Full text of Business Conditions Digest : May 1977
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
U.S. DEPARTMENT OF COMMERCE Juanita M. Kreps, Secretary Courtenay M. Slater, Chief Economist for the Department of Commerce BUREAU OF ECONOMIC ANALYSIS George Jaszi, Director Allan H, Young, Deputy Director Beatrice N. Vaccara, Associate Director for National Analysis and Projections FeliksTamm, Editor This report was prepared in the Statistical Indicators Division, Bureau of Economic Analysis. Technical staff and their responsibilities for the publication areBarry A. Beckman-Technical supervision and review Morton Somer—Selection of seasonal adjustment methods Betty F. Tunstall—Collection and compilation of basic data. Telephone (202) 523-0541 The cooperation of various government and private agencies which provide data is gratefully acknowledged. Agencies furnishing data are indicated in the list of series and sources at the back of this report. This publication is prepared under the general guidance of a technical committee established by the Office of Management and Budget. The committee consists of the following persons: Julius Shiskin, Chairman, Bureau of Labor Statistics, Department of Labor Joseph W. Duncan, Office of Management and Budget Sidney L. Jones, Department of the Treasury Burton G. Malkiel, Council of Economic Advisers, Executive Office of the President J. Cortland Peret, Federal Reserve Board Beatrice IM. Vaccara, Bureau of Economic Analysis, 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 seption, in which each business cycle indicator is assigned a three-way timing classification according to its behavior at peaks, at troughs, and at ad 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 have also been published by their source agencies. A Annual subscription price: $40 domestic, $50 foreign. Single copy price: $3.50 domestic, $4.50 foreign. For information concerning foreign airmail delivery, available at an additional charge, write the Superintendent of Documents (address series finding guide and a complete list of series titles and sources can be found at the back of this report. Cyclical Indicators are economic time series which have been singled out as leaders, coinciders, or (aggers, 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 were selected primarily on the basis of their cyclical behavior but they have also proven useful in forecasting, measuring, and interpreting shortterm fluctuations in aggregate economic activity. Other Economic Measures provides 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. follows), enclosing a copy of your address label. Make checks payable to the Superintendent of Documents. Send to the U.S. Government Printing Office, Washington, D.C. 20402. BUSINESS CONDITIONS DIGEST New Features and Changes for This Issue ItCII 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 6 6 7 | MAY 1977 Data Through April Series ES1 No. 77-5 PART I. CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS A1 I A2 A3 A4 | Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components Chart 11 13 15 16 Table 59 — — - CYCLICAL INDICATORS BY ECONOMIC PROCESS B1 B2 B3 B4 B5 B6 B7 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 17 20 22 24 27 29 32 60 62 63 64 67 68 70 37 — 40 73 76 - DIFFUSION INDEXES AND RATES OF CHANGE C1 C2 C3 I Diffusion Indexes Selected Diffusion Index Components Rates of Change The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has been approved by the Director of the Office of Management and Budget through September 1, 1980. ItCII PART II. OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT A1 A2 A3 A4 A5 A6 A7 A8 GNP and Personal Income Personal Consumption Expenditures Gross Private Domestic Investment Government Purchases of Goods and Services Foreign Trade National Income and Its Components Saving Shares of GNP and National Income Chart Table 41 42 43 44 45 46 47 48 79 79 80 80 81 81 81 82 49 50 83 86 52 88 53 54 89 89 55 56 90 91 57 53 53 92 93 94 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. MCD and Related Measures of Variability {December 1975 issue) QCD and Related Measures of Variability (September 1975 issue) 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: 1854 to 1975 (February I977is$ue) F. Specific Peak and Trough Dates for Selected Business Indicators (February 1977issue) G. Experimental Data and Analyses Alphabetical Index-Series Finding Guide Titles and Sources of Series 95 96 104 109 113 Readers are invited to submit comments and suggestions concerning this publication. Address them to Feliks Tamm, Chief, Statistical Indicators Division, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230 NEW FEATURES AND CHANGES FOR THIS ISSUE A limited number of changes are made from time to time to incorporate recent findings of economic research^ newly available time series, and Changes in this issue are as follows: revisions made by source agencies in concept, composition, 1. Wholesale price index data (series 92 and 330-334) have been revised by the source agency for the period January through October 1976. These revisions reflect the availability of late reports and corrections by respondents. comparability, coverage, seasonal adjustment methods, benchmark data, etc. Changes may result in revisions of These revisions also affect series which are deflated by wholesale price indexes (series 7, 8, and 36) and series which have a wholesale price index as a component (series 17). data, additions or Further information concerning these revisions may be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, Office of Prices and Living Conditions, Division of Industrial Prices and Price Indexes. other series, changes deletions of series, changes in placement of series in relation to 2. The Wholesale price index for industrial commodities is added to BCD in this issue. This index (not seasonally adjusted), together with 1- and 6-month seasonally adjusted percent changes, is shown as series 335 on pages 49 and 84. 3. The series on Average hourly earnings of production workers, private nonfarm economy (series 340 and 341) have been revised by the source agency for the period 1964 to date. These revisions reflect corrections and new computational procedures. Further information concerning these revisions may be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, Office of Wages and Industrial Relations, Division of Trends and Employee Compensation. (Continued on page iv.) The June issue of BUSINESS CONDITIONS DIGEST is scheduled for release on July 1. MI in composition of indexes, etc, 4. Series 56 (Manufacturing and trade sales) has been revised by the source agency to reflect revised manufacturing estimates for the apparel industry. This revision covers the period December 1975 to date. Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, National Income and Wealth Division. 5. Total liquid assets (series 104) has been revised by the source agency for the period 1974 to date. This revision reflects the incorporation of new benchmark data from the September 30, 1976, call report. Further information concerning this revision may be obtained from the Board of Governors of the Federal Reserve System, Division of Research and Statistics, Banking Section, 6. Series 93 (Free reserves) has been revised for the period May 1973 to date to reflect the exclusion of seasonal borrowings from the data. 7. Appendix C contains historical data for series 6, 7, 17, 25, 31, 36, 38, 48, 62, 67, 70, 77, 85, 102, 104-108, 516, 525, 965, and 969. 8. Appendix G contains recovery comparisons for series 8, 20, 43, 85, 90, 92, 93, 104, 108, 320c, 322c, and 335c. IV METHOD OF PRESENTATION This report Is organised into two major parts. Part I, Cyclical Indicators, includes about 15Q time series which have found to'conform well t© broad fluctuations in comprehensive measures of economic @ctsvlty n Nearly three-fourths of are individual indicators, the rest are related analytical measures: Composite indexes, diffusion indexes, and ©f change. Part II, Other important Economic Measures, covers over 13© 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 pt I are also shown in pt« IS t© complete the systematic presentation of certain sets of data, such as real GNP and unemployment.) The largest section of part IE consists of quarterly series from the national income and product accounts; other sections relate to prices, labor force, government activities, and international transactions and comparisons. The two parts are further divided into sections table ©f 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 1953, but those for the composite indexes and their components (pt, I, sec. A) begin with 1948, and a few charts use a two-panel format which covers only the period since 1967. Except for section F in part II, the 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 1977 Supplemen t to Business Conditions Digest 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 analytic 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, alt series considered as cyclical indicators are numbered in the range 1 to 199. 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. about the moving averages and to provide observations for the most recent months. 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 periodic review by NBER and on occasion are changed as a result of revisions in important economic time series. The dates shown in this publication for the 1948-1970 time period are those determined by a 1974 review. The turning dates for the 1973-1975 period are detailed in NBER's 1976 Annual Report Part I. CYCLICAL INDICATORS IVECD 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 app. 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 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 1 Cross-Classification of Cyclical Indicators by Econofnic Process and Cyclical Timing A. Timing at Business Cycle Peaks >y Economic \Process Cyclical^. Timing N. LEADING (L) INDICATORS {62 series) ROUGHLY 1. EMPLOYMENT AND UNEMPLOYMENT IN. IV. CONSUMPTION. FIXED CAPITAL INVESTMENT (18 series) (13 series) TRADE, ORDERS, AND DELIVERIES Marginal employment adjustments (6 series) Job vacancies (2 series) Comprehensive employment (1 series | Comprehensive unemployment (3 series) Capacity utilization (2 series) New and unfilled orders and deliveries (6 series) Consumption (2 series) Formation of business enterprises (2 series) Business investment commitments (5 series) Residential construction (3 series) Comprehensive employ nent (1 series) Comprehensive output and real Income (4 series) Industrial production (4 series) Consumption and trade (4 series) Backlog of Investment commitments (1 series) Business investment expenditures (5 series) (23 series) LAGGING (L9) INDICATORS Duration of unemployment (2 series) TIMING UNCLASSIFIED Comprehensive employment (3 serlos) (U) INCOME (10 series) (18 series) COINCIDENT(C) INDICATORS (18 series) II. PRODUCTION AND Business investment expenditures (1 series) Trade (1 series) (8 series) V. VI. INVENTORIES AND INVENTORY INVESTMENT PRICES, COSTS, AND PROFITS (17 series) Inventory investment (4 series) Inventories on hand and on order (1 series) Stock prices (1 series) Commodity prices (1 series) Profits and profit margins (7 series) Cash flows (2 series) VII. MONEY AND CREDIT (26 series) (9 series) Money flows (3 series) Real money supply (2 series) Credit flows (4 series) Credit difficulties (2 series) Bank reserves (2 series) Interest rates (1 series) Velocity of money (2 series) Interest rates (2 series) Inventories on hand and on order (4 series) Business investment commitments (1 series) Unit labor costs and labor share (4 series) Interest rates (4 series) Outstanding debt (3 series) Commodity prices (1 series) Profit share (1 series) Interest rates (1 series) B. Timing at Business Cycle Troughs \. Economic \Process CycllcalV Timing ^v LEADING (L) INDICATORS (47 series) ROUGHLY COINCIDENT(C) INDICATORS (23 series) LAGGING (Lg) INDICATORS (40 series) 1. EMPLOYMENT AND UNEMPLOYMENT (18 series) II. PRODUCTION AND INCOME (10 series) III IV. CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) FIXED CAPITAL INVESTMENT (18 series) Marginal emplo/ment adjustments (3 series) Industrial production (1 series) New and unfilled orders and deliveries (5 series) Consumption and trade (4 series) Formation of business enterprises (2 series) Business investment commitments (4 series) Residential construction (3 series) Marginal employment adjustments (2 series) Comprehensive employment (4 series) Comprehensive output and real income (4 series) Industrial production (3 series) Capacity utilization (2 series) Consumption and trade (3 series) Business Investment commitments (1 series) Unfilled orders (1 series) Business Investment commitments (2 series) Business investment expenditures (6 series) Marginal employment adjustments (1 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive „ and duration V. INVENTORIES AND INVENTORY INVESTMENT (9 series) Inventory investment (4 series) Inventories on hand and on order (5 series) VII. PRICES, COSTS, MONEY AND PROFITS ANDCREDIT (17 series) (26 series) VI. Stock prices (1 series) Commodity prices (2 series) Profits and profit margins (6 series) Cash flows (2 series) Money flows (2 series) Real money supply (2 series) Credit flows (4 series) Credit difficulties (2 series) Profits (2 series) Money flow (1 series) Velocity of money (1 series) Unit labor costs and labor share (4 series) Velocity of money (1 series) Bank reserves (1 series) Interest rates (8 series) Outstanding debt (3 series) of unemployment (5 series) TIMING UNCLASSIFIED (Ul (1 series) Sank reserves (1 series) 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 the 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 p. 2 and text below relating to sec. 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 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 month-to-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 long-term 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 monthto-month percent changes (without regard to sign) are approximately equal to those of the coincident index. (For a more detailed description of the method of constructing the composite indexes, see the 1977 Supplement to BCD.) In addition to these principal composite indexes, differentiated according to cyclical timing, there are five indexes based on leading indicators which have been grouped by economic process. Taken together, these additional indexes include all 12 component series of the overall leading index, plus a few related series. Also shown in this section is the ratio of the index of roughly coincident indicators to the index of lagging indicators, a series known to have a useful pattern of early cyclical timing. Numbers entered on the charts of the composite indexes show the length, in months, of leads (-) and lags (+) at each of the reference turning dates covered. The next set of data consists of series included in the principal composite indexes. These are the 12 components of the leading index, the 4 components of the coincident index, and the 6 components of the lagging index. Following the title of each series, its typical timing is identified by three letter symbols in a small box. The first of these letters refers to the timing of the given indicator at business cycle peaks, the second to its timing at business cycle troughs, and the third to its timing at all turns, i.e., at peaks and troughs combined. "L" denotes a tendency to lead, "C" a tendency to roughly coincide with the business cycle turns (as represented by the NBER-designated reference dates), and "Lg" a tendency to lag. Since these series have been selected for the consistency of their timing at both peaks and troughs, all components of the leading index are denoted "L,L,L", all components of the coincident index "C,C,C", and all components of the lagging index "Lg,Lg,Lg." It should be remembered that these classifications are based on limited evidence, namely the performance of the indicators during the business cycles of the 194870 period, which included five peaks and five troughs. While the timing classifications are expected to agree with the patterns prevailing in the near future, they will not necessarily hold invariably in every instance. The timing of the series in the post-1970 period can be determined by inspection of the charts where the 1973-75 recession is shaded according to the dates of the NBER reference cycle chronology. Section B. Cyclical Indicators by Economic Process This section covers 111 individual time series, including the 22 indicators used in the construction of the composite indexes. The peak and trough timing classifications are shown on the charts in the same manner as described above, but this section includes series with different timing at peaks and at troughs, as well as series where the timing is not sufficiently consistent to be classified as either L,C, or Lg according to the probabilistic measures and scoring criteria adopted. Such series are labeled U, i.e., unclassified as to timing at turning points of the given 3 type. Eight series are unclassified at peaks, one series at troughs, and 19 series at all turns (of the 19, 15 have definite but different timing at peaks and at troughs). No series that is classified as U both at peaks and at troughs is included in the list of cyclical indicators. The classification scheme which groups the indicators of this section by economic process and cyclical timing is summarized in the two tabulations on page 2. Cross-classification A is based on the observed behavior of the series at five business cycle peaks (November'48, July '53, August '57, April '60, and December '69); cross-classification B, on their behavior at five business cycle troughs (October '49, May '54, April '58r February '61, and November 70). Each tabulation distinguishes seven major economic processes and four types of cyclical timing. The titles in the cells identify subgroups of the given economic process with the given timing characteristic. The number of series in each such group is given in parentheses following the title. Complete information on how individual indicators are classified by timing at peaks, troughs, and all turns, along with selected measures and scores, is provided in the 1977 Supplement to BCD. 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 the 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 nonagr(cultural 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 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 time span i;; 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 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, obligations, and purchases; exports and imports; and selected indicators for a few key foreign countries. 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 Gross private domestic 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 A1 shows the gross national product, final sales, and personal and 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. 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 wholesale 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 fixed-weighted price index for the gross business product. Data on both leve Is and pe rce nt ch anges a re presented for the period since 1967. The group of series on wages and productivity consists of data on average hourly earnings and average hourly compensation (including earnings and other benefits) in current and constant dollars, output per hour of work in the business sector, and rates of change for most of these measures. Section C. Labor Force, Employment, and Unemployment This section contains measures of the civilian labor force and its major components: Total numbers of employed and unemployed persons. The number of unemployed is subdivided into selected categories defined by sex, age, and class of worker. Also included are data on participation rates for a few principal segments of the labor force. Section D. Government Activities Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels: (1) Federal Government and (2) State and local government/Defense series relating to obligations, contracts, and orders (monthly) and purchases (quarterly) are also shown. (For a more comprehensive picture of defense activities, see Defense Indicators, a monthly BEA publication.) 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 1967) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1967) tend to be significant as leading indicators. HOW TO READ CHARTS Peak (P) of cycle indicates end of expansion and beginning of recession (shaded area) as designated by MBER. Basic Data Arabic number indicates latest month for which data are plotted. ("9" = September) Solid line indicates ninthly data. (Data may be actual monthly figures or moving averages.) Dotted line indicates anticipated data. Broken line indicates actual s monthly data for series where a moving average is plotted. Roman number indicates latest quarter for which data are plotted. ("IV" = fourth quarter) Solid line with plotting points indicates quarterly data, Parallel lines indicates a break in continuity (data not available, extreme value, etc.). Diffusion Indexes Solid line indicates monthly data over 6- or 9-month spans. Broken line indicates monthly data over 1-month spans. Roman number indicates latest quarter for which data are used in computing the indexes. Solid line with plotting points indicates quarterly data over various spans. Solid line indicates percent changes over 3- or 6-month spans. Various scales are used to highlight the patterns of the individual series. "Scale A" is an arithmetic scale, "scale L-1" is a logarithmic scale with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles in that distance, etc. Arabic number indicates latest month for which data are used in computing the indexes. Broken line with plotting points indicates quarterly data over 1-quarter spans. Diffusion indexes and rates of change are centered within the spans they cover. Trough (T) of cycle indicates end of recession and beginning of expansion as designated by NBER. Rates of Change y^j^^ Dotted line indicates anticipated quarterly data over various spans. Arabic number indicates latest month used in computing the changes. Broken line indicates percent changes over 1-month spans. Broken line with plotting points indicates percent changes over 1-quarter spans. Solid line with plotting points indicates percent changes over 3- or 4-quarter spans. Roman number indicates latest quarter used in computing the changes. HOW TO LOCATE A SERIES 1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at the back of the report where series are arranged alphabetically according to subject matter and key words and phrases of the series titles, or- 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. Baste data' Series title Timing classification3 Unit of measure Percent change Average 1975 Feb. 1976 3dQ 4th Q IstQ 1976 1976 1977 Feb. 1977 Mar. 1977 Apr. 1977 Mar. to to Mar. 1977 Apr. 1977 3dQ to 4th Q 4th Q to IstQ 1976 1977 Series number 1 Table 1. Summary of Recent Data and Current Changes for Principal Indicators I. CYCLICAL INDICATORS A. Composite Indexes 910 Twelve leading indicators 920 Four coincident indicators 930. Six lagging indicators Leading Indicator Subgroups: 913. Marginal employmBnt adjustments 914. Capital investment commitments 915. Inventory investment and purchasing 916. Profitability 917. Money and financial flows L,L,L C.C.C Lg,Lg,Lg 1967=100 . . do. , . . do. . . . L,L,L L,L,L do. do, do. do. do. UL.L L.L.L L.L.L ... ... ... . .. ... 114.1 114.1 128.0 124.9 122.1 120.8 125.7 122.7 121.7 127.2 123.8 121.3 128.1 126.2 121.5 127.6 125.9 121.4 13U.O 128.3 122.3 130.7 129.2 121.8 1.9 1.9 0.7 1.7 0.7 l.b 93.1 96.2 95.2 95.6 96.9 96.7 98.3 97.4 lul.b 101.2 104.7 106.9 102.1 107. U 107.9 107.2 1U3.1 108.1 107.8 109.4 101.-9 107. U 109.7 110.3 102.1 106.7 108.6 110.3 1U1.7 106.5 108.3 111.1 103.5 106.2 108.2 110.9 104.1 106.7 109.4 39.4 40.0 39.9 40.3 3.1 3.9 384 1.3 1.7 3.0 3.7 412 1.5 1.7 40. U 3.1 3.b 390 1.3 1.6 40.1 2.6 3.7 47U 2.1 1.4 0.304 80 U.3b9 y5 0.385 yb 151. bU 81,403 b4,lb8 77,051 7 9 , 4 4 3 22,603 23,332 97.4 -0.3 -0.1 U.5 0.7 -0.4 -0.9 -0.2 0.6 O.b 1.1 1.2 0.9 -0.3 0.6 2.1 -1.2 -l.u 1.8 0.7 1.9 0.2 9U 921 93^ 1.1 O.b 0.2 91!: -0.3 -1.0 91: 914 91t 91' B. Cyclical Indicators by Economic Process B1. Employment and Unemployment Marginal Employment Adjustments: *1. Average workweek, prod, workers, mfg 21, Avg. weekly overtime, prod, workers, mfg. 2 . . 2, Accession rate, per 100 employees, mfg.2 . . . . 5. Avg. weekly initial claims (inverted 4 ) *3. Layoff rate, per 100 employ., mfg. {inv. 4 } 2 .. 4. Quit rate, per 100 employees, mfg.2 ULg,U Hours do. . . . Percent Thousands. . Percent do. . . . Job Vacancies: 60. Ratio, help-wanted advertising to persons unemployed2 46. Help-wanted advertising L,Lg,U L,Lg,U Ratio 1967=100... U.C.C U,C,C L,C,U A.r.,bil. hrs.. Thousands. . do. . . . do. . . . U,Lg,U Percent 55.24 Thousands . . Percent do. . . . Weeks Percent Comprehensive Employment: 48. Employee hours in nonagri. establishments . . . 42 Persons engaged in nonagri. activities *41. Employees on nonagri. payrolls 40. Employees in mfg., mining, construction . . . . 90. Ratio, civilian employment to total population of working age2 UUL L.C.L L,L,L L,C,L UL.L c,c,c Comprehensive Unemployment: 37 Total unemployed (inverted 4 ) L,Lg,U 43. Unemployment rate, total (inverted 4 ) 2 L,Lg,U 45. Avg, weekly insured unemploy.rate (inv. 4 ) 2 . . L,Lg,u *91 . Avg. duration of unemployment (inverted 4 ) . . Lg,Lg,Lg 44. Unemploy. rate, 15 weeksand over (inv. 4 ) 2 .. Lg,Lg,Lg 40.4 4U.2 3.3 4.3 382 1.2 1.9 3.3 4.6 431 1.4 1.9 3.3 4.3 329 1.0 1.9 3.4 4.1 358 1.0 1.9 0.393 10U 0.448 106 0.439 106 0.455 108 151.84 b4,476 79,683 23,372 152.98 84,861 80,090 23,440 154.14 85,900 bO,919 23,758 154.92 85,872 60,824 23,701 56.06 56.15 56.14 56.48 7,830 8.5 5.9 7,288 7.7 4.5 7,457 7.8 4.8 7,578 7.9 4.7 14.2 15.8 15.5 15.5 1 4 6 . bb 0.2 0.0 -0.3 23.7 -O.b 0.1 -0.2 -8.8 0.3 0.1 0.1 5.3 0.2 0.2 0.2 0.5 2.1 0.1 0.3 ] 2J c 0.4 0.0 0.0 0.0 0.482 109 0.016 1.9 0.027 0.9 O.OOb 4.2 0.055 6.0 6L 4£ 155.34 86,359 81,372 23,985 155.81 86,763 81,644 24,151 0.3 0.6 0.7 1.2 0.3 0.5 0.3 0.7 0.8 0.5 0.5 0.3 0.8 1.2 1.0 1.4 4t 4; 4J 41 56.45 56.71 56.98 7,068 7.4 4.0 7,183 7.5 4.1 7,064 7.3 3.8 6,737 7.0 3.7 14.7 14.7 14.0 14.3 0.26 0.27 -0.1 -0.01 0.34 4 9i 6.7 0.5 0.7 5.2 0.4 45 9J 44 1.9 1.7 0.2 0.3 4.8 0.3 1191.7 1 2 b 4 . 7 1 2 7 2 . 2 1 2 8 U . 4 1 3 U J . 3 9 8 b . b 1 0 3 5 . 8 1038.0 1050. 5 1 0 6 4 . 4 1 0 6 4 . 1 1076. 4 1 0 7 9 . 0 b50.U 891.7 893.9 927.0 9 0 5 . 2 917. 0 916.7 930.3 1.2 1.1 0.2 0.4 0.6 1.2 1.3 1.6 1.3 1.3 bC 5; 53 1.1 1.0 5C 0.7 1.2 0.7 1.6 3.0 4" 0.4 NA 0.0 tj; b: 5.5 3.8 7.3 -0.66 1.5 4 6 1 d 2b 9t 32 5.2 3.1 1.6 3.6 2.1 56 57 75 54 59 5b 58 2.7 2.5 2.4 2.6 2.2 2.3 2.0 4.6 0.3 U.I -2.1 0.1 -1.6 -0.1 0.1 0.0 -0.2 3" 4: B2. Production and Income Comprehensive Output and Income: 50 GNPin 1972 dollars 52. Personal income in 1972 dollars "51. Pers. income less transfer pay., 1972 dollars . . 53. Wages and salaries in mining, mfg., and construction 1972 dollars Industrial Production: *47. Industrial production, total 73 Industrial production durable mfrs 74. Industrial production, nondurable mfrs 49 Value of goods output, 1972 dollars Capacity Utilization: 82 Capacity utilization rate, mfg., FRB 2 83 Capacity utilization rate, mfg., BEA 2 . , , 84 Capacity utilization rate materials FRB 2 C.C.C C.C.C c,c,c A.r., bil.dol. do. . . . do. . . . c.c.c do. . . . c.c.c c,c,c 1967=100.., do do. . . . A.r., bil.dol. C,L,L C.C.C L,C,U LCU Percent do do 209.2 219.3 117. b 129.8 1 U 9 . 3 121.4 12fa.4 141. U 575.8 bJ2.6 73. b 77 dO.2 73.6 80.3 81 219.3 221.8 224.1 223.5 228.3 230.1 2.1 0.8 13U.9 123.9 141.5 579.1 131.8 123.5 143.1 578.7 133.4 124.4 145.4 596.3 133.2 123.9 145.7 135.0 126.4 146.8 136.1 127.5 147.9 1.4 2.0 0.8 O.b 0.9 0.7 8U.8 80.6 81.0 80 81.3 81 8U.2 -0.3 1.1 -0.1 -0.2 1 NA -1.1 80.2 ?: 74 49 84 B3. Consumption, Trade, Orders, and Deliveries Orders and Deliveries: 6 New orders durable goods . . . L.L.L L.L.L 7. New orders, durable goods, 1972 dollars L LL *8 New orders cons goods and mtls 1972 do! 2 L,L,L 25. Chg. in unfilled orders, durable goods L,Lg,U 96 Mfrs ' unfilled orders, durable goods 3 L,L,L *32 Vendor performance 2 Bil.dol do. . . . do do. . . . Bil.dol., EOP Percent 50.84 42.19 50.54 53.56 59.16 56.50 59.39 55.16 3 0 . bt> 38.64 35.04 38.94 34.69 35.93 36.43 37.28 28. b5 31.93 34.14 32.36 34.82 36,68 34.81 32,45 0.31 -1.76 -0.39 0.83 0.36 2.00 1.49 0.43 163.58 167.26 l t > 2 . 8 0 1 6 7 . 2 6 169.75 1 6 9 . 3 9 1 6 9 . 7 5 171.75 4b 54 30 61 52 56 55 58 Consumption and Trade: C,C,C 56. Manufacturing and trade sales *57. Manufacturing and trade sales, 1972 dollars .. C.C.C C,L,C 75. Industrial production, consumer goods C.L.U 54 Sales of retail stores U,L,U 59, Sales of retail stores, 1972 dollars 55. Personal consumption expend., autos UC.C L,L,L 58 Index of consumer sentiment © Bil.dol do. . . . 1967=100... Mil.dol do. . . . A.r., oil. dot. 1 Q 1966-100 172.54 121.94 124.0 48,702 37,466 56.2 86.0 64.9 87.5 1967-100... Number. . . . lOb.9 118.0 117.6 120.8 27.264 31,244 31.743 33.293 123.1 40.3 70.5 192.53 13U.63 136.8 54,324 39,bb3 54.7 85.4 193.82 131.05 136.8 54,168 39,804 55.2 86. 8 197.81 132.34 139.3 56,035 40,707 208.04 136.46 141.5 58,078 41,561 207.50 13b.01 141.1 58,175 41,613 NA 214.64 NA 139.71 143.3 143.8 59,40J 59,397 4 2 , 2 7 8 42,126 7.7 6.9 7.4 -0.07 0.2 1 3.4 2.7 1.6 2.1 1.6 -0.4 -0.8 -5.1 1.64 6.0 3.6 1.6 1.88 1.2 2 2.7 -13 NA NA 0.3 0.0 2.1 1.0 1.8 3.5 2.3 l.b -u.4 -3.2 1 5 .5 1.7 B4. Fixed Capital Investment Formation of Business Enterprises: *12. Net business formation 13. New business incorporations L.L.L LL,L 123.0 NA 3 3 . 0 9 5 122.9 NA NA NA -0.1 NA NA NA 2.4 4.9 1.9 NA 12 13 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Series title Timing clossification' Percent change Average Feb. 3d Q 4th Q IstQ 1976 1976 1977 Feb. 1977 Mar. 1977 Apr. 1977 Mar. to to Mar. 1977 Apr. 1977 3dQ to 4th Q is 4th Q to IstQ Series nurnt Basic data1 Unit of measure 1975 1976 13.05 15.09 14. b6 15. 97 16.91 16.78 16.72 18.28 -0.4 9.3 7.5 s.y 10 10.47 13.31 11.13 13.76 11.66 14.64 11.54 14.34 11.48 14.79 12.56 15.07 -O.b y.4 4.8 0.4 2u 24 y.42 9.65 10.13 y.91 10.19 10.42 50.51 11.54 <*5.72 52.94 15.31 48. 2y 57.43 NA NA 51.27 67.45 55. 8d 1976 107; I. CYCLICAL INDICATORS- Con, 84. Fixed Capital Investment-Con. B u sin oss Investment Commitments: 10. Contracts and orders, plant and equipment . , . *2Q. Contr. and orders, plant and equip., 1972 dot ...... 24, New orders, cap. goods indus., nondafensj . . . 27. New orders, capital goods industries, non-Jefense, 1972 dollars' 9. Construction contracts, commercial and industrial buildings, floor space 1 1 . New capital appropriations, mfg 97. Backlog of capital appropriations, mfg.5 — Business Investment Expenditures: 61. business expend., new plant and equipment . . 09. Machinery and equipment soles and bus noss construction expenditures 76. Industrial production, business equip 86. Nonresid. fixed investment, total, 1972 dpi . . Residential Construction Commitments and Investment: 28. New private housing units started, total *29. New building permits, private housing 89. Fixed investment, residential, 1972 dol L,L,L Bil. do! L,L,L L,L,L do. . . , do. ... 9.bb 10.70 lu.yi 12. by L,L,L do. ... 8.16 1,,C,U Mil. sq.ft. ,, U.Ltj.U Bit. do! C,lg,Lg Bil. dol., GOP 46.80 11. 3b 4b.4D y.2u 51.43 12.67 4b.29 112.78 121.23 122.55 125.22 129.19 do. . . . C,Lg,Lg C,lg,U 1967=100... C,Lg,C A.r,, bil. dol. 161.72 175.70 176.75 182.60 187.11 185.16 193.18 128.2 136.1 137.4 143.2 139.8 143.0 144.6 111.4 115.7 117.5 122.3 117. y l,lbu tfl.O 3d. 4 A.r,, thous. . 1967-100... A.r., bil. dol. L r L,L do. ... -12. U LLL L,L,L L.L.L do .....do. ... Bil. dol -19. 3b 1,540 111.3 1,570 115.3 1,77U 132.0 1,767 130.6 47.1 47.4 51.1 51.6 1.9 2.8 2.3 2.4 b.Q 27 31. b -17.2 4.U 5.6 B.b NA NA y 11 97 2.2 3.2 61 3.3 1.7 0.3 2.5 2,4 3.7 76 Ub 32.7 C,Ly,Lg A.r., bil. dol. LLL L,L,L L,L,L 3.1 b.3 3.4 1,802 131.8 2,114 147.5 NA 145.7 I,d75 134.7 4.3 1.1 17.3 11.9 NA 0.8 -11.3 -8.7 12.7 14.5 7.8 -0.2 -1.1 6* 2o ay 1.0 b9 b.3 3U 85. Inventories and Inventory Investment Inventory Investment: 30. Chg. in business inventories, 1972 dol.2 *36, Change in inventories on hand and OP order, 1972 dollars (smoothed 6 ) 2 ,. 31. Chg. in book value, mfg, and trade irwont.2 . . 38, Chg. in intl. stocks on hand and on o'der 2 . . . Inventories on Hand and on Order; 71. Mfg. and trade inventories, total 5 . ... *7Q. Mfg. and trade invent., total, 1972 dal.s 68. Mfrs.' inventories of finished goods 5 77. Ratio, inventories to sales, mfg. and trade, constant dollars2 78. Materials and supplies, stocks on ha id and on order 3 Lg,Lg,Lg Bil. dol., EOP do. ... Lg.lg.Lg do. ... Lg,Lg,Lg -2.y -1.2o 5.75 23.6 0.51 10.2 11.52 29.6 -0.04 0.9 5.23 10.3 0.97 9.2 5.82 30.6 1.42 -9.3 5.67 24.2 0.58 9.79 33.5 1.76 2 7 b . 4 8 2*9.12 2 y 6 . 5 4 299.12 3 0 6 . 7 8 3 0 3 . 9b 3 0 6 . 7b 215. Ud 2 2 2 . bo 2 2 3 . 0 5 2 2 2 . o b 2 2 4 . bb 2 2 4 . 1 8 2 2 4 . 8b 4 y . b 7 5 3 . 7 5 5 3 . 3 6 5 3 . 7 5 54. 4b 5 4 . 4 8 5 4 . 4 8 i.bu Lg.Lg,lg Ratio b.l 1,68 1.69 t ,Lg,Lg Bil. dol., EOP Sensitive Commodity Prices: *92, Chg, in sensitive prices (smoothed*1)2 23. Industrial materials pricos@ L,L,L U,L,L Percent 1967=100... U.Ob 1.17 1.26 1BU.4 2UU.7 210.0 Stock Prte: *19 Stock prices 500 common stocks <@ L,L,L 194143=100. Profits and Profit Margins: 1 6. Corporate profits after taxes „„ 18. Corp, profits after taxes, 1972 dollars . . , 79. Corp, profits after taxes, with 1 VA and CCA , . 80 do in 1972 d o l , . . . 15. Profits (after taxes) per dol. of sales, mfg 2 . , . 17 Ratio, price to unit labor cost, mfg L,L,L LLL L.C.L L,C,L L,L,L L,L,L A.r., bil. dol. , . . , .do. . . . .....do. ... .....do. ... Cents 1967=100,,. 119. b Cash Flows: • 34. Net cash flow, corporate 30. Net cash flow, corporate, 1972 c ollars L,L,L L,L,L AJ., oil. dol. 122. b 125. l.by 1.64 1.65 1.61 fab 131.72 12d.b2 131.72 135.99 1 3 4 . 2 3 13b.9y NA NA NA 4.12 9.3 l.lb MA NA NA 0.9 0.3 NA NA NA NA NA -6.29 -19,3 1.01 -0.2 o.u NA NA NA -0.04 NA 0.0 1.3 NA 0.9 U.7 2.3 0.59 20.3 0.45 3b 31 3» 2.b 1.0 1.4 71 70 bb -0.05 77 3.2, 78 B6. Prices, Costs, and Profits Unit Labor Costs and Labor Share: 63. Unit labor cost, private business sector 68. Labor cost (cur. dol.) per unit of gross domestic product (1 972), non in,, corp *62. Labor cost per unit of output, rnfg 64. Compensation of employees as percent of national income2 0.64 0.12 0.94 216.5 216.4 222.8 221.9 bb.lb 102.01 104.31 102.58 101.78 1U0.96 100.57 99.05 65.3 50.3 42.4 33.1 83.0 61.5 53.5 1.59 201.9 3y.7 85.1 62.4 56.9 41.9 5.4 124.4 5.3 123.0 5.0 124.1 NA 125.6 92.3 145.7 103.7 147.9 104. b 149.5 104.5 152.6 105.5 Lg.Lg.Lg 1967=100... Ibl.b 167.4 167. b 171.1 173.6 Ltj,Lg,Lg Dollars Ul.Lg.Lg 1967=100... O.ds3 143.2 O.b83 144.0 0.884 145.5 0.904 146.9 0.923 148.3 77. U 7b.3 76.2 76.6 76.7 do Lfj,Lg,Lg Percent 4.6 86.8 50.4 36.9 87.6 b2.o 47.6 34.4 62. d 1.94 0.82 3.0 -0.4 1.00 -0.4 0.33 -3.9 -0.9b 7.2 92 23 -1.5 -1.7 -O.B 19 2.0 0.6 -11.4 -11.9 -0.3 -5.6 -6.8 -0.3 125.7 125.3 126.7 -0.3 1.1 0.9 149.6 150.0 1.0 0.3 MA 1.2 16 IB 79 BO Ib 17 2.1 1.0 34 2.0 1.5 63 2.3 1.0 2.1 1.0 bd 62 0.4 0.1 64 1.1 -0.3 148.1 0.9 Jb B7. Money and Credit Money: 8b. Change in money supply (M1)'! 102. Change in money supply plus 'ima deposits at commercial banks (M2) 2 *104. Chg, in totalliquid assets (M7! (smoothed 6 ) 2 . *105. Money supply (M1), 1972doliafs 106. Money supply (M2), 1972 dollars L,L,L Percent. . . . U.34 U.50 0.40 0.64 0.35 0.06 0.51 1.65 0.45 1.14 0.24 -0.29 B5 L.C.U do .....do. ... U.bb U.7b U.9U O.bb U. 86 0.67 U.86 U.55 O.bb 1.U9 0.85 -0.39 49d. 0 223.6 517.0 223.4 518.5 224.7 528.6 222.9 530.2 222.3 529.4 0.13 0.01 -0.1 0.20 22D.O O.bb 0.87 222. U U.41 0.84 1.06 O.B4 -U.02 0.9 0.3 0.0 0.6 1.9 102 104 105 106 5.236 1.94y 5.560 I.y55 5.586 1.950 5.6U6 1.942 5.702 1.954 O.Olb -0.007 0.020 0.008 LL,L L.L.L L,L,L Bil. dol. . . . . do. . . . Velocity of Money: 107. Ratio, GNP to money supply (M1) 2 C,C,C 108. Ratio, pars, income to money supply (M2)2 . . C,Lg,C Ratio. . . . . . ..do. .. Credit 33. 112. 113. 110. A r , bil. dol do do. . . . do. . . . Flows: Change in mortgage debt2 Change in business loans2 . . Change in consumer installment debt2 Total private borrowing L,L,L L,L,L L,L,L L,L,L 3d. 71 5 3 . 2b 53.75 6 3 . 4 0 61.84 -5.05 -4.3U 5.52 20.06 16.75 16.75 Id. 52 26.63 12o.lb 2 0 2 . 3 7 201.53 2 3 7 . 9 5 2 2 6 . 8 0 -lo. by 7.18 529.7 223.9 531.3 1.955 1.971 1.964 58.62 19.22 24.26 70.75 NA 12.13 NA - 6 . 4 1 -12.10 -13.53 NA 8.34 NA 7.12 32.60 0.1 0.02 -O.B 0.3 0 . 09 5 0.012 9.65 -l.bb 2 4 . 