
3.4
0,5
2.8
-0.2
-1.7
-2.2
-0.4
-0.5
-0.2
3.0
3.0
0 .0
-0 .6
2.0
-0.8
0.0
-0.1
0.3
3.8
1.5
1 .5
3 .1
4.7
1.8
3 .0
5.5
14.5
15.0
6.1
3 .7
6.8
9.9
14.4
11 .7
5.9
2.6
1 .4
0.9
0.3
(MARCH 1987)
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
3 3 , . PRODUCER PRICE INDEX, INDUSTRIAL COMMODITIES
( 1967 = 100)
1952 . . .
1953 . . .
1954...
1955 . . .
1957 . . .
1958.
1959 . . .
1960...
1961...
196 2 . . .
1963!!!
1964. . .
1965...
1966...
196 8 . . .
196 9 . . .
1970...
197 1 . . .
1 97 2 . . .
197 3 . . .
1975. . .
1976 . . .
1 977 . . .
1978...
1979. . .
1980...
1981 . . .
1982...
1983.. .
1984...
1985...
1986.. .
Sept.
Oct.
197 5 . . .
1976. . .
1977 . . .
1978. . .
1 979. . .
1980.. .
1981 . . .
1982...
1983 . . .
1984. . .
1985. . .
1986 . . .
Annual
II Q
84.8
84.1
85.0
85 . 8
83.9
84.4
85.0
85.9
83.8
85.3
84.9
87 . 3
83.9
85.1
85.2
88.7
84.1
84.8
85 .0
86 .9
93.3
AVERAGE
FOR
PERIOD
84.2
84.1
85 .0
86 .0
84.4
85.0
85.8
84.7
84.9
85.9
85 .3
84.9
86 . 5
85.3
84.9
87.3
85.2
84.9
88.1
85 .1
85.0
88.4
85 .0
85.3
88.7
85.1
85.3
93 .1
93.2
95.3
95.6
95.1
93.0
93.1
95.4
95.2
94.8
93.0
93.1
95.2
95.2
94.6
93.4
93.3
95.4
95.2
94.6
93.6
91.8
93.5
92.3
93.5
92.7
93.7
93.1
93.0
95.4
95.2
94.6
95.4
95.0
94.7
95.^
95.
94.
95.5
95.0
94.7
95.6
95.0
94.9
94.9
95.6
95.2
95.3
95.3
94.8
93.5
93.6
95.4
95.1
94.6
93.6
94.2
95.5
95.0
94.7
94.7
95.3
95.9
97.4
94.6
95.2
95.9
97.6
93.1
93.4
95.2
95.6
95.2
94.8
94.6
95.1
96 .0
97.8
93.6
94.7
95.7
95.2
93 .2
93.4
94.9
95.6
95.2
94.4
95.1
96 .0
98.1
94.5
95.1
96 .2
98.5
94.7
94.9
96 . 4
98.7
94.8
95.1
96 . 4
99.0
94.8
95.1
96.6
99.0
94.7
95.1
96.6
99.0
102 . 4
105.5
109.3
113.4
117 .3
124.2
146.6
169.7
180.1
193.3
102 . 3
105.5
109 .6
113.8
117 .6
125.3
150.5
170.3
180.5
194.2
102 . 4
105.6
109.9
114.0
117.9
126 .0
153.6
170.7
181.5
194.7
02 . 4
05.7
110.1
14.6
18.1
126 .1
157 . 8
171 .2
L82.7
L95.9
102 . 5
106 . 1
110.2
115.3
118.5
126 .7
102 . 8
106 . 5
110.4
115.1
118.7
127 . 4
172.2
183.8
196.9
173.1
184.8
197 . 8
174.7
186.3
199.
175.4
187 .1
199.3
176 .1
187 .4
200.0
94.6
95.2
95.9
97.6
99.6
101.9
104.9
108.6
112.6
116.4
121.4
138.6
168.3
178.2
190.0
95.0
95.6
97.0
99.2
102 .2
105.4
108.8
113.0
116.8
122 .8
142.4
168.9
179.0
191.7
95.2
95.8
97 .1
99.2
101.1
103.8
107 .8
111 .7
115.5
119.4
132 .2
94.8
95.1
96.5
99.0
102.0
104.9
108.6
112.5
116.5
121 .3
138.2
168.4
178.1
190.0
94.9
95.6
97 . 1
99.2
100.8
103.4
107 . 4
111 .3
115.0
119.1
130 . 1
94.5
95.0
96 .2
98.4
101 .5
104.3
108.3
112.2
115.9
120 .0
135.3
167 .5
177 . 4
188.4
94.c
95.
96."
99.
100 .
103.1
107 .
I l l .„
115.
118.8
128.5
95.3
95.3
94.8
94.8
94.7
95.2
96 .4
98 .5
102 . 4
105.5
109.6
113.7
117 .6
125.2
150.2
170.2
180.7
194.1
102.6
106 .1
110.2
115.0
118.4
126.7
160.8
172.2
183.8
196.9
103.5
107 . 4
111.4
115.2
119.1
130.3
165.6
175.4
186.9
199.5
102 .5
106 .0
110 .0
114.1
117.9
125.9
153.8
171 .5
182.4
195.1
220.0
260.6
291 .5
311.8
313.9
319.1
322 .9
222.5
265.9
295.7
225.4
268.6
299.6
231 .6
271.9
304.7
234.0
273.5
305 .1
Z37 . 5
276.2
306 . 2
240.6
278.2
307.2
244.2
278.8
307.4
249.0
282.0
309.0
250 .6
283.4
309 .3
253.1
286 .6
310.0
222 .6
265.0
295.6
231 .5
272.2
304.4
240.8
277.7
306.9
250.9
284.0
309.4
236.5
274.8
304.1
313.9
320.6
322.2
311.0
313.5
321.9
322.5
229.0
271.3
303 .5
309.9
312.4
322.6
323.8
309.6
313.6
323.2
325.3
315.3
323.8
324.8
316.5
323.9
324.4
317.3
323.3
323.7
317.1
322.2
322.3
318.5
323.4
324.2
318.3
323.8
324.7
318.4
323 .0
325.1
313.8
320 .5
322.5
313.8
323 .2
324.6
317.0
323 . 1
323.5
318.4
323 . 4
324.7
315.7
322 .6
323.8
-0.4
0 .2
0.0
0.0
0.1
0 .0
-0 .1
0 .0
-0.1
- 0 .2
0 .0
0 .0
-0.1
0.1
0.3
0 .0
0 .1
-2.3
2 .8
-0.2
3 .4
2 .7
1 .0
0 .0
0.0
-0.2
0.5
0 .1
0.2
-0.3
0.2
- 0 .1
0.0
-0.2
-0.1
-0.1
0.0
0.2
0 .2
0.5
- 0 .2
0.1
0.0
0.4
0 .6
0.3
0.0
0.2
0 .1
0.2
0.1
0.0
0.1
0.1
0.3
0 .3
0.4
0.5
0.5
0.4
0.3
0.5
2.3
0.8
0.7
0.5
0.8
1.3
3 .0
1.7
0.6
-0 . 4
0.2
0.0
335C.
1 970. . .
197 1 . . .
1972. . .
1973.. .
