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USINESS
ONDITIOI
IGEST
IARCH 1988







U.S. DEPARTMENT OF COMMERCE
C. William Verity, 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
George R. Green, 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
Peter M. Taylor, Council of Economic Advisers
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
MARCH 1 9 8 8
Data Through February
Volume 28, Number 3

PART I.
CYCLICAL INDICATORS

Al
A2
A3
A4

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

Chart
10
12
14
15

Table
60
—
—
—

Bl
B2
B3
B4
B5
B6
B7

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

16
19
21
23
26
28
31

61
63
64
65
68
69
71

Cl
C2
C3

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

36
—
39

74
77
—




The Secretary of Commerce has determined
that the publication of this periodical is necessary in the transaction of the public business
required by law of this Department.

ItCII




PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
Al
A2
A3
A4
A5
A7
A8

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

chart
40
41
42
43
44
45
46
47

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
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. MCDand 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 1988 issue)
F. Specific Peak and Trough Dates for Selected Indicators (November 1987 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97
98

106
110
114

Readers are invited to submit comments and
suggestions concerning this publication.
Address them to Business Conditions Digest,
Statistical Indicators Division, Bureau of
Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

A limited number of
changes are made from
time to time to incorporate recent findings of economic
research, newly available time series, and
revisions made by
source agencies in
Changes in this issue are as follows:

concept, composition,

1. The series on sales of retail stores in current and
1982 dollars (series 54 and 59) have been revised for the
period 1978 to date. These data reflect revised estimates
based on the 1982 Census of Retail Trade and the 1986 Annual
Retail Trade Survey. Revised data are shown in this issue
for the period 1983 to date. Revised data for the earlier
period will be shown in a future issue.
The series on manufacturing and trade sales in 1982 dollars (series 57) and the ratio of manufacturing and trade
inventories to sales in 1982 dollars (series 77) have been
revised for the period 1983 to date to incorporate the revised retail sales estimates. These revisions will be carried back to 1978 in a future issue.
Further information concerning these revisions may be
obtained from the U.S. Department of Commerce, Bureau of the
Census, Business Division (series 54) and Bureau of Economic
Analysis, Statistical Indicators Division (series 57, 59, and
77).
2. The series on wages and salaries in constant dollars
in mining, manufacturing, and construction (series 5 3 ) , for
which the consumer price index for all urban consumers (CPI-U)
is the deflator, has been revised for the period 1947 to date
to show the data in 1982 dollars. In the February 1988 BCD,
this series was shown in 1982-84 dollars. (See item 8 on
page iv of the February issue.)
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
(Continued on page iv.)
The April issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on May 5.




in

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

3. The series on U.S. money supply in constant dollars (series 105 and 106),
for which CPI-U is the deflator, have been revised for the period 1947 to date to
show the data in 1982 dollars. In the February 1988 BCD, these series were shown
in 1982-84 dollars. (See item 9 on page iv of the February issue.)
Further information concerning these revisions may be obtained from the U.S.
Department of Commerce, Bureau of Economic Analysis, Statistical Indicators Division.
4. The series on real average hourly compensation of all employees in the
nonfarm business sector (series 346) has been revised by the source agency for
the period 1947 to date to incorporate recent revisions in the CPI-U deflator.
(See item 7 on page iv of the February 1988 BCD.)
Further information concerning this revision may be obtained from the U.S.
Department of Labor, Bureau of Labor Statistics, Office of Productivity and Technology, Division of Productivity Research.
5. Th-e consumer price indexes for the United Kingdom, Canada, West Germany,
France, Italy, and Japan (series 732, 733, and 735-738) have been put on a new
base (1982-84=100) to facilitate comparisons with the recently rebased U.S. consumer price index. (See item 7 on page iv of the February 1988 BCD.)
Further information concerning these revisions may be obtained from the U.S.
Department of Commerce, International Trade Administration, Trade Statistics Division.
6.

Appendix C contains historical data for series 320, 322, and 330-335.

7.

Appendix G contains cyclical comparisons for series 36, 46, 57, and 90.

8. Readers are reminded that current data for the composite indexes of leading, coincident, and lagging indicators and for the components of the leading index are available on a recorded message at 8:30 AM eastern time on the day the
composite indexes are released. Call 202-898-2450. The next composite index release date is April 29.




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 1952, and a few charts use a two-panel
format which covers only the period since 1976.
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

CyclicalX
Timing

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
(1 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
(1 series)
Sensitive commodity
prices (2 series)
Profits and profit
margins (7 series)
Cash flows (2 series)

Money (5 series)
Credit flows
(5 series)
Credit difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)

Comprehensive
employment
(1 series)

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

Consumption and
trade (4 series)

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

\.

LEADING (L)
INDICATORS
(61 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(24 series)

LAGGING (Lg)
INDICATORS
(19 series)

Comprehensive
unemployment
(2 series)

TIMING
UNCLASSIFIED (U)
(8 series)

Comprehensive
employment
(3 series)

Business investment
expenditures
(1 series)

Consumption and
trade (1 series)

Business investment
commitments
(1 series)

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

Inventories on
hand and on
order
(4 series)

Unit labor costs
and labor share
(4 series)

Interest rates
(4 series)
Outstanding debt
(4 series)

Sensitive commodity
prices (1 series)
Profits and profit
margins (1 series)

Interest rates
(1 series)

VII.
MONEY AND
CREDIT
(28 series)

B. Timing at Business Cycle Troughs
N.
\

Economic
Process

Cyclical Nv
Timing

1.

II.

V.

VI.

PRODUCTION
AND INCOME
(10 series)

III.
CONSUMPTION,
TRADE, ORDERS,
AND DELIVERIES
(13 series)

IV.

EMPLOYMENT AND
UNEMPLOYMENT
(15 series)

FIXED CAPITAL
INVESTMENT
(19 series)

INVENTORIES
AND INVENTORY
INVESTMENT
(9 series)

PRICES, COSTS,
AND PROFITS
(18 series)

Marginal employment
adjustments
(1 series)

Industrial
production
(1 series)

Orders and deliveries
(5 series)
Consumption and
trade (4 series)

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

Inventory
investment
(4 series)

Stock prices
(1 series)
Sensitive commodity
prices (3 series)
Profits and profit
margins (6 series)
Cash flows (2 series)

Money (4 series)
Credit flows
(5 series)
Credit difficulties
(2 series)

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

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

Consumption and
trade (3 series)

Business investment
commitments
(1 series)

Profits and profit
margins (2 series)

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

Orders and deliveries
(1 series)

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

Unit labor costs
and labor share
(4 series)

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

\

LEADING (L)
INDICATORS
(47 series)

ROUGHLY
COINCIDENT (C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
II iL/lvri 1 V/I\O
(41 series)

TIMING
UNCLASSIFIED (U)
(1 series)




Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(5 series)

Inventories on
hand and on
order
(5 series)

Bank reserves
(1 series)

independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in 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,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the period since 1970
can be determined by inspection of the charts,
where the recessions of 1973-75, 1980, and
1981-82 are shaded according to the dates of
the NBER reference cycle chronology.
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.




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 1976.
The group of series on wages and productivity
consists of data on average hoifrly 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
Unemployment

Force, Employment, and

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 1976) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1976) tend to be significant as
leading indicators.

HOW TO READ CHARTS
Basic Data

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

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.

Roman
number
indicates
latest quarter for which data
are used in computing the indexes.

Solid line with plotting points
indicates quarterly data over
various spans.

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

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 -—*T"l£/•'''' • ? \
points indicates q u a r t e r l y
^ v '* ?
d a t a o v e r 1 - q u a r t e r 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

^^^JGS^nW&W'

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
Annual average

Series title and timing classification

2dQ
1987

3d Q
1987

4th Q
1987

2dQ

Dec.
to
Jan.

Dec.
1987

3d Q
1987

3d Q
to
4th Q
1987

I. CYCLICAL INDICATORS
A l . 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

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

179.3
164.7
141.9
1 16. 1

189.8
169.4
142. 1
119.2

189.2
167.9
141.8
118.4

192 .2
169.8
141.3
120.2

191.3
172.6
142 .5
12 1. 1

191 .0
173.3
142.9
12 1.3

188.9
173.1
142 .5
12 1.5

190.6
174.7
142 .6
122.5

-1.1
-0. 1
-0.3
0.2

0.9
0.9
0.1
0.8

1.6
1 .1
-0.4
1 .5

-0.5
1 .6
0.8
0.7

109.5
103.4
119.0
143.9

MA
106.2
KA
146 . 0

NA
106 . 1
12 1.8
144 .8

NA
106.7
125 .2
145 .0

NA
107.2
NA
147.1

NA
107 .6
NA
147.2

NA
106 .6
NA
145 . 1

NA
106.3
NA
NA

NA
-0.9
NA
-1.4

NA
-0.3
NA
NA

NA
0.6
2 .8
0. 1

NA
0.5
NA
1 .4

40.7
3.4
370

41.0
3.7
320

40.9
3.7
326

40.9
3.7
303

41 .2
3.9
296

41.0
3. 8
312

41 . 1
3.9
351

40.9
3.8
321

0.2
0. 1
-12 .5

-0.5
-0. 1
8.5

0.
0 .
7 . 1

0.7
0.2
2 .3

O.5OO
138

0.616
153

0.602
151

0.652
158

0.6 7 1

1967 = 100...

0.661
155

0.646
153

0.669
156

•0.015
-1.3

U,C,C... A.r., toil. hrs...
U,C,C... Millions
C,C,C...
L.C.U.... Thousands..

185.31
106.43
99.6 1
24,681

189.81
109.23
102 . 11
24,884

192.63
110.53
103.61
25 ,259

192.85
HO.84
103.79
25 ,204

194.70
11 1 . 18
104.32
25 ,332

6 1.19

61.33

7 , 046
5 .8
2 .3
14.4
1 .4

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

L,L,I—
L,L,I
L,L,L...
L,L,L....

do..
do..
do..

do..

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)
Job Vacancies:
60. Ratio, help-wanted advertising to unemployment3
46. Help-wanted advertising in newspapers
Comprehensive Employment:
48. Employee hours in nonagncultural 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 (inverted') 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

L.L.I— Hours
...do
L,C,L....
L.C.I— Thousands...

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

U,Lg,U...

Percent

59 .94

L.Lg,U... Thousands...
L,Lg,U... Percent
...do
L,Lg,U...
Lg,Lg,Lg... Weeks
Lg,Lg,Lg... Percent

60.77

3 ,237 7 ,425
7. 0
6 .2
2.8
2 .4
15.0
14.5
1 .9
1 . 7

188.94 189 .44
108.9 1 109.67
101.7 1 102.28
2 4 , 757 24 ,884

0.023
2 .0

0.050
4 .6

0.019
1 .3

0. 1
0.3
0.2
-0 .2

1.0
o. 3
0.5
0.5

0.3
0.7
0.6
0.5

1 .6
0.5
1 .0
1. 1

61 .44

0. 14

0.11

0.22

6 ,938
5.7
2 .3
14.4
1 .4

-1 .0
0.
-0.2
-1 .4
0. 1

1.5
0. 1
0.
0.
0.

3 .7
0.2
0. 1
4. 1
0.1

3223.7

-0. 1

0.6

1
0.5

2737.4 2 7 4 8 . 4 2 7 3 7 . 0 2757 .2

-0.4

0.7

0.6

-0. 1

0.3

0. 1

0.3
0.1
0.4

0. 1
0.3
0. 1

2. 1
1 .8
2. 1
1

1 .8
2 .5
0.6
1 .4

0.9
1 .6

0.8
1 .9

160
192 .42
110.27
103.29
25 , 164

60.69

60.91

61.10

7,479
6 .2
2 .4
14.8
1 . 7

7 , 199
6 .0
2 .3
14.2
1.6

7 , 082 6,978
5.9
5 .8
2. 1
2. 1
14. 1
14.2
1.5
1 .5

0 . 19

1 .6
0. 1
0.2
0.7
0. 1

B2. Production and Income
Comprehensive Output and Income:
50. Gross national product in 1982 dollars
52. Personal income in 1982 dollars
*51. Personal income less transfer payments
in 1982 dollars
53. Wages and salaries in 1982 dollars, mining, mfg.,
and construction
Industrial Production:
*47. Industrial production
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49. Value of goods output in 1982 dollars

C.CC... A.r., bil. dol..
....do
C.C.C...

37 13.3 382 ] .0 3795.3 3835.9 3880.8
3093 .6 3152.1 3133.2 3 1 4 8 . 1 3194.3

C,C,C...

2639.9

2695. 1

2675 .7

2691.3

CC.C...

541.6

537 .2

534.4

534.9

540.7

541 .5

541 .0

542.6

128.2
125 . 1 129.8
128.4
133.1
131.4
130.1
136.7
135.7
1595.0 1655 .2 1638.2

130.9
133.7
138.6
1666.8

133.2
137.0
139.5
1689 .7

133.8
137.4
140.7

134.2
137.5
141 .2

134.4
137 .9

82 .2
82 .9

82 .5
83.7

82 .5
83.4

82 . 5
83. 1

113.49
103.70 101.33

C,C,C.
C,C,C.
C.L.L..
CC.C

Capacity Utilization:
82. Capacity utilization rate, mfg3
84. Capacity utilization rate, materials3

1977 = 100...
do
....do
A.r., bil. dol...

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

Percent

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

Bil. dol

79.7
78.6

3205 .6

3203.7

141 .4

0.
-0.3

0.
-0.3

111.40
99 . 38

-1 . 8
-2 .

-1.8
-1.9

0.6
-0.2

84.81
84.7 1
84.52
8 6 . 16 86.60
85.46
80.83
84.5 1
2 .67
3.2 1
4.62
- 0 . 10
4 .48
2 .59
2 .33
2.65
361.86 389.86 372.22 381 .85 389.86 389.86 394.48 3 9 7 . 13
6
68
52
58
64
7 1
6 1
66

-2. 1
2 .03
1 .2

0.8
- 1 .9
0.7

0.
-1.27
2 .6

45 1.43
432 .64
127.7
125 .88
113.29
130.2
90.6

-0.7
0.2
0.7
0.
0.

NA
NA
0.2
0.4
0,7

2 .3
] .6
1 .6
2.
1 .5
18.

IQ 1966=100

425.35
4 1 8 . 14
124.0
119.79
111 .98
135 . 3
94.8

0.9

2 .3

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

1967 = 100...
Number

120.4
58,474

57 ,094 57 ,280

-0.3
NA

0.6
0.4

L,L,L..

Bil. dol

4 .2
3.

do....

81.0
80.5

80. 5
79.4

81 .4
81.0

99.93 107 .5
92 .94 98.07

98 .85

98.68

B3. Consumption, Trade, Orders, and Deliveries
Orders and Deliveries:
6. Mfrs.' new orders, durable goods
7. Mfrs.' new orders in 1982 dollars, durable goods
*8. Mfrs.1 new orders in 1982 dollars, consumer goods
and materials
25. Change in mfrs.' unfilled orders, durable goods3
96. Mfrs.' unfilled orders, durable goods5
*32. Vendor performance, slower deliveries3 ( u )

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

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..

do
do
do
Bil. dol., EOP
Percent

Bil. dol
do

1977 = 100
Bil. dol
do
A.r., bil. dol

447.46
429.76
126 .7
125 .34
113.30
125 . 1
91.8

457 .53
436.76
128.7
128.34
115.00
148.3
93.9

101.37

463.05
436.94
129 .3
127.56
113.48
129 .8
86 .4

466. 14
436.89
129.5
128.62
114.43
86.8

462.78
NA
437 . 7 8
NA
130.4
130.6
1 2 8 . 6 0 1 2 9 . 12
114.41 1 1 5 . 1 9
90.8

91.6

4.6

3.8
2.
1.9
-0.54

0.
0.5
-0.6
-1 .
- 12 .

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.

do..

do..

35.37
34. 1
26.56
30.03

37.61
29.60

37.48
29 .44

1 .0
NA

120.5
57 ,500 55 ,550 5 3 , 9 5 4

39.05
30.42

39.46
31 .46

38.81

38.52

37.73

41.74
33.88

43.51
34.72

41 . 4 1
32 . 6 6

4 .2
2 .5

-4.8
-5.9

37.49

40.23

37 . 04

7 .3

-7.9

-0.7

1 .
-3.

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

change

Series number

Basic data
Unit
Series title and timing classification-

of

Annual average

measure

2d Q
1987

1987

1986

4th Q
1987

3d Q
1987

Dec.
to
Jan
1988

Feb.
1988

Jan.

Dec.
1987

1988

Jan.
to
Feb.
1988

2dQ
to
3d Q
1987

32 . 3

6 .8
-4.3
3 .7

-5 .1
NA
NA

4. 1

6 . 1

61
69
76
86

3d Q
to
4th Q
1987

1. CYCLICAL INDICATORS—Con.
B4. Fixed Capital Investment—Con.
Business Investment Commitments—Con.:
9. Construction contracts awarded for commercial anc
industrial buildings, floor space
Backlog of capital appropriations

77 . 06

.. L.C.U.... Mil. sq. ft

11. Newly approved capital appropriations, mfg
97

mfg b

2

U.Lg.U.... Bil. dol
C Lg Lg

Bil dol

EOP

1.42

6 9

7 2

80.73
NA
NA

79.72
32 . 2 6
74.64

85 . 1 4
30.87
77.41

80.83
NA
NA

8 4 . 37

69 . 43

91.89

-17 . 7

9
1 1
97

Business Investment Expenditures:
61. Expenditures for new plant and equipment

CLg,Lg.... A.r., bil. dol

379.47

390.

57

377.65

393 . 1 3 417 . 2 5

69. Mfrs.' machinery and equipment sales and business
construction expenditures

do

CLg.Lg....

76. Industrial production, business equipment
86

. C,Lg,U.... 1977 = 100

Nonresidential fixed investment in 1982 dollars

C LgC

A r

bil dol

402 . 8 6
144 . 4
44 8 3

393.20
142 . 7
437 9

412.05
145.8
463 8

422 . 7 0
148 . 9
465.6

1,621
122 . 5
196 4

1 ,606
122.5
196.8

1 , 6 19
119.4
193 5

1,533
114.1
19 7 . 0

42 . 9

39.0

24.6

60.5

27.51
50.2

33.60
47 . 0

27 . 8 2
30.3

31 . 4 3
82 . 1

-0.29

1 .67

2 .09

2.11

652.62
643.29
103.23

702 . 8 5
669.04
107 . 5 7

674.75
656.98
103.48

1.52

1 . 53

246.67

233.86

391

.43

139.5
44 3

8

34
149 . 7

4 3 4 . 84
150 . 8

NA
151 . 8

- 0 .6
0 .7

NA
0 .7

4.8
2 .2
5 .9

2 .6
2 . 1
0. 4

1 , 399
108 . 5

1,372
100.2

1 ,494
113.4

- 1 .9
_ -] . 6

8.9
13.2

0.8
-2 .5
-1.7

-5 .3
-4 .4
1 .8

28
29
89

-14.4

35 . 9

30

437 .

Residential Construction Commitments and Investment:
28. New private housing units started

... L,L,L... A.r., thousands..

*29. Building permits, new private housing units
89 RociHontial fivorl im/ocfmonf in 1 QR? Hnllar<;

... L.L.L....
L L L

1 ,805

1967 = 100

141.3

A r

196

bil dol

4

B5. Inventories and Inventory Investment
Inventory Investment:
30. Change in business inventories in 1982 dollars3

L,L,L....

do

13.8

L.L.I

do

L.L.L....

do

5.33
2 .0

*36. Change in mfg. and trade inventories on hand and on
6 3

order in 1982 dollars (smoothed )

31. Change in mfg. and trade inventories'

4 0 . 89
77 . 2

3 6 . 42
36 . 0

NA
NA

- 4 . 47
- 4 1 .2

NA
NA

-5.78
-16.7

3.61
51.8

36
31

2 . 17

3 . 50

3 . 83

NA

0 . 33

NA

0 . 02

0.06

3P

682 . 3 2
658.31
104.77

702 . 8 5
669.04
107 . 5 7

702 . 85
6 6 9 . 04
107 . 57

705 . 85
67 1 . 90
1 0 8 . 79

NA
NA
NA

1.51

1 .52

1 . 53

1 . 53

NA

18

246 . 6 7

246 . 67

2 5 0 . 50

NA

1 .6

2 .28
288.3
1.50

1.26
293.2
1.04

0 . 60
292 . 5
0 . 33

0.07
288.9
0.08

0 . 60
- 0 .2
- 0 . 39

38. Change in mfrs.1 inventories, materials and supplies
on hand and on order'

L.L.I

Bil. dol

Inventories on Hand and on Order:
71. Mfg. and trade inventories'

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

70. Mfg. and trade inventories in 1982 dollars5

Lg.Lg.Lg....

do

65. Mfrs.' inventories, finished goods"

Lg.Lg.Lg--

do

0 .4
0 .4
1. 1

NA
NA
NA

1 . 1
0.2
1 .2

3. 0
1 .6
2 .7

7 1
7C
65

*77. Ratio, mfg. and trade inventories to sales in
1982 dollars3

1 .54

Lg.Lg.Lg.... Ratio

NA

0.

-0.02

0.01

77

78. Mfrs.' inventories, materials and supplies on hand
and on order5

L.Lg.Lg—

Bil. dol., EOP ...

226.64

240.

NA

2 .7

2 .7

78

0.93
7 . 7
0.7 1

-1 .02
1 .7
-0.46

98
2 3
99

8.9

-20.0

19

B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
98. Change in producer prices, sensitive materials3

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

23. Spot market prices, raw industrial materials ( u )

... U.L.L....

1967 = 100

*99. Change in sensitive materials prices (smoothed 6 ) 5 .. .... L.L.L.... Percent

0 .43
228.9
0 . 16

1 .35
274.5
0.98

1.35
267.6
0.79

0.
293 . 1
0 . 72

-0.53
-1.2
-0.25

Stock Prices:
*19. Stock prices, 500 common stocks (u)

... L.L.I

1941-43 = 10...

236.34

286.83

293.27

319.37

255 . 3 8

2 4 0 . 96

2 5 0 . 48

258. 1 3

4 .0

3. 1

Profits and Profit Margins:
16. Corporate profits after tax

18.
79
80.
15.
26.

Corporate profits after tax in 1982 dollars

A.r., bil. dol
.... L,L,I
... L,L,L...
do

Corporate profits after tax with IVA and CCAdj

... L.C.L....

do

, in 1982 dollars

Profits after taxes per dollar of sales, mfg.3

do
do

... L.C.L....
... L.L.L.... Cents

Ratio, price to unit labor cost, nonfarm business.... ... L.L.L....

1977 = 100

126 . 8
116.7
17 9 , 4
170.0
3. 7
99 . 2

137.4
12 2 . 9
16 8 0
153.9
NA
99.6

134.5
12 0 . 5
162.6
148. 8
4.8
99.4

141.9
12 6 . 8
17 2 . 0
157.7
5 .6
100.2

144 . 2
12 8 . 1
17 1 6
155.9
NA
99 . 9

5 .5
5 .2
5 .8
6 . 0
0. 8
0. 8

1 .6
1 . 0
-0.2
-1.1
NA
-0. 3

16
18
7 9
8C
15
26

368.9
369 . 0

388 . 0
387.7

384.6
384 . 3

392.2
391.5

396.5
396 . 4

2 . 0
1 .9

1 . 1
1 . 3

34
35

Cash Flows:
34. Corporate net cash flow

... L,L,I

35.

... L.L.L....

Corporate net cash flow in 1982 dollars

A.r., bil. dol
do

Unit Labor Costs and Labor Share:
63. Unit labor cost, business sector

68.

Lg.Lg.Lg....

1977 = 100

166.9

170.2

170.2

16 9 . 8

17 1 . 2

-0.2

0 .8

63

Lg.Lg.Lg.... Dollars

0.715

0 . 7 29

0.728

0.727

0

-0.1

1 . 2

6 I

Lg.Lg.Lg....

137.8
100.4

135 . 4
98.7

135 . 5
98.8

134.6
98 . 1

134.9
98 . 3

-0.7
-0.7

0. 2
0.2

62
62

73.2

7 2.8

7 3.0

7 2.8

7 2.5

1 .32
0.29
0.74
0.28
0.65
0.39
587.6
631.8
2366.4 2430.6

0.36
0.20
0.48
634.8
2429 .9

0.24
0.34
0.37
630.1
2424.3

5.971
1 . 302

6.065
1.311

6.116
1. 330

NA
NA
-6.60 -16.36
31 . 6 3
59 . 14
5 .4
5 .4
612.33
582 . 6 6

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

7 36

62. Labor cost per unit of output, mfg.
a) Actual data
*b) Actual data as percent of trend3

1977 = 100

Lg.Lg.Lg.... Percent

134 . 5
98 . 0

134 . 7
98 . 2

134.7
98 . 2

0. 1
0 .2

0.
0.

64. Compensation of employees as percent of
3

national income

Lg.Lg.Lg....

do

-0.2

-0

3

64

B7. Money and Credit
Money
85. Change in money supply M l 3

.... L.L.I

do

102. Change in money supply M23

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

do

104. Change in total liquid assets3

.... L.L.L...

do

105. Money supply M l in 1982 dollars

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

*106.

Money supply M2 in 1982 dollars

... L.L.L....

do

-0.
0.15
0.25
0.
0.
0.38
627
630.5
2426 . 1 2424

24
15
13
.3
.5

07
81
96
.9
.9

0.09
0.73
NA
631 .4
2449.5

1 . 31
0 . 66
0 . 83
0 .7
0 .5

1.333

1 .326

1.328

-0.007

NA
44.20
37.98
9.4
613.7 8

NA
81 . 4 8
4 7 . 76
12 . 7

NA
57
65 . 05
0

NA
36.53
NA
NA

17 . 2 9
-12 .7

NA
134.10
NA
NA

2 .47

2 . 47

NA

NA

NA

NA

1.
0.
0.
631
2435

-0.98
-0.08
NA
-0. 1
0.6

- 0 . 12
0 . 14
-0. 1 1
-0.7
-0.2

-0.09
-0.09
0.01
0. 1
0. 1

85
102
104
105
106

0.002

0.094
0.009

0.051
0.019

107
10?

Velocity of Money:
107. Ratio, GNP to money supply M l 3

... C.C.C.... Ratio

3
108. Ratio, personal income to money supply M2

.C.Lg.C...

do

6 . 356
1.316

6.032
1 .309

NA
10.50
54.99
6.6
625 . 7 0

NA
9.50
34.31
5 .8
5 4 6 . 94

Credit Flows:
33. Net change in mortgage debt3

.... L.L.L— A.r., bil. dol

112. Net change in business loans3
113. Net change in consumer installment credit
*111.

3

... L.L.L....

do

.... L.L.L....

do

Change in business and consumer credit outstanding3... ... L.L.L.... A.r., percent

110. Funds raised by private nonfinancial borrowers

... L.L.L.... A.r., bil. dol

NA

NA
-9 .76
27.51
0.
4 8

NA
60.56
-21.16
4.0
5 3

3?
1 12
11 2
11 1
11C

- 0 . 12

39

Credit Difficulties:
39. Delinquency rate, installment loans (inverted 4 ) 3 b ... .... L.L.L.... Percent, EOP ...




2.26

2 .47

2 .35

2 .35

0.

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

Series title and timing classification

Percen change

Annual average
1986

1987

2d Q
1987

3d Q
1987

4th Q
1987

Dec.
1987

Jan.
1988

Dec.
to
Jan.
1988

Feb.
1988

Jan.
to
Feb.
1988

2dQ
to
3d Q
1987

3d Q
to
4th Q
1987

1. CYCLICAL INDICATORS—Con.
B7. Money and Credit—Con.
Bank Reserves:
93. Free reserves ( i n v e r t e d 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 mortgages 3 ©
67. Bank rates on short-term business l o a n s 3 ©
*109. Average prime rate charged by b a n k s 3 ©
Outstanding Debt:
66. Consumer installment credit outstanding5
72. Commercial and industrial loans outstanding
*101. Commercial and industrial loans outstanding in
1982 dollars
*95. Ratio, consumer installment credit to
personal income3

L.U.U.... Mil. dol
do
L.Lg.U....

93
836

241
756

97
935

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

6 .80
5 .97
9.23
8 . 14
7 .32
9.9 1
8.11
8.33

6 .66
5 .83
9 .69
8.63
7.64
1 0 . 16
8.09
8.20

6.65
5 .73
9.65
8.58
7 .78
10.32
8.24
8.05

109
753

245
782

6 .84
6.03
10. 14
9.08
7 .93
10.72
8.20
8 .40

6.92
6 .00
10.37
9.24
8.20
10.76
8 .47
8.87

252
111

213
1 ,082

739
396

39
305

6.77
5 .80
10.22
9.12
7 .96
10.63

6.83
5 .90
9 .81
8.82
7.69
1 0 . 17

6.58
5 .69
9 .43
8.41
7 .49
9 .86

0.06
0 . 10
-0.41
-0.30
-0.27
-0.46

8.75

8 . 75

8.5 1

0.

-526
-686

-12
-182

-136
29

93
94

-0.25
-0.2 1
-0.38
-0.41
-0.20
- 0 . 31

0 . 19
0.30
0.49
0.50
0 . 15
0.40
-0.04
0.35

0.08
-0.03
0.23
0 . 16
0.27
0 . 04
0.27
0.47

119
114
116
115
117
118
67
109

1 .6
1 .8

66
72

1 . 3

10 1

-0.24

Lg.Lg.Lg.... Bil. dol., EOP ... 5 7 7 . 7 9
Lg.Lg.Lg.... Bil. dol
342.53

6 1 2 . 10
3 7 8.83

587.82 602.61
3 7 9 . 5 1 373.37

612 . 10
379.99

612.10 6 1 7 . 5 2
3 8 4 . 7 1 376 . 5 8

NA
379.62

0.9
-2 . 1

NA
0.8

2 .5
-1.6

do

34 1 . 9 8

368.60

37 0 . 2 6

3 6 0 . 17

364.91

36 9 . 5 6

362.93

-2.5

0. 7

-2.7

15.7 1

15.81

15 . 7 7

15.86

15 . 7 9

15.82

15 . 9 2

NA

0 . 10

NA

0.09

1982 = 100
1982-84 = 100.
Percent
1982-84 = 100.
1982 = 100
do
do
do
do
do

114.1
109.6
O. 1
109.0
1OO.2
100.0
87 . 7
99 . 1
109.7
101.4

117.5
113.6
0.4
113.5
102 . 8
102.6
93.7
101.5
111.7
103.6

117.1
113.1
0.4
113.3
102 . 5
102 . 0
93.7
100.8
111.4
103.5

117.9
114.4
0.3
114.1
103.7
103.4
96. 1
102 . 3
112.0
104.4

118.7
115.4
0.3
114.9
104. 1
104. 1
95.2
103.6
112.1
104.3

115.4
0.2
115.3
104.1
104.1
94.6
103.9
112.3
103.9

115.7
0.3
115 . 6
104.5
104.3
93.6
104.2
112 . 5
104.3

116.0
0.2
115.3
104 . 6
104.4
94.5
104.2
112.7
103.9

0.3
0. 1
0.3
0.4
0.2
-1.1
0.3
0.2
0.4

0.3
-0. 1
-0.3
0.1
0.1
1 .0
0.
0.2
-0.4

1977 = 100

169.3

173.5

172 . 8

174.0

175.5

175.7

176 . 4

176 . 5

0.4

95 . 0
181.2
100.2
109.5
107.5

94. 0
186. 3
99 . 4
1 10.6
108.5

94. 0
185 . 5
99 . 3
110.1
10 8 . 0

93.7
187.1
99 . 3
111.3
109.1

93.7
188 . 6
99 . 2
111.3
10 9 . 2

93 . 6

93.7

93.5

0. 1

117.83
109.60
8,237
3,751
3 , 032
1 ,454
6 , 708

119.86
112.44
7 ,425
3,369
2 ,709
1 ,347
5 ,979

119.63
112.15
7,479
3 ,444
2 ,689
1 ,346
6 ,045

120.05
112.85
7 , 199
3,233
2,671
1 ,296
5 ,767

120.57
113.49
7,082
3 , 124
2,615
1 ,342
5 ,670

120.72
113.74
6 ,978
3 ,063
2,611
1 , 304
5,601

78. 1
55 . 5
54.7

78.0
56.2
54.7

78.1
56 . 1
54.3

77 . 9
56.5
55. 1

77 . 8
56.6
55 . 5

Lg Lg Lg

Lg.Lg.Lg.... Percent

360.36

-0.07

95

II. OTHER IMPORTANT ECONOMIC MEASURES
B. Prices, Wages, and Productivity
B l . 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

0.7
1. 1
-0.1
0.7
1 .2
1 .4
2 .6
1.5
0.5
0.9

0 . 7
0.9
0.
0.7
0.4
0.7
-0.9
1 .3
0. 1
-0. 1

310
320
320
322
330
335
331
332
333
334

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

do
do
do
do
do

0.1

0.7

0.9

340

-0.2

-0.3
0 .9
0 .
1 . 1
1.0

0.
0 . 8
-0.1
0 .
0.1

341
345
346
370
3 5?

0.4
0.3
1 .0
3.0
-1.1
0.6
0.

0. 1
0.2
-1.5
-2 .6
2 . 1
-6. 1
-1.0

0.4
0.6
-3.7
-6 . 1
-0.7
-3.7
-4.6

0.4
0.6
- 1 .6
-3.4
-2 . 1
3.5
-1.7

441
442
37
444
445
446
447

0. 1
0. 1
0.5

0.3
0. 1
-1 . 1

-0.2
0.2
0.6

0.
0.2
0.2

451
452
453

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

77.9
56.3
54.9

12 1 . 18 1 2 1 . 3 5
1 1 4 , 13 1 1 4 . 4 1
7 ,046
6 ,938
3 , 154
3 , 07 1
2,581
2 ,635
1 ,312
1,232
5,603
5 ,549

77 . 9
56.7
56 . 0

78.2
56 . 8
54.9

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
do

- 2 0 4 . 7 - 1 5 1.7 - 1 3 9 . 2
827.4
9 15.4
922.9
1032.0 1067.1 1062.1
43.9
56.8
5 0.6
6 5 1.0
6 5 1.3
6 18.8
561.9
6 07.1
600.7

Mil. dol
do
do
1977 = 100
Thousands
A.r., bil. dol

29 , 9 8 8
11 , 9 9 8
9 ,099
182 . 0
1 , 585
277.8

3 0 , 8 12
12,032
9,224
189.1
1 ,597
295.2

Mil. dol
do
do
do
do
do

18,052
2 , 164
3,907
30,505
2 ,894
5,578

21,07 1 20,801 20,737
2,700
2 ,400
2,363
4,466
4,428
4 , 2 12
33,825 33,52 1 34,579
3,471
4 ,046
3,301
5 ,896
5,811
5 ,705

- 1 3 5 . 8 -16 1 .4
923.0
9 36.4
105 8 . 8 109 7 . 8
46 . 5
37.6
657.6
663 . 2
625.6
6 11.1

3 .4
0 .
-0.3
-4.1
1 .0
1 .7

-25 .6
1 . 5
3 . 7
- 8 .9
0.9
2 .4

500
501
5 02
5 10
5 1 1
5 12

D2. Defense Indicators
32 , 3 5 7
12 , 3 3 0
10,341
189.0
1,595
294,5

32 , 8 5 0 2 8 , 186 24 , 5 3 2 3 1 , 1 5 7
7,871
13,386 10,636 11,912
8 ,502
9 ,596
9 ,048
9,519
189.2
188.8
190.0
189.3
1,597
1,604
1 ,600
1 ,599
299 . 0
299 . 8

NA
NA
7,828
189.9
NA

27 . 0
-33.9
-6 .0
0.6
0.2

NA
NA
-7.9
-0. 1
NA

1.5
8.6
-7.9
0. 1
0. 1
1 .5

-14.2
-20.5
0.8
0. 1
0. 1
0.3

517
525
548
557
570
564

NA
NA
NA
NA
NA
NA

-10.0
NA
NA
-6.3
NA
NA

NA
NA
NA
NA
NA
NA

-0.3
14.3
6 .0
3.2
22.6
- 1 .8

13.1
-7.7
13. 1
4.7
- 1 5 .7
15.0

602
604
6 06
612
614
6 16

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




2 3 , 4 5 0 24 , 8 0 1 22 , 3 3 0
2 ,491
NA
2,472
5 ,371
NA
5 ,050
3 6 , 2 1 1 35 , 4 4 4 3 3 , 2 18
3
,
1
5
8
3,410
NA
NA
6,560
6,559

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1'
Series title

Unit
of

Percent change

Annual average

measure

3d Q
1986

4th Q
1986

1st Q
1987

2dQ
1987

3d Q
1987

4th Q
1987

1st Q
to
2dQ
1987

1985

1986

Bil. dol
do
do
do
do
do
do
do

-25 .27
89 . 8 6
115.14
-30.54
53.98
84.52
22.08
15 . 7 2

-31 .42
93.20
124 . 6 2
-36.08
56.09
92.18
22.05
16 . 8 4

-33.83
98.73
132 . 5 6
-38.92
56 . 7 7
95.69
24.96
19,45

-38.27
100.07
138.34
-39.74
59.88
99.62
22 . 4 6
20.88

-40.52 -34.59
105 . 6 6 1 1 5 . 6 6
1 4 6 . 18 1 5 0 . 2 5
- 4 0 . 3 6 - 4 0 . 17
69.06
65.11
1 0 5 . 4 8 109 . 2 3
22 . 6 9
29.66
22 . 4 0
22.57

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

4010.3
3607.5
15,073
3600.1
2841.1
2542.2
10,622

4235.0 4488.5 4265.9 4288. 1 4377.7
3713.3 3821.0 3718.0 3731.5 3772.2
1 5 , 3 6 8 1 5 , 6 7 2 15 , 3 7 0 1 5 , 3 8 8 15 , 5 2 5
3 6 9 9 . 5 3 7 7 8 . 1 371 1.9 3 7 4 5 . 8 3 7 2 4 . 5
3 0 2 2 . 1 3181.7 3038.2 3 0 6 1 . 6 3125 . 9
2645 . 1 2677 .2 2 6 5 3 . 2 2 6 5 6 . 7 2 6 7 4 . 6
1 0 , 9 4 7 10 , 9 8 0 1 0 , 9 6 8 1 0 , 9 5 6
11,008

4445.1
3795 .3
15,588
3756.3
3130.6
2645.5
10,865

4524.0
3835 .9
1 5 , 7 15
3811.4
3195.3
2674.7
10,958

4607.4
3880.8
15 , 8 5 9
3820.3
3275.0
27 1 3 . 8
11 , 0 9 0

1.5
0.6
0.4
0.9
0.2
-1.1
-1 .3

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

2629.4
2352.6
368.7
352.7
913.1
849 .5
1347.5
1150.4

2799.8
2450.5
402 .4
383.5
939.4
877 .2
1458.0
1189 . 8

2943.7
2487.5
409.0
385 . 4
982. 1
879.0
1552.6
1223. 1

3011 .3 3022 .6
2520.7 2504.6
413.0
436 . 8
406.9
384.5
986.4
993. 1
874.6
875.7
1588. 1 1616.5
1238. 1 1245.6

do
do
do
do
do
do

641.6
636. 1
631 .6
628.7
10.0
7 .4

671.0
654.0
655 .2
640.2
15.7
13.8

717.5
687.6
67 1 . 5
644.7
46 . 1
42.9

660.8
645.0
657 .3
638.8
3 . 5
6 . 1

660.2
631 .0
666 .6
645.4
-6.4
-14.4

699.9
67 1 . 8
648. 2
624.2
5 1.6
47.6

7 02 . 6
673.7
662.3
634.7
40.3
39.0

707 . 4
681 .9
684.5
657 .3
2 2.9
24.6

do
do
do
do

818.6
726.9
353.9
324 .2
464. 7
402 .7

8 6 9.7
754.5
366.2
332.5
503.5
422 . 1

922.8
771.7
379.4
336.0
543.4
435 .8

878.5
757.2
371.2
332 . 6
507.3
424.6

886.3
771.8
368.6
344.6
517.7
427. 1

896.2
759 .6
366 . 9
327 . 3
529.3
432.3

917.1
766.7
379.6
332 . 6
537 .6
434. 1

- 1 1 0 . 5 - 1 1 6 . 9 - 1 1 2 .2
- 1 6 1 .6 - 1 5 1 . 8 - 1 3 5 . 2
376.6
383.3
397.3
388. 3
379.6
397.8
487. 1
500.2
509.5
541.2
540. 1
533.0

1987

2dQ
to
3d Q
1987

3d Q
to
4th Q
1987

E

M

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 services
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

- 3 6 . 8 0 - 3 2 .25
93.24
105 . 0 3
1 4 1 . 8 3 125 . 4 9
- 3 9 . 8 0 - 3 7 . 12
62.70
56.53
102 . 5 0
93.65
24.94
2 1.33
2 1.32
15 . 9 9

-33.84
93.89
127 . 7 3
-38.60
57 . 0 2
95 . 6 2
20.79
16.30

-2.25
5 .6
5 .7
-0.62
8.7
5 .9
1.0
7.3

5.93
9 .5
2 .8
0 . 19
6. 1
3 .6
30.7
0.8

667
668
669
622
618
62G
651
652

1.8
1 . 1
0.8
1 .5
2 . 1
1 . 1
0.9

1.8
1 .2
0.9
0.2
2.5
1 .5
1 .2

200
5C
217
213
224
225
227

1 .7
0.5
3.3
2.5
1 .3
-0.5
1 .6
0.5

2 .3
1.3
6.8
5 .6
0.4
-0.4
2 .3
1 .2

0.4
-0.6
-5.4
-5.5
0.7
-0. 1
1 .8
0.6

23C
231
232
233
236
238
237
239

760.2
723. 1
690.8
662 .6
6 9.4
60.5

0.4
0.3
2 .2
1 .7
-11.3
-8.6

0.7
1 .2
3 .4
3.6
-17.4
- 14.4

7 .5
6.0
0.9
0.8
46 . 5
35 . 9

24C
241
242
243
245
3C

929.0
77 1 . 7
382 . 1
336.3
546 . 9
435.4

948.8
788.9
388.9
347.6
559 .9
441. 3

2.3
0.9
3.5
1 .6
1.6
0.4

1 .3
0.7
0.7
1 . 1
1.7
0.3

2 . 1
2 .2
1 .8
3.4
2 .4
1 .4

26C
261
262
263
266
267

-118.4
-132.7
416.5
414.5
534.8
547.2

-123.7
-138.4
439.2
437. 1
562.9
575.6

-124.3
-135.8
458. 1
453.5
582.4
589.3

-6.2
2 .5
4.8
4.2
5 .0
2.7

-5.3
- 5 .7
5 .5
5.5
5 .3
5 .2

-0.6
2 .6
4.3
3.8
3. 5
2 .4

25C
255
252
256
253
257

3593.3
2623.4
323. 1
18.9
296 . 8
331. 1

3659 . 0
2663.5
322 .7
17 . 3
314.9
340.6

3740.6
27 1 3 . 5
342 .7
20.9
310.2
353.3

1.3
1 .3
0.7
-5.5
1.0
2 .3

1 .8
1 .5
-0. 1
-8.5
6. 1
2 .9

2 .2
1.9
6 .2
20.8
- 1 .5
3. 7

22 f
280
282
284
286
288

559 .3
559.8
88.8
-89.3
2 .8

593. 1
561 .2
155.7
-123.8
4.8

-0.5
0.3
-32 .7
40.9
-1.4

1 .5
2 .4
-4.7
-0.7
-0.2

6.0
0.2
75.3
-34.5
2 .0

290
295
292
298
293

-4 .44
1 .4
4.4
-0.82
5 .5
4. 1
-10.0
7.4

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

A2. Personal Consumption Expenditures

A3.

Government Purchases
of Goods and Services

Total
Total in 1982 dollars
Federal Government
Federal Government in 1982 dollars
State and local government
State and local government in 1982 dollars
A5.

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

do
do

Foreign Trade

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
A6.

2858.6 2893.8
2480.5 2475.9
419.8
396. 1
399.0
375.9
946.3
969.9
880.3
883.2
1492 . 4 1527 . 7
1 2 0 1 . 1 12 1 6 . 9

Gross Private Domestic Investment

A4.

260.
261.
262.
263.
266.
267.

2967 .8 2 8 3 7 . 1
2497 .2 2 4 7 7 . 5
413.7
427 .6
388.2
405 .5
982.9
940.0
878. 1
879.8
1571.2 1469.5
1230.9 1192.2

do
do
do
do
do

-79.2
-108.2
369.9
365.3
449 .2
473.6

do
do
do
do
do
do

3 2 2 9 . 9 3422 . 0 3 6 3 5 . 3
2370.8 2504.9 2647.6
257 . 3
327 . 4
289.8
9. 0
16.7
19. 3
277.6
284.4
304.0
315.3
326 . 1
337. 1

3438.7
2515. 1
292 .5
17.2
286.4
327.5

3471 . 0
2552.0
297.8
18.4
281. 1
32 1 . 7

531.3
537.2
127. 1
-132.9
4.5

516.2
551.5
108.9
-144.1
3.6

515.3
554.3
544.4
545 .3
109.0
138.4
-138. 1 -129.5
3.6
4 .4

do

- 1 0 5 .5 - 1 1 9 . 6
- 145 . 8 - 1 3 5 . 5
376.2
427.8
377 . 4
425 . 8
547.4
481.7
523.2
561. 3

National Income and Its Components

220.
280.
282.
284.
286.
288.