3 6 -14.54 1.77 lb.1 b.ll -4.7 107 108 33 112 113 11U Basic data1 Series title Unit of measure Timing classification3 Percent change Average 1975 Mar. to Apr. 1977 Feb. 1976 3dQ 4th Q IstQ 1976 1976 1977 Feb. 1977 to Apr. 1977 Mar. 1977 Mar. 1977 3dQ to 4th Q 4th Q to IstQ 1976 1977 Series number 1 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued I. CYCLICAL INDICATORS-Con. 87. Money and Credit-Con. Credit Difficulties: 14 Liabilitiesof business failures (inv 4 )® 39. Delinquency rate, instal. loans (inv.4)2 5 L,L,L L,L,L Mil.dol Percent, EOP Bank Reserves: 93. Free reserves (inverted 4 ) 2 © 94. Borrowing from the Federal Reserve 2 © L,U,U L,Lg,U Mil.dol do. . . . Interest Rates: 119. Federal funds rate 2 ® 114 Treasury bill rate 2 © 115. Treasury bond yields 2 ©. 116. Corporate bond yields2® 117. Municipal bond yields2® 1 1 8. Mortgage yields, residential2 ® 67. Bank rates on short-term bus. loans2® *109. Average prime rate charged by banks2® L,Lg,Lg Percent do. C,Lg,Lg do. C,Lg,Lg do. Lg.Lg.Lg do. U,Lg,Lg do. Lg,Lg,Lg do. Lg,Lg,Lg do. Lg.Lg.Lg 365.01 2 5 0 . 9 4 2.47 -11 194 5. 62 ... ... ... ... ... ... ... Outstanding Debt: 66 Consumer installment debt 5 Lg,Lg,Lg Bil.dol.EOP *72. Commercial and industrial loans outstanding, weekly reporting large comm banks Lg,Lg,Lg Bit. dol *95. Ratio, consumer install, debt to pers. income 2 . t-g,Lg,Lg Percent 5.82 7.00 9.51 7.05 9.20 8.65 7.86 2.40 134 84 5.05 5.00 6.78 8.59 6.64 8.84 7.52 6. 84 273.28 220.54 2.36 117 101 5.28 5.17 6.79 8.57 6.64 8.91 7.80 7.09 2.40 171 71 4.88 4.70 6.55 8.11 6.18 8.42 7.28 6.54 NA 1 9 4 . 2 0 2.37 158 83 4.66 4.62 7.01 8.16 5.88 8.49 2.37 -114 79 NA 2.37 155 110 NA NA -38 73 4.68 4.66 7.16 8.18 5.89 8.50 4.69 4.61 7.20 8.33 5.89 8.58 4.73 4.54 7.13 8.30 5.72 8.57 6.25 6.25 6.25 NA 0.0 -269 31 NA NA 193 -37 0.01 0.04 -0.05 0.08 -0.07 -0.07 -0.03 -0.17 -0.01 0.0 0.0 0.04 0.15 0.0 NA 6.25 159.38 176.12 171.49 176.12 1 8 2 . 7 8 1 8 0 . 0 6 NA 1.5 1 2 5 . 4 4 116.42 113.37 117.49 119.29 119.62 120.22 119.68 12.34 12.22 12.27 12.30 12.30 NA 12.27 12.32 0.5 0.0 182.78 NA -0.4 NA 19.3 -0.04 NA 0.03 14 39 -54 -30 13 12 93 94 -0.40 -0.47 -0.24 -0.46 -0.46 -0.49 -0.52 -0.55 -0.22 -0.08 NA -0.29 119 114 115 116 117 118 67 109 2.7 3.8 66 3.6 0.0 1.5 72 95 0.46 0.05 -0.30 0.07 0.05 II. OTHER IMPORTANT ECONOMIC MEASURES B. Prices, Wages, and Productivity B1. Price Movements 310 320. 320c 322 330. 331 332 333 334. Implicit price deflator GNP Consumer prices (CPI), all items© Change in CPI, all items, S/ A2 CPI, food Wholesale prices {WPI}, all commodities® . . . WPI, crude materials WPI, intermediate materials WPI, producer finished goods WPI, consumer finished goods 1 • | 1972=100... 1967=100... Percent 1967=100... 127.2 161.2 0.6 175.4 133.8 170.5 0.4 180.8 134.4 171.9 0.4 181.7 136.3 173.8 0.3 181.9 138.1 176.9 0.8 186.3 177.1 1.0 187.1 178.2 0.6 188.2 179.6 0.8 191.0 0.6 0.8 0.2 1.5 do. do. do. do. do. ... ... . .. ... ... 174.9 196.9 180.0 162.5 163.6 183.0 205.1 189.3 173.2 169.0 184.3 204.5 190.5 173.7 169.0 186.0 205.8 193.6 177.3 170.4 190.0 216.1 197.4 180.0 174.4 190.0 218.6 197.2 180.1 174.4 191.9 220.8 199.2 180.8 176.0 194.3 229.9 201.3 181.8 178.3 1.0 1.0 1.0 0.4 0.9 1.3 4.1 1.1 0.6 1.3 do. . . . 172.5 185.0 186.6 189.6 193.3 193.2 194.1 195.2 0.5 0.6 do. do. do. do. 107.0 177.1 108.5 190.0 111.5 115.7 108.6 191.6 111.6 116.3 109.2 194.9 112.2 116.4 109.2 200.0 112.9 117.8 109.0 108.8 108.6 0.6 -0.4 1.4 1.1 0.1 1.3 1.8 0.5 2.4 310 320 320 322 0.9 0.6 1.6 2.1 0.8 2.2 5.0 2.0 1.5 2.3 330 331 332 333 334 1.6 2.0 340 0.6 1.7 0.5 0.1 0.0 2.6 0.6 1.2 341 345 346 370 0.4 1.0 441 442 37 444 445 446 -0.1 B2. Wages and Productivity 340. Average hourly earnings, production workers, private nonfarm economy 341. Real average hourly earnings, production workers, private nonfarm economy 345. Average hourly compensation, nonfarm bus. . . 346. Real avg. hourly comp., nonfarm business ... 370. Output per hour, private business sector ... ... ... ... ioy.9 111.3 -0.2 -0.2 C. Labor Force, Employment, and Unemployment 441 442 37 444 445. 446. Labor 451 452. 453 Total civilian labor force Total civilian employment Number of persons unemployed Unemployed males, 20 years and over Unemployed females, 20 years and over Unemployed persons, 1 6-1 9 years of age Thousands. . do. . . . do. . . . do. . . . do. . . . do. . . . Force Participation Rates: Males 20 years and over 2 Females, 20 years and over 2 Both sexes, 16-1 9 years of age2 Percent do. . . . do. . . . 80.3 4b.O 54.1 79.8 47.0 54.6 80.0 47.3 54.7 80.0 47.4 54.4 79.6 47.5 55.1 A.r.,bil.dol. do. . . . do. . . . do. . . . do. . . . do. . . . 286.5 357.8 -71.2 234.3 227.5 b.9 330.3 388.9 -58.6 260.4 246.4 333.8 391.1 -57.4 262.0 249.3 346.3 405.6 -59.3 273.6 251.8 366.3 407.6 -41.3 275.1 255.0 14.0 12.7 21.9 Mil.dol do. . . . Bil. dol A.r.,bil.dol. 8,154 3,606 9,217 4,235 2.10 84.3 2.46 88.2 Mil.dol. do. do. do do. do. 9,970 8,936 9,572 9,827 9,899 9,808 10,072 9,826 1,823 2,004 NA 1,925 2,086 1,947 NA NA 1,740 1,892 NA 1,838 1,837 1,873 NA NA 8,012 1 0 , 0 4 4 10,615 10,733 11,801 11,674 1 2 , 4 5 9 1 2 , 5 9 3 2,074 2,658 NA 2,893 2,991 NA 3 , 2 4 7 NA 830 1.096 1.106 1.073 NA 1.248 NA NA 9 2 , 6 1 3 9 4 , 7 7 3 9 5 , 2 6 1 95,711 9 6 , 0 6 7 9 6 , 1 4 5 9 6 , 5 3 9 9 6 , 7 6 0 8 4 , 7 8 4 8 7 , 4 8 5 8 7 , 8 0 4 88,133 8 8 , 9 9 8 8 8 , 9 6 2 8 9 , 4 7 5 9 0 , 0 2 3 7,830 6,737 7,288 7,457 7,578 7,183 7,064 7,068 3,428 2,794 3,041 3,114 3,247 3,001 2,624 2,892 2,649 2,546 2,649 2,624 2,505 2,545 2,470 2,486 1,752 1,701 1,694 1,677 1,725 1,643 1,708 1,690 79.7 47.5 55.1 79.6 47.9 55.8 79.5 48.0 56.0 0.4 0.6 -1.7 -6.9 1.6 2.9 -0.1 0.2 0.6 -4.6 -6.1 -2.9 -4.8 -0.1 0.5 0.4 1.6 4.3 -0.9 0.8 0.0 0.1 0.4 0.7 0.1 0.2 -0.3 ... ... -1.9 -6.7 -10.9 -5.3 -1.1 -0.4 0.1 0.7 451 452 453 D. Government Activities D1. Receipts and Expenditures 501 . 502. 500. 51 1 . 512. 510 Federal Government receipts Federal Government expenditures Federal Government surplus or deficit 2 State and local government receipts State and local government expenditures . . . . State and local govt. surplus or deficit2 516 525 548. 564. Defense Department obligations total Military prime contract awards in U S New orders, defense products National defense purchases -1.8 501 502 500 511 512 510 3.2 -14.0 -21.6 -42.3 0.2 516 525 548 564 0.7 -0.7 602 604 606 612 614 616 3.7 3.7 ... 4.4 1.0 9.2 20.1 5.8 0.5 18.0 0.5 1.3 02. Defense Indicators 8 , 3 8 8 11,264 3,609 5,438 1.77 88.5 3.36 91.3 9,687 4,264 9,999 4,472 9,652 4,843 1.94 91.5 1.83 2.28 NA NA 3.58 -3.5 8.3 24.6 NA NA 57.0 34.3 50.7 89.8 E. U.S. International Transactions El. Merchandise Trade 602 604. 606. 612 614 616. Exports total except military aid Exports of agricultural products Exports of nonelectrical machinery General imports total Imports of petroleum and products Imoorts of automobiles and parts ... . .. ... ... . .. 2.7 NA NA 6.7 NA NA -1.0 NA NA 1.1 NA NA -6.7 2.0 1.1 3.4 -3.0 NA NA 10.0 NA NA Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data1 Unit of measure Series title Percent change Average 4th Q IstQ 2dQ 3dQ 4th Q IstQ 1975 1976 1976 1976 1976 1977 3dQ to 4th Q 4th Q to IstQ 1976 1970 1977 1974 1975 24,578 25,920 -1,342 6,55b 4,UU<; 36,194 35,297 897 26,772 24,514 2,258 4,555 3,U53 37,091 33,013 4,07b 28,673 30,979 -2,3U6 5,064 3,029 41,050 39,950 1,100 27,657 25,437 2,220 4,709 3,039 38,602 34,245 4,357 26,997 28,324 -1,327 5,500 3,214 38,746 37,327 1,419 28,378 29,914 -1,536 5,599 3,131 40,360 38,802 1,558 29,600 32,387 -2,787 5,795 3,011 42,589 41,393 1,196 29,717 2 9 , 6 6 8 4.3 33,291 36,581 8.3 - 3 , 5 7 4 -6,913 -1,251 5,760 NA 3.5 2,760 NA -3.8 42,507 NA 5.5 42,280 NA 6.7 227 -362 NA 1214. U 1413.2 1205.5 982.9 840.b 5,728 3,968 1191.7 1516.3 1203.7 10BU.9 855.5 5,580 4,007 1264.7 1691.6 1256.6 llbl.7 890.5 5,883 4,140 1219.2 1588.2 1224.7 1119.9 867.5 5,691 4,049 1246.3 1636.2 1235.9 1147.6 880.4 5,803 4,103 1260.0 1675.2 1248.8 1172.5 890.5 5,862 4,143 1272.2 1709.8 1262.0 1190.2 892.0 5,907 4,142 1280.4 1745.1 1279.5 1216.5 899.6 5,955 4,168 1976 *, 2dQ to 3dQ | e » % II. OTHER IMPORTANT ECONOMIC MEASURES-Con. E2. Goods and Services Movements Except Transfers Under Military Grants Merchandise exports „ . . , Mil. dol Merchandise imports , do t Merchandise trade balance2 do Income on U.S. investments abroad , do Income on foreign investment in the U.S. do Exports of goods and services do 1 mports of goods and services do 2 Balance on goods and services do 618 620 622 601 603 668 669 687 .... 0.4 2.8 -0.2 9.9 -3,339 NA NA -a. 3 -U.2 NA 2.1 NA NA -969 -787 -0.6 618 620 t>22 bt>l 652 668 669 667 A. National Income and Product A1, GNPand Personal Income 60 200 213 224 228. 217 227. GNP in 1972 dollars A.r., bil.dol GNP in current dollars ..do Final sales 1972 dollars do do Disposable personal income current do lars do Disposable personal income, 1972 dollars A.r., dollars Per capita GNP in 1972 dollars do Per capita disposable pers. income, 191'2dol, ., 1300.3 1796.1 1291.1 1245.8 907.0 6,015 4,195 1.0 2.1 1.1 1.5 0.2 0.8 0.0 0.6 2.1 1.4 2.2 0.9 0.8 0.6 1.6 2.9 0.9 2.4 0.8 1.0 0.6 50 200 213 224 225 217 227 1.7 1.1 2.2 1.5 3.1 2.8 3.2 3.0 1.7 5.7 0.3 1.6 3.3 7.4 1.9 3.3 231 233 238 239 230 232 236 237 7.8 2.9 8.3 241 243 30 240 242 245 A2, Personal Consumption Expenditures 231 233 238 239 230 232 236 237 Total 1972 dollars Durable goods 1972 dollars Nondurable goods 1972 dollars Services 1972 dollars Total current dollars Durable goods current dollars Nondurable goods current dollars Services current dollars , t ,. A.r., bil. dol do do .do . . . . do do do do 759.1 112.3 303.5 343.4 b87.S 121.6 376.2 3d9.6 813.7 770.3 783.9 800.7 808.6 815.7 829.7 843.8 111.9 125.8 118.0 126.2 124.3 125.2 127.6 134.9 306.1 319.3 309.5 314.6 317.6 318.9 325.9 326.8 352.4 36b.6 356.4 376.2 361.8 365.8 370.6 31*2.1 9 7 3 . 2 1079.7 1012.0 1043.6 1064.7 1088.5 1122.0 1159.1 131.7 156.5 151.4 155.0 141.8 157.6 162.0 174.0 409.1 4 4 0 . 4 421.6 429.1 434.8 441.8 456.0 464.7 432.4 4b2.b 448.6 463.2 474.9 504.0 520.4 489.1 0.9 0.8 0.4 1.3 2.2 1.7 1.6 3.0 do do do do do do Ib2.0 173.5 170.9 162.8 b.l 239.6 227.7 147.0 152.5 2.0 2.7 -5.5 10.4 11.1 201.4 205.7 229.6 214.7 239.2 223.2 175.2 165.0 10. 2 247.0 231.9 10.7 137. b 149.6 -12.0 Ib3.7 198.3 -14.6 11.9 -4.3 14.8 16.0 15.1 265.2 261.9 263.6 A3. Gross Private Domestic Investment 241. 243. 30. 240 242 245, Total, 1972 dollars Total fixed investment, 1972 dollars Change in business inventories, 1972 dol.2 Total current dollars Total fixed investment current dollf rs Chg. in bus, inventories, current dol.2 b.5 215. U 204.3 167.1 156.7 171.7 160.6 169.8 169.0 0.9 242.8 241.0 1.7 183.1 173.9 9.2 2&7.9 254.1 -0.9 13.8 -0.9 3.3 3.9 -3.1 2.4 -9.3 -1.7 10.3 3.9 -13.4 12.1 5.4 A4. Government Purchases of Goods and Services 261 263 267 260 262 266 Total 1972 dollars Federal Government, 1972 dollars State and local governments, 1972 dollars Total current dollars Federal Government current dollas Stats and local governments currant dollars do . do do do do do 256.4 261. U 264.1 265.3 262.4 95.3 '95.7 165.2 339.0 124.4 214.5 96.7 97.2 95.4 96.0 97.3 98.1 96.4 161.1 303.3 111.6 191.6 167.4 365.6 133.4 232.2 168.0 353.8 130.4 223.4 166.6 354.7 129.2 225.5 167.7 362.0 131.2 230.9 168.2 369.6 134.5 235.0 167.3 376.2 138.9 237.4 166.0 378.5 138.2 240.3 97.2 dO.7 lb.5 90.6 68.1 22.6 96.1 80.1 16.0 93.9 70.8 23.1 93.6 77.0 16.6 95.4 79.4 16.0 98.0 82.3 15.7 97.4 81.8 15.5 97.8 86.9 10.9 148.1 127.6 162.7 156.0 6.6 153.7 132.7 154.1 145.7 8.4 160.3 151.0 9.3 167.7 163.0 4.7 168.5 164.3 4.2 265.5 0.7 1.4 0.3 2.1 2.5 1.8 -0.1 2.7 3.7 -0.6 -0.6 -0.2 -1.1 -1.7 -0.8 0.8 -0.5 1.8 3.3 1.0 0.6 -0.5 1.2 261 263 267 260 262 266 A5. Foreign Trade 256 257 255 252 263 250 Exports of goods and services 1972 dollars Imports of goods and services 1912 dollars Net exports of goods and serv 1972 dol 2 Fxports of goods and services, current dol Imports of goods and services, cuirent del. .... Net exports of goods and serv., CL rrsnt dol.2 . . do do do ...do do do 144.4 136.9 7.5 2U.5 21.0 170.5 179.8 -9.3 -0.3 4.6 7.9 -4.6 0.5 0.8 -0.5 0.4 6.2 -4.6 1.2 9.4 -13.5 256 257 255 252 253 2:>0 A6. National Income and Its Components 220 280 282 286. 284. 288 National income Compensation of employees Proprietors' income with IVA and CCA Corporate profits with IVA and CCA .. Rental income of persons with CCA Net interest . . . . . do do do do . . .do. . do 1135.7 1207.6 1348.4 1264.6 1304.7 1337.4 1362.5 1389.3 1431.4 b"/5.b 92b.b 1028.4 963.1 9 9 4 . 4 1017.2 1037.5 1064.5 1097.7 90.2 96.7 97.2 97.1 86.9 93.2 100.3 96.1 103.6 84. d 116.4 117.8 116.2 91.6 117.8 105.6 115.1 122.0 21. U 22.4 23.5 22.9 23.4 24.3 25.1 23.3 23.1 1.9 2.0 -4.2 bV.l 74.6 82.0 75.8 78.6 80.3 83.5 85.6 38.9 4.8 1.3 4.0 2U5.3 139.4 191.2 171.6 230.0 198.1 208.0 185.7 222.1 194.2 234.2 196.2 234.2 203.1 229.3 198.9 240.6 202.1 0.0 3.5 2.0 2.6 1.0 -3.4 -2.1 -2.1 3.0 3.1 6.7 -1.4 3.3 3.9 3.8 2.5 22U 28U 282 2db 284 2U8 A7. Saving 290 298 292 298. 293. Gross saving (private and govt ) Business saving . . . ... Personal saving Government surplus or deficit2 . „ Personal saving rate2 . . . .do do do do Percent 72.2 -4.2 7.3 b4.0 76.5 83.7 79.5 82.9 75.8 67.8 59.7 -8.6 -64.4 7.8 -44.7 6.5 -61.5 7.5 -51.6 6.9 -44.9 7.1 -44.7 6.4 -37.4 5.6 -21.2 4.8 -0.7 0.2 -10.6 7.3 4.9 1.6 -11.9 -0.8 NOTE: Series are seasonally adjusted except tor those indicated by®, which appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see "Titles and Sources of Series" at the back of BCD. N A = not available, a = anticipated. COP Mind of period. A.r. = annual rate. S/A = seasonally adjusted (used for s pea a I emphasis). IVA ~ inventory valuation adjustment. CCA - capital consumption adjustment. NIA - national income accounts. 1 For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available. 1 Differences rather than percent changes are shown for this series. '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 ° uncl 4 Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed. 5 End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period. 6 This series is a weighted 4-term moving average (with weights 1,2,2, 1} placed at the terminal month of the span. 10 16.2 -0.8 290 295 292 29b 293 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS Chart Al. Composite Indexes (Nov.XOct.) P T (July)(May) P T (Aug.)(Apr.) P T (Apr.)(Feb.) P T (Dec.)(Nov.) P T (Nov.) (Mar.) P T 920. Index of four roughly coincident indicators (series 41, 47,51,57) 930. Index of six lagging indicators (series 62,70,72,91, 95,109) 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 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 59. MAY 1977 11 CYCLICAL INDICATORS AI COMPOSITE INDEXES AND THEIR COMPONENTS-Con. Chart Al. Composite Indexes—Con. (JtilyXMay) P T (Nov.) (Oct.) P T (Aug.XApr.) P T <Apr.)(Feb.) P T (Nov.) (Mar.) P T (Dec.XNov.) P T 120- 914. Capital iuwftsMt CMBiitaents (series 12, 20, 29) ^ •10 -3D 110- -13 100- 2 -3 90- and purchasing (series 8,32,36,92) 915.; Inventory -23 v\ *. 120110- -12 100- 1 90- 3 120-i 916. Profitability (series 17, 19, 80) in ^^ ; -n ^^ _^^~ 0 j^~*\ f* \/ 100- N/ 90- >^; /^T " «n- -10 -7 r$ Av > 917. Money art financial flows (series 104, 105, lij ^ /s/ uu- ^ s^\^s -22 o -' 110- ^*s^\V/ ^^/^ ~T i -9 El V^" . -i' 12011010090- *'. /^-x /VK/^ ftn- 120- 940. Ratio, coincident index to lagging index 110100- I 9080- 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 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 59. 12 MAY 1977 KCII CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS-Con. Chart A2. Leading Index Components (Nov.XOct.) P T (July)(May) P T (Aug.)(Apr.) P T (Apr.)(Feb.) P T (Dec.)(Nov.) P T (Nov.) P (Mar) T 1. Average workweek, production workers, rrn 3. Layoff rate, manufacturing (per 100 employees-inverted scale) 8. New orders for consumer goods and materials, 1972 dollars (bil. dol.) [ 32. Vendor performance, percent reporting slower deliveries 121 Net business formation (index; 1967=100) 20. Cnittracts and orders for nlant and 1948 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on pages 60,63, 64, and 65. MAY 1977 13 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Con. Chart A2. Leading Index Components—Con. (Nov.)(0ct.) P T <July)(May) P T <Aug.)(Apr.) P T (Apr.)(Feb.) P (Dcc.)(Nov.) T P T (Nov.) (Mar.) P T MRS, private nousmg OPUS unoex: i»f=niuj 36. Nit change in inventories on hand and on order, 1972 dollars, smoothed1 (m rate, III. dol.) 92. Change in sensitive prices, smoothed1 (perceit) 19. Stock prices, 500 common stocks (index: 1941-43-10) 105. Money sapply-MI-in 1972 dollars (bil. del.) 49 50 SI S2 §3 54 5S 56 87 58 59 60 61 6a 63 64 65 66 67 68 69 70 71 72 73 74 75 76 19/7 'this scries is a weighted 4-term moving average (with weights 1,2,2.1 > placed on the terminal month of the span. Current data tor thtis« series are shown on pages 66,67,68, and 70. 14 MAY 1977 ItCII CYCLICAL INDICATORS A I i COMPOSITE INDEXES AND THEIR COMPONENTS-Con. i Chart A3. Coincident Index Components (Nov.) (Oct.) P T (Aug.)(Apr.) P T (Apr.)(Feb.) P T (Oec.)(Nov.) P T (Nov.) (Mar.) P T 41. Employees on nonagricultural payrolls (millions) 51. Personal income less transfer payments, 1972 dollars (ann. rate, bil. dol.) 47. Industrial production, total (index: 1967=100) 57. Manufacturing anltrade sales, 1972 dollars (toil, dol.) 1948 49 SO 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on pages 61, 62, and 64. licit MAY 1977 15 CYCLICAL A | INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS--Con. Chart A4. Lagging Index Components (Nov.)(0ct.) P T (JulyXMay) P T (Aug.)(Apr.) P T (Apr.)(Feb.) P (Dec.)(Nov.) T P (Nov.) (Mar.) T P T 91. Average dration of unenplayment (weeks-inverted scale) JI 260-] 240220- 70. Manufacturing and trade inventories, 1972 dollars (bit. dol.) 200180160160150140130120- 62. Labor cost per unit of output, manufacturing (index: 1967=100) 110- 109. Average prime rate charged by banks (percent) I lg,Lg,Lg| 72. CoHimercial and industrial loans outstanding, weekly reporting large commercial banks (ML dol.) 95. Ratio, consumer installment debt to personal income (percent) 1210- 194849 50 91 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 761977 Current data for these series are shown on pages 61, 67,69, and 72. 16 MAY 1977 BCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS Chart Bl. Employment and Unemployment (July) (May) P T (Dec.) (Nov.) P I (Apr.) (Feb.) P T (Aug.)(Apr.) P T Marginal Employment Adjustments (Nov.) (Mar.) P f 1. Average workweek, production workers, manufacturing (hours) 42- 41- 40- 39- 38- 21. Average weekly overtime hours, production workers, manufacturing (hours) 2. Accession rate, manufacturing (per 100 employees) 5. Average weekly initial claims, State unemployment insurance (thousands-inverted scale) 0- 3. layoff rate, manufacturing (per 100 employees-inverted scale) 12- 3- 4- 4. Quit rate, manufacturing (per 100 employees' 3- 2- 1- 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 60. BCII MAY 1977 17 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart Bl. Employment and Unemployment—Con. (July) (May) P T (Dec.) (to.) P T (Apr.) (Feb.) P T (Aug.)(Apr.) P T (Nov.) P (Mar.) T 60. Ratio, help-wanted advertising to of persons unemployed (ratio) 1.20.80,4- o.oISO 125H 46. Help-wanted adrcrtisiig (hriex: 1967=100) 70- /TV §OJ 160-1 100- Employee hours in nonagricultural establishments (ann. rate, bil. hours) 140- 130- 120908080- 42. Persons engaged in noflagricaftural activities 70- z 70- 05 41. tiployees on ncwigriaiiturai payrolls (millions) i r r r i 2B2024- 40. Employees in goeds-pfwhicing ind«stries-fliining, g, omstnietioii (milliofls) 232221- 19S3 54 §5 86 57 08 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data (or these series are shown on pages 60 and 61. 18 MAY 1977 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart Bl. Employment and Unemployment—Con. (July) (May) P (Aug.)(Apr.) P T I (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T 58-1 90. Ratio, civilian employment to total population, working age (percent) 57565554- 4- 78- s- 43. Unemployment rate, total (percent-inverted scale) 34- «* 5- 45. Average weekly insured unemployment rate 3- 91. Average duration of unemployment (weeks-inverted scale) .5,\^ar* 3^yr 12 5 ^ 14 IS 44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale) 1953 §4 §§ 56 57 58 §9 ©1 62 63 64 69 66 67 68 Si 70 71 72 73 74 75 76 1977" Current data for these series are shown on page 61. MAY 1977 19 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart B2. Production and Income (July) (May) P T (Dee.) (Nov.) P T (Apr.) (Feb.) P T (Ang.)(Apr.) P T (Now.) P (Mar.) T Comprehensive Output arid Income SO. GNP in 1972 dollars JJann. rate, bit. dol.) c,c,c 120011001000- 52. Personal income in 1972 dollars (ann. rate, bil. dol.) 900800- 700- 1000 900 51. Personal income less transfer payments, 1972 dollars (ann. rate, bil. dol.) 800 700 600- 500260 240 53, Wages and salaries in mining, manufacturing, and construction, 1972 dollars (ann, rate, bii. dol.) 220 200180160140- 1953 54 55 50 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 62. 20 MAY 1977 KCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. Chart B2. Production and Income—Con. (Aug.)(Apr.) P T (July) (May) P T (Apr.)(Feb.) P T (Dec.) (Nov.) P T ! (Nov.) P 1 „ (Mar.) T , D 140 ^•industrial Production Hl^H^BHHBlBBlBllHllHI^IH^M^^^^B^^^^I^H^BBB^^^^Bi^l s ~ 47. Industrial production, total (index: Wim) /s*^ \s s ^^ 130' V 120 110 I 100J Jl 73. Mistrial ffodBCtion. durable manufactures <r (irdex: 1967=100) : J 140 130120110100. 160< 150140< 130- jnarafactures 120110100. 0 fS' f 49 J*'' - Val e " ^ mt* ollt|1Ht' 1972 *llars> 8 (ann. rate, bil. dol.) ^Cl jr***— / /^ \T 550500- v ^*~~s~~~— ^*" 450- / 4nn- 82. Rale of capacity utilization, manufacturing (FftB), \ 100- \ EM] DUU- 600- 90- A A 80 \7 83. Rate of capacity utilization, manufacturing (BEA). 0 tnercent) 70 100 90 80 70J 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on pages 62 and 63. MAY 1977 21 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. Chart B3. Consumption, Trade, Orders, and Deliveries (Aug.)(Apr.) P T (July) (May) P T (Apr.) (Feb.) P T (Dae.) (Nov.) P T (Nov.) P (Mar.) T 7. New orders, durable goods industries, 137? rtnllars (hil toJ.) 6. Hew orders, Arable fms iwhistries, cmwt dollars (bil. M.) 8. New oners tor CMSMKT gams aw vHtdils 1972 dollars toil. Hal.) 25. Change in infilled orders, doable goods industries .; MCD moving avg.-4-tefw) fuT 96. Maflafacturefs' HRfilled orders, durable goods industries Ait. dol.) 32. Vender peffomaftcn, putMt of reporting slower deliwrtes 1953 54 {55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for the*e series are shown on page 63. 22 MAY 1977 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart 63. Consumption, Trade, Orders, and Deliveries—Con. (July) (May) P T (Aug.)(Apr.) P T (Dec.) (Now.) P T (Apr.)(Feb.) P T (Wow.) P (Mar.) T Consumption and Trade 57. MaRifactiriig aid trade sales, 1972 dollars (bil. dol.) 56. Maflufacluring and trade sales, current dollars (til, dol.) 75. Indostrial production, coosmer goods liadet 1967=100) 59. Sales of retail stores,J972 dollars (bil. dol.) sr \ 55. Personal consumption expemlitjres. automobiles 0 (ann. rate, bil. dol.) SB. lidex of coisner sortweflt, 6 (1st fl 1966=100) Current data for these series are shown on page 64. i^i_ MAY 1977 23 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart B4. Fixed Capital Investment (Aug.)(Apr.) P T (July) (May) P T (Apr.)(Feb.) P T (Dec.) (Nov.) P T (Nov.) P ' (Mar.) T 12. Nat business formation (index: 1967=100} k 13. Hew business incorporations (thousands) 20. Contracts and orders for plant and equipment, 1972 dollars (fail, dol.) i/V 10. Contracts and orders hf plant IN) 27. Manufactarers' new orfcrs, capital goods industries 1972 dollars (fail, dol.) oratrs, cap* goons inausiries 9. Coftstmctioe contracts, comnartiai mt Mstrial \rn\\. sq. n. 01 TTOOT area; 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 'This is a copyrighted serie; 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 64 and 65. 24 MAY 1977 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS^-Con. Chart B4. Fixed Capital Investment—Con. (July) (May) P T (Aug.)(Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T 11. New capital appropriations, manufacturing, 97. Backlog of capital appropriations, manufacturing, 61. Business expenditures, new plant and Q (ann. rate,4wUioU 69. Machinery and equipment business construction expenditures -\v Mtn hil Hnn (ann ^ 76. Industrial ofottoctinn. tosiness eauipnient (index; 1967=100) ~" 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 'This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board. Current data for these series are shown on pages 65 and 66. BCII MAY 1977 25 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart B4. Fixed Capital Investment—Con. (July) (May) P T Business Investment (Aug.)(Apr.) P T (Die.) (Nov.) P T (Apr.) (Fab.) P T (Now.) P (Mar.) T Expenditures-Con. 140' Nomtsidefitial fixed \*m\me*l 1972 dollars, Q (p. rate, bil. del.) 88. Total, Q [guijcl^7 30- 4G- Residential Construction Commitments and Investment 28. New private housing units started, total (am. rate, millions; MCD moving avg,-4-tenn) Ifr 29. Hew building permits, private housing units (index: 1967-100) \n- 89. Residential fixed investment, total, 1972 dollars, Q (m rate, bil. dol.f Current data for these series are shown on page 66. 26 MAY 1977 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart B5. Inventories and Inventory Investment (July) (May) P (Aug.)(Apr.) P I (Dec.) (Nov.) (Apr.)(Feb.) T P T P (Nov.) (Mar.) P T T 36. .Change in business inventories, 1972 dollars, Q (am. rate, Ml. dol.) • ,1 II > 5 *\Vx/"** A^/A^i. ^ •v**^ ^ v >^\ ^ 1 A A r +30- y^ U,L,L v *^*\\y/VV-'X"^ \/ r ^xv%4 y^ vr\s v •0 rv 1 ^ 1/ I \\ . 1 +20+10- 0-10- 5 -20-30- 38. Net change in inventories on hand and on order, 1372 dollars (ann. rate, bit. doi.; moving avg.-^-term1) 31. Change in book value, manufacturing and trade inventories rate, bil. dol.; MCD moving avg.-6-term) ^M .. yL/L,A-iWai..i A. .A. A i.srr +4-i 38. Change in stocks of materials and supplies on hand and nn order, rate. (bil. dol.; moving avg.--t4-ternt) [^J] +3- •** +2- +1- ^Af^yA/-' 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 0- 72 73 74 75 <^ 76 1977 'This series Is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 67. BCII MAY 1977 27 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS^-Con. Chart B5. Inventories and Inventory Investment—Con. (July) (May) P T (Aug.KApr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T 34U300- Inventories on Hand and on Order 260220» 70. Book wine, nwwfactirwg art trade iiwuteries, 1972 itellars (Ml. del.) ^ 180- \ 140- w»«f*ctHring a»d trade iiMHrlis, mrent itollars W. rffll.) 100- value of maflufacturers1 inventories, 77. Ratio, deflated inventories to safes, manufacturing at trade (ratio) Lg,Lg,Lg 160 140120 100- 78. Stocks of Biaterials art suppltes M hand art an onter, n<|. (Ml. del.) y 80 « 60 - 40- 19S3 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data tor these series are shown on page 67. 28 MAY 1977 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. Chart B6. Prices, Costs, and Profits (July) (May) P T (Apr.) (Feb.) P T (Aug.)(Apr.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 92, Change in sensitive prices (percent; moving avg.-4-temn 23. Industrial materials prices (index: 1967=1% 140120- 19. Stock prices, 500 common stocks (index: 19*1-43=10) 18. Corporate profits after taxes, 1972 dollars, Q (ann. rate, bil. do). v . Corporate profits after taxes, current dollars Q ann. rate, Dil. dol.) Corporate profits after taxes with IVA and CCA 1972 dollars, 8 (ann. rate, bii. dol.) V profits after taxes with IVA and UUA, current dollars, 8 (ann. rate, bil. dol.) 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 'This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 68. MAY 1977 29 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart B6. Prices, Costs, and Profits—Con. (July) (May) P T (Aug.)(Apr.) P T (Dec.) P (Apr.XFeb.) P T (Now.) P T (Mar.) T Profits and Profit Margins-Con. 22. Ratio, corporate profits (alter taxes) to total corporate domestic income, Q (percent) 81. Ratio, corporate profits (after taxes) witti inventory valuation and capital consumption adjustments to total corporate domestic income, Q (percent) r*^N, 15. Profits (after taxes) per dollar of sales, all manufacturing corporations, Q (cents) 17. Ratio, price to unit labor cost, manufacturing (index: 1967-180) 35. Net cash flow, coprate, 1972 dollars, Q (ann. rate, bil. dol.) |m| L|I v \ T" I 34. Net cash flow, corporate, carat dollars, Q (ann. rate, bil. M.) n~[J 1953 54 55 S6 57 §8 S9 60 61 62 63 64 65 66 67 68 69 70 71 73 73 74 75 76 1977 Current data for these series are shown on pages 68 and 69. 30 MAY 1977 licit CYCLICAL INDICATORS B | CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart B6. Prices, Costs, and Profits—Con. (Aug.)(Apr.) P T (July) (May) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T 180170- bor Costs and Labor Share 160150140130- 83. Unit labor cost, private business sector. 0 (index: 1967-1BO) 120- 110- 100- 0.950.900.890.800.750.70- 68. Labor cost (current dollars) par unit of gross domestic product I Hiillarc\ nnnlinonpial r-nrtmrotinnc fl frinilar^ 0.65- z 0.600.55- 62. Labor cost per unit of output, manufacture (index: 1967=100) 80- 64. Compensation of employees as a percent of national income, fl (percent) 75- 70- 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 69. ItCII MAY 1977 31 CYCLICAL J8J INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-€on. Chart B7. Money and Credit (Aug.)(Apr.) P T (July) (May) P T (Apr.)(Feb.) P T (Dee.) (Nov.) P T (Nov.) P (Mar.) T 85. Change in money supply-demand deposits plus currency (HI) MCD moving avg.«6-tm) [[JJ] ' | +1.2-, +0.8- +0.40.0-0.4 J 102. Change in money supply plus time deposits at commercial banks (M2) \ (percent; WCD moving avg.--6-term) A +1.2-1 +0.8+0.40,0-0.4- 104. Change in total liquid assets (percent-moving avg.-4-tenn1) 1.2£! a IDS. Money sijpply--M1»in 1972 dollars (fail, dol.) \Uiji\ ^s**** N^ jS ^VV a X. r-/^^ *S*-4*>» ^^^^ ' «r-i •' ^^^ 250240230220- s 210600- JL 550- 500- 106. Money supply-H2-in 1972 dollars (bit. dol.) 450S 400- 350J 107. Ratio, GNP to money supply M1, Q (ratio) 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 'This series is a wefghtetJ 4-term moving average (with weights 1,2,3,1) placed on the terminal month of the span. Current data for these aeries are shown on page 70. 32 MAY 1977 KCIt CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS--Con. Chart B7. Money and Credit—Con. (Aug.)(Apr.) P T (July) (May) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 33. Change in mortgage debt (ann. rate, fail, dol.) 112. Change in bank loans to businesses (ann. rate, bil. dol.; MCD moving avg.-6-term) 113. Change in consumer installment debt (ann. rate, bil. not. 110. Total private borrowing, 0 (ann. rate, bit. dol.) L.L.L 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data lor these series are shown on pages 70 and 71. BC1I MAY 1977 33 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. Chart B7. Money and Credit—Con. (Ang.)(Apr.) P T (July) (May) P T (Dec.) (Nov.) P T (Apr.) (fib.) P T (Nov.) P ((War.) T 14. Liabilities of business failures (mil. tol.-inverted scale; MCD moving avg.--6-temi) 39. Deliquency rate, 30 days and over, consumer installment leans (percent-inverted scale) • • " 4 -Ai ™y / X \ /-^\s fc/^^AA^/v/V^W *X\ w w/ V^x^^-v^/^™*^/**v^fi -\ / '^ ^^\^~jrA*\r\ ^^ ^V V \ ^ u- T \ ILrJ- V F' ^^^V f 1.82.02.22.42.62.83.0-3.0-2.5-2,0- ^ ^ -1.5-1.0- 93. Free reserves (fail, dol.-inverted scale) IMMJI -0.50+0.5+1.0+3.5-1 94. Menibef bank borrowing from the Federal Reserve (bit tol i 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 73 73 74 75 76 1977 Current data for theso series are shown on page 71. 34 MAY 1977 ItCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. Chart B7. Money and Credit—Con. (July) (May) P T (Aug.)(Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T 119. Federal funds rate (percent)-^ 114. Treasury Dill rate (percent) C, 116. Corporate bond yields (percent)—— 115. Treasury bold yields (percent) 117. Municipal bead yields (percent) 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on pages 71 and 72. BCII MAY 1977 35 CYCLICAL INDICATORS B | CYCLICAL INDICATORS BY ECONOMIC PROCESS^Con. Chart B7. Money and Credit—Con. (July) (May) P T (Aug.)(Apr.) P T (Nov.) P (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Mar.) T 67. Bank rates on short-term business loans, B (percent) rate charged by banks (percent) Consumer installment debt (bil. doi.) 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (DM. flol.) 95. Ratio, consumer installment debt to personal income 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data (or these series are shown on page 72. 36 MAY 1977 ItCII CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE Chart Cl. Diffusion Indexes (Aug.XApr.) P T (July) (May) P T (Dec.) (Nov.) P T (Apr.XFeb.) P T (Nov.) P (Mar.) T Twelve leading indicator components (6-mo. span—, 1-mo. span—) 100i 50- 0- 951. Four roughly co cident indicator components (6-mo. span—, 1-mo, span —) .' !•' IN : /hi 100- ' " J '",' * I f " 1y 50- 1 M to 0- 952. Six lagging indicator components (6-mo. span—, 1-mo. span100- 50- 0- 961. Average workweek, production workers, manufacturing-^! industries (9-mo. span—f 1-mo. span 100- 50- 0- 962. Initial claims, State unemployment insurance-47 areas (percent declining; 9-mo. span—, 1-mo. span 100-t 50* 0-1 963. Employees on private nonagriculturai payrolls-172 industries (6-mo. span—, 1-mo. span--) 100- 50- 01953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 73. BUI MAY 1977 37 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE-Con. Chart Cl. Diffusion Indexes—Con. «.\ug.)(Apr.) P T (July) (May) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T 964. New «*r$, durable goods indu$trie$-35 industries (9-nto. span—. Mo. span-—) 100«x M 0J 965. Newly ippnmwl capital apppria^ (4-Q raoritg wg. ~, 1-8 span 90- 70- 50- 30- 966. Mistrial production--24 industries (6-mo. span—, 1-mo. span---) 100- 50- 0- 967. Industrial materials prices--13 industrial materials (9-rao. spai—•, 1-rao. span-100- 50- ;. Stock prices, 500 common stocks--62-82 industries (9-nto, spas—, 1-mo. spaa—-) 100- 50- 969. Profits, u^ufaduring--alwttt 1,000 corporations (4-Q $pa«i-~, 1MI spn—; 90-| 70-^ .32 S 50- w 30 J 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 'This is a copyrighted scries used by permission; it may not be reproduced without written permission from The Conference Board. Cgrrent data for these series are shown on page 74. 38 MAY 1977 ltd! CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Con. Chart Cl. Diffusion Indexes—Con. (Dec.) P T (Nov.) P (Mar.) I (Dec.) (Nov.) P T 970. Business expenditures for new plant and equipment-IB industries (1-Q span) (a) Actual expenditures 974. Number of employees, manufacturing and trade (4-Q span)1 975. level of inventories, manufacturing and trade (4-Q span)1 971. New orders, manufacturing (4-Q span)1 976. Selling prices, manufacturing (4-Q span)1 ^*~.~a ™ ^^ 972. Net profits, manufacturing and trade (4-Q span)1 977. Selling prices, wholesale trad® (4-Q span)1 973. Net sales, manufacturing and trade (4-Q span)1 978. Selling prices, retail trade (4-Q span)1 10= 'This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet, Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. Current data for these series are shown on page 75. ItCII MAY 1977 39 CYCLICAL C I INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Con. Chart C3. Rates of Change <Aug.)((Apr.) P T (July) (May) P T (Apr.) (Feb.) P T (Dec.) (Nov.) p T (Nov.) P (Mar.) T Percent changes at annul rate 910c. Composite index of twelve leading indicators (series 1,3,8, 12, 19, 20,29,32,36,92,104, IDS) +40+30+20+100- -10-20-30-40- 920c. Composite index of four roughly coincident indicators I 93flc. Composite index of six lagging indicators (series 62.70.72. 91.95.109) <« 8 SOc. GNP in constant dollars (1-Q span) A/V. 1 ^Z^L +50-5- _2S V^ «7 +10- ^V^ -10- 47c. Index of industrial production ^>s/V^'^S]ft* 48c. Employee floors in nonagricultural establishments 2E f JVjf V N11 -w ^ r 51c. Personal income less transfer payments in 1972 dollars 1953 54 55 40 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 MAY 1977 !!€!» OTHER IMPORTANT ECONOMIC MEASURES AI NATIONAL INCOME AND PRODUCT Chart Al. GNP and Personal Income (July) (May) P T (Aug.)(Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T 200. GNP in current dollars, Q (ann. rate, bil. dol.) Personal income in current dollars (ann. rate, bil. dol. 224. Disposable personal income in current dollars, Q (ann. rate, bil. dot.) 213. Final sales in 1972 dollars, Q (ann. rate, bil. dol 225. Disposable personal income in 1972 aonars, n (ann. rate, DM. noi.) 217, Per capita GNP in 1972 dollars, IQ (ann. rate, thous. dol.) ^ 227. Per capita disposable personal income 1972 dollars, Q (ann. rate, thous. dol.) 