IV Q
IQ
84.6
84.3
84.9
85 .9
0.3
0.3
0.5
1 .1
2 .1
0.5
0.4
0.8
0.6
1 .1
2 .0
1.4
-0.1
0 .0
0.5
-0 .2
-0.4
0 .4
0.0
-0.2
0.1
- 0 .1
- 0 .1
0 .1
-0.4
-0.3
0 .0
0.1
0 .0
0 .2
0 .4
0.1
-0.1
-0.4
0.4
-0.1
0.1
-0.1
0 .0
0 .0
- 0 .2
0.0
-0.2
-0 .2
0.2
- 0 .2
0 .2
0.2
0.0
0.1
-0.1
0.7
0.0
0 .7
-0.1
0.4
0 .2
0.2
0.0
0.0
0.1
0.1
0.2
0 .0
0.3
0 .0
0.0
0.5
0.0
0.0
0.9
0.9
0.2
0.4
0 .0
0.0
0.0
-0.2
0.0
0.0
0.2
0.0
0.3
0.1
0.2
-0.1
0.0
0.9
0.4
0.0
0.1
0.0
-0.2
0.1
0.2
-0.1
0.0
0.0
0.0
0.2
0.3
-0.2
-0.1
0.1
0 .3
0 .4
- 0 .1
0 .1
0 .0
0.1
-0.2
-0.1
0.2
0 .4
0 .1
0.1
0.3
0.5
-0 .1
-0.1
0.4
0.3
0 .5
0.0
0.3
0.1
-0.1
0.2
0.0
0.0
0.1
0.4
0.1
0.3
0.1
0.1
0.1
0.0
0.3
0.4
0.2
0.3
0 .1
0 .0
0 .2
0.0
0.3
0 .2
0.0
0.0
0.3
0 .4
0.5
0.2
0.4
0.3
1 .2
3 .0
0.3
0.5
0 .9
0.6
1 .3
1 .0
1.3
-0 .2
-0 . 1
0.4
0 .1
0 .1
0.5
0.4
0.4
1 .1
2.9
0.5
0.6
0.8
1.0
1 .6
1 .0
1.3
-0.4
-0.4
0 .2
0 .4
0 .0
0.3
0.4
0.3
0.9
2 .7
0 .4
0 .2
0.5
0 .6
1 .1
0 .2
0 .4
-0.1
0.4
0 .2
0.5
0 .1
0.3
0.2
0.3
0 .6
2.1
0.2
0.6
0 .3
0 .6
1.0
0 .6
0.1
0.3
0.5
0.2
- 0 .2
0 .1
0.2
0.5
0.2
0 .1
2 .7
0.3
0 .7
0 .6
0 .7
1 .5
1 .0
0.4
0 .7
0.4
0.0
- 0 .1
0.1
0.6
0.3
0.5
2.4
0.6
0.6
0.5
0.6
1.3
0.7
0.3
0.1
0.3
-0.2
-0.2
0.2
-0.2
0.2
0.6
0.8
0.5
0.5
0.5
0.5
1.5
0.2
0.1
-0.2
-0.1
-0.3
-0.4
0.7
0.0
0.1
0 .9
1 .2
0.9
0.8
0 .7
1 .0
2 .0
1 .1
0.5
0 .5
0 .4
0 .4
0 .6
0 .1
-0.1
0 .3
1 .2
0.6
0.4
0.4
0.1
0.6
0 .6
0 .5
0.1
0 .2
-0.1
0.1
0 .2
0 .4
0.4
0 .3
1 .6
0.2
0 .4
0.2
0.4
0.6
1 .0
1 .1
0.2
0.1
0.0
-0.2
0.1
-0 .2
0 .2
-0.1
0.3
0.3
0 .1
- 0 .1
0 .2
0.0
0.1
0.0
0 .0
0.0
0.1
0.2
0 .2
0 .4
0.5
0.3
0.4
0.4
0.9
2.5
0 .5
0.5
0.7
0 .7
1.2
2.0
1 .5
0.1
-0 .2
0.4
0.0
0 .5
-0.7
2 .4
4.1
3.8
-0 .4
3 .0
0 .4
0.4
0.2
-0.4
0 .8
1 .9
2.5
1 .4
4.0
5 .1
- 2 .7
.3
-0 .2
1 .7
3.7
1 .7
-0.9
2.4
-0.3
-0 .4
0.3
-0.3
0 .1
.2
.0
.0
.1
-3.5
1 .9
-0.5
3 .9
1.5
-0.9
2.6
-0.6
- 0 .4
0 .4
-0.4
0 .4
1 .3
2 .9
1 .0
3.0
2 .9
0.6
-1.3
1.5
-0.8
-0.8
-0 .4
0.0
-0.6
1.3
3.3
1 .0
2.6
3.5
3.9
4.2
-3.3
3.1
-0.5
0.9
-0.9
1.5
_
_
.0
.3
-0 .4
0 .2
-0.4
L.O
3 .3
3.4
1.8
2.7
3.4
+ .3
J . O
10.7
33.8
5.5
5.9
7 .7
8.3
15.0
17.7
1 5.6
0 .2
-0.9
3.1
0.9
AVERAGE FOR PERIOD
-0.5
- 0 .2
0.1
0.1
0.4
0.0
- 0 .2
0 .1
0.0
-0.1
0.1
-0.2
0.0
0 .0
0.3
-0.1
0.2
-2.6
1 .4
0.0
4.1
4.5
89.0
-0.4
0.4
0.0
-0.1
0.3
- 0 .1
0.0
0 .3
0.0
0.0
0.0
0.0
-0.1
0 .1
0.2
0.0
0.2
CHANGE IN PRODUCER PRICE INDEX, INDUSTRIAL COMMODITIES, OVER 6-MONTH SPANS
(ANNUAL RATE, PERCENT
-2.1
0.5
-0.2
2.4
4.3
2.9
-0.6
3.0
0.4
0.0
0.8
-0.6
0.4
1 .0
2.9
1.0
3.8
4.3
4.2
4.0
3.9
9.3
30.2
6 .0
6.3
7 .7
7 .2
13.8
18.7
15.8
0.6
-1.2
2.6
0.2
•
©
(PE RCENT)
1952 . . .
1953. . .
1954. . .
1955. . .
1956 . . .
1957.. .
1958. . .
1959. . .
I960.. .
1961 . . .
196 2 . . .
1963 . . .
1964...
1 96 5 . . .
1 966 . . .
1967 . . .
1968. . .
III Q
Dec.
84.9
84.0
84.9
86.0
84.9
84.0
85.1
85.6
89.5
93 .0
335C.
1952...
1953 . . .
1954...
1955.. .
1956.. .
1957 . . .
1958. . .
1959 . . .
1960. . .
1961 . . .
1 96 2 . . .
1963 . . .
196 4 . . .
196 5 . . .
1966 . . .
1967.. .
196 8 . . .
196 9 . . .
1970...
197 1. . .
197 2 . . .
197 3 . . .
1974. . .
1 975. . .
1976 . . .
1977 . . .
1978. . .
197 9 . . .
1980...
1981 . . .
1982...
1983. . .
1984...
1985.. .
1986. . .
Nov.
(u)
11.4
35.0
5.6
6.2
7.9
8.9
16.1
16.8
13.3
0.4
0.1
3.4
1 .1
10.4
36.0
4.5
6.1
8.1
8.6
16.5
12.3
10.3
0.6
1.7
3 .0
0 .9
©
19.0
4.8
3.0
7.0
24.9
10.5
4.4
3.5
9.0
7 .0
6.9
6 .2
10.8
22 .1
13 .0
2 .9
0 .4
2.1
- 0 .7
- 2 .9
6.9
7.6
6.5
12.5
21 .0
15.5
2.4
0.5
3.1
0.2
-5.1
5.7
6.1
7.8
8.1
15.0
17 .7
14.9
0.4
-0.7
3.0
0.7
4.7
6.4
7.3
8.5
16.9
9.8
7 .8
0.9
2.1
1 .6
0 .6
6.2
7.0
5.6
8.4
17.4
8.8
3.3
3.1
3.0
0.1
0.0
- 1 .2
2 .1
0 .0
-0.7
2 .4
0 .0
-0.2
1.4
0.7
6.9
0.7
0.9
0.9
7.3
1 .2
-0.5
1 .7
7 .1
0 .2
- 0 .9
2.6
5.3
0 .9
0 .6
1 .1
-0.8
-1 .3
-0.4
0.4
-0.2
1 .5
2 .9
0 .6
1 .0
1.1
0.9
0.4
-1.3
- 1 .0
0 .0
0.2
0.0
1 .3
2 .5
1 .0
1 .2
0.9
1.5
0.2
1.1
2.4
0.2
-0.4
-0.2
-0.4
0.8
1.1
1.9
1.4
2.2
2.2
1.5
3.0
0.8
-0.4
0.6
0.0
1.1
1.9
1.5
1.0
2.8
2.8
0.6
3.0
0.6
0.0
0.8
-0.2
1.