National income
Compensation of employees
Proprietors' income with IVA and CCAdj
Rental income of persons with CCAd]
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

3548.3
2589 .9
320.9
20.0
294.0
323.6

A7. Saving
do
do
do
do
Percent

532.0
549 .2
130.6
-147.8
4.3

564.5
553.2
119.0
-107 .8
3.7

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.
:
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.




551.3
546.7
93.2
-88.6
3.0

:>
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.
' 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.
'' End-of-penod series. The annual figures (and quarterly figures for monthly series) are the last figures for the
period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of
the span.

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart A l . Composite Indexes
July May
P

T

Aug. Apr.
P

T

Apr. Feb.
P

T

Dec. Nov.
P

T

Nov. Mar.
P

T

Jan. July July

P T

P

Nov.

T

{index: 1967 = 1001

910. Index of twelve leading i i f f a t o r s *

?r

(series 1, 5 , 8 , 1 2 , 1 9 , 2 $ 29,32, 36,99,196, 111)

930. Index of six laggin«cators
$
(series 62, 7 7 , 9 » , 101,109) ; i

1952 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 87 881989
NOTE: Numbers entered on the chart indicate length of leads (-) and lags ( + ) in months from reference turning dates.
1
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 1988

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
\an. July July Nov.
P T
P
T

915.friventoryinves^mnt and p

917. Mmy and faiarieial i p | |

1952 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 87 881989
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.

MARCH 1988




11

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
July May
P

T

Aug. Apr.
P

T

Apr. Feb.
P

T

Dec. Nov.
P

T

Nov.

Mar.

P

T

Jan. July July
P T

Nov.

P

T

1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours)
42-i

41403938-

5. Average weekly initial claims for unemployment insurance, State progratjtthousands inverted p e ) I I

200 n
300 400500 600700 100 T
9080706050-

8. Manufacturers' new orders in 1982 dollars,Jfjnsurner goods!
and materials industries (bil. dol.)Jl

4030 J
32. Vendor performance, percent of companies receiving slower
100 n
755025J

45-i
403530-

20. Contracts and orders for plant and equipment in
1982 dollars (bil. doi.)

25-

10-"

1952 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 87 881989
Current data for these series are shown on pages 61, 64, and 66.

12



MARCH 1988

licit

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued
July May
P T

Aug. Apr.
P T

Apr. Feb.
P T

Dec. Nov.
P
T

Nov.
P

Mar.
T

Jan. July July Nov.
P T
P
T

horsing units authorized by
i 1987 - 1 0 0

and tradejnventones on hand and on
111

moothed1 (ann, rate,

n sensitive materials prices, smoothed1 (pfcent)
II i

19. Stock prices, 500 common stock

PCI

106. Money supply M2 in 1982 dollars (hi dol.) f

111. Change in business a p consumer erf
l
{aim. rate, percenQfll 11'

1952 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 87 881989
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 pages 67, 68, 69, 71, and 72.

BCII

MARCH 1988




13

CYCLICAL INDICATORS
IA

I

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
July May
P T

Aug. Apr.
P T

Dec. No

Apr. Feb.
PI

Nov
P

Mar
T

Jan. July July Nov.
P T
P
T

41. Employees on nonagri
|C,C,€

51. Personal incomers transfer payments in
1982 dollars (animate, bil. doCfW"

1952 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 87 881989
Current data for these series are shown on pages 62, 63, and 65.

14



MARCH 1988

BCII

CYCLICAL INDICATORS
A

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

C h a r t A4. Lagging Index C o m p o n e n t s

Commercial and industrial loans

lii

1952 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 87 881989
Current data for these series are shown on pages 62, 68, 70, and 73.

licit

MARCH 1988




15

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart B l . Employment and Unemployment
Dec. Nov.
P T

Nov. Mar.
P
T

Jan. July July
P T
P

Nov.
T

1962 63 6 4 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 1988

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
Dec. Nov
P
T

yees on nonagricultural payrolls (milli

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.

I M L I ) MARCH 1988




17

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B l . Employment and Unemployment—Continued
Nov.
P

Dec. Nov.
P
T

Mar
T

Jan. July
P T

July
P

Nov.
T

5-

7- .

9-

1113-

56789-

1011-

, State programs (percent-lperted
234567-

SUP 9L Average dur$g|i|nemployment (weeks—invert
10121416182022 J

44. IMefnployrf^^te,;persons>n^

weeks and over (percent~#rerted^a^
0-.
123-

J_

45-

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 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income

440040003600 3200-

2800-

2400-

3600
3400'
3200 •
30002800'
26002400220020001800-

300028002600'
240022002000 •
18001600-

1400-

600 550500 450-

400-

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 63.

KCII

MARCH 1988




19

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
Dec.
P

Nov.
T

Jan. July
P T

•:

July
P

Nov
T

P77-100)

iiii

m

irable manufai
ff! !SS*

, nondurable manu
WW?. ?iilii IIISSS :n||p fills! Wgg^JmWS: ^?.-S1 WfK" ®*®* • ^ ^ ? p ^ i j !

% ^ ^ P - 'C3ftSSS silSJ #M;s§ft-S;li•««• M i K f t ; ; ' ';^ ;^;;'

ilil liB^^raii ilii! iiiil till iiii MK ilii lili flli Mi

1 Hp iiii fill iiiS liSlilfi ill 1 i:;! S
i H i ilii liiiJiflfliii IIIIIIIS i i :; ^

mm
4mr

m
:ift^ft^S iii liii III ill Illjflptill 1111 lllf!

dollars, Q • ^t: : *ff1#lte«5J
^mmmSi
i
l
l
III
iiil
i
l
l
111
llS
^pl^|lilil||iii
"mm
mm mm wm. wm n a i«s »®i •p.ift liililil \
^^fc" isni mm^ :sMm.. m.y t ii si? i i i i i i
mm wm mmm msm, wmm msm wm. 'mm mm p i » mmlWM

V

;

ill! Hill liii iflii iiil iiiil ipiptlill^^^ftfi^iift: ilsfil

:

•^

^^K liiiii iiftii iii^i siii iiis iii* ?i'Oi

i

iiiBiliPiiiIISiiifl Iliilii'

% manufacturing (percent)

(percent)

X2L
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 1988

IICII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
Dec.

Nov.

P

T

Jan. July
P

T

July

Nov.

P

T

140-

[Orders and Deliveries]

Manufacturers* n i
industries (bit dol

Inl982 dollars, durable

120100-

80-

601

& Manufacturers new ®mm current dollars,
durable goods industries (bil. doi.)
40-

lanufacturers' new orders in 1982 dol
aodsand materials industries fit dol.

HO-i
100907060-

25. Change in manufacturers' united

goods industries *,
+6+4+ 20-2-4-

unfilled orders,

goods industries

/

Piu

420-1
380340300260220180140-

100-

e, percent of can^anies
deliveries (percent)

60 J
10075- ,
50- 25-

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 64.

ItCII

MARCH 1988




21

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
Dec Nnv
P
T

Nov.

Mar.

P

T

Jan. iuiy
P T

Juiy
P

Nov.
T
550-

| Consumption and Trade]

500 -

57. Manufacturing and trade sales
Titi 1982 dollars (bit: ffij

ljc,c,cl

450 400-

\

350 300250-

200-

56. Manufacturing and trade $$&$ in current dollars
(bildol.)
[CJCXl^v

150 -

75. Industrial production, consumer goods

(index:; p p

es in 1982 dollars (biL d o l j

54, Sales of retail stores i|$$rent dollars (bil. doLJ>

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

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 1988

ItCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment
Dec
P

of itismess EterpjsesI

Nov
T

Mar.

Nov.
P

Jan. July
P T

July
P

Nov
T
160 -

;§j§

14012010070 6050-

40-

30-

454035-

Business in vestment Commitments

3025-

20-

15-1

w
40353025-

20-

15-

w mmmmmmmti. dolfe uondefense
capital goods industries

10-

Contracts awarded for
(mil. sq.ft. of floor space;

HO-i
1009080706050-

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.

l t d ) MARCH 1988



23

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Dec.
P

Nov.
T

Ian. July
P

T

July
P

Nov.
T

110 100-

§I f§§

90807060353025-

20-

15-

480-1
440400360320280240200-

480440-

•Mi

400360320280240200160160140120100-

80-

60-

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 1 9 8 8

licit

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B4. Fixed Capital Investment—Continued
Jan. July

Dec, Nov
P
T

July

Nov.

T

P

T

80

81

(Business investment Expenditures—Coi
Gross private nonresidential fixed investment in 1982

j Residential Construction Commitments

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 67.

ltd*

MARCH 1988




25

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
Jan. July

Nov.

P

I

P

P

I

July
P

Nov.
T

in 1982 dollars, Q (aim. ratfgp
••604-30-

0-30-

-60J

| r manwfa€tui|^^|trade inventories on hand
in|982 ddlars | ^ | e , bii. do!.; moving a v g . - 4 - t p 1 )

I
4-60-

+30-

0-30-60-90J

inventories
ng avg.—6-term)

+ 90+ 60+30- •
0- -30-60-

in manuf actu
and on order (

ntories, materials and supplies
D moving avg.—4-term)
l|j
+ 2-

0-2-4-

= fPPi§
1962 63

64

65

66

67

68

69

70

71

72

73

l^msm
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 1988

KCII

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment—Continued
Dec.

Nov.

Nov.

Mar.

P

T

P

T

Jan July
P T

July
P

Nov
T

81

82

nventoms on Hand ami on Order

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78 79

80

83

84

85

86

87

88 1989

Current data for these series are shown on page 68.

KCII

MARCH 1988




27

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits
Jan. July
P T

Dec. Nov.
P
T

July
P

Nov.
T

ge in producer prices jor

l |||is:jl

M

« Change in
ii.il

Hill!

»

"

•

•

•

•

•

:

•

—

:

•

•

•

:

•

-

-

:

•

3w industrial material Bpex: 1167

ilii iHi i l l §§§ iii^WlPii^PB

•itiii siHS iiiii? liiiii 11111 MM$- :§i«i iisii fill

Ph

/:

- •&$&$W^sJR^Sl©:lii|i!pfiiiii
I? & s1
/ W
I : l l : :
•••'V.--r-

16, Collie f

1962 63

65

66

67 68 69 70

71 72 73 74

75 76

77 78 79

iiHl

80 81 82 83 84 85

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 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B6. Prices, Costs, and Profits—Continued
Jan. July July Nov.
P T
P
T
i: ilk--.'-'.:
28024020016012080-

40 J

141210864-

753-

102100989694500400300200-

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 pages 69 and 70.

K C I I MARCH 1988



29

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

Nov.

Nov. Mai.

Jan. July
P T

July

80

81

Nov.
T

63. Unit labor cost, business sector, Q

1962 63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 70.

30



MARCH

1988

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit
Dec. Nov
P T

1962 63

64

65

66

67

68

69

70

Jan. July
P

71

72

73

74

75

76

77

78 79

July

Nov.

T

P

T

80

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 7 1 .

lt€l>

MARCH 1988




31

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Dec. Nov.
P
T

1962 63

64

65

66

67 68

69

70

No\
P

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



MARCH 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
Dec. Nov
P T

Jan. July July
P T
P

Nov.
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 page 72.

MARCH 1988




33

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

Dec. Nov
P
T

July
P

Nov.
T

••!.

XMA_
V*vT

IT

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 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

1962 63

64

65

66

67 68

69

70

71

72

73

74

75 76

77 78 79

80

July Nov.
P
T

81

82

83

84

85 86

87

88 1989

Current data for these series are shown on page 73.

BCD

MARCH 1988




35

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE

Chart C l . Diffusion Indexes
Jan. July
P T

Dec. Nov.
P
T

July
P

Nov.
T

i i i . il*ator:c<?if§§g||t$l (6-mo. sparw-, Im.
100-

50-

0-

100-

50-

0-

100-

50-

0-

100-

50-

0-

100-

50-

100-1

50-

0J
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

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 1988

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

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

Jan. July
P T

July
P

Nov.
T

100-

50-

0-

80706050-

iff? I K

403020-

100-

liiiJlil

50-

100-t

50-

0 J

100-1

50-

0-1

90-

it

8070605040-

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 Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.

ItCIt

MARCH 1988




37

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
Jan. July
P T

1976 77

78

79

80

Juiv
P

Nov.
T

81

82

Jan. July
P T

83

84

85

86

87 1988

1976 77

78

79

80

July
P

81

Nov.
T

82

83

84

85

86

87 1988

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.

38



MARCH 1988

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change
Dec. Nov
P
T

1962 63

64

65

66

67

68

69

70

Ian. July
P T

71

72

73

74

75

76

77

78

79

80

July Nov.
P
T

81

82

83

84

85

86

87

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.

Bill MARCH 1988



39

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

Chart A l . GNP and Personal Income
Jan. July
P T

July
P

Nov.
T

ble personal income in
, Q Qm. rate,iMl dof.)

capita disposable personal income in

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 1988

IICII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued

Chart A2. Personal Consumption Expenditures

i rate, blen ddars (current)]
320030002800260024002200200018001600140012001000-

Personal consumption expenditures—

800 J
500450-

J5L

400350300250200150 J
2800 -|
260024002200200018001600140012001000800600500450400350300250200150-

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.

ItCII

MARCH 1988




41

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A3. Gross Private Domestic Investment
Dec.
P

Nov.
T

Jan. July
P

I

July
P

Nov.
T

900-

iv

800700600500-

400-

300-

200-

+ 80-

IV

+ 60+ 40+ 200-

-20-40-60-

900800700600500-

400-

300-

+ 80+ 60-

IV

+ 40+200-20-40-60-

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 .

42



MARCH 1988

It

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A4. Government Purchases of Goods and Services
Ian July
P

T

July

Nov.

P

T

in.

1200-]
11001000900800700 600500-

400-

300-

200-

100 J

1000900800'
700
600'
500'

400-

300-

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 1988




43

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A5. Foreign Trade
Jan. July
P T

Dec. Nov
P
T

July
P

Nov.
T

81

82

ill

250. Net exports of goods and services, Q

i § . 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

83

84

85

86

87

88 1989

Current data for these series are shown on page 82.

44



MARCH 1988

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
IA I

NATIONAL INCOME AND PRODUCT—Continued

Chart A6. National Income and Its Components
Jan. July
P T

July Nov.
P

T

:

f: it IS S; ft IIW S II Ji i ; S 4000-|

jflilillilii

3500
3000-

^KAlilf
liniii iiiins iisiifl

IIIIII

1500

iisisi iHiii n i l
1000

240-

IWI

lilf
iftliflB

jgfcl'

ins

SlSliliii

m iB

m

m

IIIIII

iSlii

]

mmmrmi8$m. s i i i i i tsi§§p s p i i i ii§it§ i i a i i i i

iiliiil iftiili ^p|

1 p ^ W9K9i 999 t i l l ^8S^

HI

IHl
iHS

iBi ^S

50IWMI iS§ti§! iISi
40'

1 IBS
30'
liiiiis

20consumption adjustment, i

10-

5J

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.

l t d ) MARCH 1988



45

OTHER IMPORTANT ECONOMIC MEASURES
|A

I

NATIONAL INCOME AND PRODUCT—Continued

Chart A7. Saving
Dec. Nov.
P
T

No,

Annual rate, billion dollars (current) |

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 pa]
iges 82 and 83.

46



MARCH 1988 I

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
Jan. July
P T

July
P

New.
T

65-

60 J

e and local government purcnases
S i i l l n d services, §

15 T

248. fteeitetii

Net exports of goods
-5-

PtrieM I f U a l i o n i l l lime

75-

70-

65 J

tax witn inventory valuation
adjustments, Q
10-

283. prcpiewr imonie m\ inventory v
and capital consumption adjustments, Q
5-

IBS, RenWine(»nf
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.

ItCII

MARCH 1988




47

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

Chart B l . Price Movements
Jan. July
P T

July
P

310c. iripicrtpnce
national oroduct
atori

IV

liiiiiii
asipi
^20T

§HPK

:IliiiIIipi
m&mmmmmi Wff

mmmmmm

^ — •teSS S i l %$1S it ^,": • .• ;•.' • r

1976 77 78 79 80 81 82 83 84 85

86

87 1988

0-

1976 77

79

80 81 82 83 84 85 86 87 1988

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




MARCH 1988

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B l . Price Movements—Continued
Dec. Nov.
P
T

Nov.

1962 63

Jan. July

July

P T

P

81

Nov.
T

82

83

84

85

86

87

88 1989

1

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

IEI.JP MARCH 1988



49

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

Chart B2. Wages and Productivity—Continued
Jan. July

Wages—Con. |

July

No*

|Percent change]

Change in average hourly earnings of production or nonsupervisory workers on private

340c. Current-dollar earnings : | j | f

I

IllfPi

1-month.sJJI2 I B

+ 5-

mMWmm&ti * . ;

i TTTTTI n r

* 345c' C u - f l l l l r C G ^ * a t N l | | f 4-quarter spans

Negotiated wage and benefit cleciskm$r|j§|i

|

348. Average first

349. A f ^ l h a n g e s over life of

358. Outptit per hour, all
nonfirm business
. Output per hour,

. Change in outputiMIqiir, all persons/business secto^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

2

Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. One-month percent changes have been multiplied by a constant (12) to make them comparable
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



-5-

-10-

Change in average hourly compensatk»^^mployees,
^
iuslriess sector, Q—
^"

1

0-

MARCH 1988

MEASURES
C

I

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Chart C l . Civilian Labor Force and Major Components

Civilian labor force participation rates

Nirter unempfepct (millions)—

448. Number of persons
reasons (millions)

1962 83

64

85

66

67

68

69

70

72

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.

ItCII

MARCH 1 9 8 8




51

OTHER IMPORTANT ECONOMIC MEASURES
J) I

GOVERNMENT ACTIVITIES

Chart D l . Receipts and Expenditures
Dec.
P

1962 63

64 65

66

67 68

69

Jan. July
P T

Nov.
T

70

71

72

73 74

75 76

77

78 79

80

July Nov.
P
T
mi

81

82

83

84

85

86

87

88 1989

Current data for these series are shown on page 90.

52



MARCH 1988

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
Dec. Nov.
P
T

Jan. July

July

Nov.

P T

P

T

403530-

Advance Measures of Defense Activity]

252015-

222018161412108-

240-i
220200180160140120100141210-

^r
6-

4-

2J

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.

BCD

MARCH 1988




53

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
Nc,

Ma

T

Intermediate and Final Measures of Deflilf Activity
557, Industrial production, defense and space equipment

(index: ifpPlOO)

^^

1

Us

Hit

1
559. Man Jiiiiiiiis inventories defense nroducts—(bii.

III

il

i "i 1 «-/'i

/

$ ^

580. Defense Department net outlays, military functions and military
(M H
assistance!«dol.)
"
—

p!
acturers' shif^M&idefense products (bil. dot,)

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 1988

OTHER IMPORTANT ECONOMIC MEASURES
J) I

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators—Continued
Dec, Nov

Nov.

Jan. July

Mar.

P

1962 63

64 65

66

67 68

69

70

71

72

73

74

75 76

77

78 79

July

T

P

80

81

Nov.
T

82

83 84

85 86

87

88 1989

Current data for these series are shown on page 91.

IMJ l

MARCH 1988




55

OTHER IMPORTANT ECONOMIC MEASURES
E

I

U.S. INTERNATIONAL TRANSACTIONS

Chart E l . Merchandise Trade
Dec. Nov
P
T

Jan. July

July

Nov.

P T

P

T

m

m

616. Imports of automobiles and

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 1988

KCII

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
Dec.

Nov

P

T

Jan. July
P

T

July

Nov.

P

T

750650550450350-

250-

150-

J

50
650550450-

350-

250-

150-

50-

140-

120-

100-

60-

40-

20-

0

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 93.

ItCII

MARCH 1988




57

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
Jan July
P T

July
P

'an. July
P T

Nov.
T

July
P

Nov.
T

linfe: 1977^1001

j index:

Industrial production—

130 -

721. OECD European countries

120 110 •
100-

90-

JL

90

160'
150'

130 -

722. IWed Kingdom

140

120 -

130 •

h 0BJ

110 -

120

ZZL

J

^m

100 -

110
9010090-

130-

725. ^stllermany

130-

120 -

120-

110-

110 100 -

7^

7

10090 -

90

150 140 -

723. Canada

130 —

120-1

120-

no -

t

100-

90 J

1976 77

78

79

80

81

82

83

84

85

86

87 1988

1976

77

78

79

80

81

82

83

84

85

86

87

1988

Current data for these series are shown on page 94.

58



MARCH 1988

'

MEASURES
INTERNATIONAL COMPARISONS—Continued

Chart F2. Consumer Prices

Chart F3. Stock Prices
Jan. July
P

1 Percent change at annual rate]

6-month spans

I

'uiy

Nov.

P

T

l i t i t e 1967^ 1001

Stock prices—

400-j

Consumer prices—

350-

320c. United States

../-A

300-

20-1

250-

19. United States

2004-10 -

1500 J

+ 20 -|

••[?].

V
0

900-1
800700
600500400-

746. France

J

V

+ 20 T

735c. West Germany

?

/

300-

/

200-

7j*5 West Oerrmny
0

100

J

m

We. Trance

7fHJ

0-1

748. Japan

•j + 30 - |

732c. United Kingdom

2400.
2200200018001600
140012001000
900800 700
600-

fcfe:

500-

20

400

300

742. I

i- 30 - i

737c. Italy
100 J

w

+ 20

+ 10 -

733c. Canada
+ 10 -

100 J
1976 77

78

79

80

81

82

83

84

85

86

87 1988

1976 77

78

79

80

81

82

83

84

85

86

87 1988

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

MARCH 1988



59

CYCLICAL INDICATORS
A

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Q

Year
and
month

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

(1967 = 100)

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

(1967 = 100)

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

(1967 = 100)

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

(1967 = 100)

916. Profitability (series
19, 26, 80)

(1967 = 100)

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

(1967 = 100)

3

( )

1986
January
February
March

174.1
175.0
176.4

162.9
163.4
162.9

140.5
141.1
142.3

115.9
115.8
114.5

108.9
110.2
109.9

103.3
103.3
103.5

117.3
119.0
119.8

142.2
140.3
140.0

April
May
June

178.1
178.5
178.3

165.6
164.3
163.7

140.5
141.4
141.6

117.9
116.2
115.6

110.4
109.5
109.6

103.8
103.5
103.0

119.9
119.7
120.4

140.3
142.4
142.6

July
August
September

179.9
180.3
179.9

164.4
164.8
165.8

141.8
142.2
141.6

115.9
115.9
117.1

109.8
108.8
108.9

103.3
102.9
102.8

120.0
120.4
118.9

144.9
145.6
145.5

October
November
December

181.2
182.7
186.7

165.4
165.8
167.4

143.7
143.4
142.4

115.1
115.6
117.6

108.4
108.6
111.0

102.8
103.6
104.9

117.8
117.4
117.9

147.3
146.8

0)149.2

January
February
March

185.5
186.0
rl87.6

165.6
168.2
rl68.0

0)144.6
142.1
141.3

114.5
118.4
rll8.9

108.9
(NA)

104.4
104.6
105.3

119.3
120.8
121.5

148.9
147.0
rl45.4

April
May
June

rl88.0
rl88.9
rl90.7

rl68.0
167.6
rl68.0

141.8
141.8
141.9

rll8.5
118.2
rll8.4

rlO5.4
106.0
106.8

121.3
121.3
122.9

rl44.7
144.1
rl45.5

July
August
September

191.4
rl92.4

H>rl92.8

rl69.4
rl70.0
rl7O.l

140.9
rl40.7
142.4

120.2
rl20.8
rll9.5

107.2
106.4
106.6

124.2
0)126.2
rl25.3

rl44.6
rl44.6
rl45.8

October
November
December

rl92.7
rl90.3
rl91.0

rl72.5
rl72.0
rl73.3

rl41.8
rl42.8
rl42.9

rl21.7
rl20.4
rl21.3

rlO6.9
rlO7.O
rlO7.6

rl22.6
rll9.8
(NA)

147.0
147.0
147.2

188.9
"190.6

173.1
E> 5 174.7

142.5
142.6

rl21.5
pl22.5

rlO6.6
plO6.3

1987

f

1988
January
February
March

6

P145.1
(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 0 ) ; 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 " r " indicates revised; " p " , preliminary; " e " , estimated; " a " , anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
2
beginning with data for January 1984, series 12 has been suspended from this index.
The following series reached their high values
3
before 1986: series 940 (130.0) in January 1984, series 914 (111.5) in February 1984, and scries 915 (107.9') in April 1984.
See "New
Features and Changes for This Issue," on page iii of the March 1987 issue.
^Excludes series 36 and 111, for which data are not available.
5
6
Cxcludes series 57, for which data are not available.
Excludes series ~" and 95, for which data are not available.

60



MARCH 1988

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC

Q

PROCESS

EMPLOYMENT AND UNEMPLOYMENT

Minor Economic
Marginal Employment Adjustments

Process

Timing Class

Year

L, C, L

L, C, L

L, L, L

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

Comprehensive

Job Vacancies

L, Lg, U

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

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

(Hours)

(Thous.)

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

Employment

U.C.C

L, Lg, U

46. Index of help-wanted
advertising in newspapers

48. Employee hours in
nonagricultural establishments

and
month

(Hours)

(Ratio)

(1967 = 100)

(Ann. rate,
bil. hours)

1986
January
February
March
April
May
June
July
August
September
October
November
December

40.8
40.6
40.7

3.5
3.4
3.4

375
384
393

0.519
0.484
0.486

137
137
136

184.62
184.05
184.41

40.7
40.7
40.6

3.4
3.5
3.4

374
378
378

0.487
0.476
0.504

137
135
143

184.84
184.90
184.64

40.6
40.8
40.8

3.5
3.5
3.5

370
379
369

0.492
0.506
0.502

137
138
140

184.97
185.55
185.84

40.7
40.8
40.8

3.5
3.5
3.6

343
342
356

0.503
0.518
0.518

139
143
138

186.20
186.86
186.87

40.9
41.1
40.9

3.6
3.6
3.6

359
361
341

0.516
0.528
0.569

138
140
149

187.64
188.94
188.71

40.6
41.0
41.0

3.5
3.8
3.7

324
326
327

0.591
0.593
0.623

150
151
153

41.0
41.0
40.6

3.8
3.8
3.6

327
297
286

0.636
0.652
0.667

155
159
159

189.97
190.78
187.57

K>4.0
3.9
r3.8

[H>284
293
312

0.672

162

41.2
41.0

0 ) 0.680
0.661

0)162
155

192.24
192.40
rl92.63

41.1
p40.9

3.9
p3.8

351
321

0.646
pO.669

153
pl56

[H)pl94.70

1987
January
February
March
April
May
June
July
August
September
October
November
December

•

187.72
189.69
189.41

1988
January
February
March

rl92.85

April
May
June
July
August
September
October
November
December
See note un page 60.
Graphs of these series are shown on pages 12, 16, and 17.
1

l)ata exclude Puerto Rico, which is included in figures published by the source agency.

MARCH 1988



61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q

Minor Economic
Process

Comprehensive Employment—Continued

Timing Class

Year
and
month

EMPLOYMENT AND UNEMPLOYMENT—Continued

U, C, C

42. Number
of persons
engaged in 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

(Thous.)

L, Lg, U

L, Lg, U

43. Unemployment rate

45. Average
weekly insured
unemployment
rate, State
programs1

(Percent)

(Percent)

t-g, Lg, Lg

91. Average
duration of
unemployment

(Weeks)

Lg. Lg, Lg

44. Unemployment rate,
persons unemployed 15
weeks and over

(Percent)

1986
January
February
March

105,597
105,427
105,640

98,776
98,914
99,013

24,821
24,768
24,711

59.87
59.61
59.74

7,847
8,427
8,330

6.7
7.2
7.1

2.8
2.8
2 8

15.0
15.4
14.6

1.8
2.0
1.9

April
May
June

105,793
105,938
106,495

99,252
99,389
99,323

24,770
24,708
24,628

59.74
59.73
60.02

8,373
8,444
8,441

7.1
7.2
7.1

2 8
2.8
2.8

14.6
14.7
15.1

1.8
1.9
1.9

July
August
September

106,710
106,929
106,883

99,601
99,772
100,039

24,628
24,639
24,620

60.05
60.10
60.05

8,278
8,115
8,298

7.0
6.9
7.0

2.8
2.8
2.8

15.2
15.5
15.4

1.9
1.9
2.0

October
November
December

107,052
107,224
107,504

100,209
100,415
100,567

24,611
24,630
24,630

60.07
60.15
60.20

8,230
8,214
7,919

6.9
6.9
6.7

2.7
2.7
2.6

15.2
15.0
15.0

1.9
1.9
1.9

January
February
March

107,840
108,119
108,218

100,919
101,150
101,329

24,708
24,743
24,749

60.30
60.43
60.43

7,964
7,886
7,791

6.7
6.6
6.5

2.6
2.6
2.6

15.0
14.8
14.9

1.8
1.8
1.7

April
May
June

108,556
109,065
109,108

101,598
101,708
101,818

24,759
24,752
24,761

60.57
60.79
60.72

7,557
7,573
7,308

6.3
6.3
6.1

2.5
2.4
2.4

14.8
14.8
14.7

1.7
1.7
1.7

July
August
September

109,427
109,907
109,688

102,126
102,275
102,434

24,850
24,886
24,917

60.84
61.02
60.87

7,251
7,256
7,091

6.0
6.0
5.9

2.3
2.3
2.2

14.2
14.3
14.2

1.5
1.6
1.6

October
November
December

109,961
110,332
110,529

102,983
103,285
rlO3,612

25,064
25,169
r25,259

61.00
61.11
61.19

7,177
7,090
6,978

6.0
5.9
5.8

2.1
2.1

14.1
H>14.0
14.2

1.5
1.5
1.5

110,836

rlO3,786
0)plO4,317

r25,204
0)p25,332

61.33

7,046

5.8

2.3

0)61.44

0)6,938

0)5.7

2.3

14.4
14.4

0)1.4

1987

B)2.1

1988
January
February
March

0)111,182

1.4

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.
1
I)ata exclude Puerto Rico, which is included in figures published by the source agency.

62



MARCH 1988

IUII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

PRODUCTION AND INCOME

Minor Economic
Process

Comprehensive Output and Income

Timing Class

c, c, c

C, C, C

50. Gross national product
in 1982 dollars

Year
and
month

Personal income
223. Current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

52. Constant
(1982) dollars
(Ann. rate,
bil. dol.)

Industrial Production

c, c, c

51. Personal
income less
transfer payments in 1982
dollars
(Ann. rate,
bil. dol.)

C, C, C

53. Wages and
salaries in 1982
dollars, mining,
mfg., and construction
(Ann. rate,
bil. dol.)
Revised

1986

C, C, C

47. Index of
industrial
production

C, C, C

73. Index of
industrial
production,
durable manufactures

C, L, L

74. Index of
industrial
production,
nondurable
manufactures

(1977 = 100)

(1977 = 100)

(1977 = 100)

C C, C

49. Value of
goods output
in 1982 dollars

(Ann. rate,
bil. dol.)

1

January
February
March

3,698.8

3,444.4
3,463.8
3,482.1

3,021.4
3,051.8
3,073.3

2,576.6
2,604.2
2,622.7

540.1
539.2
542.8

126.4
125.5
123.9

129.8
128.9
127.4

128.6
128.2
127.3

1,589.5

April
May
June

3,704.7

3,525.8
3,525.9
3,528.1

3,111.9
3,103.8
3,094.8

2,660.2
2,650.4
2,641.8

544.5
544.1
539.7

124.7
124.3
124.1

128.5
127.7
126.9

128.9
129.7
130.2

1,594.4

July
August
September

3,718.0

3,540.3
3,552.9
3,567.5

3,102.8
3,103.0
3,104.9

2,642.4
2,647.4
2,648.8

540.3
542.0
540.0

124.8
124.9
124.5

128.1
127.9
128.4

130.6
131.1
130.3

1,593.7

October
November
December

3,731.5

3,577.5
3,590.3
3,613.0

3,108.2
3,116.6
3,130.8

2,651.5
2,659.7
2,673.3

[fi)545.1
541.6
540.3

125.3
125.7
126.8

128.6
129.0
129.7

131.2
131.7
133.4

1,602.6

January
February
March

3,772.2

3,631.5
3,671.2
3,683.4

3,117.2
3,143.2
3,137.5

2,660.3
2,685.5
2,682.4

540.0
538.7
537.6

126.2
127.1
127.4

129.3
130.8
131.5

132.7
132.9
133.7

1,626 !6

April
May
June

3,795! 3

3,701.9
3,708.5
3,715.3

3,139.9
3,132.2
3,127.4

2,684.1
2,671.5
2,671.4

534.1
535.0
534.1

127.4
128.2
129.1

130.9
131.4
132.0

134.6
135.7
136.9

1,638.2

July
August
September

3,835^9

3,739.2
3,760.6
3,783.2

3,144.8
3,149.6
3,150.0

2,686.3
2,693.0
2,694.6

532.8
535.3
536.7

130.6
131.2
131.0

133.5
133.8
133.7

138.5
138.8
138.6

1,666.8

October
November
December

r3,854.4

r3,198.7

r2,741.1

H>r3,880.8

r3,839.8
r3,869.1

r3,178.6
r3,205.6

r2,722.7
r2,748.4

539.3
541.4
541.5

132.5
rl33.2
rl33.8

136.8
136.7
rl37.4

138.1
rl39.6

r3,879.7
[H)p3,913.6

r3,203.7
E>p3,223.7

r2,737.0
E>p2,757.2

541.0
p542.6

rl34.2
E>pl34.4

rl37.5

[H>Pl37.9

141.2
H>pl41.4

1987

H>rl,689."7

rl40.7

1988
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.
x
See "New Features and Changes for This Issue," page

MARCH 1988



63

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

• •
121

MAJOR ECONOMIC
PROCESS

PRODUCTION AND
INCOME—Continued

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES

Minor Economic
Capacity Utilization

Process

Timing Class

L, C, U

82. Capacity
utilization rate,
manufacturing

Orders and Deliveries

L, C, U

84. Capacity
utilization rate,
materials

Year

L, L, L

Manufacturers' new orders,
durable goods industries

L, L, L

8. Manufacturers' new
orders in 1982

7. Constant
(1982) dollars

6. Current
dollars

and

L, L, L

month

dollars, consumer goods

L, Lg, U

L, L, L

25. Change in
manufacturers'
unfilled orders,
durable goods
industries1

96. Manufacturers' unfilled
orders, durable
goods industries

1, L, L

32. Vendor
performance,
companies receiving slower
deliveries1©

and materials

(Percent)

(Percent)

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Bil. dol.)

(Percent
reporting)

1986
80.7
80. 2
79.2

80.5
79.8
78.5

99.02
101.26
100.94

92.63
94.73
94.33

81.63
80.74
79.16

0.63
2.18
3.23

363.66
365.84
369.06

46
48
50

78.7
78.3
78.0

98.18
97.30
97.90

91.58
90.68

June

79.9
79.6
79.3

91.15

81.07
78.92
80.38

-2.76
-1.32
-1.70

366.30
364.98
363.28

50
55
50

July
August
September

79.7
79.6
79.4

78.1
77.9
77.7

99.68
96.30
102.95

92.72
89.50
95.59

79.18
80.04
82.66

-0.03
-1.88
2.29

363.24
361.36
363.65

54
51
52

October

79.5
79.6
80.2

77.9
78.5
79.1

99.98
99.98
105.68

92.48
92.32
97.58

81.25
79.54
85.34

-1.06
-0.03
-0.71

362.60
362.57
361.86

54
56
56

79.6
80.0
80.3

78.7
78.7
78.7

r96.84
riO2.27
rl05.04

r89.25
r94.26
r96.63

r80.80
r84.51
r85.66

r-2.39
r-0.99
rO.29

r359.46
r358.48
358.76

55
52
55

79.1
79.3
79.8

106.98
106.99
109.18

98.32
98.16

June

80.2
80.4
80.8

100.07

84.32
83.78
85.43

4.23
4.52
4.70

363.00
367.51
372.22

57
60
57

July
August
September

81.5
81.5
81.3

80.6
81.1
81.2

109.21
106.68
109.34

99.83
97.16
99.04

84.16
83.69

6.18
2.54
0.91

378.40
380.94
381.85

62
60
69

82.0
82.2
r82.5

82.1
r82.9

111.10
110.95

100.45

r85.96
85.93

H>r83.7

2.84
2.57
r2.59

384.70
387.27
r389.86

70
66
71

r83.4
p83.1

r4.62
p2.65

r394.48
E>p397.13

68
66

January
February
March
April
May

November
December
1987
January
February
March
April
May

October
November
December

85.71

[H>rll5.62

99.95
0>rlO3.7O

[H>r86.60

rll3.49
pill.40

rlO1.33
p99.38

p85.46

1988
January
February
March

r82.5

[H)p82.5

r84.81

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 .
lr

l'hc following series reached their high values before 1 9 8 6 :

64



series

25 ( 9 . 8 0 )

and s e r i e s

32 ( 7 2 ) i n March 1 9 8 4 .

MARCH 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC

FIXED CAPITAL
INVESTMENT

CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued

PROCESS
Minor Economic

Formation of BusiConsumption and Trade

Process

Timing Class

C, C, C

C L, C

C, C, C

75. Index of
industrial
production,
consumer
goods

Manufacturing and trade sales
Year
and

56. Current
dollars

57. Constant
(1982) dollars

ness Enterprises

U, L, U

C, L, U

L, C, C

55. Personal

Sales of retail stores

consumption
expenditures,

59. Constant
(1982) dollars

54. Current
dollars

L, L, L

L, L, L

58. Index of
consumer
sentiment1 (u)

12. Index of
net business
formation1

L, L. L

13. Number of
new business
incorporations

automobiles

month
(Ann. rate,

(Mil. dol.)

Revised

1986
January

(1977 = 100)

(Mil. dol.)
2

(Mil. dol.)

(Mil. dol.)
Revi sed

2

Revised

bil. dol.)

(1st Q
1966 = 100)

(1967 = 100)

(Number)

2

424,035
419,569
415,705

410,518
410,199
408,575

123.6
122.9
121.4

117,524
116,599
116,184

108,617
108,768
109,298

122.4

95.6
95.9
95.1

119.3
120.8
121.5

57,580
58,799
58,365

421,276
417,493
422,031

417,819
412,006
413,946

123.8
123.8
123.7

116,905
118,259
118,314

110,601
111,355
111,197

126.2

96.2
94.8
99.3

122.4
120.7
120.3

58,937
58,257
57,558

421,167
423,040
437,226

417,523
419,488
430,295

124.5
125.0
123.6

118,821
120,308
127,115

111,569
112,543
[0)118,247

H>15i.'3

97.7
94.9
91.9

120.7
119.3
120.4

58,002
56,541
58,002

429,228
429,782
443,623

422,639
422,723
431,993

124.8
125.0
126.6

120,778
120,470
126,011

112,666
112,274
116,677

95.6
91.4
89.1

119.7

141.3

57,410
56,924
H>65,318

r424,997
r443,059
445,032

416,920
433,202
431,116

125.5
126.4
126.7

117,246
123,298
124,153

107,961
113,014
113,175

117.5

90.4
90.2
90.8

118.1
120.5
122.0

55,069
58,880
60,193

444,357
446,282
451,734

429,733
428,743
430,800

125.5
127.3
127.2

124,744
124,775
126,511

113,301
112,715
113,871

125.1

92.8
91.1
91.5

120.7
119.3
119.4

57,715
56,624
57,502

452,652
457,499
462,434

433,890
436,811
[g>439,591

128.9
129.4
127.7

127,230
0)129,981
127,815

114,415
116,470
114,121

148.3

93.7
94.4
93.6

119.5
120.6
121.5

57,483
57,951
57,066

462,405
460,616
(H>r466,142

438,814
435,121
436,886

129.0
rl29.4
rl29.5

126,808
127,248
128,615

112,919
113,109
114,426

rl29.8

89.3
83.1
86.8

120.7
122.4
rl21.9

55,337
57,358
p53,954

p462,783
(NA)

p437,785
(NA)

rl30.4

128,598
pl29,123

114,411
pll5 ,186

90.8
91.6

rl23.1
pl22.7

(NA)

H)pl30.6

February
March
April
May
June
July
August
September
October
November
December

118.3
121.9

1987
January
February
March
April
May
June
July
August
September
October
November
December
1988

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, 22, and 23.
1
2

Series 58 reached its high value (101.0) in March 1984; series 12 reached its high value (123.2) in January 1984.
See "New Features and Changes for This Issue," page iii.

MARCH 1988



65

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

U J

Minor Economic
Process

Business Investment Commitments

Timing Class

L, L, L

L, L, L

Contracts and orders for
plant and equipment
Year
and
month

FIXED CAPITAL INVESTMENT—Continued

10. Current
dollars

(Bil. dol.)

L, L, L

Manufacturers' new orders,
nondefense capital goods industries

20. Constant
(1982) dollars

(Bil. dol.)

24. Current
dollars

(Bil. dol.)

I C, U

L, L, L

U, Lg, U

9. Construction contracts awarded for
commercial and industrial buildings1 2

27. Constant
(1982) dollars

Square feet of
floor space

(Bil. dol.)

(Millions)

Square meters of
floor space3

(Millions)

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations 2
(Bil. dol.)

C Lg, Lg

97. Backlog of
capital appropriations, 1,000
manufacturing
corporations2

(Bil. dol.)

1986
January
February
March

29.45
32.82
30.91

30.95
36.40
33.36

24.96
27.66
26.61

26.92
31.78
29.53

72.89
82.65
73.01

6.77
7.68
6.78

23.39

April
May
June

30.13
29.86
30.53

32.28
32.74
33.78

25.36
25.43
25.85

28.05
28.80
29.64

82.17
78.06
76.57

7.63
7.25
7.11

19.99

July
August
September

30.97
29.83
31.86

34.68
33.60
34.59

26.40
25.34
27.16

30.63
29.63
30.44

73.43
76.48
76.51

6.82
7.10
7.11

20.'20

October
November
December

32.00
31.99

27.54
27.27
29.14

30.87
31.03
33.00

73.54
83.00
76.45

6.83
7.71
7.10

22.10

34.29

34.83
35.23
37.59

r31.25
r32.07
r31.96

r33.52
r35.08
r34.71

r26.75
r27.18
r27.26

r29.53
r30.77
r30.59

80.75
73.72
77.18

7.50
6.85
7.17

21.44

April
May
June

32.88
34.17
35.33

36.35
37.70
38.40

28.31
30.03
29.99

32.33
34.07
33.72

78.14
76.74
84.28

7.26
7.13
7.83

32^26

July
August
September

36.77
34.69
34.66

40.63
38.25
38.28

31.98
29.54
29.75

36.47
33.79
34.03

84.76
84.70
85.96

7.87
7.87
7.99

p30.87

October
November
December

r35.23
34.60
@>r38.81

39.11
37.52
r41.74

30.42
30.08
r33.88

34.94
33.64
r37.49

82.21
75.90
84.37

7.64
7.05
7.84

(NA)

r38.52
p37.73

(H>r43.51
p41.41

H>r34.72
p32.66

H>r40.23
p37.04

69.43
91.89

6.45
8.54

92^22

85.77

80.71

69^72

1987
January
February
March

69.* 17

74.64

p77.41

(NA)

1988
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.
lr
Fhis 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 The following series reached their high values before 1986: series 9 (95.19 square feet and 8.66
square meters) in September 1985, series 11 (54.12) in 2d quarter 1984, and series 9" (99.88) in 2d quarter 1985. Converted to metric
units bv the Bureau of Economic Analvsis.

66



MARCH 1988

ito

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
dollars1
(Ann. rate,
bil. dol.)

100. Constant
(1982) dollars1
(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 startedl

Gross private nonresidential
fixed investment in 1982 dollars
86. Total

(Ann. rate,
bil. dol.)

87. Structures x

(Ann. rate,
bil. dol.)

L, L, L

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

(Ann. rate,
thous.)

L, L, L

29. Index of
new private
housing units
authorized by
local building
permits x
(1967 = 100)

L, L, L

89. Gross private residential
fixed investment
in 1982 dollars

(Ann. rate,
bil. dol.)

1986
January
February
March

380.04

387.13

381.52
394.74
394.11

142.1
141.3
139.2

453.2

145.4

307.8

1,938
1,869
1,873

147.4
141.1
144.3

185*9

April
May
June

376.21

379.25

395.29
383.39
388.43

139.6
138.6
137.2

441.0

128*4

312*6

1,947
1,847
1,845

149.4
141.8
143.0

196*5

July
August
September

375.50

376.42

388.27
387.28
386.99

139.4
139.1
139.6

437! 7

122.7

315.0

1,789
1,804
1,685

141.8
137.8
134.5

201.1

October
November
December

386.09

386.76

393.82
391.03
412.26

139.4
138.8
139.5

443.2

124*6

318*6

1,683
1,630
1,837

132.7
132.9
148.5

0)202*2

January
February
March

374.23

374.49

r371.ll
r387.48
391.88

138.6
141.7
141.9

426.0

120.4

305*6

1,804
1,809
1,723

131.7
133.7
137.1

198*2

April
May
June

377.65

376.95

390.24
390.29
399.08

142.1
141.7
144.2

437.9

120.4

317.5

1,635
1,599
1,583

127.4
119.1
121.0

196*8

July
August
September

393.13

394.57

402.81
409.64
423.70

145.6
145.6
146.3

463*8

127.2

[H>336^6

1,594
1,583
1,679

118.6
119.8
119.8

193.5

October
November
December

a417.25

a419.48

415.29
r415.48

[H)r465".6

0)r437.34

148.7
148.3
rl49.7

rl29.8

r335".8

1,538
1,661
rl,399

116.7
117.1
108.5

rl97.0

P434.84
(NA)

0)pl51.8

rl,372
p i ,494

100.2
113.4

1987

1988
January
February
March

a427.97

a429.36

April
May
June

a429.07

a430*77

rl50.8

July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
x
The following series reached their high values before 1986: series 61 (394.98) and series 100 (402.90) in 4th quarter 1985, series 87
(151.7) in 2d quarter 1985, and series 28 (2,260) and series 29 (158.5) in February 1984.