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on pages 62 and 79. IICII MAY 1977 41 OTHER IMPORTANT ECONOMIC MEASURES A | NATIONAL INCOME AND PRODUCT—Con. Chart A2. Personal Consumption Expenditures <Jy!y)(!V)ay) P T (Aug.)(Apr.) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T Annual rate, hillioi dollars (nrmrt) Personal consuiptiOfl expenditures Amial rate, billion dollars (1972) 71 72 73 74 75 76 Current data tor these series are shown on pages 79 and 80. 42 MAY 1977 KCI» OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT--Con. Chart A3. Gross Private Domestic Investment (July) (May) P T (Dec.) (Nov.) P I (Apr.) (Feb.) P T (Aug.)(Apr.) P T (Nov.) P (Mar.) T Annual rateJillion doHars (current)) Gross private domestic investment— 245. Change in business inventories, fl Annual rate, billion dollars (1972) 38. Change in business inventories, Q 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 80. BCII MAY 1977 43 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Con. Chart A4. Government Purchases of Goods and Services (*ug.)(Apr.) P T (July) (May) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T Annual rate, billim iMIars (current) 420380340- Government purchases of goods aid services- 300260220- 180- 260. Total, Q 140- 100- 262. Federal Government, Q 60-J State and local governments, Q Annual rate, billion dollars (1972) 300260- 261. Total, Q 220180- 140- 100- State and local governments, Q 1953 54 55 56 57; 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are stiojvn on page 80. 44 MAY 1977 ItCII OTHER IMPORTANT ECONOMIC MEASURES |A | NATIONAL INCOME AND PRODUCT--Con. Chart A5. Foreign Trade (July) (May) P T (Apr.) (Feb.) P T (Aug.)(Apr.) P T (Dec.) (Nov.) P T (Nov.) P (Mar.) T Annual rate, billion dollars (current) 200-1 180160- ± 140- \/ 120100- 80- \ 60- 252. Exports of goods and services, Q 40- 253. Imports of goods and services, 0 250. Net exports of goods aid services, Q Annual rate, billion dollars (19/2) 256. Exports of goods and services. 0 257. Imports of goods and services, Q 255. Net exDOrts of ffoods and services. Q 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page. 81. MAY 1977 45 OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT-Con. Chart A6. National Income and Its Components (July) (May) P T (Aug.)(Apr.) P T (Dae.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T Annual rate, billfw tellars (current) 1800160014001200101)0900800700600- 220. National income, Q §00400300- 200180160140120- 286. Cotporati profits with inventory valuation and capital consumption adjestaents, Q 100908070- J_ 6050- 282. Proprietors' \mm with inventory vahatien ana capital consumption aapsnems, u 4030- 20- 284. Rental incoffle if persons witti capital consumption adjistfflent, Q 10J 1953 §4 95 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 81. 46 MAY 1977 BCII OTHER IMPORTANT ECONOMIC MEASURES [Al NATIONAL INCOME AND PRODUCT—Con. Chart A7. Saving (July) (May) P T (Aug.)(Apr.) P T (Dec.) (Nov.) P T (Apr.)(Feb.) P T (Nov.) P (Mar.) T Annual rate, billion dollars (current)) 290. Gross saving (private and government), Q 298. Government surplus or deficit, Q ^_ ^V^y 1 \ ™^r^3Z^—3 1953 54 59 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on pages 81 and 82. ItCII MAY 1977 47 OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND PRODUCT—Con. Chart A8. Shares of GNP and National Income (July) (May) P T (Apr.) (Feb.) P T (Au;i.)(Apr.) P T (Dec.) (Nov.) P T (Nov.) P ((War.) T percent of gross Rational product70T 235. Personal consumption expenditures, Q VAT 65- 6EH 266. State and local government purchases of goods and services, Q IS- 265. Federal Government parduses of goods aid services, 8 248. Nonresidentiai fixed investment, Q 249. Reshteitialfixed iRvesta&nt, Q 0J 251. Net exports of goods and services, Q 247. Change in business iwntories, Q Percent of national income- 64. Compensation of employees, Q 75JK 8 70- Proprietors' income wilft inventoq valtatfon and capital consumption adjustments, Q 287. Corporate profits with inventory valuation ami 10- 5285. Rental income of persons with capital consumption adjustment, 0 1953 S4 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 82. 48 MAY 1977 ItCII OTHER IMPORTANT ECONOMIC BJ MEASURES PRICES, WAGES, AND PRODUCTIVITY Chart Bl. Price Movements (Dec.) (Nov.) P T (Nov.) P (Mar.) T (Dec.) (Nov.) P T llnfcxt 1972= *ir 310. Implicit price deflator, 130^ ffi. y_ (Mar.) I Percent chaeges at annual rate! 150- 140 < (Hw.) P 310c. Implicit price deflator, 8HP (1-a span) ^v3 +10- 311c. Fixed weighted price index, grossbusiness product (1-Q span) 130 jf 311. Fixed weighted price index, / gross I ' —'—" ^ WB7 ©§ 69 7© ?l 7% 73 120110- 7^ Current data for these series are shown on pages 83,84, and 85. BCII MAY 1977 49 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY-Con. Chart Bl. Price Movements—Con. (July) (May) P T (Aug.)(Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T -10+30- +20+10- I 0-10- Chart B2. Wages and Productivity 220200180- 345. Average hourly compeasatiwi, all employees, nonfarro busifless sectir (carretit dollars), Q 160- 140- 120- 340. Average hourly eanyngs of production workers, private 100130n 120110100- 341. Real avefare tottriy earnings of protfoctkiQ workers, 9080- 346. Hal average hourly compensation, all employees, 70- 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 1 Adjusted for overtime (In manufacturing only) and interindustry employment shifts and seasonality. Current data for these series are shown on pages 83,86 and 87. 50 MAY 1977 ItCII OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY^Con. Chart B2. Wages and Productivity—Con. (Aug.)(Apr.) P T (July) (May) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T Change in average hearty earnings of production workers, private mim economy-*340c. torrent dollar earnings #T/ 341c. Real earnings vMttt; Change in average hourly compensation, all employees, fionfarm business sector, fl345c. Current dollar compensation VCV 5 ^-^^wW^^ -^^ * *' * Fnur-ousrtfir snsns 346c. Real compensation One-quarter spans (ann. rate) ^°" • +10+50-i Four-quarter spans Negotiated wage and benefit decisions, all industriesW. First year avg. changes, 8 (ann. rate) 349. Average changes over life of contract, Q (ann. rate) 370. Output per hour, all persons, private business sector, 3S8. Output per hour, all persons, nonfarm business sector, fl 370c. Change in output per boor, private business sector, 8 One-quarter spans (ann. rate) . .< A i Four-quarter spans 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally. 2One-month percent changes have been multiplied by a constant (12) so that they may be shown against the background of the annualized changes over 6-month spans. See basic data table for actual 1-month percent changes. Current data for these series are shown on pages 86 and 87. BCII MAY 1977 51 OTHER IMPORTANT ECONOMIC MEASURES LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Chart Cl. Civilian Labor Force and Major Components (July) (May) P T (Au;j.)(Apr.) P T (Apr. P (Die.) (Nov.) P T T (Nov.) P (Mar.) T 100- 90- D 441. Civilian labor force, total (millions) 8580- 75- 442. Total employed (millions) 70- Labor force participaftat rates (percent) 453. Both sexes, 16-19 years of age 452. Femalgs 25 years and over 37. Total onemployed 447. Number wwwployed, foil-tine workers (iiflitms) sa>— 448. Hawber ewployed part-time for economic ff-~,—,.-,.-!..-.*-. :. . — Current d«t« for thasa series ir« shown on pa^e 88. 52 MAY 1977 ItCII OTHER IMPORTANT Dj ECONOMIC MEASURES GOVERNMENT ACTIVITIES Chart Dl. Receipts and Expenditures (Aug.)(Apr.) P T (July) (May) P T (Apr.) (Feb.) P T (Dec.) (Nov.) P T (Now.) P (Mar.) T 450400- Annual rate, billion dollars (current), 350300250200- 502, Federal Government expenditures, Q 501. federal Government receipts, Q 150- 500. Federal Government surplus or deficit, 8 511. State and local government receipts, Q 512. State and local government expenditures, u 100- 50 J +30- 771 510. State and local government surplus or deficit, Q A +20+10- 0- 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 89. MAY 1977 S3 OTHER IMPORTANT ECONOMIC MEASURES D 1I GOVERNMENT ACTIVITIES—Con. Chart D2. Defense Indicators <Aug)(Apr.) P T (July) (May) P I (Nov.) P (Die.) (Nov.) P T (Apr.) (Feb.) P T (Mar.) T A 516. Defense Department obligations, total (bil. dol.; MCD moving avg.--6-tenn) —ij&4 %-jrrv-w i" r i \ . ii } y .». 108- <v ; 12- 6- IA-. .. /<• .Jk>&.. i^ 4- Hr*- 76- 525. Military prime contract awards in U.S. (bil. dol.; MGD noting avg.--6-term) 54. 3- 2- 54- 548. Manufacturers' new offers, defense products doL; MCO loving avg.--6-tenn) 3- 2- ! i 100- 564. Federal Government purchases of goods and services for national defense, 0 (am. rate!'bil. tol.) 9080« 70- 60- 1 5040J §4 SS S© S7 5S §9 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 89. 54 MAY 1977 licit OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS Chart El. Merchandise Trade (Aug.)(Apr.) P T (July) (May) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T (Nov.) P (Mar.) T 1210- - 86- 602. Exports, excluding military aid shipments (bil. dol.; MCD moving avg.-4-term) 604. Exports of agricultural products, ^ totaHbil. dol.) f SOB. Exports of nonelectrical machinery (bil. dol.) 612. General imports (bil. dot.; MCD moving avg.-4-term) 614. Imports of petroleum and petroleum products (bil. dol 616. Imports of automobiles and parts (bil. dol.) 0.2- O.H 1953 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on page 90. BCII MAY 1977 55 OTHER IMPORTANT ECONOMIC MEASURES El U.S. INTERNATIONAL TRANSACTIONS—Con. Chart E2. Goods and Services Movements (July) (May) P T P (Dec.) (Nov.) P T (Apr.)(Feb.) P T T (Mar.) T Annual rate, billion dollars —1 200 T ] Excess of receipts 9 Excess of payments goods and services- 687. Balance on goods and services, 622. Merchandise trade balance, 0 Investment income 651. Income on U.S. investments abroad, Q 652. Income on foreign investments in the U.S., Q 19B3 94 SS m 57 58 59 §0 il 62 §3 64 6§ 67 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on pat;e91. Annual totals are used prior to 1960. 56 MAY 1977 ItCII OTHER IMPORTANT ECONOMIC MEASURES _F] INTERNATIONAL COMPARISONS Chart Fl. Industrial Production (July) (May) P T (Aug.)(Apr.) P T (Dec.) (Nov.) P T (Apr.) (Feb.) P T .) P (Mar.) T Index: 1967=100 47. United States 721. OECD European countries 54 §9 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 7i 76 1977 Current data for these series are shown on page 92. licit MAY 1977 57 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS-Con. Chart F3. Stock Prices Chart F2. Consumer Prices (Dec.) (Nov.) P T (Hw.) (Mir.) P T (Nov.) P (Dee.) (Nov.) P T (Mar.) T Stock prices- Consumer prices: percent changes over 6-month spans (annual rate)- hlteX: 186MB 19. llRitwl States H _^y\f^V \^ / ^\/ 14012010080- W r»n- J \ 748. JaoM / j-^^~ V/^^^ H / ^3U- 300290200- s\N 150- t<*r mn« 745. WestGmafiv ru^_ /^ x^v rJ ^/^^"^ V /*^^\ XV. ^\/^ m ^ 1HM-1 160140120100nn. 746. France yv /V ^v**^" > -rt/S •--[-- L A. H v//^^i \ ^"^s \J ,f INA-/.,™ V 180160" 140120 100 742. Doited Kingdom 19S7 68 69 70 71 72 73 74 75 76 1977 1967 68 69 70 71 72 73 74 75 76 1977 Current data for these series are shown on paces 93 and 94. 58 MAY 1977 KCII CYCLICAL INDICATORS A I COMPOSITE INDEXES AND THEIR COMPONENTS ^H COMPOSITE INDEXES Year and month 910. Index of 12 leading indicators (series 1,3,8,12,19, 20, 29, 32, 36, 92, 104, 105) (1967=100) 920. Index of 4 roughly coincident indicators (series 41,47,51,57) (1967-100) 930. Index of 6 lagging indicators (series 62, 70, 72, 91,95,109) (1967=100) Leading Indicator Subgroups 913. Marginal employment adjustments {series 1,2, 3, 5) 914. Capital investment commitments {series 12, 20, 29) 915. Inventory investment and purchasing (series 8, 32, 36, 92) (1967=100) (1967=100) (1967=100) 9 16. Prof itability (series 17,19,80) (1967=100) 917. Money and financial flows (series 104,105, 110) (1967-100) 940. Ratio, coincident index to lagging index (1967-100) 1975 January February March 106.5 106.2 107.1 113.9 112.3 110.9 143.4 138.1 134.5 90.4 90.0 90.7 97.8 97.5 97.6 94.6 93.5 92.9 93.7 95.0 96.0 102.2 100.5 102.0 79,4 81.3 82.5 April May June 109.4 111.7 115.2 111.4 111.8 112.7 130.8 128.5 124,1 92.0 91.3 92.4 99.6 94.0 95,4 96.6 98.3 100,8 102.8 100.6 102.6 102.5 103.5 105.4 85.2 87.0 90.8 July August September 117.8 118.6 118.9 113.7 115.4 116.3 124.2 124.5 124.4 95.2 94.9 94.3 103.8 103.9 103,7 104.2 104.3 104.2 106.1 106.8 106.5 91.5 92.7 93.5 October November December 119.0 119.3 119.6 116.7 116.9 117.6 125.3 123.1 122,0 94.3 95.2 96.9 103.6 103.8 104.3 104.4 105.2 105.6 105.9 107.5 107.3 93.1 95.0 96.4 121.2 122.0 123.2 118.7 120.0 121.2 120.8 120.1 119.8 97.5 97.9 97.9 105.4 104.9 106,0 100.3 101.4 107.2 108.5 108.3 106.7 106.3 106.2 98.3 99.9 101.2 . . . 123.0 124.5 r!25.6 121.9 122.0 122.5 119.2 119.7 121.0 96.0 96.5 96.1 104.9 104.9 106.5 102.1 103.0 103.6 108.4 108.0 rl08.3 107.6 rlOS.O r!07.4 102.3 101.9 101.2 July Au oust September . . r!25.8 125.8 125.5 122.7 122.8 122.6 121.4 121.4 122.2 95.7 95.5 94.3 106.7 106.6 108.2 103.4 r!03.4 102.4 E)108.6 108.1 107.7 H07.7 r!07.7 r!07.9 101.1 101.2 100.3 October November December r!26.3 r!27.2 r!28.2 122.2 123.6 125.5 122.1 121.3 120.4 94,5 96.0 97.0 109.6 109.3 109.4 101.4 102.1 102.3 106.9 106.6 r!07.6 r!09.4 r!09.7 H>rllO.O 100.1 101.9 104,2 H26.6 r!27.6 130.0 H24.5 r!25.9 128.3 r!20.8 121.4 1B)122.3 95.6 r96.7 H>.r98.3 109.4 rllO.3 H>nn.i 101.1 101.7 r!03.5 H07.3 r!06.5 r!06.2 r!09.4 rl08.3 H08.2 rlOS.l r!03.7 r!04.9 E>M30.7 E>*129.2 M21.8 p97.4 pllO,9 S>pl04.1 p!06.7 p!09.4 H>Pl06.1 98.1 99.1 100.6 101.0 100.0 99.2 1976 January February March April May June 99.3 1977 January February . March . April May June .... July August September 'October November December NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (3). Current high values are indicated by H); for series that move counter to movements in general business activity,current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 11 and 12. Excludes series 12 and 36 for which data are not yet available. 2 Excludes series 57 for which data are not yet available. 3 Excludes series 70 and 95 for which data are not yet available. ltd* MAY 1977 59 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS MAJOR ECONOMIC PROCESS Ml EMPLOYMENT AND UNEMPLOYMENT Minor Economic Process Timing Class. . . . Year and month L,L,L 1. Average workwaek of production workers, manufacturing (Hours) L, L, L L,C,L 2. Accession 21. Average weekly overtime rate, manufachours, produc- turing tion workers, manufacturing (Per 100 employees) (Hours) U Lg, U L,C,L L, L, L 5. Average weekly initial claims, State unemployment insurance1 3. Layoff rate, manufacturing 4. Quite rate, manufacturing (Per 100 employees) (Per 100 employees) (Thous.) Comprehensive Employment Job Vacancies Marginal Employment Adjustments L, Lg, U 60. Ratio, helpwanted advertising to persons unemployed (Ratio) L, Lg, U 46. Index of help-wanted advertising in newspapers (1967-100) U,C,C 48. Employee hours in norv agricultural establishments (Ann. rate, bit. hours) 1975 0 315 0 307 0 283 77 7fi 74 147 79 Idfi 14 14S 47 0 277 7d IdR fifi pcc 7/T IflC -1C 90ft 91 1 nc o/l n on A O/l 0 O 01 0 00 i /ic oU en 1 4o. 1 dfi P.A OriQ QO 1/17 /IK or|7 QO 07 T1 /IQ 4o ./n 41 000 O/I A op 1i 4y. /IQ b K1 i 07 i en /I7 1 bU.4/ •t r/» i f\ 150, 19 l CA en 150.50 January February . March 39.1 38.9 38.9 2.4 3.1 2 4 3 2 3 2 521 533 526 2 9 2 9 2 6 1 4 1 3 1 2 April May June 39.0 39.1 39 3 2.4 2 3 2 5 3 7 3 6 3 7 510 503 ^n? 2 4 2 5 O 0 1 2 1 ? iq July August September 39.4 39.7 39.8 2 6 2 7 2 8 4 0 3 9 3 8 41 Q i7 1 d 467 1 fi 1 ft ld i ? October November December 39 8 39.9 40 3 2 8 2 9 3 o 3 7 3 7 i 1 A "3 Q d4R ^Qft 14R O 0 O 40 4 40 3 40 3 3 1 3 1 3 1 4 1 "}<iQ ? fi 3 3 2.3 4fi7 7 1 5 1 7 1 fi 1 A O 0 1 4b, J4 1 i /Ifl 4o.KQ by 1976 January February March April May June 39 4 40 3 40 2 July August September 40 1 40 0 70 7 October November December 39 9 40 1 40 0 3 2 i i 1 fi i 7 4 4 047 i n i i 4 1 4 n OCA 1 9 1 .O OQO 1 "5 3Q7 1 0 1 1 .7 / 1 ft Q. 9 ^ ft 1A.9 3 1 ? R dm 1 4 T n Q Af\0 1 /I o n 3 0 C AJA 7 Q o c AOQ 3 ] ? ft 3 2 4 n ooq q/Q A n 1 Q 0 1 7 1 7 O OC7 ooo O . OOQ oyy O . OQQ QC yo 1C! no 1C! "7/1 1 D 1 . 74 1C! 71 1 .6 1 1 . Cb Q O . 0T 7/ 8 C i s 1 1 i 7 I ./ ooc 1 "5 1 .4/1 1 1 .Q O A O1 QA y4 rti 91 OQ/I 1 7 1 ./ 1 1 yo O . oo4 AC 0 . /1'l-Uo oyy O , OQQ oy^ O . OQ/I O .QQ/I oo4 0.376 /- fto O O Q C . Job O / i i /- .416 149.81 1 c i An 151 .49 f\A 94 1 b I AO . 08 yts 151 .71 152.08 97 94 152.70 1 CO CO IbZ.oZ 96 yy QQ i nc (Ob T e o ei loo.o I 1977 January February March . .. April May June July August . September ... October November December . .. 39 5 r40 3 fuV40 4 3 2 3 3 Eft A fi rd °, p40 2 [u\n? [H)P3-tA * nd 11 p4. •a o flT>3?Q ID/ J£ -* n qco 1 Q 1 n 1 Q [H)Pl -0 ^)pl .9 O AAQ n d^Q O / CC tQNnO. /IQO ^/pU.4o<: TOR 1 CO -1 r i n^ vl^d. Q^ •1 A O rlRR fn\ ni no B)pl09 ^d C C O1 [H)pl55.81 fLj\ r»1 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by@. Current high values are indicated by [H); for series that move counter to movements in general business activity, current low values are indicated by[H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p". preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pajes 13,17, and 18. Data exclude Puerto Rico which is included in figures published by the source agency. 60 MAY 1977 BCII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS MM Minor Economic Process Timing Class Year and month EMPLOYMENT AND UNEMPLOYMENT-Con. Comprehensive Unemployment Comprehensive Employment-Con. U,C,C C,C,C L,C f U Uf Lg, U L, Lg, U L, Lg, U L, Lg, U Lg, Lg, Lg Lg, Lg, Lg 42. Persons engaged in nonagricultural activities, labor force survey 41. Employees on nonagricultural payrolls, establishment survey 40. Employees in goodsproducing industries (mining, mfg., construction) 90. Ratio, civilian employment to total population of working age 37. Number of persons unemployed, civilian labor force 43. Unemployment rate, total 45. Average weekly insured unemployment rate State programs1 91. Average duration of unemployment 44. Unemployment rate, persons unemployed 15 weeks and over {Thous.) (Thous.) (Thous.) (Percent) (Thous.} (Percent) (Percent) (Weeks) (Percent) 1975 January February March 81 ,336 80,973 80,942 77,300 76,804 76,518 23,241 22,699 22,452 55.62 55.27 55.19 7,280 7,362 7,777 7,9 8.0 8.5 5.4 5.8 6.2 10.8 11.7 11.5 1.7 2.0 2.2 April May June 80,963 80,940 81,135 76,491 76,577 76,444 22,372 22,379 22,279 55.12 55.19 55.13 7,964 8,314 8,099 8.6 9.0 8.7 6.4 6.6 6.5 12.9 13.5 15.3 2.6 2.8 2.9 July . . . August September 81 ,421 81,697 81,609 76,719 77,059 77,344 22,294 22,493 22,658 55.25 55.33 55.25 8,061 7,921 8,011 8.7 8.5 8.6 6.3 6.1 6.0 14.9 15.4 16.1 3.1 3.0 3.1 October November December 81 ,698 81 ,897 82,188 77,596 77,730 78,012 22,730 22,788 22,892 55.16 55.16 55.23 8,048 7,813 7,705 8.6 8.4 8.3 5.8 5.3 4.8 15.5 16.8 16.9 2.9 3.2 3.2 January . . February March 82,921 83,273 83,630 78,406 78,635 78,980 23,066 23,112 23,248 55.66 55.75 55.91 7,247 7,126 7,017 7.8 7.6 7.5 4.4 4.2 4.1 16.9 16.3 16.0 3.0 2.7 2.5 April May June 83,931 84,308 84,220 79,312 79,319 79,368 23,403 23,381 23,357 56.15 56.28 56.14 7,042 6,911 7,171 7.5 7.3 7.6 4.1 4.3 4.4 15.8 15.1 16.9 2.2 2.2 2.3 July August September 84,450 84,462 84,516 79,513 79,618 79,918 23,344 23,310 23,463 56.22 56.17 56.06 7,406 7,517 7,448 7.8 7.9 7.8 4.6 4.8 4.9 15.6 15.4 15.4 2.4 2.5 2.4 October November December . . 84,428 84,972 85,184 79,819 80,106 80,344 23,323 23,489 23,508 55.96 56.19 56.27 7,564 7,651 7,519 7.9 8.0 7.8 5.1 4.7 4.4 15.3 15.5 15.6 2.5 2.6 2.6 85,468 85,872 86,359 80,561 r80,824 r81,372 23,589 r23,701 r23,985 56.27 56.45 56.71 6,958 7,183 7,064 7.3 7.5 7.3 4.1 4.1 3.8 15.5 14.7 2.4 2.3 2.0 E>86,763 E>p81,644 E>p24,151 E>56.98 E>6,737 E>7.0 DP3.7 1976 1977 January February . . . March April May June i>14.0 14.3 E>1.9 July August September October . . . November December NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by <u). Current high values are indicated by 0); for series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available, G raphs of these series are shown on pages 15,16,18, and 19. *Data exclude Puerto Rico which is included in figures published by the source agency. lt€l» MAY 1977 61 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC PROCESS . .. HH PRODUCTION AND INCOME Minor Economic Process Industrial Production Comprehensive Output and Income c,c,c C,C,C Timing Class 50. Gross national product in 1972 dollars Year and month (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) C,C,C 51. Personal income less transfer payments in 1972 dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.} 53. Wages and salaries in mining, mfg,, and construction in 1972 dollars (Ann. rate, bil.dol.) Personal income 223. Current dollars C,C,C 52. Constant (1972) dollars C.C.C C,C,C C,L,L 73. Index of industrial production, durable manufactures 74. Index of industrial production, nondurable manufactures (1967=100) (1967=100) (1967=100) 47. Index of industrial production, total C,C,C 49. Value of goods output in 1972 dollars (Ann. rate, bil.dol.) 1975 January February March 1,161)1 1,199.4 1,201.6 1,208.3 972.0 971.4 973.6 843.1 837.7 839.3 214.0 208.5 208.2 115.2 112.7 111.7 109.0 105.6 104.7 119.8 118.4 116.1 512.2 April May June 1,177*1 1,213.5 1,223.7 1,253.7 973.9 978.2 995.8 838.9 842.9 845.5 207.2 206.9 206.1 112.6 113.7 116.4 105.4 105.5 107.0 118.8 120.8 125.5 522.' 5 July August September 1,209*. 3 1,252.0 1,267.5 1,277.1 985.8 994.1 999.3 846.2 853.5 857.9 206.1 208.3 209.9 118.4 121,0 122.1 109.3 112.3 113.5 128.1 130.5 132.9 546 ) 6 October November December 1, 21<i!2 1,290.8 1,300.2 1,308.2 1,004.5 1,007.1 1,007.1 862.8 866.1 865.9 210.9 211.9 213.0 122.2 123.5 124.4 112.7 113.4 114.4 133.6 136.2 136.9 549!9 January February March 1,246*3 1,320.8 1,331.4 1,341.9 1,012.9 1,021.0 1,029.1 870.8 875.9 882.4 215.1 216.4 218.5 125.7 127.3 128.1 115.8 117.9 119.0 138.4 140.2 140.7 569!5 April May June .... l,2t>6)6 1,352.5 1,362.9 1,370.4 1,032.4 1,034.1 1,035.0 888.4 892.1 894.0 219.9 219.8 218.8 128.4 129.6 130.1 120.1 121.7 122.3 140.7 140.9 141.3 576)6 July August September 1,272*2 1,380.8 1,385.5 1,391.7 1,039.8 1,037.1 1,037.0 895.7 892.7 893.3 220.0 218.8 219.1 130.7 131.3 130.8 124.2 125.1 122.4 141.1 140.9 142.6 579.*i October November December 1,280.4 1,404.2 1,421.4 1,439.5 1,041.7 1,050.6 1,059.2 897.5 904.7 913.5 219.6 222.4 223.5 130.4 131.8 133.1 121.5 123.8 125.2 142.2 143.5 143.7 578.'7 IBri.sob'.s 1,441.3 rl,464.2 rl.486.5 1,052.8 fl, 064.1 rl,076.4 907.2 r916.7 T927.0 220.5 r223.5 r228.3 r!32.1 rl33.2 r!35.0 H23.0 r!23.9 H26.4 P143.7 r!45.7 r!46.8 ®r596.*3 Dpi ,497. 6 E>pl, 079.0 ®p930.3 DP230.1 B)pl36.1 [H)pl27.5 E>pl47.9 1976 1977 January . February March April May June > July .. August . September October November December .... NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted seriesare indicated by ®. Current high values are indicated by[H); for series that move counter to movements in general business activity, current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 15, 20,21, and 41. 62 MAY 1977 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS H Minor Economic Process PRODUCTION AND INCOME-Con. Q| CONSUMPTION, TRADE, ORDERS, AND DELIVERIES Capacity Utilization UC,U Timino Class 83. Rate of capacity utilization, manufacturing (BE A) Year and month (Percent) 82. Rate of capacity utilization, manufacturing (FRB) (Percent) Orders and Deliveries L, C, U 84. Rate of capacity utilization, materials (Percent) L, L, L L, L, L L,L,L L, Lg, U L, L, L 7. Constant (1972) dollars 8. New orders for consumer goods and materials in 1972 dollars 25. Change in unfilled orders, durable goods industries 96. Manufacturers' unfilled orders, durable goods industries 32. Vendor performance, companies reporting slower deliveries® (Bil.dol.) (Bil.dol.) (Bil. dol.) (Bil.dol.) Value of manufacturers' new orders, durable goods industries 6. Current dollars (Bil.dol.) '(») 1975 January February March 40.16 40.16 38.59 29.97 29.75 28.52 26.65 26.76 26.45 -2.90 -2.70 -3.65 181.80 179.10 175.44 18 16 17 7l!3 7CL7 40.72 41.16 40.37 29.99 30,28 29.71 27.66 28.22 28.14 -2.68 -1,41 -2.59 172.76 171,35 168.76 22 24 26 75^3 74!9 43.53 43.37 44.18 32.01 31.79 32.20 29,67 30,00 30.50 -0.43 -1.18 -1.11 168.33 167.15 166.04 30 36 44 76^8 ll'.\ 43.84 44.28 45,98 31.63 31.72 32.73 30.44 30,21 31.56 -1.40 -0.27 -0.79 164.63 164,37 163.58 45 44 39 79!6 79!6 45.90 47.93 51.11 32.51 r33.75 r35.84 r31.31 r31.87 r33.45 -1.38 -0.50 0.73 162.20 161,70 162.43 42 50 52 *79 October November December <*) 7K5 *75 July August September (Percent reporting) 76!9 *75 April May June L, L, L *79 1976 January February March *82 April May . June .... SO! 2 8o!e 50.24 51.35 51.25 r35.14 r35.84 r35.57 32,46 r33.20 r32.88 0.10 0.80 0.64 162.52 163.32 163.96 58 58 62 (8)81 !3 51.18 50.38 50.07 r35.34 r34.62 r34.ll r32.44 r32.13 r31.22 0.09 s6!s -1.27 164.06 162.79 162.80 60 i>64 60 50.99 52.42 57.26 34.43 35.18 38.18 r30.56 32.12 34.66 1.73 1.00 1.74 164.52 165.52 167.26 50 48 45 54.94 55.16 [RX59.39 36.46 36.43 H>r38.94 33.65 34.14 E>r36.68 1.70 0.43 rO.36 168.96 169.39 H69.75 44 55 56 p59.16 P38.64 p34.81 E>p2.00 E>pl71.75 58 E>82 July August September 'so October November December .... s6!e 80.2 *81 0.01 1 1977 January February March B>r81.'6 (NA) April May June r80.*2 July August September October November December . ... NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (S). Current high values are indicated by[H); for series that move counter to movements in general business activity, current low values are indicated by|H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 13,21, and 22. 1 See "New Features and Changes for this Issue," page ill. MAY 1977 63 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC PROCESS H Qj CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con. Minor Economic Process Formation of Business Enterprises Consumption and trade c,c f c Timing Class C,C,C Manufacturing and trade sales Year and month 56. Current dollars (Mil.dol.) 57. Constant (1972) dollars {Mil.dol.) C,L,C C.L.U FIXED CAPITAL INVESTMENT U, L,U 75. Index of inSales of retail stores dustrial production consumer 54. Current 59. Constant goods (1972} dollars dollars (1967=100) (Mil.dol.) {Mil.dol.} UC,C L,L,L 55. Personal consumption expenditures automobiles 58. Index of consumer sentiment ® (Ann. rate, bil. dol.) (IstQ 1966=100) L,L,L L,L,l 12. Index of net business formation (1967=100) 13. Number of new business incorporations (Number) CO 1975 166,596 168,070 164,116 119,460 120,230 117,487 117.0 116.1 117.0 45,984 46,954 45,962 36,188 36,971 36,135 36!6 58!6 102.9 101.7 103.0 24,406 24,298 24,922 1(57,687 167,995 170,625 119,320 119,615 121,184 119.0 120.4 124.3 46,948 48,171 48,652 36,531 37,439 37,732 37*1 72*.9 103.4 104.8 110.7 26,506 26,634 26,231 July August September 173,802 176,001 177,475 122,486 124,185 124,746 126.6 127.5 129.0 49,411 49,774 49,644 37,778 37,953 37,838 42!a 75.*8 113.7 112.6 113.1 28,571 28,632 29,000 October November December 178,621 178,119 H81-.442 124,971 123,941 125,656 128.7 131.1 132.3 49,995 50,552 51,734 38,004 38,185 38,844 45J 75^4 112.0 112.5 116.0 29,469 28,799 29,704 r!83,635 rl 86,679 r 189, 940 126,651 128,694 130,519 133.1 134.9 136.1 51,592 52,601 53,344 38,602 39,505 39,917 52^6 84!5 115.4 114.5 116.3 r29,639 r29,043 r31 ,027 rl91,404 r 190, 445 r!93,360 130,796 129,532 131,134 136.1 137.4 137.8 53,696 52,868 53,983 40,032 39,090 39,920 54^9 82^2 115.7 114.9 118.6 29,876 28,637 31,600 July August September rl93,302 r 194, 302 r!93,868 130,931 131,799 130,434 136.8 137.5 136.2 53,754 54,643 54,100 39,682 40,179 39,552 55.'2 1)88; 8 117.8 117.8 118.3 30,114 32,746 32,368 October November December r!92,591 r!96,477 r204»365 129,364 131,629 136,044 136.9 139.1 142.0 54,634 55,573 57,898 39,809 40,387 41,925 56.*2 86 .'6 120.1 121.3 121.0 32,887 33,496 33,495 r201,988 r207,500 [H>p214,645 133,666 r!36,010 [H>Pl39,712 r!40.2 r!41.1 H43.3 56,660 r58,175 [H)r59,400 40,792 r41,613 [R>r42,278 Dr64*.9 87^5 E>123.3 p!23.0 e!22.9 [H>34,508 p33,095 ffi)pl43.8 p59,397 p42,126 January February March April May June , .. . ,, 1976 January February March April May June . . 1977 January February March April May June July August September .... (NA) (NA) (NA) (NA) , October November December NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Current high values are indicated byE); for series that move counter to movements in general business activity, current low values are indicated by |H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 13,15,23, and 24. *See "New Features and Changes for this Issue," page ill. 64 MAY 1977 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS 1 1 FIXED CAPITAL INVESTMENT-Con. Minor Economic Process Business Investment Commitments L.L.L Timing Class L, L, L Contracts and orders for plant and equipment Year and month 10. Current dollars (Bit. dot.) 20. Constant (1972) dollars (Bil.dol.) UUL Value of manufacturers' new orders, capital goods industries, nondefense 24. Current dollars (Bil.dol.) L,C,U U, Lgf U C, Lgf Lg 9. Construction contracts for commercial and industrial buildings, floor space1 11. Newly approved capital appropriations, 1,000 manufacturing corporations1 97. Backlog of capital appropriations, manufactur- (Bii.dol.) (Bil. dol.) L, L, L 27. Constant (1972) dollars (Bil.dol.) Square feet (Millions) Square meters2 (Millions) 1 ing 1975 January February March 13.06 12.21 11.88 9.88 9.21 8.92 11.62 10.59 10.15 8.87 8.08 7.70 ,54.39 46.54 39.69 5.05 4.32 3.69 11*39 April May June 13.36 14.07 13.87 9.93 10.75 10.56 10.30 8.09 7.98 7.74 56.90 44.79 50.54 5.29 4.16 4.70 10*98 July August September 13.19 14.47 12.75 10.66 11.32 10.92 11.07 8.43 8.17 8.24 52.60 43.25 50.12 4.89 4.02 4.66 loiis 9.42 12.64 12.68 12.37 9.25 9.21 9.02 11.19 11.37 11.05 8.23 8.29 8.10 54.10 41.99 50.71 5.03 3.90 4.71 12*87 October November . December ... 10.44 10.23 9.73 49! i 6 47*59 45*34 46*45 1976 14.88 14.43 rl5.39 10.77 10.50 rlO.92 11.66 11.90 12.17 8.55 8.75 8.69 44.27 50.95 52.32 4.11 4.73 4.86 11*34 April May June 14.33 13.89 15.63 10.43 12.48 12.67 12.61 9.15 9.09 8.95 52.83 52.65 53.85 4.91 4.89 5.00 12!49 July August September . 15.55 14.04 14.98 11.00 9.79 9.02 9.44 52.21 50.78 48.53 4.85 4.72 4.51 11*54 10.47 13.78 12.69 13.47 17.39 14.52 16.00 12.17 10.11 11.12 14.30 12.88 14.11 10.08 51.47 52.53 54.81 4.78 4.88 5.09 [H>p15.'31* 17.24 16.78 H6.72 11.95 11.54 rll.48 14.78 14.34 r14.79 10.30 rio.-ig 53.56 51.27 E>67.45 4.98 4.76 E>pl8.28 (H>pl2.56 [H>pl5.07 i>pl0.42 55.88 January February March October November December . . 9.93 11.00 9.94 9.00 9.86 46* 05 4e!e5 45^72 [H>p48*.29 1977 January February March April May June 9.91 0)6.27 (NA) (NA) 5.19 July August September October November December . ... NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by(H); for series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 13,24, and 25. ,. ., 'This is a copyrighted series used by permission; it may not be reproduced without written permission from the source agency. McGraw-Hill Information Systems Company, F . W . Dodge Division (series 9) or The Conference Board (series 11 and 97). Converted to metric units by the Bureau of Economic Analysis. IECI) MAY 1977 65 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS Q| FIXED CAPITAL INVESTMENT-Con. Minor Economic Process Residential Construction Commitments and Investment Business Investment Expenditures C, Lg, Lg Timing Class 6UJusiness expenditures for new plant and Equipment, total Year and month (Ann. rate, bil.dol.) C, Lg, Lg C, Lg, U C, Lg, C 76. Index of 69. Machinery industrial proand equipment sales and business construction equipment expenditures (Ann. rate, bil.dol.) C,Lg,C Nonresidential fixed investment in 1972 dollars 86. Total . (1967=100) Lg, Lg, Lg 87. Structures 88. Producers' durable equip. (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) L,L,L 28. New private housing units started, total (Ann. rate, thous.) L, L,L U L, L 29. Index of new private housing units authorized by local building permits (1967=100) 89. Residential fixed investment, total, in 1972 dollars (Ann. rate, bil.dol.) 1975 January February March mis? 161.31 163.07 160.50 130.8 128.0 125.7 114*4 37*5 76*9 1,016 923 990 61.9 62.8 62.1 35!4 April May June 112!46 159.56 158.63 159.41 125.6 126.0 126.6 n6!e 36J 74*.5 996 1,109 1,067 72.6 77.8 80.8 3e!s July August September 112J6 160.36 161.73 161.85 127.3 129.9 129.2 noli 3e!e 73!5 1,229 1,253 1,281 87.6 86.0 94.1 39!e inlso 164.97 163.47 165.75 128.8 129.6 131.6 nois 36^7 73!8 1,368 1,370 1,336 95.7 97.1 94.0 41 *9 January February March ni4*72 165.63 171.08 172.10 131.0 132.6 134.0 mie 37J 75!5 1,259 1,478 1,426 100.4 102.4 April May June ns'.iz 175.09 174.64 171.82 134.1 134.6 135.0 114*9 3?!9 77^6 1,385 1,435 1,494 93.2 99.8 99.1 45!7 July August September 122!55 176.12 178.19 175.94 136.9 137.7 137.5 117i5 38^4 79^2 1,413 1,530 1,768 104.7 111.7 129.6 47^4 October November December i>l 25*22 178.81 179.18 189.81 135.9 140.2 143.2 117*.9 H>38'.9 79*.6 1,715 1,706 1,889 128.6 137.0 130.5 51*1 January February March a129.19 182.99 H85.16 E>pl93.18 E>H22.3 r37.8 |H>r84.5 1,384 rl ,802 i>r2t114 April May June al32!?l October November December . .. 1976 98.8 44*1 1977 (NA) 142.0 r!43.0 r!44.6 E>pl45.7 pi, 875 112.6 131.8 E>147.5 [H>r51.6 134.7 July August September October November December NOTE: Series are seasonally adjusted except those series that appear to containno seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated by[H); for series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 14,25, and 26. 66 MAY 1977 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con. MAJOR ECONOMIC PROCESS ^B INVENTORIES AND INVENTORY INVESTMENT Minor Economic Process . .. Timing Class Year and month Inventory Investment L, L,L L,L,L 36. Change in inventories on 30. Change in hand and on order in 1972 business invendollars tories in 1972 dollars Smoothed Monthly data data1 (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) CO <O Inventories on Hand and on Order L,L, L L,L,L 31. Change in book value of mfg. and trade inventories, total 38. Change in stocks of materials and supplies on hand and on order, mfg. (Ann. rate, bil.dol.) (Bil.dol.) Lg, Lg, Lg Lg, Lg, Lg Lg, Lg, Lg Manufacturing and trade inventories, book value 71. Current dollars (Bil.dol.) 65. Mfrs.' inventories of finished 70. Constant goods, book (1972) dollars value (Bil.dol.) {Bil.dol.) Lg, Lg, Lg 77. Ratio, constantdollar inventories to sales, mfg. and trade (Ratio) U Lg, Lg 78. Stocks of materials and supplies on hand and on order, mfg. (Bil.dol.) 1975 January February March -2*0*. 5 -35,36 -45.84 -38.53 -18.99 -27.76 -35.38 3.9 -10.1 -14.8 -1.84 -1.70 -2.88 278.71 277.87 276.63 225.40 223.47 221.69 49.42 49.54 49.72 1.89 1.86 1.89 139.22 137.52 134.64 April May June -21^2 -31.31 -28.75 -19.43 -38.51 -35.71 -29.68 -12.1 -17.9 -3.41 -1.40 -1.81 275,63 274.14 273.42 220.39 218.20 217.41 49.63 49.65 49.38 1.85 1.82 1.79 131.23 129.83 128.02 -3.37 -21.84 -12.05 -4.85 -1.7 19.5 -0.58 -0.92 -0.75 273.28 274.91 275,58 217.05 217.43 217.15 48.90 49.24 49.61 1.77 1.75 1.74 127.43 126.51 125.76 0.12 0.24 277.68 276.80 275.48 218.02 216.74 215.08 49.89 49.81 49.87 1.74 1.75 1.71 125.88 126.12 125.66 277.06 279.01 281.26 215.78 216.42 217.05 49.83 49.97 50.07 1.70 1.68 1.66 125.80 125.29 126.78 283.06 285.69 289.14 217.46 218.26 220,01 50.52 50.96 51.71 1.66 1.68 1.67 126.78 128.52 128.94 0.59 290.87 293.31 296.54 220.58 221.72 223.05 51.96 52.74 53.36 1.69 1.68 1.70 129.19 128.23 128.82 1.13 1.53 0.24 298.18 298.94 299.12 223.42 223.09 222.66 53.60 53.78 53.75 301.97 r303.98 pi. 76 (H>p306,78 223.72 r224.18 E>p224.88 54.36 54.48 E>54.48 July August September October November December -i!6 2.05 -7.01 -5.*5 -8,7 8.0 -11.93 -17.44 -0.87 -1.30 -5.36 -10.5 -15.8 r5.33 r7.52 rlO. 84 r-7.56 r-4.77 r3.18 18.9 23.4 27.0 r7.47 21.7 31.6 8.06 25.2 -0.47 1976 January February March lo.'i April May June July August September October November December E>ii!i r2.78 >17.18 Drl9.86 rll.77 1CK2 r4,S7 rB.60 rll.ll (H>rl3.57 rl2.ll r8.88 20.7 29.3 38.7 6!g r4.94 -2.44 -3.11 r7.49 r6.04 r2.17 19.7 r9*.2 18.08 6.52 p!2.65 rl.99 r5.67 p9.79 r24.2 p33.5 (NA) (NA) 8.66 0)41.3 9.1 2.2 0.15 -0.51 1.49 -0.01 1.74 0.42 0.26 -0.96 E>1.73 1.69 1.64 129.95 131.48 131.72 1977 January February March April May June (NA) 34.2 B> 1.93 0.58 (NA) (NA) (NA) (NA) 1.67 1,65 pi. 61 (NA) 133.65 134.23 D135.99 (NA) July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by[R); for series that move counter to movements in general business activity, current low values are indicated by[H>. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p". preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 14,16, 27, and 28. 1 Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 2 See "New Features and Changes for this Issue," page iii. licit MAY 1977 67 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con. MAJOR ECONOMIC PROCESS HH PRICES, COSTS, AND PROFITS Minor Economic Process U,L,L L, L, L Timing Class 92. Change in sensitive prices Year and month Monthly data (I'ercent) 1975 January . February March April May June Stock Prices Sensitive Commodity Prices Smoothed data2 (Percent) 23. Index of industrial materials prices® (1967=100) L,L, L 19. Index of stock prices, 500 common stocks© (1941-43=10) Profits and Profit Margins L,L, L L, L,L Corporate profits after taxes 16. Current dollars (Ann. rate, oil. dot.) 18. Constant (1972) dollars (Ann. rate, bil.dol.) l,C,U L,C, L Corporate profits after taxes with IVA and CCA 1 79. Current dollars (Ann. rate, bil.dol.} 80. Constant (1972} dollars (Ann. rate, bil.dol.) 1.1.1 22. Ratio, profits (after taxes) to total corporate domestic income (Percent) 00 (3) -1.03 -0.86 -1.00 -1.04 -1.36 -1.23 180.1 181.1 182.3 72.56 80.10 83.78 54!6 42^3 28!s 23!4 7^2 0.96 1.68 0.45 -0.63 0.13 0.79 186.4 184.2 173.2 84.72 90.10 92.40 61 !6 47!8 41 !e 33^6 y.9 0.69 0.30 0.64 171.5 179.6 184.2 92.49 85.71 84.67 72J 55^5 50^5 39J 9^6 1.07 0.78 0.43 181.9 179.8 180.6 88.57 90.07 88.70 74J 55^6 48\4 36^9 9.\ rO.73 183.6 186.6 193.2 96,86 100.64 101.08 79^7 59^6 53!7 40^5 9^3 200.9 202.7 205.2 101.93 101.16 101.77 82l7 61 !3 52!9 39^6 9^5 104.20 103.29 E>105.45 85!l 62^4 H>56\9 rl.12 214.1 209.6 206.2 H>41-9 m/6 July August September -1.07 October November December -0.86 -0,61 1.35 2.84 2,67 1976 January February March April May June rl.ll r-?.49 r2.81 r2>.23 rC.49 rl.ll 0.74 rO.45 0.66 rl.35 rl.56 July August September r-0.51 October November December r3,58 -2.21 rl.06 rl.76 EM- 96 201.6 201.0 203.2 101.89 101.19 104.66 86*. 8 i>62!8 50.4 36:9 9.5 -1.20 [H>3.96 rO.87 rO.12 210.2 216.4 D.222.8 103.81 100.96 100.57 E>p87!6 p62.*6 p47.*6 p34.*4 p9.'4 2.39 0.67 3,67 rl.30 1.36 1977 January February March April May Jung 2.31 0.94 0.29 1.94 221.9 "220.7 S 99.05 99.68 July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©.Current high values are indicated by[H); for series that move counter to movements in general business activity, current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 14,29, and 30. 1IVA means inventory valuation adjustment; CCA means capital consumption adjustment. ^Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 3See "New Features and Changes for this Issue/1 page iii. "Average for May 3, 10, and 17, "Average for May 4, 11, and 18. 68 MAY 1977 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS Minor Economic Process Q| PRICES, COSTS, AND PROFITS-Con. Profits and Profit Margins-Con. Timing Class Year and month U, L,L L, L, L 81. Ratio, profits (after taxes) with IVA and CCA to corp. domestic income1 15. Prof its (after taxes) per dollar of sales, all manufacturing corporations (Percent) (Cents) Cash Flows L,L, L L, L, L Unit Labor Costs and Labor Share L, L, L 17. Ratio, price Net cash flow, corporate to unit labor cost index, manufacturing 34. Current 35. Constant (1972) dollars dollars (1967=100) Lg, Lg, Lg 63. Index of unit labor cost, private business sector (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (1967=100) Lg, Lg, Lg 68. Labor cost per unit of real gross domestic product, nonfinancial corporations (Dollars) Lg, Lg, Lg , Lg, Lg, Lg 62. Index of labor cost per unit of output, manufacturing 64. Compensation of employees as a percent of national income (1967=100) (Percent) (2) 1975 January February March 3/5 3.8 118.2 117.1 114.8 m.7 84^8 162!9 0.863 143.5 144.5 147.0 7a!e April May June sii 4^4 117.2 117.4 119.0 117.'6 89^4 160!7 0.847 144.6 144.7 143.2 77^2 July August September e!i s'.o 120.5 120.4 121.5 i3o!6 97!6 159^5 0.842 141,9 142.1 141.1 75^8 October November December 5^6 s'.i 122.2 123.2 123.8 134!s 98.2 163*.3 0.860 142.4 141.8 141.5 76^2 January February March 5^9 S!B r!25.0 125.7 125.1 14CL9 102^6 164 '.6 0.869 140.9 140.1 141.1 76L2 April May June s',8 [Rhie 125.4 H25.0 r!24.8 144^6 103^4 166'.6 0.876 142.0 142.6 143.7 76J eeii B'.S 124.2 122.7 122.2 147*.9 104*.8 167*.8 0,884 144.4 145,5 146.7 76!2 5.1 5.0 122.9 123.8 125.5 149.5 104.5 171.1 0.904 147.2 147.1 146.4 76.6 rl25.7 125.7 r!25.3 H)pl52:6 H)pl05:5 E>rl73'.6 E>P0.923 H47.3 148.1 rH9.6 1976 July August September October November December 1977 January February March p4.*7 April May June (NA) DP126.7 g)p76:7 (H>Pl50.0 July August September October November December .... NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by H); for series that move counter to movements in general business activity, current low values are indicated by[RX Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 16,30,and 31. 1 IVA means inventory valuation, adjustment; CCA means capital consumption adjustment. 2 See "New Features and Changes for this Issue," page iii. MAY 1977 69 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con. MAJOR ECONOMIC PROCESS 19 Minor Economic Process L, L, L 85. Change in money supply (M1) Year and month (Percent) L,C,U 102. Change in money supply plus time deposits at commercial banks (M2) (Percent) 1975 January February March L,L, L 104. Change in total liquid assets Smoothed data1 (Percent) (Percent) Revised2 Revised2 105, Money supply (Ml) in 1972 dollars C,C,C L, L, L 106. Money supply (M2) in 1972 dollars 107. Ratio, gross national product to money supply (M1) (Bil.dol.) (Bil.dol,) (Ratio) L.L.L C, Lg, C 33. Net change 108. Ratio, personal income in mortgage debt to money supply held by financial (M2) institutions and life insurance companies (Ann. rate, (Ratio) bil.dol.) 0.00 0.71 0.39 0.59 0.74 0.68 0.61 0.62 0.40 0.45 0.57 225.9 224.6 225.3 492.2 492.3 494.1 5.11*4 1.951 1.943 1.939 28.50 30.83 29.62 0.25 0.98 0.58 1.13 0.66 0.98 1.14 0.63 0.69 0.84 224.7 225.9 226.7 494.4 497.8 500.7 5.152 1.937 1.931 1.952 32.40 34.86 37.22 0.92 0.77 0.74 0.97 0.98 0.88 225.4 225.6 225.2 500.1 500.8 500.7 5.289 1.934 1.949 1.956 34.90 40.06 47.90 0.89 0.80 0.89 0.98 223.6 224.1 222.4 499.8 501.9 501.1 5.391 1.968 1-964 1.969 56.75 42.60 48.92 0.90 0.82 221.4 222,3 222.7 502.6 507.9 510.0 5.5i5 1.970 1.963 1.966 44.46 50.27 58.14 -0.35 April May June l,L,L Monthly data Credit Flows Velocity of Money Money Timing Class i.n July August September MONEY AND CREDIT H>1.34 0.34 0.38 0.27 0.81 0.45 0.40 -0.10 -0,27 0.44 0.96 0.33 January February March 0.17 0.51 0.44 0.90 1.18 0.65 0.81 0.91 0.70 April May June 1.24 1.17 0.56 1.01 0.78 0.74 0.84 0.85 0.84 224.6 224.3 223.2 513.8 514.3 514.0 5.532 1,958 1.959 1.963 45.77 44.83 44.23 0,85 516.7 518.1 520.6 5.586 1.958 1.950 1.943 57.88 52.64 50.72 , October November December 0.75 i>1.29 0.80 1976 H>0.98 -0.10 0.74 0.36 July August September 0.59 0.49 0.13 1.00 0.74 0.83 1.03 0.71 0.70 0..84 0,82 223.5 223.5 223.1 October November December 1.17 0.03 0.71 1.31 0.83 1.04 1.11 0.73 0.73 0.83 0.84 0.85 224.9 224.3 B>225,0 525.6 528.4 i>531.8 5.606 1.935 1.943 1.947 57.64 67.14 65,42 0.08 0.06 0.51 0.77 0,55 0.84 0.86 0.87 224.3 222.3 222.0 531.6 529.4 r529.7 [H>r5.702 rO.68 1,00 0.94 0.63 1.935 rl.955 EDrl.971 r56.14 r58.62 DP70.75 1.09 pO.97 pO.85 p223.9 p531.3 1977 January February March April May June ED1.65 9 0.06 9 pi .964 (NA) 0.13 July August September October . November December NOTi: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by[H>; for series that move counter to movements in general business activity,current low values are indicated by (R). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 14, 32, and 33. 1 Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. aSee "New Features and Changes for This Issue," page iii. 3Average for weeks ended May 4 and 11.. 70 MAY 1977 BCD CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS ^H MONEY AND CREDIT-Con. Minor Economic Process Credit Flows-Con. L, L,L Timing Class 112. Net change in bank loans to businesses Year and month (Ann. rate, bil.dol.) L,L,L 11 3. Net change in consumer installment debt (Ann. rate, bil.dol.} Credit Difficulties L, L, L 110. Total private borrowing (Ann. rate, mil.dol.) L, L, L 14. Current liabilities of business failures® (Mil.dol.) L, L,L Bank Reserves L, U, U 39. Delinquency 93. Free rate, 30 days reserves © and over, consumer installment loans (Percent) (Mil.dol.) Interest Rates L, Lg, U 94. Member bank borrowing from the Federal Reserve© (Mil. dot.) L, Lg, Lg 119. Federal funds rate® (Percent) C, Lg, Lg 114. Treasury bill rate© (Percent} Revised1 1975 January February -11.59 -39.71 -17.42 -1.75 97,252 391.14 384.76 343.35 2.59 2.71 2.94 109,644 372.08 357.79 175.92 2.74 2.65 2.63 15.43 10.06 11.92 128,060 242.03 222.44 205.53 2.60 2.65 2.59 165,696 10.14 14.17 15.89 17.88 1,295.39 252.87 1)136.88 2.48 2.29 2.47 -28.04 -0.68 -39.37 13.24 13.48 17.68 rl71,816 257.07 211.76 247.65 -47.33 -1.98 17.12 17.69 15.96 r!98,176 -18.68 -4.94 10.72 15.64 16.84 17.77 21.94 [R>28.00 10.25 January February March -9.79 r!9.22 r7.12 April May June p-6.41 2 4.22 March -22.73 -22.70 -18.34 April May June -7.32 -18.72 July August September 2.80 October 5.57 9.28 November December . ... 390 147 106 -454 7.13 6.24 5.54 6.49 5,58 5.54 60 271 5.49 5.22 5.55 5.69 5.32 5.19 261 211 396 6.10 6.14 6.24 6.16 6.46 6.38 -35 229 135 191 61 127 5.82 5.22 5.20 6.08 5.47 5.50 2.49 2.46 2.45 130 -62 378 79 76 58 4.87 4.77 4.84 4.96 4.85 5.05 206.42 233.28 373.64 2.34 2.41 2.40 45 261 -3 44 121 120 4.82 5.29 5.48 4.88 5.18 5.44 r201,528 305.55 263.96 250.32 2.39 2.39 2.36 -53 193 212 123 104 75 5.31 5.29 5.25 5.28 5.15 5.08 18.77 14.92 21.88 183.57 277.60 200.44 2.53 H>r237,948 123 280 66 84 62 5.03 4.95 4.65 4.93 4.81 4.35 23.02 24.26 H>32.60 433 p226,796 61 79 rllO 4.61 4.68 4.69 4.60 4.66 4.61 3.80 -3.19 0.20 -3.62 5.38 85 160 no 10 -61 277 -293 6 -197 1976 January February . . March April May June 9.56 July August . . September October November December ED2.19 2.40 no 1977 (NA) 168.54 194.20 (NA) 2.37 2.37 2.37 -114 (NA) p-38 155 2 52 2 P 73 166 4.73 2 5.27 4.54 3 4.88 July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated byB); for series that move counter to movements in general business activity, current low values are indicated byjj). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 33,34, and 35. l See "New Features and Changes for this Issue," page iii. 2Average for weeks ended May 4, 11, and 18. 3Average for weeks ended May 5, 12, and 19. MAY 1977 71 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con. MAJOR ECONOMIC PROCESS . . . . . . . . ^9 MONEY AND CREQIT-Con. Minor Economic Process Outstanding Debt Interest Rates-Con. Timing Class Lg, Ig, Lg C, Lg, Lg U, Lg, Lg Lg, Lg, Lg 116. Corporate bond yields© 115. Treasury bond yields® 117. Municipal bondyields@ 11 8. Secondary market yields onFHA mortgages® (Percent) (Percent) (Percent) (Percent) Year and month Lg, Lg, Lg 67. Bank rates on short-term business loans, 35 cities® (Percent) Lg, Lg, Lg 109. Average prime rate charged by banks® (Percent) Lg, Lg, Lg Lg, Lg, Lg 66. Consumer installment debt (Mil.dol.) 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks {Mil.dol.} Lg, Lg, Lg 95. Ratio, consumer installment debt to personal income (Percent) 1975 9.17 8.84 9.48 6.68 6.66 6.77 6.82 6.39 6.74 8.84 8.69 April May Jung 9.81 9.76 9.27 7.05 7.01 6.86 6.95 6.97 6.95 (NA) 9.16 9.06 July August September 9.56 9.70 9,89 6.89 7.11 7.28 7.07 7.17 7.44 9.13 October November December 9.54 9 48 9 59 7,29 7 21 7 17 7 39 7 43 7 31 9 53 9 41 January February March B. 97 8.71 8.73 6.93 6.92 6.88 7.07 6.94 6.92 9,06 April May June 8,68 9.00 8.90 6.73 7.01 6.92 6.60 8 82 9 03 9 05 7 44 July August September 8.76 8.59 8.37 6.85 6 82 6.70 6.79 8 99 8 93 8 82 7 80 October November December 8,25 8,17 7 ,,90 6.65 6 62 6,38 6 30 6 29 7 97 8 18 8.33 6.68 7 16 7 20 January February March . , 8 99 9 32 8.16 8 22 9.74 Q 8.96 7.93 152,051 152,368 152,102 133,817 130,508 129,056 12 68 12.68 12.59 7.50 7.40 7.07 152,119 151,817 152,265 127,162 125,270 123,742 12.54 12.41 12.15 7.15 153,551 154,389 155,382 123,132 121,572 121 ,805 12.26 12 18 12.17 7 96 7 53 7 ?fi 156 563 157 887 122 269 Ipo nd? IRQ ^77 I p O 007 17 Id 19 1 A 7.00 6.75 160,480 161 ,603 163,076 121 ,550 121 493 118,212 12 15 12 14 12 15 6 75 6 75 7 20 164 503 165 977 167 307 m 114 268 irn 12 16 1? Ifi 12 21 7 25 7 m 7 oo m 10 05 9.94 7 66 7.88 8 29 1? 12 13 1976 6 87 6 87 6 61 6 51 9 04 7 54 (NA) 7 28 5.94 8 55 8 45 8 25 5 87 5 89 5 89 8 40 8 50 8 58 (N&\ \Nf\) 5 79 8 (-7 2C fC 6 75 114 900 113 343 IIP cni 168 610 mi 171 494 12 21 19 97 1 1 3 824 12 ^? 6 78 6 50 6 35 173 058 1 74 301 176 124 115 652 1? 3? 117 QRR 1P 110 12 24 fi ?R m i on nc/i IIP nP^ 1 lo.UcJ vl 1 Q K9R poo P£ 1977 January February March April May June .... 8 in 13 40 710 1 7 1Q 6 pC 6 25 6 . or £0 3C QD 0. JO fiA9 lou,064 [uYioo |n/lo£ ,7pi /o 1 /MA \ (NA) fu\1 9 *3C [n/\d. Jb i*l Pn PIG |H}ri^u,£ id !LJ\ pl!9,684 ** 1120, on 036 n*3c v«i r 19c .*sn JU p 1 c ."3H oU nl 9 / MA\ (NA) July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by[H); for series that move counter to movements m 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 shewn at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pagtis 16,35, and 36. 1 Average for weeks ended May 6, 13, and 20. 2Average for weeks ended May 5, 12, and 19. 3Average for May 1 through 24. ^Average for weeks ended May 4, 11, and 18. 72 MAY 1977 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE Q DIFFUSION INDEXES Year and month 950. Twelve leading indicator components (series 1,3, 8, 12,19, 20,29,32,36,92,104, 952. Six lagging indicator components (series 62, 70, 72, 91, 95, 109) 951. Four roughly coincident indicator components (series 41,47,51,57) 961. Average workweek of production workers, manufacturing (21 industries) 105) 1 -month span 6-month span 8.3 25.0 41.7 66.7 1-month span 6-month span 0.0 0.0 0.0 1 -mo nth span 6-month span 1 -month span 962. Initial claims for State unemployment insurance, week including the 12th (47 areas)1 9-month span 1-month span 9-month span 0.0 963. Number of employees on private nonagricultural payrolls (172 industries) 1 -month span 6-month span 1975 January February March . . . 50.0 66.7 25.0 25.0 25.0 16.7 25.0 33,3 16.7 16.7 16.7 6.4 14.3 11.9 35.7 26.2 19.0 55.3 29.8 55.3 12.8 36.2 16.9 16.9 27.3 13.7 12.8 18.9 61.9 47.6 83.3 57.1 61.9 73.8 44.7 66.0 46.8 70.2 68,1 57.4 44.2 51.2 39.8 29.1 40.7 59.0 83.3 88.1 76.2 90.5 90.5 95.2 68.1 42.6 28.7 80.9 97.9 97.9 57.3 72.4 81.4 63.4 66.6 72.4 April May June 83.3 87.5 91.7 91.7 62.5 75.0 100.0 100.0 91.7 75.0 100.0 100.0 July August September 83.3 54.2 58.3 83.3 75.0 66.7 100.0 100.0 100.0 100.0 100.0 100.0 50.0 33.3 33,3 16.7 16.7 50.0 October November ...... . December 58.3 58.3 41.7 83.3 66.7 75.0 100.0 62.5 87.5 100.0 100.0 100.0 83.3 33.3 33.3 16.7 50.0 66.7 73.8 88.1 95.2 90.5 45.2 61.7 61.7 89.4 97.9 85.1 70.2 64.0 59.6 69.2 78.8 79.4 77.6 58.3 66.7 70.8 75.0 91.7 79.2 100.0 100.0 100.0 100.0 100.0 100.0 50.0 33.3 75,0 16.7 66.7 58.3 66.7 31.0 31.0 90.5 66.7 61.9 68.1 36.2 42,6 76.6 78.7 76.6 76.7 74.4 77.9 82.8 83.1 77.0 50.0 54.2 75.0 66.7 100.0 62.5 100.0 100.0 r54.2 r62.5 100.0 75.0 75,0 75.0 83.3 83.3 83.3 83.3 16.7 90.5 21.4 47.6 14.3 11.9 55.3 27.7 48.9 53.2 23.4 14.9 77.9 63.4 47.1 77.0 71.5 70.9 45.8 37.5 33.3 58.3 75.0 75.0 50.0 100.0 100.0 75.0 66.7 75.0 100.0 r5Q.O 66.7 83.3 42.9 23.8 23.8 40.5 54.8 52.4 51.1 27.7 38.3 29.8 63.8 44.7 52.9 49.1 68.9 55.2 55.2 61.9 100.0 100.0 100.0 75.0 16.7 16.7 83.3 83.3 66.7 71.4 78.6 57.1 r52.4 r71.4 p57.1 69.1 55.3 83.0 66.0 72.3 53.2 39.0 64.2 68.3 r69.8 r74.4 100.0 66.7 75.0 83.3 "75.0 4.8 r97.6 r45.2 29.8 55.3 66.0 71.5 p88.1 100.0 100.0 r61.6 r76.7 100.0 *37.5 P33.3 29.8 p75.3 0.0 0.0 0.0 0.0 0.0 0.0 8.3 1976 January February March . April May June July August September October November December . 75.0 50.0 58.3 58.3 rSO.O 25.0 54.2 66.7 100.0 100.0 16.7 50.0 66.7 2 75.0 70.1 1977 January February March April May June M5.0 80.0 25.0 3 3 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, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950,951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available. Graphs of these series are shown on page 37. 1 Component data are not available for publication and therefore are not shown in table C2. 2 Excludes series 12 and 36 for which data are not yet available. "Excludes series 57 for which data are not yet available. "Excludes series 70 and 95 for which data are not yet available. ltd)MAY 1977 73 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE-Con. ^H DIFFUSION INDEXES-Con. Year and month 964. Value of manufacturers' new orders, durable goods industries (35 industries) 1 -month j]pan 9-month span 965. Newly approved capital appropriations, deflated, The Conference Board1 (17 industries) 1-quarter span 966. Index of industrial production (24 industries) 967. Index of industrial mate rials prices (13 industrial materials) 1 -mo nth span 968. Index of stock prices, 500 common ^stocks® (62-65 | industries)2 1 -month span 9-month span 969. Profits, manufacturing, C it bank (about 1,000 corporations) 1-quarter span 1 -mo nth span 6-month span 8.3 16.7 54.2 53.8 42.3 38.5 11.5 15,4 15.4 95.4 93.8 86.2 62.0 98.5 100.0 48 *34 25.0 33.3 20.8 70.8 83.3 87.5 46.2 38.5 61.5 38.5 61.5 61.5 69.2 61.0 70.8 95,4 93.8 89.2 53 *43 70.8 62.5 85.4 87.5 95.8 91.7 57.7 65.4 76,9 53.8 53.8 46.2 64.6 6.2 40.0 80.8 66.2 90.8 70 *50 87.5 79.2 75.0 91.7 91.7 95.8 46.2 42.3 50.0 46.2 61.5 69.2 70.8 64.6 26.2 87.7 80.0 80.0 58 *53 50.0 81.2 62.5 87.5 83.3 83.3 76.9 42.3 88.5 53.8 69.2 65.4 100.0 83.1 53.1 90.8 93.8 95.4 62 *56 70.8 83.3 52.1. 66.7 70.8 62.5 53.8 61.5 84.6 69.2 69.2 61.5 31.5 41.5 50.8 89.2 93.8 64.6 57 p53 52.1 62.5 56.2 75.0 66.7 83.3 73.1 46.2 50.0 84.6 76.9 84.6 80.0 43.1 56.2 45.4 56.5 62.9 55 (NA) • 56.2 66.7 64.6 52.1 62.5 54.2 68.8 r75.0 r83r3 61.5 69.2 61.5 84.6 69.2 42.3 15.4 50.8 91.9 57.3 56.5 48.4 52 r37.5 r79.2 r77.1 p79.2 69.2 38.5 61.5 53.8 46.0 27.4 43.5 4-Q moving avg. 9-month span 4-quarter span® 1975 January February March 37.1 45.7 42.9 25.7 22.9 48.6 27 April May June 75.7 34.3 55.7 62.9 60.0 71.4 48 July August September 80.0 45.7 45.7 68.6 85.7 74.3 30 October November December 65.7 48.6 54.3 77.1 85.7 80.0 68 January February March 54.3 68.6 62.9 97.1 82.9 87.1 56 April May June 55.7 50.0 50.0 82.9 82.9 82.9 59 July August September 64.3 47,1 50,0 68.6 71.4 82.9 42 October November December 40,0 51.4 71.4 80.0 r84.3 p71.4 p53 *57 '68 'so '75 1976 *69 '66 r64 1977 January February March 54.3 54.3 r65.7 April p48.6 (NA) p83.3 3 June 30.8 50.0 9 r54 49.2 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, 6-month 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 the2d quartern-quarter indexes on the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment, and index 969, which is adjusted as an indtjx (1-quarter span only). Unadjusted series are indicated by®. The "r" indicates revised; "p", preliminary; and "NA", not available. Graphs of these series are shown on page 38. 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from The Conference Board. 2 Based on 65 components through November 1976, and on 62 components thereafter. Component data are not shown in table C2 but are available from the source agency. 3 Average for May 3, 10, find 17. 74 MAY 1977 ItCII CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE—Con. DIFFUSION INDEXES-Con. Year and quarter 970. Business expenditures for new plant and equipment {18 industries) 971. New orders, manufacturing1© a. Actual expenditures Actual (1-Qspan) b. Later anticipations c. Early anticipations (1-Qspan) (1-Qspan) Anticipated 972. Net profits, manufacturing and trade1® 973. Net sales, manufacturing and trade 1 ® Actual Actual Anticipated (4-Qspan) (4-Qspan) (4-Q span} (4-Q span) Anticipated (4-Q span) (4-Q span) 1974 First quarter .. Second quarter Third quarter.. Fourth quarter 77.8 86.1 61.1 63.9 72.2 77.8 61.1 55.6 75.0 86.1 69.4 61.1 84 82 74 59 86 80 85 80 74 76 71 6'3 80 74 79 77 82 84 80 70 86 78 86 82 38.9 44.4 38.9 36.1 36.1 41.7 50.0 61.1 66.7 52.8 66.7 61.1 50 54 64 71 72 59 70 73 52 53 58 66 68 58 66 67 57 58 66 70 75 62 73 74 66.7 80.6 72.2 47.2 61.1 77.8 72.2 63.9 75.0 61.1 66.7 83.3 80 80 78 78 82 84 76 74 72 74 76 80 84 82 82 81 80 80 82 84 90 87 (NA) 61.1 66.7 66.7 1975 First quarter .. Second quarter Third quarter.. Fourth quarter 1976 First quarter .. Second quarter Third quarter.. Fourth quarter 1977 First quarter .. Second quarter Third quarter.. Fourth quarter 80 (NA) 78 80 (NA) 82 86 (NA) DIFFUSION INDEXES-Con. Year and quarter 974. Number of employees, manufacturing and trade1 © 975. Level of inventories, manufacturing and trade1 ® 976. Selling prices, manufacturing1 ® 977. Selling prices, wholesale trade 1 ® 978. Selling prices, retail trade1 ® Actual Actual Actual Actual Actual Anticipated Anticipated (4-Qspan) (4-Q span) (4-Q span) 58 59 56 49 61 56 60 58 78 79 78 69 44 44 48 52 53 48 54 54 58 58 62 60 (NA) 59 60 Anticipated Anticipated Anticipated (4-Q span) (4-Q span) (4-Q span) (4-Q span) 70 67 72 72 92 96 94 89 86 89 92 90 96 96 94 91 94 92 91 92 97 96 92 58 52 56 57 64 54 50 54 81 78 78 78 86 76 68 74 80 79 81 81 87 74 70 76 80 84 86 62 65 68 69 60 64 70 68 80 82 80 82 75 78 80 80 84 80 80 88 80 82 82 84 86 86 92 .86 81 82 84 86 (NA) 65 68 (NA) 78 81 (NA) 80 86 (NA) 86 84 (4-Q span) (4-Q span) (4-Q span) 1974 First quarter Second quarter Third quarter Fourth quarter 87 89 92 93 1975 First quarter Second quarter Third quarter Fourth quarter 75 72 79 1976 First quarter Second quarter Third quarter Fourth quarter 1977 First quarter Second quarter Third quarter Fourth quarter NOTE: Figures are the percent of series components rising. {Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , 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 39. 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet, Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. ' MAY 1977 75 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE-Con. Qj SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Diffusion index components 1977 1976 September October December November January Marchr February April p 961, AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING ' (Average weekly hours) All manufacturing industries , . 39.7 Percent rising of 21 components (24) + 39.9 + (71) 40.1 40.0 39.5 (79) (57) (5) + r40.3 + 40.4 - (45) (98) 40.2 (33) Durable goods industries: Ordnance and accessories Lumber and wood products Furniture and fixturss .. ... Ston0 cloy and glass products Primary metal industries r38.1 o + 40.6 40.1 38.7 + - 41.3 39.7 38.3 + + r41.4 40.6 + 41.3 41.2 + + 41.7 41,3 39.9 40.6 + + r40 . 8 41.3 + + 41.0 41.5 - 40.8 41.3 39.4 41.4 + o 40.6 r41.4 + 40.3 42.8 - 40.0 42.3 40.7 38.9 39.8 38.2 + r40.8 + 39.5 - 40.3 39.3 + - 40,4 38.6 40.1 39.8 38.0 + + + 40.6 40.3 38.4 o o + 40.6 + 40.3 o 38.6 o 41.0 40.3 38.6 40.5 39.9 37.0 + + r40.6 r40.5 + 40.9 40.3 + 41.4 40.2 41.2 40.3 o + 41.2 40.1 39.9 40.0 . . ... 40.6 40.8 + 40.4 41.2 + + 40.8 41.5 40.5 41.2 Electrical equipment and supplies Transportation equipment , .... 39.7 41.1 + + 40.0 41.2 + + 40.3 42.0 40.2 41.1 . . 39.9 38.2 + + 40.3 + 38.7 + 40.4 39.0 40.2 37.1 + + 40.3 37.5 + 40.4 36.9 + 40.1 37.5 39.5 36.1 + + r40,3 r39.4 - 40,2 38.5 - 40,1 38.0 39.0 34.9 + + 39.4 35.0 + + 39.8 + 35.1 + 40.1 35.3 39.7 34.2 + + r40.5 r35.7 + - 40.7 35.6 o - 40.7 35.1 42.2 37.4 + 42.1 37.5 + + 42.4 + 37.6 + 42.6 37.7 41.9 37.4 + + r42.7 r37.9 + - 42.8 37.7 + - 43.0 37.4 41.6 42.0 + 41.7 o 41.9 + 41.7 42.5 41.6 42.3 + r41 . 7 + r42.5 + + 41.8 42.7 o - 41.8 42.5 41.1 36.4 + o + + 41.5 36.5 40.9 35.3 + r41.4 + r36.7 - 41.2 36,5 + 41.1 37.1 Fabricated metal products. . Machinery except electrical Instruments and related products Miscellaneous manufacturing industries + + Nondurable goods industries: Food and kindred products Tobacco manufactures . . . + + Textile mill products Apparel and other textile products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and coal products .... .. . . + + .. Rubber and plastic products, n.e.c. . „ Leather and leather products + 41.9 42.2 40.5 36.5 + 41.2 36.4 964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES ' (Millions of dollars) All durable goods industries, - Percent rising of 35 components Primary metals Fabricated metal products Machinery except electrical . Electrical machinery .. Transportation equipment . . Other durable goods industries ,. . . . . 50,068 + (50) 50,993 + (40) - 7,019 + 6,425 52,424 + (51) 7,529 6,805 + 6,463 - 9,336 6,408 11,431 10,242 + - 12,191 10,155 7,556 6,280 + - 9,283 5,963 + 9,413 + + + 10,751 10,234 + + - (71) + + + - 57,265 2 54,943 + 55,159 (54) (54) + 59,386 - 59,161 (66) + 8,615 (49) 7,252 7,072 + - 7,987 6,924 + 7,974 6,960 + + 9,629 + 10,219 - 9,998 - 9,951 + 10,022 + 7,139 - 6,871 - 6,713 - 6,338 + 7,018 + + 15,580 10,593 + 12,340 10,602 + 12,540 + 10,974 + 14,731 + 11,919 + 15,289 - 11,779 7,832 - 7,759 7,294 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) - unchanged, and (—) ~ falling. The "r" indicates revised; "p", preliminary; and "NA", not available. l Data are seasonally adjusted by the source agency. Data for most of the 35 diffusion index components are not available for publication; however, they are all included in the totals and directions of change for six major industry groups shown here. 76 MAY 1977 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE-Con. ^J SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con. 1976 Diffusion index components September October 1977 November December January February1" Marchr AprilP 966. INDEX OF INDUSTRIAL PRODUCTION ' (1967=100) - All industrial production Percent rising of 24 components^ MO. 8 - (65) Durable manufactures: Primary and fabricated metals Primary metals Fabricated metal products 130.4 + (52) 131.8 + (62) 133.1 - r132.1 + (38) (54) 133.2 + 135.0 + (77) (79) 136.1 (83) - 114.1 + 126.6 - 109.9 123.5 - 107.3 + 126.7 - 102.7 + 128.2 - rlOO.O H25.7 + 100,6 + 125,9 + 106.2 + 127.6 + 109.8 + 129.6 + 136.8 - 133.7 - 104.4 - 148.7 - 134.1 + 135.0 + 104.7 + 150.3 + 137.5 + 135.8 + 112.7 o 150.3 + 141.2 135.6 + 118.2 + . 155.7 - H39.5 134.0 113.5 153.7 + 139.8 + 137.6 - 113.4 + 157.0 + 140.3 + 138.5 + 120.2 155.8 4- 141.7 + 140.3 - 118.1 + 157.6 Lumber, clay, and glass Clay, glass, and stone products Lumber and products + 138.4 + 128.7 0 138.4 + 130.7 + 142.2 - 129.0 142.0 - 127.5 - r137.3 + 132.7 + 139.0 - 132.2 + 142.8 - 132.0 Furniture and miscellaneous Furniture and fixtures Miscellaneous manufactures - 133.0 + 143.8 + 134.5 - 142,2 + + 135.7 134.0 143.7 + 146.8 + r!35.1 H47.8 + 137.1 + 148,1 + 137.6 - 146.0 Nondurable manufactures: Textiles, apparel, and leather Textile mill products Apparel products Leather and products + 135.7 - 122.5 + 77.9 134.2 + 126.4 - 132.2 125.9 + 133.3 + 128.0 + 131.8 123.6 + 133.0 + 125.3 + 75.0 + 134.3 Paper and printing Paper and products Printing and publishing - 132.1 o 120.6 + 132.3 - 119.2 + 132.5 + 119.3 + - 130.6 + r!24.3 + 136.5 - 123.0 + 137.0 o 123.0 + 138.1 + 123.2 + 170.5 + 134.1 + 212.4 + 170.6 130.2 211.1 + 174.2 + 135.8 + 215.7 - 173.5 + 138.9 - 212.3 + + 172.0 r!41.0 r218.7 + 175.0 + 176.8 + 145.4 - 144.9 + 223.4 + 219.7 + 145.5 + 135.7 + 115.4 - 134.7 + 118.3 o 134.7 + 119.7 - 134.3 - 119.1 + - H35.5 rl!4.8 + - + + 121.3 113.3 + 132.3 112.5 - + + 125.9 112.8 - - 123.6 + 119.2 + 127.4 + 120.0 + 128.1 + 121.4 + 130.4 - 117.9 + + Machinery and allied goods Nonelectrical machinery Electrical machinery Transportation equipment Instruments Chemicals, petroleum, and rubber Chemicals and products Petroleum products Rubber and plastics products Foods and tobacco Foods . . Tobacco products Mining: Coal Oil and gas extraction Metal, stone, and earth minerals Metal mining Stone and earth minerals . ... ... ... ... 77.2 75.8 125.1 112.4 73.4 131.8 123.1 74.8 + (NA) + + 138.8 rl!2.0 + 100.8 + 112.7 + 124.1 + 115.6 r!35.6 121.6 - 135.5 + 121.8 - 135.1 + 122.8 146.6 (NA) (NA) (NA) (NA) 75.4 137.6 110.3 95.3 (NA) (NA) (NA) (NA) (NA) (NA) (NA) + 118.4 115.8 (NA) (NA) NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) - unchanged, and (-} = falling. The "r " indicates revised; "p", preliminary; and "NA", not available. x Data are seasonally adjusted by the source agency. 2 Where actual data for separate industries are not available, estimates are used to compute the percent rising. MAY 1977 77 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE -Con. ^9 SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con. 1977 1976 Diffusion index components September October December November January 1 April March February May 967. INDEX OF INDUSTRIAL MATERIALS PRICES 2 Industrial materials price indsx (1967^100) . . . . - Percent rising of 13 components Copper scrap Lead scrap , 206.2 - 201.6 - + 203.2 + (62) ^ (69) (62) (50) 201.0 210.2 + (69) 216.4 + 222.8 - 221.9 (31) (62) (38) - 220.7 (50) (pound). . (kilogram). . + 0,530 1.168 - 0.443 0.977 + 0.447 0.985 + 0.489 1.078 + 0.523 1.153 - 0.516 1.138 - 0.497 1.096 - 0.443 + 0.448 0.988 0.977 (pound). . (kilogram). . + 0.093 0.205 + 0.099 0.218 - 0.095 0.209 - 0.093 0.205 + 0.101 0.223 + 0.119 0.262 + 0.128 0.282 - 0.123 0.271 o 0.123 0.271 - 74.211 81.803 - 63.126 69,584 + 64.024 70.574 + 69.767 76.904 + 73.375 80.881 - 69.170 76.246 - 66.667 73.487 - 64.748 + 65.537 72.241 71.372 (pound). . (kilogram). . - 3.670 8.091 + 3.837 8.459 + 3.914 8.629 + 4.119 9.081 + 4.236 9.339 + 4.616 10.176 + 4.725 10.417 - 4.256 + 4.264 9.383 9.400 (pound). . (kilogram). . + 0.407 0.897 - 0.394 0.869 - 0.381 0.840 - 0.373 0.822 - 0.370 0.816 - 0.364 0.802 + 0.369 0.813 - 0.365 0.805 - 0.359 0.791 (yard). (meter). . - 0.174 0.190 + 0.178 0.195 + 0.182 0.199 + 0.185 0.202 - 0.179 0.196 - 0.174 0.190 - 0.173 0.189 + 0.176 0.192 - 0.175 0.191 (pound). . (kilogram). . o 0.697 1.537 + 0.744 1.640 + 0.777 1.713 - 0.738 1.627 - 0.679 1.497 + 0.741 1.634 + 0.814 1.795 - 0.744 1.640 - 0.733 1.616 (yard). . (meter). . - 0.583 0.638 + 0.588 0.643 - 0.574 0.628 - 0.566 0.619 + 0.575 0.629 - 0.573 0.627 + 0.577 0.631 + 0.587 0.642 - 0.586 0.641 Wool tops (pound). . (kilogram). . - 2.527 5.571 + 2.574 5.675 + 2.666 5.877 + 2.669 5.884 + 2.699 5.950 + 2.738 6.036 + 2.758 6.080 - 2.726 6.010 - 2.616 5.767 Hides (pound). . (kilogram). . + 0.427 0.941 - 0.366 0.807 - 0.333 0.734 + 0.378 0.833 + 0.456 1.005 - 0.430 0.948 + 0.434 0.957 - 0.389 + 0.427 0.858 0.941 Steel scrap Tin . .(U.S. ton). . {metric ton). . .. Zinc Burlap Cotton, 12-market average Print cloth, average Rosin , . .. (100 pounds) (100 kilograms). . - 27.147 59.848 + 27.228 60.027 + 28.156 62.073 + 28.934 63.788 - 27.886 61.477 + 28.759 63.402 - 28.358 62.518 - 28.274 + 29.261 62.333 64.509 Rubber (pound). . (kilogram). . + 0.419 0.924 + 0.439 0.968 + 0.459 1.012 - 0.398 0.877 + 0.413 0.910 - 0.394 0.869 + 0.399 0.880 + 0.404 0.891 Tallow (pound). . (kilogram). . + 0.140 0.309 - 0.137 0.302 + 0.149 0.328 + 0.162 0.357 + 0.163 0.359 - 0.160 0.353 - 0.159 0.351 + 0.179 + 0.186 0.395 0.410 0.389 0.858 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and {-) = falling. The "r" indicates revised; "p", preliminary; and "NA", not available. 1 Average for May 3, 10, and 17. 2 Series components are seasonally adjusted by the Bureau of Economic Analysis. The Industrial materials price index is not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis. 78 MAY 1977 IICII OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT GNPAND PERSONAL INCOME Year and quarter 200. Gross national product in current dollars 50. Gross national product in 1972 dollars a. Total a. Total c. Percent change at annual rate . Difference (Ann. rate, bil.dol.) b. Difference {Ann. rate, bil.dol.) (Ann. rate, bil.dol.) c. Percent change at annual rate (Ann. rate, bil.dol.) 217. Per capita GNPin1972 dollars 213. Final sales in 1972 dollars (Ann. rate, dollars) (Ann. rate, bil.dol.) 5,821 1,219.1 1,211.4 1,207.8 1,183.7 1974 First quarter .. Second quarter Third quarter.. Fourth quarter 1,372.7 1,399.4 1,431.6 1,449.2 17.6 26.7 32.2 17.6 5.3 8.0 9.5 5.0 1,230.4 1,220.8 1,212.9 1,191.7 -12.2 -9.6 -7.9 -21.2 -3.9 -3.1 -2.6 -6.8 1,446.2 1,482.3 1,548.7 1,588.2 -3.0 36.1 66.4 39.5 -0.8 10.4 19.1 10.6 1,161,1 1,177.1 1,209.3 1,219.2 -30.6 16.0 -9.9 5.6 1,636.2 1,675.2 1,709.8 1,745.1 48.0 39.0 34.6 35.3 12.6 9.9 8.5 8.5 1,246.3 1,260.0 1,272.2 1,280.4 27.1 13.7 12.2 rl, 796.1 r51.0 r!2.2 rl,300.3 r!9.9 5,767 5,718 5,606 1975 First quarter ., Second quarter Third quarter.. Fourth quarter 32.2 9.9 11.4 1,181.6 1,198.2 1,210.2 1,224.7 5,454 5,519 5,656 3.3 5,691 9.2 4.5 3.9 2.6 5,808 5,862 5,907 5,933 °1,279.5 r6,015 rl,291.1 1976 First quarter .. Second quarter Third quarter.. Fourth quarter 8.2 1,235.9 1,248.8 1,262.0 1977 First quarter .. Second quarter Third quarter.. Fourth quarter GNP AND PERSONAL INCOME-Con. Year and quarter PERSONAL CONSUMPTION EXPENDITURES 230. Total in current dollars Disposable personal income 224. Current dollars (Ann. rate, bil.dol.) 225. Constant (1972) dollars (Ann. rate, bil.dol.) r6.4 231. Total in 1972 dollars 232. Durable goods incurrentdollars 233. Durable goods in 1972 dollars 227. Per capita in 1972 dollars (Ann. rate, dollars) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 1974 First quarter .. Second quarter Third quarter.. Fourth quarter 948.4 969.5 998.0 1,015.8 846.7 840.6 841.7 834.0 4,006 3,970 3,968 3,923 853.3 878.7 906.8 911.1 761.8 761.9 764.7 748.1 118.6 122.5 128.0 117.4 114.9 115.0 116.1 103.1 1,023.8 1,088.2 1,091.5 1,119.9 827.9 869.7 867.5 3,889 4,078 4,009 4,049 933.2 960.3 987.3 1,012.0 754.6 767.5 775.3 783.9 122.1 127.0 136.0 141.8 106.0 108.4 115.1 118.0 1,147.6 1,172,5 1,190.2 1,216.5 880.4 890.5 892.0 899.6 4,103 4,143 4,142 4,168 1,043.6 1,064.7 1,088.5 1,122.0 800.7 808.6 815.7 829.7 151.4 155.0 157.6 162.0 124.3 125.2 126.2 127.6 rl,245.8 r907.0 4,195 rl,159,1 r843.8 r174.0 r!34.9 1975 First quarter .. Second quarter Third quarter.. Fourth quarter 857.1 1976 First quarter .. Second quarter Third quarter.. Fourth quarter 1977 First quarter .. Second quarter Third quarter.. Fourth quarter NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 41 and 42. MAY 1977 79 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Con. ^H PERSONAL CONSUMPTION EXPENDlTURES-Con. Year and quarter 236. Nondurable good;; in current dollars 238. Nondurable goods in 1972 dollars 237. Services in current dollars 239. Services in 1972 dollars Hi GROSS PRIVATE DOMESTIC INVESTMENT 240. Total in current dollars 241. Total in 1972 dollars 242. Fixed investment, total, in current dollars 243. Fixed investment, total, in 1972 dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 374.1 384.3 394.9 405.2 341.8 342.9 343.7 345.1 216.4 218,8 213.3 211.5 194.8 187.9 176.2 169.1 203.8 205.8 206.0 201.7 183.4 178.5 171.1 161.1 300.6 307.2 306.8 309.5 416.7 427.4 436.7 448.6 348.0 351.8 353.4 356.4 172.4 164.4 196.7 201.4 129.3 126.2 148.7 147.0 194.6 194.3 198.6 205.7 149,8 147.4 149.7 152.5 429.1 434.8 441.8 456.0 314.6 317.6 318.9 325.9 463.2 474.9 489.1 504.0 361.8 365.8 370.6 376.2 229.6 239.2 247.0 242.8 167.1 171.7 175.2 169.8 214.7 223.2 231.9 241.0 156.7 160.6 165.0 169.0 r464.7 r326.8 r520.4 r382,l r267.9 H83.1 r254.1 H73.9 (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 360.6 371.9 383.8 388.5 305.1 304.0 304.9 299.8 394.4 405.8 414.6 421.6 (Ann. rate, tiil.dol.) 1974 First quarter Second quarter Third quarter Fourth quarter 1975 First quarter Second quarter Third quarter Fourth quarter 1976 First quarter Second quarter Third quarter .... Fourth quarter 1977 First quarter Second quarter Third quarter Fourth quarter D Year and quarter GROSS PRIVATE DOMESTIC INVEST .-Con. 245. Change in business inventories in current dollars (Ann. rate, bil.dol.) ^M GOVERNMENT PURCHASES OF GOODS AND SERVICES 30. Change in business inventories in 1972 dollars 260. Total in current dollars (Ann. rate, bil. dol.) (Ann. rate, bil.dol.) 11.4 261. Total in 1972 dollars 262. Federal Government in current dollars 263. Federal Government in 1972 dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 288.0 298.0 308.6 318.5 255.4 256.1 257.1 256.9 325.6 333.2 343.2 353,8 266. State and local government in current dollars 267. State and local government in 1972 dollars (Ann. rate, bil.dol.) •(Ann. rate, bil.dol.) (Ann. rate, bil.dol.) 106.1 108.9 113.5 118.1 95.3 94.7 95,8 95,4 181.9 189.1 195.1 200.4 160.1 161.4 161.3 161.5 257,1 259.1 262.4 265.2 120.3 122.4 124.6 130.4 94.8 95.3 95.6 97.2 205.3 210.9 218.6 223.4 162.2 163.8 166.9 168.0 261.9 263.6 265.5 265.3 129.2 131.2 134.5 138.9 95.4 96.0 97.3 98.1 225,5 230.9 235.0 237.4 166.6 167.7 168.2 167.3 r262.4 r!38.2 r96.4 r240.3 r!66.0 1974 First quarter Second quarter . Third quarter Fourth quarter . . 12.6 13.0 7.3 9,7 9,4 5.1 8,0 -22.2 -30.0 -20.5 -21.2 -2.0 -4.3 -1.0 -5.5 14.8 16.0 15,1 10.4 11.1 10.2 1.7 0.9 354.7 362.0 369.6 376.2 r!3.8 r9.2 r378.5 1975 First quarter Second quarter Third quarter . . . Fourth quarter . . 