1.7
2.
1 .0
3 .6
3.7
-0 .4
2 .6
0.4
0 .0
0 .4
0.0
0.8
1 .7
2 .1
1.4
4.0
4.7
3 .0
5.0
3 .0
3 .8
3.1
2.1
3.3
2.6
3 .9
2.3
4.2
2.1
3.5
9.1
36.7
4.6
6.5
7 .4
8.6
16.9
9.5
7.9
1 .0
2 .2
1 .7
0.9
7 .6
30.9
5.0
6.6
6.5
8.4
17.4
7.7
5.3
1 .1
2 .3
0.2
-0.1
7.0
7 .8
10.1
15.1
6 .0
7.0
6.1
8.5
18.2
8.0
3.7
2.9
3 .9
0.5
0 .2
6.1
7.4
5.3
8.5
17.1
8.6
3.0
3.5
3.0
0.4
-0.4
6.4
6.6
5.5
8.3
17.0
9.8
3.2
3.0
2.0
-0.5
0.2
7 .4
6 .3
5.9
9.6
20 .
11 .
3.
0.
1 .
-0 .
-0.
.0
.3
.4
.1
0.8
1 .5
2 .0
1 .8
1.8
3.1
3 .5
3 .0
0.2
1.0
- 1 .0
- 1 .2
-0.3
0.3
- 0 .2
1 .3
2.9
0 .7
1 .3
4- . 0
NOTE: These series contain no revisions but are reprinted for the convenience of the user. Percent changes are centered within
the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures
are averages of the centered changes.
-0.1
0.0
0.2
0.3
0.4
0.0
0.2
0.1
0.0
0.1
0.0
0.2
0.2
0.2
0.1
0.3
0.3
0.4
0.4
0.1
0.2
1.2
0.7
0.6
0.5
0.4
0.7
1.2
0.9
0.3
0.3
0.1
0.1
0.3
-0.1
0.1
0.0
0.4
0.3
0 .1
0.1
0 .1
0.0
0 .0
0 .0
0 .0
0.0
0.1
0 .2
0 .2
0 .2
0 .3
0.3
0.3
0.9
1.9
0.5
0.5
0.6
0 .7
1 .3
1 .0
0.6
0 .1
0.1
0.1
0 .1
AVERAGE FOR PERIOD
-0.1
1 .6
0.5
6.6
4.3
1.2
2.3
0.4
-0.6
-0.3
-0.3
1.0
1.3
1.6
1.5
2.3
2.3
3.6
3.3
2.6
2.6
8.3
- 2 .3
3.1
0 .0
3.0
-1
-1
-0
1
o!4
0*.3
0.3
0.9
2.6
0 .4
0.5
0.5
0 .7
1 .2
0 .6
0.6
- 0 .1
0 .2
0 .2
0 .2
0.2
0.2
0.0
0.8
0.4
0.2
0.2
0.1
-0.1
0.0
0.0
0.0
0.1
0.1
0.1
0.2
0.1
0.3
0.2
0.3
0.2
0.4
2.0
0.5
0.6
0.5
0.6
1.4
0.6
0.3
0.2
0.2
-0.2
- 0 .2
/
+ .2
3.1
0.6
- 0 .7
2.2
5.5
"5.0
-0.1
2.9
0.5
0.1
0.5
-0.2
0.9
1.8
2.2
1.3
3.9
4.5
4.7
4.3
2.5
5.0
19.7
7.1
6.9
6.2
11.0
21.2
13.3
3.0
0.5
2.3
-0.4
-2.8
-1.1
1 .2
0.6
4.3
3.9
0 .9
1 .1
1 .1
-0.5
-0.4
-0.1
0.5
0.7
1 .6
2.2
2.0
2.8
3 .7
3 .7
3 .4
11 .9
2 4.7
5.9
6 .6
6.7
9.0
17.6
12.4
7.3
1 .2
1 .7
1 .1
-0.4
(MARCH 1987)
105
G. Experimental Data and Analyses
TTT
Foreign currency per U.S. dollar
Year
and
month
Foreign currency per U.S. dollar—
Japan
West
Germany
France
United
Kingdom
(Yen)
(D. mark)
(Franc)
(Pound)
2.4384
2.3317
2.2752
2.2732
2.2277
2.2337
2.1517
2.0621
2.0415
2.0054
2.0243
1.9880
7.4821
7.1575
6.9964
7.2060
7.0967
7.1208
6.9323
6.7215
6.6835
6.5628
6.6206
6.5296
0.7020
0.6994
0.6815
0.6673
0.6574
0.6629
0.6635
0.6729
0.6804
0.7011
0.7023
0.6948
\r
m
TTT TTT TTT TTT
Ratio scale
300
Japan (yen)
260
\
220
1986
Jan....
Feb....
Mar....
Apr
May....
June...
July...
Aug
Sept...
Oct....
Nov....
Dec
1987
Jan....
Feb....
Mar
Apr....
May
June...
July...
Aug....
Sept...
Oct....
Nov....
Dec
199.89
184.85
178.69
175.09
167.03
167.54
158.61
154.18
154.73
156.47
162.85
162.05
2
154.83
153.41
151.97
2
1.8596
1.8239
1.8388
2
6.2007
6.0761
6.1196
Foreign currency per U.S. dollar
1987
Jan....
Feb
Mar....
Apr
May....
June...
July...
Aug
Sept...
Oct....
Nov....
Dec
v\
Italy
Canada
Exchange value
of the U.S.
dollar 1
(Lira)
(Dollar)
(March 1973=100)
1,663.14
1,588.21
1,548.43
1,559.45
1,528.50
1,533.10
1,478.31
1,420.33
1,410.23
1,387.67
1,401.08
' 1,379.44
2
1,317.17
1,297.74
l,307.94
2
\
B
0.6643
0.6545
0.6286
France (franc)
Year
and
month
1986
Jan....
Feb....
Mar
Apr
May....
June...
July...
Aug
Sept...
Oct....
Nov.. . .
Dec
2
West Germany (d. mark)
\A
1.4070
1.4043
1.4009
1.3879
1.3757
1.3899
1.3808
1.3885
1.3872
1.3885
1.3863
1.3801
123.65
118.77
116.05
115.67
113.27
113.77
110.38
107.50
107.15
106.58
107.90
106.54
1.3605
1.3340
1.3207
101.13
99.46
2
99.18
United Kingdom (pound)
Exchange value of the U.S. dollar
(index: March 1973 = 100)
ILL Ml
74
1
B
A s.
V-^/V
III III III HI III ILL III III III III III
75 76 77 78 79 80 81 82 83 84 85 86 87
This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries
plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see
the August 1978 FEDERAL RESERVE BULLETIN (p. 700).
2
Average for March 1 through 27.
Source: Board of Governors of the Federal Reserve System.
106
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 weekly hours of production or nonsupervisory workers, manufacturing (hours).
5. Average weekly initial claims for unemployment insurance, State programs1 (thous.). .
8. Mfrs.1 new orders in 1982 dollars, consumer
goods and materials industries (bil. dol.).
32. Vendor performance, percent of companies
receiving slower deliveries (percent) . . .
20. Contracts and orders for plant and equipment
in 1982 dollars (bil. dol.)
29. New private housing units authorized by
local building permits (index: 1967=100). .
36. Change in inventories on hand and on order in
1982 dol., smoothed2 (ann. rate, bil. dol.)
99. Change in sensitive materials prices,
smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
106. Money supply M2 in 1982 dollars
(bil. dol.)
111. Change in business and consumer credit
outstanding (ann. rate, percent)
910. Composite index of leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thous.)
51. Personal income less transfer payments in
1982 dollars (ann. rate, bil. d o l . ) . . . .
47. Industrial production
(index: 1977=100)
57. Manufacturing and trade sales in 1982
dollars (mil. dol.)
920. Composite index of roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
77. Ratio, manufacturing and trade inventories
to sales in 1982 dollars (ratio)
62. Labor cost per unit of output, manufacturingactual data as a percent of trend (percent)
109. Average prime rate charged by banks
(percent)
101. Commercial and industrial loans outstanding
in 1982 dollars (mil. dol.)