ItCII

MARCH 1988




67

CYCLICAL

INDICATORS

CYCLICAL INDICATORS BY ECONOMIC

PROCESS—Continued

MAJOR ECONOMIC
PROCESS

INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process
Timing Class

Year
and
month

Inventory Investment

30. Change in
business inventories in 1982
dollarsx

36. Change in mtg. and trade
inventories on hand and on
order in 1982 dollars1
Smoothed2

Actual
(Ann. rate,
bil. dol.)

L, L, L

L, L, L

L, L, L

(Ann. rate,
bil. dol.)

Inventories on Hand and on Order

(Ann. rate,
bil. dol.)

31. Change
in mfg. and
trade inventories

(Ann. rate,
bil. dol.)

L, L, L

38. Change in
mfrs.' inventories, materials and supplies on hand
and on order
(Bil. dol.)

Lg, Lg. Lg

g, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars
(Bil. dol.)

70. Constant
(1982) dollars

(Bil. dol.)

Lg, Lg, Lg

Lg, Lg, Lg

65. Manufacturers' inventories,
finished
goods

77. Ratio,
mfg. and
trade inventories to
sales in
1982 dollars

(Bil. do!.)

(Ratio)

L, Lg, Lg

78. Mfrs.'
inventories,
materials and
supplies on
hand and on
order
(Bil. dol.)

3

( )
1986
January
February
March

35 .*3

22.18
15.18
43.63

8.37
12.76
21.74

14.3
0.1
24.2

-0.23
1.22
-0.45

651.88
651.89
653.90

639.55
640.54
644.56

105.75
105.43
105.21

rl.56
1.56
E>rl.58

229.97
231.18
230.73

April
May
June

28.1

11.26
-39.48
20.98

25.18
14.25
1.36

12.9
-25.5
8.6

-0.96
-1.95
-1.33

654.98
652.85
653.57

646.10
643.87
645.89

105.17
104.87
103.80

rl.55
1.56
1.56

229.77
227.82
226.49

July
August
September

6*.l

26.09
-24.98
-30.89

0.06
4.95
-1.28

33.7
-9.8
-22.6

-0.90
-1.09
1.42

656.37
655.55
653.67

648.98
647.14
644.01

104.05
103.60
102.74

1.55
1.54
rl.50

225.59
224.50
225.92

October
November
December

27.23
-22.78
-4.97

-9.74
-9.18
-4.49

23.4
-4.3
-31.6

-0.97
0.12
1.57

655.61
655.26
652.62

646.72
645.45
643.29

102.96
103.96
103.23

1.53

-14*4

rl.53
rl.49

224.94
225.07
226.64

January
February
March

r64.30
r2.17
r47.27

r6.00

rl6.34
r29.21

r78.8
rl5.3
30.5

r-0.73

47.6

r-0.37
r2.04

r659.19
660.47
663.01

649.53
649.55
651.82

rlO4.41
104.48
104.59

1.56
1.50
1.51

r225.90
r225.53
227.58

April
May
June

39.0

23.88
48.40
33.05

r31.18
r32.14
r37.48

34.4
68.8
37.7

3.23
0.59
2.46

665.88
671.61
674.75

652.67
655.75
656.98

104.22
104.28
103.48

1.52
1.53
1.53

230.80
231.40
233.86

July
August
September

24.6

35.63
-11.50
22.84

37.07
29.04
17.36

35.9
8.4
46.6

2.98
1.36
1.99

677.74
678.44
682.32

658.83
657.37
658.31

104.58
105.37
104.77

1.52
rl.50
1.50

236.84
238.19
240.18

October
November
December

r60.*5

r66.19
r29.30
r31.51

r20.75
r32.64
r40.89

0)91.2
77.9
r77.2

1.89
1.11
3.50

689.93
696.42
r702.85

r663.80
r666.13
r669.04

105.91
106.80

rlO7.57

rl.51
rl.53
1.53

242.07
243.17
246.67

p30.70
(NA)

p36.42
(NA)

p36.0
(NA)

H>P3.83
(NA)

[H>p705.85
(NA)

[H)p671.90
(NA)

H)plO8.79
(NA)

pi.53
(NA)

0)p25O.5O
(NA)

1987

1988
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.
lr
rhe following series reached their high values before 1986: series 30 (83.4) in 1st quarter 1984, series 36 actual (89.60) in February
1984, and series 36 smoothed (78.81) in May 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.




MARCH 1988

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
Q |

PROCESS

PRICES, COSTS, AND PROFITS

Minor Economic

Stock

Sensitive Commodity Prices

Process

Timing Class

L, L, L

98. Change in
producer prices
for sensitive
Year

crude and

and

intermediate

month

materials

23. Index of
spot market
prices, raw
industrial,
materials 2 ®

L, L, L

L, L, L

U, L, L

Profits and Profit Marg

Prices

99. Change in sensitive materials
prices
Smoothed3

Actual

19. Index of
stock prices,
500 common
stocks @

ILL

L. L, L

Corporate profits after tax
16. Current
dollars1

18. Constant
(1982) dollars1

L, C, L

ns

L C, L

Corporate profits after tax
with IVA and CCAdj *
79. Current
dollars1

80. Constant
(1982) dollars1

1

(Percent)

(1967 = 100)

(Percent)

(Percent)

(1941-43 = 10)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

L, L, L

22. Ratio, corporate domestic profits after
tax to corporate domestic
income1
(Percent)

1986

0.37
-0.92
0.93

236.9
233.3
223.1

0.29

-0.05

-0.68
-0.99

-0.05
-0.28

208.19
219.37
232.33

120.9

111.9

189.9

182.8

4*3

1.29
0.82
0.45

219.9
221.3
225.0

0.00
0.50
0.69

-0.51
-0.36
0.12

237.98
238.46
245.30

122.3

112 ^5

180.2

171.3

4 '.7

July
August
September

0.99
-2.14
1.18

227.6
212.0
221.2

0.69
-2.83
1.71

0.51
0.07
-0.31

240.18
245.00
238.27

130.2

119*5

180.3

170.1

4.9

October

1.17
1.16
-0.18

235.5
243.7
247.5

2.27
1.35
0.38

0.12
1.08
1.56

237.36
245.09
248.61

134.0

122.7

167.1

156.0

5.'i

0.35
0.26
0.88

252.8
247.2
246.3

0.76
-0.57
0.19

1.08
0.51
0.16

264.51
280.93
292.47

129*0

116*1

165.9

153.3

4.6

-0.26
2.52
1.78

253.8
272.6
276.4

0.85
[H>3.00
i .00

0.14
0.75
1.48

289.32
289.12
301.38

134.5

120.5

162*6

148*8

4*8

1.92
1.55
3.38

284.2
288.3
292.4

1.53
0.98
1.58

H>1.73
1.51
1.27

0)329.36
318.66

141.9

126.8

172.0

157.7

5.1

r2.57
rl.22
0.00

[H)294.6
292.0
293.1

1.13
0.17
0.17

1.30
1.10
0.72

280.16
245.01
240.96

p!44'.2

pl28".i

pl7i ! 6

pl55*9

p4*9

292.5
288.9
291.0

0.17
-0.34

0.33
0.08

January
February
March
April
May
June

November
December
1987
January
February
March
April
May
June
July
August
September
October
November
December

310.09

1988
January

0.60
0.07

February

5

March

6

250.48
258.13
268.65

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.
lr
rhe following series reached their high values before 1986: series 98 (3.55) in July 1983: series 16 (152.5), series 18 (149.4), and
2
series 22 (6.9) in 1st quarter 1984; and series 79 (192.3) and series 80 (186.6) in 3d quarter 1985.
This is a copyrighted series used by
3
A
permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc.
See footnote 2 on page 68.
See
footnote 1 on page 70. 'Average for March 1 through 23. 6 Average for March 2, 9, lb, and 23.

MARCH 1988



69

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

^ |

Minor Economic
Process

Year
and
month

Cash Flows

Profits and Profit Margins—Continued

Timing Class

U, L, L

L, L, L

81. Ratio, corporate domestic profits after
tax with IVA
and CCAdj to
corp. domestic
incomex 2

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

(Percent)

(Cents)

PRICES, COSTS, AND PROFITS—Continued

L, L, L

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

ILL

Unit Labor Costs and Labor Share

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

Lg, Lg, Lg

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

Lg, Lg, Lg

62. Index of labor cost per unit
of output, manufacturing2
Actual data

(1977 = 100)

Actual data
as a percent
of trend
(Percent)

64. Compensation of employees as a
percent of national income2

(Percent)

1986
January
February
March

7.8

3.7

99.5

364.6

365.8

165.0

0.709

137.3
137.6
139.3

100.1
100.3
101.5

73*3

April
May
June

7*.6

4.3

99.3

363.3

363.2

166.2

0.714

137.6
138.1
138.0

100.3
100.7
100.6

72.9

July
August
September

7.3

3.4

99.4

370.9

371.0

16 7 15

0.717

137.2
137.8
137.8

100.0
100.4
100.4

73.1

October
November
December

6.7

3.4

98.4

376 ^7

375.9

169.0

0.720

138.8
137.6
136.4

101.2
100.3
99.4

73.5

January
February
March

6.4

4.5

99.1

378.7

378.6

169.4

0.724

137.4
136.8
136.0

100.1
99.7
99.1

73.0

April
May
June

6*2

4.8

99.4

384.6

384.3

17o'.2

0.728

135.9
135.7
135.0

99.1
98.9
98.4

73.0

July
August
September

6.5

S>5.6

H>100.2

392.2

391.5

169.8

0.727

133.6
134.5
135.8

97.4
98.0
99.0

72^8

October
November
December

p6.1

(NA)

r99.9

[H)p396.5

[H>p396.4

[H>rl71.'2

[H>p0.736

135.0
135.1
rl34.5

98.4
98.5
r98.0

p72.*5

rl34.7
pl34.7

r98.2
p98.2

1987

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
The following series reached their high values before 1986: series 81 (8.4) in 3d quarter 1985, series 62 (139.8 actual data and 101.9
as percent of trend) in October 1985, and series 64 (73.6) in 4th quarter 1985.

70



MARCH 1988

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

Q l

Minor Economic
Process

MONEY AND CREDIT

Money

Timing Class

L, L, L

85. Change
in money
supply Ml

L.C.U

L, L, L

102. Change
in money
supply M2 1

104. Change
in total liquid
assets l

105. Money
supply M l in
1982 dollars

106. Money
supply M2 in
1982 dollars

(Percent)

(Bit. dol.)

(Bil. dol.)

Revised 2

Revised 2

L, L, L

L.L.L

Year
and
month
(Percent)

(Percent)

1986

Credit Flows

Velocity of Money

C, C, C

107. Ratio,
gross national
product to
money supply
Ml1

(Ratio)

C, Lg, C

108. Ratio,
personal income
to money supply
M21

(Ratio)

L, L T L

33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies1
(Ann. rate,
bil. dol.)

L, L,L

112. Net change
in business loans

(Ann. rate,
bil. dol.)

January
February
March

0.30
0.52
1.41

0.20
0.30
0.79

r0.69
r0.61
r0.62

553.1
551.3
562.1

2,264.5
2,277.7
2,307.9

6.632

1.338
1.341
1.338

-23.17
57.40
43.56

57.86
-50.58
-11.22

April
May
June

1.14
1.64
1.47

0.93
0.95
0.94

0.69
rO.7O
0.63

569.4
577.7
583.2

2,333.5
2,351.4
2,361.0

6.465

1.342
1.329
1.318

52.58
30.83
(NA)

-46.75
21.97
-26.40

July
August
September

1.44
1.45
1.01

0.95
0.84
0.66

0.78
0.66
0.70

591.5
599.0
603.5

2,383.5
2,399.3
2,408.8

6.277

1.310
1.304
1.300

8.20
47.78
-22.16

October
November
December

1.09
1.65
0)2.69

0.82
0.60
0.90

rO. 48
rO. 52
r0.73

609.0
618.0
633.0

2,424.3
2,434.6
2,450.1

6.049

1.293
1.290
1.287

25.92
23.40
98.02

January
February
March

0.83
-0.01
0.40

0.71
0.05
0.18

0.70
r0.29
r-0.04

633.8
631.0
630.8

0)2,450.4
2,441.2
2,435.0

5.978

1.284
1.298
1.300

0)127.52
-44.40
-32.86

April
May
June

1.43
0.24
-0.59

0.46
0.06
r0.09

0.37
0.68
0.39

[H)637.0
636.4
631.0

2,435.8
2,428.9
2,424.9

5.971

1.300
1.302
1.303

13.92
-4.12
-29.59

July
August
September

0.20
0.39
0.13

0.22
0.40
r0.40

r0.04
0.50
0.58

630.7
630.5
629.2

2,424.2
2,423.6
2,425.0

6.065

rl.308
1.311
1.313

-42.55
-23.42
16.88

October
November
December

1.16
-0.46
r-0.24

0.50
r0.09
0.15

r0.69
r0.31
r0.13

634.4
629.9
627.3

2,428.9
2,424.9
2,424.5

r6.116

rl.331
1.325
1.333

44.14
r6.98
r81.48

rl.O7
p0.09
-0.58

r0.81
p0.73

p0.96
(NA)

631.9
p631.4

2,435.9
p2,449.5

1.326
pi.328

r-97.57
p36.53

1987

1988
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, 3 1 , and 32.
lr
Fhe following series reached their high values before 1986: series 102 (2.66) in January 1983, series 104 (1.16) in September 1984,
series 107 (6.962) in 4th quarter 1984, series 108 (1.374) in March 1984, and series 33 (143.70) in September 1984. 2 See "New Features and
Changes for This issue," page lii. 3 Average for weeks ended March 7 and 14.

MARCH 1988



71

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
PROCESS

wSm

Minor Economic
Process

Year
and
month

L, L, L

113. Net change
in consumer
installment
credit 1

(Ann. rate,
bil. dol.)

L, L, L

111. Change in
business and
consumer credit
outstanding1

(Ann. rate,
percent)

Bank Reserves

Credit Difficulties

Credit Flows—Continued

Timing Class

MONEY AND CREDIT—Continued

L, L,L

110. Funds
raised by private
nonfinancial
borrowers in
credit markets1
(Ann. rate,
mil. dol.)

L, L, L

14. Current
liabilities of
business
failures 1 ©

(Mil. dol.)

L, L,L

39. Percent
of consumer
installment
loans delinquent 30 days
and over1
(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)

1986
January
February
March

75.83
60.96
28.68

11.8
3.5
4.4

411,284

3,238.9
3,252.2
3,278.8

2.27
2.29
2.41

341
213
135

770
884
761

8.14
7.86
7.48

7.04
7.03
6.59

April
May
June

71.18
50.87
60.14

3.4
7.2
3.2

575,340

1,766.8
3,572.8
3,467.6

2.44
2.52
2.53

-92
-38
128

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

738,552

7,464.6
2,748.4
5,126.7

2.22
2.33
2.24

169
-132
-282

741
872
1,008

6.56
6.17
5.89

5.84
5.57
5.19

October
November
December

67.04
9.38
1.73

8.1
4.2
13.1

r777,632

2,870.8
2,170.2
4,326.8

2.25
2.34
2.26

-95
226
542

841
752
827

5.85
6.04
6.91

5.18
5.35
5.49

9.47

1987
January
February
March

12.16
3,86

8.2
-0.5
1.2

r378,972

p3,446.6
p2,921.1
p2,622.7

2.43
2.40
2.28

488
655
389

580
556
527

6.43
6.10
6.13

5.45
5.59
5.56

April
May
June

44.17
-3.82
54.54

6.3
4.3
5.6

r612,328

p2,024.8
p2,872.4
p2,742.3

2.36
2.43
2.35

-166
44
414

993
1,035
776

6.37
6.85
6.73

5.76
5.75
5.69

July
August
September

40.25
60.07
77.10

0.4
4.8
11.1

r582,660

p2,142.7
pi,907.4
p2,026.2

2.34
2.37
2.35

89
385
-147

672
647
940

6.58
6.73
7.22

5.78
6.00
6.32

October
November
December

34.57
31.61
r47.76

9.3
r6.3
rl2.7

p613,780

p3,151.6
pi,610.6
p5,512.2

2.66
2.54
2.47

186
298
252

943
625
777

7.29
6.69
6.77

6.40
5.81
5.80

p65.05
(NA)

pO.O
(NA)

(NA)

(NA)

r213
p739

1,082
p396

1988
January
February
March

2

6.83
6.58
6.56

3

5.90
5.69
5.69

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 1986: series 113 (125.96) in September 1985; series 111 (22.0) in June 1984; series 110 (948,376) in 4th quarter 1985; series 14 (829.2) in July 1983; series 39 (1.78) in February 1984; and series 93 (-7,328), series
94 (8,017), series 119 (11.64), and series 114 (10.49) in August 1984. 2Average for weeks ended March 2, 9, 16, and 23. 3Average for weeks
ended March 3, 10, 17, and 24.

72



MARCH 1988

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

MAJOR ECONOMIC
m

PROCESS

MONEY AND CREDIT—Continued

Minor Economic
Interest Rates—Continued

Process

Timing Class

Lg, Lg, Lg

116. Yield on
new issues of
high-grade
Year
and

corporate

C Lg, Lg

115. Yield on
long-term
Treasury
bonds1©

1

bonds ©

U, Lg, Lg

117. Yield on
municipal
bonds, 20-

bond average 1 ©

Lg, Lg, Lg

Outstanding Debt

Lg, Lg, Lg

118. Secondary
market yields
onFHA
mortgages1©

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

Lg, Lg, Lg

Lg, Lg, Lg

Commercial and industrial
loans outstanding
72. Current
dollars

101. Constant
(1982) dollars

month

(Percent)

(Percent)

(Percent)

(Percent)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

Lg, Lg, Lg

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

1986

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

15.36
15.42
15.41

7.59
8.02
8.23

7.20
7.54
7.87

9.80
10.07
9.98

8.13

June

8.71
9.09
9.39

8.83
8.50
8.50

542,521
546,759
551,771

338,180
340,011
337,811

339,538
340,011
338,149

15.39
15.51
15.64

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

15.76
15.86
16.01

October

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
344,739
352,907

343,820
345,430
353,969

0)16.12
16.09
15.99

8.59
8.58
8.68

7.60
7.69
7.62

6.61
6.61
6.66

8.79
8.81
8.94

7.46

7.50
7.50
7.50

578,578
579,591
579,913

0)385,838
382,138
379,400

0)383,918
378,354
374,901

15.93
15.79
15.74

9.36
9.95
9.64

8.31
8.79
8.63

7.55
8.00
7.79

10.02
10.61
10.33

8.24

7.75
8.14
8.25

583,595
583,276
587,821

380,560
380,217
377,751

373,464
370,582
366,749

15.76
15.73
15.82

July
August
September

9.70
10.09
10.63

8.70
8.97
9.58

7.72
7.82
8.26

10.38
10.55
11.22

8.20

8.25
8.25
8.70

591,175
596,182
602,607

374,205
372,253
373,660

361,551
358,625
360,328

15.81
15.85
15.93

October

10.80
10.09
10.22

9.61
8.99
9.12

8.70
7.95
7.96

10.90
10.76
10.63

8^47

9.07
8.78
8.75

605,488
608,122
r612,101

377,338
r377,920
r384,710

362,476
r362,687
r369,558

15.71
15.34
rl5.82

9.81
9.43
2
9.68

8.82
8.41
2
8.56

7.69
7.49
7.70

rlO.17
9.86

8.37

8.75
8.51
"8.50

H)p617,522
(NA)

r376,579
p379,623

r360,363
p362,928

pl5.92
(NA)

January
February
March
April
May

November
December
1987
January
February
March
April
May
June

November
December
1988
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 15, 34, and 35.
1

The following scries reached their high values before 1986: series 116 (14.49), series 115 (13.00), and series 117 (10.67) in June 1984;
series 118 (15.01) in May 1984; series 67 (13.29) in 3d quarter 1984; and series 109 (13.00) in August 1984. 2 Average for weeks ended
March 4, 11, 18, and 25. 3 Average for weeks ended March 3, 10, 17, and 24. hAverage for March 1 through 28.

MARCH 1988



73

CYCLICAL INDICATORS
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)1

1-month
span

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)

6-month
span

1-month
span

6-month
span

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

1-month
span

9-month
span

962. Initial claims for
unemployment insurance,
State programs, 51
areas 2

1-month
span

9-month
span

963. Employees on
private nonagricultural
payrolls, 186
industries

1-month
span

6-month
span

1986
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

58.3
75.0
66.7

50.0
66.7
50.0

20.0
17.5
85.0

80.0
55.0
30.0

58.8
52.9
64.7

49.0
39.2
51.0

53.2
48.1
48.1

47.6
47.6
43.0

April
May
June

63.6
50.0
59.1

54.5
63.6
63.6

100.0
25.0
37.5

75.0
75.0
100.0

0.0
66.7
33.3

41.7
50.0
33.3

40.0
50.0
52.5

57.5
32.5
52.5

25.5
74.5
56.9

56.9
56.9
67.6

53.5
52.4
46.8

43.2
45.4
48.4

July
August
September

59.1
50.0
50.0

68.2
72.7
90.9

87.5
100.0
75.0

75.0
100.0
100.0

50.0
50.0
41.7

50.0
41.7
50.0

37.5
77.5
65.0

87.5
60.0
82.5

34.3
78.4
17.6

92.2
45.1
90.2

52.4
56.2
55.1

47.3
53.0
59.2

October
November
December

54.5
81.8
81.8

72.7

81.8
90.9

75.0
87.5
100.0

75.0
100.0
rlOO.O

91.7
41.7
25.0

75.0
33.3
58.3

57.5
75.0
52.5

87.5
70.0
52.5

71.6
80.4
7.8

70.6
70.6
94.1

53.2
59.7
59.7

58.9
57.8
58.9

36.4
45.5
r63.6

72.7
72.7
63.6

25.0
100.0
50.0

100.0
100.0
50.0

66.7
25.0
25.0

50.0
r58.3
66.7

67.5
60.0
32.5

72.5
70.0
75.0

88.2
35.3
52.0

69.6
82.4
78.4

53.5
56.8
58.6

61.9
62.7
58.9

50.0
45.5
68.2

72.7
63.6
r63.6

62.5
50.0
87.5

100.0
100.0
100.0

75.0
41.7
58.3

33.3
r58.3
50.0

7.5
95.0
50.0

62.5
32.5
85.0

73.5
78.4
15.7

80.4
94.1
90.2

58.4
58.6
55.7

67.3
67.6
71.1

July
August
September

r50.0
45.5
59.1

63.6
63.6
63.6

100.0
100.0
75.0

100.0
100.0
100.0

25.0
41.7

r33.3
r58.3
r66.7

55.0
60.0
22.5

55.0
r70.0
90.0

64.7
84.3
37.3

92 2
59.8
r66.7

68.6
54.6
65.4

76.2
78.6
r80.3

October
November
December

72.7
22.7
r50.0

45.5
344.4

75.0
50.0
100.0

66.7
75.0

85.0
40.0
r32.5

p30.0

86.3
23.5
5.9

p41.2

65.4
71.9
r63.2

r74.9
p76.5

1987
January
February
March
April
May
June

4

100.0
100.0

r91.7
66.7
r83.3
25.0

5

1988
January
February
March

36.4
355.6

75.0
* 100.0

5

50.0
50.0

r47.5
p22.5

r78.4
p45.1

r57.6
p59.7

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 (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 page 36.
1
Beginning with data for January 1984, series 12 has been suspended from this index.
2
Figures are the percent of components declining.
3
Excludes series 36 and 111, for which data are not available.
^Excludes series 57, for which data are not available.
5
Hxcludes series 77 and 95, for which data are not available.

74



MARCH 1988

I

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q j
964. Manufacturers'
new orders, 34
durable goods industries
Year
and

965. Newly approved
capital appropriations
in 1982 dollars, 17
manufacturing
industries

DIFFUSION INDEXES—Continued
967. Spot market
prices, 13 raw
industrial materials (u)

966. Industrial production, 24 industries

968. Stock prces, 500
common stocks1 (u)

960. Net profits,
manufacturing, about
600 companies 2 @

month

1-month
span

9-month
span

1-quarter
span

4-Q moving
average

1-month
span

6-month
span

1-month
span

9-month
span

1-month
span

9-month
span

(4-quarter span)

1986

55.9
47.1
44.1

38.2
44.1
44.1

36

47.1
51.5
50.0

24

June

58.8
26.5
55.9

July
August
September

44.1
39.7
64.7

32.4
67.6
55.9

59

October

50.0
44.1
63.2

r67.6
r76.5
72.1

65

r52.9

85.3
72.1
79.4

42

64.7
55.9
r39.7
35.3
64.7

82.4
79.4
79.4

83

67.6
39.7
58.8

r73.5
73.5
67.6

52.9
47.1
55.9

p79.4

January
February
March
April
May

November
December

75.0
41.7
58.3

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

43

85.4
37.5
16.7

47.9
50.0
58.3

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

46

75.0
35.4
52.1

47.9
75.0
79.2

50.0
50.0
65.4

50.0
65.4
73.1

35.7
67.9
42.9

81.0
71.4
78.6

74

48

58.3
47.9
31.2

72.9
87.5
87.5

73.1
61.5
65.4

65.4
80.8
76.9

34.5
76.2
50.0

95.2
100.0
92.9

74

62

70.8
70.8
75.0

91.7
89.6
75.0

84.6
42.3
30.8

88.5
96.2
80.8

98.8
95.2
83.3

87.8
92.7
92.5

74

p60

31.2
64.6
60.4

75.0
87.5
83.3

61.5
88.5
57.7

73.1
96.2
80.8

39.3
46.3
93.9

97.5
97.5
62.5

*76

(NA)

50.0
70.8
70.8

p5O

70.8
62.5
50.0

91.7
91.7
91.7

73.1
76.9
61.5

88.5
88.5
76.9

81.3
95.0
8.8

10.0
12.5
10.0

(NA)

75.0
r79.2
r58.3

r83.3
p79.2

53.8
46.2
50.0

53.8
69.2

0.0
0.0
53.8

17.5

1987
January
February
March
April
May
June
July
August
September
October
November
December

3

1988

r41.2
p38.2

January
February

r50.0
p54.2
3

March

42.3
34.6
61.5

75.0
88.8

April
May
June
July
August
September
October
November
December

See note on page 74.
Graphs of these series are shown on page 37.
1

Based on 43 industries through January 1986, on 42 industries through April 1987, on 41 industries through June 1987, and on 40 industries thereafter. Data for component industries are not shown in table C2 but are available from the source.
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun £, Bradstreet, Inc.
3
Based on average for March 1, 8, 15, and 22.

MARCH 1988



75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |
970. Expenditures for new plant and equ pment,
21 industries

Year
and
quarter

a. Actual
expenditures

c. Early
projections

b. Later
projections

971. New ' rders, manufactur

972. Net profits, manufacturing
and trade1 @

Actual

Actual

Anticipated

(4-Q span)

(4-Q span)

(1-Q span)

(1-Q span)

(1-Q span)

DIFFUSION INDEXES—Continued
973. Net sales, manufacturing
and trade (u)

Anticipated

Actual

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

66.7
73.8
61.9
52.4

61.
76.
66.
42.

9
2
7
9

66.7
71.4
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
52.4
42.9
81.0

47.
66.
42.
85.

6
7
9
7

64.3
66.7
38.1
52.4

76
76
74
75

82
83
84
78

70
71
70
70

78
81
81
78

72
73
74
74

81
84
83
80

40.5
61.9
85.7
(NA)

42.
78.
85.
85.

9
6
7
7

50.0
71.4
66.7
61.9

78
83
82
82

80
83
85
86

74
74
75
76

78
81
83
82

78
80
82
83

82
83
85
86

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
Fourth quarter

61.9

84
84

....

82
82

85
84

....

0 1
974. Number of employees,
manufacturing and trade1 (u)

Year
and
quarter

Anticipated

Actual

(4-Q span)

(4-Q span)

DIFFUSION INDEXES—Continued

975. Level of inventories,
manufacturing and trade: (u)

976. Selling price s, manufacturmg1 @

977. Selling prices, wholesale
trade1 @

Actual

Actual

Actual

Anticipated

Anticipated

978. Selling prices, retail
trade1 (u)

Anticipated

Actual

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

60
58
58
59

60
62
59
58

66
63
60
61

64
66
62
58

65
62
61
61

70
70
64
62

54
50
59
50

68
66
66
60

66
63
66
62

65
70
67
62

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
52

64
64
62
62

60
62
66
62

62
62
64
64

60
61
64
64

60
59
62
62

64
65
66
68

60
60
61
62

64
64
68
70

60
66
67
66

53
70
72
70

63
68
66
69

67
67
72
72

64
64
68
70

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
F o u r t h quarter

....

63
62

62
64

70
69

72
72

68
71

. . .

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

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

76



Inc.

MARCH 1988

Dun §

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

5ELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change

Diffusion index components

1988

1987

August

July

December1"

November

October

September

961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS, MANUFACTURING

January1"

FebruaryP

l

(Hours)

All manufacturing industries

0

41.0

Percent rising of 20 components ...

o

(55)

41.0

40.6

(60)

(22)

+

41.3

41.2

41.0

(85)

(40)

(32)

(48)

+

41.1

-

40.9
(22)

Durable goods industries:
Lumber and wood products

0

40.6

Furniture and fixtures

0

40.0

40.4

39.4

+

40.1

39.3

+

+

40.8

40.4

40.2

40.0

o

40.0

39.8

39.6

0

39.6

-

41.9

42.5

42.0

43.7

43.6

43.5

+

42.1

41.7

+

41.9

+

42.7

42.5

+

42.8

Stone, clay, and glass products

42.2

42.1

41.9

Primary metal industries

43.4

+

43.5

43.4

42.6
43.7

o

41.4

+

41.5

40.8

42.0

42.2

41.6

42.6

Fabricated metal products
Machinery, except electrical

+

42.4

Electric and electronic equipment

0

41.1

-

41.0

40.4

41.7

+

41.9

41.3

41.6

+

41.7

38.8

+

39.4

Transportation equipment
Instruments and related products

+

Miscellaneous manufacturing

40.7

40.4

42.5

o

43.2
-

41.5
42.6
40.7

41.1

41.0

40.9

+

41.2

42.5

42.4

41.4

+

42.0

0

42.0

41.1

42.1

41.7

41.3

+

41.7

-

41.5

39.0

40.0

39.6

+

40.6

o

+

39.8

38.4

38.7

Nondurable goods industries:
Food and kindred products

39.9

+

40.3

Tobacco manufacturers

35.5

+

36.1

Textile mill products

42.4

-

Apparel and other textile products

37.3

+

-

Paper and allied products
Printing and publishing

0

Chemicals and allied products
+

Petroleum and coal products
Rubber and miscellaneous plastics products . .
Leather and leather products

-

40.2

40.5

+

38.9

+

41.2

41.0

42.1

41.3

+

41.9

41.8

37.4

36.3

37.4

37.1

+

+

41.4

38.6

+

38.9

37.0
43.1

43.6
38.0

-

37.9

42.7

o

42.7

o

42.7

42.6

0

42.6

43.5

+

43.6

+

44.3

41.4

41.9

+

42.1

+

42.5

41.9

37.7

38.7

38.3

+

38.5

37.6

110,949

+

115,620

43.2
o

41.4

+

+

42.8

41.0

36.9
+

+

42.4

41.6

37.2

41.6

37.9

38.2

43.3

41.7

40.3

+

43.2

43.8

+

-

40.5

38.0

+

37.9
+

40.7

o

43.5

43.4

38.1

44.4

+

o

43.5

42.2

+

40.6
40.5

43.7

-

38.0

+

+

44.2

44.4
-

41.4
36.7

964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES
(Millions of dollars)

0

All durable goods industries

109,213

-

(68)

Percent rising of 34 components ..

106,678

+

(40)

9,718

109,345

10,244

+

10,903

+

11,997

10,265

11,290

+

11,472

11,103

+

18,024

+

-

19,994

0

19,999

+

-

26,493

+

28,573

+

+

22,117

18,864

-

18,412

+

18,806

19,421

-

19,234

+

Transportation equipment

27,970

-

27,087

Other durable goods industries

21,979

-

21,470

the month-to-month directions of change are shown along with the numbers:

18,953

22,056

20,288

19,195

+

20,484

19,762

+

20,702

28,603

+

31,155

21,841

+

22,039

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

28,342
+

22,596

111,404
(38)

+

11,200

NOTE: To facilitate interpretation,

(41)

(56)

(47)

-

11,077

10,735

+

+

113,492

10,437

+

11,014

Machinery, except electrical
Electrical machinery

-

_

9,461
-

Fabricated metal products

-

(53)

(59)

11,261

-

Primary metals

111,095

11,720
18,678
19,196

+

29,336
22,230

The " r " indicates revised; " p " ,

preliminary; and " N A " , not available.
x

Data

areseasonally

2

Data

for most

change

adjusted

by the source

of the diffusion

for the six major

industry

MARCH 1988



index
groups

agency.

components
shown

are not available

for publication,

b u t they

are included

in t h e t o t a l s

and directions of

here.

77

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Q |

SELECTED DIFFUSION INDEX COMPONENTS :

Basic Data and Directions of Chan ge—Continued

1987

Diffusion index components

July

1988

September

August

October

966. INDEX OF INDUSTRIAL PRODUCTION

November1"

Decemberr

January 1 "

FebruaryP

+

+

+

+

]

(1977 = 100)

131.2

131.0

(71)

(62)

(50)

+
+

132.8
156.2

131.1
155.2

+
+

118.8
81.4

o
+

111.1
155.3

Transportation equipment

+
+

172.5
127.6

+
+

Instruments

-

143.8
100.5

+

All industrial production
Percent rising of 24 components

130.6

+

+

132.5
(75)

133.2
(79)

133.8

134.2

134.4

(58)

(50)

(54)

Durable manufactures:
Lumber and products
Furniture and fixtures
Clay, glass, and stone products
Primary metals
Fabricated metal products
Nonelectrical machinery
Electrical machinery

Miscellaneous manufactures

+

+

126.9
155.9

+
+

129.8
156.0

+
+

134.0
158.5

+

133.6
159.4

130.4
159.1

(NA)
(NA)

119.3
88.7

(NA)
88.4

116.5
85.1

+

118.6
84.5

+
+

118.9
90.6

+

120.5
90.2

+

120.1
92.3

110.1
154.3

+
+

111.1
156.6

+
+

113.5
158.0

+

113.6
157.2

+
+

115.8
161.0

+
+

116.1
162.1

+
+

116.6
162.9

174.3
128.1

173.4
125.5

+
+

175.5
132.0

+

175.6
130.4

+

175.8
128.1

+
+

176.9
128.7

-

176.5
128.6

+
+

146.3
102.2

145.6
102.1

+
+

146.7
104.6

+

138.5
106.8

+
+

138.8
110.4

139.5
101.7

+

138.0
103.7

119.8
108.4

118.2
107.6

+

147.8
104.5

+

144.9
105.8

+
+

148.5
106.2

+
+

138.9
106.5

+
+

139.4
110.5

+

140.2
(NA)

(NA)
(NA)

116.8
108.0

+
+

117.3
109.4

116.8
(NA)

(NA)
(NA)

+

150.0
(NA)

Nondurable manufactures:
Foods

+

Tobacco products
Textile mill products

+
-

+
+

118.3
109.7

+

Apparel products
Paper and products

+

148.8
174.0

+
+

148.9
174.7

+

147.4
174.9

+

146.0
175.2

+
+

148.3
175.7

+
-

150.6
175.6

+

149.2
177.4

+

142.3
92.9

+
+

142.4
93.5

141.5
94.6

+

+

144.4
93.3

+
+

147.1
96.1

+
+

148.2
97.3

165.2
60.7

166.7
59.6

+
+

169.9
60.7

+

170.6
57.5

170.5
58.3

(NA)

+

+

95.1
140.6

(NA)
140.2

(NA)
133.0

94.1
135.6

93.6
133.7

Printing and publishing

Petroleum products

+
+

140.8
94.1

Rubber and plastics products

+

167.2
59.2

164.8
61.3

+

+

71.4
127.9

+
+

79.3
130.5

+
+

86.5
133.3

+

85.6
140.3

+
+

90.4
142.9

91.8
130.7

+

93.0
130.3

+

93.3
130.0

+
+

94.1
131.0

+
+

94.2
134.1

Chemicals and products

Leather and products

+

117.0
107.8

+

(NA)
178.7
(NA)
96.5

(NA)

Mining:
Metal mining

+

Coal
Oil and gas extraction

o
+

Stone and earth minerals

NOTE: Tofacilitate interpretation,

the month-to-month

directions of change are shown along with the numbers:

(

rising, ( o )

+

u n c h a n g e d , a n d ( - ) •• f a l l i n g .

+

93.9
(NA)

The " r " indicates revised: " p "

preliminary; a n d " N A " , n o t available.
x

Data are seasonally

2

Where actual data for separate

78



adjusted by the source agency.
industries are not available, estimates

are used

to compute the percent

rising.

MARCH 1988

ItO

CYCLICAL INDICATORS
C

I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

[£|

Diffusion index

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

components

1988

1987

August

July

September

January

December

November

October

March 1

February

96 7. INDEX OF SPOT MARKET PRICES. RAW INDU TRIALS -'

Raw industrials price index ( 1 9 6 7 - 1 0 0 ) ....

+

Percent rising of /.? components

284.2

+

288.3

+

(77)

(73)

292.4

+

(62)

294.6

292.0

(54)

(46)

+

-

288.9

+

291.0

293.1

292.5

(50)

(42)

(35)

0.785
1.731

-

0.760
1.675

(62)

Dollars

Copper scrap

+

0.599
1.321

+

0.619
1.365

+

0.644
1.420

+

0.646
1.424

(pound)..
(kilogram)

+

0.275
0.606

+

0.280
0.617

o

0.280
0.617

o

0.280
0.617

(U.S. t o n ) . .

+

84.000
92.593

+

85.000
93.696

+

95.000
104.719

+

117.000
128.969

-

115.750
127.591

-

3.620
7.981

+

3.708
8.175

+

3.812
8.404

+

3.848
8.483

+

3.928
8.660

(pound)..
(kilogram)..

+

0.480
1.058

o

0.480
1.058

-

0.455
1.003

0.449
0.990

+

0.451
0.994

+

0.454
1.001

+

0.458
1.010

(yard)..

-

0.238
0.260

+

0.240
0.262

-

0.238
0.260

0.256
0.280

+

0.270
0.295

+

0.275
0.301

o

+

0.728
1.605

+

0.754
1.662

-

0.712
1.570

0.636
1.402

+

0.645
1.422

+

0.975
1.066

0.965
1.055

-

0.946
1.035

-

0.905
0.990

-

0.655
0.716

(pound)..
(kilogram),.

Lead scrap

Steel scrap

(metric t o n ) . .
Tin

(pound). .
(kilogram). .

Zinc

Burlap

(meter)..
Cotton

(pound)..
(kilogram)

Print cloth

(yard)..
(meter)..

Wool tops

(pound). .

(pound)..

(100 pounds)
(100

3.850
8.488

+

4.080
8.995

+

4.100
9.039

o

4.100
9.039

+

0.928
2.046

+

0.938
2.068

+

0.987
2.176

+

1.000
2.205

-

0.952
2.099

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

+

0.536
1.182

+

0.537
1.184

+

0.147
0.324

+

kilograms)..
(pound)
(kilogram). .

Tallow

(pound). .
(kilogram)..

+

0.148
0.326

+

0.276
0.608

+

(kilogram)..
Rosin

0.825
1.819

3.650
8.047

(kilogram)..
Hides

+

+

0.542
1.195

0.538
1.186

0.532

0.152
0.335

0.150
0.331

0.146

-

+

0.938
2.068

0.272
0.600

-

0.252
0.556

-

0.230
0.507

-

0.215
0.474

104.000
114.639

-

100.000
110.230

+

115.000
126.765

-

108.750
119.875

3.792
8.360

+

3.838
8.461

+

0.469
1.034

+

0.487
1.074

0.275
0.301

+

0.276
0.302

o

0.276
0.302

0.622
1.371

0.595
1.312

-

0.574
1.265

+

0.593
1.307

0.630
0.689

0.620
0.678

3.878
8.549

+

4.380
9.656

3.860
8.510

+

0.942
2.077

0.590
0.645

0.532
0.582

4.750
10.472

+

5.000
11.023

+

5.300
11.684

0.928
2.046

o

0.928
2.046

+

1.056
2.328

-

47.500
104.719

o

47.500
104.719

0.536
1.182

+

0.548
1.208

0.168
0.370

+

0.171
0.377

o

50.000
110.230

-

48.125
106.096

+

0.540
1.190

+

0.547
1.206

+

0.148
0.326

+

0.173
0.381

1.173

0.322

0.934
2.059

-

NOTE: To facilitate interpretation, t h e m o n t h - t o - m o n t h directions o f change are shown along with t h e numbers: i • >
(o)
u n c h a n g e d , and ( ) - falling.
The " r " indicates revised: " p "
preliminary: a n d " N A " , not available.
lr
The index is the average for March 1 through 23; component prices are averages for March 1, 8, 15, and 2 2 .
2
Data are not seasonally adjusted. These series are based on copyrighted data used by pe rm i s s i on; they maynot b e reproduced without
written permission from Commodity Research Bureau, Inc. Components are converted to metric units by the Burc :i u o f I: c o n om i c An a 1 v s i s .

ItO

MARCH 1988




79

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT

1 M

Year

GNP AND PERSONAL INCOME
217. Per capita
gross national
product in 1982
dollars

50. Gross national product in 1982 dollars

200. Gross national product in current dollars

and
quarter

b. Difference

a. Total

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

b. Difference

a. Total

c. Percent
change at
annual rate

(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.)

1985

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

3,921.1
3,973.6
4,042.0
4,104.4

69.3
52.5
68.4
62.4

7.4
5.5
7.1
6.3

3,568.7
3,587.1
3,623.0
3,650.9

33.5
18.4
35.9
27.9

3.8
2.1
4.1
3.1

14,966
15,010
15,120
15,197

3,549.2
3,569.9
3,628.7
3,652.5

4,174.4
4,211.6
4,265.9
4,288.1

70.0
37.2
54.3
22.2

7.0
3.6
5.3
2.1

3,698.8
3,704.7
3,718.0
3,731.5

47.9
5.9
13.3
13.5

5.4
0.6
1.4
1.5

15,362
15,352
15,370
15,388

3,663.4
3,676.7
3,711.9
3,745.8

4,377.7
4,445.1
4,524.0
r4,607.4

89.6
67.4

8.6
6.3
7.3
r7.6

3,772.2
3,795.3
3,835.9

40.7
23.1
40.6
r44.9

4.4
2.5
4.3
r4.8

15,525
15,588

3,724.5
3,756.3
3,811.4
r3,820.3

1986
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

78.9
r83.4

r3,880.8

15,715
rl5,859

1988
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .

Q |

Year
and
quarter

g j

GNP AND PERSONAL INCOME—Continued
230. Total in current
dollars

Disposable personal income
224. Current dollars

225. Constant
(1982) dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

PERSONAL CONSUMPTION EXPENDITURES

231. Total in 1982
dollars

232. Durable goods
in current dollars

2 33. Durable goods
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.)

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

2,762.2
2,848.4
2,847.2
2,906.6

2,506.8
2,558.4
2,538.2
2,565.5

10,513
10,705
10,592
10,679

2,549.9
2,602.0
2,665.4
2,700.1

2,314.1
2,337.0
2,376.1
2,383.2

358.2
362.4
383.7
370.5

342.4
346.6
366.8
355.1

2,966.0
3,022.4
3,038.2
3,061.6

2,610.5
2,660.2
2,653.2
2,656.7

10,842
11,024
10,968
10,956

2,737.9
2,765.8
2,837.1
2,858.6

2,409.7
2,434.3
2,477.5
2,480.5

375.9
386.4
427.6
419.8

359.8
369.6
405.5
399.0

3,125.9
3,130.6
3,195.3
r3,275.0

2,674.6
2,645.5
2,674.7
r2,713.8

11,008
10,865
10,958
r l l ,090

2,893.8
2,943.7
3,011.3
r3,022.6

2,475.9
2,487.5
2,520.7
r2,504.6

396.1
409.0
436.8
r413.0

375.9
385.4
406.9
r384.5

1986

First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1987
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1988
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 4 1 .




MARCH 1988

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

i

| 3 r>ERSONAL CONSUMPTION EXPENDITURES-Continued
236. Nondurable
goods in current
dollars

Year
and
quarter

(Ann. rate,
bil. dol.)

238. Nondurable
goods in 1982
dollars

(Ann. rate,
bil. dol.)

Q

237. Services in
current dollars

239. Services in
1982 dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

240. Total in
current dollars

(Ann. rate,
bil. dol.)

GROSS PRIVATE XMSTIC
[

241. Total in
1982 dollars

INVESTMENT

242. Fixed investment in current
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

243. Fixed investment in 1982
dollars

(Ann. rate,
bil. dol.)

1985

First quarter
Second quarter
Third quarter
Fourth quarter

....
....