1976 First quarter .... Second quarter Third quarter .... Fourth quarter 1977 First quarter , . . Second quarter Third quarter Fourth quarter NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 42,43, and 44. MAY 1977 ItCII OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Con. NATIONAL INCOME AND ITS COMPONENTS FOREIGN TRADE 250. Current dollars Imports of goods and services Exports of goods and services Net exports of goods and services Year and quarter 252. Current dollars 255. Constant (1972) dollars 256. Constant (1972) dollars 253. Current dollars 220. National income in current dollars 280. Compensation of employees 257. Constant (1972) dollars (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.} (Ann. rate, bil.dol.) (Ann. rate, bil.dol.} 3.9 2.9 8.1 18.4 14.9 14.9 17.7 133.2 142.2 148.4 153.8 97.8 98.7 96.4 95.9 118.2 138.3 145.5 145.7 79.4 83.8 81.5 78.2 1,113.5 1,125.6 1,147.6 1,156.3 846.3 866.3 888.8 901.8 15.0 24.4 21.4 21.0 20.1 24.3 22.8 23.1 147.5 142.9 148.2 153.7 90.3 87.7 90.7 93.9 132.5 118.5 126.8 132.7 70.2 63.4 67.9 70.8 1,149.7 1,182.7 1,233.4 1,264.6 904.0 912.9 935.2 963.1 8.4 9.3 4.7 4.2 16.6 16.0 15.7 15.5 154.1 160.3 167.7 168.5 93.6 95.4 98.0 97.4 145.7 151.0 163.0 164.3 77.0 79.4 82.3 81.8 1,304.7 1,337.4 1,362.5 1,389.3 994.4 1,017.2 1,037.5 1,064.5 r-9.3 rlO.9 170.5 97.8 H79.8 r86.9 pi ,431.4 rl,097.7 (Ann. rate, bit, dol.) 1974 15.0 First quarter ... Second quarter , Third quarter.., Fourth quarter 1975 First quarter .. Second quarter Third quarter.. Fourth quarter 1976 First quarter .. Second quarter Third quarter.. Fourth quarter 1977 First quarter .. Second quarter Third quarter.. Fourth quarter NATIONAL INCOME AND ITS COMPONENTS-Con. 282. Proprietors' income with inventory valuation and capital consumption adjustments (Ann. rate, bil. dol.) Year and quarter 284. Rental income of persons with capital consumption adjustment (Ann. rate, bil.dol.) 286. Corporate profits with inventory valuation and capital consumption adjustments (Ann. rate, bil.dol.) SAVING 288. Net interest (Ann. rate, bil.dol.) 290. Gross saving (private and government) (Ann. rate, bil.dol.) 295. Business saving (Ann. rate, bil. dol.) 292. Personal saving (Ann. rate, bil.dol.) 1974 First quarter .., Second quarter Third quarter.., Fourth quarter 91.2 85.0 86.0 85.5 20.9 20.6 21.0 21.5 95.7 87.8 81.7 74.1 59.4 65.9 70.0 73.2 213.0 206.5 200.0 201.7 143.8 138.6 133.4 141.6 81.1 86.8 95.5 97.2 21.9 22.3 22.4 22.9 69.0 86.6 105.3 105.6 73.7 74.0 74.9 75.8 172.1 180.2 204.6 208.0 150.0 168.6 182.3 185.7 93.2 100.3 96.1 97.1 23.3 23.1 23.4 24.3 115.1 116.4 122.0 117.8 78.6 80.3 83.5 85.6 222.1 234.2 234.2 229.3 194.2 196.2 203.1 198.9 r!03.6 25.1 pl!6.2 r88.9 p240.6 p202.1 72.6 67.8 67.6 80.8 1975 First quarter .. Second quarter Third quarter.. Fourth quarter 67.2 104.5 80.5 83.7 1976 First quarter .. Second quarter Third quarter.. Fourth quarter 79,5 82.9 75.8 67.8 1977 First quarter .. Second quarter Third quarter.. Fourth quarter r59.7 NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "MA", not available. Graphs of these series are shown on pages 45,46, and 47. 110 MAY 1977 81 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT—Con. Ml SHARES OF GNP AND NATIONAL INCOME M9 SAVlNG-Con. Year and quarter 298, Government surplus or deficit, total (Ann. rate, bit.dol.) 293. Personal saving rate (percent of disposable personal income) (Percent) Percent of Gross National Product 235. Personal consumption expenditures, total (Percent} 248. Nonresidential fixed investment (Percent) 249. Residential fixed investment 247. Change in business inventories (Percent) (Percent) 251. Net exports of goods and services (Percent) 1974 First quarter Second Quarter Third quarter Fourth quarter 4.7 0.2 -1.0 -20.8 7.7 7.0 6,8 8.0 62.2 62.8 63.3 62.9 10.6 10.6 10.5 10.1 4.3 4.1 3.8 3.4 0.9 0.9 0.5 0.7 1.1 0.3 0.2 0.6 -45.0 -92.9 -58.1 -61.5 6.6 9.6 7.4 7.5 64.5 64.8 63.8 63.7 10.2 9.8 9.4 9*4 3.2 3.3 3.4 3.6 -1,5 -2.0 -0.1 -0.3 1.0 1.6 1.4 1.3 -51.6 -44.9 -44.7 -37.4 6.9 7.1 6.4 5.6 63.8 63.6 63.7 64.3 9.4 9.4 9.5 9.5 3.7 3.9 4.0 4.3 0.9 1.0 0.9 0.1 0.5 0.6 0.3 0.2 p-21.2 r4.8 64.5 9.7 r4.5 rO.8 r-0.5 1975 First quarter Second quarter Third quarter Fourth quarter 1976 First quarter Second quarter Third quarter Fourth quarter 1977 First quarter Second quarter Third quarter Fourth quarter M SHARES OF GNP AND NATIONAL INCOME-Con. Year and quarter Percent of GNP-Con. 265. Federal Govt. purchases of goods and services (Purcent) Percent of National Income 268. State and local govt. purchases of goods and services (Percent) 64. Compensation of employees (Percent) 283. Proprietors' income with IVA and CCA 1 (Percent) 285. Rental income of persons with CCA 1 (Percent) 287. Corporate profits withJV A and CCA 1 (Percent) 289. Net interest (Percent) 1974 First quarter Second quarter Third quarter Fourth quarter 7.7 7.8 7.9 8.2 13.2 13.5 13.6 13.8 76.0 77.0 77.4 78.0 8.2 7.6 7.5 7.4 1.9 1.8 1.8 1.9 8.6 7.8 7.1 6.4 5.3 5.9 6.1 6.3 8.3 8.3 8.0 8.2 14.2 14.2 14.1 14.1 78.6 77.2 75.8 76.2 7.1 7.3 7.7 7,7 1.9 1.9 1.8 1.8 6.0 7.3 8.5 8.4 6.4 6.3 6.1 6.0 7.9 7.8 7.9 8.0 13.8 13.8 13.7 13.6 76.2 76.1 76.2 76.6 7.1 7.5 7.1 7.0 1.8 1.7 1.7 1.7 8.8 8.7 9.0 8.5 6.0 6.0 6.1 6.2 r7.7 13.4 p76.7 p7.2 pi. 8 P 8.1 p6.2 1975 First quarter Second Quarter Third quarter Fourth quarter 1976 First quarter Second quarter Third quarter . . Fourth quarter 1977 First quarter . . Second quarter Third quarter Fourth quarter NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 47 and 48. 1 IVA means inventory valuation adjustment; CCA means capital consumption adjustment. 82 MAY 1977 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY ^J PRICE MOVEMENTS Implicit price deflator, gross national product Year and month 310. Index (1972-100) Fixed weighted price index, gross business product 310c. Change 311. Index over 1 -quarter spans1 (Ann. rate, percent) {1972=100} 31 Ic. Change over 1-quarter spans1 Consumer prices, all items 320. Index © 320c. Change over 1-month spans1 Consumer prices, food 320c. Change over 6-month spans1 322. Index 322c. Change over 1-month spans1 322c. Change over 6-month spans1 (1967=100) (Percent) (Ann. rate, percent) (1967=100) (Percent) 9.1 156,1 157.2 157.8 0.8 0.6 0.4 8.0 7.1 7.1 171.1 171.2 171.0 0.6 0.1 -0.1 5.7 4.9 5.5 5.3 158.6 159.3 160.6 0.5 0.4 0.8 7.4 6.8 7.0 171.3 172.5 174.6 0.2 0.7 1.2 8.0 7.5 8.2 7.4 162.3 162.8 163.6 0.9 0.3 0.4 7.2 7.4 6.8 177.8 177.5 177.9 1.8 -0.2 0.2 9.8 9.2 7.5 6.2 164.6 165.6 166,3 0.6 0.5 0.5 6.1 5.7 5.3 179.5 180.3 181.0 0.9 0.4 0.4 3.7 2.3 0.7 3.7 166.7 167.1 167.5 0.6 0.1 0.2 4.9 5.1 5.0 181.1 179.5 178.5 0.1 -0.9 -0.6 5.2 168.2 169.2 170.1 0.4 0.7 0.4 4.7 5.5 5.7 179.4 180.8 181.2 0.5 0.8 0.2 0.3 2.6 3.8 4.3 171.1 171.9 172.6 0.5 0.5 0.3 5.5 4.8 4.8 181.4 181.8 181.9 0.1 0.2 0.1 3.1 1.0 0.8 4.9 173.3 173.8 174.3 0.3 0.3 0.4 5.5 6.5 7.1 182.2 181.7 181.9 0.2 -0.3 0.1 2.3 5.9 7.0 175.3 177.1 178.2 0.8 1.0 0.6 8.0 183.5 187.1 188.2 0.9 2.0 0.6 9.9 179.6 0.8 191,0 1.5 (Ann. rate, percent) (Ann. rate, percent) 1975 January February March 124^6 April May June 125!9 July August September 128J 10.1 124^3 4.5 125!9 7.0 October November December 128^2 7.1 13CL3 130J .. . 1976 January February March 3.2 .... 13l!3 April May June 133^6 July August September 134^4 October November December 13o!3 13K3 5.2 133!o 4.4 isiii 5.8 *136i6 . . -0.1 0.6 0.2 1977 January February March .... r5.5 r138!i April May June r6,5 r!38.'2 July August September October November December \. NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (G), Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 49 and 50. l Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter, l-*month changes are placed on the 2d month, and 6-month changes are placed on the 4th month. MAY 1977 83 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Con. Wm PRICE MOVEMENTS-Con. Wholesale prices, all commodities Year and month 330. Index® (1967-100) (0 1975 January February . March .... 1 71. 8 171.3 170.4 330c, Change over 1-month spans1 (Percent) (a) 0.1 -0.5 -0.4 Wholesale prices, crude materials Wholesale prices, industrial commodities 330c. Change over 6-month spans1 335. Index® 335c. Change over 1 -month spans1 (Ann. rate, percent) (1967=100) (Percent) (O (a) (O 331. Index 335c. Change over 6-month spans1 (Ann. rate, percent) (O 331 c. Change over 1-month spans' 33 1c. Change over 6-month spans1 (1967=100) (Percent) (Ann. rate, percent) (a) (a) (a) 2.1 0.3 1.4 167.5 168.4 168.9 0.9 0.3 0.1 5.5 4.1 4.2 189.8 187.9 182.8 -2.5 -1.0 -2.7 -7.3 -3.2 2.0 *!72.1 ]73.2 173.7 0.9 0.5 0,1 2.8 5,4 7.6 169.7 170,3 170.7 0.3 0.2 0.3 2.8 3,5 4.8 192.6 198.8 196.5 5.4 3.2 -1.2 10.9 13.5 23.3 July August September 175.7 176.7 177.7 0.8 0.8 0.6 8.2 7.2 7.2 171.2 172.2 173.1 0.2 0.6 0.8 6.4 7.3 7,9 199.9 200.2 203,0 1.7 0.2 1.4 13.6 October November December 178.9 178.2 178.7 1.2 0.0 0.1 6.0 4.0 r3.2 174.7 175.4 176.1 1.0 0.6 0.6 9.0 8.1 7.3 205.3 202.9 201.6 1.1 -1,2 -0.6 0.3 2.6 r3.0 3.9 177.4 178.1 179.0 0,7 0.2 0.4 5.9 5.0 5.0 201.9 r202.4 r!99.4 0.1 rO.2 r-1.5 r3.5 r5,3 r4.2 r4.2 r5.1 180.1 180.5 181.5 0.4 0.2 0.6 4.8 5.6 6.4 r208.9 r208.2 209,7 r4.8 r-0.3 rO.7 r7.1 rO.O r2.7 182.7 183.8 184.8 0.6 0.6 0.8 7.4 8.4 7.8 r208.9 r202.4 r202,l r-0.4 r-3.1 r-0.1 r-6.3 r-0.1 April May June . .... 4.2 5.3 2.0 r2.2 r-3,5 1976 January February March ..... H79.4 r!79.4 H79.7 -0.2 rO.2 April May June 181.3 r!81.9 H83.2 July Auqust September r!84.4 r!83.8 rlS4,8 rO.4 -0,2 0.7 4.2 r5,0 5.3 October November December r!35.3 185.6 187.1 0.5 0.6 0.6 r5.5 r7.8 r8.6 186.3 187.0 187.4 0.9 0.6 0.3 7.6 7.7 7.7 r202.2 207.0 208.2 0.0 2.4 0.6 188.0 190.0 191.9 0.5 0.9 1.1 10.1 188.4 189.9 191.6 0.5 0.6 0.8 7.2 208.8 218.6 220.8 0.3 4.7 1.0 194.3 1.1 193.2 0.6 229.9 4.1 rO.9 0.2 rO.5 . 8.2 -1.1 -1.4 H6.6 r!9.4 1977 January . February March .... April 29.3 May June ... July August , . September October . November December .... .... NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for idsntification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 49. x Pereent 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. a See "New Features and Changes for this Issue," page iii. 84 MAY 1977 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Con. ;^H PRICE MOVEMENTS-Con. Wholesale prices, intermediate materials Year and month 332. Index 1975 332c. Change over 1-month spans1 (1967=100) (Percent) (O (*) (Ann., rate, percent) '(O January February March 179.6 179.4 178.6 -0.1 -0.4 April May June 179.3 178.5 177.9 -0.4 -0.3 July August September 332c. Change over 6-month spans1 0.4 0.4 2.7 Wholesale prices, producer finished goods 333. Index 333c. Change over 1 -month spans1 (1967=100) (Percent) (Ann. rate, percent) '(O (2) (*) '(*) O) (=0 9.1 159.3 158.7 158.3 0.6 0.4 0.3 7.7 6.3 5.8 160.3 161.9 163.3 1.3 1.0 0.9 162.9 163.2 164.4 0.6 0,2 0.7 6.4 6.9 7.3 164.6 165.3 166.7 0.8 0.4 0.8 9.8 7.7 6.1 0.9 0.6 0.5 168.0 168,0 168.2 0.8 0.0 0.1 r4.4 0.2 1.8 160.8 161.4 161.9 3.3 4.8 6.0 0.5 0.4 0.3 182.2 182.7 183.2 1.1 0.3 0.3 r6.5 r6.6 r6.9 165.9 166.9 167.7 January February March r!84.5 r!85.4 H86.3 0.7 0.5 0.5 5.3 r!69.0 169.8 r!70.7 rO.8 r5.4 r6.1 April May June 187.0 r!87.6 r!88.7 r!71.5 r!71.8 172.5 rO.5 r4.8 r5.9 July August September r!89.9 r!89.8 r!91.7 rO.6 -0.1 r6.2 r6.4 r6.5 October November December r!92.7 193.5 194.7 rO.S rO.4 r6.2 r7.9 r8.0 . October November December 334c. Change over 6-month spans1 (Ann. rate, percent) 178.8 179.6 180.2 .. 334c. Change over 1-month spans1 (Percent) 1.3 0.8 0.9 -0.9 334. Index (1967-100) 157.0 158.3 159.8 -0.7 -1.1 333c. Change over 6-month spans1 Wholesale prices, consumer finished goods 12.8 10.3 r7.6 8.3 r7.8 0.4 -0.4 -0.3 5.7 3.8 6.0 6.8 8.5 10.9 2.1 0.0 1976 0.4 rO.3 0.6 i.o 0.6 5.9 0.5 0.5 r6.9 r6.0 5.8 r4.9 0.2 4.5 rO.4 r4.5 H73.1 173.6 r!74.5 rO.3 rO.3 rO.5 r5.7 r6.4 r!76.3 177.2 178.5 rl.O rO.5 r7.2 0.7 7.1 7.6 r7.4 r!68.2 167.0 166.7 rO.O -0.7 -0.2 168.8 H69.3 H69.5 1.3 1.2 rO.3 rl.8 r3.1 H69.2 H68.5 H69.3 0.1 -0.2 -0.4 1.0 rl.6 rl.6 0.5 rl.O rO.7 r2.7 r!69.6 169.9 171.8 0.2 0.2 1.1 r4.4 r7.1 r8.1 172.9 174.4 176.0 0.6 0.9 0.9 10.5 178.3 1.3 1977 January February March 195.7 197.2 199.2 0.5 0.8 1.0 April May June 201.3 1.1 9.1 179.2 180.1 180.8 0.4 0.5 0.4 181.8 0.6 6.3 July AUQUSt September October November December .. NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 49. 1 Percent changes are centered within the spans; 1-month changes are placed on the 2d month and 6-month changes are placed on the 4th month. 2 See "New Features and Changes for this Issue," page iii. ICO MAY 1977 85 OTHER IMPORTANT ECONOMIC MEASURES B | PRICES, WAGES, AND PRODUCTIVITY—Con. M WAGES AND PRODUCTIVITY Average hourly compensation, ail employees, nonfarm business sector Average hourly earnings, production workers, private nonfarm economy, adjusted1 Year and month Current dollar earnings 340, Index (1967=100) Revised9 340c. Change over 1-month spans2 (Percent) (3) Current dollar compensation Real earnings 340c. Change over 6-month spans2 (Ann. rate, percent) (>) 341. Index (1967=100) Revised a 341 c. Change over 1 -month spans2 (Percent) (3) 34 1c. Change over 6-month spans2 (Ann. rate, percent) (s) 345. Index (1967=100) 345c. Change over 1 -quarter spans2 (Ann. rate, percent) 345c. Change over 4-quarter spans2 (Ann, rate, percent) 1975 January February March 166.2 167.5 169.1 0.6 0.8 rl.O 8.1 r8.2 8.4 106.2 106.4 107.0 r-0.2 rO.2 rO.6 0.1 rl.l 1.2 173!6 April May June 169.5 170.5 172.0 0.2 0.6 0.9 r8.3 r8,4 7.1 106.7 106.9 107.0 -0.3 0.2 0.1 rO.8 rl.4 rO.2 175^9 July August September 173.0 174.4 175.0 rO.6 rO.8 0.3 r8,4 8.8 r7.5 106.6 107.2 107.1 -0.4 0.6 -0.1 1.1 1.3 0.6 178.*5 October November December 176.5 177.8 178.3 rO.9 rO.7 rO.3 r7.8 7.2 r7.4 107.3 107.6 107.3 0.2 rO.3 r-0.3 1.6 1.4 r2.2 181.*3 January ....... ... February March 179.6 180.5 181.4 rO.7 0.5 rO,5 6.8 r6.6 r6.9 107.5 107.9 108.2 rO.2 rO.4 rO.3 1.8 rl.4 rl.8 185J April May June 182.4 183.6 184.3 0.6 0.7 0,4 r6.8 r7.0 r6.8 108.3 108.3 108.3 0.1 0.0 0.0 r2.0 rl.5 1,1 188.*4 July August September 185.6 186.8 187.5 0.7 0,6 0.4 r6.7 r6.7 r6.9 108.5 108.7 108.7 0.2 0.2 rO.O rl.l rl.8 r2.1 19K6 October November December 188.4 189.7 190.6 0.5 rO.7 0.5 rl.l r7.0 r7.2 108.9 109.3 109.4 0.2 0.4 0.1 r2.1 rO.5 rO.l 194.* 9 192.7 193,2 194.1 rl.l rO.3 rO.5 p7.4 109.7 109.0 108.8 rO.3 rO.6 -0.2 p-0.6 p!95.2 pO.6 p!08.6 p-0.2 11.9 g!i 6.8 Y.k 6.1 7.'6 6.5 7.'i 1976 8.8 7^3 7.3 7^5 6.8 s!6 7.1 1977 January February March April May June rlO.8 r200.*6 July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 50 and 51, 'Adjusted for overtime (in manufacturing only) and interindustry employment shifts. Percent changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter. 3 See "New Features and Changes for this Issue," page ill. MAY 1977 BUI OTHER IMPORTANT ECONOMIC MEASURES B PRICES, WAGES, AND PRODUCTIVITY—Con. ^9 WAGES AND PRODUCTIVITY-Con. Average hourly compensation, all employees, nonfarm business sector-Con. Year and month Real compensation 346. Index (1967=100) 346c. Change over 1 -quarter spans1 (Ann. rate, percent) 346c. Change over4-quarter spans1 (Ann. rate, percent) Negotiated wage and benefit decisions, all industries® 348. First year 349. Average average changes changes over life of contract (Ann. rate, percent) (Ann. rate, percent) Output per hour, all persons, private business sector 370. Index (1967=100) 370c. Change over 1-quarter spans1 370c. Change over4-quarter spans1 (Ann. rate, percent) (Ann. rate, percent) 358. Index of output per hour, all persons, nonfarm business sector (1967=100) 1975 January February March no.'o April May June 110*2 July August September 109.6 3.3 12.9 0.6 October November December 7.7 8.9 11.3 6! 6 -0.2 109*6 •i'.i 1.4 108*1 7.3 6*4 -2.1 . .. . 6*4 ni'2 8.7 106*6 4*7 109*6 6*1 111*4 3*9 116*6 2*6 112*0 3*. 2 nV.2 r2*.7 nV.b 12.0 8.1 113*4 14.0 4*3 8.7 -2.1 112*8 1976 January February March 4.1 110*7 April May June .... i'.s 111*6 October November December 112.2 8.0 7.2 2'. 4 7.4 2.*6 2.4 2.9 115*5 10.0 •0.7 7.0 114*7 8.9 2.6 lli.*4 July August September 10.5 2.9 116*3 6,8 5.2 0.3 116*4 llV.6 1977 January February March 112*9 r2.5 p8.5 p6.7 r4.7 rll7*8 H14.8 April May June July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA". not available. Graphs of these series are shown on pages 50 and 51. Percent 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. MAY 1977 87 OTHER IMPORTANT ECONOMIC MEASURES LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT ^Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS Civilian labor force Year and month 441. Total 442. Em- ployed (Thous.) {Thous.} January February March 91 ,953 91,621 92,020 April May June Labor force participation rates 451. Males 20 years and over 448. Num- Number unemployed 452. Females 453. Both 37, Total 20 years sexes, 16-19 and over years of age 444. Males 445. Females 446. Both 20 years and 20 years and sexes, 16-19 over over years of age 447. Fulltime workers ber en> ployed part-time for economic reasons (Percent) (Percent) (Percent) 84,673 84,259 84,243 80.5 80.3 80.3 45.8 45.5 45.8 54.9 54.0 54.1 7,280 7,362 7,777 2,995 3,127 3,338 2,559 2,537 2,683 1,726 1,698 1,756 5,895 6,015 6,327 3,614 3,579 3,725 92,210 92 „ 789 92,595 84,246 84,475 84,496 80.3 80.7 80.3 46.0 46.0 46.0 53.7 54.9 54.4 7,964 8,314 8,099 3,473 3,710 3,536 2,768 2,794 2,728 1,723 1,810 1,835 6,594 6,936 6,636 3,750 3,676 3,479 July August September 92,917 93,035 93,126 84,856 85,114 85,115 80.6 80.4 80.4 46.0 46.1 46.1 54.2 54.2 54.0 8,061 7,921 8,011 3,604 3,470 3,683 2,648 2,638 2,597 1,809 1,813 1,731 6,658 6,472 6,685 3,381 3,344 3,320 October . , November December . . . 93,135 93,025 93,148 85,087 85,212 85,443 80.2 80.0 79.7 46.2 46.1 46.2 53.5 53.2 53.9 8,048 7,813 7,705 3,663 3,538 3,334 2,648 2,618 2,628 1,737 1,657 1,743 6,685 6,484 6,263 3,352 3,322 3,290 January .... February March 93,473 93,597 93,362 86,226 86,471 86,845 79.5 79.5 79.5 46.5 46.5 46.7 54.2 54.1 54.5 7,247 7,126 7,017 3,003 2,938 2,874 2,519 2,493 2,444 1,725 1,695 1,699 5,813 5,702 5,637 3,336 3,201 3,173 April May June 94,376 94,551 94,704 87,329 87,640 87,533 79.7 79.9 79.8 46.8 46.7 47.0 55.4 55.5 54.3 7,047 6,911 7,171 2,822 2,893 3,049 2,467 2,328 2,477 1,758 1,690 1,645 5,626 5,573 5,830 3,194 3,287 3,150 July August September . . . 95,189 95,351 95,242 87,783 87,834 87,794 80.0 79.9 80.0 47.3 47.3 47.2 54.9 55.3 53.8 7,406 7,517 7,448 3,131 3,060 3,150 2,634 2,679 2,634 1,641 1,778 1,664 5,878 6,085 6,098 3,136 3,178 3,376 October November December . . . 95,302 95,871 95,960 87,738 88,220 88,441 80.0 80.1 79.9 47.0 47.5 47.6 54.4 54.4 54.4 7,564 7,651 7,519 3,228 3,293 3,219 2,633 2,640 2,598 1,703 1,718 1,702 6,162 6,185 6,125 3,448 3,545 3,454 January February March 95,516 96,145 96,539 88,558 88,962 89,475 79.5 79.7 79.6 47.2 47.5 47.9 54.3 55.1 55.8 6,958 7,183 7,064 2,881 3,001 2,794 2,409 2,505 2,545 1,668 1,677 1,725 5,507 5,651 5,468 3,320 3,438 3,276 April May June 96,760 90,023 79.5 48.0 56.0 6,737 2,624 2,470 1,643 5,343 3,174 {Thous.) (Thous.) {Thous.) (Thous.) (Thous.) (Thous.) 1975 1976 1977 July August September . , . October November December NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ©. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 52. MAY 1977 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES |M RECEIPTS AND EXPENDITURES Federal Government1 Year and month Bl DEFENSE INDICATORS 525. Military prime contract awards to U.S. business firms and institutions 548. Value of manufacturers' new orders, defense products (Mil.dol.) (Mil.dol.) (Bil.dol.) 516. Defense Department obligations, 512. Expendi- total, extures cluding military assistance State and local governments1 500. Surplus or deficit 501. Receipts 502. Expenditures (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) (Ann. rate, bil.dol.) January February March -49! 8 287 !2 337^6 April May June -99^9 254^4 -66 ! 6 510. Surplus or deficit 511. Receipts 564. Federal purchases of goods and services for national defense (Ann. rate, bil.dol.} {Ann. rate, bil.dol.) \'.l 222!2 217!5 7,609 7,508 8,223 3,693 3,987 2,817 1.40 ' 2.58 2.00 82!6 354^3 6.9 23CL4 223^4 7,952 8,235 8,450 4,122 3,926 3,773 2.44 2.27 1.80 83^4 297^7 363^7 7^9 239 .*7 231 ! 8 8,718 9,077 7,791 3,842 5,072 3,080 2.37 2.13 2.56 84^6 -69^4 306 [7 376^6 7\9 245! 6 237^2 8,623 7,533 8,135 2,961 2,872 3,130 1.61 2.10 1.94 87J January February March -e'i.s 316^5 380 ! 3 1^2 251 ! 6 239^5 8,152 8,020 9,040 3,407 2,993 6,309 1.44 2.19 2.82 86^2 April May June -si! i 324 ! 6 37s!? 9^2 254^3 245! 6 9,480 8,348 8,611 3,586 3,565 3,817 2.69 2.40 2.61 86^9 July August September -57^4 333^8 391 !l 12!? 262^6 249^3 8,248 6,602 10,314 2,234 3,665 4,929 1.24 1.92 2.15 88!5 October November December -59*. 3 346"! 3 405.* 6 2l".9 273^6 251 ! 8 11,908 10,387 11,496 5,942 5,175 5,198 2.90 3.19 4.00 9K3 p-4l!3 p366.3 407.6 p20.1 p275.1 9,409 9,999 9,652 3,478 4,472 4,843 1.70 1.83 r2.28 (NA) (NA) p3.58 (Ann. rate, bit.dol.) (Ann. rate, bil.dol.) 1975 /• July August September October November December .. . 1976 . 1977 January February March April May June r255.'o 9K5 July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by <g). Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a'.', anticipated; and "NA", not available. Graphs of these series are shown on pages 53 and 54. 1 Based on national income and product accounts. MAY 1977 OTHER IMPORTANT ECONOMIC MEASURES E I U.S. INTERNATIONAL TRANSACTIONS Q MERCHANDISE TRADE Year and month 602. Exports, excluding military aid shipments, total (Mil.dol.) 604. Exports of agricultural products (Mil.dol.) 606. Exports of nonelectrical machinery {Mil.dol.} 612. General imports, total {Mil.dol.} 614. Imports of petroleum and petroleum products (Mil.dol.) 616. Imports of automobiles and parts (Mil.dol.) 1975 January February March 9,374 8,756 8,681 2,369 1,830 1,703 1 ? 672 1,632 1,626 9 ? 632 7,927 7,466 3 K 080 1,781 1,211 742 654 823 April May June 8,649 8,222 8,716 1,723 1,575 1,480 1,760 U72Q 1,772 7,959 7,263 7,102 2,387 1,746 1,354 776 731 782 July August September 8,871 8,980 9,104 1,735 1,872 1,932 1,770 1,752 1,750 7,832 7,877 8,196 1,990 2,008 2,515 879 938 861 October November December 9,226 9,409 9,250 2,060 1,821 1,776 1,814 1,770 1,843 8,169 8,201 8,522 2,320 2,140 2,360 888 873 1,013 January February March 9,097 8,918 9,020 1,917 1,630 1,668 1,780 1,817 1,806 9,001 9,032 9,469 2,471 2,129 2,334 1,085 1,041 1,117 April May June 9,369 9,563 9,722 1,892 1,950 1,948 1,818 1,836 1,871 9,643 9,182 10,153 2,699 1,874 2,739 1,221 976 1,169 July August September 9,956 9,737 9,788 2,039 2,058 2,160 1,952 1,675 1,883 10,717 10,477 10,651 2,824 2,803 3,053 1,025 1,055 1,238 October November December 9,699 9,589 10,410 2,231 1,750 1,860 1,821 1,814 1,983 10,555 10,623 11,020 2,753 3,134 3,087 871 1,128 1,221 9,599 9,808 10,072 1,762 2,004 1,831 1,892 1,083 1,248 <NA) 11,269 11,674 12,459 3,075 3,247 (NA) (NA) (NA) 1976 1977 January February March April Mav June 9,970 12,593 July August September . , , October November December . ,, NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p". preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 55. 90 MAY 1977 BCD OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS—Con. B9 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 investments 620. Imports (MiLdol.) 651. U.S. investments abroad (Mil.dol.) 652. Foreign investments in the U.S. (Mil. dol.) 1975 January February March 2,608 36,943 34,335 1,448 27,6i8 25,570 4,376 3,252 April May June . 5,084 35,770 30,686 3,283 25,851 22,568 4,474 2,943 July August . September 4,265 37,050 32,785 2,079 26,562 24,483 4,660 2,978 October November December 4,357 38,602 34,245 2,220 27,657 25,437 4,709 3,039 1,419 38,746 37,327 -1,327 26,997 28,324 5,500 3,214 1,558 40,360 38,802 -1,536 28,378 29,914 5,599 3,131 1,196 42,589 41,393 -2,787 29,600 32,387 5,795 3,011 p227 p42,507 p42,280 -3,574 29,717 33,291 p5,760 p2,760 p-6,913 p29,668 p36,581 1976 January February . . March .... April May June July August . September . . . October November December .... 1977 January February March (NA) (NA) (NA) (NA) (NA) April May June July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 56. Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). MAY 1977 91 OTHER IMPORTANT ECONOMIC MEASURES F| INTERNATIONAL COMPARISONS HI INDUSTRIAL PRODUCTION 47. United States, 721.0EC0 1 European counindax of industrial production tries, index of industrial production Year and month (1967-100) (1967-100) 728. Japan, index of industrial production 725. West Germany, index of industrial production 726. France, index of industrial production 722. United Kingdom, index of industrial production (1967=100) (1967=100) (1967=100) (1967-100) (1967=100) 727. Italy, index of industrial production 723. Canada, index of industrial production (1967-100) 1975 115.2 112.7 111.7 137 137 137 162.8 160.7 161.3 138.0 136.9 141.9 140 140 138 119 119 117 128.5 131.9 125.8 140.4 140.4 139.6 April May June , . , , 112.6 113.7 116.4 134 132 133 166.0 164.9 168.4 134.7 136.7 134.4 138 133 137 113 111 111 127.7 120.5 127.1 139.8 138.8 139.4 July August September . 118,4 121.0 122.1 132 132 134 170.6 168.7 171.2 •130.4 138.0 137.2 134 134 137 111 112 129.0 114.4 128.1 138,9 139.2 138.0 October November December 122,2 123.5 124.4 137 138 139 171.3 169.5 173.0 140.1 143,1 143.5 139 138 144 113 113 112 130.6 132.0 125.8 138.0 141.3 142.1 125.7 127.3 128.1 141 142 142 176.8 180.6 186.2 145.6 M47.0 r!44,8 149 148 150 113 116 130.9 138.9 139.2 143.5 144.6 145.9 128.4 129.6 130.1 144 144 144 192.4 188.6 191.0 H47.6 H46.1 r148.9 150 150 151 116 119 113 138.7 145.1 139.8 146.4 148.2 146.4 July August ... September 130.7 131.3 130.8 143 144 148 195.3 192.1 191.2 H43.6 r148.1 H51.1 153 153 116 115 117 143.5 139.1 147.8 145.9 147.3 146.8 October November December 130.4 131.8 133.1 148 149 148 191.5 196.4 196,4 r!54,l H49.1 r]47,3 r!51 143.6 149.9 154.0 145.5 147.0 148.4 196.5 157.7 p!51.4 160 pi 56 152.2 p!52.7 H49.9 r149.6 p!49.5 January ... February March .... no 1976 January February March April May June .... r!59 rT56 r!53 rl!5 r118 r!19 118 1977 January February March . .... April May June July August .... September . H32.1 r!33.2 r!35.0 r!52 p!48 (NA) (NA) (NA) (NA) 119 p!19 (NA) (NA) (NA) P136.1 .... . . October ... November . December NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 57. Organization for Economic Cooperation and Development. 92 MAY 1977 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Con. Q CONSUMER PRICES Year and month United States Japan West Germany France United Kingdom 320. Index® 320c. Change over 6-month spans1 738. Index© 738c. Change over 6-month spans1 735. Index© 735c. Change over 6-month spans1 736. Index® 736c. Change over 6-month spans1 732. Index® 732c. Change over 6-month spans1 (Ann. rate, percent) (1967=100) (Ann. rate, percent) 156.1 157.2 157.8 8.0 7.1 7.1 195.5 196.2 198.2 9.4 8.8 8.8 158.6 159.3 160.6 7.4 6.8 7.0 203.1 205.3 205.3 162.3 162.8 163.6 7.2 7.4 6.8 205.6 204.8 208.9 164.6 165.6 166.3 6.1 5.7 5.3 212.2 211.0 210.6 January February March 166.7 167.1 167.5 4.9 5.1 5.0 215.1 217.7 218.8 April May June 168.2 169.2 170.1 4.7 5.5 5.7 223.9 223.9 223.2 July August September 171.1 171.9 172.6 5.5 4.8 4.8 224.5 222.2 228.3 October November December 173.3 173.8 174.3 5.5 6.5 7.1 175.3 177:1 178.2 8.0 (1967=100) (Ann. rate, percent) (1967=100) 140.6 141.3 142.0 5.9 5.7 6.8 170.8 172.1 173.5 10.3 10.6 10.7 143.0 143.9 145.0 6.2 6.0 6.2 10.8 145.0 144.8 145.5 (1967=100) (Ann. rate, percent) (1967=100) (Ann. rate, percent) 1975 January February March April May June „ July August September October November December .... 9.9 192.7 196.0 199.8 27.2 31.9 32.6 175.1 176.3 177.6 9.5 9.4 9.2 207.5 216.2 220.4 30.8 29.9 ,28.2 5.7 5.1 4.1 178.9 180.1 181.6 9.2 9.4 9.3 222.7 224.0 225,9 24.6 18.9 17.9 145.9 146.4 146.8 4.3 4.9 4.6 183.0 184.2 185.2 9.7 9.7 10.2 229.0 231.8 234.7 19.4 16.3 14.7 9.5 9.1 9.8 148.0 149.0 149.6 4.8 5.0 4.3 187.2 188.5 190.2 9.7 9.7 9.1 240.8 240.8 242.1 13.6 11,9 8.5 6.0 8.5 150.5 151.1 151.0 4.9 4.2 3.6 191.8 193.1 193.9 9.2 9.4 9.5 246,8 249.5 250.8 11.4 13.9 7.7 12.3 151.7 151.4 151.4 3.0 2.4 3.6 195.8 197.2 199.3 10.3 10.5 10.6 251.2 254.8 258.2 16.0 18.1 20.6 230.4 231.2 233.7 11.5 12.5 r9.9 151.5 151.8 152.6 3.1 3.7 4.3 201.2 202.8 203.5 8.9 8.7 8.5 262.9 266.5 270.0 24.3 21.4 19.6 236.6 237.8 r238.9 8.9 154.0 154.9 155,5 4.7 204,1 205.5 207.4 277.1 279.9 282.6 (NA) 8.9 7.6 9.8 11.2 10.2 11.3 10.4 1976 1 10.0 9.8 6,6 . 1977 January February March .. April May June 179.6 242.7 156.2 (NA) (NA) (NA) July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ©.Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 58. 1 Changes over 6-month spans are centered on the 4th month. MAY 1977 93 OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Con. Q Q CONSUMER PRICES-Con. 19. United States, index of stock 737. Index® 737c. Change 733. Index© 733c. Change prices, 500 over 6-month over 6-month common stocks® spans1 spans1 Canada Italy Year and month STOCK PRICES 748. Japan, index of stock prices® 745. West Germany, index of stock prices® 746. France, index of stock prices® 742. United Kingdom, index of stock prices® 747. Italy, index of stock prices® 743. Canada, index of stock prices® (1967-100) (1967-100) (1967=100) (1967=100) (1967-100) (1967-100) (1967-100) (Ann. rate, percent) (1967=100) {Ann. rate, percent) January February March 178.2 180.8 181.0 14.5 11.9 11.5 153.0 154.2 154.9 9.6 8.5 9.3 78.9 87.1 91.1 249.9 271.3 283.7 105.1 112.5 120.3 162.0 122.8 131.1 68.9 99.0 108.8 71.4 79.4 81.7 103,0 111.3 109.8 April May June 183.4 184.9 186.4 10.1 9.3 9.7 155.7 157.1 159.4 10.7 10.1 10.0 92.2 98.0 100.5 290.1 298.2 296.6 124.6 119.3 114.6 141.8 130.2 126.6 114.7 125.7 126.7 78.4 77.4 72.9 112.6 116.6 116.7 July August . September 187.1 188.3 189.8 9.7 10.6 10.9 161.6 163.0 163.4 11.3 12.0 9.6 100.6 93.2 92.1 292.8 280.3 270.6 117.5 119.7 115.7 131.3 136.9 134.0 118.7 115.3 127.8 66.1 64.2 64.1 119.5 116.3 113.1 October November December 191.9 194.1 195.6 11.9 14,4 18.2 164.9 166.4 166.6 8.2 7.9 8.0 96.3 98.0 96.5 279.3 285.8 285.8 119.0 126.3 128.4 135.9 141.1 139.6 132.4 141.6 140.1 60.2 58.9 61.0 107.2 107.3 105.9 January February March 197.7 202.1 206.1 21.2 23.2 22.0 167.5 168.1 168.9 6.7 5.6 5.8 105.4 109.5 110.0 305.2 304.9 309.2 132.0 135.0 136.7 143.5 150.8 146.7 150.7 152.6 152.6 60.1 62.6 58.2 112.1 121.8 123.6 April May June 211.6 215.8 216.8 21.4 19.8 17.9 169.6 170.9 171.7 5.2 4.9 5.1 110.9 110.0 110.7 302.7 308.7 318.9 132.7 126.8 127.3 140.1 136.9 135.4 154.1 155.9 145.9 52.9 53.6 56.6 122.5 123.8 121.6 July August September 217.9 220.3 224.0 18.9 19.4 22.1 172.4 173.3 174.0 5.7 5.6 5.7 113.3 112.4 114.7 317.9 321.3 321.2 124.9 122.1 122.4 129.8 130.5 126.7 146.5 140.2 132.1 64.3 63.9 59.5 119.4 115.9 115.9 October November December 230.5 235.5 238.6 22.6 24.4 (NA) 175.2 175.7 176.3 r7.2 r8.6 9.7 110.8 110.1 113.8 318.2 313.9 330.2 116.0 115.8 117.2 112.5 108.4 115.3 116.7 121.5 132.8 51.6 50.3 55.7 108.9 104.0 103.2 H77.9 r!79.4 181.3 9.1 112.9 109.8 109.4 343.5 344.4 341.1 119.6 118.3 118.1 116.0 109.7 rpl!3.8 149.6 rp!57.0 rp!64.0 52.9 50.0 48.7 107.0 108.1 110.2 107.7 p!08.4 338.9 P341.6 124.1 pl27.4 rpl!2.5 pl!2.7 rp!64.6 p!79.9 46.1 p44.7 108.5 p!07.8 (1967=100) 1975 1976 1977 January February March April May Juns 241.3 246.7 (NA) 182.1 July August September October November December NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjustedseriesareindicated by ®. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 58. l Changes over 6-month spans are centered on the 4th month. 94 MAY 1977 ItUt APPENDIXES B. Current Adjustment Factors 19"H 19 76 Series July 5. Average weekly initial claims, State unemployment insurance 13. New business incorporations1 33. Net change in mortgage debt held by financial institutions and life insurance companies1 4 62. Index of labor cost per unit of output, manufacturing3 72. Commercial and industrial loans outstanding. . Sept. Oct. Nov. Dec. Jan. 139.1 154.7 104.3 79.4 73.2 84 2 100.4 104.5 93.4 95.6 93.5 89.1 1 5. Profits (after taxes) per dollar of sales, manufacturing2 17. Ratio, price to unit labor cost index, manufacturing3 . Aug. 98.8 98.1 99.8 100.2 101 2 102 5 102 2 821 725 99 1 98 3 101.3 100.5 Feb. Mar. Apr. May 113.5 97.0 89.5 79.9 85.3 91.7 112.5 106.2 107.2 105.2 94.5 98 1 101 1 TOO 5 99 5 98 2 -23 -430 -383 261 -1448 -1218 98 7 99 2 99 4 100 2 101 3 101 5 99.8 99.2 99.7 100.0 m June 105.4 98 5 98 2 99 3 -196 no 672 101 3 101 2 100 4 99 4 100.4 100.5 99.9 100 3 1119 98.3 99.3 A 87 4 92 2 Qfj n 79 7 129 6 87 4 96 6 82 4 89 3 73 3 70 6 177 9 121 2 111 9 108 2 102 1 108 6 103 1 93 2 90 6 104 0 99 1 99 ] % p 94 1 110 2 105 6 106 3 101 8 91 2 94 3 91 1 100 9 107 2 93 4 106 4 101 1 103 7 96 1 80 8 102 4 104 1 100 6 104 5 92 4 112 8 105 9 112 0 108 4 100.3 516. Defense Department obligations, total. . . 116 3 111 7 QR ^ infi n 92 6 86 1 525. Military prime contract awards in U.S 116 0 108 3 100 1 105 5 88 5 604. Exports of agricultural products 88 2 85 5 83 2 100 9 606 Exports of nonelectrical machinery 95 5 96 1 91 6 614. Imports of petroleum and products 101 9 106 6 616. Imports of automobiles and parts 92 6 82 9 969. Profits, manufacturing (Citibank)5 -in 1 -8 18 NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc., rather than by the source agency. Seasonal adjustments are kept current by the Bureau of Economic Analysis. 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, TheX-11 Variant of the Census Method II Seasonal Adjustment Program. 1 Factors are the products of seasonal and trading-day factors. Quarterly series; factors are placed in the middle month ofthe quarter. This series is derived from seasonally adjusted components; it is further adjusted by these factors to remove residual seasonal variation. 4 These quantities; in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly rotate to yield the seasonally adjusted net change. These factors are computed by the additive version of the X-11 variant of the Census Method II seasonal adjustment program. M-quarter diffusion index; factors are placed in the first month of the quarter. The unadjusted diffusion index is computed and these factors, computed by the additive version of the X-11 variant of the Census Method 11 seasonal adjustment program, are subtracted to yield the seasonally adjusted index. 2 3 95 C. Historical Data for Selected Series Monthly Quarterly Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. IQ 6. VALUE OF MANUFACTURERS ' NEW ORDERS, DURABLE GOODS INDUSTRIES, IN CURRENT DOLLARS 1 (BILLIONS OP DOLLARS) IIIQ II Q Annual IV Q TOTAL FOR PERIOD 1945. . . 1946. , , 1947. . 1948. . 1949. . 1950. . 1951. . 1952. . 1953. . 1954. . 5.66 7.46 7.14 7.56 15.46 11.06 14.45 9.99 5.98 7.50 7.08 7.62 14.08 11.06 14.21 10.31 5.90 7.82 S.67 7.86 14.64 12.81 U.34 !>.72 5.89 8.00 6.16 8.35 13.84 12.94 13.69 10.17 6.21 8.06 6.02 9.23 13.25 10.86 13.58 9.75 5.92 8.85 5.75 9.39 12.88 13.00 13.20 10.29 5.95 8.85 5.93 11.52 12.61 12.04 12.35 10.50 6.19 8.92 6.85 14.21 11.41 11.76 10.89 10.45 6.83 8.38 6.92 11.79 10.75 12.66 9.71 11.69 6.99 8.34 6.77 12.00 11.98 11.85 9.99 12.64 7.36 7.95 7.12 10.95 11.55 11.95 9.94 11.14 7.72 7.72 7.00 11.88 11.18 12.89 9.96 12.60 17.54 22.78 20.89 23.04 44.18 34.93 42.00 30.02 18.02 24.91 17.93 26.97 39.97 36.80 40.47 30.21 18.97 26.15 19.70 37.52 34.77 36.46 32.95 32.64 22.07 24.01 20.89 34.83 34.71 36.69 29.89 36.38 76.60 97.85 79.41 122.36 153.63 144.88 145.31 129.25 1955. 19S6. 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. . . . . . . . . . . 13.48 15.72 15.16 12.01 15.72 15.54 14.05 17.29 18.12 20.43 13.92 14.61 15.64 12.23 16.67 15.68 14.55 17.57 18.84 19.84 14.96 IS. 04 I'i.l4 12.68 ltt.89 l<i.39 U.62 17.13 IB. 08 IS. 77 14.24 15.69 14.11 11.90 17.06 15.14 15.38 16.61 18.72 20.60 14.51 IS. 16 14.58 12.33 16.20 15.32 15.57 16.96 19.12 20.64 14.84 15.06 14,23 13.38 16.97 15.61 15.92 16.77 18.16 20.65 14.98 14.75 13.43 12.99 15.55 15.13 15.59 17.00 18.82 21.61 15.04 17.73 14. ,03 13.47 14.85 15.77 16.49 17.09 18.78 20.38 15.74 14.78 13.64 13.38 15.66 15.84 16.18 17.80 18.82 21.14 15.74 14.84 12.96 14.13 15.61 14.59 16.31 17.91 18.96 20.51 15.74 15.78 13.58 15.33 14.64 14.74 16.93 17.70 18,80 20.76 16.42 15.73 12.54 14.83 16.24 14.97 17.57 18.77 18.47 22.11 42.36 45.37 45.94 36.92 49.28 46.61 43.22 51.99 56.04 60.04 43.59 45.91 42.92 37.61 50.23 46.07 46.87 50.54 56.00 61.89 45.76 47.26 41.10 39.84 46,06 46.74 48.26 51.89 56.42 63.13 47.90 46.35 39.08 44.29 46.49 44.30 50.81 54.38 56.23 63.38 179,61 184,89 169.04 158.66 192.06 183.72 189.16 208.80 224.69 248.44 1965. 1966. 1967. 1968. 1969. 1970. 1971. 1972. 1973. 1974. 1975. 1976. . . . . . . . . . . , . 