95. Ratio, consumer installment credit
outstanding to personal income (percent). .
930. Composite index of lagging indicators 3
(index: 1967=100)
Nov.
1986
Dec.
1986
Jan.
1987
Nov.
to
Dec.
1986
Feb.
1987
40.8
40.8
40.9
p41 .2
342
356
359
361
r79.52
r85.64
r80.81
p85.71
56
56
55
r32.95
r34.79
128.6
r-15.52
Dec.
to
Jan.
1987
Jan.
to
Feb.
1987
0.08
0.30
-0 . 0 3
-0.02
0.40
-0.31
0.39
52
0.00
-0.04
-0.16
r30.92
p30.87
0.13
-0.28
-0.00
152.3
134.8
140.6
0.55
-0.39
0.17
r-11.06
p4.67
0 .12
0.41
1 .20
1.78
rl .13
0.34
0.25
-0.28
-0.41
245.09
248.61
264.51
280.93
0.10
0 .42
0.50
r2,425.6
r2,442.5
r2,445.6
p2,434.7
0.24
0.04
-0.19
r4.2
rl2.9
P 7.7
0 .49
-0.30
rl82.5
rl86.8
rl85.8
pl87.1
2.36
-0.54
0.70
101,068
rlOl,322
rl01,641
plOl,978
0 .21
0.26
0.36
r2,603.5
r 2 , 6 1 1 .8
r2,592.6
p2,612.5
0.16
-0.37
0.49
126.0
rl26 .6
r l 2 6 .8
P127.3
0 .13
0.04
0.14
r425,083
r436,449
p415,457
NA
0.59
-1 .09
rl65.2
rl66.7
rl64.5
165.9
0.91
-1 .32
0.85
14.8
15.0
15.0
-0.10
0.00
0 .29
1.51
rl .47
pi.56
-0.53
1 .19
79.2
78.5
r78.4
-0.26
-0.04
7.50
7.50
7.50
7 .50
0.00
0.00
r345,448
r354,505
r 3 6 1 ,380
p357 ,017
0.69
0 .51
rl6.39
rl6.31
P16.30
NA
-0.31
-0.04
r l 3 3 .0
rl32.3
rl34.5
pl34.1
-0.53
1 .66
NA
NA
P
14.6
NA
p78.1
0.00
-0.12
NA
NA
NA
NA
-0.16
0.00
-0.47
NA
-0.30
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t is
computed by dividing the standardized and weighted change 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 BUSINESS CONDITIONS DIGEST (pp. 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) for the weights and standardization factors. NA, not available, p, p r e l
nary, r, revised, e, estimated.
x
This series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
This 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, -0.175; for the lagging index, 0.018.
2
3
107
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
.....|M...
iiiif|iiiii|iiiii|i|iii|iiiii|iiiii|iiiii|iini in
Actual
data
for
reference current
cycle
peaks
Deviations
5. Average weekly initial claims, State
unemployment insurance (inverted)
1
1
| L,C,L|
B
F>ercent
-
1
kI
jfm
JJL
-
1
\
I
/
1975
1970
350
•
400
•
450
+25
•
500
•
550
+50
•
600
•
650
+75
• 700
1
•
-
-
+100
+125
1
{
43.
Deviations
from
specific
troughs
5. Average weekly initial claims, State
unemployment insurance (inverted)
SERIES
5
THOUSANDS
40
-0.5
393
41
42
43
44
-5.3
-4.3
-4.3
-6.3
374
378
378
370
45
46
47
48
-4.1
-6.6
-13.2
-13.4
379
8/86
369
9/86
343 10/86
342 11/86
49
50
51
-9.9
-9.1
-8.6
356 12/86
359
1/87
361
2/87
Actual
data
for
current
cycle
3/86
4/86
5/86
6/86
7/86
Percent
9/82
-50
~
2 5
•
350
•
425
• 500
•
-
\
\
fi
u
•
Median
Hft
III III I I I l l | l l l l l l l l l l l | l l l l l | l l l l l | l I I I 1 1 1 1 1 1 1 1 1 1 1 1 1 M i l l
-25
—
W
MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
7/81
DATA
YEAR
-
Unemployment rate, total (inverted)
+150
Actual
data
1 L U U 1
750
MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
AND
ACTUAL
TROUGH
9/82
DATA
YEAR
0
+ 25
42
43
44
-39.8
-42.7
-42.1
393
374
378
3/86
4/86
5/86
45
46
47
48
-42.1
-43.3
-42.0
-43.5
378
370
379
369
6/86
7/86
8/86
9/86
-47.5
-47.6
-45.5
-45.0
343 10/86
342 11/86
356 12/86
359
1/87
800
•
850
49
50
51
52
•
900
53 -44.7
•
950
MONTHS
FROM
REF.
TROUGH
+ 50
•
800
•
875
•
950
M.025
-
43.
361
«650
• 725
SERIES
5
THOUSANDS
•
575
2/87
1
+75
Unemployment rate, total
(inverted) T, . „ i
CURRENT MONTH
ACTUAL
AND
DATA
YEAR
Actual
-5
•
6
SERIES
43
PERCENT
-4
40
7.2
3/86
41
42
43
44
7.1
7 .2
7 .1
7 .0
4/86
5/86
6/86
7/86
45
46
47
48
6.8
7 .0
6.9
6.9
8/86
9/86
10/86
11/86
49
50
51
6 .7
6 .7
6 .7
12/86
1/87
2/87
• 7
1 "-I^SI" 1
B
-
4
1970
\ JL
»r V
\
-
-
\bi$
Median
bTJi
frC
\
/
y
6
-
7
-
8
\
5
9
' 1982
iiiimiiiiliiiiiltiiiiliiiiiliMiiliiiiiliiiiiliiiiiliini in
-6
0 + 6 +12+18+24+30+36+42+48
-
-
10
11
8
-2
• 9
•
10
•
12
•
13
SERIES 43
PERCENT
39
40
-3 ,
-3,
7.2
7 .1
3/86
4/86
41
42
43
44
-3.7
-3.8
-4.0
7.2
7.1
7.0
6.8
5/86
6/86
7/86
8/86
+ 2
45
46
47
48
-3 .8
-3.9
-3.9
-4.1
7.0
6.9
6.9
6 .7
9/86
10/86
11/86
12/86
-J + 3
49
50
-4.1
-4.1
6 .7
6.7
1/87
2/87
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the January 1987 issue.