894.4
910.4
918.4
929.3

841.2
847.6
853.5
855.7

1,297.3
1,329.2
1,363.3
1,400.3

1,130.5
1,142.8
1,155.7
1,172.5

638.6
648.4
628.6
650.8

632.1
645.7
623.2
643.3

617.3
629.9
631.0
648.3

612.7
628.4
628.9
644.9

936.8
934.3
940.0
946.3

868.8
880.0
879.8
880.3

1,425.2
1,445.1
1,469.5
1,492.4

1,181.2
1,184.7
1,192.2
1,201.1

683.4
679.4
660.8
660.2

674.4
665.6
645.0
631.0

645.1
651.9
657.3
656.6

639.1
637.6
638.8
645.4

969.9
982.1
986.4
r993.1

883.2
879.0
875.7
r874.6

1,527.7
1,552.6
1,588.1
rl,616.5

1,216.9
1,223.1
1,238.1
rl,245.6

699.9
702.6
707.4
r760.2

671.8
673.7
681.9
r723.1

648.2
662.3
684.5
r690.8

624.2
634.7
657.3
r662.6

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....
• •
B i l

Year
and
quarter

E9

GROSS PRIVATE
DOMESTIC INVEST.-Con.

245. Change in
business inventories in current
dollars

30. Change in
business inventories in 1982
dollars

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

260. Total in
current dollars

(Ann. rate,
bil. dol.)

261. Total in
1982 dollars

(Ann. rate,
bil. dol.)

GOVERNMENT PURCHASES OF GOODS AND SERVICES
262. Federal
Government in
current dollars

(Ann. rate,
bil. dol.)

263. Federal
Government in
1982 dollars

(Ann. rate,
bil. dol.)

266. State and
local government
in current dollars

(Ann. rate,
bil. dol.)

267. State and
local government
in 1982 dollars

(Ann. rate,
bil. dol.)

1985
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

21.4
18.5
-2.4
2.5

19.5
17.3
-5.7
-1.6

784.1
800.5
832.8
857.0

703.4
712.1
738.6
753.7

336.3
339.4
361.9
378.0

308.4
310.7
332.5
345.3

447.8
461.1
470.9
479.0

395.0
401.4
406.1
408.4

38.3
27.5
3.5
-6.4

35.3
28.1
6.1
-14.4

846.9
867.2
878.5
886.3

737.6
751.6
757.2
771.8

356.7
368.4
371.2
368.6

322.1
330.6
332.6
344.6

490.2
498.8
507.3
517.7

415.5
421.0
424.6
427.1

51.6
40.3
22.9
r69.4

47.6
39.0
24.6
r60.5

896.2
917.1
929.0
r948.8

759.6
766.7
771.7
r788.9

366.9
379.6
382.1

327.3
332.6
336.3

529.3
537.6
546.9
r559.9

432.3
434.1
435.4

1986
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

1987
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

r388.9

r347.6

r441.3

1988
First quarter
Second quarter
Third quarter
Fourth quarter

....
....

See note on page 80.
Graphs of these series are shown on pages 4 1 , 42, and 43.

MARCH 1988



81

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

NATIONAL INCOME

FOREIGN TRADE

Net exports of goods and services

Year

AND ITS COMPONENTS

Imports of goods and services

Exports of goods and services

and
quarter

250. Current

255. Constant

252. Current

256. Constant

253. Current

257. Constant

dollars

(1982) dollars

dollars

(1982) dollars

dollars

(1982) dollars

220. National in-

280. Compen-

come in current

sation of

dollars

employees

(Ann. rate,

(Ann. rate,

(Ann. rate,

(Ann. rate,

(Ann. rate,

(Ann. rate,

(Ann. rate,

(Ann. rate,

bil. dol.)

bil. dol.)

bil. dol.)

bil. dol.)

bil. dol.)

bil. dol.)

bil. dol.)

bil. dol.)

1985
First quarter . .
Second quarter
Third quarter

.

Fourth quarter

368.7

369.7
364.7
360.5
366.5

427.7
447.8
448.9
472.2

450.7
472.4
475.4
495.8

3,156.5
3,204.4
3,254.4
3,304.4

2,314.9
2,351.5
2,386.3
2,430.5

-123.0
-146.8
-161.6
-151.8

373.5
371.3
376.6
383.3

371.5
370.2
379.6
388.3

467.3
472.1
487.1
500.2

494.4
517.0
541.2
540.1

3,364.2
3,414.1
3,438.7
3,471.0

2 ,464.8
2,487.6
2,515.1
2,552.0

-135.2
-132.7
-138.4
r-135.8

397.3
416.5
439.2
r458.1

397.8
414.5
437.1
r453.5

509.5
534.8
562.9

533.0
547.2
575.6
r589.3

3,548.3
3,593.3
3,659.0
p3,740.6

2,589.9
2,623.4
2,663.5
r2,713.5

-51.5
-77.3
-84.7
-103.5

-81.0
-107.7
-114.9
-129.3

376.3

-93.8
-100.8
-110.5
-116.9
-112.2
-118.4
-123.7
r-124.3

370.6
364.2

1986
First quarter . .
Second quarter
Third quarter

.

Fourth quarter

1987
First quarter . .
Second quarter
Third quarter

.

Fourth quarter

r582.4

1988
First quarter . .
Second quarter
Third quarter

.

Fourth quarter

SAVING

NATIONAL INCOME AND ITS COMPONENTS-Contmued

Year
and
quarter

282. Proprietors'

284. Rental income

286. Corporate

income with IVA

of persons with

profits before tax

and CCAdj •'

CCAdj:

. Net interest

290. Gross saving

295. Business

292. Personal

saving

saving

with IVA and
CCAdj:

(Ann. rate,

(Ann. rate,

(Ann. rate,

(Ann. rate,

(Ann. rate,

(Ann. rate,

(Ann. rate,

bil. dol.)

bil. dol.)

bil. dol.)

bil. dol.)

bil. dol.)

bil. dol.)

bil. dol.)

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

252.1
256.4
252.4

7.3
9.1
9.3
10.1

265.6
274.2
292.8
277.8

316.5
313.2
313.7
317.9

552.0
547.7
514.7
510.7

518.6
533.0
552.7
544.3

131.2
162.8
95.7
118.5

270.8
298.1
292.5
297.8

14.0
17.4
17.2
18.4

288.0
282.3
285.4
281.1

326.6
328.7
327.5
321.7

557.8
538.7
516.2
515.3

553.4
547.7
551.5
544.4

138.4
166.0
108.9
109.0

320.9
323.1
322.7

20.0
18.9
17.3
r20.9

294.0
296.8
314.9
p310.2

323.6
331.1
340.6

554.3
551.3
559.3
p593.1

545.3
546.7
559.8

138.4
93.2
88.8

p561.2

rl55.7

1986
First quarter . .
Second quarter
Third quarter

.

Fourth quarter

1987
First quarter . .
Second quarter
Third quarter

.

r342.7

Fourth quarter

r353.3

1988
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.

*IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.

82



MARCH 1988

OTHER IMPORTANT ECONOMIC MEASURES
A

I

NATIONAL INCOME AND PRODUCT—Continued

Q j

Year
and

SAVING—Continued

298. Government

293. Personal

surplus or deficit

saving rate

g j

SHARES OF GNP AND NATIONAL INCOME

Percent of gross national product

quarter

235. Personal con-

248. Nonresidential

249. Residential

247. Change in

sumption expendi-

fixed investment

fixed investment

business inventories

(Percent)

(Percent)

251. Net exports of
goods and services

tures

(Ann. rate,
bil. dol.)

(Percent)

(Percent)

(Percent)

(Percent)

1985

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

-97.8
-148.1
-133.7
-152.1

4.8

65.0

5.7
3.4
4.1

65.5

....

-134.0
-175.0
-144.1

....

-138.1

4.7
5.5
3.6
3.6

....
....

65.9
65.8

11.0
11.2
10.9
11.0

4.7
4.6
4.7
4.8

10.6
10.3
10.2
10.3

4.9
5.2
5.2
5.3

9.7
9.8

5.1

0.5
0.5
-0.1

0.1

-1.3
-1.9
-2.1
-2.5

1986

First quarter
Second quarter
Third quarter
Fourth quarter

65.6
65.7
66.5
66.7

0.9
0.7
0.1
-0.1

-2.2
-2.4
-2.6
-2.7

1987

First quarter
Second quarter
Third quarter
Fourth quarter

4.4
3.0
2.8
4.8

-129.5

....

-88.6

....

-89.3
p-123.8

66.1
66.2
65.6

1.2
0.9
0.5

5.1
5.0
5.0

10.1
rlO.O

66.6

rl.5

-2.6
-2.7
-2.7
r-2.7

1988

First quarter
Second quarter
Third quarter
Fourth quarter

....
....

Q j SHARES OFGNP AND NATIONAL
Year
and
quarter

INCOME—Continued

Percent of GNP—Continued

Percent of national income

265. Federal Govern-

268. State and local

64. Compensation of

283. Proprietors'

285. Rental income

ment purchases of

government purchases

employees

income with IVA

of persons with

goods and services

of goods and services

(Percent)

(Percent)

and CCAdj1
(Percent)

289. Net interest

before tax with

CCAdj

(Percent)

(Percent)

287. Corporate profits
IVA and CCAdjl

x

(Percent)

(Percent)

1985

First quarter
Second quarter
Third quarter
Fourth quarter

....
....

8.6
8.5
9.0
9.2

11.4

11.7

73.3
73.6

8.5
8.7
8.7
8.6

11.7

73.3

11.6
11.7

73.3
73.4

8.0
8.0
7.8
8.1

0.2
0.3
0.3
0.3

8.4
8.6
9.0
8.4

10.0
9.8
9.6
9.6

8.0
8.7
8.5
8.6

0.4
0.5
0.5
0.5

8.6
8.3

9.7
9.6
9.5
9.3

9.0
9.0
8.8
p9.2

0.6
0.5
0.5

1986

First quarter
Second quarter
Third quarter
Fourth quarter

....
....

11.8

72.9

11.9

73.1

12.1

73.5

8.3

8.1

1987

First quarter
Second quarter
Third quarter
F o u r t h quarter

8.4
8.5
8.4

12.1

73.0

....

12.1

73.0

12.1

72.8

...

r8.4

12.2

p72.5

p0.6

8.3
8.3
8.6
p8.3

9.1
9.2
9.3

p9.4

1988

First quarter
Second quarter
Third quarter
Fourth quarter

....
....

See note on page 80.
Graphs of these series are shown on pages 46 and 47.

IVA, inventory valuation adjustment; CCAdj, capital consumption

MARCH 1988



83

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY

Q g
Implicit price deflator for
gross national product
Year
and
month

310. Index

(1982 = 100)

310c. Change
over 1-quarter
spans l

(Ann. rate,
percent)

PRICE MOVEMENTS
Consumer price index
for all urban consumers

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

(1982=100)

311c. Change
over 1-quarter
spans1

(Ann. rate,
percent)

320. Index ©

(1982-84 = 100)

320c. Change
over 1-month
spans1

(Percent)

Consumer price index for
all urban consumers, food

320c. Change
over 6-month
spans1

(Ann. rate,
percent)

322. Index

(1982-84 = 100)

322c. Change
over 1-month
spans 1

(Percent)

322c. Change
over 6-month
spans1

(Ann. rate,
percent)

1986

1.8

January
February
March

112^9

April
May
June

113.7

July
August
September

114.7

October
November
December

11^9

1.9

109.6
109.3
108.8

0.3
-0.3
-0.4

0.6
-0.2
0.0

107.4
107.0
107.3

0.2
-0.4
0.3

3.0
2.6
1.9

1.9

108.6
108.9
109.5

-0.3
0.2
0.5

-0.5
0.4
1.7

107.6
108.0
108.2

0.3
0.4
0.2

3.4
5.9
6.1

2.3

109.5
109.7
110.2

0.0
0.2
0.3

2.6
2.8
2.2

109.2
110.1
110.5

0.9
0.8
0.4

5.8
5.8
5.8

1.8

110.3
110.4
110.5

0.2
0.3
0.2

3.7
4.1
4.4

110.7
111.1
111.3

0.2
0.4
0.2

5.0
3.7
3.3

4.2

111.2
111.6
112.1

0.7
0.4
0.4

5.0
5.1
5.3

111.9
112.1
112.3

0.5
0.2
0.2

3.6
4.0
4.7

4.0

112.7
113.1
113.5

0.4
0.4
0.3

4.4
4.5
4.1

112.7
113.3
113.9

0.4
0.5
0.5

3.4
3.2
4.0

3.2

113.8
114.4
115.0

0.3
0.4
0.3

3.9
3.7
3.6

113.8
113.9
114.5

-0.1
0.1
0.5

3.6
2.7
2.5

r3.3

115.3
115.4

3.7
3.2

114.7
114.8
115.3

0.2
0.1
0.4

3.2
2.5

115.4

0.3
0.3
0.2

115.7
116.0

0.3
0.2

115.6
115.3

0.3
-0.3

112.9

2.9
113^4

3.6
114.1

0.7

114.6

1987

4.2

January
February
March

116.1

April
May
June

117.1

July
August
September

117.9

October
November
December

118^7

115.8
3.5

116.9
2.8

117.9
2.7

118.8

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
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 1988

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

B H

Producer price index, all commodities
Year
and
month

330. Index ©

(1982 = 100)

330c. Change
over 1-month
spans 1 ©

(Percent)

PRICE MOVEMENTS—Continued
Producer price index, crude materials
for further processing

Producer price index, industrial commodities

330c. Change
over 6-month

335. Index ©

1

spans ©

(Ann. rate,
percent)

(1982 = 100)

335c. Change
over 1-month
spans 1 ©

(Percent)

335c. Change
over 6-month
spans 1 ©

(Ann. rate,
percent)

331. Index

331c. Change
over 1-month
spans1

(1982 = 100)

(Percent)

331c. Change
over 6-month
spans1

(Ann. rate,
percent)

1986
January
February
March

103.2
101.7
100.3

-0.4
-1.5
-1.4

-6.3
-6.5
-7.0

103.7
102.1
100.5

-0.4
-1.5
-1.6

-7.6
-7.9
-8.1

94.2
90.4
88.3

-1.2
-4.0
-2.3

-17.8
-17.4
-18.2

April
May
June

99.6
100.0
99.9

-0.7
0.4
-0.1

-7.2
-4.7
-1.8

99.8
99.8
99.8

-0.7
0.0
0.0

-9.2
-6.7
-3.4

85.4
86.8
86.2

-3.3
1.6
-0.7

-15.9
-8.2
-4.0

July
August
September

99.4
99.3
99.4

-0.5
-0.1
0.1

0.2
-0.4
-0.4

98.8
98.6
98.8

-1.0
-0.2
0.2

-1.4
-1.2
-1.2

86.4
86.6
86.5

0.2
0.2
-0.1

5.0
1.4
0.9

October
November
December

99.7
99.8
99.7

0.3
0.1
-0.1

2.2
3.5
3.7

99.1
99.2
99.2

0.3
0.1
0.0

3.3
4.5
4.7

87.5
87.4
86.6

1.2
-0.1
-0.9

6.3
7.8
9.7

January
February
March

100.5
101.0
101.2

0.8
0.5
0.2

4.5
5.7
6.7

100.4
100.8
101.1

1.2
0.4
0.3

5.1
5.5
6.6

89.1
89.9
90.6

2.9
0.9
0.8

11.3
16.4
19.3

April
May
June

101.9
102.6
103.0

0.7
0.7
0.4

6.1
5.6
5.0

101.6
101.9
102.4

0.5
0.3
0.5

5.5
5.8
4.8

92.3
94.3
94.6

1.9
2.2
0.3

15.1
15.7
12.3

July
August
September

103.5
103.8
103.7

0.5
0.3
-0.1

4.4
3.1
2.1

103.1
103.7
103.5

0.7
0.6
-0.2

4.8
4.6
3.3

95.6
96.7
96.0

1.1
1.2
-0.7

8.4
1.1
0.0

October
November
December

104.1
104.2
104.1

0.4
0.1
-0.1

1.9
1.5

104.0
104.2
104.1

0.5
0.2
-0.1

2.3
1.4

96.1
94.8
94.6

0.1
-1.4
-0.2

-4.1
-4.5

104.5
104.6

0.4
0.1

104.3
104.4

0.2
0.1

93.6
94.5

-1.1
1.0

1987

1988
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.
1
Changes are centered within the spans:

MARCH 1988



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

(1982 = 100)

Producer price index, capital equipment

332c. Change
over 6-month
spans1

332c. Change
over 1-month
spans1

(Ann. rate,
percent)

(Percent)

PRICE MOVEMENTS—Continued

333 Index

333c. Change
over 1-month
spans1

(1982 = 100)

(Percent)

Producer price index, finished consumer goods

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

334. Index

(1982 = 100)

334c. Change
over 1-month
spans1

334c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

1986
102.3
101.1
99.9

-0.6
-1.2
-1.2

-6.5
-7.3
-8.0

108.6
108.7
108.9

0.1
0.1
0.2

1.9
1.7
2.0

104.5
102.6
101.2

-0.8
-1.8
-1.4

-6.8
-6.9
-7.8

April
May
June

99.0
98.8
98.7

-0.9
-0.2
-0.1

-8.2
-6.0
-2.6

109.2
109.3
109.6

0.3
0.1
0.3

2.0
1.8
2.0

100.4
101.0

101.1

-0.8
0.6
0.1

-8.1
-3.7
-0.2

July
August
September

98.0
98.0
98.6

-0.7
0.0
0.6

-1.6
-1.0
-0.6

109.7
109.7

110.0

0.1
0.0
0.3

2.4
2.8
2.2

100.2
100.7
101.1

-0.9
0.5
0.4

2.0
0.8
0.6

98.2
98.3
98.4

-0.4
0.1
0.1

2.1
3.3
2.4

110.5
110.8
110.8

0.5
0.3
0.0

2 8
2'.4
2.0

101.4
101.4
101.4

0.3
0.0
0.0

3.2
2.8
3.0

99.0
99.6
99.8

0.6
0.6
0.2

4.1
5.2
6.0

111.2
111.0
111.1

0.4
-0.2
0.1

1.6
1.3

101.8

1.1

102.1
102.6

0.4
0.3
0.5

3.8
4.4
4.6

April
May
June

100.2
100.8
101.3

0.4
0.6
0.5

5.9
5.7
5.9

111.4
111.5
111.4

0.3
0.1
-0.1

0.7
1.6
2.5

103.3
103.6
103.7

0.7
0.3
0.1

4.6
4.4
4.1

July
August
September

101.9
102.4
102.7

0.6
0.5
0.3

6.1
5.6
5.2

111.6
111.9
112.5

0.2
0.3
0.5

rl.l
1.1
1.6

104.1
104.3
104.7

0.4
0.2
0.4

2.3
1.6
0.4

October
November
December

103.2
103.6
103.9

0.5
0.4
0.3

4.6
3.5

rll2.0
112.1
112.3

r-0.4
rO.l
0.2

1.6
1.4

104.5
104.4
103.9

-0.2
-0.1
-0.5

0.4
-0.8

104.2
104.2

0.3
0.0

112.5

0.2
0.2

104.3
103.9

0.4
-0.4

January
February
March

October
November
December
1987
January
February
March

1988
January
February
March

112.7

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:




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

MARCH 1988

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY—Continued

Q

WAGES AND PRODUCTIVITY

Average hourly compensation, all employees,

Average hourly earnings of production or nonsupervisory
workers on private nonagricultural payrolls 1

nonfarm business sector

Year

340. Index

340c. Change

340c. Change

341c. Change

341c. Change

over 1-month

over 6-month

over 1-month

over 6-month

2

2

2

2

spans

341. Index

spans

spans

(Percent)

percent)

345. Index

(Ann. rate,
(Percent)

(1977-100)

345c. Change

345c. Change

over 1-quarter

over 4-quarter

spans

spans

(Ann. rate,
(1977 = 100)

Current-dollar compensation

Real earnings

Current-dollar earnings

and
month

percent)

(1977 = 100)

spans2

2

(Ann. rate,

(Ann. rate,

percent)

percent)

1986
January

167.5

-0.2

2.8

93.6

-0.5

2.8

February

168.2

0.4

2.4

94.3

0.7

3.1

March

168.5

0.2

1.7

95.1

0.8

2.2

April

168.5

0.0

1.8

95.4

0.4

3.2

May

168.9

0.2

1.5

95.4

0.0

1.9

June

169.2

0.2

1.5

95.2

-0.2

0.1

July
August
September

169.1

-0.1

2.0

95.1

0.0

-0.4

169.5

0.3

2.8

95.2

0.1

0.3

169.8

0.1

2.2

95.1

-0.1

0.1

October

170.2

0.3

2.6

95.2

0.1

-1.0

November

171.2

0.6

2.7

95.5

0.3

-1.3

December

171.1

-0.1

2.9

95.2

-0.3

-1.5

171.2
171.8
172.2

0.1

2.9

94.6

-0.6

-2.1

0.3

2.0

94.6

-0.1

-3.2

0.2

2.2

94.4

-0.2

-3.1

0.3

2.3

94.2

-0.2

-2.1

0.1

2.7

94.0

-0.2

-1.9

June

172.6
172.9
172.9

0.0

2.9

93.8

-0.2

-1.3

July

173.2

0.2

2.7

93.7

-0.1

August

174.1

0.5

3.4

93.7

0.0

September

174.6

0.3

r3.2

93.8

0.1

0.2

r3.7
p2.8

r-O.l

93.6
93.8
r93.6

-0.2
0.3
r-0.2

r0.4

r93.7

rO.O

pO.O

p93.5

p-0.1

3.9
179^3

3.6

2.8
3.4

180.5

isi !s

2.9
2.7

4.0
183*.6

2.8

1987
January
February
March
April
May

October

174.9
175.8
rl75.7

November
December

0.5

-1.2
-0.3
r-0.3

1.1

184.i
3.0
185.5

2.*7

3.5

187.1

rO.O
p-0.3

2.*9

3.3
188.6

1988
January

rl76.4
pl76.5

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
2

Adjusted

Changes

for overtime

(in manufacturing

are centered within

ter changes are placed

on the

MARCH 1988



the spans:

only) and
1-month

interindustry

employment shifts.

changes are placed

on the 2d month, 6-month changes are placed

1st month of the 2d quarter, and 4-quarter

on the 4th month,

1-quar-

changes are placed on the middle month of the 3d quarter.

87

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

H | |

Negotiated wage and
benefit decisions

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

348. Average
first-year
changes ©

Real compensation
346c. Change
over 1-quarter
spans1

346c. Change
over 4-quarter
spans1

(1977 = 100)

(Ann. rate,
percent)

(Ann. rate,
percent)

I2)

(2)

346. Index

1986
January
February
March

2.3

rl00.4

July
August
September

rlOO.5

October
November
December

rlOo!8

Output per lour, all persons, business sector

349. Average
changes over
life of

370. Index

370c. Change
over 1-quarter
spans1

370c. Change
over 4-quarter
spansx

(Ann. rate,
percent)

(Ann. rate,
percent)

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

contract ©

(Ann. rate,
percent)

(Ann. rate,
percent)

(1977 = 100)

(1977 = 100)

(2)

99.3

April
May
June

WAGES AND PRODUCTIVITY—Continued

0.6

1.2

1.9

4.2

0.7

1.6

rZA

1.2

r0.4

1.3

-i!6

0.6
109.7

0.7

r0.5

5.8
109.5

107.7

i'.s

107.7

0.2

10 7 .* 5

0.4

107.5

1.6

107.6

rl.6

108.0

-0.3
109.6

2.7

1.3

2.4

-0.1
109^6

1987

r-4.1

January
February
March

99.8

April
May
June

99.3

pi.7

r-1.7

July
August
September

r99.3

October
November
December

99.2

P2.4

-1.2

p4.1

p3.9

-K6

-0.3

0.5
109.7

1.4
110.1

P2.5

4.7

P2.1

lli.*3
r-0.4

p3.4

p2.4

rill.3

109 " l

r-0.2
rlO9.2

1988
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.
2
See "New Features and Changes for This Issue," page iii.




MARCH 1988

OTHER IMPORTANT ECONOMIC MEASURES
C

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q

j

CIVILIAN LABOR FORCE AND MAJOR COMPONENTS

447. Number
unemployed,
full-time
workers

Civilian labor force
Year

441. Total

and

442. Civilian
employment

Number unemployed

month

37. Persons
unemployed

444. Males
20 years
and over

(Thous.)

(Thous.)

445. Females
20 years
and over

446. Both
sexes 16-19
years ot age

(Thous.)

(Thous.)

(Thous.)

448. Number
employed
part time
for economic
reasons

(Thous.)

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

452. Females
20 years
and over

(Percent)

453. Both
sexes 16-19
years of age

(Percent)

(Thous.)

(Thous.)

116,751
116,951
117,183

108,904
108,524
108,853

7,847
8,427
8,330

3,521
3,766
3,778

2,920
3,180
3,109

1,406
1,481
1,443

6,447
6,825
6,861

5,301
5,209
5,307

78.1
78.1

55.0
55.1
55.1

53.4
54.5
54.9

117,334
117,481
118,112

108,961

8,373
8,444
8,441

3,724
3,836
3,791

3,102

109,037
109,671

3,116
3,133

1,547
1,492
1,517

6,814
6,926
6,792

5,564
5,600
5,381

78.0
78.0
78.2

55.2
55.3
55.7

55.5
55.1
55.4

118,115
118,150
118,345

109,837
110,035
110,047

8,278
8,115
8,298

3,820
3,661
3,831

3,025
3,005
2,991

1,433
1,449
1,476

6,691
6,553
6,792

5,149
5,288
5,337

78.1
77.9
78.1

55.7
55.8
55.7

54.6
54.9
54.9

118,424
118,671
118,576

110,194
110,457
110,657

8,230

3,817
3,807
3,728

3,007
2,971
2,826

1,406
1,436
1,365

6,704

8,214
7,919

6,672
6,481

5,438
5,270
5,324

77.9
78.2
78.3

55.8
55.8
55.6

54.9
54.4
53.4

118,978
119,230
119,246

111,014
111,344
111,455

7,964
7,886
7,791

3,691
3,606
3,553

2,877
2,858
2,832

1,396
1,422
1,406

6,473
6,397
6,248

5,211
5,458
5,180

78.2
78.2
78.1

55.8
55.9
55.9

54.3
54.7
54.3

119,363
119,907
119,608

111,806
112,334
112,300

7,557
7,573
7,308

3,454
3,456
3,422

2,733
2,700
2,634

1,370
1,417
1,252

6,083
6,053
6,000

5,104
5,058
4,979

78.1
78.2
78.0

56.0
56.2
56.2

54.2
55.2
53.6

119,890
120,306
119,963

112,639
113,050
112,872

7,251
7,256
7,091

3,323
3,258
3,118

2,680
2,661
2,671

1,248
1,337
1,302

5,852
5,812
5,636

5,154
5,016
4,986

78.0
77.9
77.9

56.3
56.3
56.2

54.0
56.3
54.4

120,387
120,594
120,722

113,210
113,504
113,744

7,177
7,090
6,978

3,174
3,135
3,063

2,615
2,620
2,611

1,388
1,335
1,304

5,725
5,684
5,601

5,067
5,241
5,004

78.0
78.0
77.8

56.4
56.5
56.6

55.1
54.8
55.5

121,175
121,348

114,129
114,409

7,046
6,938

3,154
3,071

2,581
2,635

1,312
1,232

5,603
5,549

5,145
5,254

77.9
78.2

56.7
56.8

56.0
54.9

(Percent)

1986
January
February
March
April
May
June
July
August
September
October
November
December

78.3

1987
January
February
March
April
May
June
July
August
September
October
November
December
1988
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 5 1 .

MARCH 1988




OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

1D
f ederal Government
Year
and
month

RECEIPTS AND EXPENDITURES

l

Q |

State and local government*

DEFENSE INDICATORS

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Ixpenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

525. Defense
Department
prime contract awards

543. Defense
Department
gross unpaid
obligations
outstanding

(Mil. dol.)

(Mil. dol.)

548. Manufacturers'
new orders,
defense
products

(Mil. dol.)

1986
January
February
March

-196

1

807.6

1, 0 0 3 . 7

62. 1

608.1

546.1

28,411
30,247
30,969

12,843
9,715
13,822

185,822
188,008
190,756

8,502
9,193
12,214

April
May
June

-230* 2

816.9

1,047. 1

55. 1

611! 5

556.4

29,758
30,267
33,056

13,136
11,052
12,949

188,903
189,004
193,207

8,071
9,036
8,314

July
August
September

-203

7

832.4

1,036. 1

59. 6

626.2

566^7

31,199
29,968
30,678

13,810
11,432
12,315

196,185
198,635
199,295

10,062
7,900
10,304

October
November
December

-188 7

852.5

1, 0 4 1 . 2

50. 6

629.1

578.5

28,383
30,341
26,583

9,450
11,866
11,581

198,408
198,337
197,769

7,827
10,031
7,738

January
February
March

879.3

1, 0 4 9 . 8

41. 0

632.1

591.1

25,911
34,669
28,986

10,617

-170 5

12,546
12,167

196,585
199,440
199,308

r5,810
r7,428
r9,079

April
May
June

-139

2

922.9

1, 0 6 2 . 1

50 6

651.3

600.7

33,794
32,801
30,475

12,138
12,103
12,748

200,411
202,504
204,177

11,006
9,441
10,577

July
August
September

-135. 8

923.0

1,058. 8

46. 5

657.6

611.1

31,867
32,619
34,065

13,667
12,881
13,609

207,148
209,556
215,074

9,923
9,521
9,112

October
November
December

p-16l! 4

r l ,097." 8

p37." 6

p663.*2

r625.'6

29,233
30,794
24,532

10,613
9,383
11,912

212,355
212,086
205,974

10,001
9,739
r9,048

p31,157
(NA)

p7,871
(NA)

p208,366
(NA)

r8,502
p7,828

1987

« : ,

1988
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 52 and 53.
1
Based on national income and product accounts.

90



MARCH 1988

OTHER IMPORTANT ECONOMIC MEASURES
£) I

GOVERNMENT ACTIVITIES—Continued

E

Qj

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
(1977 = 100)

559. Manufacturers' inventories, defense
products

(Mil. dol.)

561. Manufacturers' unfilled
orders, defense
products

(Mil. dol.)

580. Defense
Department
net outlays,
military

(Mil. dol.)

588. Manufacturers' shipments, defense
products

(Mil. dol.)

570. Employment, defense
products industries

(Thous.)

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)

1986
January
February
March
April
May
June
July
August
September
October
November
December

178.9
178.0
178.6

31,787
31,471
32,467

160,175
161,009
164,969

20,152
21,586
23,342

7,779
8,359
8,254

1,570
1,572
1,572

2,157
2,160
2,160

1,103
1,087
1,084

266^6

6.4

179.8
180.2
180.7

32,962
33,329
33,549

164,580
164,951
164,147

22,101
22,921
21,954

8,460
8,665
9,118

1,582
1,589
1,565

2,150
2,150
2,143

1,081
1,072
1,060

278.2

6.6

182.4
183.7
184.6

33,618
33,810
34,206

165,201
164,505
165,918

22,538
21,714
23,886

9,008
8,596
8,891

1,594
1,592
1,595

2,150
2,161
2,169

1,059
1,052
1,072

287*6

6.7

185.6
185.5
186.2

34,482
34,330
34,005

164,584
164,887
162,098

22,324
21,168
22,512

9,161
9,728
10,527

1,597
1 ,597
1,597

2,177
2,181
2,178

1,069
1,063
1,059

279.0

6^5

187.3
188.9
188.6

r34,240
34,220
34,093

rl59,557
rl58,533
157,738

22,243
24,096
23,259

r8,351
r8,452
9,874

1 ,600
1,599
1 ,597

2,179
2,172
2,168

1,061
1,067
1,070

287.5

6.6

189.2
189.3
188.6

34,716
34,866
34,849

159,984
160,188
161,328

23,593
22,760
24,046

8,760
9,237
9,437

1 ,594
1,596
1,594

2,158
2,153
2,151

1,072
1,068
1,070

294.5

6.6

188.7
189.1
189.8

35,599
36,065
36,311

162,345
163,071
162,659

22 ,858
24,340
21,513

8,906
8,795
9,524

1,596
1 ,598
1,597

2,158
2,167
2,174

1,074
1,076
1,090

299.0

6.6

190.3
rl88.7
rI88.8

36,868
37,609
r37,026

163,526
164,025
rl62,979

25,816
21,276
26,329

9,134
9,240
rlC,094

1,599
1,598
rl,600

2,172
2,174
2,167

1,090
1,087
1 ,083

r299.8

6.5

rl90.0
pl89.9

p37 ,119
(NA)

rl63,068
pl62 ,514

r20,786
p23,396

r8,413
p8,382

1,604
(NA)

r2,166
p2,163

1987
January
February
March
April
May
June
July
August
September
October
November
December
1988

January
February
March

pi,077
(NA)

April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.

MARCH 1988



91

OTHER IMPORTANT ECONOMIC MEASURES

E I U.S. INTERNATIONAL TRANSACTIONS

Q
602. Exports, excluding
military aid shipments @

604. Exports of domestic
agricultural products

MERCHANDISE TRADE
612. General imports @

606. Exports of nonelectrical machinery

614. Imports of petroleum and petroleum
products

616. Imports of automobiles and parts

Year
and
month

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

(Mil. dol.)

1986

17,041
17,401
18,557

2,320
2,283
2,135

3,854
4,294
3,740

30,090
27,521
29,403

4,978
4,254
3,578

5,044
5,378
5,018

18,001
18,270
19,092

2,043
1,960
1,819

3,981
3,644
3,582

30,898
30,034
30,942

2,084
2,718
2,731

5,044
5,054
5,535

17,346
16,895
17,530

2,062
2,231
2,111

3,585
4,091
3,812

31,848
29,482
30,808

2,483
2,225
2,435

6,242
6,280
4,909

19,562
18,411
18,523

2,447
2,204
2,352

3,932
4,138
4,227

32,771
32,413
29,854

2,155
2,788
2,299

5,790
7,156
5,483

16,753
19,359
21,775

1,926
2,047
2,157

3,452
4,404
4,098

27,466
32,307
33,197

2,269
3,598
3,513

4,882
6,322
5,329

May

20,496
20,781

June

21,126

2,234
2,410
2,445

4,122
4,176
4,338

31,983
33,313
35,266

2,842
3,685
3,375

5,516
6,093
5,823

July
September

21,005
20,221
20,985

2,956
2,520
2,625

4,260
4,420
4,717

35,844
34,320
33,573

4,125
4,574
3,439

5,800
6,008
5,307

October
November
December

21,752
23,798
24,801

2,593
2,409
2,472

4,407
5,371
5,371

37,714
35,474
35,444

3,780
3,292
3,158

6,776
6,342
6,560

22,330
(NA)

(NA)

(NA)

33,218
(NA)

(NA)

(NA)

January
February
March
April
May
June
July
August
September
October
November
December
1987
January
February
March
April

August

1988
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.

92



MARCH 1988

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS—Continued

Q |

GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)

Merchandise, adjusted1

Goods and services
Year
and
month

667. Balance

(Mil. dol.)

668. Exports

(Mil. dol.)

669. Imports

(Mil. dol.)

622. Balance

(Mil. dol.)

618. Exports

(Mil. dol.)

Income on nvestment
620. Imports

(Mil. dol.)

651. U.S. investment abroad

(Mil. dol.)

652. Foreign
investment in
the United States

(Mil. dol.)

1986
January
February
March

-30,019

92,134

122,153

-34,978

53,878

88,856

24,076

17,651

April
May
June

-29,588

93,540

123,128

-33,651

56,928

90,579

22,013

17,426

July
August
September

-32,249

93,241

125,490

-37,115

56,534

93,649

21,333

15,994

October
November
December

-33,839

93,891

127,730

-38,595

57,021

95,616

20,787

16,295

January
February
March

r-33,834

r98,728

rl32,562

-38,92*6

56,769

95,689

r24,963

19,450

April
May
June

r-38,274

rlOO,O7O

rl38,344

-39,74?

59,875

99,617

r22,464

20,875

July
August
September

r-40,517

rlO5,662

rl46,179

-40,365

65,110

105,475

r22,689

r22,395

October
November
December

p-34,589

pll5,662

pl50,251

P-40J74

p69,060

plO9,234

p29,657

p22,569

1987

1988
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts
of Defense purchases (imports).

MARCH 1988



(exports) and Department

93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

[ J

Year
and
month

47. United States,
index of industrial production

(1977 = 100)

721.OECD1
European countries, index of
industrial
production

728. Japan,
index of industrial production

(1977 = 100)

(1977 = 100)

INDUSTRIAL PRODUCTION
726. France,
index of industrial production

725. West
Germany, index
of industrial
production

(1977-100)

722. United
Kingdom, index
of industrial
production

(1977 = 100)

727. Italy, index
of industrial
production

(1977 = 100)

(1977 = 100)

723. Canada,
index of industrial production

(1977 = 100)

1986
January
February
March

126.4
125.5
123.9

112
113
112

144.6
144.8
144.8

113
113
113

107
105
105

108
110
109

108.4
110.9
113.8

127.6
128.1
125.5

April
May
June

124.7
124.3
124.1

115
111
114

144.4
144.2
144.5

117
112
116

109
104
108

111
109
109

114.9
108.7
113.9

128.9
126.9
125.5

July
August
September

124.8
124.9
124.5

115
114
114

144.2
141.9
145.8

117
114
114

109
109
109

111
111
111

111.1
110.0
109.8

126.8
125.6
126.3

October
November
December

125.3
125.7
126.8

114
114
113

143.8
141.9
146.0

114
114
112

109
107
107

111
111
111

111.0
112.2
111.1

126.2
126.2
128.5

January
February
March

126.2
127.1
127.4

112
115
115

145.5
144.6
147.1

111
113
113

105
109
109

111
113
113

111.5
114.8
117.3

128.0
129.2
129.9

April
May
June

127.4
128.2
129.1

115
116
115

145.1
143.4
149.0

114
116
114

108
110
111

113
113
112

115.2
119.3
115.8

129.9
130.7
132.0

July
August
September

130.6
131.2
131.0

116
115
116

150.7
149.0
153.5

113
118
116

110
110
111

114
115
114

115.3
110.7
114.6

131.8
134.2
135.0

October
November
December

132.5
r!33.2
rl33.8

pll7
(NA)

156.6
pl56.2
(NA)

116
pll6
(NA)

111
pill
(NA)

116
pll5
(NA)

119.7
pll7.6
(NA)

136.0
137.2
pl37.4

1987

1988
January
February
March

•
(NA)

rl34.2
pl34.4

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 1988

OTHER IMPORTANT ECONOMIC MEASURES
F

I

INTERNATIONAL COMPARISONS—Continued

Q

United States
Year
and
month

320. Index ©

(1982-84 = 100)

Japan

320c. Change
over 6-month
spans 1

(Ann. rate,
percent)

738. Index ©

(1982-84-100)

Revised2

1986

CONSUMER PRICES

West Germany

738c. Change
over 6-month
spans 1

735. Index ©

United Kingdom

France

735c. Change
over 6-month
spans 1

736. Index ©

736c. Change
over 6-month
spans 1

732. Index ©

732c. Change
over 6-month
spans 1

(Ann. rate,
percent)

(1982-84 = 100)

(Ann. rate,
percent)

(1982-84 = 100)

(Ann. rate,
percent)

(1982-84 = 100)

(Ann. rate,
percent)

Revised2

Revised2

Revised2

Revised2

Revised2

Revised2

Revised2

January
February
March

109.6
109.3
108.8

0.6
-0.2
0.0

105.0
104.9
104.8

1.2
0.4
0.0

105.5
105.2
104.9

-0.4
-0.8
-1.3

116.1
115.9
116.1

1.4
1.2
1.2

113.1
113.5
113.7

3.2
2.9
1.8

April
May
June

108.6
108.9
109.5

-0.5
0.4
1.7

105.1
105.4
104.9

-0.6
0.0
-0.6

104.9
104.9
105.0

-1.9
-1.1
-0.6

116.6
116.9
117.2

1.6
2.4
3.3

114.8
115.0
114.9

1.1
1.1
2.1

July
August
September

109.5
109.7
110.2

2.6
2.8
2.2

104.6
104.4
104.9

-1.7
-0.4
-0.6

104.5
104.2
104.4

-1.1
-1.5
-0.8

117.4
117.5
118.0

2.9
2.9
3.1

114.6
114.9
115.5

2.8
4.2
5.9

October
November
December

110.3
110.4
110.5

3.7
4.1
4.4

105.0
104.5
104.3

-1.9
-2.3
-0.2

104.1
104.0
104.2

0.0
0.2
0.0

118.2
118.4
118.5

4.5
4.3
3.6

115.7
116.7
117.1

6.8
6.9
5.6

January
February
March

111.2
111.6
112.1

5.0
5.1
5.3

103.9
103.9
104.3

2.3
0.4
1.3

104.6
104.7
104.7

1.2
1.5
1.2

119.6
119.8
120.0

4.1
4.1
3.4

117.5
118.0
118.2

5.4
3.8
2.4

April
May
June

112.7
113.1
113.5

4.4
4.5
4.1

105.2
105.4
105.2

2.1
3.3
1.9

104.9
105.0
105.2

1.7
1.7
1.0

120.6
120.9
121.1

2.4
2.7
2.5

119.6
119.7
119.7

2.2
2.0
2.7

July
August
September

113.8
114.4
115.0

3.9
3.7
3.6

104.7
104.8
105.7

-0.9
1.0
0.0

105.2
105.1
104.9

0.8
0.4
0.8

121.4
121.7
121.7

2.3
2.3
2.8

119.6
120.0
120.3

3.7
4.6
4.8

October
November
December

115.3
115.4
115.4

3.7
3.2

105.7
105.2
105.1

0.0
(NA)

105.0
105.0
105.2

-0.2
0.0

122.0
122.2
122.2

2.2
(NA)

120.9
121.5
121.4

4.2
(NA)

1987

1988

115.7
116.0

January
February
March

104.8
(NA)

105.4
105.6

122.4
(NA)

121.4
(NA)

April
May
June
July
August
September
October
November
December

See note on page 80.
Graphs of these series are shown on page 59.
1
2

Changes over 6-month spans are centered on the 4th month.
See "New Features and Changes for This Issue," page iii.

MARCH 1988



95

OTHER IMPORTANT ECONOMIC MEASURES
F

INTERNATIONAL COMPARISONS—Continued

Q

Canada

Italy
Year
and
month

737. Index©

(1982-84 = 100)
1986

Revised

2

Q

CONSUMER PRICES—Continued

737c. Change
over 6-month
spans1

(Ann. rate,
percent)
Revised

2

733. Index©

(1982-84 = 100)

Revised

2

733c. Change
over 6-month
spans1

(Ann. rate,
percent)
Revised

STOCK PRICES

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

748. Japan,
index ot
stock
prices ©

745. West
Germany,
index ot
stock
prices ©

746. France,
index of
stock
prices ©

742. United
Kingdom,
index of
stock
prices ©

747. Italy,
index of
stock
prices ©

743. Canada,
index of
stock
prices ©

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

(1967 = 100)

2

January
February
March

125.9
126.8
127.2

6.8
6.6
5.3

111.4
111.8
112.1

4.4
4.8
2.9

226.5
238.6
252.7

936.5
964. S
1,052.8

327.1
320.8
329.6

438.3
468.6
514.8

647.8
690.0
755.0

303.8
343.9
430.2

321.2
322.7
344.3

April
May
June

127.6
128.1
128.6

5.5
5.5
4.8

112.2
112.8
112.9

3.2
3.6
3.6

258.9
259.4
266.8

1,116.7
1,144.6
1,203.9

345.8
318.7
313.8

590.3
600.2
537.2

780.6
756.2
764.9

512.3
580.0
485.1

347.9
352.8
348.6

July
August
September

128.6
128.8
129.2

4.0
3.3
3.4

113.8
114.1
114.1

4.5
4.5
5.4

261.3
266.5
259.2

1,262.7
1,354.5
1,361.4

293.2
316.3
327.2

580.0
605.1
603.4

755.5
750.0
767.2

483.2
562.7
554.7

331.7
342.2
336.6

October
November
December

129.9
130.4
130.8

3.9
3.0
3.7

114.7
115.3
115.5

4.3
4.1
4.8

258.2
266.6
270.4

1,280.3
1,297.0
1,406.4

322.1
325.2
331.9

609.7
616.6
652.2

750.7
774.1
779.4

557.1
546.3
514.8

343.4
344.3
346.5

January
February
March

131.6
132.1
132.6

4.2
4.7
4.5

115.8
116.3
116.8

4.4
4.7
4.2

287.7
305.6
318.1

1,492.7
1,577.3
1,675.5

308.8
285.2
288.5

642.1
660.1
708.1

841.0
917.9
973.1

526.7
502.9
501.9

378.4
395.4
422.5

April
May
June

132.9
133.4
133.9

4.8
5.9
6.5

117.3
118.0
118.3

5.1
5.2
4.7

314.7
314.5
327.8

1,856.7
1,937.3
1,965.7

304.2
302.3
313.7

725.9
703.6
664.6

957.2
1,042.0
1,098.5

533.2
533.4
p521.5

420.0
416.4
422.6

July
August
September

134.3
134.6
135.6

6.8
6.4
5.5

119.2
119.3
119.3

4.5
3.8
4.1

337.3
358.3
346.6

1,806.9
1,902.6
1,888.0

327.7
340.7
330.0

691.9
704.9
729.8

1,155.7
1,102.2
1,121.9 •

p508.1
p469.8
p459 .6

455.4
451.3
440.9

October
November
December

136.8
137.2
137.4

5.1
4.0

119.7
120.2
120.3

3.1
2.9

304.8
266.5
262.1

1,831.8
1,676.8
1,654.9

306.1
234.2
224.2

6 32.8
508.5
423.5

1,028.6
795.0
810.9

p460.1
p 3 7 9 .8
p375.0

341.2
336.5
357.1

272.5
280.8
p292.2

pi,660.3
rpl,771.4
pi,868.7

213.0
rp223.2
p238.7

465.0
rp501.1
p524.8

864.2
rp859.4
p896.9

1987

1988
January
February
March

138.1
138.5

120.5
121.0

p534.5
rp509.2
p568.4

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.
2
See "New Features and Changes for This Issue," page iii.