21.95 25.40 24.68 27.30 29.11 27.48 29.30 32.20 40.25 45.16 40.16 22.21 25.49 24.73 27.16 30.09 27.83 29.81 33.13 41.08 45.16 40.16 22.31 26.78 24.53 28,77 30.06 27.72 29.05 33.40 43.17 45.43 38. S9 23.34 26.51 24.99 27.69 31.61 26.74 28.96 33.78 42.40 45.67 40.72 22.57 26.09 26.09 27.52 29.93 28.14 29.00 34.48 43.37 49.26 41.16 22.74 26.83 26.85 27.56 29.26 28.28 29.10 35.25 43.02 48.40 40.37 23.44 26.39 25.71 26.92 29.46 27.89 29.92 34.20 42.53 48.90 43.53 23.36 26.11 26.41 27.61 29.63 27.10 29.69 34.77 42.32 50.93 43.37 23.60 27.15 25.52 28.55 30.68 27.80 30.11 37.09 42.65 48.38 44.18 23.80 26.04 25.67 30.14 30.22 25.53 30.23 36.30 44.11 45.08 43.84 24.32 25.47 26.01 29.00 29.72 25.86 31.34 37.67 45.76 44.81 44.28 25.04 25.56 28.50 29.47 29.79 29.10 32.02 39.67 43.84 41.50 45.98 66.97 77.67 73.94 83.23 89.26 83.03 88.96 98.73 124.50 135.75 118.91 68.65 79.43 77.93 82.77 90.80 83.16 87.06 103.51 128.79 143.33 122.25 70.40 79.65 77.64 83.08 89.77 82.79 89.72 106.06 127.50 148.21 131.08 73.16 77.07 80.18 88.61 89.73 80.49 93.59 113.64 133.71 131.39 134.10 279.16 313.82 309.69 337.69 359.56 329.47 359.33 421.94 514.50 558.68 506.34 7. VALUE OP MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES, IN 1972 DOLLARS3 (BILLIONS OF DOLLARS) TOTAL FOR PERIOD 1945. . . 1946. . . 1947 1948... 1949... 1950... 1951... 1952... 1953... 1954... 14.60 12.66 13.72 24.73 17.55 22.71 15.33 14.59 12.55 13.80 22.43 17.50 22.31 15.81 11.84 14 Ib 23 0 23 20,24 20.84 14.91 12.20 15.27 10.96 14.99 21.86 20.44 21.33 15.54 12 75 15.27 10.79 16.43 20.94 17.13 21.03 14.91 12.08 16.60 10.34 16.54 20.31 20.50 20.25 15.69 12.11 16.33 10.68 20.11 19.92 18.96 18.82 15.99 12.49 16.02 12.41 24.51 18.14 18.46 16.63 15.93 13.69 14.99 12.60 20.06 17.12 19.91 14.89 17.82 13.95 14:87 12.36 20.14 19.02 18.70 15.32 19.27 14.58 14.11 12.98 18.19 18.33 18.87 15.25 16.91 15.26 13.69 12.74 19.28 17.75 20.33 15.28 19.10 44.* 29 37.05 41.68 70.39 55.29 65.86 46.05 37.03 47.14 32.09 47.96 63.11 58.07 62.61 46.14 38.29 47.34 35.69 64.68 55.18 57.33 50.34 49.74 43.79 42.67 38.08 57.61 55.10 57.90 45.85 55.28 " '• 181*44 142.91 211.93 243.78 228.59 224.66 197.21 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 20.39 22.33 20.43 15.82 20.41 19.92 18.17 22.42 23.53 26.33 21.00 20.66 20.99 16.14 21.62 20.10 18.82 22.76 24.47 25.50 22.53 21.13 20.30 16.75 21.85 19.71 18.92 22.16 24.78 25.38 21.35 21.69 18.91 15.71 22.01 19.39 19.90 21.75 24.35 26.40 21.66 21.08 19.49 16.26 20.85 19.66 20.11 21.94 24.84 26.43 22.09 20.88 19.02 17.62 21.76 20.04 20.57 21.69 23.55 26.45 22.06 20.54 17.89 17.13 19.96 19.47 20.17 21.99 24.31 27.67 21.96 24.42 18.64 17.70 19.06 20.35 21.31 22.11 24.23 26.07 22.81 20.19 18.11 17.56 20.08 20.55 20.90 23.03 24.29 27.00 22.62 20.13 17.19 18.49 20.04 18.85 21.09 23.20 24.44 26.16 22.54 21.35 17.96 20.01 18.80 19.10 21,94 22.96 24.23 26.48 23.49 21.26 16.54 19.28 20.82 19.39 22.76 24.34 23.77 28.20 63.92 64.12 61.72 48.71 63.88 59.73 55.91 67.34 72.78 77.21 65.10 63.85 57.42 49.59 64.62 59.09 60.58 65.38 72.74 79.28 66.83 65.15 54.64 52.39 59.10 60.37 62.38 67.13 72.83 80.74 68.65 62.74 51.69 57.78 59.66 57.34 65.79 70.50 72.44 80.84 264.50 255.86 225.47 208.47 247.26 236.53 244.66 270.35 290.79 318.07 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 27.93 31.91 30.13 32.46 33,27 30.17 31.04 32.62 39.69 40.83 29.97 28.22 31.94 30.16 32.11 34.23 30.55 31.48 33.36 40.15 40.43 29.75 28.99 33.52 29.92 33.93 34,01 30.32 31.36 33.30 41.67 39. (IB 26.).! 29.62 33.01 30.47 32.54 35.79 29.16 30.30 33.91 40.61 39.24 29.99 28.61 32.28 31.82 32.38 33.85 30.52 30.21 34.62 41.26 41.08 30.28 28.75 33.16 32.67 32.38 33.10 30.54 30.24 35.32 40.90 39.61 29.71 29.60 32.58 31.20 31.52 33.25 30.09 30.84 34.14 40.50 39.15 32.01 29.46 32.12 31.93 32.25 33.29 29.17 30.33 34.67 40.15 39.98 31.79 29.72 33.40 30.79 33.20 34.32 29.66 30.79 36.83 40.27 37.42 32.20 29.98 31.99 30.86 34.88 33.61 27.16 30.88 36.09 41.38 34.46 31.63 30.59 31.17 31.15 33.53 32.88 27.48 32.01 37.33 42.45 33,95 31.72 31.49 31.25 34.01 33.87 32.81 30.93 32.51 39.16 40.15 31.23 32.73 85.14 97.37 90.21 98.50 101.51 91.04 93.88 99.58 121.51 121.14 88.24 86.98 98.45 94.96 97.30 102.74 90.22 90.75 103.85 122.77 119.93 89.98 88.78 98.10 93.92 96.97 100.86 89.12 91.96 105.64 120.92 116.55 96.00 92.06 94.41 96.02 102.28 99.30 85.57 95.40 112.58 123.98 99.64 96.08 352.96 388.33 375.11 395.05 404.41 355.95 371.99 421.65 489.18 457.26 370.30 isao 17. 1945. . . 1946 1947. 1948. 1949. 1950. 1951. 1952. 1953. 1954. INDEX OP PRICE PER UNIT OF LABOR COST, MANUFACTURING* (1967-100) AVERAGE FOR PERIOD 95.5 98.6 95.5 94.2 106.8 96.3 93.2 90.8 96.5 98.3 94.4 95.0 106.0 96.2 93.1 90.7 96t7 96.7 94.5 95.4 104.9 95.3 92.6 90.5 97.3 98.5 94.2 97.1 103.4 95.1 92.5 90.8 95.9 99.9 92.9 97.5 103.1 94.1 93.3 91.1 95.6 99.8 93.0 99,2 101.2 93,6 92.8 91.7 95.9 98.6 92.3 101.5 98.7 94.8 93.3 91.7 96.3 97.7 93.2 103.5 96.8 94.2 93.5 91.4 96.0 97.3 93.6 103.8 96.6 94.0 93.5 91.8 97.2 97. 93. 102. 97. 93. 92. 91. 97.9 95.2 94.5 101.5 97.0 94.4 92.2 91.8 98.2 96.2 94.1 104.4 96.6 93.4 91.1 92.8 96.2 97.9 94.8 94.9 105.9 95.9 93.0 90.7 96.3 99.4 93.4 97. 102. 94. 92. 91. 96.1 97.9 93.0 102,9 97.4 94.3 93.4 91.6 97.8 96.3 94.0 102.7 97.0 93.9 92.0 92.1 96.6 97.9 93.8 99.6 100.7 94.6 92.8 91.4 1955. 1956. 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 93.8 95.6 95.4 92.5 95.6 97.1 92.1 95.1 95.1 97.4 93.6 95,7 96.3 91.5 96.2 95.7 91.7 95,4 95.3 97.0 94.4 95.2 95.8 91.0 96.5 94.9 92.4 95.3 95. 6 96.4 95.0 95.6 94.9 90.6 97.2 94.6 93.1 93.9 96.3 96.8 94.8 95.4 94.8 91.6 97.4 93.7 93.1 93.9 96.9 96.7 95.6 95.2 95.5 93.6 97.1 93.5 93.5 93.7 97.0 96.5 95.2 91.6 96.0 93.6 95.6 94.0 94.2 94.2 96.0 96.5 95.3 94.4 95.8 94.2 94.1 94.1 94.8 94.3 96.5 96.5 95.5 95.1 96.0 93.9 93.8 93.7 95.3 95.1 96.4 96.2 96.5 95.1 95.0 95.1 93.3 93.7 95.3 94.6 97.0 96.6 95.9 95.8 93.8 95.7 93.1 92.8 95.4 95.0 96.8 98.1 96.7 95.6 93.3 95.2 95.9 92.3 96.0 94.5 95.8 98.0 93.9 95.5 95.8 91.7 96.1 95.9 92.1 95.3 95.3 96.9 95. 95. 95. 91. 97. 93. 93.2 93.8 96.7 96.7 95,3 93.7 95.9 93.9 94.5 93.9 94.8 94.5 96.3 96.4 96.4 95.5 94.0 95.3 94.1 92.9 95.6 94.7 96.5 97.6 95.2 95.0 95.2 93.2 95.5 94.2 93.9 94.6 96.2 96.9 1965. 1966. 1967. 1968. 1969. 1970. 1971. 1972. 1973. 1974. 1975. 1976. 99.1 102.1 100.4 101.1 100.3 98.2 99.6 103.7 106.8 114.7 118.2 99.3 101.7 100.5 100.8 101.1 98.2 99.7 103.2 108.2 115.6 117.1 100.0 100.4 101.4 100.0 100.8 99.6 97.9 99.8 103.5 108.5 118.3 117.2 101.0 102.0 99.6 100.1 99.3 98.0 99.9 103.0 110.2 119.9 117.4 101.2 101.5 99.4 100.0 99.3 97.4 100.2 103.1 110.9 120.5 119.0 101.8 101.6 98.6 99.4 99.2 97.5 100.8 103.6 109.8 122.5 120.5 101.9 101.3 98.9 99.3 99.0 97.5 100.0 104.3 112.7 124.5 120.4 101.9 101.5 99.9 99.2 99.1 97.6 101.5 104.5 111.0 124.4 121.5 101.7 101.7 100.6 98.6 99.4 98.6 102.0 104.8 110.7 124.9 122.2 101.4 100.5 101.1 99.7 99.9 99.1 102.7 105.6 111.2 122.7 123.2 102.1 100.8 100.9 99.2 99.4 99.7 102.5 107.6 113.1 118.7 123.8 99.5 102.1 100.2 101.0 100.8 98.1 99.8 103.3 108.2 115.8 116.7 100.9 101.6 99.7 100.3 99.5 97.8 100.0 103.2 109.9 119.6 117.9 101,9 101.5 99.1 99.3 99.1 97.5 100.8 104.1 111.2 123.8 120. S 101.7 101.0 100.9 99.2 99.6 99.1 102.4 106.0 111.7 122.1 123.1 101.0 101.6 100.0 99.9 99.7 98.1 100.7 104.2 110.2 120.3 119.6 102. a 99. a 101.0 101.3 98.0 100.0 103.0 109.6 117.?, 114. fl 'This series contains revisions beginning with 1958. 1947-53, 1971, and 1974-75. 96 2 This serfes 1s shown in this appendix for the first time. 'This series contains revisions for (MAY 1977) C. Historical Data for Selected Series—Continued Monthly Quarterly Year Feb. Jan. Annual Mar. Apr. May June July Aug. Sept. Nov. Oct. IQ Dec. 25. CHANGE IN MANUFACTURERS' UNFILLED ORDERS, DURABLE GOODS INDUSTRIES' (BILLIONS OP DOLLARS) II Q IIIQ IV Q AVERAGE FOR PERIOD -0.33 -0.99 0.58 5.41 0.59 1.73 -2.46 -0.16 -0.30 -0.85 0.36 3.72 -0.01 0.42 -1.69 -0.17 -0.14 -0.96 0.41 3.91 1.97 -0.80 -2.49 -0.42 0.01 -1.30 0.46 3.31 2.18 -0.52 -1.83 -0.35 -0.34 -1.10 0.43 2.42 0.21 -0.09 -1.79 -0.40 0.73 -1.24 0.77 2.60 2.72 -0.53 -1.67 -0.76 0.36 -0.88 2.33 2.25 1.80 -2.18 -1.19 -0.50 0.21 -0.41 3.91 0.97 0.65 -2.25 -1.00 -0.01 -0.27 -0.30 2.18 0.80 0.85 -3.49 0.30 -0.49 -0.44 0.34 1.97 1.32 -0.56 -2.54 1.31 -0.0 -0.6 0.4 1.1 0.8 -0.6 -1.8 -0.8 0 0 O M 0 0 ^H O 1 1 1 1 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 0.78 1.31 -0.25 -2.39 0.75 -1.51 -0.35 0.35 0.85 1.24 0.62 0.23 -0.02 -0.87 1.18 -1.05 0.08 0.49 1.07 0.62 1.19 0.41 -0.87 -0.34 1.12 -1.06 -0.25 -0.40 1.37 0.79 0.36 1.22 -0.86 -0.69 0.80 -0.89 0.30 -0.63 0.64 0.95 0.34 0.55 -0.64 -0.16 -0.18 -0.49 0.25 -0.33 0.93 1.19 0.56 0.26 -1.25 0.29 0.32 -0.19 0.18 -0.16 -0.22 1.23 0.81 1.48 -1.73 -0.01 -0.25 -0.55 0.30 0.0 0.01 1.60 0.65 1.90 -1.70 -0.09 0.04 0.38 0.42 -0.39 0.21 0.72 1.18 0.12 -1.41 -0.54 0.78 0.16 0.03 0.51 0.52 1.10 1.47 -0.16 -1.91 0.04 0.63 -0.85 0.02 0.51 0.09 1.24 1.1 0.2 -1.4 0.7 -0.1 -0.4 0.2 0.0 0.1 0.7 r-f O .-10 0 O 0 -< O •-! l i l t 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 0.84 1.83 -0.10 0.04 0.0 -1.37 0.65 0.14 2.51 3.80 -2.90 0.93 1.61 0.09 0.20 0.78 -1.02 0.60 0.66 2.72 3.64 -2.70 0.78 2.31 -0.50 1.41 0.66 -0.76 -0.02 0.45 4.26 2.95 -3.65 1.12 1.94 0.35 0.41 2.40 -1.42 -0.66 0.43 3.50 2.98 -2.68 0.96 1.52 1.04 -0.22 1.11 -0.63 -1.10 1.01 3.92 5.33 -1.41 0.88 2.18 1.62 -0.03 0.08 -0.60 -1.61 1.92 3.34 3.77 -2.59 0.84 1.85 0.70 -1.37 -0.13 -0.77 -0.43 0.62 2.14 3.83 -0.43 0.87 1.26 0.54 0.85 -0.03 -1.25 0.03 0.54 2.58 5.46 -1.18 1.31 2.26 0.25 0.98 0.74 -0.69 0.36 2.56 2.85 2.64 -1.11 1.37 0.85 1.08 1.56 -0.04 -1.14 0.59 1.03 3.44 -1.09 -1.40 i.; o.: o.: -0.39 0.13 -1.21 0.55 2.78 1.70 -0.38 -1.76 -0.42 0.10 -0.53 2.81 1.34 1.10 -2.64 -0.63 -0.16 -0.64 0.34 1.46 0.86 -0.56 -2.11 0.14 -0.16 -0.58 1.32 2.33 0,77 -1.17 -1.12 0.42 0.68 -0.92 -0.19 0.31 -0.52 0.24 -0.37 0.45 1.12 0.88 1.17 -1.61 -0.21 0.19 0.0 0.25 0.04 0.25 1.14 1.50 0.05 -1.60 0.28 0.06 -0.51 0.30 0.73 -0.01 1.01 0.92 0.64 -1.13 -0.33 0.39 -0.56 0.15 0.14 0.44 1.04 0.99 1.88 1.00 0.05 1.20 -0.88 -1.12 1.12 3.59 4.03 -2.23 1.01 1.79 0.50 0.15 0.19 -0.90 -0.01 1.24 2.52 3.98 -0.91 1.35 0.51 0.83 1.05 0.0 -0.26 0.65 1.68 3.51 -1.35 -0.82 1.05 1.52 0.54 0.45 0.47 -0.77 -0.02 1.12 3.20 2.53 -1.76 l i l i t I 1. 1 3.9 -0.9 -0.2 .H O <-t i-t O O O CM fl <M O I I 0. 0. ) -0. 1 0. t t t 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... I I 1945... 31. CHANGE IN BOOK VALUE OF MANUFACTURING AND TRADE INVENTORIES, TOTAL' (ANNUAL RATE, BILLIONS OF DOLLARS) 8.9 5.4 7.0 8.4 4.5 2.4 4.6 5.3 2.7 1.9 -2.1 5.4 5.8 5.8 4.7 5.0 8.0 5.6 4.3 -4.8 1.9 4.9 8.7 6.7 13.9 5.0 -8.6 3.8 3.5 -1.0 1.9 6.2 9.1 -0.2 12.0 17.2 11.4 12.8 12.3 11.1 13.3 23.4 28. 6 54.3 19.5 4.8 13.8 5.1 8.8 15.6 5.7 11.6 17.5 20.4 59.1 8.0 5.7 18.6 2.3 14.8 14.8 1.3 4.4 15.5 25.9 70.7 25.2 17.8 -1.1 2.2 -3.5 18.4 -0.2 5.4 -3.8 16.6 -2.2 8.7 -4.6 14.5 -4.5 3.9 -3.8 9.4 2.2 5.7 -4.6 4.5 9.1 6.6 -16.5 0.5 9.5 -3.5 7.0 2.2 6.5 3.2 12.7 2.4 2.9 3.7 12.5 -2.6 7.0 3.7 4.5 7.6 5.1 1.9 0.8 13.1 3.7 6.0 8.0 -0.1 8.0 6. 0. 5.3 9.2 -6.4 7.8 2.7 5.1 14.2 0.2 0.1 1.8 1.2 6.9 6.1 6.8 0.9 9.0 5.4 4.7 11.5 10.2 17.3 7.9 10.9 -1.2 9.2 6.2 26.9 43.8 3.9 6.4 17.7 8.0 10.4 16.8 12.9 11.5 7.5 28,7 38.2 -10.1 15.4 14.2 7.9 5.2 13.2 5.8 14.4 10.1 27.1 44.9 7.4 12.2 7.0 14.1 12.2 14.1 10.1 11.9 17.4 34.4 8.2 18.9 4.5 16.0 13.7 -0.9 13.0 19.6 34.6 54.6 1955. 1956. 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 1965. 1966. 1967. 1968. 1969. 1970. 1971. 1972. 1973. 1974. 1975. 1976. 10. 2. -1. 5. 5. 5. 10. 20. 2. 8. 11. 10. 3. 6. 31.2 52.2 12.5 16.0 8.3 6.3 13.6 14.2 9.5 8.6 28.8 60.3 -1.7 J .O .5 .0 2.5 5.8 -7.1 4.2 -0.9 -7.2 17.4 3.2 3.7 -3.4 -0.3 i 6.6 5.7 3.0 -4.4 , i 5.0 -4.0 20.0 2.8 9.3 -5.0 -3.8 -5.5 t *-~ 1.0 17.8 0.1 10.8 2.6 -0.9 -6.5 r 5.4 -3.0 9.5 -4.2 -2.9 21.9 5.2 -1.0 2.8 -5.4 -7.8 r 0.3 -3.1 9^6 29.2 5.7 19.6 -4.7 AVERAGE FOR PERIOD H>* u*i- i t-H- 1945... 1946... 1947... 1948. 1949. 1950. 1951. 1952. 1953. 1954. 2!3 2.3 21.8 1.5 9.1 -4.0 5.2 -6.6 6.4 13.5 -1.5 6.1 -4.3 7.2 -2.1 12.2 3.6 2.3 5.0 -3.5 2.4 -5.6 20.5 2.8 6.3 -5.2 0.0 -3.0 10.3 10.4 2.1 3.7 -2.9 9.0 3.6 -6.4 3.2 10.4 -4.2 7.3 2.9 5.4 9.2 1.5 -6.0 10.4 3.2 0.0 5.6 4.1 5.7 6.8 6.4 5.2 0.0 1.8 1.4 4.2 6.4 5.9 7.1 8.5 6.7 -3.3 4.6 4.8 -4.7 3.5 2.7 4.8 5.9 6.4 7.8 1.8 -1.9 5.0 2.6 0.9 5.5 4.4 6.0 11.1 14.0 11.1 7.8 13.6 5.8 11.7 7.9 27.6 42.3 -7.0 8.6 17.2 4.7 12.8 12.6 8.0 8.8 12.7 27.7 47.1 -12.9 9.8 15.7 8.3 9.3 13.8 10.3 11.5 16.5 26.0 57.9 8.6 8.2 16.6 10.3 10.0 11.7 4.3 5.4 16.1 38.2 54.6 -0.4 9.4 15.9 8.6 10.0 12.9 7.1 9.3 13.3 29.9 50.5 -2.9 36. NET CHANGE IN INVENTORIES ON HAND AND ON ORDER IN 1972 DOLLARS, MONTHLY DAT A 5 {ANNUAL RATE, BILLIONS OF DOLLARS) AVERAGE FOR PERIOD 1945... 1946... 1947... 1948.. 1949.. 1950.. 1951.. 1952.. 1953.. 1954.. 8.93 5.68 54.82 7.73 51.05 -20.66 -0.67 -4.45 2.63 35.46 -2.16 4.98 -12.53 4.13 -4.56 7.84 37.36 15.43 -0.59 -19.90 0.68 -8.56 5.63 34.25 11.76 10.72 -16.02 -0.02 -3.84 19.86 32.74 2.23 4.84 -13.21 11.60 -10.76 14.03 22.63 26.82 1.76 -15.65 9.85 0.44 11.38 19.67 6.78 -11.87 -15.58 -9.61 1.84 45.11 12.43 -3.43 -18.97 -13.93 -4.91 9.64 19.20 3.61 13.06 -21.30 2.22 -5.18 -6.38 16.84 11.52 9.95 -23.82 2.62 -5.02 -7.75 19.84 11.63 3.24 -22.02 0.01 -10.66 -12.89 10.25 12.52 7.56 -16.51 0.32 . -o!63 5.38 42.55 7.00 13.48 -17.70 4.09 -7.72 13.17 29.87 13.60 5.77 -14.96 -1.56 3.97 25.23 11.90 5.47 -17.38 -9.10 -6.95 -9.01 15.64 11.89 6.92 -20.78 0.98 -3.19 14.86 24.05 8.25 -3.48 -10.19 1955.. 1956.. 1957.. 1958.. 1959.. I960.. 1961.. 1962.. 1963.. 1964.. 2.60 12.06 -2.84 -25.51 9.36 -7.44 -9.19 17.99 3.25 5.10 5.30 11.71 -2.99 -25.04 26.39 -0.43 -5.70 10.02 8.81 6.60 16.28 -0.19 -6.00 -12.78 22.27 -7.94 -2.89 6.40 13.32 8.23 -2.94 16.54 1.33 -9.01 23.80 -13.74 6.56 -9.44 12.55 12.82 8.99 7.32 -3.12 -2.84 3.62 -0.53 11.57 8.76 6.29 8.20 16.00 5.21 -5.29 2.20 4.96 -5.34 4.19 3.35 0.89 13.28 10.03 17.46 -10.12 2.06 12.24 -1.37 7.62 6.30 0.94 11.16 7.94 10.73 -3.89 -0.23 5.26 -6.08 8.59 4.75 6.00 11.81 1.19 4.79 -1.97 8.93 2.39 0.54 6.37 6.41 6.49 28.72 14.33 -1.10 -24.46 3.59 9.36 -10.31 4.01 7.98 10.75 4.69 5.51 4.01 -10.87 7.64 2.29 -2.29 15.50 -4.75 6.07 17.35 11.20 0.05 -6.52 16.27 18.37 -15.32 13.12 2.12 1.03 15.40 1 8.06 7.86 -3.94 -21.11 19.34 -5.27 -5.93 11.47 8.46 6.64 7.35 9.69 -2.36 -3.22 10.79 -6.54 7.44 0.89 6.56 11.43 6.39 10.99 -5.33 3.59 6.63 -2.30 7.53 5.82 4.48 17.23 10.35 0.99 -13.95 9.17 10.01 -9.31 10.88 1.78 5.95 12.48 8.04 7.38 -6.39 -2.89 11.69 -5.85 4.98 4.99 6.37 11.95 1965.. 1966.. 1967.. 1968.. 1969.. 1970.. ,1971.. 1972.. 1973.. 1974.. 1975.. 1976.. 28.10 14.96 12.98 2.59 ,2.18 -17.00 8.92 6.80 28.67 11.38 -35.36 10.51 23.57 5.84 3.90 9.04 1.30 12.12 4.55 24.52 14.52 -45.84 13.74 28.68 1.56 -0.98 9.49 2.56 6.91 3.96 23.81 4.88 -38.53 12.31 4.75 25.14 20. SB 1.66 8.83 9.55 9.62 12.52 11.48 5.03 -8.71 -2.16 -2.42 6.88 17.45 20.95 35.32 -2.03 21.42 -31.31 -28.75 11.30 26.65 -0.22 6.11 15.30 10.79 -3.73 11.20 29.10 22.33 -19.43 14.82 20.58 18.50 -8.10 16.13 7.06 -6.90 6.16 25.52 -0.90 -3.37 8.62 17.90 16.48 7.07 8.47 3.80 2.54 23.84 15.95 -10.33 2.05 3.06 12.66 5.57 14.46 12.72 -4.32 7.04 20.76 23.95 7.20 -7.01 7.70 20.90 2.35 13.94 7.26 -9.42 5.75 14.76 20.66 -5.29 8.06 10.88 9.68 13.75 10.81 -7.21 6.36 -3.20 12,43 21.23 -21.48 -11.93 17.04 11.06 25.55 16.42 5.36 5.17 8.89 15.01 28.62 -15.17 -17.44 17.45 22.40 6.79 1.B4 6.90 -4.38 9.32 i 5.10 25.67 10.26 -39.91 9.45 24.12 3.42 8.43 13.10 2.37 -2.77 11.84 28.46 13.91 -26.50 8.83 17.05 13.52 4.48 12.44 2.18 0.89 16.92 21.81 -1.34 -2.78 11.87 13.88 13.88 13.72 1.80 0.70 3,81 14.07 23.50 -13.98 -7.10 11.90 19.36 9.40 7.12 8.56 0.22 2.81 11.98 24.86 2.21 -19.07 'This series contains revisions beginning with 1958. 2This series is shown in this appendix for the first time. (MAY 1977) 97 C. Historical Data for Selected Series—Continued Monthly Quarterly Year Jan. Feb. Annual Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. IQ 36. NET CHANGE IN INVENTORIES ON HAND AND ON ORDER IN 1972 DOLLARS, SMOOTHED DATA' {ANNUAL RATE, BILLIONS OF DOLLARS) II Q III Q IV Q AVERAGE FOR PERIOD -5.80 0.10 22.84 9.05 7.64 -21.87 -0.71 -5.99 -5.25 17.13 10.40 7.63 -21.58 1.30 -2*. 60 -2.77 30.30 8.70 18.17 -18.51 -5.13 8.58 35.56 9.48 7.38 -16.28 4.12 -3.14 19.27 21.38 10.51 -5.75 -13.96 -5.29 -0.77 22.04 10.00 7.16 -20.94 -1.82 -2.91 11.78 24.31 6.96 -0.28 -12.65 8.85 11.06 -5.88 2.46 7.06 -3.28 7.16 5.31 3.54 14.66 7.41 7.10 3.69 7.90 - .72 -11.27 5.41 .84 5.17 .15 -4.65 - .79 7*47 .92 4.80 .10 7.76 .11 16.00 16.15 6.68 1.78 -13.19 7.94 7.34 -6.66 9.75 2.50 6.86 14.70 2.75 10.12 -1.00 -16.95 14.23 3.42 -8.87 13.47 3.35 4.87 7.12 8.67 -2.77 -11.99 18.59 -6.89 1.72 3.47 9.93 9.34 9.96 10.49 -5.48 0.67 7.71 -3.70 7.36 4.76 3.61 12.43 7.73 4.45 -10.73 5.73 6.22 -5.04 6. 05 4.46 6.91 15.62 6.89 8.43 -4.99 -5.64 11.69 -3.05 2.06 6.54 5.95 10.56 10.21 19.38 12.55 3.08 12.87 4.70 -0.90 15.33 22.66 1.18 -4.85 7.65 17.10 10.82 8.15 10.96 -0.57 3.00 18.35 21.00 -2.07 -0.87 6.84 15.78 7.68 12.45 6.87 -2.89 4.15 17.68 21.07 -4.66 -1.30 9.54 14.15 10.55 13.40 3.03 -0.88 3.50 15.02 22.72 -10.25 -5.36 17.75 16.65 10.51 10.83 9.78 -3.67 6.85 5.12 20.43 18.49 -27.38 11.13 24.11 4.84 5.12 10.39 U.53 3.22 7.68 25.62 8.65 -34.63 11.18 22.14 8.90 3.56 13.57 4.18 -2.66 13.24 26.21 8.09 -12.91 8.01 15.68 9.68 11.33 6.95 -1.44 3.55 17.09 21.60 -5.66 -2.51 12.02 19.65 8.49 7.71 10.17 -0.10 2.74 10.78 23.46 7.39 -19.36 1948. . . 1949... -4.60 1950... -7.00 21.97 19S1... 1952... 11.26 13.77 1953... 1954... -20.26 -2.15 -3.26 30.91 8.33 20.91 -18.15 -1.04 1.93 38.03 6.51 19.84 -17.13 -2.94 5.37 39.12 7.67 11.76 -16.92 1.49 -5.75 8.24 35.24 9.07 5.01 -16.26 2.64 -6.69 12.14 32.33 11.70 5.38 -15.67 5.61 -6.22 14.13 27.44 12.77 2.01 -14.89 5.54 -3.77 19.30 21.63 11.00 -5.72 -14.93 1.19 0.57 24.37 15.07 7.76 -13.54 -12.07 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 0.98 9.97 0.70 -14.12 10.13 7.21 -9.12 13.21 0.99 5.01 1.86 10.62 -0.76 -16.66 14.21 3.95 -9.50 14.62 2.47 4.15 S.40 9.76 -2.93 -20.07 18.34 -0.89 -8.00 12.59 6.59 5.44 7.14 3.61 -3.25 -18.36 21.75 -6.32 -3.30 6.90 10.01 7.93 6.83 8,62 -2.57 -11.91 20.36 -7.39 2.20 2.12 11.14 9.48 7.40 8.79 -2.48 -5.71 13.68 -6.97 6.26 1.40 8.65 10.59 9.51 9.84 -4.27 -1.37 8.87 -4.47 7.62 3.51 4.64 11.16 11.50 10.56 -6.30 0.91 7.21 -3.34 7.30 5.47 2.66 11.48 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 16.38 13.08 12.56 13.92 11.76 -2.24 3.76 3.99 16.38 21.96 -18.99 19.14 16.41 10.60 12.32 9.51 -4.86 7.78 5.45 20.72 19.29 -27.76 17.73 20.46 8.38 6.26 8.06 -3.91 9.03 5.92 24.20 14.22 -35.38 13.56 23.34 6.10 3.00 8.45 -0.71 7.47 5.12 24.38 3.02 -38.51 9.97 24.54 4.71 5.11 10.58 1.29 3.20 7.28 24.89 6.94 -35.71 9.86 24.46 3.72 7.24 12.13 1.00 -1.00 10.64 27.57 11.00 -29.68 11.13 24.12 5.03 5.48 13.87 2.71 -3.56 11.72 29.22 14.09 -21.84 12.19 22.92 9.12 2.12 13.97 5.13 -3.52 12.67 26.75 8.99 -12.05 -4.06 2.84 26.14 10.54 6.00 -19.37 -6.06 3 38. CHANGE IN STOCKS OF MATERIALS AND SUPPLIES ON HAND AND ON ORDER, MANUFACTURING (BILLIONS OF DOLLARS) AVERAGE FOR PERIOD 1945... 1946... 1948... 1949... 1950... 1952... 19S3... 19S4... -l!40 0.17 -1.06 0.10 -1.48 -0.08 -1.05 0.36 -0.93 -0.28 -0.66 -0.95 -0.77 -1.24 -0.69 -1.84 0.14 -1.73 0.56' -1.08 -0.18 -1.25 0.09 1955... 19S6... 1957... 1958... 19S9... 1960... 1961... 1962... 1963... 1964... 0.86 0.67 -0.49 -1.30 0.40 -0.99 -0.14 0.85 0.52 0.20 0.56 0.41 -0.09 -0.84 1.13 -0.81 -0.41 0.13 0.29 0.04 1.12 0.18 -0.43 -0.42 1.03 -0.97 -0.07 -0.13 0.56 0.29 0.36 0.97 -0.62 -0.33 0.72 -0.75 0.24 -0.51 0.83 0.32 0.48 0.26 -0.24 -0.30 0.16 -0.58 0.30 -0.08 0.49 0.44 0.52 -0.22 -0.50 0.23 0.58 -0.44 0.10 -0.20 -0.22 0.46 0.30 1.12 -0.91 0.17 0.0 -0.48 0.37 -0.15 0.06 0.62 0.65 1.04 -0.98 0.07 0.02 0.13 0.79 -0.12 -0.05 0.52 0.86 0.04 -0.58 0.11 0.50 0.01 -0.01 0.15 0.31 1.06 1.07 0.24 -0.93 0.05 0.23 -0.70 -0.02 -0.06 0.31 1.14 0.71 0.22 -0.92 0.49 0.22 -0.28 0.29 -0.05 -0.09 0.78 1.20 0.34 -1.17 0.20 0.15 -0.61 1.17 0.03 0.0 0.65 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 0.62 0.71 0.58 0.66 0.30 -0.94 0.72 0.42 2.17 2.96 -1.84 0.63 1.09 0.12 0.40 0.08 -0.49 0.15 0.63 2.13 3.12 -1.70 0.59 1.48 0.23 1.03 0.32 Q.09 0.82 -0.19 -0.33 0.25 1.89 2.61 -3.41 0.56 1.05 0.13 0.06 0.86 0.02 -0.56 1.02 3.04 4.65 -1.40 0.39 1.29 0.54 -0.46 0.29 0.04 -1.08 0.71 2.38 3.64 -1.81 0.40 1.03 0.79 -0.57 0.48 -0.49 -0.29 1.03 1.80 3.26 -0.58 0.27 1.26 0.77 0.35 0.05 -0.28 -0.01 1.38 2.18 3.00 -0.92 0.69 0.28 0.48 0.24 0.50 -0.18 -0.21 1.17 2.33 1.84 -0.75 0.80 0.31 0.29 0.46 0.58 -0.26 0.31 0.81 2.67 -0.36 0.12 0.53 0.10 0.51 0.45 -0.42 0.38 0.22 1.25 2.27 0.10 0.24 0.96 -0.05 0.80 0.56 -0.20 0.36 0.51 1.09 2.89 -0.16 -0.47 -a. 25 -3.05 3.62 -a. is 0.06 0.46 it! 42 -2.88 0.01 -0.88 -1.34 -0.44 -1.35 0.16 -0.*62 0.85 0,42 -0.34 -0.85 0.85 -0.92 -0.21 0.28 0.46 0.18 0.46 0.34 -0.45 -0.13 0.49 -0.59 0.21 -0.26 0.37 0.41 0.77 U.73 -0.82 0.12 0.17 -0.11 0.38 -0.04 0.11 0.73 0.99 0.27 -1.01 0.25 0.20 -0.53 0.48 -0.03 0.07 0.86 0.77 0.44 -0.65 -0.16 0,43 -0,54 0.22 -0.01 0.25 0.54 0.61 1.09 0.15 0.34 0.33 -0.53 0.31 0.50 2.41 2.83 -2.14 0.39 1.12 0.33 -0.11 0.66 -0.04 -0.66 0.66 2.44 3.63 -2.21 0.45 0.86 0.68 0.01 0.34 -0.32 -0.17 1.19 2.10 2.70 -0.75 0.76 0.12 0.53 0.49 -0.01 0.16 0.35 1.05 2.61 -0.14 -0.04 0.56 0,80 0.42 0.18 0.33 -0.18 -0.04 0.85 2.39 2.26 -1.28 48. EMPLOYEE HOURS IN NONAGRICULTURAL ESTABLISHMENTS' (ANNUAL RATE, BILLIONS OF EMPLOYEE HOURS) AVERAGE FOR PERIOD 1945. . . 1946. . . 1947. 92.09 1948. 93.69 1949. 92.56 1950. 89.22 1951. 98.83 1952. 100.62 103.97 1953. 1954. 100.64 92.19 93.36 92.35 88.90 99.14 101.14 104.46 101.00 92,20 93,94 91o51 90.63 99.77 100.55 104.86 100.65 91.73 92.92 91.33 91.27 99.96 100.18 104.64 100.35 91.84 93.60 90.82 92.59 100.02 100.68 104.27 99.81 92.15 94.10 89.89 93.53 99.96 99.87 104.32 99.79 91.65 94.36 89.55 94.56 100.00 99.46 104.34 99.67 91.36 94.13 89.61 96.60 99.68 100.99 103.57 99.50 91.87 93.84 89.59 96.42 99.35 102.60 102.70 99.56 92.35 93.51 87.99 97.08 99.37 102.93 103.40 99.94 92.74 93.69 88.55 97.51 99.74 103.21 102.41 101.06 93.11 93,42 88.92 97.32 100.18 104.21 101.79 101.33 92.16 93.66 92.14 39.56 99.25 100.77 104.43 100.76 91.91 93.54 90.68 92.46 99.98 100.24 104.41 99.98 91.63 94.11 89.58 95.86 99.68 101.02 103.54 99.58 92.73 93.54 68.49 97.30 99.76 103.45 102.53 100.78 92.11 93.71 90.22 93.80 99.67 101.37 103.73 100.27 19SS, 1956. 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 101.37 107.00 107.87 105.05 106.27 110.12 107.76 109.91 113.18 114.62 101.99 107.24 108.68 103.27 106.47 110.31 107.88 111.43 113.34 116.46 103.26 106.97 108.38 102.93 107.48 109. 7S 107.96 112.06 113.34 116. £3 103.30 107.32 107.78 101.98 108.18 110.45 107.49 112.58 114.20 116.76 104.52 107.25 107.82 102.24 106.92 110.14 108,34 112.84 114.58 117.31 104.69 107.52 107.68 102.27 109.24 109.99 108.96 112.94 114.85 117.44 104.99 106.32 107.78 102.59 108.92 109.99 109.34 112.96 115.09 117.86 105.22 107.63 107.90 103.14 107.94 109.90 109.79 113.17 115.08 118.20 105.86 107.69 107.38 104.31 107.84 109.51 109.34 113.68 115.51 118.00 106.03 108.21 106.23 104.29 107.63 109.19 110.17 113.12 115.92 118.52 106.59 108.39 105.92 105.25 108.12 109.66 110.93 113.42 115.73 119.46 106.94 108.64 105.69 105.62 109.79 106.96 110.75 113.18 115.72 120.33 102.21 107.07 108.31 103.75 106.74 110.06 107.87 111.13 113.29 115.97 104.17 107.36 107.76 102.16 108.78 110.19 108.26 112.79 114.54 117.17 105.36 107.21 107.69 103.35 108.23 109.80 109.49 113.27 11*5.23 118.02 106.52 108.41 105.95 105.05 108.51 108.60 110.62 113.24 115.79 119.44 104.56 107.51 107.43 103.58 106.07 109.66 109.06 112.61 114.71 117.65 1965. 1966. 1967. 1968. 1969. 1970. 1971. 1972. 1973. 1974. 1975. 1976. 120.72 126.32 131.21 131.39 136.95 139.42 137.87 141.10 146.38 150.71 147.79 121.26 127.25 130.24 132.92 136.55 137.94 136.76 141.89 147.72 151.28 146.14 121.68 128.00 130.13 132.77 137.48 139.33 137.67 142.06 148.52 151.20 145.4? 121.76 127.96 130.05 133.08 133.09 138.88 137.82 143.06 143.92 149.32 145.66 122.51 128.30 130.48 133.73 138.74 138.26 138.32 143.08 149.16 151.70 145.76 122.50 129.27 130.63 134.28 139.15 138.00 138.42 143.85 149.67 151.66 145.34 122.88 129.21 130.87 134.91 139.17 138.21 137.77 143.68 149.96 151.57 145.60 123.45 129.66 131.23 134.96 139.65 137.76 138.19 144.15 149.91 151.52 146.88 123.56 129.60 131.89 135.44 139.80 137.08 138.32 144.93 150.34 151.55 147.45 124.36 130.11 131.80 135.80 139.99 136.70 138.94 145.31 150.24 152.51 148.41 125.04 130.48 132.65 135.77 140.20 136.36 139.55 146.25 151.70 149.80 148.59 125.73 130.64 132.99 136.38 141.50 137.19 140.25 145.89 151.42 148.37 149.51 121.22 127.19 130.53 132.36 136.99 138.90 137.43 141.68 147.54 151.06 146.47 122.26 128.51 130.39 133.70 136.66 138.38 138.19 143.33 149.25 150.89 145.59 123.30 129.49 131.33 135.10 139.54 137.68 138.09 144.25 150.07 151.55 146.64 125.04 130.41 132.46 135.98 140.56 136.75 139.56 145.82 151.12 150.23 148.84 122.95 128.90 131.18 134.29 138,94 137.93 138.32 143.77 149.49 150.93 146.88 'This series contains revisions beginning with 1975. Series 1s a weighted 4-tertn moving average (with weights 1,2,2,1} placed at the terminal month of the span. aTh1s series 1s shown 1n this appendix for the first time. 'This series contains revisions beginning with 1947. (MAY 1977) C. Historical Data for Selected Series—Continued Quarterly Monthly Annual Year Jan. Feb. Mar. Apr. June May July Aug. Sept. Nov. Oct. Dec. 1 Q 62. INDEX OF LABOR COST PER UNIT OF OUTPUT, TOTAL MANUPACTURINGi (1967-100) 1945.. . 1946... 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... IIIQ 11 Q IV Q AVERAGE FOR PERIOD 72.3 78.1 81.2 79.1 81.5 89.0 90.3 94.3 72.6 78.0 81.6 79.0 82.8 89.0 90.4 94.3 73.4 79.1 80.9 78.4 83.7 89.6 91.0 94.6 73.7 78.8 81.1 77.7 85.1 89.6 91.2 94.4 74.5 78.1 81.5 78.1 85.3 90.4 90.9 94.1 75.2 78.9 81.5 77.5 87.0 91.3 91.8 93.6 75.1 80.3 81.3 77.2 88.2 89.6 91.7 93.5 75.4 81.6 80.5 77.3 89.4 90.5 91.4 93.8 76.4 81.5 79.6 ,78.0 89.1 90.6 91.6 93.1 76.2 80.9 79.6 79.8 88.2 90.2 92.2 93.1 76.0 82.1 78.3 81.1 88.6 89.4 92.7 93.3 77.3 81.4 78.9 81.2 89.1 90.2 93.8 92.3 72.8 78.4 81.2 78.8 82.7 89.2 90.6 94.4 74.5 78.6 61.4 77.8 85.8 90.4 91.3 94.0 75.6 61.1 80.5 77.5 88.9 90.2 91.6 93.5 76.5 81.5 78.9 80.7 88. 89. 92. 92. 74.8 79.9 80.5 78.7 86.5 90.0 91.6 93.7 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 91.2 91.9 96.2 101.0 98.3 97.2 102.8 99.4 99.1 97.2 91.5 92.4 95.9 101.8 97.9 98.8 103.4 99.1 98.7 97.6 90.7 93.1 96.1 102.5 97.6 99.7 102.4 99.0 98.2 98.2 90.1 93.1 97.1 102.8 97.1 100.1 101.6 100.5 97.4 97.7 90.2 93.8 97.3 101.8 97.1 100.9 101.2 100.5 97.2 97.7 90.5 94.7 97.4 100.4 97.9 101.6 100.6 100.8 97.4 97.9 90.9 97.9 97.1 100.3 99.3 101.0 99.9 100.3 98.5 98.1 91.2 95.7 97.6 99.8 100.7 100.7 99.4 100.1 97.9 98.1 91.7 95.7 97.3 100.1 101.1 101.1 98.8 99.7 97.9 98.5 91.1 96.3 98.4 99.0 101.8 101.5 98.9 100.0 97.5 98.4 91.8 95.9 99.8 98.5 101.6 102.2 98.7 99.5 97.7 96.9 91.1 96.0 100.3 99.0 98.3 102.4 98.1 99.6 98.6 97.0 91.1 92.5 96.1 101.8 97. -9 98.6 102.9 99.2 - 98.7 97.7 90.3 93.9 97.3 101.7 97.4 100.9 101.1 100.6 97.3 97.8 91.3 96.4 97.3 100.1 100.4 100.9 99.4 100.0 98.1 98.2 91. 96. 99. 98.8 100.6 102.0 98.6 99.7 97.9 97.4 91.0 94.7 97.5 100.6 99.1 100.6 100.5 99.9 98.0 97.8 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 96.2 95.7 99.2 100.3 104.0 111.1 112.4 111.7 114.3 121.2 143.5 96.0 96.4 99.1 101.0 103.6 110.9 112.5 112.8 114.2 122.2 144.5 95.5 96.0 99.8 101.1 104.0 111.5 112.7 113.0 114.4 122.3 147.0 95.3 97.0 99.5 101.3 105.5 111.9 113.2 113.0 116.4 123.5 144.6 95.1 97.1 100.0 102.1 106.5 111.9 113.5 113.7 116.1 124.3 144.7 95.3 97.5 100.4 102.4 106.7 112.6 113.3 113.7 116.8 125.3 143.2 94.7 97.6 101.3 103.2 107.0 113.2 113.6 114.0 117.3 127.4 141.9 94.9 98.5 101.3 103.5 107.6 113.5 115.0 113.5 118.0 128.2 142.1 94.9 98.2 100.5 103.8 107.8 113.4 113.0 113.6 118.5 129.0 141.1 95.4 98.0 99.9 104.9 108.2 113.1 112.4 113.5 119.1 131.7 142.4 95.9 99.1 99.7 103.9 108.2 112.9 112.2 113.7 120.0 135.4 141.8 95.7 98.8 100.1 104.9 109.2 112.1 113.1 113.0 120.0 140.6 141.5 95.9 96.0 99.4 100.8 103.9 111.2 112.5 112.5 114.3 121.9 145.0 95.2 97.2 100.0 101.9 106.2 112.1 113.3 113.5 116.4 124.4 144.2 94.8 98.1 101.0 103.5 107.5 113.4 113.9 113.7 117.9 126.2 141.7 95.7 98.6 99.9 104.6 108.5 112.7 112.6 113.4 119.7 135.9 141.9 95.4 97.5 100.1 102.7 106.5 112.3 113.1 113.3 117.1 127.6 143.2 70. MANUFACTURING AND TRADE INVENTORIES, TOTAL BOOK VALUE, IN 1972 DOLLARS * (BILLIONS OF DOLLARS) END OF PERIOD 1945... 1946... 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... 78.19 83.20 81.47 90.43 101.52 107.67 108.65 78.66 83.50 81.28 91.15 101.45 107.90 108.30 79.15 83.52 81.87 92.20 101.55 108.39 107.88 79.43 83.16 82.23 93.57 101.56 109.38 107.36 79.70 83.12 63.12 95.24 101.31 109.72 106.94 80.69 83.16 83.81 96.53 101.96 110.18 106.38 81.82 83.30 82.74 97.46 101.94 110.99 105.89 81.95 83.32 84.64 98.56 101.91 110.94 105.26 82.04 83.63 85.61 98.97 103.16 110.99 105.19 82.15 83.11 36.58 99.68 104.20 110.26 104.71 82.15 82.31 88.04 100.28 104.81 109.52 105.08 81.91 81.28 88.54 100.72 105.26 109.18 104.92 79.15 63.52 81.87 92.20 101.55 108.39 107.88 80.69 83.16 83.81 96.53 101.96 110.18 106.38 82.04 83.63 85.61 98.97 103.16 110.99 105.19 81.91 81.28 88.54 100.72 105.26 109.18 104.92 81.91 81.28 88.54 100.72 105.26 109.18 104.92 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 105.25 110.22 116.00 114.54 114.03 120.33 122.35 124.95 131.11 136.69 105.32 111.29 115.81 114.03 114.40 121.58 122.29 125.56 131.50 137.14 106.04 111.49 115.77 113.70 114.80 122.43 121.67 126.42 132.00 137.68 105.92 112.56 116.05 113.16 116.24 122.35 121.68 126.58 132.13 138.23 106.57 113.19 116.04 112.67 116.79 123.08 121.96 127.54 132.48 138.68 107.55 113.70 116.20 112.46 117.55 123.34 121.81 128.21 133.09 139.31 108.14 114.24 116.43 112.30 118.33 123.76 122.21 128.67 133.47 139.58 108.78 114.63 117.05 112.01 118.13 123.52 122.62 129.10 134.08 140.09 108.64 115.21 117.46 112.72 117.57 123.92 123.20 129.87 134.83 141.40 109.18 115.29 116.37 112.96 117.77 123.76 123.34 130.46 135.76 141.17 109.30 115.82 116.10 113.20 117.79 123.91 124.01 130.39 136.17 142.21 109.60 115.76 116.16 113.92 119.34 122.89 124.22 130.78 136.27 143.29 106.04 111.49 115.77 113.70 114.80 122.43 121.67 126.42 132.00 137.68 107.55 113.70 116.20 112.46 117.55 123.34 121.81 128.21 133.09 139.31 108.64 115.21 117.46 112.72 117.57 123.92 123.20 129.87 134.83 141.40 109.60 115.76 116.16 113.92 119.34 122.89 124.22 130.78 136.27 143.29 109.60 115.76 116.16 113.92 119.34 122.89 124.22 130.78 136.27 143.29 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 144.22 152.71 169.58 176.77 184.33 192.45 195.92 200.72 208.14 219.82 225.40 144.69 154.16 170.48 177.29 185.36 193.12 196.51 200.74 209.03 220.63 223.47 145.98 155.26 171.31 177.20 186.06 193.42 196.96 200.82 209.41 221.43 221.69 146.63 156.35 172.06 178.29 186.79 193.99 197.54 201.20 209.81 221.54 220.39 147.27 157.89 172.48 179.42 187.53 193.48 198.16 202.22 210.72 222.65 218.20 148.00 159.65 172t32 180.17 188.40 194.29 198.90 202.49 211.78 223.75 217.41 149.17 160.93 173.19 180.56 189.35 194.97 199.07 202.59 212.91 224.17 217.05 150.08 162.09 173.94 181.45 190.22 195.44 199.39 203.98 213.20 223.65 217.43 150.41 163.28 174.21 182.08 191.16 195.63 199.79 204.87 214.01 224.51 217.15 150.82 164.96 174.25 183.06 192.00 195.18 200.10 205.75 215.15 225.80 218.02 151.41 166.52 175.40 183.39 191.98 195.68 199.74 206.38 216.71 225.72 216.74 152.13 168.06 176.57 184.00 192.81 195.72 200.34 207.01 218.93 226.25 215.08 145.98 155.26 171.31 177.20 186.06 193.42 196.96 200.62 209.41 221.43 221.69 148.00 159.65 172.32 180.17 188.40 194.29 198.90 202.49 211.78 223.75 217.41 150.41 163.28 174.21 182.06 191.16 195.63 199.79 204.87 214.01 224.51 217.15 152.13 168.06 176.57 184.00 192.81 195.72 200.34 207.01 218.93 526.25 215.08 152.13 166.06 176.57 184.00 192.81 195.72 200.34 207.01 218.93 226.25 215.08 77. RATIO, INVENTORIES TO SALES, MANUFACTURING AND TRADE, TOTAL , IN 1972 DOLLARS ^ (RATIO) AVERAGE FOR PERIOD 1945... 1946... 1947. . . 1948. 1949. 1950. 1951. 1952. 1953. 1954. 1.49 1.56 1.53 1.44 1.69 1.60 1.70 1.50 1.57 1.49 1.49 1.67 1.58 1.67 1.50 1.57 1.48 1.54 1.69 1.57 1.67 1.50 1.57 1.47 1.59 1.67 1.59 1.65 1.52 1.59 1.45 1.60 1.64 1.60 1.67 1.52 1.55 1.41 1.63 1.65 1.63 1.64 1.53 1.60 1.29 1.68 1.68 1.62 1.64 1.53 1.57 1.30 1.66 1.65 1.65 1.64 1.53 1.55 1.41 1.67 1.62 1.66 1.63 1.53 1.59 1.45 1.67 1.58 1.66 1.62 1.54 1.56 1.52 1.68 1.60 1.69 1.58 1.52 1.55 1.45 1.71 1.57 1.71 1.54 1.49 1.57 1.50 1.49 1,68 1.59 1.68 .51 .57 .44 .61 .65 .60 .66 1.53 1.57 1.33 1.67 1.65 1.64 1.64 1.53 1.57 1.48 1.69 1.58 1.69 1.58 K52 1.57 1.44 1.61 1.64 1.63 1.64 1955. 1956. 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 1.52 1.50 1.55 1.64 1.54 1.52 1.64 1.53 1.56 1.52 1.51 .53 .54 .66 .52 .54 .63 .54 .54 .52 1.49 1.53 1.55 1.68 1.51 1.56 1.60 1.53 1.54 1.53 1.47 1.54 1.58 1.68 1.51 1.56 1.61 1.53 1.53 1.51 1.48 1.55 1.58 1.66 .49 .59 .59 .54 .54 .50 1.49 1.55 1.57 1.63 1.50 1.59 1.56 1.55 1.53 1.51 1.49 1.63 1.58 1.62 1.52 1.60 1.58 1.55 1.51 1.49 1.51 1.58 1.58 1.58 .56 .61 .55 .55 .54 .51 1.48 1.58 1.61 1.58 1.55 1.59 1.55 1.56 1.54 1.50 1.49 1.56 1.60 1.56 1.56 1.6C 1.53 1.55 1.5; 1.5; 1.48 1.56 1.62 1.54 1.56 1.62 .53 .53 .55 .51 1.49 .55 .66 .59 .53 .61 .52 .56 .52 .49 1.51 1.52 .54 .66 .52 .54 .62 .53 .55 .52 .46 .55 .58 .66 .50 .58 .59 .54 .53 .51 1.49 1.59 1.59 1.59 1.54 1.60 1.56 1.55 1.53 1.50 1.49 1.56 1.62 1.56 1.55 1.61 1.53 1.55 1.53 1.51 .49 .55 .56 .62 .53 .58 .56 1.54 1.53 1.51 1965. 1966. 1967. 1968. 1969. 1970. 1971. 1972. 1973. 1974. 1975. 1976. 1.50 1.47 1.60 1.60 1.61 1.70 1.74 1.66 1.55 1.62 1.89 1.50 1.48 1.62 1.60 1.62 1.70 1.73 1.66 1.55 1.64 1.86 1.48 1.47 1.62 1.59 1.62 1.72 1.72 1.64 1.56 1.64 1.89 1.49 1.49 1.62 1.61 1.62 1.74 1.71 1.63 1.56 1.64 1.85 .50 .51 .62 .60 .64 .72 .70 .63 .57 .66 .82 1.50 1.51 1.62 1.60 1.64 1.72 .70 .63 .59 .68 .79 1.49 1.54 1.63 1.59 1.65 1.72 1.71 1.63 1.57 1.68 1.77 .50 .54 .62 .63 .65 .73 .70 .61 .60 1.68 1.75 1.52 1.54 1.62 1.61 1.64 1.74 1.69 1.61 1.60 1.71 1.74 1.4 1.5! 1.6 1.6 1.6 1.7 1.7 1.5 1.5 1.7 1,7 .48 .57 .61 .60 .67 .80 .67 .57 .58 .81 .75 1.48 1.59 1.59 1.62 1.68 1.74 1.67 1.57 1.62 1.88 1.71 1.49 1.47 1.61 1.60 1.62 1.71 1.73 1.65 1.55 1.63 1.88 .50 .50 .62 .60 .63 .73 .70 .63 .56 .66 1.82 1.50 1.54 1.62 1.61 1.65 1.73 1.70 1.61 1.59 1.69 1.75 1.48 .57 .61 .61 .66 .77 .68 .57 .59 1.81 1.73 1.49 1.52 1.62 1.60 1.64 1.73 1.70 1.62 1.58 1.70 1.80 'This series contains revisions for 1947-53 and 1975. the first time. 2 This series contains revisions beginning with 1975. aThis series is shown in this appendix for (MAY 1977) C. Historical Data for Selected Series—Continued Monthly Quarterly Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Annual Oct. Nov. Dec. IQ II Q IIIQ IV Q 85. CHANCE; IN MONEY SUPPLY MI (DEMAND DEPOSITS PLUS CURRENCY)) (MONTHLY RATE, PERCENT) AVERAGE FOR PERIOD 19*5. . . 1946. .. 1947... 1948... 1949... 1950.. 1951.. 1952.. 1953.. 1954.. 0.27 -0.27 0.27 0.43 0.33 -0.08 0.16 0.18 -0.18 0.0 0.54 0.34 0.41 0.08 0.08 G.55 -0.53 0.0 0.36 0.43 0.16 0.47 0.08 0.73 -0.27 0.09 0.62 0.17 0.24 0.23 -0.46 0.54 -0.18 0.18 0.44 0.34 0.32 0.16 0.86 0.36 -0.09 -0.18 0.35 0.34 0.40 0.0 0.15 0.09 0.18 -0.09 0.44 0.42 0.24 0.08 0.31 0.36 0.09 -0.18 0.35 0.42 0.32 0.08 0.31 0.36 -0.09 -0.09 0.17 0.67 0.56 -0.08 0.15 -0.09 -0.09 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 0.53 0.22 0.0 -0.29 0.78 -0.07 0.14 0.13 0.40 0.26 0.68 0.0 -0.07 0.52 0.21 -0.28 0.35 0.13 0.20 0.25 -0.22 0.15 0,07 0.22 0,42 -0,,07 0,21 0<>27 0*26 0.32 0.22 0.22 0.0 0.37 0.14 0.14 0.28 0.20 0.33 0.13 0.52 -0.15 0.07 0.36 0.42 -0.28 0.34 0.0 0.39 0.63 -0.15 0.15 -0.07 0.65 0.21 0.07 0.21 0.07 0.46 0.31 0.30 0.0 0.07 0.0 0.49 0.56 0.07 -0.13 0.39 0.69 0.0 -0.22 0.07 0.51 -0.28 0.35 0.20 -0.13 0.06 0.50 0.15 0.37 -0.22 0.29 -0.21 0.21 0.34 -0.07 0.26 0.56 0.15 0.07 -0.22 0.43 -0.28 196S... 1966... 1967... 1968... 1969..: 1970... 1971... 1972... 1973... 1974... 1975... 1976... 0.31 0.76 -0.06 0.48 0.54 0.77 0.46 0.77 0.86 0.37 -0.35 0.12 0.41 0.97 0.53 0.44 -0.33 0.86 0.81 0.19 0.52 0.0 0.30 0.46 0.73 0.37 0.29 0.62 0.72 0.93 -0.16 0.44 0.71 0.24 0.75 -0.39 0.53 0.34 0.71 0.76 0.71 0.54 0.47 0.25 0.18 0.0 1.12 1.05 0.34 0.38 1.11 0.33 1.12 0.29 0.98 0.54 0.11 0.83 0.83 0.29 0.14 0.66 0.45 0.80 0.51 1.11 0.36 -0.34 0.77 0.51 0.19 0.28 0.48 0.82 0.34 0.43 0.34 0.18 -0.06 0.55 0.56 -0.05 0.75 0.43 0.77 0.19 0.18 0.38 0.72 0.57 0.65 0.66 0.29 0.79 0.26 0.89 -0.04 0.21 0.27 ... 0.35 -0.27 0.09 0.17 0.83 0.32 0.0 0.46 -0.18 -0.27 0.18 0.26 0.57 0.24 0.08 0.15 ... -o!l5 -0.09 0.39 0.40 0.30 0.16 0.10 0.54 -0.18 0.03 0.47 0.28 0.32 0.13 0.18 0.27 0.06 -0.12 0.32 0.50 0.37 0.03 0.26 0.03 -0.21 0.09 0.29 0.63 0.26 0.05 0.36 -0.12 -0.02 0.37 0.45 0.31 0.09 0.22 0.34 0.33 0.45 0.37 0.0 -0.22 0.22 -0.15 0.57 -0.07 -0.07 0.41. 0.40 0.71 0.43 0.22 0.22 -0.29 0.14 -0.21 0.0 0.20 0.27 -0.25 0.06 0.33 0.12 0.0 0.15 0.47 -0.14 0.23 0.18 0.29 0.28 0.20 0.07 0.0 0.46 0.26 -0.02 0.27 0.09 0.39 0.36 0.15 0.05 -0.02 0.26 0.0 0.37 0.20 -0.11 0.24 0.58 0.05 0.17 -0.22 0.38 -0.19 -0.02 0.32 0.33 0.30 0.29 0.18 0.10 -0.06 0.31 0.14 0.05 0.26 0.12 0.30 0.38 0.71 -0.34 0.49 0.56 0.19 0.14 0.09 0.64 0.49 0.46 -0.10 0.35 0.06 0.38 0.90 0.29 0.37 0.26 0.60 0.86 0.46 0.75 0.53 0.17 0.38 0.70 0.05 0.46 0.21 1.11 0.59 0.21 -0.27 0.24 0.54 0.55 0.46 0.42 0.35 0.68 0.84 0.30 0.44 0.12 0.32 0.29 0.52 0.80 0.32 0.41 0.84 O.SO 0.82 0.42 0.78 0.42 0.06 0.66 0.58 0.14 0.61 0.39 0.83 0.16 0.27 0.33 0.53 -0.04 0.41 0.72 0.18 0.32 0.19 0.78 0.65 0.38 0.13 0.38 0.21 0.54 0.64 0.27 0.42 0.52 0.74 0.48 0.38 0.34 0.0 0.43 0.50 0.24 0.08 0.46 102. CHANGE IN MONEY SUPPLY M2 (DEMAND DEPOSITS AND CURRENCY PLUS TIME DEPOSITS AT COMMERCIAL BANKS OTHER THAN LARGE C D ' S ) * (MONTHLY RATE , PERCENT) 1945... 