108
•
MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
AND
ACTUAL
TROUGH
12/82
YEAR
DATA
Months from reference troughs
-3
111111111111111111111111111 • 1111111111111111111111111111
-6
0 + 6 +12 + 18 + 24+30+36+42+48
Months from specific troughs
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
51. Personal income less transfer payments
in 1982 dollars
Deviations
from
reference
peaks
Actual
data
for
current
cycle
40
3/86
41
42
43
44
15.3
14.8
14.3
14.1
2633.9
2621 .9
2609.9
2605.7
4/86
5/86
6/86
7/86
45
46
47
48
14.2
13.9
14.0
14.0
2608.4
2601 .6
2604.1
2603.5
8/86
9/86
10/86
11/86
49
50
51
14.4
13.5
14.4
2611 . 8
2592.6
2612.5
12/86
1/87
2/87
u
Cj A
1
Actual
data
(percent)
90
85
J
9/82
DATA
16.3
16.1
16.2
15.9
2609.9
2605.7
2608.4
2601.6
6/86
7/86
8/86
9/86
49
50
51
52
16 . 0
16.0
16.3
15.5
2604.1
2603.5
2611 . 8
2592.6
10/86
11/86
12/86
1/87
53
16.4
2612.5
2/87
11 in i ii 1111 it 11 ii 11 tin 11 in 111 il 11 in 11111 il 11
-6
Percent
• 2,750
2/75 /sA-*
_
20
JV *
• 2.650
_
Jf^F
• 2,700
• 2.600
15
• 2,550
Median
• 2,500
9/82 jgf
•» L
M/
ILF
A
10
• 2.450
l0/70
• 2,400
5
• 2,350
• 2.300
Cm Mr
• 2.250
0
CURRENT MONTH
ACTUAL
AND
DATA
YEAR
SERIES
82
PERCENT
82 Capacity utilization rate,
40
79.1
3/86
41
42
43
44
79.9
79.4
79.3
79.7
4/86
5/86
6/86
7/86
45
46
47
48
79.7
79.6
79.6
79.8
8/86
9/86
10/86
11/86
49
50
80 . 0
79.9
80 . 1
12/86
1/87
82
SERIES
PERCENT
11 . 1
11.9
79.1
79.9
41
42
43
44
11 . 4
11 . 3
11 . 7
11.7
79.4
79.3
45
46
47
48
11 . 6
11 . 6
11 . 8
12.0
79.6
49
50
11 . 9
12 . 1
79.9
80 . 1
79.7
79.7
79.6
79.8
80.0
3/86
4/86
manufacturing
Actual
| L.C.U |
- i +20
3/75
• 85
VAu
\A\
12/82
Jr
\
• 80
1
— + 10
1
L • /n/ l 1JF
Jf /
>a»hr
5/86
6/86
7/86
8/86
• 75
Median
\
• 70
Q
I
\k
\
1/87
2/87
Months from reference troughs
+5
JA
*\
9/86
10/86
11/86
12/86
0+6+12+18 + 24+30+36+42+48
+15
/
\
2/87
MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
ACTUAL
AND
FROM
TROUGH
DATA
YEAR
12/82
- J 65
B
YEAR
45
46
47
48
51
70
for
current
cycle
| C,C,C |
42
43
44
39
40
specific
troughs
Actual
data
X
SERIES
51
ANN. RATE
B I L . DOL
2593.6
3/86
15.5
4/86
2633.9
17 . 3
2621 .9
16.8
5/86
75
ations
from
51. Personal income less transfer
DEVIATIONS CURRENT MONTH
FROM ACTUAL
AND
MONTHS
FROM
REF.
TROUGH
i
Ciu
Devi-
1
payment in 130^ dollars
«; i
SFRIF{
ANN. RATE
B I L . DOL.
13.6
2593.6
MONTHS
FROM
SPEC.
TROUGH
82. Capacity utilization rate, manufacturing
n n i n n nil n n nil n inininn ininin n n | i n i n n i i
MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
7/81
DATA
YEAR
1
1
1
1
1
1
1
• 65
1
inn i n n m i n i m i l l m i i n i i n i l i n n i n n I n n i l n n
-6
0 + 6 +12+18+24+30+36+42+48
Months from specific troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of the January 1987 issue.
109
ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Current issue
Series (page numbers)
number Charts Tables
Historical
data
(issue date)
C)
A
Agricultural products, exports
Anticipations and intentions
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
.
New orders, manufacturing, Dl
Plant and equipment expenditures, constant dollars
Plant and equipment expenditures, current dollars
Plant and equipment expenditures, Dl
Prices, manufacturing, Dl
Prices, retail trade, Dl
Prices, wholesale trade, Dl
Profits, manufacturing and trade, Dl
Sales, manufacturing and trade, Dl
Automobiles
Imports of automobiles and parts
Personal consumption expenditures
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—See Investment, capital.
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
See notes at end of index.
110
Series (page numbers)
number Charts Tables
Historical
data
(issue date)
Series
description
C)
Construction
604
56
92
12/85
58
974
975
971
100
61
970
976
978
977
972
973
22
38
38
38
24
24
38
38
38
38
38
38
65
76
76
76
67
67
76
76
76
76
76
76
11/85
12/85
12/85
12/85
11/86
11/86
11/86
12/85
12/85
12/85
12/85
12/85
23
23
37
37
37
37
37
616
55
56
22
92
65
12/85
10/86
56
39
93
94
33
33
72
72
1/87
1/87
20
37
37
37
35
35
29
76
13,25
24
67
67
6/86
12/86
24
12
14
12
13
33
23
23
72
65
65
12/85
6/86
6/86
34
21
21
101
72
112
295
15,35
35
32
46
73
73
71
82
6/86
6/86
6/86
12/86
32
32
32
26
82
84
20
20
64
64
12/86
12/86
14
14
97
11
965
333
24
24
37
48
66
66
75
86
12/86
12/86
10/86
3/87
22
22
22
51
914
35
34
11
29
29
60
70
70
1/86
10/86
10/86
5
26
26
C
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, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded
Commercial and industrial loans
Loans outstanding, constant dollars
Loans outstanding, current dollars
Loans outstanding, net change
Compensation—See also Income.
Compensation, average hourly, nonfarm
business sector
Compensation of employees
Compensation of employees, percent of
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 coinciders, index
Four coinciders, rate of change
Ratio to lagging indicator index
Lagging indicators
Six laggers, index
Six laggers, rate of change
Leading indicators
Capital investment commitments
Inventory investment and purchasing
Money and financial flows
Profitability
Twelve leaders, index
Twelve leaders, rate of change
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Series
description
442
90
441
37
51
89
17
62
51
89
18,51 62,89
2/87
2/87
2/87
2/87
9
9
9
9
920
920c
951
940
9
10
39
36
11
23
5
74
60
66
1/87
1/87
1/86
1/86
10/85
"5
5
21
101
72
112
15,35
35
32
73
73
71
6/86
6/86
6/86
32
32
32
345
280
49
45
87
82
10/86
11/86
46
46
64
30,47
70,83
10/86
46
46
60
346
49
88
10/86
340
49
87
8/86
5
341
348
349
49
50
50
87
88
88
8/86
9/85
9/85
5
53
53
53
19
63
3/87
920
920c
940
10
39
11
60
1/87
1/87
1/86
930
930c
10
39
60
1/87
1/87
914
915
917
916
910
910c
11
11
11
11
10
39
60
60
60
60
60
1/86
1/86
1/86
1/86
1/87
1/87
60
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales...
Gross private fixed investment
Nonresidential, constant dollars
Nonresidential, 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, Defense 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
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
Plant and equipment expenditures
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
29
13,25
67
6/86
24
9
69
23
24
66
67
10/85
8/86
21
17
86
248
87
89
249
28
334
8
75
25
47
25
25
47
25
48
12,21
22
67
83
67
67
83
67
86
64
65
10/86
11/86
10/86
10/86
11/86
3/87
3/87
5/86
12/86
40
40
40
40
40
24
51
15
12
66
113
95
39
35
32
15,35
33
73
72
73
72
6/86
6/86
9/86
1/87
33
33
33
34
320
322
58
49
49
22
84,95
84
65
8/86
8/86
11/85
49
49
20
525
53
90
12/85
55
20
12,23
66
12/86
21
10
116
23
34
66
73
12/86
2/87
21
35
101
72
112
15,35
35
32
73
73
71
6/86
6/86
6/86
32
32
32
66
113
95
39
111
33
35
32
15,35
33
13,32
32
73
72
73
72
72
71
6/86
6/86
9/86
1/87
8/86
9/86
33
33
33
34
31
31
98
331
28
48
69
85
6/86
3/87
51
50
557
54
10/86
110
12/86
517
543
580
578
577
525
53
53
54
55
55
53
90
90
91
91
91
90
11/85
12/85
12/85
5/86
10/85
12/85
55
55
56
56
56
55
559
548
588
561
570
564
565
54
53
54
54
55
55
55
91
90
91
91
91
91
91
7/85
1/87
7/85
7/85
8/86
10/86
10/86
17
15
17
15
5
43
43
39
32
33
12,21
72
64
1/87
1/86
34
17
965
951
974
963
966
37
36
38
36
37
10/86
1/86
12/85
9/86
12/86
22
5
37
5
12
962
975
952
950
964
36
38
36
36
37
12/86
12/85
1/86
1/86
2/87
8
37
5
5
15
971
970
960
972
967
38
38
37
38
37
12/85
11/86
12/85
12/85
1/86
37
23
37
37
25
973
976
978
977
968
961
38
38
38
38
37
36
75
74
76
74
75
78
74
76
74
74
75
77
76
76
75
76
75
79
76
76
76
76
75
74
77
12/85
12/85
12/85
12/85
2/87
8/86
37
37
37
37
25
5
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Current issue
Series (page n u m b e r s )
number Charts Tables
Historical
data
(issue date)
Series
description
(*)
441
578
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
14,17 62
36
74
51
89
55
91
17
62
16
61
16
61
12,16 61
36
74
16
61
51
89
51
89
51
89
51
89
17
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
2/87
5/86
10/85
9/86
9/86
8/86
12/85
8/86
9/86
2/87
8/86
2/87
4/86
2/87
12/86
12/86
8/86
2/87
2/87
2/87
mi
2/87
2/87
2/87
2/87
2/87
2/87
2/87
2/87
3/87
2/87
8/86
9
56
56
"5
5
37
5
5
9
5
9
9
9
8
8
5
9
9
9
9
9
9
9
9
9
9
9
9
8
9
5
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, percenl of GNP
National defense
National defense, percent of GNP
State and local, constant dollars
State and local, current dollars
State and 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 M l . .