96



MARCH 1988

345.4
362.1
p386.5

APPENDIXES
B. Current Adjustment Factors
1988

1987

Series
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

105.1

85.9

81 4

92.7

104.7

129.0

144.5

104.2

13. New business incorporations

101.5

93.1

96.9

99.8

88.1

104.6

95.8

72. Commercial and industrial loans
outstanding in current dollars2

100 2

99 6

99 4

99 3

99 8

99 9

517. Defense Department gross obligations
i ncurredx

92 6

86 0

126 0

105 7

105 3

525. Defense Department prime contract awards

85.6

91.4

204.5

54.8

543. Defense Department gross unpaid
obligations outstanding

96 7

94.4

97 0

570. Employment, defense products industries . .

100.0

99.9

578. Defense Department civilian personnel,
direct hire employment
..

101.7

Apr.

May

June

91.4

92.1

82.7

89.1

99.2

113.5

104.2

102.0

107.1

100.5

100 4

101 3

100.9

100 8

100.3

115 4

107 2

92 7

107 0

91.2

80.2

87.3

93.5

102.8

117.1

95.8

117.9

81.1

69.1

84.7

97.7

100 2

100.9

103.5

103.4

103.0

102.6

100.4

98.3

100.2

100.2

100.4

100.5

100.1

99.8

99.7

99.7

99.5

99.9

101.2

99.0

99.3

99.8

99.9

99.4

99.5

99.6

99.8

100.3

100.8

103.5

97.4

99.8

97.9

97.1

107.7

92.5

98.4

108.3

98.4

100.7

103.4

604. Exports of domestic agricultural products .

80.7

84.7

88.9

103.2

117.3

119.7

109.2

107.5

109.8

100.8

89.3

83.1

606. Exports of nonelectrical machinery

98.0

96.3

96.5

104.5

96.8

97.4

98.1

95.0

111.6

101.3

103.1

102.8

105 4

96 0

105 2

106.0

112 2

103 4

92.3

98 4

91.4

94.5

95.4

107.7

96.9

85.2

95.8

93.4

103.2

96.3

100.8

102.9

107.5

99.8

108.6

114.2

L

5. Average weekly initial claims, State
unernployrnent insurance
1

1

580. Defense Department net outlays

614. Imports of petroleum and petroleum
products1
1

616. Imports of automobiles and parts

....

Mar.

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 x-ll VARIANT OF THE CENSUS METHOD
II SEASONAL ADJUSTMENT PROGRAM.
x
2

Factors are the products of seasonal and trading-day factors.
These factors apply only to the loans portion of this series.




97

C. Historical Data for Selected Series
Year

Jan.

Feb.

Mar.
320.

953.
954.
955.
956.
957 .

Apr.
CONSUMER

26 .6
26 .9
26 .7
27.7
28.6
29 . 5

29 . 3
29 .8
30.4
30 . 9

30.1
30.4
30. 9

30.2
30.5
30.9

31.8
32 .9

32 . 0
32 .9

32 . 3
33.1

38. 5
40 . 1
41 . 5
43 .6
48 .0
52 .9

38.0
39 .9
41.3

52.1
55.6
58.5

981 .
982 .
983.

62.5
68.3
77.8
87 . 0
94. 3
97 .8
101.9

47 .2
52.5
55.8
59. 1
62.9
69. 1

56 . 1
60.0
63.9
70.6
81.0
89.1
94.9

87 .9
94.6
97.9

103. 1

109.6

108.6

32OC.

953 .
954.
955.
956.
957 .

0.2

0.2
0.2
0.2
0. 1

-0.2
-0.1
0. 1

0.2
0.6

0. 5

958.
959 .
960.
961.
962 .
963.
964.
965.
966 .
967 .
968.
969 .
970.
971.
972 .
973 .
974.
975.
976 .
977 .
978.
979 .
980 .
981 .
982 .
983.
984.
985.

CHANGE

0.2
0.0

-0.1

0. 1

0.0

0.0

0. 0

0. 0
0.3
0 . 8
0.5
0.3
0.0
0.9
1 . 1

1 . 0
1 . 3

0.9
0. 3
0. 1

0.5
0.5
0.3

1 .0
1 .4
0. 7
0. 0
0. 1
0. 3
0. 5
-0. 4

320C.

0.0
-0.7
0. 5

0.1
0.6
-0.1

0.8

1.1

3. 1

3 .6
3 .8

4.4
0.5

0.6

1 . 3

1 .5

0.4
1.5
0.7

0.4
1 .7

1 .3
1 .7
4. 0

0.9
1.3
1.7
3.8

1.5

CHANGE
OVER

0.4
0.5
-0.4
2 . 1
3 .5
3. 1
1 .0
1 .4
0.2
1 . 3
1 .5
0.8

May

June

29.5
29.8
30.2
30.5

29.6
29 .8
30.2
30.6
31.0

29.6
30.0
30 . 3
30.7
31.1

30.3
30. 7

32 .4

32.5
33 .4

32 . 7
33.5
35.0
37.0
39 . 0

33.3

38.8
40 .6
41.7
44 .2
49.0
53.6
56 .8
60.7
65.2
72.3
82.7
90 .6
97 . 0
99 . 5
103.7
107.6
109.5

40.3
41.6
43 . 9
48.6
53.2
56 . 5
60.3
64.5
7 1.5
81.8
89 . 8
95.8
99.2
103.4
107.3
108.9

0. 3

0.0
-0.2

0.4
0.4

0. 3
0. 0

-0.1

0.2

0.2

0.0
0.2

0.
0.
0.
0.
0.
0.

0. 3
0. 3
0. 3

0.2
0.0
0.3

0.6

0. 3
0. 3

1
1
1
1
1
3

0.5
0.2
0. 5
1 . 0

0.2
0.5
0. 3

0.9

0. 1

0.0
-0.1
0. 3
0. 1

0. 5

0.5
0.8

1 . 1

1 . 1
0. 1
1. 1
0. 5

0.2
0.2
0.2
0.5

0.4
0.4
0.2
0.0

IN C O N S U M E R P R I C E I N D E X
6-MONTH S P A N S 2
(ANNUAL

1 .8
1 . 0
1 .2

0.5

0.7

1 .2
1 .6

1 . 1

0.5

1.8
0.9
1.7

2 . )
-0 .
0 .+
3 .
3 .3
0. 3
I 3
1 .+
0 .3
1 .1
1 .+

0.

3

7.6
10.7
15.7
10.7
3. 5
1 .4

4.8
3. 8

0.6

This series contains
w i t h i n the s p a n s : 1-month

7 .4

8.2
11.9
15.6

4.0
7.3
8.9
13.1
15.1

9.8

9.7

4. 5

6 .3

2.5
4.6
4. 0
-0. 2

3.5
4.4
4. 0

0.0

4.3

5.1

7 . 3
9. 1
13.6
12 . 1
10. 1
6 .7

6 . 2

3.9
4. 0
4. 0
-0.5

9.4
13.4
10.9
9 .8
6 .4
4. 3

3.7
3 .4

0.4

0. 0
0. 1

0. 1

0.2
0.2
0. 1
-0.1

0.6

0.4
0.5

0.5
-0. 1
0. 1

0.2
0.3

0.6
0.0
0.0

0.0

0.5
0.0

0.
0.
0.
0.

-0.
0.
0.
0.

1
1
1
1

0.3

0.3

0.6
0.5
0.5
0.2
0.2
0.9
0.8
0.5
0.5
0.5
0.9

0. 5
0. 5

0.2
0.5
0.4
1 .4
0. 7

0.5

0. 5

0. 3

0.7
0.8

0.9
0.9
0.8
1.0

0 . 2
0. 3

0.3

0. 0

0.4
0.2

0. 3

0 . 2

0. 3

0.1

0.6
0.3
0. 5
0. 5

0.2
0.5
0.7
1 .0

0.1
0.2
0.
0.
0.
0.
0.
0.
0.

1
1
0
3
1
3
1

0.3
0.6
0.5
0.5
0.2
0.2
0.9
0.8

1 . 1
1 .0

1 . 1
1 . 1

1 .2
0. 9

0.4

0.3

-0.1

-0.3

0.3
0.2
0.6
0.3

0.3

1.1
-1.1
0. 8
3.6
3.0
0. 1
2.1
1.4

0.9
0.9
1.8
1 . 5
1 .7

0.7

0 . 2

0.4
0.2

6 .3
5 .4
10.3
13. 3
9 .3
9 .3
6 .3
4.
3. 3
2 .3
2 .3

73.8
83 . 3
92 .4
97.7
100.3
104.5
108.0
109.8

0.2
0. 0
-0. 1
0. 3
0. 3
0. 0
0. 1
0.2
0.0
0.0

0.3
0. 1
0.3
0.5
0.5
0. 2
0.2

0 . 2
0.3
0.4
0.5
0.4
0.4

0. 3
0.7
0.6
1 .0
1 .4
0.8
0.2
0. 1
0.5
0.4
-0. 1

-1.3
1 .2
3 .6
2 .6
0 .4
2 . 1
1 .4
1 . 1
1 . 1
1 .8
1 .6

3.9
9.3
12.3
8.5
6.1
6.1

9.5
13.3
9.8
9.4
4.4
3 . 9

3.5
3.2
2.8

8.0
6 . 1
6 .0
9 . 1
13.4
9 . 7
8. 1
1 .4
4 • 1

0.5
0.4
0. 5
0. 8
1.1
1.0
0. 7
0. 8
0.4
0.3
0.3
0. 1

AVERAGE
0. 3
-0.1
0. 3

3.2
0.8

3 .9

1 . 5
2 .0
0. 8
1 . 5
1 .6
1 .7

6 . 1

1 .

40.8
42 .0
44.9
50.0
54 .4
57 .4
6 1.2

48.
53.
56.
60.

-0.1
0. 1
0.0
0. 0
0. 3
0.5
0. 0
0.0
0.0

0. 5

1. 1
-0.7
0. 5
2 .8

3 . 0
3. 9
9 .7
12.2

6 .4
4. 7
3. 7
3
1 .7

0. 3
0. 1

0 .2

0.3
0.4
0.4
0.3
0.4
0.2

6 . 1

10. 4

0.3

0.0
0.4

0.5
0.5
0.6

3.5

9 ./

1
0
0
1

0. 1
0. 0

0.7
0.3
0.6
0.6

6.'l

5. 3
10. 3
13. 3

0. 3
0. 1

0. 3

0. 3

3 . 0

4 .4
12.1
12.5
6.8
6. 1
6 .3
9 .4
14 .2
11.4
6 . 4

0.8

3.5
3.6

4 .5
3. 1
3 .7

2 .2

3.7

revisions beginning with 1945.
This series c o n t a i n s r e v i s i o n s b e g i n n i n g w i t
c h a n g e s a r e p l a c e d on the 2d m o n t h and 6-month c h a n g e s a r e placed on the 4th i




0.2
0.2
0.0

0. 3

0.6
1 . 0

-0.3
-0.1

4 .D
3 .4
8. 3
12.4
7. 3

4 .3
3 .+
8 .3
12 . 1
6 .3
5 .5

4.0

0.2

-0.4

\\

5 .

4. 1
2 .4
9 . 5
11.3
6 .2

7 .4

0.2

0.2

\

6.2

3.5

8.0
4 .4

1 .

29.6
30. 0
30.3
30.7
31.1
31.6
32 .6
33.5
35.0
37 . 0
39.1

34.
36.

103.
107 .
109 .

IV Q

Annual

FOR PERIOD
26.9
26.9
26.8

66 . 1

FOR ALL U R B A N C O N S U M E R S
RATE, PERCENT)
2. 3
- 1 .)
0.
4 .+
2 .3
-0.
2 .3
1 .4
1 .
1 .1
1 . 3

III Q

26.9
26.8

30.0
30.4
0. 8
31 .2
1 .7
2 .9

3.8
35 .4
37 .5
9 .6
+1 . 0
+ 2 .4
+ 5 .9
1 . 5

35.2
)8.0
1 .9
7 . 4
5 .9
35 .5
33.7
37 .9
1 31.2
105 . 3
109.0
110.4

26 .7
26 .9
26.8
27.2

29.1
29.6
29.9
30.2
30.6
31.0
31.5
32 .4
33.4
34.8
36 . 7
38. 8
40. 5
41.8
44 . 4
49 .3
53.8

65 .2
72.6
82 .4
90.9
96.5
99 .6
103. 9
107 .6
109.6

CONSUMERS

L.9

6 . 3

2 . 9
7 . 1
11.0
6 .6

3 .4

101.0
105.3
108.7
110.3

2 . 8
4 .2

3.5
.9
. 2
. 0
. 3

93.2
97.9
100.7
105.0
108.3
110.2

1.5

5.7

2
8
12
6

2 .3
5 .6

3 .4
4 . 2

3.6
.9
.2
. 1
. 3

94.0
97.6
101.3
105.3
109 . 3
110.5

69.1
78.9
87 . 8
94.5
97.9
102.3
106 . 0
109 .2

0.9

3.3

5 .7

2
7
12
6

30.4
30.9
31.2
32 . 0
32.9
34.2
35.8
38. 0
39 .9
41.3
42 . 9
47 .2
52.4

1 . 1
1 .7
2 .9
3 .7
5 . 3
7 . 3
9 . 4

4 . 9

3.6
3.0
7 .2
11.3

29.8
30.0
30.4
30 .9
31.2
3 1.8
32 .9
33.9
35.5
37 . 7
39.8
41.1
42.5
46 .2
51.9
55 . 5

3.

5.7

26.7
26.9
26.7

29 .8
30 .0
30 . 4
30 .8
31
3 1 .7
32 .9
33 . 8
35 .4
37 . 5
39 .6
40 . 9
42 .4
45 . 9
51.5
55.3
58.0
6 1.9
67.4
75.9
85.5
93.7
98.0
101.2
105.3
109 . 0
110.4

3. 7

1. 3

3 .6
3 . 1

26.6
26 .9

9 . 8
0 .0

3 .3

1 .9
3 .6
3. 1

II Q

27.6
28.4

2 .3
3 .3

2 . 3
3 .4
2 . 3

I Q

27.5
228.4
8.
29.0

7 . 1
5.2

0. 1

1 . 8
1 .2

0.6
0.9
0.5
0.5
0.8

Dec.

27.5
28.3

0.4
0.8

45.2
50.6
54 .6

0.2

0. 0
-0.1
0. 1
0. 3

0. 0

0.2
0.7
0.8
0.8

Nov.

AVERAGE

0.2
0.2

0.2
0.3
0.6
0.5

30.0
30.4
30.7
31. 1
31.6
32 .7
33.6
35.1
37.1
39.2
40.8

0. 1
-0. 1
0. 5
0. 1
0. 1
-0.1

0.2

0.2
0.2

1 . 1
1 . 0

3.8

URBAN

0. 3

0.9

-0.6
-0. 1
3. 5

0.0

100.2
104.5
108 . 0
109 .7

0. 5

1 . 1
1 .0

2 .6-1.0
-0.7
3 .4
3. 5
1 .7
1 .2
1 .4

0. 3
-0.1
0. 1
-0.2
0. 3
0. 0
0. 3

42 . 0
45.1
50.0
54. 3
57 . 4
6 1.2
66 . 0
73.8
83.3
92 .3
97.7

0. 3
0. 3
0. 3
0. 3

0.7
0.9
0.4
0.2
0.3
0.2

1.1

0.2
0.5

40 .8

-0.1

1 .0
1 .0

0. 3

0. 1
-0.3

31.0

0.4
0.1
0.6
0.6
0.5
0.5

0.6
0.7
0.4
0.4

39 .0
40.7
41.9
44 . 3
49 .4
54.2
57.1
6 1.0
65.7
73.1
82 .7
91 .6
97.5
99 .9
104. 1
107 . 8
109 .5

P R I C E I N D E X FOR ALL
SPANS2
(PERCENT)

0.4

0. 3

27 . 4
2 8 .3
28.9
29.3

29.0

29.1

32 . 3
33.2

Oct.

AVERAGE

28.9

0. 1
0. 3

0.3
0.2
0.7
0.6
0.4
0.2
0.7
0.8

0

28.9
29.0

0. 0
0. 3
-0.1

0. 5

Sept.

26.

0.2
0.3
0.0

0. 1
0. 1
0. 1

Aug.
CONSUMERS

26.9

IN C O N S U M E R
OVER 1-MONTH

0.2
0.0
0.4

July

PRICE INDEX FOR ALL URBAN
( 1982-84 = 1 00)

0.4
1 . 1
1 .6
1 .3
0.6
1 .4
1 .5
3 .6
1 .5
4.2
5 .8
6 .6
4. 1

0. I
0. 1
0. 3
1 .3
3 .4
3. 3
0.

-0.8
-0.1
3.5
3.5
1.3
1 .4

4
3
1 .3
1 .3
1 .1

1.3
0.7
1.3
1.6
0.8

0.

3 . 0
6 . 3
11.8

8.9
5 . 2
7. 1
7 . 0
10.5
15.9
11.5
3. 5
0.8
4.8
3 .7
1.9
4 .4

Percent changes are centered
luarterly and annual f i g u r e s

FOR
0. 1
-0.1

0.2
0. 0
0. 1
0. 0
0.2
0.2
0. 1
0. 1
0.0
0.4
0.3
0.4
0.4

0.3
0.7
1 . 1
0, 7
0.5
0.4
0. 8
1 .0
0.5

0.4
0.2

FOR

PERIOD
0. 0
0. 0
0. 0
0.3

0. 0
0. 0
0.2
0.2
0.2

0. 5
0.5
0.2
0. 3
0.8
0.9
0.6
0.4

0.3
0.0
0. 3
0.2
0.5
0.2

0.0
0. 0
0.0
0 . 2
0.2
0. 1
0. 1
0. 1
0. 1

0.7
1 .0
0.6
0.4
0.5
0.7
1 .0
1 . 0
0.7

0.3
0. 1

PERIOD

1.7

1.6
3.4
4.3
5.3

2 .9
8.4
11.5
6.6
5.1
6 .4
9.5
13.4
10.9
10 . 1
6.5
4. 3
3 . 3

3.5
3.1
2 .5
(MARCH 1988)

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

322.

1953 .
1954.
9 55 .

980 .
1981.
982 .
983.
984.
985.
986 .
987 .

CONSUMER

965 .
966 .
967.
968.
969 .
970.
97 1.
972 .
973 .
974.
975.
976 .
977 .
978.
979.
980.
981 .
982.
983 .
984.
985 .
986 .
987 .

32 .6
33.7
34 . 0
35 .2

32 . 5
33.5
34. 1
35.3

32 .4
34.0
34.3
35.4

39.2
40. 3
41 .7
47. 1
54.5
58.6
6 1.1
65 ! 3
71.6
79.7
85 .2

39.2
40. 5
4 1.9
47 .6
54.5
59 .2
6 1.3
65 .7
72 .7
80 .0
8 5.7

39 .2
40.6
42. 1
47 .7
54.3
60.3
6 1.6
65.9
73.0
80.5
86.6

39 .2
40.6
42 .2
50.5
55. 1
60.3
6 1.8
66 .2
73.3
80 .4
88. 0

98.1
99.6
103.0

98.2
99 .6
103.4

98.0
99 . 7
104. 0

98. I
100. 3
104. 3

31.7
33.8
33.8
34.9

31.8
33.8
33.7
35.0

38. 7
39.4
41 . 1
44 .0
52.5
58.4
6 1.9
62 .7
67.9
76 .4
83.3

38.9
39.5
41 .7
44.6
53.6
58.5
6 1.3
63.9
68.6
77 .7
83.4

3 8.9
39.8
41.6
45.8
54.2
58.4
6 0.9
64.2
69.5
78.4
84.1

39 .0
40.1
41.6
46 . 5
54. 1
58.3
6 0.9
65.0
70.6
79.0
84.7

95.6
98 . 1
101.9

96 . 3
98.2
102 .6

96 .2
98.8
102.8

96 .4
99 .2
102 .8

-0.1
1 .3
0.3
0.3

-4.8
0.0
0.7
-0.7
2 . 1
9 .8
-3.3
2 . 0
0.7
2.7
0.7
2 .6
1 . 3
8.2
-2 .9
3.5
2.8
6 .4
3. 1
4 . 5
18.0
13.9
5 .4
-1.3
8.5
12.4
13.4
8.0
6 .8
3.0
2 .0
5 . 0
2. 1
3.0

-4. 1
2.1
0.0
1 .5
2 . 1
9 . 1
- 3 .3
2 . 0
-1.3
2 .0
0.0
1.3
2 . 5
6 .9
-2. 3
3 .5
3.9
5 .3
4. 1
4.0
20.0
12 .4
3 .9
-1.9
9.9
13.9
13.8
8.0
4. 5
4. 5
2 .7
4 . 6
1 .7
2 .6

CHANGE

97 .2
99.5
102 .6

IN C O N S U M E R P R I C E I N D E X
OVER 1-MONTH S P A N S
0.7
0. 0
0. 0
0.4
0. 0
0. 3
0.7
1 .4
0.3
0.3
0.3
0. 0
0.3
0. 0
0.3
0.3
0.6
0. 3
0. 8
0. 0
1 .5
0.2
0.2
0.0
1 .2
1.6
0.8
0.7
0.2
0.2
0.4
0.0
0.0
0.3

IN C O N S U M E R
OVER 6-MONTH

0.4
0.0
-0.4
0.7
0.3
-0.3
0.0
0.0
-0.3
-0.3
0.0
0. 0
0.9
-0.3
0. 0
0.3
0.5
0.5
0.5
0.2
1 . 3
0.7
0.5
0.3
0. 5
1 .4
0.9
0.6
0.0
0.8
0.3
-0.2
-0.1
0.4

PRICE
SPANS

.4
-0.7
-0.7
. 7
. 0
.7

0.0
-1.4
-2 .8
5.2
4 . 9
1 .3

. 0
. 3
).O
. 3
.6
. 8
. 1
.2
t . 1
. 8

3 .4
-1.3
0.7
0.6
0.0
5 .8
3 . 0
3 .0
3.5
7 .9

FOR A L L U R B A N
(PERCENT)

0.7
0. 0
-0.7
1.1
0.7
-0.7
0.7
0.0
-0.3
-0.3
0.3
0. 0
1 .6
0. 0
0.9
0.3
1 . 1
0. 0
0.5
0.5
1 . 1
0.0
1 .0
0.3
0.6
1 . 5
0.4
0.6
0.4
0.9
0. 1
0.4
0.3
0.2

IQ

II Q

8 4
97 Q
27 .7
9 8 . "\
29.2
30.0
29.7
0. 3
0. 3
0. 8
1 . 0

R 1
97 Q

28.3
28.5
27 .9
27.5
28.6
30.1
29.8
29 .6
30.5
30. 5
31.0

2 8.2
28 .+

0. 0
9 .7
0.5
0.3
0.9
11.2

2 8.3
27 8
27 . 6
2 8.5
2 9.2
29.9
29 .6
30.5
30.3
30.7
31.3
32 .8
34 .0
34 .6
36 .0
38.6
39 .5
41.3
43 .2
5 1.9
58.2
62.1
62 5
67.4
75.1
82 .8
91.3

31.6
33 .4
33.8
34.8

39.5
4 0.7
42.8
50.7
56 . 8
61.3
62 4
66.6
74.2
81.5
89.8

2 .6
34 . 1
34. 5
35.9
8.2
9 . 5
i0.9
• 3.0
1 .4
7 . 5
1 .7
a2 3
37.1
4 . 7
12 . 0
)0. 8

27 . 3
28 .
30.
29 .
30. 3
30. 3
30.
30. }
+
32!
33 . /
33 . 3
35 . 1

38.8
39.6
41.5
44.8
53.4
58.4
6 1 4
63 .6
68.7
77.5
83 .6

39 .
40. 3
41 .
47 . 1
54. 4
58. 1
1
65 . 3
7 1 .3
79. •3
85. I

98.2
100.3
104.2

)8.2
1 30.3
1 34. 3

98.2
100.6
104.5

96. 0
98 .4
102 .4

III Q

0.7
0.0
0. 0
1 . 1
0.7
0. 3
0.3
0.3
0. 3
0.3
0.6
0. 3
0. 3
0.6
0.3
0. 3
0.8
0. 0
0.2
0.5
0.2
0.4
1.9
0. 5
0.3
0.4
0.6
1 . 1
0.8
0. 1
0.0
0.4
0. 1
0.9

INDEX FOR ALL
(ANN. R A T E ,

9
4
0
7
7
6

2
4
4
5

.5
.2
.4
.9

7 .6
8 . 4

97 . 2
99 . 4
102 . 3

FOR
78 - 3
28.2
27 .7
28.3
30.1
29.6
30.0
30.3
30.6
31.2
31.5
32.4
33.9
34.2
35.4
39.3
40.6
42.3
49.5
55.2
6 0.4
6 18
66.2
73.3
80.6
87.9

98.1
99.8
103.8

AVERAGE
0 . 4
-0.4
-0.4
-0.7
1 . 0
-0.3
0.0
0.3
0.0
0.7
0.0
-0. 3
-0.3
1 .5
0.6
0. 3
0. 5
0. 0
0. 0
0.2
5 .9
1.5
0.0
0. 3
0.5
0.4
-0.1
1 .6
0.5
-0.2
0.1
0.6
0. 1
0.8

0.0
-0.4
-0.4
0.4
0.0
0. 0
0.0
0.7
0.0
-0. 3
-0.3
0.0
0.6
0. 3
0.3
0.8
0. 3
0.3
0.2
0.7
0.6
1 . 1
1.0
0.5
0.3
0.8
0.7
0.8
0.2
0. 0
0. 3
0.2
0. 1
0.2

0.4
-1.1
0.7
0. 0
-0.7
-0.3
0.3
0.3
0.0
1 .0
-0.3
0.6
-0.3
0. 3
0. 0
0.6
0.5
0.5
0. 0
0.7
-0.2
2 .0
0.7
0.5
0.3
0.4
0.6
1.3
0.4
0.2
0.3
0.0
0. 2
0.4

URBAN C O N S U M E R S ,
PERCENT)
1
5
1
1

IV Q

Annual

PERIOD
28.3
27.9
27 . 6
28.4
29.2
30.0
2 9.7
30.4
30.3
30 . 8
31.2
32.6
34. 1
34.5
35 .9
3 8.2
39.5
41.0
43 .0
5 1.3
57 .5
6 1.7
62 4
67.0
74.7
82 . 1
90.6
95. 1
98 .2
100.4
104.3

28.3
28.2
27 .8
28.0
30.2
29.7
30.0
30.4
30.6
31.1
3 1.5
32.2
33.8
34. 1
35.3
37. 1
39 .2
40.4
42 . 1
48.2
55.1
59.8
6 1.6
65.5
72 . 0
79.9
86 .8
93.6
97.4
99 .4
103.2
105 .6
109 . 0

CONSUMERS, FOOD,

-1.1
0.0
-0.4
0.4
0. 0
0.0
0. 0
0.7
0.0
0.3
0.6
0.3
0. 3
-0.3
0.3
0.0
1 . 1
0.0
0.5
0.5
1 .4
1 .2
0.7
-0.2
0. 8
0.7
0.6
1 . 1
0. 1
0. 0
0.0
0. 1
0.6
0.4

0.7
-0.4
0.0
0.4
0. 0
-0.3
-0.3
0.0
0. 0
-0.6
0. 3
0.0
0.6
-0.3
0.3
0. 3
1 . 0
0.0
1 .0
0.5
1.0
1 .2
0.6
0.3
0.4
0 . 5
1 . 0
0.6
0.2
0. 0
0.3
0.2
0.6
0.2

-0.4
0. 1
0.2
-0. 1
0.1
1 .5
-0.2
0.0
0.0
0.3
0.3
0. 1
0. 0
1 . 0
-0.2
0.3
0.2
0. 3
0.3
0.3
2 . 0
1.5
0.1
-0.7
0.9
1.0
1 .4
0. 5
0.4
0. 3
0.2
0.7
0.3
0. 0

0. 1
0.0
-0.4
0.7
0.3
-0.2
0.0
0.5
-0. 3
-0. 1
0.0
0.0
0.9
-0.1
0. 2
0. 3
0.7
0.3

FOR

PERIOD
-0. 1
-0.2
-0. 1
0.3
0.2
0.2
-0.1
0.3
0.0
0. 1
0.2
0.1

0.0
-0.5
0. 1
0. 1
0.3
-0. 3
0.0
0.1
0. 1
0.5
0.1
0.2
-0.3

0.2
0. 1

0. 1
0.3
0. 1
0.7

0. 1
0.6
0.6
1.0
1 .2
0. 8
0.2
0. 5
0. 7
0.8
0. 8
0.2
0. 0
0.2
0. 2
0.4
0. 3

AVERAGE
1 .4
-2 . 1
-0.7

-3.4
0.9
0.0
1 .5
2 .3
8.9
-2 .6
2 .2

FOR
0 .2
- 3 .7
- 1 .6
4 1
3. 3
- 3 .3
0. 7
2 .9
0 .0
1

PERIOD
.2
-1 . 1
.4
2
. 8
. 8
.4
.3
.6

. 0
8.8
1 . 5
4. 0
18.9
14. 0
10.0
4.0
5 .2
7 . 1
13.5
0. 2
2 .0
2 .9
3 .2

0.0
0.6
0.9
0.8
0. 8
0.3
0.2
0.2
0.3
0.2
0. 3

FOOD,

-0.7
-3.5
-2.1
4.4
3. 5
-3.3
1 .4
3.4
0.0
2 . 0
2 .0

1 .5
3 .0
6 . 3
19 . 1
11.3
10.9
4.0
5.6
8. 8
5.9
13.6
5 . 0

1.9
3.4

Dec.

AVERAGE

32.1
33.7
33.7
35.1

31.5
33.5
33.8
34.8

Nov.

28 L
28 0
27 A
29 .2
30.0
29 .
30.
30.
30.
31 .
31.
32 .
34 .
34.
35.
37.
39 . +
40 .
42 .
5 0. +
56.
60.
6 2 1
66 . 4
7 3 .3
80. 3
89 . 1

31.6
33.0
33.9
34.6

Oct.

FOOD

28.9
30. 3
29.7
30.0
30.2
30. 5
31.0

29.8
30. 0
29.6
30. 5
30.4
31.0

0.0
-0.4
0. 0
0.0
-0.3
2 . 0
-0.3
0. 3
0. 0
0.3
-0.3
0. 0
0.6
0.9
0.0
0.3
0.3
0.0
0.8
-0.2

CONSUMERS,

28 3
28 3
27 .6
28.2
29.4
30.1
29.6
30.0
30.3
30 .6
31.2

2 8 4
2 8 4
27.7

- ).4
0. 0
0.7
0.0
1 . 1
0.3
-0.7
-0.3
O.,O
0.3
0.3
0. 0
-0.3
1 .5
-0. 3
0.6
0.0
0.5
0.3
1.5

Aug. Sept

2 8 2
28 4
2 7 .7
28 4
29.1
30.2
29.6
29.9
30. 3
30.4
31.2

28 2
28 4
27 .9
27 8
28.7
30.5
29.5
30.0
30. 3
30.6
30.9

0. 7
0. 7
0. 0
0.4
0.4
2. 1
0.3
0. 0
0.0
0.3
1 . 0
0. 3
0.3
0.6
0.3
0. 0
0. 3
0. 3
0. 3
0.5

July

INDEX FOR ALL URBAN
( 1982-84=100)

28 1
28 4
28 .0
27.6
28.6
30.6
29.5
30. 0
30.4
30.7
30.9

322C.

1953 ...
954 ...
1955 ...
956 . . .
957 ...
9 5 8 . ..
959 ...
L960. . .
1961 ...
1962 . . .
1963 ...
1964. . .
19 5 ...
19 6 . . .
19( 7 ...
19 8. . .
19( 9 ...
19 0. . .
19 1 ...
.9 2 ...
19 3 ...
19 4 ...
19 5 ...
19 6 ...
19 7 ...
19 8 ...
9 9 ...
1980. ..
1981. ..
1982 ...
1983. ..
1984...
1985 . . .
1 9 8 6 . ..
19 37 ...

June

28 3
2 8.4
28.0
27.5
28.6
30. 5
29 .7
29.6
30.5
30.6
31.0

CHANGE

953.
954.
955 .
1956.
957.
958.
959.
960.
961 .
962.
963.
964.

PRICE

May

28 3
2 8.5
28 . 0
27 5
28.7
29 .9
29.8
29.5
30. 5
30.5
31.1

28 4
2 8.5
27 5

959 .
960.
961.
962 .
963 .
964.
965 .
966.
967 .
968.
969.

Apr.

6.5
2 . 0
5 . 0
16.1
15.6
8. 0
0.7
6 .9
9.6

7 .6
1 .0
2 .5
9 .2
2 1.1
15.7
5.4
3 .6
6 .2
7 . 1
11.9
3 .7
-0.2
4.7
2.3
3.4
5 .0

3 . 0
1.2
5 .7
.5
3.7

4. 1
3.8
12.2
4. 3
-1.9
9.6
14.2
13.6
7 .7
5 .2
4.5
2 .5

2 . 7
3. 3

4.8
8.5
1 .9
3. 3
6 .2
19.0
11.8
10.5
4. 3
5 . 3
8.7
6 . 5
13.2
4.8
2 . 0
1.9
3. 0
2 . 4
5 .8

-0.6
-1.6
-1.2
3 .4
4.0
1 . 0
-0.9
2 .9
-0.2
1 .7
1.2
1. 1
4 . 4
2 .9
2 . 0
4. 0
6 . 9
2 .6
4.3
6 .6
19 .4
10.7
6 .2
2 .4

3.6
0.5
5.4
2 .2
2 .2
4 .4

NOTE: These series contain revisions beginning with 1947. Percent changes are centered \ ithin the spans: 1-month changes are placed
on the 2d month and 6-month changes are placed on the 4th month.
Quarterly and annual figun




99

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

330. PRODUCER PRICE INDEX, ALL COMMODITIES
( 1982 = 100 )
1953. ..
1954. ..
1955 ...
1956 ...
1957 ...
1958. ..
1959 ...
1960. ..
196 1 ...
1962 . . .
1963 ...
1964. . .
1965. ..
1966 . . .
1967 ...
1968.. .
1969. ..
1970. ..
1971.. .
1972 ...
1973 ...
1974. ..
1975 ...
1976.. .
1977 ...
1978. . .
1979. . .
1980.. .
1981...
1982.. .
1983 . . .
1984. . .
1985 . . .
1986.. .
1987 . . .

9.1
-9.4
-9.2
-9.7
31.0
31.5
31.7
31.6
3 1.8
31.7

2 . 1
29.3
29.3
2 .8
3 .0
3 .5
3 .7
3 .6
3 .8
3 .7

29.2
29.3
29.2
29.9
3 1.0
31.7
31 .7
31.8
31.8
31.7

29.0
29.4
29. 3
30.1
31.1
31.6
31.8
3 1.8
31.6
31.6

31.8
31.8
32.9
33.4
33.8
3 4.8
36.5
37.3
38.8
+ 1 .6
+ 9.0
3 7 .4
39.9

3 .6
3 .9
3 .2
3 .4
3/t. 0
3 .0
3
3 .7
3C . 2
4 .4
5 3.0
5
5 .9
6 3.5
6 .5
7 + .9
8 .9
9 . 1
9 .8
100. 5
103.2
103.3
101.7

31.6
31.9
33.2
33.3
34. 1
35.2
36.7
37.8
39 .2
43.4
50.6
56.9
60.0
64. 1
68.1
75.8
87 .5
97.0
99 .6
100.4
103.9
103.1
100.3

31.6
32 .0
33.2
33 . 1
34. 1
35.3
36.8
37.9
39 . 3
43.6
51.0
57 .5
60.6
64.9
69.0
76.9
87.8
98.0

J2.8

36.8
73.8
85.2
95.2
99 .7
100.2
102.9
103.4
103.2

100.4
104.0
103.3
99.6

29.1
29.4
29.1
30.3
31.0
31.7
31.8
31.7
31.5
31.5

33 .2
33 . 3
34

77.5
88.3
98.3
99 . 8
100.8
104.1
103.5
100.0

0.0
0.7
0.7
0.7
0.6
0.3
0.3
0.3
0.3
0.3
0. 0
0.6
0.3
0.3
0. 3
0. 3
0.6
0.6
0.5
0. 5
1 .2
3.3
0.2
0. 3
0.5
0.9
1 .5
2 .2
1. 5
0.9
-0.3
0.6
-0.1
-0.4

CHANGE
1953.. .
1954 ...
1955 ...
1956 ...
1957. . .
1958. ..
1959 ...
1960. . .
1961 ...
1962 ...
1963 . . .
1964. . .
1965 . . .
1966 . . .
1967. ..
1968. ..
1969. ..
1970. ..
1971. ..
1972 ...
1973 ...
1974...
1975 . . .
1976. . .
1977 ...
1978.. .
1979. ..
1980. . .
1981 . . .
1982 ...
1983. . .
1984. . .
1985 . . .
1986.. .
1987 . . .

0.3
0.0
-0. 3
0.3
0. 0
0.6
0.0
0.6
0.0
0.0
0. 0
0.0
0. 0
0.0
-0. 3
0.3
0.6
0. 0
0.3
0.0
2 .4
1 .2
-0.5
0.2
0.9
0.9
1 .2
0.7
0.9
-0.2
-0. 1
0.7
-0.2
-1.4

0.0
-0.3
0.3
0.3
0. 0
0.0
0.0
0. 0
0.0
0.0
-0.3
-0.6
0.3
0.9
0.0
0.6
0.6
0. 5
1 . 1
1 .0
1 .9
2.0
-0.3
0. 0
1 . 1
1.0
1.5
2 .0
0.9
0. 1
0.3
0.3
-0.1
-1.5

IN P R O D U C E R

.6
,9
.0
,9
.4
,8
,2
.3
. 1
,4
.3
,2
.3

0.0
-1.3
-1.3
2.5
3 .7
0.0
4.8
5.9
3.9
5.5
6 .4
2 1.9
24. 1

-0.6
0.0
-0.6
4.5
3. 1
1 .2
3.0
6.5
3. 3
6 .0
5.8
22.6
20.1

,7
.9
.6
.7
.4
.5
.4
.4
.6
.2
.3

4 .4
10.6
11.6
15.5
14.3
11.2
2 .0
1.0
4.0
-0.4
-6.5

5 . 1
8.2
11.8
15.1
13.1
10.3
2 .4
1 . 0
3 .4
-0.4
-7.0

0.7
0. 3
0. 3
0.7
0.3
0.3
0.3
0. 0
0.6
0.3
0.3
0.0
0.3
0. 0
0.6
0.0
0.3
0.3

0.3
0. 0
-0.7
0.7
-0.3
0.3
0.0
-0. 3
-0.3
-0.3
0. 3
-0.3
0.3
0.0
0.6
0. 3
0.6
0. 0

0.5
0.7
0.8

33 .6
33 .4

33 .6
33 . 4

33 .4
33 .4

33. 3
33. 4

33 .3
33 . 7

35.7
36.9
38.5
40. 1
47.5
55.9

35.8
37.1
38.3
40.2
46 .7
55.9

35.9
37.1

36. 1
37.1
38. 3
40.3
46 . 5
57.4

36.3
37.1

6 1.4
65 .0
70.4
79.6
91.5
99.0
100.3
101.8
103.8
102 .7
99.3

6 1.8
65.3
7 1.0
80.9
91.7
98.8
100.0
102 . 0
103.4
102 . 1
99.4

33 . 5
33 . 5

35.7
36.9
38.2
39.7
45.5
52.0
58.0
6 1.2
65.0
70.0
78.0
88.7
98.5
100.0
101.0
104.0
103.3

35.8
37. 1
38.3
40.0
44 .9
54 . 0
58.7
61.6
65.1
70.4
79.2
90.3
99 .0
100.4
101.3
104.2
103.2
99.4

1.0
0. 0
0.0
0. 1
0.2
-0.7

0.2
0.4

0.7
0.2
0.6
1 .5
1 .8
0. 5
0.4
0. 3
0.2
0. 1
0.5

1 . 1
4.3
4.6
25.5
25.0
5.1

10.9
6 . 1
1 .0
2 .6
1 .2
-1.2
-4.7

0.7
0. 3
0.0
-0.3
-0.3
0. 0
0.0
-0.3
0. 0
0.0
0.3
-0.3
-0.3
-0.3
-0.5
0.5
0.2

40. 1
46 . 3

6 1.9
65.6
7 1.8
92 .8
98.9
100.2
102 .2
103.4
102.9
99 .7

62 . 0
65 .8
72.1
82 .6
93 .2
98. 8
100.3
102.1
103.7
103.4
99.8

41.1
47 . 4

83 . 4
93.8
98. 8
100.5
102.3
103.5
103.6
99 .7

0.3
-0.3
0. 7
0.7
-0. 3
0.0
0.3
0.0
0.0
0.9
0.0
0.3
0.0
0. 0
0.0
0.6
0.3

-0.3
-0.2
0.0
0.5
1.3
0. 0
-0.1
0.5
-0.4
-0.5
-0.1

-0.7
-0.3
0.0




Q

IV Q

Annual

31 .6
1 .7
1 .7

-0.3
-0.3
0.3
0.0
-0.6
0.0
0.0
0. 3
-0.6
0.0
0. 0
0.3
0.0
0. 0
-0.2
-0.9
1.8

0 .0
0 .8
0 .3
SPANS

1 .4
-2 .0
2 . 1
3. 3
0.6
-0.6
-1.3
-0.6
-0.6
0.6
1 .3
0.6
3 . 1
1 .2
1.8
1.8

0. 0
-1.4
2.8
2 .7
1 .9
-0.6
-1.9
0. 0
0.0
1.3
1 .3
1.3
3.1
1.8

-1.4
1 .4
3.3
1 .9
0. 0
-1.3
0.0
1 .9
0.6
0.0
1.3
2.5
0. 0
1 .2
2 .4

1 .6

1.6
1. 1
4. 1
9.2
22.8
5.6
4. 0
1 .8
7 .6
13.6
11.4
1 .0
1 .0
2 .6
-0.8
-0.2
-0.4

1.1
2 . 1
7 .2
8.7
2 1.4
5.9
4 .3
3 .7
7 .9
14.3
11.8
0.6
1 .0
2 .6
-1.0
0.6
-0.4

3 1.6
3 1.7
3 1.7
31.6
31 .7
31.6
31.6
32.3
33.3
33 .4
34. 2
35.6
36.9
38.1
39 . 8
45 . 0
53.5

9 . 1
2 .5
9 .9

6 . 1
9 .7
100.4
103.3
103.3
101.7

100.
104.
103 .

1 .6
65.1
70.6
79.9
91.2
98.9
100.2
101.7
103.8
102 .7
99.4

100.
102.
103.
103.

100.0
10 1.3
103.7
103.2
100.2

AVERAGE FOR PERIOD
-0 .3
0.3
-0.3
0.3
0. 3
0.3
-0.3
0.0
0. 0
0.0
0.3
0.0
0.3

0.0
0. 0
0.5

0 .3
0 .5
0. 1

0. 3
-0.7
0.0
0.3
0.3
0. 0
0. 0
0.0
0.3
-0. 3
-0.3
0. 0
0.6
0.0
0.9
0. 3
0.6
0. 0
0.8
2 .0
2 .0
-0.2
0. 3
0. 8
0.6
0.8

-0.
0.
-0.

0.1
0.1
0.2
0.3
0. 1
0.3
0. 1
0. 1
-0. 1
0. 0
0.2

0.6
0.5
1.8
2 .2
-0.2
0.2
0.8
0.9
1 .4
1.6
1 . 1
0.3
0. 0
0. 5
-0.1
-1.1

0.4
0.4
1 .6
0.9
0.7
0. 7
0.5
0.9
1.0
0.5
0.5
0. 1
0.2
0. 0
0. 1
-0.1

-1.8
1 .2
0.9
4.8
2 .4
2 .2
1.3
1 .3
-1.5
0. 0
-1.1
-0.6
3. 0
3.7
-0.2
4.0
5.9
4. 1
5 .3
5.8
20.9
21.8
2 . 1
4. 1
9.6
11.3
15.1
13.9
11.0
1 .9
0.8
3 .7
-0.3
-6 .6

1 .6
-0.5
1 .4
4. 1
2. 1
0.2
-0.2
-0.2
-1.9
0.0
0.6
-0.2
3.4
2 .8
0.4
2 .0
4.4
2 .2
4. 1
5 .4
19.3
22.8
6 .7
5.7
5 .4
9 .5
14. 0
11.0
6 .0
1. 1
2 .7
0.9
-1.2
-4.6

0.5
0. 0
0.3
0.4
0.2
0. 0
0. 0
0. 1
0.2
0.4
0.0
0. 2
0.0
0. 3
0. 1
0.2
0. 1
0. 2
0. 1
0.4
0.9
2 .4
0.4
0.2
0.5
1 .2
1 . 1
0. 1
0.0
0.3
-0.2
-0.4
-0.2

-0.2
-0.2
-0.1
0.2
0. 1
0. 0
-0.2
0. 1
0. 1
-0.3
0.0
0. 0
0.4
-0. 3
0.3
0.2
0.5
0.0
0.3
0.8
0. 5
0.8

0. 0
0.2
0. 1
0. 0
0.5

0. 0
-0.1
0. 1
0.4
0.2
0. 0
0. 0
0. 0
0.0
0. 0
0. 0
0.0

0.2
0.3
0. 5

0.4
0.1
0.2
0. 1
0.0
-0.3

©
0 .0
-0.7
2 .7
5 .4
1 .3
0.6
-0.6
0.6
1 .3
0.0
0.6
1 . 3
3. 1
-0.6
1 .8
2 .9
1.1
2 .6
8.2
19.1
13.0
4.1
3 .9
5.3

0. 0
0. 0
2 .7
4 .0
0.6
0.6
0. 0
1.3
1 .3
-0.6
0. 0
1 .9
5 .0
-1.2
3 .6
4.7

3 .7
11.8
10.8
4.7
3 . 1
7 . 0
7 .8
13.2
19 . 2
10.3
1 .6
0.4
2 .8
-1.0
-1.9
3. 5

NOTEi These series contdin r'evisions beginning with 1945. P(
on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures are averages of the centered changes.

