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-; ^KviP 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) Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402 OFFICIAL BUSINESS Penalty for Private Use $300 FIRST-CLASS MAIL POSTAGE & FEES PAID USGPO PERMIT No. G-26