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment—See Investment, capital.
H
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Hours, manufacturing
Average weekly hours
Average weekly hours, components
Average weekly hours, Dl
Average weekly overtime
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
Consumer installment credit, ratio to personal income
Corporate profits with IVA and CCAdj
Corporate profits with IVA and CCAdj, 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
F
Federal funds rate
Federal Government—See Government.
Federal Reserve, member bank borrowings from
Final sales in constant dollars
Financial flows, Cl
Fixed investment—See Investment, capital.
Fixed-weighted price index, gross domestic
business product
Food—See Consumer prices.
Foreign trade—See International transactions.
France—See International comparisons.
Free reserves
Current issue
Series (page numbers)
number Charts Tables
Historical
data
(issue date)
Series
description
(*)
Housing
E
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 nonagricultural 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 16-19 years of age
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and 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.
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
119
34
72
3/87
94
213
917
33
40
11
72
80
60
1/87
10/86
1/86
311
48
84
10/86
93
33
72
1/87
35
38
5
49
20
63
10/86
502
501
500
512
511
510
298
52
52
52
52
52
52
46
90
90
90
90
90
90
83
10/86
10/86
10/86
10/86
10/86
10/86
12/86
53
53
53
53
53
53
48
263
262
265
564
565
267
266
268
261
260
43
43
47
55
55
43
43
47
43
43
81
81
83
91
91
81
81
83
81
81
11/86
11/86
11/86
10/86
10/86
11/86
11/86
11/86
11/86
11/86
43
43
43
43
43
43
43
43
43
43
311
68
48
30
84
70
10/86
10/86
49
28
10/86
10/86
10/86
10/86
10/86
10/86
8/86
10/86
10/86
10/86
38
38
38
38
38
38
30
14
38
38
9
9
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
46
60
16
16
61
61
4/86
2/87
1
12,16
5
36
16
61
77
74
61
8/86
961
21
8/86
8/86
"5"
5
Personal income, ratio to money supply M2
Proprietors' income with IVA and CCAdj
Proprietors' income with IVA and CCAdj, percent
of national income
Rental income of persons with CCAd]
Rental income of persons with CCAdj, percent
of national income
Wage and benefit decisions, first year
Wage and benefit decisions, life of 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
Defense and space equipment
Durable manufactures
Nondurable manufactures
Total
Total, components.
Total, Dl
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 rate
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
24
24
40
40
28
29
89
249
25
13,25
25
47
67
67
67
83
3/87
6/86
10/86
11/86
310
48
84
10/86
345
280
49
45
87
82
10/86
11/86
46
46
64
30,47
3,83
10/86
46
346 49
95 15,35
286 45
88
73
82
10/86
9/86
12/86
46
33
26
287
225
224
47
40
40
83
80
80
12/86
10/86
10/86
26
11
11
227
40
80
10/86
340
49
87
8/86
49
57
57
45
47
45
19
40
87
93
93
82
83
82
63
63
8/86
8/86
8/86
12/86
12/86
10/86
9/86
9/86
5
57
57
47
47
46
11
11
63'
71
82
9/86
9/86
9/86
11/86
ii
3
0
47
83
82
11/86
11/86
47
47
83
88
88
11/86
9/85
9/85
47
53
53
63
65
85
3/87
6/86
3/87
11
21
51
67
65
91
63
63
63,94
63,94
78
75
12/86
12/86
12/86
12/86
12/86
12/86
12
12
13
12
12
12
12/86
12/86
12
79
75
69
1/86
1/86
25
25
5 12,16
962 36
45
18
288 45
289 47
61
74
62
82
83
12/86
12/86
3/87
12/86
12/86
8
8
8
47
47
67
116
119
118
117
109
114
115
332
35
34
34
34
34
35
34
34
48
73
73
72
73
73
73
72
73
86
12/86
2/87
3/87
3/87
3/87
1/87
2/87
2/87
3/87
35
35
35
35
35
35
35
35
50
733
736
737
738
732
320
735
59
59
59
59
59
49
59
96
95
96
95
95
84,95
95
6/85
6/85
6/85
6/85
6/85
8/86
6/85
60
61
61
61
60
49
61
94
94
94
94
94
94
63,94
94
12/86
10/85
9/86
10/85
10/85
10/85
12/86
10/85
59
59
59
59
58
58
12
59
341
652
651
288
289
220
52
223
51c
39
51
14,19
108
282
31
45
283
284
47
45
285
348
349
47
50
50
53
13
335
19
23
48
76
24
75
22
557 54
73
20
74
20
47 14,20,58
966
47c
37
39
967
23
37
28
723 58
726 58
727 58
728 58
721 58
722 58
47 14,20,58
725 58
See notes at end of index.
111
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
International comparisons—Continued
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 of domestic agricultural products
Exports of goods and services, constant dollars
Exports of goods and services, current dollars
Exports of goods and services, excluding military
Exports of nonelectrical machinery
Imports, general
Imports, merchandise, adjusted, excluding military ....
Imports of automobiles and parts
Imports of goods and services
Imports of 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 of goods and services, percent of GNP....
Inventories
Business inventories, change, constant dollars
Business inventories, change, current dollars
Business inventories, change, percent of GNP
Defense products, manufacturers'
Finished goods, manufacturers'
Inventories to sales ratio, manufacturing and trade...
Inventory investment and purchasing, Cl
Manufacturing and trade, book 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
Nonresidential producers' durable equipment,
constant dollars
Nonresidential structures, constant dollars
Residential, constant dollars
Residential, percent of GNP
Total, constant dollars
Total, current dollars
New orders, nondefense capital goods,
constant dollars
New orders, nondefense capital goods,
current dollars
Plant and equipment
Contracts and orders, constant dollars.
Contracts and orders, current dollars.
Expenditures by business, constant dollars.
Expenditures by business, current dollars
Expenditures by business, Dl
Investment, foreign
Income on foreign investment in the United States
Income on U.S. investment abroad .
Italy—See International comparisons.
Current issue
umbers
>
Series
number Charts Tables
Historical
data
(issue date)
Series
description
C)
743
746
747
748
742
19
745
59
59
59
59
59
59
59
96
96
96
96
96
96
96
11/85
11/85
11/85
11/85
11/85
11/85
11/85
63
63
63
63
63
25
63
667
622
602
618
604
256
252
668
606
612
620
616
669
257
253
614
652
651
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
8/86
8/86
12/85
8/86
12/85
11/86
11/86
8/86
12/85
12/85
8/86
12/85
8/86
11/86
11/86
12/85
8/86
8/86
57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57
255
44
82
11/86
44
250
251
44
47
82
83
11/86
11/86
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
9/86
11/86
11/86
7/85
1/87
11/86
1/86
10/85
1/87
11/86
12/85
40
40
40
17
17
17
5
17
17
17
37
36
13,26
68
9/86
17
78
27
68
1/87
17
38
26
68
1/87
17
97
11
965
914
9
24
24
37
11
23
66
66
75
60
66
12/86
12/86
10/86
1/86
10/85
22
22
22
5
21
8/86
243
242
86
248
42
42
25
47
81
81
67
83
11/86
11/86
10/86
11/86
40
40
40
40
88
87
89
249
241
240
25
25
25
47
42
42
67
67
67
83
81
81
10/86
10/86
10/86
11/86
11/86
11/86
40
40
40
40
40
40
27
23
66
5/86
15
24
23
66
5/86
15
20
10
100
61
970
12,23
23
24
24
38
66
66
67
67
76
12/86
12/86
11/86
11/86
11/86
21
21
23
23
652
651
57
57
93
93
8/86
8/86
57
57
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 of, nonfarm businessLabor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
See notes at end of index.