100

II Q

29 .2

©

1-MONTH

PRICE INDEX, A L L C O M M O D I T I E S , OVER 6-MONTH
(ANNUAL RATE, PERCENT)
1.4
0. 0
0.7
4. 1
2 .6
0 .6
-0.6
0. 0
-1.9
-0.6
0.6
0. 0
3 .2
2 .4
0.0
1 .2

29. 1

31.6

31.6

33. 3
33 .5

0.2
0.7
-0. 3
0.7
0.6
0.5
0.2
0.2
0.2
-0.1
-0.2
-0. 1

I Q

30.7
3 1.3
31.6
31 .5
31.7
31 .5
31.7
31.7
31.7

31.5

0.3
0.0

Dec.

29.2
29.0
29.5
30.8
31.4
31.6
31.5
3 1.7
31 .6
31.6
31.6
31.7

29.3
29.3
29.4
30.4
31.4
31.6
31.6
31.6
31.5
31 .6

0. 0
-0.3
0.6
0. 0
0.0
0.0

Nov.

29.2
29.1
29.6
30.6
31.2
31.5
31.6
31.7
31.5
31.7
31.6
31.7

29.4
29.3
29.3
30.2
31.3
31.6
31.7
31.7
31.5
31.6

-0.3
-0.7
0.7
0.0
0.3
-0.3
-0.3
0. 0
-0.6
0.0
0. 3
0.0
0.9
0.3
0.6
0. 0
0.6
0.3

Oct.

29.2
29.6
30.6
31.3
31.6
31.7
3 1.6
3 1.5
31.9
31.6
31.7

29.3
30.3
31.1
31.6
31 .7
31.7
31.3
31.5

CHANGE IN PRODUCER PRICE INDEX, ALL COMMODITIES, OVER
(PERCENT)
1953 ...
1954...
1955. ..
1956. . .
1957 . . .
1958. ..
1959. ..
1960...
1961 . . .
1962 . . .
1963. . .
1964. . .
1965. . .
1966 ...
1967. . .
1968. ..
1969.. .
1970. ..
197 1 ...
1972...
1973. ..
1974...
1975. ..
1976 . . .
1977 ...
1978.. .
1979. ..
1980. . .
1981...
1982 . . .
1983. . .
1984. . .
1985. ..
1986 . . .
1987 . . .

Sept.

(u)

0. 1
-0.3
1 .7
4.0
1 .9
0.6
-0.1
0. 5
-0.4
0. 0
0. 2
0.4
3.4
1.5
1 .2
3.0
4 .6
2 .7
3 .7
7 . 1
16.5
18. 7
4.6
5 .0
6 .2
10 . 3
15.1
11.9
4.9
1 . 1
2 .4
0.6

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.
3 3 1 .

PRODUCER

May

Apr.
P R I C E

I N D E X ,

CRUDE

June
M A T E R I A L S

( 1 9 8 2

9 5 3 ...

1954. ..
1955 ...
1 9 5 6

...

1957 ...
1958. ..
1959 ...
1960. ..
196 1 ...
1962 ...
1963 ...
1964. ..
1965 ...
1966. ..
1967. ..
1968. ..
1969.. .
1970. ..
197 1 ...
1972.. .
1973 ...

32.6
32 . 1
31.1
29 .5
3 1 . 3

31.4
31.6
30 .4

3
3
3
2
3
3

.4
. 0
. 0

.9
. 0

.9
3 .4
30.4

3 0 . 4
3 0 . 6
30 . 3
2 9 . 8

3 0 . 5
3 0 . 6
30 .0
2 ) .4

29.5

2 ) .9
3 .7

3 3 . 0
3 2 . 2

31.4
32.6

32 .5
3 2 . 1
3 0 . 7
2 9 . 8
3 0 . 8
32 . 3
31.5
3 0 . 7
3 0 . 3
3 0 . 5

29.5
29.5
30.0
33 . 5
31. 1
31.6
32.7
35 .6

3 1.5
30.8
29.9
30.1
29 .6
29.4
30.8

30 A
33.
30.
31 .
33.

33 . 1
31.1
31.5

31.7

31.3
30.5
29.4
30.0

31.0
30.4
29.7
30.2
30.0
2 9.2
31.2
33.4
31.3

40.0
52.5

30.7
29.8
30. 5
30.5
29 .9
29.4
31.5
33 .6
31.3
31.7
34.4
34.7
35.8
40. 3
64. 1

2
2
3
3

9 .9
9 . 1
1 . 6
3 .0

3 1 . 3
3 0 . 1
3 1 . 0
32 . 1
3 1 . 9

1981 . . .
1982 . . .
1983 ...
1984. . .
1985 . . .
1986. . .
1987 . . .

0.7
0.9
0.0
1 .2

-1.5
-1.2

1 9 5 5
1 9 5 6

...
...

1957 ...
1958. ..
1959 ...
1960. ..
1961. ..
1962.. .
1963 ...
1964. . .
1 9 6 5 ...
1966 . . .
1967 ...
1 9 6 8 . ..

1969. ..
1970...
197 1 ...
1972 ...
1973 ...
1974. . .
1975 ...
1976 . . .
1977 ...
1978...
1979. ..
1980 . . .
1981 . ..
1982 ...
1983. . .

1984. . .
1985 . . .
1986 . . .
1987 . . .

-12.1
5 .2
- 1 . 9
- 0 . 7
- 1 . 3
5 .9
- 1 . 2

0.0
0. 0
- 1 . 3
- 7 . 0

-3.3
4. 1
10.3
- 1 2 . 9
2 . 6
6 .3

4.1
2 .8

13.0
50.0
7 . 3
-11.4
-3. 7

17.5
26 .9
20.1
-1.1
4.0
-2 . 0
5 . 1
4. 1
-8.9
-17.8

3 0 . 2
3 0 . 3

3 0 . 2
3 0 . 2

3 0 .

30.8
30.0

30.

2 9 . 8
31.7
32 .9
31 .3
32 . 1

31.0
30.2
29.9

31.4
33.^
31.2

74.6

74.2

73.7

88. 3
104.
100.
101. 2
105 . 3
96 . /

89.5
103.8
10 1.9
100.9
104.6
95.9

90.1
104.9
10 1.8
100.5
103.5
95.2

94.6
105.0
100.7

99.0
104.0
99 .8

99 . 3

90.8
103.8
99.7
100.5
105 .8
97.7

90.4

88.3

75.
87 ;t
1 0 0 . 't
102 .
99 .
103 .
102 .
9 1
86 .

57 . 1

35 .
36 .

3
38.
50. 1

8 5 .4 8

39 . 3

6

.

8

86

.2

31.6
34.1
35 . 1
35.9

99 . 5

104.0
94.8
86 . 4

1 0 2 .2
1 0 3 . 2
92 .8
86 .6

-0.6
-0. 3
-0.3
1.4
- 1 . 0

1 .6
-0.6
0.0
0.3
0.0
-1.0
-1.3
1 .4
2.1
- 2 . 2

0.3
-0.9
0.3
3.2

0.8
4.7
1.6
- 2 . 9

-1.4
2 .2
1 .6

2.5
1.9
0.8
0.3
1 .2
-0.9
-0.6
-4.0

3.3
). 3
.0
3. 3
3.6
. 3
). 3
. 0

3.7
3. 3
1 .7

3.3
3.3
3.6
. 3
3.3
1 .2
1 . 1

1.4
3.0
+ .7

3. 1
1.4
1 .0
1 .4
2 .0
1 . 1

1 .9
0.4
0.3
0.5
1 .9
1 .6
2 .3

0.3

-0.3

-1.9

0.7
1 .7
0 . 0
1 .2
0.6

- 2 .6
1 .3
- 0 . 3
1 .6
-0.6
0. 3
-1.0

2.0
-0.7
2 .6
-1.2

0.0
0.3
1 .3
0. 7
0. 0
1.3
0.6
1 .3
0.3
1 .2

0.3
1.7
1
1
2
4

.6
.6
.7
. 2

3.9
2 .6
3. 3
0.7
2 . 8

0.4
0.5
0.7
0.5
1 .0
3.3

0.0
-0.3
-0.3

1.3
- 0 . 6
1 .3

-0.6
2 . 7

-1.4
0.0
1 .6
4.8
-3.8
2 .9

-0.5
-1.0
1 .0
0.4
1 .4
-0.4
1 .7
-0.3
-0.7
-0.8
1 .6

-0.6
-1.0
-1.7
-0.3

3 .2
0. 3
1 .0
0.0
1 .6
0. 3
1 .0
0. 3
1 .0

- 2 .2

0.7

1 .0
-0.3
0.7
1.0
0.6
0.0

1 .0
-1.0
2 .6
-0.3
1 .0

0. 3
0. 3
1 . 3
1 .2

-0.6
1.5
0.0
0.6
0.3
4.8
-5.C
0.5

1 . 0
1 .2

2 . 5
-3.1
2 . 5
1 . 1

0.7
1 . 1
-0.1

0.3

0.3
0.8
1 .5

4.5
7 .9
1 .5

0.6
1 .2

0.5
1. 1
5 .0
0. 1

-0.4
-1.1
-0.7

1. 1
1.0
0.5
0.4

- 0 . 7

0.2

-0.3
- 1 . 0
1 .6
0.3
- 0 . 6
- 1 . 0
- 2 . 0
2 .7

0.3
0.9

-1.1
-0.3
0.8
22.1
5.2
1 .0
-1.9
-1.2

-0.7
-1.2

4.7
-1.0
-0.9
2 .7
-0.8
-2 . 1
0.2

CHANGE IN PRODUCER PRICE INDEX, CRUDE MATERIALS FOR FURTHER
OVER 6-MONTH SPANS
(ANNUAL RATE, PERCENT)
1953. ..
1954 ...

30.

72 .8

35.4
38.1
49.3

34.0
35 .0
36.0

CHANGE IN PRODUCER PRICE INDEX, CRUDE MATERIALS FOR FURTHER
OVER 1-MONTH SPANS
(PERCENT)

1 .6
2 .7
7 . 1
-3. 1
-1 .6
-0.3
1 .4
2 .7
-0. 3

30.5

72 .

92.6
10 4.2
100.0
100.0
103.8

0.9
0.6
-0.3
0.6
0.0
0.9

31.1
31.1
32.1

1 .
30.
29 .
31 .
31 .
31 .

69.8

68.4

-1.3
1 .4
-1.0

3 1 . 2

64.

67.3
80. 1
90.9
103.4
99 .7
98.8

0.0
0.0
0.3
0.0

31.4
31.2
30.4
31.0
31.0
31.9
30.7

-10.4
5.9
- 8 . 1
9 . 0
- 2 .6
8.5
- 3 . 7
2 . 0

-2.0
-0.7
-8.8
-5.2
6 . 1
6 . 3
- 7 . 3
2 .6
7 .5
-1.1

5.2
12.8
56 .2
-2.4
-9 . 1
-2 .5
13.7
23.9
19.8
-1.1

0.6
4.5
3.5
4.5
-11.3
-17.4

-8.9
-1.3
-1.3
6 .9
-0.6
3 .2
-1.9

0.7
-5 .9
-3 .9
-5.1
-2 . 0
12 .4
1 .8
-3.7
-1.3
1 3 . 4
- 0 . 6
1 0 . 1
12 .2
57 .7
-12.1

0.0
3.8
3. 1
26 .2

20.4
-2.4
4.3
6 .2
3 . 5
0 . 0

-11.9
-18.2




-1.2
-4.3

-4.3
-4.3

-1.3
-6 . 1

-4.3
-4.3

- 4 . 5
6 . 9
4. 5

- 5 .7
7 .5
7 . 2
0.0

- 3 . 2
4 . 7
1.3
0 . 0
- 6 .2
- 3 . 2
0.7
4 . 7
2 . 0
2 .0
8.7

-4.f
2 .6
2 . i

4.5
-3.8
0.0
-4 . 6
-2.6
-2.0
-4.0
11.9
2 .4

-5.5
1 . 3
9 .4
0. 0
6 .4
12.0
36. 1
-10.8

9.6
5 .8
1.2
2 1.6
16.6
8. 3
3. 1
2 .0

1 .4
-1.3
-9 .9
-15.9

-4.4
- 3 . 9
0 . 0

-0.7
-0.7
0.0
1 1 . 0
- 0 . 6
- 1 . 3
1 . 3

13.4
-2.8
-0.6
11.9
85 .2
-4. 3
18.4
4.9
-5.4
16 . 1
8.5
14. 3
-0.4
-0.4
4 .4
-1.2
-12.7
-8 .2

III Q

IV Q

Annual

AVERAGE FOR PERIOD
32 .4
3 1 . 4
3 0 . 4
3 0 . 5
32 .0
32 . 1

63.0
63.6

1978. ..

-0.9
1 . 3
0.6
0. 0
-0.9
-0.3

3 2 . C
3 1 .C
3 0 . 5
31 . C
3 1 . 2
3 1 . 7
30.9
30.C
30.2
31.2
29.8

II Q

= 1 0 0 )

3 1 . 4
3 1 . 5
3 0 . 7
3 0 . 5
3 1 . 5
32 . 0

62.4
64.8

61.5

1953. . .
1954. ..
1955 ...
1956 ...
1957 ...
1958. . .
1959 ...
1960. ..
196 1 ...
1962 ...
1963 ...
1964 ...
1965. . .
1966 ...
1967 ...
1968. ..
1969 ...
1970. ..
1971.. .
1972 ...
1973. ..
1974. ..
1975 ...
1976 ...
1977 ...
1978. ..
1979. . .
1980. ..

Dec.

61.5
65.2

57 . 9
6I . 1

99 .9
94.2

9
1
1
7
7
4

Nov.

6 1.2
63.6

59.6
63.0

1 0 4 . 7

.
.
.
.
.
.

Oct.

Sept.
P R O C E S S I N G

59 .
63 . )

1975 ...
1976 ...

1982 . . .
1983 . . .
1984. . .
1985 . . .
1 9 8 6 . . .
1987 . . .

1
2
0
0
0
2

Aug.
FURTHER

52.5

. 5

37.8
45 .0

1980. . .
1981 ...

3
3
3
3
3
3

FOR

31.4
31.3
34.5
35.0
36 .2
39 .4
55.0

3

32.3
35.2
3 5.9
38.1
47 . 1

35 . 1
34.8

31.6
32 .2
30 . c
30..
30.
31 . c
31 ."
3 0 . "
3 0 . 2
30.
2 9 ."
2 9 .

July

-2.4
3.9
2 .5
1 0 . 5
0. 0
2 . 2
11.7
36 .3

8.8
19.7
- 2 .8
12 .2
14.1
10.7
34 . 0
-5.7
- 3 . 0

4.0
-7.5
-5.1
5 . 0

- l.E
- 6 . 2
- 3 . 9 2 . 0
6 .

4.
3 .L

8.6
-4.8
0.0
8.4
7.2
OA
5.(
14.
26 .
2 1 .

10.
-0.
-6 . +
13. 3
12 . )
33 .
-7 .
_5 .

35 .1
35."

40.
60.c

63 .1t

31.4
29.4

32 . 1
32.3
31.1

34.8
35 .5
36 .4
40.9
58.5

37.0
42 .0
59.0

65.1
63.0
77.0
88.8
102 .2
101.2
98.7
103.2
101.3
94.2
87 . 5

35.2
35.1

30.
30.
2 9 .
2 9 . 8

32.7
32.0
1.5
2 .4
5.1
4.5
7 .2
• 3.8

32 .
32 .
30. }
29 .
31 . 3
31. )
31 .
30. )
30. 4
30. 3
29 . )
2 9 .a
29 . 3
33. 4
31 . D
31 . ?
32. j
35 . 3
35 . 4

9. 1

38. 3
47 . 1

64.4
63.4

4.0
4.5

58. 2
62 . 2

77.4
90.0
103.5
99.7
99.2
102.3
101.8
95.5
87 .4

78. 0
102 .7
98. 8
98.8
103.5
101.4
95.3
8 6

.6

3
3
3

3 1 .
3 1 .
0 .
3 0 .
1 .
2 .

6
9
6
5
0
1

31.5
3 0
2 9
2
2
3

9
9
0

3
3
3
3
3

1
1
3
5
6

. 7
. 8
3 0 . 1
. 7
. 3
. 9
3 3 . 1
. 1
. 5
. 9
. 2
. 1

39.1
52.5

3
3
3
3
3
3

2
1
0
0
1
1

. 0
. 2
. 3
.8
. 8
. 9

30.9
30.1
30.1
3 0 . 6

29 .9
29.6
31.4
33.5
31.3
31.7
34.3
35 . 1
35 .8

40.3
59 .2

64.2

63.3
63.9

68. 5

73.2

74.3

9 1 .
103. S
99 . 3
99 . 8
104. 8
99 . 0
9 1 .0

104.3
101.3
100.9
104.5
95.9

6

8

0

6

.

.

7

1

9 8.'o
103.9
99 .9
101.7
103.3
93 . 1
86 . 5

31.4
3 1 . 2
2 9 . 8

31.2
31.2
31.9
30.5
30 .2
30.4
30.8
29 .9
29.8
32 .2
32.4
31.3
32 .4
35.0
35 .0
36 . 9
42 . 2
58.9

64.5
63.6
65.3
77.5
102 .8
99 .9
98.9
103.0
101.5
95.0
87 . 2

31.2
31.9
31.1
30.4
30.2
30.5
29.9
29.6
31.1
33.1
31.3
31.8
33 .9
35.2
36 .0
39.9
54 .5
61.4

65.5
73.4
85 .9
95.3
103.0
100.0
101.3
103.5
95.8
87 .7

PROCESSING,
AVERAGE FOR PERIOD
0.9
-1.0

-1.9

-0.6

0.6

0.6

1 . 3
0.0
- 2 .8
- 0 . 6

-0.3

0.7
0.7
-1.0
2 . 3
-0.3
2 .4
-0.3
-0.6
-0.3

0.6
0.0
2 .3
-0.3

0.5
-5.0
-3.2
2 .4
-0.3
-0.3
1 .9
2 .8

1 .4
-1.3
-0.6
1 . 1
-0.5
-1.1
-0.1

0.0

-0.6
0.6
- 0 . 6

-3.3
0. 3

0.3
0.6

0.7

-0.7
0.0

0. 3
-1.3

- 0 . 3
0.6

0.7
-1.0
1 .0
-1.5

0.3
0.6
1.2
0. 0
2 .0
1 . 0
-3.9

0.7
0.3
1 .3
-1.8
-0.6
2 .2

1 . 1
-1.1
1 .6
2 .7

0.9
1.6

3.8
0.9

-1.1

-0.6

0.6

0.5

2 .2

2 .5
1 .0

0.5

1 .8
-1.5
-0.5
-0.1
-1.4
2 .6
1 .2

1 .4
1 .3
-1.5

0.5
-0.9

0.5
1 .4
-0.1

1 .6
-1.6
0. 3
1 .6
1.3
-1.6
- 0 .3

0.4
-0.2
0.4

-0.3
-0.1
-1.1

- 1 . 2
- 0 . 6
0 . 0
0. 8
0 . 8
-0.3

0.3
1 . 3
-1.0
- 2 .6

-0.3
1 .9
-0.9
1 .3

-1.2
-0.3
-1.7
0.5
4.3
0.2

-4.2
-0.6
1 .7
1.5
0.8
1 .3
-0.8
-0.9
-0.4
1 .2
-0.4
-0.2
-0.9

0 .
- 0 .
- 1 .
0.
0 .
0 .
- 1 .

0
1
3
1
2
8
0

0.5
0.9
0.8
4.0
1 .9
-2 .5

0.7
-1.2
-2 .5

-0.5
0.5
-0.4
1.7
-0.5

-0.6
0.8
1.2
3.7
-3.8

0.0
-0.8
-0.8
-0.8

1.3
-0.1
1.1
-0.2
0.4
-0.2
0.6
-0.1
0.5
-0.5

-0.1
-0.5
0.3
0.4
-0.6
-0.4
-0.3
1 .4

-0.9
0.4
-0. 3
0.6
1 .4

3 .7
-0.7
-0.9
0.9
-0. 3
-1.2
0. 1

1.3
1 .2
0.8
-1.3
-0.1
0. 1
-0.4
1.3
0.1

-0.3
-0.2
-0.4
0.6
0.0
0.0
-0.3
0.0
0.1
0.0
-0.3
0. 1
0.8
-0.2
-0.1
0.2
0.7
-0.1
0.6
1 .4
0.4
0.4
0.1
0. 3
1 .4
1.3
1 .0
-0.3
0.0
0.4
-0.2
-0.5
-0.8

PROCESSING,
AVERAGE FOR PERIOD
1.9
-3.8
- 7 .7
7 . 3
0.0
-2.5
-5.7
1 . 3
8 . 3
4.7
-3.3

4.9
7.1
-6.0
0.6
7.2
3.5
- 2 .8
5 .6
23.6

15.5
2 3 . 2
8.3
- 2 . 1
2 . 8

9.3
13.5
2 9.9
-11.3
-5.8

2 .3
-5 . 3
-0. 3

-4.0

6.1

1.4

0.9

0.2

-1.8

-1.9
- 5 . 8
5 . 3

-3.7
-3.1
-3.8
0.0
6 . 2
0.7
-1.3
2 . 1
11.9
-7 . 1
0.6
6 . 4
6 .0

-1.7
10.9
26 .6
45 .4
-0.7
1.9
-1.5
8.2
16.5
10.4
19 . 5
-9 .8
-3.7
1 0 . 7
- 7 .7
-1.3
6 .3

1 .9
-1.9
-1.3
0. 0
-1.2
-3.1
-1.9

4.8
0.7
- 3 . 3

-3.3
3.4
14.5
-12.1
1 .3

3.8
4 . 7
7 . 0
13.3
36.6

0.6
-15.3
-2 .8
6 .7
14.6
24.1
17.3
10.8
-7 .5

0.4
3.2
-7.4
-5 . 1
7 . 8

0.6
-1.9
- 4 . 5
- 1 . 3
7 . 2
-1.3
-1.3
2 . 0
2 .0
-10.6
-2 . 0
-0.7
13.8
-13.3
2 .6
5 . 1
7 . 1
- 0 . 6
1 3 . 9
4 8 . 2

4.7
- 1 2 . 1
-9. 1
10.3
20.1
24.5
6 .7
6 .9
-5.8
2 .6
4 .9
-9 .5
-7 . 5
9 . 7

-10.5
3.3

-1.2
-4.7

- 3 . 8

5.1
-1.5
5 .9
- 2 .3
0.9
- 2 .6
-2 . 0
- 7 .0

-3.5
7 . 5
6 . 1

-8.0
1.3
9. 1
0. 8
6 .0
12 .7
54 .6
-2.4
-6.8
-0.8
11.4
25.7
20.1
-1.5
3. 0
2 .9

4.0
2 .9

-10.7
-17.8

- 1 .4
-6 .0
-2.8
3.7
5 .2
0.9
3.4
8. 1
-4.4
1.5
6 . 0
7.1
-0.7
4.5
16.5
26 . 0
17.8
12.9
-1.8
-5.3
12 . 1
12.4
32.5
-4.7
4.3
- 5 .6
-1.9

-2 . 1
-4.2
4. 7
1 . 3
0.6
-3.7
-0.6
0.6
-0.2
-2.1
0.4
10.0
-2 .2
-1.8
3.5
8.3
0. 1

-3.
-7 .
-4.2

(MARCH

1988)

101

C. Historical Data for Selected Series—Continued
Year

Jan.

Mar.

Feb.
32 2.

PRODUCER

Apr.

PRICE

May

June

INTERMEI

27 8
27 8
28.2

28 0

:

9 5 3 ...
19 54 ...
1955 ...

2 7.4
2 7.9
27 .9

27 4
27 8
28.0

27 5
27 8
28.0

27 5
27 9
28 . 0

27 7
27 9
28. 1

957 . . .

30.2
30.4
30.6
30.9
30.7

30.3
30. 3
30.7
30.9
30.7

30.3
30. 3
30.7
30 .9
30.7

30 .3
30.3
30.8
30.9
30.7

30.2
30.3
30.9
30.8
30 .6

30.3
30.3
30.9
30 .9
30.5

30. 5
30.8
30.9
31.5
32.2
32 .6
33.6
35 .0
36.0
37 .5
39 .8
45.9
58.0
59 .4
63.0
66 .9
73.1
86.0
95.6
100.4
99 .8
102 . 1

30.5
30.8
30 .9
31.6
32.1
32 .7
33.7
35.0
36 . 1
37 .7
40.4
46 .8
57 .8
59.6
63.3

30.4
30.7
31.0
31 .8
32 . 1
32 .8
33.8
35.1
36.3
37 .9
41.3
49 . 0
57.5

67.4
73.7
87 .6

30.5
30.7
3 1.0
31.7
32.1
32 .8
33. 9
34.9
36.3
37 .8
41.1
48.1
57 .4
59 .8
63.9
67.8
74.6
88.2

96 . 1
100.3
100.0
102 .4

97 . 1
99.9
99 .7
103.0

99 . 5
103.2

30.7
30.7
31.1
32.0
32. 1
32.8
33 .9
35 .2
36.5
38.0
42 .2
50.6
57 .3
60.3
64.9
68.7
76 .6
89.0
98.7
99.7
99 .8
103.4

30.7
30.6
31.2
32.0
32.2
32 .9
34.0
35.3
36 .7
38.0
43 .0
51.5
57.3
60.8
64.9
69.2
77.5
89.8
99.0
99.8
100.2
103.6

102 . 3

101.1

99 .9

99 .0

98. 8

98.7

958. ..
959 ...
960...
961. ..

Sept.

Aug

July

IATE M A T E R I A L S ,
82=100)

INDEX,

SUPPLIES

AND

Oct.

Nov.

965 . . .
966 . . .
967 ...

968...
969 ...
970. ..
97 1 ...
972 ...
973. ..
974. . .
975 ...
1976 . . .
1977 ...

1978...
1979. ..
1980. . .
1981. . .
1982 . . .
1983 . . .
1984. . .
1986. . .
1987...

332C.

1953. . .
1954...
1955 ...
1956. ..
1957. . .
1958. ..
1959 ...
I960.. .
196 1 ...
1962. . .
1963 ...
1964. ..
19 5 ...
19 3 6 ...
19 3 7 ...
19 3 8 . . .
19 3 9 . ..
19 0 ...
19 1 ...
19 2 ...
19 3 ...
19 4. . .
19 5 . . .
19 7 6 . . .
9 7 7...
19 78. ..
19 79. ..
1980. . .

CHANGE

0.4
0.4
0.4
0. 3

0.3
0.0
0.0
0.3
0.3
-0. 3

0.0
0.0
-0.3

0.6
-0.3

0.0
0. 3

0.3
0.3
0.3
0.5
2.5
0.3
0.3
0. 3

0.5
1. 0
2 .4

1981 . . .
1982 . . .

1.3
0.4

1983. . .
1984. . .
1985 ...

-0.3

1986 . . .
1987 ...

0.2
-0. 1
-0.6

60.0
64.4
68.1
75.7
88.5
98.3
99.7

0. 0
-0.4

0.4
0.0
0.3
-0. 3

0.3
0.0
0.0
0.0
0.0
0.0
-0.3
1 .5
-0.3

0.6
0.0
0. 5

0.3
0.5
1 .5
2 . 0
-0. 3

0.4

0.0

0. 0
0. 0

0 .4

1.0
0.0
0.0
0.0
0.0
0.0
0.3
0.0

0 .3

0.7
0.0
0.4
0.3

0.0

-0.3

0. 0

0.0
0.3

0.0

0.3
0.0
0.0
0.0

-0. 3

0.6
0.9
0.0
0.3

0. 3
1 .7
2 .8
-0.7

0.3
0.9
0.6

1 .9

0.7

0.5

1 . 0
-0.4
-0.3

1

0.2
0.3
-0.3
-1.2

1 .2

0.6
-0.2
-1.2

)VER
1953. . .

1954 ...
1955 ...
1957 ...
1958. ..
1959 ...
1960. ..
1961 ...
1963. ..
1964. . .
1965 ...
1966 . . .
1967 . . .

1968. . .
1969. ..
1970...
1971...
1972 . . .
1973.. .

1974. ..
1975 ...
1976. ..
1977. . .
1978. ..
1 9 7 9 . ..

1980. . .
1981.. .
1982 . . .
1983...

1984. . .
1985.. .
1986.. .

3.7
0.0
2.9

0.0
0.7

2 .2

1 .4

1 .4

2. 0

1 . 3
-0.7
2 .0

-0.6

1 .3
-0.7
2 .6
-0.6
-0.7

-1.3
-0.6

1 . 3
-0.6

1 . 3
-1.3
2 . 0
3 .9

0.0
2 .6

0.7

0.6
3.2
-0.6

3.1
3.6
4. 1
2 .8

4.4
13.9
27 .5

1.1
4.1
7 .9
7 . 1
12.7
15.4
12 .2
-0.2
-0.8

3.0
-0.6
-6 .5

0.7

1.3
3.9

0.7
-0.7

3 .4

0.0
1.8
3.6
3.5
4.5

4.3

3 .2

-0.6

2.5
4.3
3.5

17.1
33.5
-1.7

4.5
8.2
7 .4
13.5

14.4
11.4
-0.4
-0.6
3 .2
-0.4
-7.3

17.9
32.1
-1.7
5.5
6 .8
8 .0
14.6
14.3
10.0
-0.4
0.2
3.4
-1.0
-8.0

0.3
0.0

0.9
-0.3
0. 0
0. 3

0.5
0.5
0.6

0.5

0. 3
2 .2

1 .9

3.3

0.2
0.3
0.8
0.4
1.5

-0.3

0. 3

0.3
0.5
0.7
0.8

-0.

1 .0
0. 0

0.3
0.6
0.3
0.0

0.0
0.6

0.0

-0.3
0. 0

-0.3

0. 3

-0.3
-0.3

AVERAGE FOR

-0.9

-0.2

6-MONTH

SPANS

(ANNUAL

0 .5
0 .8
0 .9
1 .6
. 1
2 .7
3 .7
5 .0
6. 1
7 .7
+ 0 .4
+ 6 .9
7 .7
9 .6
3 .4
7 .4
73 .8
87 .3
96 . 3
100 .2
99 .8
102 .5

30
30
31
31
32
32 8
33 9
35 2
36 5
38 0
42
50
57
60
64
68 7
76 6
89 .1
98. 7
99 .7
99 .8
103 . 4

30.7
30 .7
31.3
32 . 3
32.2
33. 0
34. 1
35.5
37.1
38. 3
42.9
55.0
57.9
61.4
65.4
69.9
79.9
91.3
99 .5
100.0
101.0
103.2

98.0

98. 0

98 .6

98. 2

98.3

98. 4

101 .1

98 .8

98.2

0 0
0. 0
0. 7
0 7
-0. 3
0. 0
0. 0
0 0
-0 3
0 0
0 3
0 7
0 6
0 3
0 0
0 8
0 3
0 3
-0 3
0 5
0 9
2 3
1 0
0 2
0 2
1 1
1 6
1 0
0 1
-0 1
0 1
0
0
-0 4

0.0
0.4
0.0
0.0
0.3
0.3
0.3
-0.3
0.3
-0.3
0.0
0.0
0.3
-0.3
0.3
0.0
. 1
0.0
0.3
0.8
0.9
1.0
0.3
0.6
0.8
0.8
1.0
0.8
0.1
0.2
0.1
0. 1

0
-0
0
0
0
0
-0
-0
0
0
0
0
0
-0
0
0
1
0
0
1
2
0
0
0
0
0
1
1
0
0
0
-0
0
0

0
4
3
3
0
3
3
3
3
0
0
0
6
3
3
3
0
0
5
5
3
0
3
6
5
7
0
0
1
0
1
1
3
1

-0
0
5

7
0
0

-0.7
1.4
4.3

0
4
9

.0
.5
.9

3 .4
0 .0
4. 1

1 .0
-0.2
6 . 0

-0 .5
0 .9
4 .7

1 5
0 .3
4. 2

0
2
0
-0
0

7
0
0
6
0

-0.7
2.0
0.7
-0.6
0.0

0
1
4
3
-0
2
0
-0
0

7
0
7
6
7

.5
.5
.4

0 .7
0
1. 1
-0 . 6
.3

0.7
1 . 3
-0.2
-1.0
-0.6

-0 .2
.0
0. 5
-0 .6
0. 2

0 7
0 8
1 .0
-0 . 5
-0 .6

0 7
1 3
1 9
0 0
2 5
3 7
6 0
2 8
3 3
9 1
17 7
18 0
6
6 3
5 3
10 5
19 +
11 3

0.7
1.3
1.9
-1.2
3.1
4.3
4.7
3.4
2.7
11.9
15.7
7.3
5 .6
6.6

0. 5
1 .5
2. 1
-0 . 8
2 .9
4 .3
4 .9
3 .4
3. 1
11 . 7
19 .5
10 . 2
6 .0
6. 5
6 .1
1 1. 4
19 .4
1 1.2
1. 3
-0 .3
3. 0
-0 . 8
-2 .4
2 .6

0 .9
0. 5
1 .8
2 .2
1. 2
2 .9
3 .8
3 .6
4 .0
6 .2
14 .4
27 . 4
2 .9
6. 1
6. 2
9. 0
17 .0
11 .4
5 .5
-0 . 1

4.0
5 . 5
6 .9
8. 1
+ 2.3
3 .4
7 . 5
1 . 1
5 . 1
9 .4

8.7
)0. 5
)9 .2

0. 3
0. 3

0.8
0.0
0.5
0. 3
-1.6
3 .7
0. 3

0.5
0.3
0.3
1.5
0.8
0.2
0.2
0.3

RATE,

2.2

-0.6
-1.3

-0.6
-1.3

-0.6
-1.9

1 .3
-0.6
2 .6

1 .3

9

2.9

.2
1 .0
3 .3
- .7
.8
. 8

.6
1 .9
1 3. 7
. 7

- 3.8
.4
- .6
-1 . 2
-8.2

6 .2
2 .7
15.9
42 . 2

0.7
5.8
6 .7
7 .6
17.2
9 . 1

5.0
3 .7

9.5
35. 1
2 . 8

7.1
5.7
8. 1
18.2

8.6

2 .6
1 . 3
1 .9
2 .5
1 .2
2 .5
3 .6
4. 0
4. 5

4.3
10.4
36.3
4.6
6.8
4 .4
9 .6
18.5
10.0

7.6

5 .4

-0.8
1 .8
1 .6
-1.0
-6 . 0

0.2

3.1
0.4

3 . 8

4. 5

0.2
-0.6
-2.6

0.0
-1.0
-1.6

S U P P L I E S , AND

31
32
32
33

7 .9
83 . 2
9 3.5
9 ?. 9
10 3. 1
10 1 . 8
10 3. 3

102



27 .4
27 .8
28
29

COMPONENTS,

AVERAGE FOR PERIOD
-0. 4
-0. 4
0. 4
1 .0
0. 3
0. 3
-0. 3
0. 0
0. 0
0. 0
0. 0
0. 0
-0. 3
1 .5
0. 6
0. 3
0 .5
0. 0
0 .8
0. 3
2 .8
4. 5
0. 9
0. 3
0 .5
0. 7
1 4
1 1
0 5
-0 1
0. 4
-0. 2
-0
0 0

-0.4

0.0
0.7
0.3
0.0
0.0
0.0
0. 0

0.0
0.0
0.0
0.0
-0.3

0.3
0.0
0.6
0.5
0.5
0.0
0. 8
-1.1

0.2
0. 3

1.0
0.5
0.9
1 .6

0.4
0.0
0. 1

0.7
-0.1
0. 0

0.6

0.2
0.1

0. 3
0. 0
0. 3
0 .4
0 .2
-0 . 1
0. 1
0. 1
C. 1
0 .0
0 .0
-c. 1
c. 0
1 .0
-c .2
c. 3
c.2
c. 3
c.4
c.4
1 .2
.4
-c .2
c.3
c.6
c.6
. 0
.7
c.9
c.0
-c . 1
(. 4
.2
- .0

0 7
0 0
5 8
1
1
0
-0
-0

3
3
0
6
7

7
3
9
3
9
5
2
0
9
3
7
5
0
1
4
5
0
4
4
8
0
2
- 1 0
-1 0

0
1
1
1
1
2
4
4
3
5
7
30
6
7
4
9
18
10
2
0
4
-0

0,4
0.0
0.3
0 .3
0 .0
0.0
0. 2
0. 0
-0 .2
0. 0
0 .2
-0 .1
0.9
-0 . 1
0 .2
0. 3
0. 7
0.3
0. 4
0 .2
1. 5
2. 3
0 .0
0. 5
0 .5
0 .7
1.3
0 .6
0 .6
0. 0
0. 2
0.2
0 .0
-0 .4

AVERAG

PERCENT)

0.0
0. 0
5 .8

0.7
2 .0
-0.6
-1.9

0.7
0.7
2 .0
1 . 3
1 .3

2.5
3. 1
4 .2

3.4
3 .9

8.6
8.5
26 . 0
6 .7
6 .7

5.3
9 . 5
17.5
10.5

2.0
0.6
3 .4
-0.8

0.4
-0.6

4

-0 .4
3 .2
-0 .6
-0 .4
2. 1

6.2
11.2
20.5
10.3
1.2
0.2
3.0
-0.8
-2.3
3.3

0 0
2 0
2 6
-1 2
3 1
4 9
4 1
4 0
3 3
14 0
25 1
5 .4
5 .6
6 6
6 .5
12 .0
18 .3
11 .6
0 .4
-0 .6
2 .8
-1 .0
-4 .6
2 .4

1987 . . .
NOTE: These
on the 2d month

99 . 1

30. 8
30. 9
31 . 4
32.
32 . 6
33 . 4
34 . 7
35 . 9
37. 4
39 . 6
44. 8
57 . 8
59. 2
62 . 8
66 . 6
72 . 4
84. 0
94. 4
100. 0
100. 1
101 .9
103. 2

0.0
0.7
0.0

. l

98 3

100.0
100.5
103.4

.3
.2
.3
.2
34. 4
35 . 8
37 . 1
38. 7
43 . 4
57 . 2
58. 8
62 . 0
65. 8
7 1 .3
82 . 4
92 . 8
99 . 8
99. 9
101. 7
103. 2

. 7
.2
.2
.2
.0

0.7
0.7
0.7

#

30. 7
30. 8
31 . 2
32 . 0
32. 2
33 . 0
34. 1
35. 4
36 . 8
38. 2
42 . 4
52 . 5
58. 0
60. 9
64. 9
69 . 5
78. 4
90. 3
98. 6
100. 0
100. 6
103. 1

30. 8
30. 9

0
1
2
32
3

0.7
0.7
0.7

.4

30. 8
30. 9
3 1 .4
32 . 2
32 . 4
33 . 3
34. 6
35. 9
37. 2
39 . 1
44. 0
57 . 6
59. 0
62 . 4
66 . 2
7 1 .9
83 . 2
93 . 6
99 . 9
100. 0
101 .8
103. 2

3 0.7
30.7
3 1.3
32.3
32 . 3
33.1
34.2
35.6
37.2
38. 5
43 .0
55.9
58.2
6 1.9
65.7
70.5
81. 1
91.9
99.7
100.0
101.6
103. 1

0.7

0.7

.8
.2
.8
. 8
. 1

30. 3
30. 4
30. 8
30. 8
30 . 6

30. 7
30. 7
31 . 3
32. 3
32. 2
33 . 0
34, 2
35 . 5
37 . 2
38.
43 . 5
55. 8
58. 0
61 . 3
65. 4
69 . 9
79 . 8
91 . 5
99 . 7
99 . 9
100. 9
103. 2

0. 8
0 . 5

-0.7
6 . 5

3
1
1
1
4

30. 4
30. 5
30. 8
30. 7
30. 5

30 .3
30 .3
30 .7
30 .9
30 .7

5 . 1

1 .8
3. 0

30.4
30.4
30.8
30.8
30.5

30. 4
30. 6
30. 8
30 . 6
30. 6

3 .6

4.5
0.6

30
30
30
30
30

30.4
30.5
30.9
30.7
30.5
30.5
30.8
30.9
3 . 4
3 . 2
3 . 4
3
3 t .6
3 .9
3 > 2
3 . 0
4 .8
5 . 8
5C . 0
6 . 4
6 . 3

0.9

3 .6

0.0
1.9

27 . 7
27 . 9
28 . 4
5

30. 3
30. 4
30. 8
30. 8
30. 4

0.3
0 . 3

2.2
0.0

2.0
4.5
0.0

27 . 8
27 . 8
28 . 9
3 0 .Q

30.4
30.4
30.8
30.8
30.5

q

8.4

3.7
0.0

1 .3
-0.6

27.9
27.8
28.5

30. 4
30 . 4
30. 8
30. 8
30. 5

27

4 .4
0.0

-0.7
2 .0
-0.6
-1.3

PERIOD

27 7
27

27 8
27 8
29 . 0

-0.2
-0.2
-0.7

0 .2
-0.4
-0.1

Annua

27 8
27.9
28.9

0.7
0.4
0.7
-1.0
0.0
0. 0
0.0
-0.3
0.0
0.0
0.0
0.3
-0.3
-0.6

0.2
0.3

0. 3
1 .2
-0.2
-0.2

IV Q

1I Q

27 8
27 8
28. 9

0.4
-0.4
0.4
0.3
0. 3
0.0
0.0
0. 3
-0.3
0.0
0.0
-0.3
1.6
0. 0
0.9
0.3
1. 1
0. 0
0. 5
0. 0
1 .9
1 .8
0.0
0.8
0.0
0.7
1.2
0.9
0. 3
0. 1
0.4

0.5
0.8
0.9
1.2
0.6
0.4
0.0
0.3
0.2
0.2

ll Q

27 8
2 7 8
28.7

PRICE INDEX, INTERMEDIATE MATERIALS,
OVER 1 - M O N T H SPANS
(PERCENT)

PE O D U C E R

IN

I C

27 q
27
28. 5

6

963. ..
964. ..

Dec

COMPONENTS

•ed changes.

(
(
-

t

- ).

4

.8
.7
.6
+.0
1 .3
3 .0
- 3.8
4.7
.6
.5
1 3.6
1 4.7
1 2
- 3. 3
- 3. 4
3. 1
- 3. 7
7 .3

5

.3
-0 . 4
2 .2
4. 3
0 .6
2. 0
2. 4
3. 3
5 .4
.2
3
12 .8
37 .5
0 .6
6
6.4
7. 8
17 . 1
9 .5
6 .9
- 0 .5
2. 3
1 .5
- 0 .9
-5 .6

0.0
0.0
0.6
0. 1
0. 1
0. 1
-0.1
-0. 1

0.0
0.0
0. 0

0.1
-0.3

0.4
0.3
0.4
0.6
0.2
0.4
0 . 5

0.0
2 .8

0.5
0.6
0.4
0.6
1 .5

0.8
0.2
0. 1

0.5
-0.2
-0.1

0.0

E

FOR

1.3
1
1
1
1
2

.5
.7
. 7
. 9
.7

4.0
3 .8

4.1
6.1
8.9
30.9

5.8
6.9
4. 7
9 . 5
18.0
10.3
2 .5

0.6
4.0
-0.3
-0.5
-1.1

0 0
0 0
0 3
0 3
0 0
0 2
0 0
-0 2
0 1
-0 1
0 1
0 2
0
-0 1
0 2
0 4
0 8
0 1
0 2
0 9
1 4
1 1
0 5
0 5
0 5
0 9
1 2
0 9
0 1
0 0
0 1
0 0
0 .2
-0 .1

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
2
0
0
0
0
1
1
0
0
0
0
0
-0

2
0
4
3
1
0
0
0
0
0
1
0
3
3
1
3
6
2
3
5
0
2
2
5
5
7
2
0
5
0
2
1
0
4

PERIOD

. 2

0 .9
- 1. 1

-2 .8

C. Historical Data for Selected Series—Continued
Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov. Dec

1953 .
1954.
1955 .
1956 .
19 57 .
1958.
1959.
960.
96 1 .
962.
1963.

25 .9
26.6
26.8

32.8
32 .9
32 .9
33.0

32 .9
33.0

965 .
966 .
967.
968.
969 .
1970.
197 1 .
1972 .
1973 .
1974.
1975.
1976 .
1977 .
1978.
1979.
1980.
1981 .
1982 .
1983.
1984.
1985.
1986 .
1987 .