1946... 1947... 1948... 1949... 1950... 1951... 1952... 1953... 19S4... 0.27 -0.14 0.20 0.33 0.37 0.12 0.29 1955... 19S6... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 0.50 0.11 0.37 -0.10 0.97 -0.09 0.41 0.70 0.74 0.39 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 0.72 0.86 0.50 0.54 0.52 0.18 1.11 1.10 0.91 0.77 0.39 0.28 O.J15 O.S3 0.29' 0.48 -0.14 0.20 0.47 0.32 0.37 0.29 0.86 0.34 0.0 -0.07 0.27 0.32 0.43 0.12 0.28 0.14 0.14 -0.07 0.26 0.51 0.30 0.23 0.51 0.55 0.14 -0.14 0.20 0.45 0.42 0.23 0.51 0.48 -0.07 -0.07 0.07 0.70 0.60 0.12 0.17 0.14 -0.07 o.;i3 0.63 -0.20 0.14 0.54 0.19 0.31 0.29 -0.06 0.21 1.19 0.05 -0.38 0.69 0.65 0.45 0.46 -0.11 0.22 O.S7 0.82 0.29 -0.10 0.23 0.78 0.53 0.38 0.27 0.27 0.16 0.76 0.33 0.29 0.55 0.69 0.61 0.34 0.38 -0.05 0.31 0.65 0.33 -0.10 0.59 0.21 0.56 0.68 0.0 0.27 0.10 0.90 0.24 0.24 0.40 0.42 0.56 0.60 0.27 0.11 0.31 0.40 0.43 0.71 0.40 0.25 0.52 0.68 0.0 0.0 0.26 0.64 -0.24 0.66 0.40 0.13 0.44 0.67 0.72 0.49 1.03 0.71 0.42 -0.25 1.52 1.07 O.S1 0.85 0.59 0.57 0.52 0.90 0.59 0.35 0.64 1.45 1.00 G.3U 0.6^ 0.74 0.50 0.91 0.43 0.53 0.36 0.89 1.04 0.74 0.64 0.65 0.58 0.39 0.45 1.28 0.81 0.26 0.53 1.14 0.69 1.00 0.36 1.13 0.77 0.29 1.09 0.78 0.38 0.57 0.91 0.85 0.81 0.68 1.34 0.70 0.22 0.98 0.55 -0.20 0.89 0.51 0.90 0.49 0.61 0.81' 0.62 0.35 0.86 0.90 -0.26 1.08 0.46 0.96 0.67 0.45 0.45 0.49 -0.40 0.0 0 . S7 0.0 0.0 0.54 0.20 0.50 0.18 0.29 0.61 0.0 AVERAGE FOR PERIOD 0.26 0.44 0.30 0.29 0.45 0.0 -0.20 0.14 0.26 0.56 0.30 0.23 0.17 -o!64 -0.05 0.34 0.29 0.37 0.23 0.29 0.48 -0.11 0.09 0.43 0.28 0.37 0.23 0.36 0.39 0.07 -0.09 0.18 0.55 0.44 0.19 0.40 0.18 -0.14 0.07 0.24 0.59 0.36 0.23 0.34 -o!66 0.0 0.30 0.43 0.39 0.23 0.35 0.27 0.43 0.05 0.29 -0.05 0.56 0.40 0.34 0.47 0.78 0.16 0.11 0.10 0.34 -0.19 0.42 0.44 0.67 0.67 0.55 -0.05 0.27 0.10 0.54 0.09 0.42 0.53 0.67 0.90 0.69 0.22 0.21 0.0 0.19 -0.14 0.28 0.13 0.58 -0.04 0.58 0.33 0.11 0.32 0.64 0.44 -0.19 0.44 0.71 0.57 0.41 0.22 0.16 0.19 0.77 0.30 0.14 0.51 0.44 0.58 0.54 0.18 0.18 0.21 0.44 0.05 0.64 0.40 0.24 0.48 0.71 0.11 0.20 0.07 0.36 -0.08 0.37 0.37 0.64 0.51 0.61 0.21 0.16 0.20 0.55 0.18 0.24 0.43 0.51 0.53 0.57 0.89 0.57 0.73 0.89 0.18 1.00 0.57 0.95 0.41 0.33 0.40 0.99 0.09 0.73 0.83 0.10 0.63 0.58 0.80 0.83 0.78 0.44 0.78 0.25 0.58 1.06 0.26 0,70 0.77 0.74 0.93 0.54 0.96 0.77 0.41 0.46 0.84 0.05 0.83 0.77 1.02 0.85 0.31 0.33 0.67 0.62 0.81 0.61 0.43 0.19 1.36 1.06 0.60 0.75 0.57 0.55 0.55 0.93 0.71 0.33 0.66 1.03 0.76 0.82 0.56 1.02 0.74 0.38 0.86 0.78 -0.09 0.99 0.51 0.94 0.52 0.46 0.55 0.85 0.25 0.59 0.91 0.14 0.72 0.71 0.85 0.87 0.54 0.58 0.70 0.45 0.80 0.75 0.20 0.64 0.90 0.90 0.70 0.58 0.68 104. PEFIGENT CHANGE IN TOTAL LIQUID ASSETS, MONTHLY DATA* (PERCENT) 1945... 1946... 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... ... -0.13 0.17 0.08 0.95 0.48 0.25 1955... 1956... 1957... 1958... 1959... I960... 1961... 1962... 1963... 1964... 1965... 1966... 1967... 1968... 1962... 1970.., 1971... 1972... 1973... 1974... 1975... 1976... !! ! 0.41 -0.14 0.07 0.20 0.76 0.48 0.17 • 0.39 0.0 AVERAGE FOR PERIOD ... ... 0.04 0.13 0.39 O.S1 0.63 0.28 -0.13 0.18 0.34 0.21 0.47 0.88 0.21 0.0 0.22 0.55 0.25 0.19 0.77 0.0 -0.13 0.31 0.38 0.33 0.31 0.58 0.49 0.09 0.17 0.34 0.49 0.62 0.47 0.07 0.13 0.17 0.29 0.53 0.50 0.68 0.35 0.18 0.13 0.08 0.37 0.57 0.43 0.41 0.13 0.09 0.04 0.65 0.61 0.11 0.41 0.04 0.17 0.29 0.61 0.57 0.18 0.51 0.04 0.17 0.21 0.68 0.56 0.14 0.41 0.09 0.30 0.42 0.68 0.52 0.25 0.31 ... fl!o6 0.30 0.10 0.64 0.66 0.25 -0.01 0.23 0.42 0.36 0.37 0.61 0.19 0.15 0.13 0.14 0.52 0.56 0.41 0.39 0.06 0.21 0.31 0.66 0.55 0.19 0.41 o!l6 0.29 0.41 0.53 0.47 0.31 0.51 0.38 0.46 0.12 0.85 0.43 0.21 0.71 0.81 0.65 0.51 0.51 0.55 0.38 0.31 0.32 0.59 0.56 0.61 0.56 0.03 0.16 0.61 0.26 0.61 0.29 0.33 0.72 0.65 0.62 0.57 0.0 0.27 0.21 0.75 0.29 0.54 0.69 0.82 0.53 0.87 0.22 0.30 0.29 0.63 -0.03 0.69 0.40 0.77 0.69 0.59 0.19 0.24 0.35 0.52 0.11 0.53 0.69 0.70 0.65 0.72 0.06 0.48 0.15 0.87 0.40 0.53 0.77 0.63 0.50 0.46 0.22 0.30 0.64 0.27 0.42 0.35 0.75 0.80 0.52 0.75 0.53 0.15 0.46 0.11 0.50 0.35 0.39 0.62 0.88 0.58 0.28 0.03 0.58 0.16 0.31 0.72 0.37 0.49 0.67 0.42 0.37 0.12 0.77 0.08 0.29 0.67 0.71 0.80 0.61 0.41 0.40 0.30 0.51 0.08 0.21 0.49 0.64 0.44 0.41 0.35 0.35 0.54 0.25 0.59 0.35 0.38 0.66 0.69 0.61 0.68 0.14 0.27 0.28 0.63 0.12 0.59 0.59 0.76 0.62 0.64 0.27 0.31 0.42 0.42 0.44 0.41 0.64 0.68 0.63 0.47 0.35 0.15 0.62 0.11 0.27 0.63 0.57 0.58 0.56 0.54 0.28 0.32 0.39 0.44 0.30 0.50 0.62 0.68 0.61 0.74 0.75 0.43 0.58 0.50 0.30 0.84 1.11 1.02 0.95 0.68 1.25 0.55 0.75 0.70 0.57 0.19 0.91 1.19 0.96 0.92 0,61 0.04 0.42 0.64 0.74 0.53 0.51 0.92 1.00 0.99 0.74 0.62 0.57 0.67 0.47 0.52 0.54 0.56 0.89 0.99 0.96 1.12 0.66 3.62 3.40 0.87 0.73 0.22 0.29 1.12 1.03 1.16 0.70 0.98 0.79 0.23 0.88 0.77 0.08 0.22 1.08 0.98 0.93 0.62 1.14 0.67 0.19 0.75 0.80 -0.08 0.83 0.91 0.97 0.78 0.63 0.92 0.67 0.26 0.83 0.87 0.17 0.73 0.78 0.99 1.08 0.50 0.77 0.77 0.54 0.81 0.70 0.45 0.64 0.64 0.97 0.69 0.40 0.74 (K84 0.24 0.69 0.76 0.20 0.73 0.74 1.08 0.58 0.69 0.89 0.69 0.33 0.63 0.85 0.26 0.72 0.71 1.23 0.86 0.26 1.29 0.58 0.27 0.65 0.77 0.24 0.61 0.74 1.21 0.94 0.24 0.80 0.68 0.57 0.61 0.67 0.53 0.33 0.89 1.10 0.99 0.87 0.64 0.66 0.43 0.74 0.67 0.28 0.36 1.03 1.00 1.02 0.81 0.93 0.70 0.33 0.80 0.79 0.18 0.73 0.78 0.98 0.85 0.51 0.81 0.70 0.28 0.66 0.79 0.23 0.69 0.73 1.17 0.79 0.40 0.99 0.69 0.40 0.70 0.73 0.31 0.53 0.66 1.06 0.91 0.65 0.84 0.0 'This series contains revisions beginning with 1960. "This series contains revisions beginning with 1959. 3Th1s series 1s shown in this appendix for the first time. 100 (MAY 1977} C. Historical Data for Selected Series—Continued Monthly Year f Jan. Feb. Mar. Apr. May June July Quarterly Aug. Sept. Oct. NtDVL Dec. 1 Q 104. PERCENT CHANGE IN TOTAL LIQUID ASSETS, SMOOTHED DATAi (PERCENT) Annual II Q IIIQ IV Q AVERAGE FOR PERIOD 1945... 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... 0.03 0.21 0.27 0.71 0.53 0.20 0.01 0.25 0.20 0.74 0.53 0.24 0.04 0.29 0.13 0.68 0.60 0.25 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 0.41 0,44 0.38 0.16 0.66 0.15 0.25 0.62 0.65 0.60 0.43 0.42 0.44 0.22 0.63 0.24 0.29 0.60 0.70 0.59 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 0.57 0.69 0.31 0.64 0.75 0.25 0.70 0.79 1.16 0.85 0.40 0.69 0.65 0.41 0.63 0.66 0.25 0.75 0.93 1.11 0.93 0.45 0.12 0.36 0.12 0.52 0.71 0.20 -0.06 0.21 0.42 0.21 0.36 0.75 0.20 -0.05 0.23 0.42 0.31 0.35 0.67 0.21 0.01 0.22 0.38 0.40 0.42 0.59 0.24 0.08 0.19 0.29 0.46 0.52 0.55 0.29 0.14 0.14 0.19 0.49 0.56 0.47 0.33 0.13 0.13 0.14 0.53 0.57 0.32 0.42 0 .09 '0 .14 0 .16 0 ,59 0 ,58 0 ,19 0 J44 0.06 0.18 0.24 0.65 0.56 0.17 0.43 0.03 0.25 0.20 0.71 0.55 0.23 0.40 0.39 0.50 0.26 0.57 0.31 0.36 0.62 0.69 0.58 0.36 0.29 0.51 0.27 0.57 0.32 0.43 0.66 0.69 0.59 0.43 0.17 0.43 0.27 0.61 0.24 0.50 0.63 0.72 0.59 0.58 0.13 0.33 0.27 0.65 0.15 0.55 0.60 0.75 0.62 0.70 0.15 0.30 0.27 0.65 0.14 0.58 0.61 0.73 0.62 0.66 0.16 0.34 0.32 0.61 0.23 0.53 0.68 0.70 0.58 0.62 0,21 0.32 0.40 0.48 0.37 0.44 0.69 0.70 0.59 0.62 0.31 0.23 0.49 0.30 0.42 0.44 0.57 0.66 0.66 0 59 0 37 0 13 0 ,58 0 ,15 0 .39 0 .53 0 .50 0 .64 0 .70 0.53 0.37 0.12 0.61 0.11 0.32 0.60 0.53 0.61 0.64 0.74 0.60 0.54 0.66 0.57 0.29 0.84 1.06 1.03 0.90 0.57 0.65 0.56 0.61 0.66 0.54 0.38 0.90 1.08 0.98 0.90 0.63 0.51 0.52 0.64 0.66 0.49 0.44 0.94 1.03 1.00 0.89 0.69 0.53 0.46 0.70 0.67 0.35 0.40 1.00 1.00 1.03 0.83 0.84 0.68 0.35 0.79 0.72 0.18 0.40 1.03 1.00 0.99 0.73 0.97 0.70 0.25 0.83 0.79 0.06 0.52 0.98 0.99 0.94 0.62 0.98 0.71 0.28 0.81 0.80 0.12 0.66 0.85 0.98 0.89 0.55 0.88 0.73 0.34 0.79 0.78 0.23 0.72 0.75 0,99 0.82 0.52 0.80 .76 Q .36 C .74 ( .77 ( .29 ( .70 ( .71 .05 1 .75 .49 ,89 0.73 0.32 0.68 0.78 0.27 0.69 0.71 1.13 0.75 0.42 0.98 0.19 0.40 0.21 0.41 0.71 0.20 0.09 o!l5 0.18 0.59 0.57 0.23 0.43 o!ii 0.28 0.36 0.55 0.51 0,29 0.41 0.42 0.44 0.21 0.62 0.23 0.30 0.61 0.68 0.59 0.46 0.20 0.42 0.27 0.61 0.24 0.49 0.63 0.72 0.60 0.66 0.17 0.32 0.33 0.58 0.25 0.52 0.66 0.71 0.60 0.58 0.35 0.16 0.56 0.19 0.38 0.52 0.53 0.64 0.67 0.53 0.28 0.34 0.34 0.50 0,27 0.46 0.61 0.69 0.61 0.67 0.65 0.42 0.64 0.66 0.26 0.76 0.93 1.10 0.89 0.47 0.56 0.51 0.65 0.66 0.46 0.41 0.95 1.04 1.00 0.87 0.72 0.70 0.29 0.81 0.77 0.12 0.53 0.95 0.99 0.94 0.63 0.94 0.74 0.34 0.74 0.78 0.26 0.70 0,72 1.06 0.77 0.48 0.89 0.67 0.45 0.65 0.71 0.38 0.48 0.85 1.00 0.95 0.72 0.76 105. HONEY SUPPLY Ml (DEMAND DEPOSITS PLUS CURRENCY) IN 1972 DOLLARS? (BILLIONS OF DOLLARS) 1945... 1946... 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... 213.2 200.3 193.8 198.4 192.4 194.7 200.0 200.3 212.3 200.1 194.5 198.6 189.6 195.6 200.3 200.1 209.8 200.5 194.6 199.1 190.1 • 196.3 201. 0 200.6 211.4 197.2 194.6 200.2 190.2 196.1 201.2 200.2 212.8 195.3 195.1 200.1 190.2 196.7 201.3 201.4 212.4 193.9 194.6 199.9 191.3 197.1 200.7 201.7 211.1 192.3 196.3 199,3 192.3 196.5 200.9 202.8 210.2 192.2 195,9 198.8 193.5 197.1 200.5 203.6 206.9 192.7 195.3 198.0 193.6 198.5 200.0 204.3 206.2 192.9 196.1 197.6 193.4 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 207.9 211.3 207.0 197.9 205.0 204.1 202.5 207.4 208.2 212.1 208.9 211.0 205.9 198.5 205.6 203.2 203.0 207.1 208.3 212.9 208.6 211.1 205.6 197.7 206.6 203.1 203.5 207.2 208.7 213.3 209.0 211.3 204.9 198.1 206.8 202.4 204.3 207.3 209.5 213.5 210.3 210.1 204.7 198.8 207.3 201.7 204.8 207,2 210.2 214.7 210.4 209.6 203.7 200.2 207.1 201.7 205.2 207.6 210.5 215.1 210.7 208.5 203.2 200.3 208.0 203.1 204.7 207.2 210.7 216.5 211.0 207.9 202.8 201.1 207.2 203.5 205.1 206.5 210.5 217.6 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 219.6 226.4 222.9 231.0 238.5 232.3 231.5 239.2 252.3 243.2 225.9 219.8 225.9 224.6 231.5 238.5 230.3 233.3 240.2 251.0 241.5 224.6 220.3 226.4 226.3 231.5 237.6 230.7 234.4 242.0 248.5 239.8 225.3 220.3 227.2 224.9 232.2 237.1 231.1 235.4 243.2 247.9 239.6 224.7 220.1 226.8 227.0 233.8 237.0 230.8 236.8 243.4 249.4 237.7 225.9 220.4 226.7 228.0 234.6 236.4 230.5 237.2 244.1 249.8 236.8 226.7 221.2 225.5 229.0 234.6 235.8 230.4 237.7 245.1 250.3 236.2 225.4 221.9 224.0 229.4 235.1 234.6 231.3 238.2 246.6 246.5 233.6 225.6 AVERAGE FOR PERIOD 199.8 205.8 2'0 5.4 39 3.5 39 5.9 19 7.0 ].9 4.0 :.g 9.3 ;iQ 0.4 i() 6.4 202.1 194.0 197.1 194.6 193.9 199.6 200.5 206.8 211.8 200.3 194.3 198.7 190.7 195.5 200.4 200.3 212.2 195.5 194. B 200.1 190.6 196.6 201.1 201.1 192.4 195.8 198.7 193.1 197.4 193.5 196.4 196.4 193.8 199.2 210.4 208.4 202.1 201.8 206.2 203.8 205.5 205.4 211.2 218.4 210.8 207.3 201.7 202.7 205.0 202.9 206.2 206.4 211.9 218.9 210.0 210.6 207.2 20 7.6 20 0.7 199.7 203.8 2C 3.6 204.0 BC 4.8 202.2 20 2.5 207.2 20 7.0 207.8 20 7.1 21 3.1 212.0 219.3 219.1 208.5 211.1 206.2 198.0 205.7 203.5 203.0 207.2 208.4 212.8 209.9 210.7 208.3 202.7 210.5 204.4 223.0 224.8 230.2 235.9 234.2 232.1 238.6 247.8 245.5 231.5 225.2 224.4 223.1 230.6 235.9 233.6 231.3 238.4 248.6 244.9 230.6 223.6 224.6 22 3.2 23 0.6 23 6.9 23 3.1 23 1.0 23 8.4 24 9.3 24 5.0 22 9.7 22 4.1 219.9 226.2 224.6 231.3 238.2 231.1 233.1 240.5 250.6 241.5 225.3 220.3 226.9 226.6 233.5 236.8 230.8 236.5 243.6 249.0 238.0 225.8 198.6 ... ... 0.08 0.18 0.29 0.45 0.50 0.54 0.29 225.0 223.3 230.8 237.9 231.7 231,0 238.0 251.5 244.7 228.4 222.4 106. HONEY SUPPLY M2 (DEMAND DEPOSITS AND CURRENCY PLUS TIME DEPOSITS AT COMMERCIAL BANKS OTHER THAN LARGE C D ' S ) IN 1972 DOLLARS' (BILLIONS OF DOLLARS) 210.3 199.0 207.1 201.9 204.8 207.4 210.1 214.4 209.4 200.5 203.6 201.1 207.1 203.5 205.1 204.6 200.2 206.3 207.4 200.7 203.4 204.6 202,5 206.8 210.8 217.5 207.1 212.3 219.1 222.0 224.8 229.5 235.2 234.9 224.7 223.2 230.7 236.9 232.8 238.2 246.5 247.4 233.8 225.4 238.3 249.8 244.9 229.6 223.4 206.4 231.3 231.1 209^5 195.4 195.3 198.5 192.0 197.2 200.6 202.8 209.9 209.3 203.5 200.4 206.1 202.8 204.9 207.0 210.4 216.0 221.7 225.3 227.9 234.2 235.7 231.1 236.5 245.1 248.0 235.7 225.0 AVERAGE FOR PERIOD ... 1945. .. 1946 1947... 1948... 1949... 1950... 1951... 1952... 1953... 1954... 278.0 263.0 256.7 263.2 252.8 255.4 265.0 269.9 277.2 263.3 257.6 263.5 248.8 256.9 265.8 270.2 273.7 264.0 257.7 263.8 249.2 258.0 266.8 271.4 275.5 259.9 257.9 265.1 249.4 257.9 267.2 271.9 277.1 257.4 258.6 265.0 249.5 258.8 267.7 273.6 276.6 255.9 258.3 264.5 250.8 259.4 267.2 274.3 275.1 253.6 260.5 263.3 252.3 25B.7 267.9 276.5 274.5 1955... 1956... 1957... 1958... 1959... 1960... 1961... 1962... 1963... 1964... 283.8 289.1 286.5 282.0 300.6 300.1 305.7 320.6 336.2 351.4 284.9 288.6 285.8 284.8 301.0 298.4 307.6 321.8 337.4 353.4 284.7 289.0 286.2 285.3 302.0 298.3 308.4 323.6 338.8 354.3 285.5 289.4 285.7 287.0 302.8 297.7 310.3 325.4 341.1 355.4 286.8 286.1 286.1 288.9 303.4 297.2 311.9 325.8 342.7 357.5 287.4 287.7 285.2 291.6 303.2 297.6 313.2 327.7 343.6 359.3 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 373.3 398.7 405.9 431.8 451.5 433.9 449.4 484.3 519.3 515.7 492.2 375.9 398.1 409.2 433.6 451.4 430.5 455.8 487.5 518.3 513.8 492.3 377.7 399.2 412.9 434.4 450.1 431.3 461.2 491.5 516.0 511.2 494.1 378.5 401.3 413.8 435.9 449.2 432.9 464.5 494.0 515.3 511.7 494.4 379.0 402.4 418.3 437.7 448.7 432.9 467.5 496.2 517.7 507.9 497.8 380.4 403.0 421.1 439.0 447.9 434.3 469.4 499.6 518.7 506.8 500.7 253.7 260.1 262.2 254.0 259.8 267.8 278.0 270.5 254.3 259.4 261.0 254.2 261.8 267.7 279.0 270.1 254.6 260.4 260.0 253.8 262.1 267.9 281.1 269.2 265.4 256.7 25 5.8 26 0.1 261.6 256.0 25 9.2 254.3 25 4.4 264.0 2e 3.4 269.7 26 9.2 281.8 282.3 276.3 263.4 257.3 263.5 250.3 256.8 265.9 270.5 276.4 257.7 258.3 264.9 249.9 258.7 267.4 273.3 273.4 253.9 260.0 262.2 253.5 287.8 286.5 285.3 293.0 304.2 300.2 313.4 328.3 344.4 361.6 288.2 286.3 285.1 294.5 303.3 301.7 314.6 328.1 345.4 364.0 287.7 287.2 284.9 295.5 302.3 303.2 315.4 327.7 347.2 366.2 288.2 285.8 285.3 296.6 300.8 303.1 316.9 330.3 349.2 367.7 287.6 2E 6.4 2t 4.6 2< 7.8 3C(0.9 3C14. 0 3]L 8 . 4 3C12.3 3!tl.8 369.4 288.4 285. 8 284.1 298.2 300.1 304.5 318.6 334.4 350.7 371.0 284.5 288.9 286.2 284.0 301.2 298.9 307.2 322.0 337.5 353.0 286.6 288.4 285.7 289.2 287.9 286.7 326.3 342.5 357.4 328.0 345.7 363.9 383.2 403.1 424.0 439.3 445.0 436.7 470.6 502.1 520.5 506.4 500.1 386.0 402.1 425.9 441.5 441.8 439.9 471.6 506.1 515.0 502.3 500.8 388.6 403.4 427.8 444.2 440.6 442.4 473.9 508.8 515.3 498.3 500.7 392.0 402.2 429.6 445.4 439.1 442.9 475.9 511.3 515.7 497.9 499.8 394.1 395.7 404.3 4C)3.1 431.1 4:10.4 4'18.0 450.5 435.4 4:J7.9 4' 3.7 445.6 480.2 4- 8.4 5]L3.4 517.4 5]L 6 . 3 517.0 45> 6 . 4 4 9 4 . 1 5()1.9 501.1 375.6 398.7 409.3 433.3 451.0 431.9 455.5 487.8 517.9 513.6 492.9 379.3 402.2 385.9 402.9 425.9 303.1 297.5 311.8 417.7 437.5 448.6 433.4 285.1 294.3 303.3 301.7 314.5 441.7 273!e 257.7 259.1 262.2 252.0 259.7 267.5 275.8 288.1 286.8 287.5 285.4 291.3 302.0 300.5 312.9 327.2 344.0 360.9 281.7 286.0 284.7 297.5 300.6 303.9 318.0 332.3 350.6 369.4 393.9 403.2 430.4 448.0 437.5 444.1 496.6 442.5 439.7 472.0 505.7 508.8 497.6 502.3 500.5 500.9 467.1 517.2 'This series contains revisions beginning with 1952. Series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span. 'This series contains revisions beginning with 1960. 'This series contains revisions beginning with 1959. 260.1 267.8 277.8 268.2 255.7 260.7 258.4 254.2 263.2 268.9 516.9 478.2 514.0 516.3 496.1 383.7 401,7 420. B 440.1 444.9 437.2 468.2 501.0 517.1 505.2 498.0 (MAY 1977) 101 C. Historical Data lor Selected Series—Continued Quarterly Monthly Annual Year Feb. Jan. Mar. 108, Apr. May June July Aug. Sept. Oct. Nov. Dec. IQ RATIO, PERSONAL INCOME TO MONEY SUPPLY M2' (RATIO) IIIQ II Q IV Q AVERAGE FOR PERIOD 1945. . . 1946, . . 1947... 1948... 1949... 1950... 1951., . 1952... 1953.., 1954... 1.308 1.349 1.407 1.457 1.583 l.t>09 1.664 1.644 1.302 1.345 1.401 1.469 1.597 1.625 1.673 1.645 1.295 1.374 1.409 1,499 1.609 1.624 1.680 1.634 1.267 1.383 1.400 1.460 1.624 1.617 1.677 1.629 1.264 1.394 1.394 1.456 1.628 1.629 1.680 1.620 1.279 1.423 1.381 1.459 1.633 1.632 1.685 1.617 1.279 1.426 1.372 1.483 1.622 1.620 1.678 1.611 1.276 1.441 1.38S 1.509 1.633 1.658 1.670 1.612 1.370 1.443 1.407 1,522 1.625 1.665 1.668 1.619 1.314 1.449 1.382 1.539 1.636 1,667 1,674 1.622 1.314 1.443 1.398 1.550 1.630 1.655 1.660 1.631 1.330 1.428 1.404 1.581 1.627 1.662 1.651 1.633 1.302 1.356 1.406 1,475 1.596 1.619 1.672 1.641 1,270 1.400 1.392 1.458 1.628 1.626 1.681 1.622 1.308 1.437 1.388 1.505 1.627 1.648 1.672 1.614 1.319 1.440 1.395 1.S57 1.631 1.661 1.662 1.629 1.300 1.403 1.395 1,499 1,621 1.639 1.672 1.626 1955... 19S6... 1937... 1938... 1959... I960... 1961... 1962... 1963... 1964... 1.633 1.731 1.801 1.823 1.781 1.873 1.352 1.861 1.659 1.846 1.632 1.741 1.814 1.799 1.791 1.849 1.863 1.843 1.846 1.647 1.745 1.815 1.793 1.800 1.8BS 1.850 1.864 1.840 1.849 1.6S9 1.756 1.814 1.775 1.809 1.897 1.844 1.863 1.835 1.857 1.667 1.759 1.817 1.770 1.815 1.906 1,847 1.863 1.834 1.856 1.673 1.766 1.829 1.764 1.823 1.903 1.858 1.861 1.839 1,855 1.694 1,759 1.831 1.789 1.817 1.892 1.859 1.863 1.833 1.853 1.695 1.786 1.835 1.777 1.808 1.380 1.853 1.866 1.834 1.855 1.703 1.789 1.829 1.782 1.812 1,873 1.850 1.869 1,836 1,851 1.708 1.806 1.827 1.780 1.820 1.872 1.858 1.861 1.836 1.843 1.722 1.801 1.827 1.791 1.838 1.861 1.366 1.35B 1.824 1.343 1.729 1.308 1,321 1.796 1.867 1.845 1.875 1.855 1.842 1.854 1.637 1.739 1.810 1.B05 1.791 1.8BO 1.850 1.363 1.847 1.847 1.666 1.760 1.820 1.770 1.816 1.902 1.850 1.862 1.B36 1.856 1.697 1.778 1.832 1.783 1,812 1,882 1.854 1.866 1.334 1.333 1,720 1.805 1.825 1.789 1.842 1.859 1.866 1.858 1.334 1.847 1.680 1.771 1.822 1.787 1.1U5 1.881 1.855 1.862 1.838 1.851 1965... 1966... 1967... 1968... 1969... 1970... 1971... 1972... 1973... 1974,.. 1975.,, 1976.., 1.856 1,852 1.908 1,854 1.860 1,970 1.943 1.892 1.887 1.917 1.9S1 1.843 1.861 1.892 1.863 1.86? 1.987 1.919 1.898 1,901 1.910 1.943 1.844 1.864 .888 .874 ,877 .989 .906 .890 L.911 1.910 .L.939 1.848 1.856 1.8S4 1.873 1.884 2,020 1.897 1.890 1.915 1.913 1,937 1.853 1.856 1.867 1.878 1.B92 1.998 1.386 1.887 1,909 1.927 1.931 1.8S8 1.866 1.861 1.879 1.898 1.986 1.911 1.853 1.908 1.932 1.952 1.856 1.873 1,857 1.8B5 1.917 1.980 1.881 1.871 1.914 1.947 1.934 1.852 1.882 1.853 1.881 1,936 1,971 1.885 1,872 1.919 1.952 1.949 1.836 1.88B 1.846 1.877 1.944 1.966 1.881 1.863 1.930 1.961 1.956 1.858 1.897 1,837 1.873 1.953 1.948 1.879 1.832 1.935 1,963 1.96B 1.860 1.904 1.844 1.867 1.958 1.939 1.8B1 1.892 1.936 1.952 1.964 1.361 1.901 1.857 1.362 1.969 1.938 1.890 1.888 1.931 1.958 1.969 1.848 1.859 1.896 1.864 1.868 1.982 1.923 1.893 1.900 1.912 1.944 1.855 1,859 1,871 1.877 1,891 2.001 1.B98 1.377 1.911 1.924 1.940 1.865 1.8B1 1.8S2 1.8B1 1.932 1.972 1.882 1.B69 1.921 1.953 1,946 1,360 1.901 1.846 1.867 1.960 1.942 1.B33 1.387 1.934 1.958 1,967 1.857 1.875 1.866 1.872 1.913 1.974 1.897 1.832 1,916 1.937 1.949 516, 1.881 DISPENSE DEPARTMENT OBLIGATIONS I N C U R R E D , TOTAL, EXCLUDING MILITARY ASSISTANCE* {MILLIONS OF DOLLARS) TOTAL FOR PERIOD 1945... 1946... 1947,. . 1948... 1949,,, 1950.,, 1951. , , 1952, , , 1953... 1954... 2,120 2,952 1,899 2, set; 2,837 2,874 2,639 2,945 2,579 2,602 2,150 3,378 2,247 3,701 2,298 2,817 1,180 3,014 6,971 8,279 7,418 8,925 5,725 9,532 33,707 1955... 1956,. . 1957... 1958, ,. 1959,,, I960,., 1961... 1962... 1963... 1964... 2,442 3,376 3,325 3,720 3,538 3,234 3,t>41 4,434 4,632 4,351 2,812 3,009 ,594 ,334 ,601 ,439 ,065 ,086 ,137 5,317 2,613 4,248 3,254 4,091 3,739 3,368 3^537 4,421 4P233 4,133 3,180 3,515 3,543 4,078 3,620 3,362 3,381 4,477 4,078 4,344 2,449 3,240 3,020 4,251 3,569 3,677 3,727 3,999 4,507 4,818 2,366 4,179 2,745 4,279 3,363 3,771 3,893 4,082 4,481 4,349 2,379 3,447 3,017 3,818 3,729 5,305 3,784 4,517 4,349 4,677 1,145 4,588 2,915 3,355 3,263 3,824 5,344 4,385 4,580 4,237 3,522 3,358 3,184 3,541 3,906 3,999 4,874 3,892 4,160 4,405 2,376 3,145 2,855 4,596 3,802 3,357 4,296 4,535 5,112 3,773 2,591 3,430 3,499 3,481 3,608 4,109 4,121 4,920 4,093 4,228 3,254 3,349 3,406 3,816 3,160 3,583 4,653 4,140 4,371 5,325 7,867 10,633 I D , 173 11,145 10,878 10,041 11,243 12,941 13,002 13,801 7,995 10,934 9,308 12,6UB 11,052 10,810 11,U01 12,558 13,066 13,711 7,046 11,393 9,116 10,714 10,898 13,12b 14,002 12,794 13,039 13,319 B,221 9,924 9,760 11,893 10,570 11,049 13,070 13,595 13,576 13,326 31,129 42,384 38,357 46,36U 43,398 45,02B 49,316 51,888 52,733 54,137 1965... 1966... 19t>7... 19t>8... 1969... 1970... 1971... 1972... 1973... 1974... 1975... 1976... 4,278 5,100 6,518 7,033 7,578 6,586 o,647 7,361 b,840 7,527 7,609 3,839 5,179 6,595 7,615 7,050 6,340 6,643 7,271 7,337 7,348 7, SOB 4,624 5,879 6,343 6,208 6,543 6,634 6,718 ?,U1 7,361 7,U6 8, .223 4,sy3 4,630 5,447 7,732 7,441 6,319 6,588 6,646 6,946 7,269 7,302 8,235 4,520 7,084 6,891 6,929 6,144 6,829 6,211 7,097 7,069 7,663 8,450 4,258 4,998 5,923 7,544 6,906 6,728 7,570 7,063 7,203 8,177 8,718 5,223 7,215 7,003 7,659 6,472 6,029 6,469 7,470 7,039 8,199 9,077 5,276 6,579 7,479 7,989 6,394 6,804 6,050 6,801 6,260 7,781 7,791 4,962 6,059 7,449 7,520 7,041 6,281 7,142 6,925 7,671 7,603 8,623 4,396 5,989 6,565 7,286 6,833 6,917 6,600 7,082 7,443 8,138 7,533 5,6&9 6,023 6,331 6,834 6,811 7,070 7,798 6,685 6,794 8,228 8,135 12,741 16,158 19,456 20,356 21,171 19,560 20,004 21,743 21,538 22,061 23,340 13,743 18,975 20,834 21,135 13,983 20,075 19,B34 20,935 21,077 22,848 24,637 14,757 18,792 20,410 23,192 19,772 19,561 20,089 21,334 20,502 24,157 25,586 15,527 I B , 071 20,343 21,640 20,683 20,26U 21,540 20,692 21,908 23,969 24,291 56,76H 71,996 81,04!J 86,823 80,611 79,464 81,471 84,704 85,023 93,035 97,854 ... 6,444 6,211 6,765 6,520 6,658 6,977 6,892 6,739 7,883 7,952 525. MILITARY PRIME CONTRACT AWARDS TO U . S . BUSINESS FIRMS AND INSTITUTIONS 3 (MILLIONS OF DOLLARS) TOTAL FOR PERIOD 194S... 1946... 1947... 1948... 1949.., 1950... 1951... 1952.. . 1953., . 1954... 3,976 2,528 3,682 616 3,493 5,479 2,295 564 3,0(U 2,959 2,381 826 2,892 2,083 2,462 1,068 3,760 3,059 2,038 1,326 2,759 4,292 2,042 1,116 4,097 1,158 2,035 886 4,241 1,002 1,089 767 2,333 2,116 1,004 2,454 2,823 2,143 959 2,271 3,462 3,295 265 481 3,399 3,148 390 913 1U,470 1U,966 8,358 2,006 y,411 9,439 6,542 3,510 10,671 4,276 4,128 4,107 9,684 3,386 1,614 3,665 40,236 33,267 20,642 13,288 1955... 1936... 1937... 1958... 1959... 1960. . . 1961.. . 1962,., 1963... 1964... 1,049 1,474 1,756 2,103 1,623 1,850 1,989 3,271 2,429 2,372 1,306 1,388 1,927 1,232 1,893 1,754 2,186 2,180 2,611 2,958 1,028 1,532 1,5-43 2,243 I,9(i6 1,904 1,9{)7 2,51)2 2,463 I,9b6 1,468 1,404 2,312 2,142 2,204 1,726 2,274 2,295 2,023 2,502 841 1,7B2 808 3,043 1,893 2,252 1,855 2,140 2,413 2,640 1,287 2,024 1,093 2,228 2,222 1,963 2,229 2,127 2,366 1,910 971 1,196 1,619 1,511 2,192 2,151 1,993 1,888 2,216 2,580 1,231 2,103 1,310 1,692 1,964 2,200 2,143 2,167 2,722 1,963 597 2,091 1,297 2,308 1,793 2,250 2,033 2,032 2,63S 2,163 1,136 1,972 1,594 1,880 1,937 1,327 2,494 2,314 2', 119 1,967 1,310 1,934 1,819 1,704 2,102 1,938 2,308 2,946 1,814 2,075 2,194 1,891 1,671 2,328 1,298 1,922 3,383 4,364 5,246 5,578 5,4B9 5,508 6,162 2,044 2,149 1,997 a, 003 7,503 7,296 3,596 5,21U 4,213 7,413 6,319 5,941 6,358 6,562 6,802 7,052 2,799 5,395 4,223 5,511 5,949 6,601 6,169 6,087 7,573 6,706 4,640 5,797 5,084 5,912 S,337 5,187 7,293 7,804 6,032 6,039 14,418 20,766 18,769 24,414 23,094 23,237 23,982 28,456 27,960 27,093 1965... 1966.. . 19b?.,. 1968... 1969... 1970... 1971.,. 1972... 1973., , 1974. ,. 1*75... 1976... 2,097 2,9S2 3,364 2,887 3,398 2,355 2,508 3,520 2,824 3,378 3,693 1,846 2,906 3,930 3,445 3,441 2,623 2,704 2,982 2,899 3,141 3,987 2,4S1 2,956 3,034 3,124 2,904 2,904 3,104 3,025 2,947 2,677 2,817 2,843 3,461 3,026 3,488 2,B2S 2,591 2,928 2,985 2,56B 4,343 4,122 2,150 2,978 4,040 4,203 3,070 2,545 2,231 2,786 3,171 2,B81 3,926 2,390 3,693 3,566 3,067 2,744 2,895 2,324 3,154 2,897 3,440 3,773 2,313 3,940 3,545 3,937 2,896 2,717 2,916 3,074 2,106 3,494 3,842 2,775 3,165 3,690 3,173 3,001 2,782 3,093 2,638 3,276 4,153 5,072 2,419 3,541 3,720 3,836 2,680 2,113 2,982 2,725 3,222 3,502 3,080 2,790 3,383 3,626 3,903 2,987 3,464 2,606 2,946 3,176 4,161 2,961 2,995 3,225 3,308 3,378 2,734 2,746 3,092 3,389 3,515 3,777 2,872 2,988 3,513 3,479 3,613 2,765 3,181 3,066 2,532 2,8bO 2,532 3,13u 6,394 3,814 10,323 9,456 9,743 8,382 8,316 9,527 8,670 9,1^6 10,497 7,383 10,132 10,632 10,758 8,639 6,032 7,433 8,925 3,636 10,664 11,821 7,507 10,646 10,935 10,946 8,577 7,bl2 8,991 8,437 8,604 11,149 11,994 8,773 10,121 10,413 10,894 8,486 9,391 8,764 9,067 9,541 10,470 8,963 30,057 39,713 42,323 42,054 35,443 33,417 33,554 35,956 33,451 41,479 43,275 'This series contains revisions beginning with 1971, for the convenience of the user. 102 2 2,4yl This series contains revisions for 1970-72. 3This series contains no revisions but is reprinted (MAY 1977) C. Historical Data for Selected Series—Continued Quarterly Quarterly Year Annual IQ IIQ III Q Year 67. BANK RATES ON SHORT-TERM BUSINESS LOANS, 35 CITIES <§> (PERCENT) Annual Q IV Q AVERAGE IIQ III Q IV Q 107, RATIO, GROSS NATIONAL PRODUCT TO MONEY SUPPLY M l 1 (RATIO) AVERAGE 1945 1946 1947 1948 1949 1950 1951 1952 1953,. .. 1954 2.30 2.10 2.10 2,40 2,70 2.60 3.02 3.45 3.54 3.72 2.30 2.00 2.10 2.47 2.74 2.68 3.07 3,51 3,73 3.60 2.30 2,00 2.10 2.60 2.63 2.63 3.06 3.49 3.74 3,56 2.01) 2.10 2.10 2.64 2.65 2.84 3,27 3.51 3.76 3.55 2.22 2.05 2.10 2.53 2.68 2.69 3.10 3.49 3.69 3.61 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 2.048 2.207 2.339 2.387 2.732 2,762 2,864 2.804 2.053 2.293 2.303 2.435 2.772 2.741 2.872 2.796 2.072 2.353 2.330 2,563 2.794 2.758 2.860 2.804 2.154 2,375 2.311 2.639 2.777 2.826 2.817 2.841 2.082 2.307 2.321 2.506 2.769 2.772 2.853 2,811 1955 1956 1957 1958 . 1959 I960 1961 1962 1963 1964 3,54 3.93 4.38 4.49 4,51 5.34 4,97 4,98 5.00 4.99 3.56 4.14 4.40 4.17 4.87 5.35 4.97 5.01 5.01 4.99 3,77 4.35 4.83 4.21 5.27 4.97 4.99 4.99 5.01 4.98 3.93 4.38 4.85 4.50 5.36 4.99 4.96 5.02 5.00 5.00 3.70 4.20 4.62 4.34 5.00 5.16 4.97 5.00 5.00 4.99 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 2.903 3.038 3.206 3.202 3.338 3.543 3,502 3.706 3.822 3.957 2.944 3.071 3.221 3.197 3,407 3.547 3.549 3.752 3.835 3.982 2.995 3,106 3.272 3.260 3.367 3,518 3.589 3.798 3.879 3.978 3.036 3.154 3.251 3.314 3.437 3.499 3.646 .805 .903 ,953 2.970 3.092 3.238 3.243 3.387 3.527 3.572 3,765 3.860 3.968 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 4.97 5.55 6.13 6.36 7.32 8.86 6.59 S.52 6.52 9.91 9.94 4.99 5.82 5.95 6.84 7.86 8.49 6.01 5.59 7.35 11.15 8,16 5.00 6.30 5.95 6.89 8.82 8.50 6.51 5.84 9,24 12.40 8,22 5.27 6.31 5.96 6.61 8.83 8.07 6.18 6.33 10.08 11.64 8.29 5.06 6.00 6.00 6.68 6.21 8.48 6,32 5.82 8.30 11.28 8.65 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 .045 .234 .388 .428 ,473 .583 .649 .743 .910 5.032 5.114 4.093 .260 .373 .470 .505 .582 .632 .774 .925 5.063 5.152 .145 .330 ,367 .474 .568 .600 .626 ,777 4.968 5.126 5.289 .184 .397 .387 .438 .572 .556 .677 .822 .043 5.134 5.391 4.117 4.305 4.379 .458 .530 .580 .646 .779 .962 5.089 5,236 965. DIFFUSION INDEX OF NEW CAPITAL APPROPRIATIONS, DEFLATED, 17 INDUSTRIES' (PERCENT RISING OVER 1-Q SPANS) 1945 1946 1947 1948 1949 1950. . . , 1951 1952 1953 1954..... AVERAGE 965. DIFFUSION INDEX OF NEW CAPITAL APPROPRIATIONS, DEFLATED, 17 INDUSTRIES ' (PCT. RISING, 4-Q MOVING AVERAGE) AVERAGE 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954. , , , 41 48 *50 60 44 62 *53 *36 77 53 50 39 *36 62 *48 mu 86 59 50 30 53 45 56 56 42 53 62 36 42 45 80 33 62 42 65 71 77 33 30 74 59 27 74 65 65 56 42 53 53 62 33 62 48 71 65 39 67 45 44 53 56 42 60 58 59 55 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 72 42 44 50 64 34 64 53 61 62 67 45 44 53 56 42 60 59 59 55 60 43 39 59 54 45 60 55 62 60 53 45 39 67 42 52 55 61 64 61 63 44 42 57 54 43 60 57 62 60 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 74 74 48 39 62 50 53 62 80 36 27 74 48 45 48 56 42 42 71 53 50 48 65 27 48 65 42 36 77 53 59 48 30 45 45 65 48 42 33 48 62 53 33 68 64 48 52 50 50 40 55 62 61 42 43 1965 1966 1967 196a 1969 1970 1971 1972 1973 1974 1975 1976 63 48 46 54 52 42 51 59 64 47 34 64 48 51 50 50 40 55 62 62 42 43 64 42 49 56 48 41 57 67 50 39 50 53 41 50 58 44 41 64 62 50 39 53 62 45 49 54 48 41 57 62 56 42 45 1955 1956 1957 1958 1959 1961 1962 1963 1964 969. DIFFUSION INDEX OF PROFITS, MANUFACTURING, ABOUT 1000 CORPORATIONS* (PERCENT RISING OVER 1-QUARTER SPANS) 1945 1946 1947 1948 1949. . . . 1950 1951 1952 1953 1954 52 27 60 46 46 46 57 56 32 70 42 39 53 53 59 53 75 34 58 47 50 54 48 47 55 65 41 52 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 59 52 52 40 58 52 47 54 50 59 65 48 46 -42 63 40 60 47 59 59 53 43 42 71 48 45 58 48 56 59 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 56 59 47 54 52 51 57 59 62 59 * 48 58 62 49 49 55 47 58 61 61 58 53 57 50 52 56 49 53 59 59 55 58 70 AVERAGE 969. UIFFUSIOJ INDEX OF PROFITS, MANUFACTURING, ABOUT 1000 CORPORATIONS © (PERCENT RISING OVER 4-QUARTER SPANS) *55 40 63 44 52 47 53 64 *50 74 'so 49 73 *66 55 52 37 58 48 47 56 56 55 55 58 49 44 53 54 46 55 51 55 58 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 77 57 54 48 76 39 64 66 72 80 76 60 35 65 60 42 73 60 69 79 76 58 24 84 64 38 81 54 81 84 68 55 35 88 36 48 71 68 80 84 74 58 37 71 59 42 72 62 76 82 58 51 55 56 50 46 54 62 60 40 58 57 56 51 54 52 49 57 60 60 54 57 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 81 75 52 47 64 47 72 82 78 71 57 80 69 58 66 60 43 74 81 77 59 68 84 56 66 38 52 54 81 84 74 51 80 84 48 61 69 44 68 BO 84 75 50 75 82 62 59 55 55 53 77 83 76 58 70 NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user, 'This series contains revisions beginning with the first year shown. 2This series contains revisions beginning with 1972. AVERAGE 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 (MAY 1977) 103 G. Experimental Data and Analyses Recovery Comparisons: Current and Selected Historical Patterns HOW TO READ CYCLICAL COMPARISON CHARTS These charts show graphically, for selected indicators, the path of the current business recovery. To set the current cyclical movements into historical perspective, cyclical paths over generally similar historical periods are also shown. The selected periods are superimposed so as to compare the current business recovery wcth corresponding historical patterns and to facilitate critical assessment of the amplitude, duration, and severity of the indicators' current movements. 1. Two cyclical comparison charts am shown for each indicator. The left panel shows a comparison based on reference peak levels and reference trough dates; in the right panel, a chart is aligned according to both the levels and the dates of the specific troughs in each indicator. (See charts on the following pages.) 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 s lagging;and U = unclassified. This number indicates latest calendar month of data plotted (1 - January). Series number, series title 2. The vertical line represents trough dates: reference trough dates in the left panel and specifis trough dates in the right panel. The current recovery and the corresponding historical periods are positioned so that their reference trough dates (left panel) and specific trough dates (right panel) are on this vertical line. 3. The horizontal line represents the level of data at reference cycle peaks (left panel) and at specific cycle troughs (right panel). The current recovery and the corresponding historical periods are positioned so that their reference peaks (left panel) and specific troughs (right panel) are on this horizontal line. 4. For most series, deviations (percent or actual differences) from the reference peak and specific trough levels are computed and plotted. For series measured in percent units (e.g., the unemployment rate), these units (actual data) are plotted rather than deviations. The numerical values of these deviations for the current cycle are shown in the tables accompanying the charts. B. For series that move counter to movements in general business activity (e.g., the unemployment rate), an inverted scale is used; i.e., declines in data are shown as upward movements in the plotted lines, and increases in data, as downward movements in plotted lines. 6. In each chart, several curves are shown. The heavy solid line H describes the current recovery. The dotted line (••*) represents the median pattern d the five postWorld War II recoveries. The remaining lines represent selected business recoveries. In the left panel, each line is labeled according to the year of the reference trough. In the right panel, the label for each line indicates the month and year of the specific trough. 7. The business cycle (reference) peaks and troughs used in these charts are those designated by the National Bureau of Economic Research as follows: peaks, Nov. 1948 (IVQ 1848), July 1953 (IIQ 1953), Aug. 1957 (IIIQ 1957). Apr. 19BO (IIQ 1960), Dec. 1969 (IVQ 1939), Nov. 1973 (IVQ 1973); troughs, Oct. 1949 (IVQ 1949), May 1954 (IIQ 1954), Apr. 1958 (IIQ 1958), Feb. 1061 (IQ 1961), Nov. 1970 (IVQ 1970), Mar. 1975 (IQ 1975), This scale measures time in months before (•) and after (+) reference trough dates (left panel) and specific trough dates (right panel). 104 • 110 -12 -6 0 +6 +12 +18 Months from troughs This scale shows deviations (percent or actual differences) from reference levels (left panel) and specific trough levels (right panel). This scale shows actual series units and applies only to the current business cycle (heavy solid line). G. Experimental Data and Analyses—Continued Recovery Comparisons: Current and Selected Historical Patterns "T i m l I |'""|'""| I- 320c. CPi, all items, change over 6-month spans MONTHS FROM KKF. TROUGH 10 11 12 4.7 5.5 5.7 5.5 17 1« 19 2U 4.8 8/76 4.8 9/76 5.5 10/76 6.5 11/76 21 22 7.1 8.0 13 14 15 Ib 17 18 19 -12 -6 0 +6 +12 +18 +24 SERIES 92 a PCT.CHANGE 0.66 4/76 1.35 5/76 1.56 b/76 1.30 7/76 1.96 0.87 0.12 0.94 12/76 1/77 2/77 3/77 1.94 4/77 -2 335c. WPI, industrial commodities, change over 6-month spans CURRENT MONTH ACTUAL AND DATA YEAR 1+35 SERIES 322c PCT. CHANGE 1/76 -0.1 0.6 2/76 0.2 3/76 +30 13 14 15 16 0.3 2.6 3.8 3.1 4/76 5/76 b/76 7/76 17 18 19 20 1.0 0.8 2.3 5.9 8/76 9/76 lU/76 11/76 21 22 7.0 12/76 1/77 10 11 12 .954 CURRENT MONTH AND ACTUAL DATA YEAR 20 MON'lhS FROM REF. TROUGH +4 12/76 1/77 21 22 23 24 10 11 12 y.y +25 +20 +15 CURRENT MONTH ACTUAL AND DATA YEAR +10 SERIES 335c PCT. CHANGE 5.9 1/76 5.0 2/76 5.0 3/76 13 14 15 16 4.8 5.6 6.4 7.4 4/76 5/76 b/7b 7/76 17 18 19 20 8.4 7.8 7.6 7.7 8/76 9/76 10/76 11/76 21 22 7.7 7.2 12/76 1/77 +5 -I 0 -12 -6 Numeral indicates latest month used in computing the changes. a 0 +6 +12 +18 +24 Months from reference troughs Months from reference troughs 1 D 4/76 5/76 6/76 7/76 1.36 8/76 1.12 9/76 1.06 10/76 1.76 11/76 MONTHS FROM REF. TROUGH Actuol dato (percent) 92. Change in sensitive prices, smoothed 3t SERIES 32UC PCX. CHANGE 4.9 1/76 5.1 2/76 5.0 3/76 13 14 15 16 MONTHS FROM REF. TROUGH 322c. CPI, food, change over 6-month spans CURRENT MONTH ACTUAL AND DATA YEAR The changes are centered on the fourth month of the span. This series is a weighted 4-term moving average {with weights 1,2,2,1) placed on the terminal month of the span. 105 G. Experimental Data and Analyses—Continued Recovery Comparisons: Current and Selected Historical Patterns I I t | I 1 I II | I 1 I I I [ II III | I I ! I I ] I I I I I| I 1 I I I I t MONTHS FROM REF. TROUGH 12 CURRENT MONTH ACTUAL AND DATA YEAR SERIES 85a PCT.CHANGE 0,44 3/76 13 14 15 16 U.47 G.b4 0.54 0.48 4/76 5/76 6/76 7/76 17 lb 19 2U 0.47 U.3d U.52 0.50 8/76 9/76 10/76 11/76 21 22 23 24 0.43 0.49 0.57 0.58 12/76 1/77 2/77 3/77 MONTHS FROM REF. THOUGH 104. Change in total liquid assets, smoothed 3 CURRENT MONTH ACTUAL AND DATA YEAR 13 14 15 16 SbRIES 108 RATIO l.ySd 1.959 I.y63 1.958 4/76 5/76 6/76 7/76 17 18 19 2U 1.950 1.943 1.935 I.y43 8/76 9/76 10/7b 11/76 21 22 23 24 1.947 1.935 1.955 1.971 12/76 1/77 2/77 3/77 25 1.964 4/77 MONTHS FROM KEF. TROUGH 13 14 15 16 -+0.4 108. Ratio, personal income to money supply (M2) n CURRENT MOLMTH AND ACTUAL DATA YEAR SERIES 1043 PCT.CHANGE U.84 4/76 0.85 5/76 0.34 6/76 0.85 7/76 17 IB 19 20 U.84 U.82 0.83 O.o4 8/76 9/76 10/76 11/76 21 22 23 24 0.65 0.84 0.86 0.87 12/76 1/77 2/77 3/77 25 U.85 4/77 MONTHS FROM REF. TROUGH - -500 CURRENT MONTH ACTUAL AND DATA YEAR SERIES 93 M I L . DOL. -+0.2 14 15 16 261 -3 -53 5/7b 6/76 7/76 17 18 193 212 123 280 8/76 9/76 10/76 11/76 110 433 -114 155 12/76 1/77 2/77 3/77 -38 52 4/77 5/77 iy 20 21 22 -J 0.0 -12 -6 0 +6 +12 +18 +24 25 2u 0 - +500 -i+iooo -12 -6 Months from reference troughs Numeral indicates latest month used In computing the series. s Th1s series is an MCD moving average placed on the center month of the span. 3 This series is a weighted 4-term moving average (with weights 1,2,2»1) placed on the terminal month of the span. 106 0 +6 +12 +18 +24 Months from reference troughs G. Experimental Data and Analyses—Continued Recovery Comparisons: Current and Selected Historical Patterns 8. New orders for consumer goods and materials, 1972 dollars, smoothed 1 Deviations from Actual data for ref. current cycle MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM ACTUAL AND TROUGH 11/73 DATA YEAR 12 SERIES 81 BIL. DOL. -8.7 32.59 3/76 13 14 15 16 -7.5 -8.0 -8.0 -9.0 33.04 32.85 32.84 32.48 4/76 5/76 6/76 7/76 17 IS 19 20 -10.6 -12.3 -12.3 -9.1 31.93 31.30 31.30 32.45 8/76 9/76 10/76 11/76 21 22 23 24 -6.2 -4.3 -2.'4 -1.4 33.48 34.15 34.82 35.21 12/76 1/77 2/77 3/77 I11111!11111!111"!11111!"111!"111!1 8. New orders for consumer goods and materials, 1972 dollars, smoothedl Deviations from spec. trough BIL. DOL. 12 20.9 32.59 3/76 13 14 15 lo 22. fa 33.04 21.8 32.85 • 30 21.8 20.5 32.84 32.48 4/76 5/76 6/76 7/76 19 20 18.4 16.1 16.1 20.4 31.93 31.30 31.30 32.45 8/76 9/76 10/76 11/76 21 22 23 24 24.2 26.7 29.2 30.6 33.48 34.15 34.82 35.21 12/76 1/77 2/77 3/77 17 la • 26 Percent MONTHS DEVIFROM ATIONS CURRENT MONTH AND REF. FROM ACTUAL THOUGH 11/73 DATA YEAR +25 • 32 81 SERIES 20. Contracts and orders for consumer goods and materials, 1972 dollars, smoothed *, for current cycle • 34 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH DATA YEAR 3/75 • 30 Actual data +20 12 SERIES 20* BIL. DOL, -20.6 10.65 3/76 13 14 15 16 -22.2 -21.3 -21.1 -22.0 10.44 10.57 10.59 10.47 4/76 5/76 6/76 7/76 17 18 19 20 -21.0 -18.8 -20.5 -18.3 10.60 10.89 10.67 10.97 8/76 9/76 10/76 11/76 21 22 23 24 -15.5 -16.7 -14.2 -11.5 11.34 11.18 11.52 11.88 12/76 1/77 2/77 3/77 • 28 0 -J 26 20. Contracts and orders for consumer goods and materials, 1972 dollars, smoothed \ Percent +50 14 +45 +15 • 15 +10 +5 0 • 13 +40 > 13 +35 +30 +25 -5 MONTHS DEVIFROM ATIONS CURRENT MONTH AND SPEC. FROM ACTUAL DATA YEAR THOUGH 3/75 -10 +20 +15 SERIES 20 * BIL. DOL -15 • 11 -20 -25 1975 -30 111111111111 iii 11 m 11 in il n i nl i mil -12-6 0 +6 +12 +18 +24 12 12. 