112
68
63
30
30
70
70
62
62
26
30
15
29
70
70
70
930
930c
952
10
39
36
60
74'
10/86
8/86
9/86
9/86
8/86
1/87
1/87
1/86
28
28
28
Series titje
(See complete titles in "Titles and
Sources of Series," following this index)
Leading indicators, twelve
Composite index
Composite index, rate of change.
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans—See Credit.
Current issue
Series (page numbers)
number Charts Tables
910
910c
950
14
104
10
39
36
33
31
78
27
60
74
72
71
u i c * n r i p .|
data
(issue date)
1/87
1/87
1/86
12/85
1/87
corioc
description
(*)
5
34
29
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 for 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
N
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
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
38
26
84
20
8 12,21
917
1/87
68
64
64
11
1/87
12/86
5/86
17
14
15
1/86
104
31
105
31
85
31
106 13,31
102
31
107
31
108
31
33
32
118 34
117 34
71
71
71
71
71
71
71
71
73
73
1/87
6/86
6/86
6/86
6/86
8/86
9/86
9/86
3/87
3/87
29
29
29
30
29
30
30
31
35
35
27
23
24
23
8 12,21
66
66
64
5/86
5/86
5/86
15
15
15
20 12,23
66
12/86
21
10
548
7
6
23
53
21
21
12/86
1/87
5/86
5/86
21
15
15
15
964
971
37
38
66
90
64
64
77
75
76
2/87
12/85
15
37
88
87
86
248
25
25
25
47
67
67
67
83
10/86
10/86
10/86
11/86
40
40
40
40
517
543
721
53
53
58
90
90
94
11/85
12/85
10/85
55
55
58
580
54
12/85
49
20
10/86
62
62
370
358
82
84
21
30
15
50
50
20
20
16
70
70
88
88
64
64
61
9/86
9/86
10/86
10/86
12/86
12/86
8/86
28
28
52
52
14
14
5
453
452
451
51
51
51
89
89
89
2/87
2/87
2/87
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
10/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
11/86
39
39
39
39
39
39
39
39
39
39
292
293
614
46
46
56
82
83
92
12/86
12/86
12/85
48
48
56
0
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
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
ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Plant and equipment—See also Investment, capital.
Contracts and orders, constant dollars
Contracts and orders, current dollars
Expenditures by business, constant dollars
Expenditures by business, current dollars
Expenditures by business, Dl
Population, civilian employment as percent of
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
All 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...
Current issue
Series (page numbers)
number Charts Tables
Historical
data
(issue date)
Series
description
(*)
12/86
12/86
11/86
11/86
11/86
2/87
21
21
23'
23
9
20
10
100
61
970
90
12,23
23
24
24
38
17
66
66
67
67
76
62
320
322
49
49
84,95
84
8/86
49
49
311
310
26
48
48
29
84
84
70
10/86
10/86
8/86
49
38
28
330
333
331
334
335
332
98
48
48
48
48
85
86
85
86
85
86
69
3/87
3/87
3/87
3/87
3/87
3/87
6/86
50
51
50
51
51
50
51
967
23
37
28
79
75
69
1/86
1/86
25
25
28
13,28
69
69
6/86
6/86
51
25
19
968
26
13,28
37
29
75
70
11/85
2/87
25
25
976
978
977
525
109
38
38
38
53
35
76
76
76
90
73
12/85
12/85
12/85
12/85
1/87
37
37
37
55
35
50
50
11
18
16
80
79
28
28
29
29
286
287
972
960
15
916
22
Residential fixed investment, percent of GNP..
Residential structures—See Housing.
Retail sales, constant dollars
Retail sales, current dollars
Salaries—See Compensation.
Sales
Final sales, constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, 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.
Treasury bill rate
Treasury bond yields....
10/86
370
358
916
Series title
(See complete titles in "Titles and
Sources of Series," following this index)
10/86
10/86
1/86
52
52
5
69
69
69
69
9/86
9/86
9/86
9/86
26
26
26
26
45
47
38
37
29
11
29
82
83
76
75
70
60
69
12/86
12/86
12/85
12/85
11/85
1/86
9/86
26
26
37
37
27
5
26
81
282
29
45
70
82
10/86
11/86
26
47
283
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 M l , ratio
Personal income to money supply M2, ratio..
Vendor performance, slower deliveries
11/86
967
23
284
37
28
45
79
75
69
82
1/86
1/86
11/86
25
25
47
285
93
89
47
33
25
83
72
67
11/86
1/87
10/86
47
35
40
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
Current issue
Series (page numbers)
number Charts Tables
Historical
data
(issue date)
Series
description
C)
249
47
83
11/86
59
54
22
22
65
65
9/86
9/86
20
20
213
40
80
10/86
38
69
57
56
973
77
59
54
24
14,22
22
38
15,27
22
22
67
65
65
76
68
65
65
8/86
11/86
10/85
12/85
11/86
9/86
9/86
17
17
17
37
17
20
20
295
298
290
292
293
46
46
46
46
46
82
83
82
82
83
12/86
12/86
12/86
12/86
12/86
26
48
48
48
48
98
99
588
28
13,28
54
69
69
91
6/86
6/86
7/85
51
25
17
967'
23
37'
28
79
75
69
1/86
1/86
25
25
19
968
13,28
37
69
75
11/85
2/87
25
25
114
115
34
34
72
73
2/87
2/87
35
35
91
60
5
962
15,18
16
12,16
36
62
61
61
74
2/87
2/87
12/86
12/86
9
9
8
8
446
445
447
444
37
44
45
43
51
51
51
51
18,51
2/87
2/87
18
18
18
54
21
21
89
89
89
89
62,89
62
62
62
91
64
64
2/87
2/87
3/87
2/87
7/85
1/87
1/87
9
9
9
9
9
9
8
9
15
15
15
107
31
31
12,21
71
71
64
8/86
9/86
1/86
30
30
17
1
12,16
961
36'
61
77
74
8/86
561
96
25
mi
2/87
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.
113
TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this
report in which they appear. Series numbers are for
identification only and do not reflect relationships or
order among the series. " M " following a series title
indicates monthly data; "Q" indicates quarterly data.
Data apply to the whole period except when indicated by
"EOM" (end of month) or "EOQ" (end of quarter).
To save space, the commonly used sources listed below
are referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department
of Labor, Bureau of Labor Statistics; Source 4—Board of
Governors of the Federal Reserve System.
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)
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
(11,60)
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.
(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)
38. Change in manufacturers' inventories, materials
and supplies on hand and on order, book value
(M).-Source2
(26,68)
39. Percent of consumer installment loans delinquent
30 days and over (EOM).—American Bankers
Association
(33,72)
18. Corporate profits after tax in 1982 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)
Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)
920.
Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing (M).—
Source 3
(16,61)
Composite index of six lagging indicators (includes
series 62, 77, 91, 95, 101, 109) (M).-Source
1
(10,39,60)
22. Ratio, corporate domestic profits after tax to total
corporate domestic income (Q).—Source 1
(29,69)
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)
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
(18,51,62,89)
16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)
917.
I-B. Cyclical Indicators
36. Change in manufacturing and trade inventories on
hand and on order in 1982 dollars (M).—Sources 1
and 2
(13,26,68)
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)
20. Contracts and orders for plant and equipment in
1982 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)
Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).-Source
1
(11,60)
35. Corporate net cash flow in 1982 dollars (Q).-Source
1
(29,70)
37. Number of persons unemployed (M).—Source 3
Composite index of profitability (includes series
19,26,80) ( M ) . - S o u r c e l
(11,60)
940.