33.6
34. 0
35.4
36 . 5
37 .6
39.3
41.3

26 . 1
26 . 7
27 .0
29.1
31.1
32 . 1
32.7

33.6
34. 1
35.5
36 .6
37 .7
39.4
41.4

33 .7

3.8
4.3

43 .0

43 . 3

43 .6

3 . 8

44. 1

56.2
60.4
64. 0
68.8
7 4.5
81.7
90.8
98.6
101.8
104.0
106.2
108.6

56.7
60.7
64. 3
69.1
75.2
82 .3
91.7
98.2
102 . 1
104.4
106 .8
108 . 7

57.2
6 1.1
64.7
69.6
75.7
83 . 1

57 .5
61.3
65.0
69.9
76 .4
84.4
93 . 1
99.0
102.3
105.2
107.1
109 .2

57 .8
6 1.5
65.3
70.5
76 .8
84.6
93.8

28.6
30.9
32 . 0
32 .5

30. 7
32 .0

1983. . .
1984. . .
1985...
1986 . . .
1987. . .

0.0
0.4
0.0
0.4
0. 3
0.0
0.3
0.3
0. 3
0.0
0.0
0.3
0.3
0.0
0.3
0.3
0.3
0.3
0.5
0. 5
0. 0
1.1
1 .3
0.7
0. 0
0.3
0.7
1 .4
1 .2
0.5
0.1
0.2
0.5
0. 1

29.2
31.1
32.1

1 .2
2. 1
2
2
3
3

32 .8

32.8
32.9
33.0
33.0

33.0
33.0

.8
.9
.0
.0

33.

26 . 6

27.3

28.2
30 . 3
31.7
32 . 1
32 . 9

40.0
41.9

31.5
32 . 1
32 .9
32 .9
32 .9
33.0
33.0
33.5
33.9
34.8
35.9
37.2
38.4
40.2
42 .0

44. 3

44 . 4

32 . 1
32 . 9
32 . 9
32.9
33.0
33.0
33.5
33.8

39.8
41 .7

102.2
104.6
107.0

0.0
0. 0
0.4
0.7
0.7
0.0
0.0
0. 0
-0.3
0.0
0. 0
0. 3
0. 0
0.3
0.3
0.3
0. 3
0. 3
0.2
0.5
0.7
0.9
0.9
0.5
0.5
0.4
0.9
0.7
1 .0
-0.4
0. 3
0.4
0.6
0.1

333C. CHANGE

IN PRODUCER

0.4
0.0
0. 0
0.7
0. 3
0.0
0. 3
0. 3
0. 3
0.3
0.0
0.3
0.3
0. 3
0. 0
0.0
0. 3
0.5
0 .2
0.2
0.7
1 . 3
0.9
0.7
0.6
0.7
0.7
1 .0
0.8
0.5
0.1
0.2
0.2
0.2

PRICE

0.4
0.4
0.4
1 . 0
0.3
0.3
0.3
0.3
0.0
0.0
0.0
0. 0
0.3
0. 3
0 . 3
0.5
0. 3
0.3
0 . 2
0.2
0.5
1 . 3
0.5
0.3
0. 5
0 .4
0.9
1 .6
0.8
0. 3
0. 1
0.6
0. 1
0.3

IN PRODUCER

9.9
1 .7

8.0
1 .8
5 . 7
7 1.0
77.3
85 . 1
94.4
100.0
102.6
105.2
107 . 6
109.6

58.4
62.1
66.0
7 1.5
77.8
86 . 2
95.0

INDEX, CAPITAL
("PERCENT)

0.4
0.0
0.4
0.3
0.0
0.0
0.3
0.0
0. 0
0.0
0.0
0.3
-0.3
0.6
0.3
0.5
0.3
0.3
0.2
0.2
0.7
2.7
0.5
0.3
0.5
0.9
0.5
0.2
0.8
0.5
0.2
-0. 1
0.3
0. 1

0.8
0.0
0.4
0.3
0.3
0. 0
0.3
0.0
0. 0
0.0
0. 0
0. 0
0.3
0. 3
0.0
0.0
0.3
0.3
0 .0
0.0
0.2
2.1
0. 3
0.5
0.6
0.7
0.7
0.6
0.6
0.5
0. 1
0. 1
0 . 2
0.3

05.5
07 . 7
09 . 7

58.5
62.5
66 . 6
72.0
77.8
87.0
95.4
100.7
103.1
105.6
107 . 9
109.7

1 .6
2.1

2.9
3.0
3. 1
33.5
3.9
4.9
5 .9
7.3
8.5

25 .9
28.
30 .
3 1 .)
32 . 3

2 .9
67.0
72.6
78.7
87.5
96.1
101.0
103.3
105.9
107 .3
110.0
1-MONTH

27.1

32 .9
33.0
33.2
33.5
34 . 0
35.3
36.4
37 . 5
39 .2
41.1
42 . 1

26 .9
28.6
30.9
32 .0
32 .5
32 .
32 .9
32 .9
33.0
33.2
33.6
34. 1
35.5
36 . 6
37 .7
39.4
41.4
43 . 3

44 . 0

2 8.3
30 . 6
32 . 0
32 . 4

32

32.8
32 .9
33 . 0
33.1
33.5
33.9
35.0
36.1
37.4
40.8
41.8

EQUIPMENT, OVER

44.7

44.9

45 .3

59 . 3
63.1
67.6
72.8
79.2

59.7
63.4
68.1
73.5
79.8
89.3
9 7.5
101.3
103.5
105.9
108.4
110.8

60.0
64.0
6 8.6
74.0
80.6
89.7
98.1
101.9
103.8
105.7
108.5
110.8

-0.8
0. 0
-0.4
1 . 0
0.6
0 . 6
-0.6
0. 0
0. 0
0. 0
0.0
0. 0
0. 0
0 .6
0.3
0. 3
0.8
0. 5
0.0
0.2
0.4
1 .5
0. 7
0.5
0.7
1 . 0
0.8
0.6
0 . 6
0 . 2
0. 1
0. 3
0.2
0.3

0 . 4
0.4
0. 7
0.0
0. 3
0.3
0 . 0
0. 0
0.0
0.0
0.3
0.0
0. 3
0. 3
0.6
0.0
0.5
0.2
0.7
0.2
0.9
0.9
0. 5
0 . 9
0.7
0.7
1 . 0
0.4
0.6
0.6
0.3
-0.2
0. 1
0.0

Oil 1
03.4
05 .6

28.2
30.5
31.9

31.1
32.1
32 . 8
32.8
32 .9
33.0
33.0
33.4
33.8
34.5
35.7
36 .9
38.0
39.8
41.7

32.1
32 .9
32.8
33.0
3. 1

Annual

6 0.7
64.3

91 .6
98.5
102 . 0
10 4.3
106.7
108. 7

102 .
105 .
107 .

-0.4
0. 0
1 . 1
0.7
0. 3
0.0
0.0
0. 0
0. 0
0.0
0.0
0. 0
0.3
0.3
0.3
0. 3
0. 3
0.5
0.2
0. 0
0 . 2
2 .8
0.2
0.6
0.9
0.7
0.0
0 . 9
0 . 4
0 .4
0. 3
0. 1
0.2
0.0

0.4
0.0
1 . 1
1 .7
0. 3
0.0
0.0
-0.9
0.0
0.0
0.3
0. 0
0.0
0.3
0.0
0.3
0.3
0.2
-0.2
0.2
0. 5
1 .9
0.7
0.6
0.6
0.8
1 .2
0 .6
0.7
0.3
0.2
0.3
-0.6
0.3

PRICE INDEX, CAPITAL E Q U I P M E N T , OVER 6-MONTH
(ANNUAL R A T E , P E R C E N T )

26 . 3
26 .7
27.4
29.5
31.3
32.1
32 .7
32 .8
32.9
33.0
33. 1
33 .4
3 3.8
34.6
35.8
37.0
38.3
40. 1
41.7
44 . 2
50.5
58.2
62. 1
66 . 1
7 1.3
77.5
85 . 8
94.6
100.0
102 . 8
105.2
107 . 5
109.7

58.6
66 . 5
72.0
78.1
86 .9
95.5
100.7
103.1
105.7
107.6
109 .8

SPANS
AVERAGE

0 . 8
0.0
0.4
0.3
0.6
0.0
0.0
0. 3
0. 0
0.0
0. 0
0. 3
0. 0
0.3
0.3
0.3
0.5
0. 3
0.5
0.2
0.2
2.0
0.7
0.5
0. 5
0.7
0.6
1 . 3
0.6
0.3
0.2
0.3
0. 1
0.1

IV Q

AVERAGE FOR PERIOD

26.6

6.8
7 .9
39.6
41 .5

333C. CHANGE

1953 ...
1954. ..
1955 ...
1956 ...
1957 ...
1958. . .
1959 ...
1960. ..
196 1 ...
1962 . . .
1963. ..
1964. . .
1965...
1966 . . .
1967. . .
1968. . .
1969. ..
1970. ..
197 1 ...
1972 ...
1973. ..
1974. ..
1975 ...
1976. . .
1977 ...
19
1979.. .
1980. . .
1981. . .

6 .4

26 .0
26 .6
26 .9
28.8
31.0
32.0
32.6
32.9
32 .9
33.0
33.0

Q

II Q

333. PRODUCER PRICE INDEX, CAPITAL EQUIPMENT
( 1982 = 100)

0. 0
0.0
1 . 1
0.7
0. 3
0.0
0.0
0.6
0.0
0.0
0. 0
0.0
0. 0
0.3
0.6
0. 3
0.5
1 . 2
-0.2
-0.5
0.2
2 . 1
0.7
0. 3
0.9
0. 3
0 .6
1.5
0.8
0. 1
0. 1
-0.3
0.8
0.5

FOR PERIOD
0.3
0. 0

0.6
0.4
0.0
0. 2
0.2
0. 1
0. 1
0. 0
0. 1
0.2
0.2
0.2
0.2
0. 3
0.4
0. 3

1 . 1
1.0
0.6
0.4
0.5
0. 8
1 .0
1 .0
0.2
0.1
0.3
0.4
0. 1

0.4
0.5
0.2
0. 1
0. 3
-0.1
0.0
0.0
0. 0
0. 1
0. 1
0.4

0.7
0.8
0.7
0.4
0. 1
0.2
0.2
0.2

0. 0
0. 0

0. 0
0. 1
0. 1
0. 1
0. 3
0.2
0. 3
0.4
0. 3
0.2
0. 1
0.3

0.0
0.0

0.2
0.6
0.6
0 .2
0. 0

0.6
0.6
0. 8
0.7
0.8
0. 8
0. 7
0.3
0 .2

0. 1
0. 3
0. 3
0.3
0.4
0.4
0 .2
0.2

0.7
0.9
0. 7
0.3
0 .2
0.2
0.2
0.2

SPANS
AVERAGE FOR PERIOD
2.5
1 .0
6 . 0
8. 0
4. 1
1 .4
1 .2
0. 1
0.2
0.2
0. 5
1 .2

4. 3
5 . 1
2 .4
2 .2
5.8
22.4
7 .9
6 .2
7 .4

NOTE; These s e r i e s c o n t a i n r e v i s i o n s b 6 g i n n i n g w i t h 1 9 4 7 .
P(
on t h e 2d month and 6 - m o n t h c h a n g e s a r e p l a c e d on t h e 4 t h m o n t h .




Quarterly

and a n n u a l

figures

are averages

of

the

centered

changes.

103

C. Historical Data for Selected Series—Continued
Jan.

Year

Feb.

Mar.

Apr.
ODUCER

954.
955 .
956 .
957.
958 .
959 .
96 0.
96 1 .
96 2.
963.
964.
965.
966 .
967 .

1 .5
2.5
3.5
3 .4
3
3
3
3

.8
.7
.6
.7

35.2

969 .
9 70.
97 1.
972 .
973.
974.
975 .
976 .

979 ...
980 ...
981 ...
982 . .
983 . .
984. ..
985 ...
986 . .
987 . .

31.7
31.7
31.5
31.7
32.6
33.9
33.3
33.5
33 . 8
33 .7

7.2
9 .0
9 .5
0. 7
3 .0
9 .6
6 .8

.
.

3.3
3.9
3.3
99 .0
100.8
102 . 7

.
.

7 . 1
9 .7
0.9
3 .5
0.7
6 .6
59.6

74.2
85 .2
94.1
99.0
100.8
103.1
103.3
102.6

334C. CHANGE
953..
954..
955. .
956. .
957 . .
958. .
959 . .
960. .
961 . .
962 . .
963. .
964
965
966
967

..
..
. .
..

0. 3
0.6
0.3
0.0
0.0
0.3
0.3

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

976

...

978. . .
979. . .
980. . .
981 . . .
982.. .
983. . .
984. . .
985.. .
986 . . .

.6
.9
.6
.7

3
3
3
3
3
3

.7
.4
.6
.6
.6
.3

4.0
5 .4
5 .3

37.3
39 . 0
39 . 8
40.9
44.7
5 1.1
56 .4
59.6

7.5
9.0
0.0
0.9
5 .0
1 .5

7 4.8
86 . 1
95.3
98.8
100.7
103.6
103.3
101.2

5 .6
6 .7

IN PRODUCER PRICE

-0.3
-0.6

0. 0

0. 3

0.0

0.6

0.3

-0.6

0. 0
0. 3

0.6

0. 3
0. 0

0.0
0.0

0. 0
1 .2
-0.3

0.3
0.6

0. 0

0. 0

0.9

0.3

0.6

0.3
0.6

0. 3

0. 3
-0.3
-0.6

0.0
0.6

0.
0.
0.
0.

0
0
3
0

0.5
0.5

97 1
972
97 3
974.
975

1
1
1
1

0.0
0.9

-0.3
0.6

-0.3
-0.3

-0.6
-0.3
-0.6
0.0
0.6

0. 3
-0.3
0.3
0.5
0.3

May

PRICE

0. 3
0. 3
0.0
0.0
0.6

0. 3
0.3
0.6
0.5

0. 0
0. 5
0.0
0.7
0.8
0.9
0.7
0.5

June

July

INDEX, FINISHED
( 1982 = 100)

1 .6
1 .9
1 .4
2 .0
2 .7
3.8
3.3
3 .6
3 .4

4.1
5.2
5.4

0. 1
1 . 1
5. 3
2.0
7 .3
0.0

87 . 1
96 .6
98.8
101.0
103.5
104.2
101.0

32 . 8
33.7
33.3
33 .6
33.4
33 . 5
33.6
34.3
35.1
35.7
38.0
39 . 0
40. 3
41.4
45 .9
5 1.8
57 .8
60.1

97.0
99.8
101.3
103.4

0.3

0.0

-0.6

-0.6

0.6

0.9
0.0

0. 3
-0.3
0.0

-0.6

34 .2
35.2
35.6
38.0
39 .0
40. 1
41.6
45.7
53.2
58.4
60.3

77.3
89.4
97.1
100.1
101.3
103.6
104.0
100.2

CONSUMER G O O D S , OVER

0. 3

0.
0.
0.
-0.

-0.2
-0.1

_i

-1.4

0
0
4
1
# 8

0.5
0.0

0 .1
0 . 0
0 . 0
0 .6
0 . 8

0.0
0.0

0.6
0.0
0.0

-0.3
0. 0
0. 3

1 .2
0. 0
-0.3

0.6

0.9
0.0
0.0
0.0

0.3
0.0
0.8

0.8

0. 3
0.5

0. 3
0. 5
0.7

1 .3
-0.4
0.9

0.0

0.2

0.8

0. 0

987 . . .

334C. CHANGE IN PRODUCER
953.
954.

3.
-0.
960.
96 1 .
962.

965 .
966.
967 .
968.
969 .
970.
971.
972 .
973.
974.
975 .
976 .
977 .
978.
9/9.
980 .
981 .

985 .
986 .
987.

-0.6
3.0
3.5
-1.1
2 .8
4.4
0.5
3.1
15.8
17.9
2. 1
-0. 3
9.3
8 .7
12 .7
13.4
10.2
1 .6
-0.8
4. 0
1.8

2 .4
-2.9
-0.6
0. 0
0.0
4.2
1 . 1
1. 1
3.4
5 .5
1 .0
4.6
2 .5
16.1
15.0
4. 3
0. 0
7 .6
9 .9
11.0
13.2
10.2
2 .9
-0.8
3.0
0.6
-7.8

.
.
.
.
o.

1
3
1
3
6

0.
0.
0.
0.

3
3
3
0

0.0

0. 3
0.3

0. 3
0.3
0.3

0. 0
0.0
-1.9
3 .2
0.6
-1.8
3. 0
-2 .3
-0.6
0. 0
0.6

0.5

0. 3
0. 0

0.5
0.5
0.4

0.7
0.2

0. 3
1 .0
-0.2

2 .7
1 .0
0. 3
0.5
0.9

1.0

0.3

0 .0
0.2
0.2

0.9

1 .3
-1.3
-1.3
3 .2
2 .5

-1.8
1.8

3.3
5 .4
1.5

2 .7
6.5
9 .2
11.4
12.8
6 .5
3. 1
1 .6
0.4
0.8
-3.7

2 .2
-0.8
-0.2
-0.2

0. 3
0. 3

0.3

0 .3
-0.1
-0.4
0. 1

12 .9
14.2
10.9
3.0
5.1
10.0
13.8
11.2
4.7

-0.3
0. 0
0. 3
1 .4
0. 3

0. 0
0. 0

PRICE INDEX, FINISHED CONSUMER
(ANNUAL R A T E , P E R C E N T )
-0.6
-0.6
-1.9
3 .2
3.1
0.6
-1.2
3. 0
-1.8
-1.2
0. 0
-0.6
3 .6
1 .7
1 . 1
3. 9
4. 3
0. 0
3. 1
4.5
13.0
15.0
5 .7
1 .3
7 .9
10.8
11.2
13.5

-0.3

0•6
-0.6
0. 3

0. 0

-0.3

-0
0
-0
0

0.0

0. 3

0.3
0.0
0.6

Dec.

3 1.6
31.6
31 .5

33.1
33.5

33

33.2
33.5
33.1
34 .0
33.5
33 .7
33.6

34 . 5
35.7
35.8
37.0
38. 5
39.3
40.4
41.9
47 .4
55.6
59.9
60.9

34 . 6
35.6
35.9
37.0
38.8
39.5
40.6
42 . 1
47 .9
56 .7
60.1
6 1.4

0.9
2 .6
8.3
6 .6
0.1
1 .9

81.8
92 . 0
98.0
101.4
101.5
103.3
104.7
101.4

2 .6
2 .4
98. 4
101.7
101.9
103.5
105.3
101.4




31.6
31.8
3 1.5
31.9
32.7
33 .7
33 . 3
33.6
33.5
33 .6

35.2
35.5
36 .4
37.8
39 .0
40. 1
41.1
45.4
51.8
57 . 3
60.0

4.2

00.8
103.1
103.3
102.8

10.8
3. 0
5.1
8.4
13.7
10.9
4. 3
2 .4
-1.0

Annual

103.5
104.0
100.8

FOR PERIOD
31 .
31 .
31 .
32 .
33 .
33.
33.
33.
33 .
33 .
33.
33 .
34.
35.
35 .
36 .
38.
39 .
40.
41 .
47 .
54.

78.
90.
97 .
100.
101 .
103.
103.
100.

31.
31.
31.

33.
33.

35.
36.

56.3
60.0
61.4
7 1.7
81.7
91.9
98.1
101.4
101.8
103.3
104.7
101.4

SPANS

4.4
1 .7
1 .0
0.2
0.5

0. 0
1 .3
1 .2
0.0
0.4
0.3

-0.3
-0.3
0. 5

0.7

-0.4
0.9
0.7
0.2
0.3

1 .0
1 .9
0. 3
0.4
0.2
0.2

-0.1
-0.5
0.4

G O O D S , OVER 6-MONTH

0.3
0.0
0.3
0.0
0.3

-0.6
0. 3

0. 3

0.0

0.9
0.6
0.3
0.9

0.3
0.6

0 .3

0.3

0. 3

0.3

0.0

-0.3
-0.3
0. 0

0.0
0.3

1 .8
0.8
0.7
0.5
0.6
1.0
0.6

0. 3
0.3
0.1

0. 1
0.8
0.3

0. 0
-0.3

0. 3

0.3
0.8
0.3
0.2
0.2
0.2

0.3
0.6

0.3

0. 0

0. 0

-0.3
0. 0

-0.3

0.0
0.6
0.3

-0.3
0.3
0.0
0.8
0.5
0.5
0.5

1 . 1
2 .0
0. 3
0 .8
0.8
0.7
1.5
0.8
0.2
0.4

-0.4
0.2
0.7

0. 0

0.0
0. 0
0. 0
0.2
0.1

0.3

0. 0
0. 0
0. 1
0.4
0.2
-0.2
0.0
0. 1
-0.4
-0.2
0. 3
0. 0

0.9

-0.3
0. 0
0.0
0.0

-0.3
0. 3

-0.3
0.7

1 .2
0.8

-0.2
0. 0
0.8
0.5

1 .4
1.0
0.4
0.4
0.3
0.4
0.2
0.6
0.0

0. 0
1.6
1.9
-0. 1
-0.3
0.8
0.6
1 .0
1 .4
1.1

0.2
-0.2
-0.1
0.1
0.2
-0.1

0.1
0.0
0.7
0. 1
0.4
0.2
0.3
0. 0
0.5
1 .2
1 .8
0.9

-0.2
0.0
0.0
0.3
-0.3
0.2
0. 1
-0.4
0. 0
0. 0
0.6
-0. 3
0. 1
0. 1
0.5
0.0
0.5
0.5
0.6
1.2

0. 0
0. 1

SPANS
A V E R A G E FOR PERIOD

0. 0
-1.9
0.6
2 .5
3. 1
-1.8
-1.2
2 .4
0.6
0.6
0.6
0.6
3. 0
2 .3
2 .8
3.3
5 .4
3. 1
2 .5
11.8
18.9
10.0
4.7
5 .0
8 .6
16.2
11.6
5 .3
1 .0
-0.4

0.0
-1.3
3 .7
-1.2
-0.6
1 .8
1 .2
0 .6

4.3
2. 1
3.0
5.9
10.7
19 . 4
8. 1
6 . 1
6.0
9 .4
16.9
10.5
2 .9
3 .8
1 •2
0.2
2 .9
0.6

1 .3
-1.3

-1 .
0.

5 .

3.*0
6 .8
17.8
14 . 0
5 .2
6. 1
6.0
10.0
17.8
8.9
4.0
1 .4
2 .8
-0.4
1 .0
3 .2

0.0
0.0
0.6
3 .8
3. 1
-1.2
0.6
1 .8
1 .2
-1.2
0. 0
0. 0
5 .3
-2.2
2 .3
2 .2
4.2
3.6

13.0
9 .5
2 .0
8. 1
6 .6
12.7
18.4
4.0
0.6
3. 0
0. 0
-2 . 1
2 .8

5.5
-1.8
0.0
0.6
1 .2

-4. 1
0.0
1 .2
5 .9
-3.3

15.7
6 .7
0.7
9.8
7 .2
12 . 3
16 . 4
10.2
2 .7
0. 0
3 .6
0.2
-3.8
3.0

-1.9
0.8
0.0
3.0
2.3
3 .0
-1.0
2 .6
-2 .7
0.4
-1.2
-0.2
3.2
3.3
-0.7
3 .2
4.2
1 .4
3.8
2 .5
15.7
17 . 0
3. 7
0.0
8.8
9 .2
12 .4
14. 1
10 .6
2 .3
-0.7
3.5
1 .3
-7 .2

NOTE: These series contain revisions beginning with 1947. Percent changes ai 5 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 iinual figures are averages of the centered changes.

104

IV Q

II Q

1 .7
1.8
31.
31.

31.8
31.5
3 1.4

91 . 3
97 . 8
101.0
101.9
103.1
104.0
101.4

1-MONTH

0.6
0.3

0.0
0.0
0.0

Nov.

AVERAGE FOR PERIOD
0.0

1 .2
1 .7
0. 1
0 .6
0 .9
0. 8
0 . 1
0 .8

9.8
0 .8
7 .5
0.7
1 .8
3.2
3.2

i. 3
90.5
97.1
00.5
101.6
103.3
103.7
100.7

0.3

-0.6

1.0
0. 7

.7
.6
.7
.5

0. 3

-0. 3

0.2
0.5
0.7

3
3
3
3

0.3

0.0
0.6
0.0
0.3

-0.3

3 1.7
31.7
3 1.4

0.9

-0.3

Oct.

GOODS
AVERAGE

31.7
31.8
31.3

INDEX, FINISHED
(PERCENT)
0. 0

Aug. Sept.
0NSUME R

0.0
-0.
1.
3.
3.
-1 .

2.1
2.3

4
4
3
5
0
1
5
5
1
6
5
6
0

11.2
18.3
9.6
4.6
5.4
8.8

15.6
11.0
2 .9

15.5
10.1
2 .6
8.0
6 .6
11.7
17.5
9 . 1
3.6

4.5
1.5

0. 7

-0.4
1 .4
1. 1

-0. 1
-1.6
3.0

3.1

C. Historical Data for Selected
Year

Jan.

Feb.

335.

26.9
27 2
27 5
28.9
?Q.8
29.8
30.5
30.6
30.5
30.4

30.5
30.7
31.3
31.9
32 .7
33 .6
34.8
37 . 3
38.8
44 .2
53.9
57 .0
60.9
65.0
71.3
85 . 1
94.7

37.4
39.3
45.6
54.1
57.3
61.4
65.4
72.2
86.0
95.9

37.5
39.8
46 . 9
54.3
57.7
61.9
66.0
73.3
86.9
97.2

100.4
10 3.1
103.3
100.5

100.0
103.3
103.7
99.8

26 . 9
27 2
27 4
28.7
29.8
30. 0
30.3
30.6
30.5
30.4
30.3
30. 5
30.7
31.2
31.9
32 .5
33.4
34.7

26.9
27 2
27 5
28.7
29.8
29.9
30.4
30.6
30.5
30.4

1972 ...
1973. ..
1974 ...
1975 . . .
1976 . . .
1977. . .
1978...
1979. ..
1980. . .
1981 ...
1982.. .
1983 . . .
1984. . .
1985.. .
1986.. .
1987. ..

37 . 1
38.4
43 . 3
53.6
56 .8
60.3
64.6
70.5
83.4
93.3

100.5
102 .7
103.2
102.1

May

June

July

Aug.

Sept.

P R O D U C E R PRICE INDEX, INDUSTRIAL COMMODITIES
( 1982 = 100)

27.0
27 2
27 5
28.8
29.8
29 .c
30.
30.
30.
30. t
30 .
30.
30.
31 . 3
31 . )
32 .
33 .
34.8

1953 ...
1 9 54 ...
1955 ...
1956. ..
19 57 ...
1958. ..
1959 ...
1960...
196 1 ...
1962 . . .
1963. ..
1964...
1965...
1966 . . .
1967. . .
1968...
1969 ...
1970...

100. 5
102.2
103.4
103.7

Apr.

Mar.

Series—Continued

30.5
30.7
31.4
31.9
32 .8
33.8
35.0

27.0
27 2
27 5
28.9
2 9.8
2 9.8
30.5
30. 5
30.4
30.4
30. 3
30.5
30.8
31.5
31.9
32 .8
33.8
35.1

27 1

27 3

27.3

27 5
28.9
29 8
2 9.8
30.5
3 0.5
30.3
30.3
30.3
30.4
30.9
31.6
31.9
32.8
33.8
35.2

27 7
28.9
29 9
2 9.9
30.5
30.5
30.3
30.4
30.4
30.5
30.9
31.7
31.9
32.8
33.8
35.3

28 0
29.1
30 0
30.0
30.5
30.5
30.3
30.3
30.4
30.5
30.9
31.7
32 .0
32 .8
34. 0
35.3

37.7
40. 1
48 . 2

37.8
40.3
49.2

37.8
40.4
5 0.5

37 .9
40.6
5 1.7

57.8
62.2
66 .4
74.2
87 . 1
97 .6

58.1
62.3
66.8
74.9
87.6
97.7

58.5
62.7
67.3
76.1
88.4
98.1

58.9
63.1
67 . 7
77.0
89. 1
98.4

100.9
103.7
104.0
99.8

101.4
103.7
103.9
98.8

100.4
103.5
104.2
99.8

101.6
103.5
103.7
98.6

0. 0
0.0
0.4
0.7
0. 3
0.0
0. 0
0.0
0.3
0.0
0. 0
0.0
0.0
0.3
0.3
0.3
0.6
0.6
0.3
0. 3
0.5
2 4
0.8
0.7
0.5
0.8
1.3
2.8
1.6
0.5
-0.4
0.2
0.0
-0.4

0.0
0. 0
0.4
0.0
0.0
-0.3
0.3
0.0
0.0

o'. o

0. 0
0.0
0. 0
0.3
0.0
0.6
0.6
0.3
0. 3
0.5
1 .0
2 1
0.6
0.4
1.0
0.6
1. 1
2 .0
1.5
0.0
0.0
0.5
-0.2
-1.5

0.4
0.0
0.0
0.3
0.0
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.0
0.6
0.3
1.3
3 2
0.4
0.5
0.8
0.6
1.3
1.1
1.3
-0.2
-0.1
0.4
0.1
-1.6

-0.4
0.0
0.0
0.3
0.0
-0.3
0.0
0.0
0.0
0.0
-0.3
0.0
0.0
0.3
0.0
0.3
0.3
0.6
0.3
0.3
1.3
2 9
0.4
0.7
0.8
0.9
1.5
1.0
1.4
-0.4
-0.4
0.2
0.4
-0.7

0.4
0. 0
0.0
0.0
0.0
0.0
0. 0
-0. 3
-0.3
0.0
0.3
0.0
0.3
0.3
0.0
0.0
0.0
0.3
0. 3
0.5
0.8
2 8
0.4
0.2
0.5
0.6
1 .2
0.2
0.4
-0.1
0.4
0.2
0.5
0. 0

0.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.3
-0.3
0.0
-0.3
0.3
0.3
0.0
0.0
0.0
0.3
0.3
0.3
0.5
2 1
0.2
0.5
0.2
0.6
0.9
0.6
0.1
0.4
0.5
0.2
-0.2
0.0

0.7
0.0
0.7
0.0
0.3
0.3
0.0
0.0
0.0
0.3
0.3
0.3
0.0
0.3
0.0
0.0
0.0
0.3
0.5
0.0
0.2
2 6
0.4
0.7
0.6
0.7
1.6
0.9
0.4
0.7
0.5
0.0
-0.1
-1.0

0. 0
0. 0
1 . 1
0.7
0.3
0.3
0. 0
0.0
0. 0
-0.3
0.0
0.0
0.0
0.0
0. 3
0.0
0.6
0.0
0.5
0.3
0.5
2 .4
0.5
0.7
0.6
0.6
1 .2
0.8
0.3
0. 1
0.2
-0.2
-0.2
-0.2

0.0
0.0
2.2
4.3
2 .7
-0.7
2 .7
0.7
0.0
0.7
-0.7
0.7
0.7
2 .6
1.3
3. 8
4. 3
4. 1
4. 0
3.3
9 .7
30.2
5 .8
6 .2
7.5
7 .4
13.8
18.9
15.9
0.4
-1.2
2.6
0.2
-7 .6

1 .5
0.0
1 .5
3.6
1 .4
-0.7
2 .0
-0.7
0.0
0.7
0.0
0.7
1.3
2 .6
0.6
3. 1
4.3
4. 1
4.5
5 .0
10.8
33 .6
5 .3
6 .2
7.8
8.3
15.0
17 .7
15.8
0.2
-1.0
3.2
1 .0
-7.9

1.5
0.0
1.5
2.8
0.7
-1.3
1.3
-0.7
-0.7
-0.7
0.0
-0.7
1.3
3.2
0.6
2.5
3.6
4.1
3.9
4.4
11.3
35.3
5.3
6.1
7.8
8.6
15.8
16.7
13.3
0.4
0.0
3.4
1.2
-8.1

3.0
0.0
2.2
1.4
0.7
-0.7
1.3
-0.7
-1.3
0.0
0.7
0.0
1.3
3.2
0.0
1.9
2.4
3.5
4.5
3.8
10.7
36.0
4.5
6.1
8.1
8.5
16.5
12.3
10.6
0.8
1.8
3.0
1.0
-9.2

3.0
0.0
3 .7
2 .8
1 .3
0.7
0. 7
-0.7
-1,3
-0.7
0.7
0. 0
1.3
2 .6
0.6
0.6
2 .4
2.9
5 . 1
3 .2
9.5
36 . 8
4.5
6 .8
7 .4
8.5
16.6
9 .6
8. 0
1 .0
2 .2
1 .6
1 .0
-6 .7

2.2
0.0
5.2
3.5
1.3
0.7
0.0
-1.3
-1.3
0.0
0.0
0.0
1.3
2.6
1.3
1.2
2.4
3.5
3.9
3.2
7.8
30.5
4.9
6.7
6.3
8.1
17.3
7.8
5.3
1.0
2.2
0.2
-0.2
-3.4

2.2
0.0
5.9
3.5
0.7
2.0
0.0
-0.7
-1.3
-0.7
] ,3
0.7
2.0
1.9
1.9
1.8
3.0
3.5
3.3
2.7
6.6
26.7
6.4
7.1
5.9
8.3
18.2
8.0
3.7
2.8
4.0
0.6
0.2
-1.4

1. 5
0.7
6 .7
4.9
0.7
2 .7
0.7
-0.7
-0.7
-0.7
0.7
0.7
2 .0
1 .9
2 .5
1.8
3.6
2 .9
2 .2
2 . 1
8.1
2 1.4
6. 0
7 .4
5.2
8.6
17.1
8.4
2 .9
3 .7
3 .0
0 .4
-0.4
-1.2

I Q

II Q

IV Q

III Q

Annual

PERIOD
27.0
27 2
27.5
28.9
29.8
29.8
30.5
30.5

27 .3
27 2
28.0
29.1
30.0
30.0
30.5
30.5

30.4
30.3
30.5
30.8
31.5
31.9
32 .8
33.8
35.1

30.4
30 .4
30.5
3 0.9
31.7
32 .0
32 .8
34. 0
35.3

60.0
64. 1
69.6
81.1
91 .8
99.3

30 .4
30 .3
30.5
30.7
31 .3
31.9
32 .6
33.6
34.8
36 .0
37 . 3
38.8
44.4
53.9
57.0
60.9
65.0
7 1.3
84.8
94.6

37 ! 7
40. 1
48 . 1
54.5
57 .9
62.1
66 .4
74.1
87 .2
97.5

37.9
40.6
5 1.4
55. 1
58.9
63.0
67.7
77.1
88 .9
98 . 3

102 . 0
103.4
104. 1
99 .2

100.5
102.7
103.3
102 . 1

100.4
103.5
104.0
99.8

0. 0
0.0
0.4
0.3
0.3
0. 3
0. 0
0. 0
0.3
0. 0
0. 3
0.3
0.0
0.0
0.3
0.3
0. 3
0.6
0.5
0.3
1 .4
0 .2
0.5
0.2
0.5
0.6
1 .0
1 .2
0.3
0. 0
0. 1
-0.3
0. 1
0.0

0.1
0.0
0.3
0.3
0. 1
-0. 1
0.2
0.0
0. 1
0. 0
0.0
0.0
0. 0
0.2
0. 1
0.3
0.5
0.3
0.4
0.4
0.9
0.6
0.5
0.8
0.7
1.2
2 .0
1 .5
0.1
-0.2
0.4
0.0
-1.2

0. 1
0.0
0.0
0.1
0.0
-0.1
0.0
-0.1
-0.2
-0. 1
0.0
-0.1
0.2
0. 3
0. 0
0. 1
0. 1
0.4
0.3
0.4
0.9
2 .6
0. 3
0.5
0.5
0.7
1 .2
0.6
0.6
0.0
0.2
0.2
0.2
-0.2

-0.7
2 .2
4.3
3.4
-0.7
3.4
0.7
0.7
0.7
-0.7
1.3
1.3
2 .6
1 .3
3.8
4.9
4. 1
4.6
2 .7
7.0
24.9
7 .8
7 . 0
7.6
6 .7
12 .7
20.9
15.3
2 .5
0.6
3 .2
0.2
-5.2
4 .7

1 .0
0.0
1 .7
3.6
1 .6
-0.9
2 .0
-0.2
-0.2
0.2
-0.2
0.2
1. 1
2 .8
0.8
3 . 1
4. 1
4. 1
4. 1
4.2
10.6
33.0
5.5
6 .2
7.7
8.1
14.9
17.8
15.0
0.3
-0.7
3.1
0.8
-7 .9

2 .7
0.0
3 .7
2 .6
1 . 1
0.2
0.7
-0.9
-1.3
-0.2
0.5
0.0
1.3
2 .8
0.6
1.2
2 .4
3.3
4.5
3 .4
9.3
34.4
4 .6
6.5
7.3
8.4
16.8
9 .9
8. 0
0.9
2. 1
1 .6
0.6
-6.4

27 2
27 3
28 4
29 .6
29 9
30.2
30 .6
30.4

27.2
27 3
28 5
2 9.7
30.0
30. 3
30.6
30 .4

30 .3
30.4
30.6
31. 1
31.8
32.3
33.1
34.4
35.6
36.8
38. 1
41.7
53.1

30 . 3
30 . 5
30.7
31.1
31.8
32.4
33.2
34.5
35 .8
38. 2
42 . 3
53.2

59.2
63.3
6 8.0
78.2
89.3
98.4
100.1
101.5
103.2
103.2
98.8

59.7
63.7
6 8.7
79.7
90.3
99.0
100.6
102.0
103.6
103.8
99.1

59.9
63.8
69.2
80.3
90.7
99.0
10 1.9
103.7
104.0
99.2

0.0
0.0
0.7
0.7
0.0
0.0
0.0
-0.3
0.0
0.3
-0.3
0.0
0.0
0.0
0.3
0.3
0.3
0.3
0.0
0.3
0.5
0.8
0.5
0.5
0.3
0.4
1.6
0.2
0.0
-0.2
-0.1
-0.3
-0.5
0.2

0.
0.
7 .+
5 .
1 .3
3 .t
0.
-0.
0.
0.0
1.3
2.0
1.3
1.3
3.2
2.5
4.2
3.4
2.8
2.1
10.2
16.9
6.7
6.6
5.9
8.6
17.2
9.8
3.3
2.8
2.2
-0.6
0.2
-1.2

NOTE: These series contain revisions beginning with 1945. Percent changes are centered wi'
on the 2d month and 6-month changes are placed on the 4th month. Quarterly and annual figures




Dec.

27.2
27 2
28 3
29.4
29.9
30.1
30.5
30.5
30.3
30.3
30.4
30.6
31.0
31.7
32.2
33.1
34.3
35.6
36.9
38.0
41.1
52.8

335C. C H A N G E IN PRODUCER PRICE I N D E X , INDUSTRIAL COMMODITIES, OVER 6-MONTH
(ANNUAL RATE, PERCENT)
1953 ...
1954. ..
1955 ...
1956. ..
1957 . . .
1958. ..
1959. ..
1960. ..
1961.. .
1962 . . .
1963 . . .
1964...
1965.. .
1966. . .
1967. . .
1968. . .
1969. . .
1970. ..
1971. ..
1972 ...
1973. ..
1974. ..
1975 . . .
1976. . .
1977 ...
1978...
1979. ..
1980...
1981...
1982 . . .
1983...
1984. . .
1985 ...
1986...
1987. ..

Nov.

27.3
27 2
28 2
2 9.3
30.0
30.0
30.5
30.4
30.3
30.4
30.3
30.5
30.9
31.7
32.1
32.9
34.1
35.4
36.9
38.0
40.8
52.1

335C. C H A N G E IN PRODUCER PRICE INDEX, INDUSTRIAL COMMODITIES, OVER 1-MONTH
(PERCENT)
1953...
1954...
1955 ...
1956 . . .
1957 ...
1958. ..
1959. ..
1960. ..
1961.. .
1962 ...
1963. ..
1964. ..
1965 ...
1966 . . .
1967...
1968. . .
1969 . . .
1970...
197 1 ...
1972 . . .
1973 ...
19 7 4
1975 ...
1976. . .
1977. ..
1978. ..
1979. ..
1980. . .
1981 . . .
1982 . . .
1983. . .
1984. . .
1985.. .
1986 . . .
1987 . . .

Oct.

©

SPANS

-0.4
0.0
0.4
0.3
-0.3
0.3
0.0
0.3
0.0
-0.3
0.3
0.3
0.3
0.0
0.3
0.6
0.6
0.6
0.0
0.0
0.7
1.3
1.1
0.8
0.6
1.0
1.9
1.1
0.6
0.5
0.5
0.4
0.6
0.3

26 .9
27.5
28.7
29.9
30.4
30.6

©
0.0
0.4
0.4
0.7
0.0
0. 3
0. 3
-0.3
0. 0
0. 0
0. 0
0.0
0. 3
0.3
0. 3
0. 0
0. 3
0.0
-0.3
0.3
1 .5
0 .6
0.2
0. 3
0.2
0.7
0. 8
0.4
0. 0
0.3
-0.1
0. 1
0.2
0. 1

SPANS

©

-0.7
1 .5
7.4
6 .3
0.7
2.7
0.7
0. 0
0 .7
-0.7
0,7
1.3
2.0
1.3
3.8
3.7
5.4
3.4
2.2
3.2
14.9
12.7
7.4
6.2
6.2
9.7
2 0.1
11.4
3.5
0.6
1.6
-0.6
-0.4
3.3

-0.7
2 .2
5 . 1
4.9
-0.7
2 .7
0.7
0. 0
0.7
0. 0
0.7
1.3
2 .6
1 .3
4 .4
4.9
4.8
4. 0
2 .2
4.8
18.5
8. 7
7.0
6.9
6 . 1
10.9
22 . 1
13.0
2 .9
0.4
2 .2
-0.6
-3.1
4.5

101.5
103.5
103.6
98.7

27.2
27 3
28.4
29.6
29.9
30.2
30.6
30.4

27 2
2 7.2
27.8

30 .3

30.4
30.3
30.5
30.9
31.5
32 . 0
32.8
33 .9
35.2
36.5
37.8
40. 3

30.6
31.1
31 .8
32 . 3
33 . 1
34.4
35.7
36.9
38.1
41.7
53.0
56.2
59.9
63.9
69.2
80 .4
9 0.9
99 . 1
102.0
103.6
104.0
99.2

30.0
30.5
30. 5

54.9
58.4
62.5
67.0
75.7
88. 0
97.4
101.1
103.3
103.7
100.0

A V E R A G E FOR P E R I O D
0.2
0. 0
0.8
0.5
0.2
0.2
0.0
-0.1
0.0
0. 1
0.0
0.1
0.0
0. 1
0.2
0. 1
0.3
0.2
0. 3
0.2
0.4
1 .9
0.5
0.6
0. 5
0.6
1.5
0.6
0.2
0.2
0.2
-0.2
-0.3
-0.3

-0.1
0. 1
0.4
0 .4
0. 0
0.3
0. 1
0, 0
0. 1
-0.1
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
0.4
0.4
0.8
1 .2
0.9
0.3
0.3
0.2
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
0.3
0.8
2 .0
0.5
0.5
0.6
0.7
1.3
1 .0
0.7
0. 1
0. 1
0. 1
0. 1
-0.4

A V E R A G E FOR P E R I O D
1.5
0.5
6 .7
4.7
0.9
2 .7
0.5
-0.7
-0.4
-0.5
1.1
1.1
1. 8
1 .7
2.5
2 .0
3.6
3. 3
2.8
2 .3
8.3
2 1.7
6.4
7 .0
5.7
8.5
17.5
8. 7
3 .3
3. 1
3. 1
0. 1
0.0
-1.3

-0.7
2.0
5 .6
4.9
-0.2
2 .9
0. 7
0.2
0.7
-0.5
0.9
1 .3
2 .4
1 .3
4.0
4.5
4 .8
4.0
2 .4
5 .0
19.4
9 .7
7 . 1
6.9
6 . 3
11.1
2 1.0
13.2
3.0
0.5
2.3
-0.3
-2.9
4 .2

1.1
0.6
4 .4
3 .9
0.8
1 .2
1 .0
-0.4
-0.3
-0.2
0.6
0.7
1 .6
2 .2
2 .0
2 .7
3.7
3 .7
3.4
3.7
11.9
24.7
5 .9
6 .7
6 .7
9.0
17.6
12.4
7.3
1 .2
1.7
1 . 1
-0.4
-2.8
(MARCH 1988)

ges of the centered changes.

105

G. Experimental Data and Analyses

II
Foreign c u r r e n c y

per U.S.

II

III II

dollar

II III II

II III III in in III Ml
Ratio scale

Foreign currency per U.S. dollar—

Year
and
month

West
Germany

Japan
(Yen)

(D.

mark)

France

United
Ki ngdom

(Franc)

(Pound)

320

Jap an

\

(yen)

1987
Jan....
Feb
Mar
Apr....
May
June. . .
July. . .
Aug. . . .
Sept...
Oct
Nov....
Dec

154.83
153.41
151.43
143.00
140.48
144.55
150.29
147.33
143.29
143.32
135.40
128.24

6.2007
6.0760
6.1091
6.0332
5. 974&
6.0739
6.1530
6.1934
6.0555
6.0160
5.7099
5.5375

1.8596
1.8239
1.8355
1.8125
1.7881
1.3189
1.8482
1.3553
1.8134
1.8006
1.6821
1.6335

/

\

0.6643
0.6545
0.6280
0.6135
0.6000
0.6139
0.6215
0.6252
0.6081
0.6017
0.5633
0.5468

280

A

240

\

V

200

i

BE f

S A

West Germany (d. mark)

s

A

^\

^

\/
V

160

\

\

\

120
2.8

\

\

2.4

u

2.0

1988
Jan....
Feb
Mar
Apr....
May
June. . .
July. . .
Aug
Sept...
Oct....
Nov....

2

127.69
129.17
128.12

2

1.6537
1.6963
1.6782

2

5.5808
5.7323
5.6922

2

1.6

0.5553
0.5688
0.5490
France (franc)

Dec....

r
Foreign

Year
and
month

currency p e r U.S

Italy
(Lira)

dol1ar

Canada
(Dollar)

1987
Jan. . . .
Feb
Mar
Apr....
May
June. . .
July. . .
Aug
Sept...
Oct
Nov
Dec. . . .

1317.17
1297.74
1305.90
1292.96
1290.80
1316.50
1337.96
1344.18
1310.86
1302.58
1238.89
1203.74

[.3605
[.3340
L.3194
L.3183
[.3411
L.3387
L.3262
L.3256
L.3154
[.3097
[.3167
[.3075

\

Exchange v a l u e
o f t h e U.S.
dollar1
(March 1973=100)

A

\

Jr

J

1216.88
1249.62
2
1240.73

2

1.2855
[.2682
[.2544

/

El

u

5
0.9
0.8

\
\

/

a

0.5

y

/

\

A

1 j

A

\

/

r

H

800
1.6

—^

Canada (dollar)

89.29
91.03
2
89.98

r

1.4

'

B

(index: March 1973 = 100)

J~

Source: Board of Governors of the Federal Reserve System.