34. Corporate net cash flow in current dollars (Q).—
Source 1
(29,70)
14. Current liabilities of business failures ( M ) . - D u n
& Bradstreet, Inc.
(33,72)
916.
930.
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)
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).-Source3
(17,39,61)
49. Value of goods output in 1982 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1982 dollars (Q).—Source
1
(19,39,40,63,80)
51. Personal income less transfer payments in 1982
dollars (M).-Source 1
(14,19,39,63)
52. Personal income in 1982 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 1982 dollars, nondefense capital goods industries (M).—Sources 1
and 2
(23,66)
53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M) .-Source 1
(19,63)
7. Manufacturers' new orders in 1982 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 1982 dollars, consumer goods and materials industries (M).—Sources
1 and 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 1982 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).-Source 1
(22,65)
56. Manufacturing and trade sales in current dollars
(M).—Sources 1 and 2
(22,65)
57. Manufacturing and trade sales in 1982 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 1982 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
1982 dollars, producers' durable equipment (Q).—
Source 1
(25,67)
61. New plant and equipment expenditures by business
in current dollars(Q).-Source 1
(24,67)
89. Gross private residential fixed investment in 1982
dollars (Q).-Source 1
(25,67)
62. Index of labor cost per unit of output, manufacturing (M).-Sourcesl 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 1982 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 1982 dollars (EOM).—Sources 1 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).-Source4
(24,67)
77. Ratio, manufacturing and trade inventories to sales in
1982 dollars (M).-Sources 1 and 2
(15,27,68)
78. Manufacturers' inventories, materials and supplies
on hand and on order, book value (EOM).—Source
(33,72)
94. Member bank borrowings from the Federal Reserve
(M).-Source4
(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).-Source2
(21,64)
964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
100. New plant and equipment expenditures by business
in 1982 dollars (Q)-Source 1
(24,67)
101. Commercial and industrial loans outstanding in 1982
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)
104. Change in total liquid assets (M).—Sources 1 and
4
(31,71)
105. Money supply Ml in 1982 dollars (M).-Sources 1
and 4
(31,71)
106. Money supply M2 in 1982 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).—
Sources land 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
112. Net change in business loans (M).—Sources 1, 4,
and The Federal Reserve Bank of New York (32,71)
85. Change in money supply Ml (M).-Source 4
(31,71)
86. Gross private nonresidential fixed investment in
1982 dollars (Q).-Source 1
(25,67)
87. Gross private nonresidential fixed investment in
1982 dollars, structures (Q).-Source 1
(25,67)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)
99. Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)
80. Corporate profits after tax with inventory valuation and capital consumption adjustments in 1982
dollars (Q).-Source 1
(29,69)
84. Capacity utilization rate, materials (M).—Source
4
(20,64)
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)
963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).-Source
3
(36,74)
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)
82. Capacity utilization rate, manufacturing (M).—
Source 4
(20,64)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
98. Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)
79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current 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)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
97. Backlog of capital appropriations, 1,000 manufacturing corporations (EOQ).—The Conference Board
(24,66)
110. Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
.
950. Diffusion index of twelve leading indicator components (M).-Source 1
(36,74)
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)
(27,68)
2
I-C. Diffusion Indexes
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)
965. Diffusion index of newly approved capital appropriations in 1982 dollars, 17 manufacturing industries (Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity
Research Bureau, Inc.
(37,75,79)
968. Diffusion index of stock prices, 500 common stocks,
42-82 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 tradeabout 400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission
from the source.)
(38,76)
243. Gross private domestic fixed investment in 1982
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).-Source 1
(42,81)
290. Gross saving (Q).-Source 1
(46,82)
292. Personal saving (Q).-Source 1
(46,82)
293. Personal saving rate (Q).-Source 1
(46,83)
295. Business saving ( Q ) . - S o u r e e l
(46,82)
247. Change in business inventories as a percent of
gross national product (Q).-Source 1
(47,83)
248. Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source
1
(47,83)
978. Diffusion index of selling prices, retail trade—about
400 businessmen reporting (Q).-Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the
source.)
(38,76)
249. Gross private residential fixed investment as a
percent of gross national product (Q).—Source
II—A. National Income and Product
251. Net exports of goods and services as a percent of
gross national product (Q).-Source 1
(47,83)
1
(47,83)
250. Net exports of goods and services in current dollars
(Q).-Source 1
(44,82)
30. Change in business inventories in 1982 dollars (Q)—
Source 1
(26,42,68,81)
252. Exports of goods and services in current dollars
(Q).-Source 1
(44,82)
50. Gross national product in 1982 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 1982 dollars
(Q).-Sourcel
(44,82)
200. Gross national product in current dollars (Q).—
Source 1
(40,80)
256. Exports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)
213. Final sales in 1982 dollars (Q).—Source 1
257. Imports of goods and services in 1982 dollars
(Q).-Sourcel
(44,82)
(40,80)
217. Per capita gross national product in 1982 dollars
(Q).-Sources 1 and 2
(40,80)
220. National income in current dollars (Q).—Source
1
(45,82)
223. Personal income in current dollars (M).—Source
1
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
260. Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services in
1982 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in current dollars (Q).—Source 1
(43,81)
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).-Sourcel
(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
(49,59,84,95)
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).-Source3
(48,85)
263. Federal Government purchases of goods and services in 1982 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 1982 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 1982 dollars
(Q).-Sourcel
(41,80)
267. State and local government purchases of goods and
services in 1982 dollars (Q).-Source 1
(43,81)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
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
(Q). -Source 1
(47,83)
225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)
233. Personal consumption expenditures in 1982 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 1982 dollars, nondurable goods (Q).-Source 1
(41,81)
(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)
239. Personal consumption expenditures in 1982 dollars, services (Q).-Source 1
(41,81)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
240. Gross private domestic investment in current dollars (Q).-Source 1
(42,81)
286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)
241. Gross private domestic investment in 1982 dollars
(Q).-Source 1
(42,81)
242. Gross private domestic fixed investment in current
dollars (Q).-Source 1
(42,81)
116
287. Corporate profits before tax with inventory valuation and capital consumption adjustments as a
percent of national income (Q).-Source 1
(47,83)
288. Net interest (Q). - S o u reel
(45,82)
3
(49,88)
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) —Sou rce 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)
441. Civilian labor force (M).-Source 3
(51,89)
442. Civilian employment (M).-Source 3
(51,89)
444. Number unemployed, males 20 years and over
(M).—Source 3
(51,89)
445. Number unemployed, females 20 years and over
(M).-Source 3
(51,89)
TITLES AND SOURCES OF SERIES-Continued
446. Number unemployed, both sexes 16-19 years of
age (M).-Source3
(51,89)
447. Number unemployed, full-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)
II—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 Nre 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).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
588. Manufacturers' shipments, defense products (M).—
Source 2
(54,91)
502. Federal Government expenditures (Q).—Source
1
(52,90)
727. Italy, index of industrial production (M).—Istituto
Centrale di Statistica (Rome)
(58,94)
II—E. U.S. International Transactions
510. State and local government surplus or deficit (Q).—
Source 1
(52,90)
728. Japan, index of industrial production (M).—Ministry
of International Trade and Industry (Tokyo)
(58,94)
602. Exports, excluding military aid shipments (M).—
Source 2
(56,92)
511. State and local government receipts (Q).—Source
1
(52,90)
604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)
(52,90)
512. State and local government expenditures (Q).—
Source 1
(52,90)
517. Defense Department gross obligations incurred
(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
(53,90)
525. Defense Department prime contract awards for work
performed in the United States (M). -U.S. Depart
ment 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)
606. Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports (M).-Source 2
(56,92)
614. Imports of petroleum and petroleum products
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military
(Q).-Sourcel
(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).-Source2
(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).—Source 1
(57,93)
II—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 (M).-Central
Statistical Office (London)
(59,96)
743. Canada, index of stock prices (M).—Toronto Stock
Exchange (Toronto)
(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).—Bank of Japan
(Tokyo)
(59,96)
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