106



1.2
1.0
160

\

Exchange value of the U.S. dollar

f o r March 1 through 18.

1400

1000

/

J

2000
1800
1600

1200

-^\
* \

Y

A

/

A
|

> /

\

\.

140

El

III III III | | III
1 II 11 in Ill Ml III
76 77 78 79 80 81 82 83 84 85 86 87 88

1
Th i s index i s t h e w e i g h t e d - a v e r a g e e x c h a n g e v a l u e o f t h e U . S . d o l l a r a g a i n s t t h e c u r r e n c i e s o f t h e o t h e r G - 1 0 c o u n t r i e s
plus S w i t z e r l a n d .
W e i g h t s a r e t h e 1 9 7 2 - 7 6 g l o b a l t r a d e o f e a c h o f t h e 10 c o u n t r i e s .
For a d e s c r i p t i o n o f t h i s i n d e x , see
the August 1978 Fi;DI-RAL RESERVE BULLETIN (p. 700).

Average

0.6

/

Italy (lira)

III
75

2

0.7

>

A

J V

101.13
99.46
98.99
97.09
96.05
97.78
99.36
99.43
97.23
95.65
91.49
88.70

June. . .
July...
Aug
Sept...
Oct
Nov. . . .
Dec

\

10
9
8
7

f

Unit ed Ki igdon i (po und)

1988
Jan....
Feb
Mar
Apr....
May

/

J

f

\

120
100
80

G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes

Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours).
5. Average weekly initial claims for
unemployment 1 insurance, State programs1 (thous.). .
8. Mfrs. new orders in 1982 dollars, consumer
goods and materials industries (bil. do!.).
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 ( m i l . dol.)
95. Ratio, consumer installment credit
outstanding to personal income (percent). .
930. Composite index of lagging indicators 3
( i n d e x : 1967=100)

Nov.
1987

Net contribution to index
Nov.
to
Dec.
1987

Feb.
1988

Jan.
1988

Dec.
1987

41.2

41.0

41. 1

p40.9

293

312

351

321

85 . 9 3

r86.60

r84.81

66

71

37 . 5 2
117.1

-0.16

Dec.
to
Jan.
1988

Jan.
to
Feb.
1988

0.08

-0.20

- 0 . 19

-0.35

0.33

85.46

0.04

- 0 . 11

0.05

68

66

0.22

-0.13

- 0 . 11

r41.74

r43.51

p41 . 4 1

0.25

0 . 10

- 0 . 14

108.5

100.2

113.4

-0.25

-0.26

0.49

r 32.64

r40.89

P36.42

NA

0.22

- 0 . 12

1 . 10

0.72

0.33

0.08

- 0 . 16

-0.17

-0.13

245.01

240.96

250.48

258.13

- 0 . 11

0.26

0.25

r 2 , 4 2 4 .9

r2,424.5

r2 , 4 3 5 . 9

p2,449 .5

-0.01

0 . 16

0.24

r6.3

r l 2 .7

pO.O

NA

0.36

-0.72

rl90.3

rl91.0

rl88.9

pl90.6

0.37

-1.10

0.90

103,285

r103,612

rl03,786

pl04,317

0.26

0.14

0.55

r2 , 7 2 2 .7

r2,748.4

r2,737 .0

p2 , 7 5 7 . 2

0.47

-0.2 1

0.48

rl33.2

rl33.8

rl34.2

pl34.4

0.13

0.08

0.05

r436,886

p437,785

0.09

0.05

rl72.0

rl73.3

rl73. 1

pl74.7

0 .76

- 0 . 12

0.92

14.0

14.2

14 . 4

14.4

-0.10

-0.10

0.00

rl.53

1.53

pi.53

NA

0.00

0.00

98.5

r98.0

r98.2

p98.2

- 0 . 18

0.07

0.00

8.78

8.75

8.75

8.51

-0.02

0.00

-0.25

r362,687

r369 ,558

r360,363

p362,928

0.50

-0.66

0.27

15 . 8 4

rl5.82

pl5 .92

NA

-0.08

0.38

rl42.8

r142.9

rl42.5

0.07

-0.28

r 4 3 5 , 12 1

P

NA

pl42.6

NA

NA

NA

NA

NA
0.07

NOTE: The net c o n t r i b u t i o n o f an i n d i v i d u a l component i s t h a t component's share i n the composite movement o f the group.
I t is
computed by d i v i d i n g the s t a n d a r d i z e d and weighted change f o r the component by the sum o f the weights f o r the a v a i l a b l e components
and d i v i d i n g t h a t r e s u l t by the index s t a n d a r d i z a t i o n f a c t o r .
See the February 1983 BUSINESS CONDITIONS DIGEST ( p p . 108-109) or
the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) f o r the weights and s t a n d a r d i z a t i o n f a c t o r s .
NA, not a v a i l a b l e ,
p, p r e l i m i nary,
r, r e v i s e d ,
e, e s t i m a t e d .
1

This s e r i e s i s i n v e r t e d i n computing the composite i n d e x ; i . e . , a decrease i n t h i s s e r i e s i s considered an upward movement.
This s e r i e s i s a weighted 4-term moving average ( w i t h weights 1 , 2 , 2 , 1 ) placed on the t e r m i n a l month o f the span.
3
F i g u r e s i n the net c o n t r i b u t i o n columns are percent changes i n the i n d e x .
The percent change i s equal (except f o r rounding
d i f f e r e n c e s ) t o the sum o f the i n d i v i d u a l components' c o n t r i b u t i o n s plus the t r e n d adjustment f a c t o r .
The t r e n d adjustment f a c t o r
f o r the l e a d i n g index i s 0.139; f o r the c o i n c i d e n t i n d e x , - 0 . 1 7 5 ; f o r the l a g g i n g i n d e x , 0.018.
2




107

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
m i r iiiiiiiiiiriiiiriiiiiiiiiiiiiiiiiiiiiiiiii

46. Help-wanted advertising

Deviations
from
reference
peaks

Actual
data
for
current
cycle

+ 40

+ 30

#160

+ 20
>140

+ 10

• 100

-30

• 80
-40

90. Ratio, civilian employment to population
of working age

Actual

46. Help-wanted advertising
Ug,u

3eviations
rom
specific
troughs

Actual
data
for
current
cycle

Percent

52

2 1.1

149

3/87

53
54
55
56

22.0
22.8
24.4
26.0

150
151
153
155

4/87
5/87
6/87
7/87

57
58
59
60

29.3
29.3
31.7
31.7

159
159
162
162

8/87
9/87
10/87
11/87

61
62
63

26.0
24.4
26.8

155
153
156

12/87
1/88
2/88

120

-10

MONTH
AND
YEAR

SERIES
46
1967=100

MONTHS
DEVIFROM A T I O N S
SPEC .
FROM
TROUGH
10/82
•

-20

MONTHS
DEVIFROM ATIONS CURRENT
REF.
FROM
ACTUAL
TROUGH
7/81
DATA

__

120
• 160

M40

10/82

CURRENT MONTH
ACTUAL
AND
DATA
YEAR

• 120

SERIES
46
1967=100
53
54
55
56

98.7
100.0
101.3
104 .0

149
150
151
153

3/87
4/87
5/87
6/87

57
58
59
6C

106 . 7
112.0
112.0
116.0

155
159
159
162

7/87
8/87
9/87
10/87

61
62
63
64

116.0
106.7
104.0
108.0

162
155
153
156

11/87
12/87
1/88
2/88

CURRENT
ACTUAL
DATA

MONTH
AND
YEAR

MONTHS
FROM
REF.
TROUGH

62

•

100

•

80

-1 0

'0. Ratio, civilian employment to population
of working age

5.5

|lUg,u|

SERIES
90
PERCENT

• 61

4.5
52

60.43

3/87

53
54
55
56

60.57
60.79
60.72
6 0.84

4/87
5/87
6/87
7/87

57
58
59
60

6 1 .02
60.87
6 1.00
6 1.11

8/87
9/87
10/87
11/87

61
62
63

6 1.19
61.33
61 . 4 4

12/87
1/88
2/88

4.0

60

> 60
3.5

59

58

MONTHS
DEVIFROM A T I O N S CURRENT
SPEC .
FROM
ACTUAL
TROUGH
3/83
DATA

57

56

55

2.5

~1

MCNTH
AND
YEAR

SERIES
90
PERCENT

•

48

4.03

6 0.43

3/87

49
50
51
52

4.17
4.39
4.32
4.44

60.57
60.79
60.72
60.84

4/87
5/87
6/87
7/87

53
54
55
56

4.62
4.47
4.60
4.71

6 1 . 02
60.87
61.00
61.11

8/87
9/87
10/87
11/87

57
58
59

4.79
4.93
5 .04

61.19
61.33
61 .44

12/87
1/88
2 /88

1.0

> 57
0.5

- 1 0.0

54

mil niiilimi)iiiii)iiiiiliimMiinliiiiiliiiiilinii)niiili
0 + 6 +12+18+24+30+36+42+48+54+60

0 + 6 +12 + 18 + 24 + 30 + 36 + 42+48 + 54+60

Months from reference troughs

NOTE: For an explanation of these charts,

108



Months from specific troughs

107 of the Januar

58

G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
[MONTHS
FRO M
REF .
j TROUGH

Actual

36. Change in inventories on hand and on
order, smoothed *

data

CURRENT
ACTUAL
DATA

MONTH
AND
YEAR

1

+ 75

+ 50

-50

Deviations
from
reference
peaks

57. Manufacturing and trade sales,
1982 dollars

53
54
55
56

31.18
32 . 14
3 7.48
37 . 0 7

57
58
59
60

29.04
17.36
20.75
32 . 6 4

8/87
9/87
10/87
11/87

6 1
62

4 0.89
3 6.42

12 / 8 7
1/88

CURRENT
ACTUAL
DATA

MONTH
AND
YEAR

DEVIMONTHS
FROM ATI ONS
SPEC.
FROM
TROUGH
1/83

+ 25

-i

51
52

SERIES
36
ANN. R A T F
BIL. DCL.
16.34
2/87
29 . 2 1
3/87

49
50
5 1
52

2/87
3/87
4/87
5/87

53
54
55
56

90.17
89 . 7 6
8 1.73
70.05

37.4 8
37.07
29.04
17.36

6/87
7 /87
8/87
9/87

57

7 3.44
85 . 3 3
93 . 5 8
89 1 1

20 . 7 5
3 2.64
40 . 8 9
36 . 4 2

for
current
cycle

Deviations
from
specific
troughs

Actual
data

for
current
cycle

—r +150

4/87
5/87
6/87
7 /87

SERIES
361
ANN. RATf
BIL. D0L .
69.03
16.34
81.90
29.2 1
83.87
3 1.18
3 2.14
84.83

Actual
data

36. Change in inventories on hand and on
order, smoothed1

+ 125

+ 100

+ 75

+ 50

• +100

• +75

• +50

• + 25

• 0

-25

+ 25

•

10/87
11/87
12/87
1/88

-50

-25

MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
AND
ACTUAL
TROUGH
7/81
DATA
YBAR

-50

SERIES
57
MIL. DOL.

+ 24
P- I T . .

+ 20

>440

5 1
52

18.6
18.0

433202
431116

2/87
3/87

53
54
55
56

17.7
17.4
18.0
18.8

429733
428743
430800
433890

4/87
5/87
6/87
7/87

57
58
59
60

19.6 436811
20.4 439591
20.2 438814
19.1 435121

57. Manufacturing and trade sales,
1982 dollars
3/75

-1 -75

32

\
BIL.

+ 16
>420

> 400
+8

• 380

61

19.6

436886

62

19.9

437785

8/87
9/87
10/87
11/87

28

• 440

24

12/87
1/88

• 420

MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
10/82
DATA
YEAR

• 400
SERIES

57

MIL. DOL.

• 360

433202

57
58
59
60

25.9
25 .5
25.2
25.8
26.7
27 .6
28.4
28.1

431116
429733
428743
430800
433890
43681 1
439591
438814

7/87
8/87
9/87
10/87

61
62
63

27.1 43512 1
27.6 436886
27.8 437785

11/87
12/87
1/88

53
54
55
56

>340

~12
iiiiiJiiiiiliunlii
0 + 6 +12 + 18 + 24+30 + 36 + 42+48 + 54+60

©320

2/87

26.5

12
• 380

3/87
4/87
5/87
6/87

• 360

• 340
-6

0 + 6 +12 + 18 + 24+30+36 + 42+48+54+60

Months from reference troughs

Months from specific troughs

NOTE: For an e x p l a n a t i o n o f t h e s e c h a r t s , see "How t o Read C h a r t s " on p. 107 o f t h e January 1988 i s s u e .
1
T h i s s e r i e s i s a w e i g h t e d 4 - t e r m moving average ( w i t h w e i g h t s 1 , 2 , 2 , 1 ) p l a c e d on t h e t e r m i n a l month o f t h e span.




109

ALPHABETICAL INDEX—SERIES FINDING GUIDE
Series title
(See complete titles in "Titles and
Sources of Series." following this index)

Agricultural products, exports
Anticipations and intentions
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

Current issue
Series
number

(page numbers)

Charts

Tables

Historical
data
ssue date)

Series
description

(*)

10 87

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

6 87
8 87
8 87
8 87
11 87
11 87
1187
8 87
8 87
8.87
8 87
8-87

616
55

56
22

92
65

10 87
9 87

20
37
37
37
23
23
37
37
37
37
37
56
39

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

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 comciders, index
Four comciders, 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
See notes at end of index.

110



35
35

33
33

29
76

13,25

24

67
67

6 87
12 87

24
12

14
12
13

33
23
23

72
65
65

6/87
1 88
1 88

34
21
21

101
72
112
295

15,35

35
32
46

66
66
75
86

12/86
12 86
10/86
3.88

22
22
22
51

29
29

60
70
70

1 86
9 87
9/87

5
26
26

51
17
51

89
62
89

2
2
2
2

88
88
88
88

9
9
9
9

97
11
965
333

24
24
37
48

920
920c

951
940
9
101
72
112

32
32
32
26

14
14

20
20

442
90
441
37

5-87
5-87
5 87
1 88

11 87
11/87

82
84

914
35
34

73
73
71
82

18.51

64
64

62,89

10
39
36
11
23

60

187

5

74
60
66

1
12
11
6

5
5
21

15,35

73
73
71

35
32

87
87
87
87

587
5 87
5 87

32
32
32

345
280

49
45

87
82

10 87
1 88

46
46

64

30.47

70,83

9 87

46

346

49

88

10 87

46

340

49

87

8 87

5

341
348
349

49
50
50

87
88
88

8 87
7 87
7 87

5
53
53

920

10
39
11

60

1/87
1/87
11/87

5

10
39

60

10/87
10 87

5

60
60
60
60
60

1 86
1 88
1 88
1 88
4.87
4 87

5
5

920c

940
930
930c

914
915
917
916
910
910c

11
11
11
10
39

60

5

5
5

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
Construction
Building permits, new private housing
Contracts awarded, commercial and
industrial buildings
Expenditures, plus machinery and equipment sales...
Gross private fixed investment
Nonresidential. constant dollars
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 nonagncultural 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.

Series
number

Current issue
(page numbers)
Charts

Tables

Historical
data
(issue date)

Series
description
(*)

29

13,25

9
69

23
24

66
67

6/87
8/87

21
17

86
248
87
89
249
28
334
8
75

25
47
25
25
47
25
48

67
83
67
67
83
67
86
64
65

9/87
12/87
9/87
9/87
12/87
3/87
3/88
4/87
12/87

40
40
40
40
40
24
51
15
12

73
72
73
72

5/87
5/87
9/87
2/88

33
33
33
34

49
49
22

84.95

3/88
3/88
6/87

49
49
20

525

53

90

7/87

55

20

12,23

66

11/87

21

10
116

23
34

66
73

11/87
2/87

21
35

101
72
112

15,35

73
73
71

5/87
5/87
5/87

32
32
32

32

73
72
73
72
72
71

5/87
5/87
9/87
2/88
5/87
9/86

33
33
33
34
31
31

28
48

69
85

5/87
3/88

51
50

66
113
95
39

320
322
58

12,21

22
35
32
15,35

33

84
65

10/87

66
113
95
39
111
33
98
331

35
32
35
32
15,35

33
13,32

12/87
517
543
580
578
577
525

53
53
54
55
55
53

90
90
91
91
91
90

7/87
10/87
10/87
7/87
7/87
7/87

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

6/87
5/87
6/87
6/87
8/87
10/87
10/87

17
15
17
15
5
43
43

39
32

33
12,21

72
64

2/88
1/88

34
17

965
951
974
963
966

37
36
38
36
37

75
74
76
74

10/86
12/87
8/87
10/87
12/87

22
5
37
5
12

962
975
952
950
964

36
38
36
36
37

2/88
8/87
12/87
6/87
9/87

8
37
5
5
15

971
970
960
972
967

38
38
37
38
37

8/87
11/87
8/87
8/87
1/88

37
23
37
37
25

973
976
978
977
968
961

38
38
38
38
37
36

8/87
8/87
8/87
8/87
2/87
8/87

37
37
37
37
25
5

75
78
10
74

76
74
74
75
77
76
76
75
76
75
79
76
76
76
76
75
74
77

ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued
Series title
i See complete titles in "Titles and
Sources of Series," following this index)

Earnings See Compensation.
Employment and unemployment
Civilian labor force
Defense Department personnel, civilian
Defense Department personnel, military
Employee hours in nonagncultural establishments
Rate of change
Total
Employees in goods-producing industries
Employees, manufacturing and trade, Dl
Employees on nonagncultural payrolls
Employees on private nonagncultural 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 nonagncultural 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.

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

Goods output in constant dollars
Government budget
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit, total
Government purchases of goods and services
Federal, constant dollars
Federal, current dollars
Federal, percent of GNP
National defense
National defense, percent 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 Ml
Goods output in constant dollars
Implicit price deflator
Per capita GNP, constant dollars
Gross private domestic investment- See Investment, capital.

Current issue
Series
number

(page numbers)

Charts

441
578
577

51
55
55

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

39
17
17
38

961

94
213
917

14,17

36
51
55
17
16
16
12.16

36
16
51
51
51
51
17
51
51
51
51
15,18
18,51

18
18
18
12,16

36

33
40
11

Tables

89
91
91
61
62
76
62
74
89
91
62
61
61
61
74
61
89
89
89
89
62
'89
89
89
89
62
62,89

62
62
62
61
77
74

72
80
60

Historical
data
(issue date)

2 88
7 87
7 87

Series
description
(*)

9
56
56

9/87
9/87
8/87
8/87
8/87
10/87
2/88
8/87
2/88
12/87
2/88
2/88
2/88
8/87
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
2/88
3/87
2/88
8/87
8/87

2/88
10/87
1/88

35
38
5

311

49

20

63

9/87

14

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/87
9/87
9/87
9/87
9/87
9/87
1/88

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

1/88
1/88
1/88
10/87
10/87
1/88
1/88
1/88
1/88
1/88

43
43
43
43
43
43
43
43
43
43

311
68

48
30

84
70

9/87
9/87

49
28

50
50b
50c
200

19,40

63,80

9/87
9/87
9/87
10/87
10/87
10/87
8/87
9/87
9/87
10/87

38
38
38
38
38
38
30
14
38
38

39'
40

200b
200c

107
49
310
217

31
20
48
40

80
80
80
80
80
71
63
84
80

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

46
60

16
16

61
61

12/87
2/88

9
9

1

12,16

5

36
16

61
77
74
61

8/87

961
21

8/87
8/87

5
5

Series title
(See complete titles in "Titles and
Sources of Series," following this index)

Series

number

Housing
Housing starts
Housing units authorized by local building permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP

Current issue
(page numbers)
Charts

Tables

Historical
data
(issue date)

Series
description
(*)

25
13,25
25
47

67
67
67

3/87
6/87
9/87
12/87

24
40
40

345
280

49
45

87
82

10/87
1/88

46
46

I
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
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 CCAdj
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

64

30,47

70,83

9/87

46

346
95
286

49
15,35

45

88
73
82

10/87
9/87
1/88

46
33
26

287
225
224

47
40
40

83
80
80

1/88
10/87
10/87

26
11
11

227

40

80

10/87

11

340

49

87

8/87

5

341
652
651
288
289
220
52
223

49
57
57
45
47
45
19
40

87
93
93
82
83
82
63
63

8/87
7/87
7/87
1/88
1/88
10/87
9/87
9/87

5
57
57
47
47
46
11
11

31
45

63'
71
82

9/87
9/87
8/87
1/88

11
30
47

283
284

47
45

83
82

1/88
1/88

47
47

285
348
349

47
50
50

83
88
88

1/88
7/87
7/87

47
53
53

53
13
335

19
23
48

63
65
85

9/87
1/88
3/88

11
21
51

76
75
557
73
74
47

24
22
54
20
20

67
65
91
63
63

14.20,58

63,94
70

12/87
12/87
12/87
12/87
12/87
12/87

12
12
13
12
12
12

966
47c

37'
39

75

12/87
12/87

12

967
23

37'
28

79
75
69

1/88
1/88

25
25

5
962
45
288
289

12,16

36
18
45
47

61
74
62
82
83

2/88
2/88
3/87
1/88
1/88

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

1/88
2/87
3/87
3/87
3/87
2/88
2/87
2/87
3/88

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

5/87
5/87
5/87
5/87
5/87
3/88
5/87

60
61
61
61
60
49
61

723
726
727
728
721
722
47
725

58
58
58
58
58
58

94
94
94
94
94
94

14,20,58

63,94

58

94

11/87
6/87
6/87
6/87
6/87
6/87
12/87
6/87

59
59
59
59
58
58
12
59

51c
51
108
282

39
14,19

/o

84,95

95

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
Manufacturing and trade, change
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.

Series
number

Current issue
numbers)
Charts
Tables
(page

Historical
data
(issue date)

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

7/87
7/87
7/87
7/87
7/87
7/87
7/87

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
44
44
56
57
57

93
93
92
93
92
82
82
93
92
92
93
92
93
82
82
92
93
93

7/87
7/87
10/87
7/87
10/87
12/87
12/87
7/87
10/87
10/87
7/87
10/87
7/87
12/87
12/87
10/87
7/87
7/87

57
57
56
57
56
44
44
57
56
56
57
56
57
44
44
56
57
57

255

44

82

12/87

44

250
251

44
47

82
83

12/87
12/87

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

9/87
12/87
12/87
6/87
5/87
11/87
1/88
11/87
6/87
11/87
8/87

40
40
40
17
17
17
5
17
17
17
37

36

13,26

68

12/87

17

78

27

68

5/87

17

38

26

68

5/87

17

97
11
965
914
9

24
24
37
23

66
66
75
60
66

12/86
12/86
10/86
1/86
6/87

22
22
22
5
21

69

24

67

8/87

17

243
242
86
248

42
42
25
47

81
81
67
83

11/87
11/87
9/87
12/87

40
40
40
40

88
87
89
249
241
240

25
25
25
47
42
42

67
67
67
83
81
81

9/87
9/87
9/87
12/87
11/87
11/87

40
40
40
40
40
40

57
56
56
57
56

27

23

66

11/87

15

24

23

66

11/87

15

20
10
100
61
970

12,23
23
24
24
38

66
66
67
67
76

11/87
11/87
11/87
11/87
11/87

21
21
23
23

652
651

57
57

93
93

7/87
7/87

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 business..
Labor force—See Employment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
See notes at end of index.

112



Series
description
(*)

30
30
62
62
26

30
15
29

10/87
10/87
10/87

930
930c
952

10
39
36

10/87
10/87
12/87

Series title
(See complete titles in "Titles and
Sources ot 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.

number

Charts

Tables

(issue date)

(*)

910
910c
950
14
104

10
39
36
33
31

60
....
74
72
71

4/87
4/87
6/87
6/87
4/87

5
34
29

26
20
12,21

68
64
64

5/87
11/87
4/87

17
14
15

104
105
85
106
102
107
108
33
118
117

31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

4/87
4/87
4/87
4/87
4/87
8/87
8/87
9/86
3/87
3/87

29
29
29
30
29
30
30
31
35
35

27
24
8

23
23
12,21

66
66
64

11/87
11/87
4/87

15
15
15

20

12,23

66

11/87

21

10
548
7
6

23
53
21
21

11/87
5/87
4/87
4/87

21
15
15
15

964
971

'37'
38

66
90
64
64
77
75
76

9/87
8/87

15
37

88
87
86
248

25
25
25
47

67
67
67
83

9/87
9/87
9/87
12/87

40
40
40
40

517
543
721

53
53
58

90
90
94

7/87
10/87
6/87

55

62
62
370
358
82
84
21

30
15
50
50
20
20
16

70
70
88
88
64
64
61

10/87
10/87
10/87
10/87
11/87
11/87
8/87

52
52
14
14
5

453
452
451

51
51
51

89
89
89

2/88
2/88
2/88

9
9
9

55
233
232
238
236
239
237
231
230
235

22
41
41
41
41
41
41
41
41
47

65
80
80
81
81
81
81
80
80
83

9/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87
11/87

39
39
39
39
39
39
39
39
39
39

292
293
614

46
46
56

82
83
92

1/88
1/88
10/87

48
48
56

5

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 M l , constant dollars
Money supply M l , percent changes
Money supply M2, constant dollars
Money supply M2, percent changes
Ratio, GNP to money supply M l
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

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

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.

55
58

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 CCAd]
:
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 CCAd) to corporate
domestic income
Proprietors' income with IVA and CCAd)
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 CCAd|
Rental income of persons with CCAdj, percent
of national income
Reserves, free
Residential fixed investment, constant dollars...

Current issue
Series
number

20
10
100
61
970
90

12,23

320

49
49

322

Historical
data
(issue date)

Series
description
(*)

66
66
67
67
76
62

11/87
11/87
11/87
11/87
11/87
2/88

21
21

84,95

3/88
3/88

49
49

(page nui
Charts
Tables

23
24
24
38
17

84

23
23
9

311
310
26

48
48
29

84
84
70

9/87
9/87
10/87

49
38
28

330
333
331
334
335
332
98

48
48
48
48
48
48
28

85
86
85
86
85
86
69

3/88
3/88
3/88
3/88
3/88
3/88
5/87

50
51
50
51
51
50
51

967
23

'37'

79
75
69

1/88
1/88

25
25

69
69

5/87
5/87

51
25

7/87
2/87
10/87

25
25
28

98
99

28
28
13,28

19
968
26

13,28

37
29

69
75
70

976
978
977
525
109

38
38
38
53
35

76
76
76
90
73

8/87
8/87
8/87
7/87
2/88

37
37
37
55
35

88

25

67

9/87

40

370
358
916

50
50
11

88
88
60

10/87
10/87
1/88

52
52
5

18
16
80
79

28
28
29
29

69
69
69
69

9/87
9/87
9/87
9/87

286
287
972
960
15
916
22

45
47
38
37
29
11
29

82
83
76
75
70
60
69

1/88
1/88
8/87
8/87
1/88
1/88
9/87

26
26
37
37
27
5
26

81
282

29
45

70
82

9/87
1/88

26
47

283

47

83

1/88

47

Series title
(See complete titles in "Titles and
Sources of Series," following this index)
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...

Series
number

Current issue
numbers)
Charts
Tables

249

47

59
54

22
22

65
65

69
57
56
973
77
59
54

24
14.22
22
38
15,27
22
22

67
65
65
76
68
65
65

8/87
11/87
11/87
8/87
11/87
11/87
11/87

17
17
17
37
17
20
20

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

1/88
1/88
1/88
1/88
1/88

26
48
48
48
48

98
99
588

28
13,28
54

69
69
91

5/87
5/87
6/87

51
25
17

967'
23

37'
28

79
75
69

1/88
1/88

25
25

19
968

13,28
37

69
75

7/87
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

2/88
2/88
2/88
2/88

9
9
8
8

446
445
447
444
37

51
51
51
51
18,51

89
89
89
89
62,89

2/88
2/88
2/88
2/88
2/88

9
9
9
9
9

44
45
43

18
18
18

62
62
62

2/88
3/87
2/88

9
8
9

561
96
25

54
21
21

91
64
64

6/87
4/87
4/87

15
15
15

107
108
32

31
31
12.21

71
71
64

(page

Historical
data
(issue date)

Series
description
(*)

12/87
11/87
11/87

20
20

10/87

213

U

967
23
284

37
28
45

79
75
69
82

285
93
89

47
33
25

83
72
67

•

26
26
26
26

25
25
47
47
35

9/87

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

30
30
17

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

12,16
961

61
77
74

NOTE: CCAdj. capital consumption adjustment: Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private dojmestic 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 ) . - S o u r e e l
(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)

(26,68;

40. Employees on nonagricultural payrolls, goods
producing 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
42. Number of persons engaged in nonagricultural activities (M).-Source 3
(17,62)

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)

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

2

18. Corporate profits after tax in 1982 dollars (Q).—
Source 1
(28,69)

21. Average weekly overtime hours of production or
nonsupervisory workers, manufacturing ( M ) . —
Source 3
(16,61)

(12,16,61,77)

(18,51,62,89.

39. Percent of consumer installment loans delinquen
30 days and over (EOM).—American Banker:
Association
(33,72)

Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)

1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3

36. Change in manufacturing and trade inventories o
hand and on order in 1982 dollars (M).—Sources
and 2
(13,26,68

16. Corporate profits after tax in current dollars (Q).—
Source 1
(28,69)

Composite index of money and financial flows
(includes series 104, 106, 111) (M).-Source
1
(11,60)

t-B. Cyclical Indicators

(29,70

38. Change in manufacturers' inventories, material
and supplies on hand and on order (M).—Sourci

917.

Ratio, coincident composite index (series 920) to
lagging composite index (series 930) (M).-Source
1
(11,60)

1

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)

940.

35. Corporate net cash flow in 1982 dollars (Q).—Sourc

37. Number of persons unemployed (M).—Source

Composite index of profitability (includes series
19,26,80) (M).-Source 1
(11,60)

930.

34. Corporate net cash flow in current dollars (Q).Source 1
(29,7C

14. Current liabilities of business failures (M).—Dun
& Bradstreet, Inc.
(33,72)

916.

920.

33. Net change in mortgage debt held by financi
institutions and life insurance companies ( M ) .
Sources 1; 4; American Council of Life Insuranc
Federal National Mortgage Association; U.S. Depai
ment of Housing and Urban Development, Gover
ment National Mortgage Association; National Assoi
ation of Mutual Savings Banks; and Federal Hon
Loan Bank Board; seasonal adjustment by Bureau
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

3

(14,17,62)

43. Unemployment rate (M).-Source 3

(18,62)

44. Unemployment rate, persons unemployed 15 weeks
and over (M).-Source3
(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
(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 ) . - S o u r c e s l 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 ) . - S o u r c e s l a n d 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)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
65. Manufacturers' inventories, finished goods (EOM) .—
Source 2
(27,68)
66. Consumer installment credit outstanding (EOM).—
Source 4
(35,73)

- Average duration of unemployment in weeks (M).—
Source 3
(15,18,62)

91

(33,72)
- Free reserves (M).—Source 4
94. Member bank borrowings from the Federal Reserve
93

(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 indus-

I-C. Diffusion Indexes
950. Diffusion index of twelve leading indicator components (M).-Source 1
(36,74)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
600 companies (Q).—Dun & Bradstreet, Inc. (Used
by permission. This series may not be reproduced
without written permission from the source.)
(35,75)
961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing
industries (M).-Sources 1 and 3
(36,74,77)

(35,73)

97. Backlog of capital appropriations, 1,000 manufac-

68. Labor cost in current dollars per unit of gross
domestic product in 1982 dollars, nonfinancial corporations (Q).—Source 1
(30,70)

turing corporations (EOQ).—The Conference Board
(24,66)

962. Diffusion index of initial claims for unemployment
insurance, State programs, 51 areas (M).—Source
1 and U.S. Department of Labor, Employment and
Training Administration; seasonal adjustment by
Bureau of Economic Analysis
(36,74)

98. Percent change in producer prices for 28 sensitive
crude and intermediate materials (M).—Sources 1
and 3
(28,69)

963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).—Source
3
(36,74)

67. Bank rates on short-term business loans (Q).—Source

4

69. Manufacturers' machinery and equipment sales and
business construction expenditures (M).—Source

tries (EOM).-Source 2

(21,64)

2
(24,67) 99. Change in sensitive materials prices (M).—Sources 1,
3, and Commodity Research Bureau, Inc.
(13,28,69)
70. Manufacturing and trade inventories in 1982 dolNew
plant
and
equipment
expenditures
by
business
lars (EOM).-Sources 1 and 2
(27,68) 100.
in 1982 dollars (Q). - S o u reel
(24,67)
71. Manufacturing and trade inventories in current
101. Commercial and industrial loans outstanding in 1982
dollars (EOM).-Sources 1 and 2
(27,68)
dollars (M).—Sources 1, 4, and The Federal Reserve
72. Commercial and industrial loans outstanding in curBank of New York
(15,35,73)
rent dollars (M).—Sources 1, 4 and The Federal
102. Change in money supply M2 (M).-Source 4 (31,71)
Reserve Bank of New York
(35,73)
104. Change in total liquid assets (M).—Sources 1 and
73. Index of industrial production, durable manufac4
(31,71)
tures (M).-Source4
(20,63)
Money supply M l in 1982 dollars (M).-Sources 1
105.
74. Index of industrial production, nondurable manuand 4
(31,71)
factures (M).-Source 4
(20,63)
106. Money supply M2 in 1982 dollars (M).-Sources 1
75. Index of industrial production, consumer goods
and 4
(13,31,71)
(M).-Source4
(22,65)
107. Ratio, gross national product to money supply Ml
76. Index of industrial production, business equipment
(Q).-Sources 1 and 4
(31,71)
(M).-Source4
(24,67)
Ratio,
personal
income
to
money
supply
M2
(M).—
108.
77. Ratio, manufacturing and trade inventories to sales in
Sources 1 and 4
(31,71)
1982 dollars (M).-Sources 1 and 2
(15,27,68)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
78. Manufacturers' inventories, materials and supplies
on hand and on order (EOM).-Source 2 (27,68) 110. Funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
79. Corporate profits after tax with inventory valuam Change in business and consumer credit outstanding
tion and capital consumption adjustments in cur(M).—Sources 1, 4, Federal Home Loan Bank Board,
rent dollars (Q).-Source 1
(29,69)
and The Federal Reserve Bank of New York (13,32,72)
80.

81.

82.
84.
85.
86.
87.

964. Diffusion index of manufacturers' new orders, 34-35
durable goods industries (M).—Sources 1 and 2
(37,75,77)
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,
40-82 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
Corporate profits after tax with inventory valua- 112. Net change in business loans (M).—Sources 1, 4,
series may not be reproduced without written
and The Federal Reserve Bank of New York (32,71)
tion and capital consumption adjustments in 1982
permission from the source.)
(38,76)
dollars (Q).-Source 1
(29,69) I J J . Net change in consumer installment credit (M).—
973. Diffusion index of net sales, manufacturing and
Source 4
(32,72)
Ratio, corporate domestic profits after tax with
trade—about 1,400 businessmen reporting (Q).—
inventory valuation and capital consumption adjust- 114. Discount rate on new issues of 91-day Treasury
Dun & Bradstreet, Inc. (Used by permission. This
ments to total corporate domestic income (Q).—
bills (M).-Source4
(34,72)
series may not be reproduced without written
Source 1
(29,70)
U5
permission from the source.)
(38,76)
Yield on long-term Treasury bonds (M).-U.S. Department of the Treasury
(34,73)
Capacity utilization rate, manufacturing (M).—
974. Diffusion index of number of employees, manufacSource 4
(20,64) u g Yield on new issues of high-grade corporate bonds
turing and trade—about 1,400 businessmen reporting
(M).—Citibank and U.S. Department of the Trea(Q).—Dun & Bradstreet, Inc. (Used by permission.
Capacity utilization rate, materials (M).—Source
sury
(34,73)
This series may not be reproduced without written
4
(20,64)
permission from the source.)
(38,76)
Yield on municipal bonds, 20-bond average (M).-The
Change in money supply Ml (M).-Source 4 (31,71) 117<
Bond Buyer
(34,73)
975. Diffusion index of level of inventories, manufacturGross private nonresidential fixed investment in l l g Secondary market yields on FHA mortgages (M).—
ing and trade—about 1,400 businessmen reporting
1982 dollars (Q).-Source 1
(25,67)
U.S. Department of Housing and Urban Development,
(Q).—Dun & Bradstreet, Inc. (Used by permission.
Federal Housing Administration
(34,73)
This series may not be reproduced without written
Gross private nonresidential fixed investment in
permission from the source.)
(38,76)
1982 dollars, structures (Q).-Source 1
(25,67) 119. Federal funds rate (M).-Source 4
(34,72)




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).-Sourcel
(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

247.
248.

978. Diffusion index of selling prices, retail trade—about 249.
400 businessmen reporting (Q) —Dun & Bradstreet,
Inc. (Used by permission. This series may not be
reproduced without written permission from the 250.
source.)
(38,76)
251.

II—A. National Income and Product
30. Change in business inventories in 1982 dollars (Q) —
Source 1

(26,42,68,81)

252.

Change in business inventories as a percent of
gross national product (Q).—Source 1
(47,83)

295. Business saving (Q).—Source 1

(46,82
Gross private nonresidential fixed investment as a
percent of gross national product (Q).—Source 298. Government surplus or deficit (Q).—Source
(46,83
1
(47,83)
Gross private residential fixed investment as a
percent of gross national product (Q).—Source II—B. Prices, Wages, and Productivity
1
(47,83) 310. Implicit price deflator for gross national produc
(Q).-Source 1
(48,84;
Net exports of goods and services in current dollars
(Q).-Sourcel
(44,82)
311. Fixed-weighted price index, gross domestic busi
ness product (Q).-Source 1
(48,84;
Net exports of goods and services as a percent of
gross national product (Q).—Source 1
(47,83)
320. Consumer price index for all urban consumer:
Exports of goods and services in current dollars
(Q).-Source 1
(44,82)

(M).-Source3

(49,59,84,95;

322. Consumer price index for all urban consumers
food (M).-Source3
(49,84)

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).-Sourcel
(44,82)

(40,80)

257.

217. Per capita gross national product in 1982 dollars
(Q).-Sources 1 and 2
(40,80)

Imports of goods and services in 1982 dollars
(Q).-Source 1
(44,82)

260.

220. National income in current dollars (Q).—Source
1
(45,82)

Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)

261.

223. Personal income in current dollars (M)—Source
1
(40,63)

Government purchases of goods and services in
1982 dollars (Q).-Sou reel
(43,81)

262.

224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)

Federal Government purchases of goods and services in current dollars (Q).-Source 1
(43,81)

263.

225. Disposable personal income in 1982 dollars (Q).—
Source 1
(40,80)

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)

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).-Source 1
(41,80)

267.

State and local government purchases of goods and
services in 1982 dollars (Q).-Source 1
(43,81)

232. Personal consumption expenditures in current dollars, durable goods (Q).—Source 1
(41,80)

268.

State and local government purchases of goods and
services as a percent of gross national product
(Q).-Source 1
(47,83)

346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)

213. Final sales in 1982 dollars (Q).—Source 1

227. Per capita disposable personal income in 1982 dollars (Q).—Sources 1 and 2
(40,80)

233. Personal consumption expenditures in 1982 dollars, durable goods (Q).—Source 1
(41,80)
235. Personal consumption expenditures as a percent of
gross national product (Q).-Source 1
(47,83)
236. Personal consumption expenditures in current dollars, nondurable goods (Q).-Source 1
(41,81)

280.
282.

283.

Compensation of employees (Q).—Source 1

284.

Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)

285.

Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)

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)

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)

348. Negotiated wage and benefit decisions, average
first year changes (Q).—Source 3
(50,88)

349. Negotiated wage and benefit decisions, average
changes over life of contract (Q).—Source 3 (50,88)
Proprietors' income with inventory valuation and
capital consumption adjustments (Q).—Source
358. Index of output per hour, all persons, nonfarm busi1
(45,82)
ness sector (Q).—Source 3
(49,88)
Proprietors' income with inventory valuation and
370. Index of output per hour, all persons, business
capital consumption adjustments as a percent of
sector (Q).-Source 3
(49,88)
national income (Q).-Source 1
(47,83)

238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).-Source 1
(41,81)

240. Gross private domestic investment in current dollars (Q).-Source 1
(42,81)

331. Producer price index, crude materials for furthei
processing (M).-Source 3
(48,85)

(45,82)

237. Personal consumption expenditures in current dollars, services (Q).-Source 1
(41,81)

239. Personal consumption expenditures in 1982 dollars, services (Q).-Source 1
(41,81)

330. Producer price index, all commodities (M).—Source
3
(48,85)

II—C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed (M).—Source 3
(18,51,62,89)

286.

Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).—
Source 1
(45,82)

287.

Corporate profits before tax with inventory valua- 444. Number unemployed, males 20 years and over
tion and capital consumption adjustments as a
(M).-Source 3
(51,89)
percent of national income (Q).—Source 1
(47,83)
445. Number unemployed, females 20 years and over
(M).-Source3
(51,89)
Net interest (Q).-Source 1
(45,82)

288.

441. Civilian labor force (M).-Source 3

(51,89)

442. Civilian employment (M).—Source 3

(51,89)

116



*U.S.

G.P.O.

1988-201-470:80003

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)

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.

580.

II—D. Government Activities

Defense Department civilian personnel, direct hire employment (EOM) .-U.S. Department of Defense, Office
of the Assistant Secretary of Defense (Comptroller),
Washington Headquarters Services, Directorate for
Information Operations and Reports
(55,91)
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)

500.

Federal Government surplus or deficit (Q).—Source
1
(52,90)

501.

Federal Government receipts (Q).—Source 1
(52,90)

588.

502.

Federal Government expenditures (Q).—Source
1
(52,90)

II—E. U.S. International Transactions

510.

State and local government surplus or deficit (Q).—
Source 1
(52,90)

602.

511.

State and local government receipts (Q).—Source
1
(52,90)

512.

State and local government expenditures (Q) .—
Source 1
(52,90)

604. Exports of domestic agricultural products (M).—
Source 2; seasonal adjustment by Bureau of Economic Analysis
(56,92)
606.

517.

Manufacturers' shipments, defense products (M).—
Source 2
(54,91)

Exports, excluding military aid shipments (M).—
Source 2
(56,92)

Exports of nonelectrical machinery (M).—Source
2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)

Defense Department gross obligations incurred
( M ) . - U . S . Department of Defense, Office of the
(56,92)
Assistant Secretary of Defense (Comptroller), Direc- 612. General imports (M).-Source 2
torate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products
adjustment by Bureau of Economic Analysis
(53,90)
(M).—Source 2; seasonal adjustment by Bureau of
Economic Analysis
(56,92)
525. Defense Department prime contract awards for work
performed in the United States (M).-U.S. Depart
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic Analyment of Defense, Office of the Assistant Secretary of
sis
(56,92)
Defense (Comptroller), Washington Headquarters
Services, Directorate for Information Operations 618. Merchandise exports, adjusted, excluding military
and Reports; seasonal adjustment by Bureau of Eco(Q).-Sourcel
(57,93)
nomic Analysis
(53,90)
620. Merchandise imports, adjusted, excluding military
543. Defense Department gross unpaid obligations
(Q).-Sourcel
(57,93)
outstanding (EOM).—U.S. Department of Defense,
622. Balance on merchandise trade (Q).—Source 1
Office of the Assistant Secretary of Defense (Comptrol(57,93)
ler), Directorate for Program and Financial Con651.
Income
on
U.S.
investment
abroad
(Q).—Source
trol; seasonal adjustment by Bureau of Economic
1
(57,93)
Analysis
(53,90)
548. Manufacturers' new orders, defense products (M).— 652. Income on foreign investment in the United States
(Q).-Source 1
(57,93)
Source 2
(53,90)
557.

Index of industrial production, defense and space
equipment (M).-Source4
(54,91)

559.

Manufacturers' inventories, defense products (EOM).
-Source 2
(54,91)

561.

Manufacturers' unfilled orders, defense products
(EOM).-Source 2
(54,91)

564. Federal Government purchases of goods and services, national defense (Q).—Source 1
(55,91)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)




667.

Balance on goods and services (Q).—Source 1
(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)

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)

727.

Italy, index of industrial production (M).—Istituto
Centrale di Statistica (Rome)
(58,94)

728.

Japan, index of industrial production (M).—Ministry
of International Trade and Industry (Tokyo)
(58,94)

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 ( M ) . —
Statistisches Bundesamt (Wiesbaden); percent
changes seasonally adjusted by Bureau of Economic Analysis
(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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