3 10 .65 3/76 13 14 15 16 10. 1 11. 4 11. 6 10.4 10 .44 10 .57 1U .59 10 .47 4/76 5/76 6/76 7/76 17 IB 19 20 11. « 14. 9 12.5 15. 6 10 .60 10 .89 10 .67 10 .97 U/76 9/76 10/76 11/76 21 22 23 24 19. 5 17. 9 21. 5 25. 3 11 .34 11 .IB 11 .52 11 .88 12/76 1/77 2/77 3/77 Months from reference troughs ^his series is an MCD moving average placed on the center month of the span. • 11 +10 +5 HO 0 -12 -6 0 +6 +12 +18 +24 Months from specific troughs Specific trough dates used, however, are those for the actual monthly series. "Numeral indicates latest month used in computing the series. 107 G. Experimental Data and Analyses—Continued Recovery Comparisons: Current and Selected Historical Patterns 90. Ratio, civilian employment to total population, working age Actual data (percent) 57 56 55 54 -1 53 iu] CURRENT MONTH ACTUAL AND DATA YEAR 13 14 15 16 SERIES 90 PERCENT 56.15 56.28 56.14 56.22 4/76 5/76 6/76 7/76 17 18 19 20 56.17 56.06 55.96 56.19 8/76 9/76 10/76 11/76 21 22 23 24 56.27 56.27 56.45 56.71 12/76 1/77 2/77 3/77 25 56.98 4/77 I1"11!1"")11"1!"111! l im T 90. Ratio, civilian employment to total population, working age MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH DATA YEAR 4/75 12 SERIES 90 PERCENT 1.03 56.15 4/76 13 14 15 16 1.16 1.02 1.10 1.05 56.28 56.14 56.22 56.17 5/76 6/76 7/76 8/76 17 19 20 0.94 0.64 1.07 1.15 56.06 55.96 56.19 56.27 9/76 10/76 11/76 12/76 21 22 23 24 1.15 1.33 1.59 1.8G 56.27 56.45 56.71 56.98 1/77 2/77 3/77 4/77 ia 1954 43, Unemployment rate, total (inverted) MONTHS FROM REF. TROUGH 43, Unemployment rate, total (inverted) -I 3 MONTHS FROM REF. TROUGH CURRENT MONTH ACTUAL AND DATA YEAR 13 14 15 16 SERIES 43 PERCENT 7.5 7.3 7.6 7.8 4/76 5/76 6/76 7/76 17 IB 19 20 7.9 7.8 7.9 8.0 8/76 9/76 10/76 11/76 21 22 23 24 7.8 7.3 7.5 7.3 12/76 1/77 2/77 3/77 7.0 4 / 7 7 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM ACTUAL AND TROUGH 5/75 DATA YEAR mill mil mi nnil miilii min nl il -12 -6 0 +6 4-12 +18 +24 Months from reference troughs 108 11 12 SERIES 43 PERCENT -1.5 7.5 -1.7 7.3 4/76 5/76 13 14 15 16 -1.4 -1.2 -1.1 -1.2 7.6 7.8 7.9 7.8 6/76 7/76 8/76 9/76 17 18 19 20 -1.1 -1.0 -1.2 -1.7 7.9 8.0 7.8 7. '3 10/76 11/76 12/76 1/77 21 22 -1.5 -1.7 -2.0 7.5 7.3 7.0 2/77 3/77 4/77 23 In.In...In...I.....I.....I -12 -6 0 +6 +12 I.....I.I +18 +24 Months from specific troughs - -1 • a -J o •9 ALPHABETICAL INDEX-SERIES FINDING GUIDE Series titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers) Series number Charts Tables Historical Series data descriptions (issue date) ! issue date) A Accession rate, manufacturing Agricultural products, exports Anticipations and intentions Business expenditures, new plant and equipment Business expenditures, new plant and equipment, Dl . . Consumer sentiment index Employees, manufacturing and trade, Dl ... Inventories manufacturing and trade Dl New orders manufacturing, Dl Prices, selling, manufacturing, Dl Prices selling retail trade Dl Prices selling wholesale trade Dl Profits net manufacturing and trade, Dl ... Sales, net, manufacturing and trade, Dl Automobiles Expenditures, personal consumption Imports of automobiles and parts 2 604 17 55 60 90 61 970 58 974 975 971 976 978 977 972 973 25 39 23 39 39 39 39 39 39 39 39 66 75 64 75 75 75 75 75 75 75 75 55 616 23 55 64 90 12/76 8/68 2/76 11/68 2/76* 3/76* 3/76* 3/76* 3/76* 3/76* 3/76* 3/76* 3/76* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* 11/68* Mil 10/69* 1/77 B Balance of payments-See International transactions. Bank rates-See Interest rates. Bank reserves Free reserves Member bank borrowing from Federal Reserve Bonds-See Interest rates. Borrowing-See Credit. Budget-See Government. Building-See Construction. Building permits, new private housing Business equipment, industrial production Business expenditures, new plant and equipment Business expenditures, new plant and equipment, Dl Business formation . , Business incorporations Business inventories-See Inventories. Business loans-See Bank loans. Business saving 72 112 16,36 33 72 71 12/76 7/76 11/72 11/72 93 94 34 34 71 71 2/76 1/77 11/72 29 76 61 970 14 12 13 14,26 25 25 39 34 13 24 24 66 66 66 75 71 64 64 12/76 1/77 2/76 4/69 2/76* 11/68* 295 47 81 2/77 83 82 84 21 21 21 63 63 63 12/76 12/76 12/76 97 11 965 25 25 38 65 65 74 10/76 10/76 5/77 914 35 34 12 30 30 59 69 69 11/76 8/76 8/76 442 90 441 37 52 19 52 19,52 88 61 88 61,88 4/77 4/77 Mil 4/77 4/72* 4/72* 920 920c 951 940 9 72 112 11 40 37 12 24 16,36 33 59 11/76 11/75* 73 59 65 72 71 Mil 11/76 10/76 12/76 7/76 11/72 11/72 345 50 86 6/76* 10/72* 11/68 7/76 12/76 Mil 345c 280 51 46 1/72 1/72 4/72* 7/76* 86 81 6/76* 10/72* 9/76 10/69 64 31,48 69,82 1/77 10/69* 346 50 87 6/76* 10/72* 346c 51 87 6/76* 10/72* 340 50 86 2/77 6/72* 340c 51 86 2/77 6/72* 341 50 86 2/77 6/72* 341 c 348 349 51 51 51 86 87 87 2/77 6/72* 6/72* 6/72* 53 20 62 3/77 7/76* 7/76* Composite indexes Coincident indicators Four coinciders Four coinciders rate of change Ratio to lagging indicator index Lagging indicators Six laggers Six laggers rate of change Leading indicators Capital investment commitments Inventory investment and purchasing Marginal employment adjustments . , Money and financial flows Profitability Twelve leaders Twelve leaders rate of change Construction Building permits new private housing Contracts awarded, commercial and industrial bldgs. . . Expenditures, plus machinery and equipment sales Gross private domestic fixed investment Nonresidential, as percent of GNP Nonresidential structures, constant dollars Nonresidential, total, constant dollars Residential as percent of GNP Residential, total, constantdollars Housing starts , Consumer finished goods-See Wholesale prices. Consumer goods and materials, new orders Consumer installment debt Debt outstanding . . Net change Ratio to personal income Consumer installment loans, delinquency rate Consumer prices-See also International comparisonsj All items percent changes Food, index Food, percent changes Consumption expenditures-See Personal consumption expenditures. Contracts and orders, plant and equipment, constant dol. . Contracts and orders, plant and equipment, current dol. . . Corporate bond yields >. Corporate profits-See Profits. Costs-See Labor costs and Price indexes. Credit Bank loans to businesses net change Borrowing total private Commercial and industrial loans outstanding Consumer installment debt Debt outstanding Net change Ratio to personal income Consumer installment loans, delinquency rate Mortgage debt net change Crude materials-See Wholesale prices. C Canada-See International comparisons. Capacity utilization Manufacturing (BEA) Manufacturing (FRB) Materials Capital appropriations, manufacturing Backlog Newly approved Newly approved, Dl Capital investment-See Investment, capital. Capital investment commitments, Cl Cash flow corporate constant dollars Cash flow, corporate, current dollars Civilian labor force-See also Employment. Employment Employment as percent of population Total . ..... Unemployed Coincident indicators, four Composite index Composite index rate of change Diffusion index Ratio to lagging indicators, composite index Commercial and industrial buildings, contracts awarded . . Commercial and industrial loans outstanding Commercial and industrial loans outstanding, net change , Compensation Compensation, average hourly, ail employees, nonfarm business sector Compensation, average hourly, all employees, nonfarm business sector percent changes Compensation of employees Compensation of employees, percent of national income Compensation, real average hourly, all employees, nonfarm business sector Compensation, real average hourly, all employees, nonfarm business sector percent changes Earnings, average hourly, production workers, private nonfarm economy Earnings, average hourly, production workers, private nonfarm economy, percent changes . Earnings, real average hourly, production workers private nonfarm economy Earnings, real average hourly, production workers, private nonfarm economy, percent changes . Wage and benefit decisions first year Wage and benefit decisions, life of contract Wages and salaries, mining, manufacturing, and construction Series titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (paga numbers) Series number Charts Tables Historical Series descriptions data (issue data) (issue date) 920 920c 940 11 40 12 59 59'" 11/76 930 930c 11 40 59 11/76 11/75* 914 915 913 917 916 910 59 59 59 59 59 59 11/76 11/76 11/76 11/76 11/76 11/76 5/75* 910c 12 12 12 12 12 11 40 29 9 69 14,26 24 25 66 65 66 12/76 10/76 2/77 4/69 248 87 86 249 89 28 48 26 26 48 26 26 82 66 66 82 66 66 8/76* 10/69* 8 75 13,22 23 63 64 4/77 Mil 66 113 95 39 36 33 16,36 34 72 71 72 71 9/76 9/76 12/76 10/76 10/72 10/72 320 320c 322 322c 58 50 50,58 50 50 23 83,93 83,93 83 83 64 3/77 3/77 3/77 3/77 Mil 5/69* 5/69* 5/69* 5/69* 11/68* 20 10 116 13,24 24 35 65 65 72 4/77 4/77 2/76 9/68 7/64 112 110 72 33 33 16,36 71 71 72 7/76 12/76 12/76 11/72 7/64 11/72 66 113 95 39 33 36 33 16,36 34 33 72 71 72 71 70 9/76 9/76 12/76 10/76 4/77 10/72 10/72 525 564 548 516 54 54 54 54 89 89 89 89 39 32 34 13,22 71 63 10/76 12/76 11/72 12/74 970 965 951 974 963 967 39 38 37 39 37 38 2/76* 11/68* 966 38 962 975 952 950 964 37 39 37 37 38 971 968 976 978 977 969 972 973 961 39 38 39 39 39 38 39 39 37 75 74 73 75 73 74 78 74 77 73 75 73 73 74 76 75 74 75 75 75 74 75 75 73 76 11/76 11/75* 7/76* 9/68* Mil Mil 8/76* 10/69* 1/77 4/77 6/72 11/72 11/72 D Debt-See Credit. Defense Military prime contract awards National defense purchases New orders defense products Obligations incurred total Deficit-See Government. Deflators-See Price indexes. Delinquency rate, consumer installment loans Deliveries vendor performance Diffusion indexes Business expenditures, new plant and equipment Capital appropriations manufacturing Coincident indicators Employees manufacturing and trade Employees on private nonagricultural payrolls Industrial materials prices . ... Industrial materials prices components Industrial production Industrial production components Initial claims, State unemployment insurance Inventories manufacturing and trade Lagging indicators Leading indicators New orders durable goods industries New orders durable goods industries, components .... New orders manufacturing Prices 500 common stocks Prices selling manufacturing Prices selling retail trade Prices selling wholesale trade Profits manufacturing Profits net manufacturing and trade Sates net manufacturing and trade Workweek mfg production workers Workweek mfg production workers components Disposable personal income-See Income. 5/77 9/76* i6/69* 2/77 5/77 5/77 Mil 3/76* li/68* 12/76 1/76* 4/69* 1/77 i6/76* 3/76* 6/69* 11/68* Mil Mil 2/77 3/76* 1/76* 3/76* 3/76* 3/76* ii/68* 5/69* 11/68* 11/68* 11/68* 5/77 3/76* 3/76* ii/68* 11/68* Mil NOTE: The following abbreviations are used in this index: C I, composite index; Dl, diffusion index; GPD I, gross private domestic investment; and NIPA, national income and product accounts. *The identification number for this series has been changed since the publication date shown. 109 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources af Series/' following this index) Current issue (page numbers) Series number Charts Tables Historical Series data descriptions (issue date) (issue date) E Earnings-See Compensation. Employment and unemployment Accession rote, manufacturing , Civilian labor force total Employee hours in nonagricultural establishments , . . . , Employee hours in nonagricultural establishments rote of change Employees in mining rnfg and construction Employees manufacturing and trade Dl Employees on nonagricultural payrolls Employees on private nonag payrolls, Dl Employment ratio to population Employment, total civilian Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment' Initial claims, State unemployment insurance .Initial claims, State unemployment insurance, Dl Layoff rate manufacturing Marginal employment adjustments, Cl Overtime hours, mfg production workers Part tcipat Ion rate, both sexes, 16-19 years old Participation rate females 20 years and over Participation rate, males 20 years and over Part-time workers for economic reasons Persons engaged In nonagricultural activities Quit rate manufacturing Unemployed, both sexes 16-1 9 years old Unemployed, females 20 years and over Unemployed, full-time workers Unemployed, males 20 years and over Unemployment average duration Unemployment rate, 18 weeks and over Unemployment rate, insured, average weekly Unemployment rate, total Unemployment total civilian Workweek, mfq. production workers , Workweek mfg production workers Dl Equlpment<=See Investment, capital, Exports-See Foreign trade and International transactions. 2 441 17 52 60 88 4/77 4/72* 48 18 60 5/77 8/68* 48c 40 974 41 963 90 442 46 60 5 962 3 913 21 453 452 451 448 42 4 446 445 447 444 91 44 45 43 37 1 40 18 39 15,18 37 19 52 18 18 17 37 13.17 12 17 52 52 52 52 18 17 52 52 52 52 16,19 19 19 19 19,52 13,17 7/76 8/68* 961 37 61 75 61 73 61 88 60 60 60 73 60 ' 59 60 88 88 88 88 61 60 88 88 88 88 61 61 61 61 61,88 60 76 73 12/76 12/76 3/76* 12/76 12/76 4/77 4/77 7/76 4/77 10/76 10/76* 12/76 11/76 12/76 4/77 4/77 4/77 4/77 4/77 4/77 4/77 4/77 4/77 4/77 4/77 7/76 4/77 4/77 12/76 1/77* 35 71 2/76 94 213 917 34 41 12 71 79 59 1/77 311 311c 49 49 83 83 8/76* 8/76* 667 622 618 602 604 256 252 668 606 620 612 616 257 253 669 614 255 250 251 56 56 56 55 55 45 45 56 55 56 55 55 45 45 56 55 45 45 48 91 91 91 90 90 81 81 91 90 91 90 90 81 81 91 90 81 81 82 2/77 2/77 2/77 119 93 34 71 9/76* 11/76 7/76* 2/77' 9/76 2/77 2/77* 7/76* 2/77 9/76 2/77 2/77* 9/76 9/76* 2/76 G Goods output in constant dollars Government budget, NIPA Federal expenditures Federal receipts ,, Federal surplus or deficit State and local expenditures State and local receipts State and local surplus or deficit Surplus or deficit, total , Government purchases of goods and services Federal, constant dollars Federal, current dollars Federal, percent of GNP National defense Stati and local, constant dollars . . , State and local, current dollars . State and local, percent of G NP Total, constant dollars Total, current dollars , , „ 11/68* 8/68 4/72* 12/74 6/69" 6/69* 8/68* 12/74 4/72 12/76 F Federal funds rate Federal Government-See Government. Federal Reserve, member bank borrowing from ........ Final sales in constant dollars Financial flows, and money, Cl Fixed investment-See Investment, capital. Fixed weighted price index, NIPA Fixed weighted price index, percent changes, NIPA Food -See Consumer prices. Foreign trade-See also International transactions. Balance on goods and services Balance on merchandise trade Exports merchandise adjusted exc military Exports, merchandise, total exc. military aid Exports of agricultural products Exports of goods and services, constant dol., NIPA .... Exports of goods and services, current dol., NIPA Exports of goods and services, exc. military Exports of nonelectrical machinery Imports, merchandise, adjusted, exc. military Imports merchandise total 1 mports of automobiles and parts Imports of goods and services, constant dol., NIPA Imports of goods and services, current dol., NIPA Imports of goods and services total Imports of petroleum and products Net exports, goods and services, constant dol., NIPA Net exports, goods and services, current dol., NIPA . . . Net exports, goods and services, percent of GNP, NIPA Franco-See International comparisons. 8/68 49 21 62 1/77 502 501 500 512 511 510 298 53 53 53 53 53 53 47 89 89 89 89 89 89 82 8/76* 8/76* 8/76* 263 262 265 564 267 266 268 261 260 44 44 48 54 44 44 48 44 44 80 80 82 89 80 80 82 80 80 9/76 9/76 2/77 2/77 2/77 9/76 9/76* 9/76* 9/76 9/76 9/76* 2/77 9/76 Series titles (See complete titles in "Titles and Sources of Series," following this index) Charts Gross business product Fixed weighted price index Fixed weighted price index percent changes .... Gross domestic product labor cost per unit . . ..... Gross national product GNP constant dollars .... GNP, constant dollars differences .,..,.,.,,....... GNP current dollars GNP current dollars differences GNP current dollars percent changes G NP ratio to money supply Goods output in constant dollars .... .... Implicit price deflator percent changes .... Per capita GNP, constant dollars Gross private domestic invest.-See Investment, capital. 110 Tables Historical Series data descriptions (issue date) (issue date) 49 49 31 83 83 69 8/76* 8/76* 8/76 7/68' 20,41 8/76* 8/76* 8/76* 10/69* 10/69* 10/69* 10/69 10/69 10/69 217 32 21 49 49 41 62,79 79 79 79 79 79 70 62 83 83 79 46 60 18 18 60 60 7/76 4/77 21 1 17 13,17 12/76 12/76 311 311c 68 50 50b 50c 200 200b 200c 107 49 310 310c 46'" 41 8/76 8/76 8/76 5/77 1/77 8/76* 8/76* 8/76 10/69* 10/69* 10/69 H Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment . , Hours of production workers, manufacturing Average weekly overtime .... Average workweek . . . Average workweek, components , Average workweek D 1 Housing Housing starts .... Residential GPDI constant dollars Residential GPDI percent of GNP .... .... 12/74 12/74 961 37 60 60 76 73 28 29 89 249 26 14,26 26 48 66 66 66 82 4/77 8/76* 10/69* 49 49 83 83 8/76* 8/76* 10/69* 10/69* 50 86 6/76* 10/72* 51 46 31,48 86 81 69,82 6/76* 10/72* 10/69 10/69* 50 87 6/76* 10/72* 51 16,36 46 48 41 41 41 87 72 81 82 79 79 79 6/76* 12/76 10/72* 9/76 8/76 8/76 8/76 10/69 10/69* 10/69 10/69 10/69 50 86 2/77 6/72* 51 86 2/77 6/72* 50 86 2/77 6/72* 51 56 56 46 48 46 20 41 15,20 40 32 46 86 91 91 81 82 81 62 62 62 2/77 2/77 2/77 9/76 6/72* 5/69* 5/69* 10/69 10/69* 10/69 70 81 5/77 9/76 48 46 48 51 51 20 24 29 82 81 82 87 87 62 64 68 78 74 9/76* 66 64 62 62 62,92 77 74 1/77 1/77 1/77 1/77 4/72 6/69 4/72 Implicit price deflator GNP .... 310 Implicit price deflator G NP percent changes 310c 4/72* Imports-See Foreign trade and International transactions. 8/68 Income Compensation, average hourly, all employees, nonfarm business sector 345 Compensation, average hourly, all employees, nonfarm business sector percent changes 345c Compensation of employees . . '. . . i , . . . 280 Compensation of employees, pet. of nat'l. income — 64 Compensation, real average hourly, all employees, 11/73 nonfarm business sector .... 346 Compensation, real average hourly, all employees, nonfarm business sector percent changes .... 346c Consumer installment debt, ratio to personal income . , 95 Corporate profits with 1 VA and CCA 286 Corp. profits with IVA and CCA, pet. of nat'l. income ', 287 Disposable personal income constant dollars 225 Disposable personal income, current dollars ......... 224 Disposable personal income, per capita, constant dol. . . 227 Earnings, average hourly, production workers, private nonfarm economy .... 340 Earnings, average hourly, production workers, 5/69* private nonfarm economy percent changes 340c 5/69* Earnings, real average hourly, production workers, private nonfarm economy 341 Earnings, real average hourly, production 5/69 workers, private nonfarm economy, percent changes . 341 c 5/69* Income on foreign investment in the U S .... 652 Income on U S investments abroad 651 5/69* Interest net .... 288 5/69* Interest net percent of national income 289 National income .... 220 Personal income constant dollars . 52 5/69 Personal income, current dollars 223 5/69* Personal income less transfers constant dollars .... 51 Personal income, less transfers, constant dots, rate of ehg. 51c 108 Personal income, ratio to money supply .... 5/69* Proprietors' income with IVA and CCA .... 282 10/69* Proprietors' income with IVAand CCA, percent of national income 283 11/72 Rental income of persons with CCA .... 284 Rental .income of persons with CCA, pet. of nat'l. income 285 Wage and benefit decisions first year 348 349 Wage and benefit decisions, life of contract Wages and salaries, mining, mfg., and construction — 53 13 Incorporations new businesses 23 7/68* Industrial matsrials prices 7/68* Industrial matsrials prices components .... 967 7/68* Industrial materials prices Dl Industrial production - See also International comparisons. Business equipment . . . 76 75 Consumer goods 73 10/69 Durable manufactures ... Nondurable manufactures .... 74 47 11/73 Total 10/69 Total components 966 10/69* Total, Dl 47c 10/69* Total rats of change Installment debt-See Credit. 11/73 10/69 Insured unemployment 5 10/69* Avg. weekly initial claims, unemploy. insurance Avg. weekly initial claims, unemploy. insurance, Dl . . . 962 45 Avg wsskly insured unemployment rats 10/69 NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts. *The Identification number for this series has beon changed since the publication date shown. Current issue (page numbers) Series number 38 25 23 21 21 15,21,57 38 40 17 37 19 8/68 1/77* 12/76 6/72 4/69 1/77 9/76 1/77 9/76* 9/76* 8/76 1/77 8/76* 12/76 9/76 9/76* 7/76* 7/76* 7/68* 10/69 10/69* 10/69 10/69* 6/72* 6/72* 3/77 1/77 1/77 4/69 i/76* 4/69* 12/76 li/68 1/77* 2/76 60 73 61 10/76 10/76* 6/69 7/76 6/69 6/69* ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (See complete titles in "Titles and Sources of Series," following this index) 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-See Wholesale prices. International comparisons Consumer prices Canada index Canada percent changes France index France percent changes Italy index . . .' Italy percent changes Japan index Japan percent changes United Kingdom index United Kingdom percent changes United States index United States percent changes . . '. . . . . ..... West Germany index West Germany, percent changes Industrial production Canada France Italy Japan OECD European countries United Kingdom United States West Germany Stock prices Canada France Italy Japan United Kingdom United States West Germany International transactions-See also Foreign trade. Balance on goods and services Balance on merchandise trade Exports, merchandise, adjusted, exc. military Exports merchandise total exc military aid Exports of agricultural products Exports of goods and services, exc. military Exports of nonelectrical machinery Imports merchandise adjusted, exc. military Imports merchandise total Imports of automobiles and parts Imports of goodsand services, total . . Imports of petroleum and products Income on foreign investments in U.S Income on U S investments abroad Inventories Business inventories change constant dollars Business inventories, change, current dollars ,.,'...'... Business inventories change percent of GNP Finished goods manufacturers' Inventories on hand and on order net change ... Inventories to sales ratio, mfg. and trade (deflated) Inventory investment and purchasing, Cl . Manufacturing and trade constant dollars Manufacturing and trade current dollars Manufacturing and trade, current dollars, change Manufacturing and trade Dl Materials and supplies on hand and on order, mfg Materials and supplies on hand and on order, mfg., change Investment, capital Capital appropriations manufacturing backlog Capital appropriations manufacturing new Capital appropriations, manufacturing, new, Dl ...... Capital investment commitments Cl Construction contracts, commercial and industrial .... Construction expenditures, business and machinery and equipment sales Gross private domestic investment Fixed investment constant dollars Fixed investment current dollars Inventories, business, change in-See Inventories. Nonresidential total constant dollars Nonresidential total percent of GNP . . -. Producers' durable equip., nonresid., constant dol. . . Residential total constant dollars Residential total percent of GNP Structures nonresidential constant dollars Total constant dollars Total current dollars New orders, capital goods, nondefense, constant dollars New orders, capital goods, nondefense, current dollars Current issue (page numbers) Series number Charts Tables Historical Series data descriptions (issue date) (issue date) 288 289 46 48 81 82 9/76 67 116 119 118 117 109 114 115 36 35 35 35 35 36 35 35 72 72 71 72 72 72 71 72 5/77 2/76 2/76 2/76 2/76 9/76* 10/69 10/69* 12/74 7/64 11/73 7/64 7/64 12/76 11/73 2/76 2/76 7/64 7/64 Series titles (See complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers) Series number Charts Plant and equipment Business expenditures new 61 Business expenditures new Dl 970 Contracts and orders constant dollars 20 Contracts and orders current dollars 10 Investment, foreign Income on foreign investments in U S . . . . '. .......652 Income on U S investments abroad 651 Italy-See International comparisons. Tables Historical Series data descriptions (issue date) (issue date) 25 39 13,24 24 66 75 65 65 Mil 9/68 56 56 91 91 2/77 2/77 5/69* 5/69* 68 62 63 17 31 16,31 31 30 69 69 69 69 8/76 5/77 1/77 5/77 7/68 930 930c 952 3 11 40 37 13,17 59 11/76 11/75* 73 60 1/77 12/76 8/68* 910 n 59 11/76 5/75* 910c 950 14 104 40 37 34 14,32 73 71 70 1/77 7/76 5/77 913 78 12 28 59 67 2/77 38 27 67 5/77 8 84 13,22 21 63 63 Mil 12/76 917 12 59 11/76 104 105 85 106 102 107 108 33 118 117 14,32 14,32 32 32 32 32 32 33 35 35 70 70 70 70 70 70 70 70 72 72 5/77 5/77 5/77 5/77 5/77 5/77 5/77 27 24 8 20 10 548 7 6 24 24 13,22 13,24 24 54 22 22 964 971 38 39 65 65 63 65 65 89 63 63 76 74 75 88 87 86 248 26 26 26 48 66 66 66 82 1/77 1/77 1/77 516 721 54 57 89 92 5/77 49 62 358 370 370c 83 82 84 21 21 16,31 51 51 51 21 21 21 17 62 69 87 87 87 63 63 63 60 1/77 5/77 2/76 2/76* 11/68 11/68* 4/77 J Japan-See International comparisons. 4/76* 9/72* L 4/76* 9/72* 4/76* 9/72* 4/76* 9/72* 4/76* 9/72* 3/77* 5/69* 5/69* 9/72* 58 94 94 93 93 94 94 93 93 93 93 83,93 83,93 93 93 723 726 727 728 721 722 47 725 57 57 57 57 57 57 15,21,57 57 92 92 92 92 92 92 62,92 92 9/75* 9/75* 9/75* 9/75* 9/75* 9/75* 12/76 9/75* Labor cost per unit of gross domestic product Labor cost per unit of output manufacturing Labor cost per unit of output, private business sector Labor cost price per unit of manufacturing Labor force-See Employment and unemployment. Lagging indicators, six Composite index Composite index rate of change Diffusion index Layoff rate manufacturing ' Leading indicators, twelve Composite index . . . . . . . . '. . Composite index, rate of change ;........'.... Diffusion index Liabilities of business failures ' '. Liquid assets change in total Loans-See Credit. 743 746 747 748 742 19 745 58 58 58 58 58 58 58 94 94 94 94 94 94 94 5/76* 5/76* 5/76* 5/76* 5/76* 667 622 618 602 604 668 606 620 612 616 663 614 652 651 56 56 56 55 55 56 55 56 55 55 56 55 56 56 91 91 91 90 90 91 90 91 90 90 91 90 91 91 2/77 2/77 2/77 30 245 247 65 36 77 915 70 71 31 975 78 27,43 43 48 28 14,27 28 12 16,28 28 27 39 28 67,80 80 82 67 67 67 59 67 67 67 75 67 1/77 8/76 38 27 67 5/77 97 11 965 914 9 25 25 38 12 24 65 65 74 59 65 10/76 10/76 69 25 66 2/77 243 242 43 43 80 80 2/77 2/77 86 248 88 89 249 87 241 240 26 48 26 26 48 26 43 43 66 82 66 66 82 66 80 80 1/77 27 24 65 Mil 24 24 65 Mil 733 733c 736 736c 737 737c 738 738c 732 732c 320 320c 735 735c 58 58 58 58 58 50 50,58 3/77 4/76* 5/76 5/76* 7/76* 2/77* 2/7?' 7/76* 2/77 2/77 2/77 8/76* 2/77 5/77 5/77 11/76 5/77 2/77 5/77 3/76* 2/77 10/72* 10/72* 10/72* 10/72* M 10/72* 11/68 10/72* Man-hours-See Employment and unemployment. Marginal employment adjustments Cl Materials and supplies on hand and on order, rnfg Materials and supplies on hand and on order, rnfg. change Materials, crude and intermediate-See Wholesale prices. Materials, industrial-See Price indexes. Materials new orders for consumer goods and Materials rate of capacity utilization Merchandise trade-See Foreign trade. Military-See Defense. Money and financial flows Cl 5/69* Money supply 5/69* Liquid assets change in total .... Money supply Ml 5/69* Money supply Ml, percent changes Money supply M2 5/69* Money supply M2 percent changes 5/69* Ratio GNP to money supply Ml Ratio personal income to money supply M2 5/69* Mortgage debt net change J ;...'.'...',.'.. Mortage yields secondary market .' 5/69* Municipal bond yields . . '........ 5/69* N 10/69 National defense-See Defense. 10/69* National Government-See Government. National income-See Income. 9/68 New orders, manufacturers' Capital goods industries, nondefense, constant dol. .... Capital goods industries, nondefense, current dol. ..... Consumer goods and materials constant dollars Contracts and orders, plant and equip., constant dol. . . 2/69 Contracts and orders, plant and equip., current dol. , . . 2/69 Defense products 11/68* Durable goods industries constant dollars Durable goods industries current dollars Diffusion index New orders manufacturing Dl .......... Nonresidential fixed investment, GPDI Producers' durable equipment constant dollars Structures constant dollars ...',.. Total constant dollars . Total percent of GNP . 5/77 11/76 10/76 11/68 10/72 11/68 11/76 10/72 10/72 Mil 2/76 2/76 7/64 7/64 4/77 Mil Mil 9/68 4/77 Mil 9/68 2/77 5/77 5/77 9/68 2/77* 3/76* 11/68* 8/76* 10/69* 9/68* 0 8/76* 1/77 1/77 8/76* 1/77 2/77 8/76 Obligations incurred Defense Department OECD European countries, industrial production ..... Orders-See New orders and Unfilled orders. 10/69* Output-See also Gross national product and Industrial production. Goods output constant dollars .....'..*..........'.'. Labor cost per unit of ' ......... 10/69* Per hour nonfarm business sector Per hour, private business sector 10/69 Per hour, private business sector, percent changes Ratio to capacity manufacturing (BEA) Ratio to capacity, manufacturing (FRB) Ratio to capacity materials ...... J .... 9/68 Overtime hours, production workers, manufacturing 9/75* 6/76* 6/76* 6/76* 12/76 12/76 12/76 12/76 ii/68 6/68* 10/72* 10/72* 12/74 NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts. *The identification number for this series has been changed since the publication date shown. 111 ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued Series titles (Soo complete titles in "Titles and Sources of Series," following this index) Current issue (page numbers) Series number Charts Tables Historical Series data descriptions (issue date) (issue data) P Participation rates, civilian labor force Both sexes 16-1 9 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 GMP , Personal incomo-Seo Income. Personal saving ' . . Personal saving rate , Petroleum and products imports Plant and equipment-See also Investment, capital. Business expenditures for , Business expend ituos for Dl Contracts and orders for constant dollars Contracts and orders for current dollars Population civilian employment as percent of Price indexes Consumer prices-See also International comparisons. All items index All items, percent changes , Food index Food percent changes Deflators NIPA Fixed weighted, gross business product, index Fixed weighted, gross business product, pet. changes Implicit price deflator GNP index Implicit price deflator, GNP, percent changer .... Industrial materials Industrial materials, components Industrial materials, Dl Labor cost, price per unit of ... Seitsitive prices change in Stock prices-See also International comparisoi s. 300 common stocks BOO common stocks 01 Wholesale prices All commodities, index All commodities, percent change Consumer finished goods index Consumer finished goods, percent changes Crude materials, index . Crude materials percent changes , . . Intermediate materials index Intermediate materials, percent changes Producer finished goods index Producer finished goods percent changes Price to unit labor cost manufacturing Prices, soiling Manufacturing Dl Retail trade Dl Wholesale trado Dl Prime contracts frill Story Prime rate charged by banks Producer finished goods- See Wholesale prices. Producers' durable equipment, nonrosid., GPDI Production -See Industrial production and GNP. Productivity Output per hour, nonfarm business sector Output per hour private business sector Output per hour, private business sector, pet. changes . Profitability, Cl Profits Corporate after taxes constant dollars Corporato of tor toxes current dollars Corporate, after taxes, with IVA and CCA, constant dollar Corporate, after taxes, with IVAand CCA, cur. dol. . . . Corporate with IVAand CCA .. . Corporate, with IVAand CCA, pet. of nat'l. income , . . Man ufactu ring and trade, Dl Manufacturing 01 Per dollar of sales manufacturing Profitability Cl Ratio, profits with IVA and CCA to corporate domestic income Proprietors' income with IVA and CCA Proprietors' income with IVA and CCA, pot. of net'Unc. . 453 452 451 52 52 52 88 88 88 4/77 4/77 4/77 55 233 232 238 236 239 237 231 230 235 23 42 42 42 42 42 42 42 42 48 64 79 79 80 80 80 80 79 79 82 1/77 2/77 8/76 2/77 8/76 2/77 8/76 8/76 8/76 8/76* 292 293 614 47 47 55 81 82 90 9/76 61 970 20 10 90 25 39 13,24 24 19 66 75 65 65 61 2/76 10/76* 2/76* 4/77 4/77 4/77 S 10/69 Salaries-See Compensation. Sales Final sales, constant dollars Machinery and equipment sales and business construction expenditures Manufacturing and trade sales, constant dollars Manufacturing and trade sales, current dollars Manufacturing and trade sales, Dl Ratio, inventories to sales, mfg. and trade Retail sales, constant dollars Retail sales current dollars Saving Business saving Government surplus or deficit Gross saving, private and government Personal saving Personal saving rate Selling prices-See Prices, selling. Sensitive prices, change in State and local government-See Government. Stock prices-See also International comparisons. 500 common stocks 500 common stocks, Dl Stocks of materials and supplies on hand and on order . . Stocks of materials and supplies on hand and on order, change Surplus-See Government. 10/69' 10/69 10/69 10/69* 10/69 7/68* 11/68 11/68* 9/68' 3/77 3/77 3/77 3/77 311 10/69* 10/69* 1/77 4/69 967 17 92 38 30 14,29 83 83 83 83 68 78 74 69 68 8/76* 8/76* 8/76* 8/76* 23 49 49 49 49 29 1/76* 4/69* 11/68 19 968 14,29 38 63 74 12/76 1/76* 330 330c 334 334c 331 332 332c 333 333c 17 49 49 49 49 49 49 49 49 49 49 30 84 84 85 85 84 84 85 85 85 85 69 3/77 3/77 3/77 3/77 3/77 3/77 3/77 3/77 3/77 3/77 5/77 976 978 977 525 109 39 39 39 54 36 75 75 75 89 72 3/76* 3/76* 3/76* 88 26 66 1/77 310c 331c 5/77 3/77 5/77 12/76 308 370 370c 916 51 51 51 12 87 87 87 59 6/76* 6/76* 6/76* 11/76 18 16 29 29 68 68 8/76 8/76 80 79 286 287 972 969 15 916 22 29 29 46 48 39 38 30 12 30 68 68 81 82 75 74 69 59 68 12/76 12/76 8/76 81 282 283 30 46 48 69 81 82 9/76* 4 17 60 12/76 284 46 81 9/76 285 48 82 9/76* 9/76 9/76* 3/76* 5/77 4/76 11/76 1/77 9/76 R Rental income of persons, with CCA Rental income of persons, with CCA, percent of national income 10/69* 83,93 83,93 83 83 310 Charts 112 Tables Historical Series data descriptions (issue date) (issue date) 93 89 249 34 26 48 71 66 82 2/76 1/77 11/72 8/76* 10/69* 59 54 23 23 64 64 10/76 10/76 6/72* 213 41 79 9/76* 69 57 56 973 77 59 54 25 15,23 23 39 28 23 23 66 64 64 75 67 64 64 2/77 9/68* 2/77 2/69* 11/68* 295 298 290 292 293 47 47 47 47 47 81 82 81 81 82 2/77 9/76 9/76 9/76 92 5/69* 5/69* 5/69* 5/69* 14,29 68 3/77 19 968 . 78 14,29 38 28 68 74 67 2/77 38 27 67 5/77 114 115 35 35 71 72 2/76 2/76 91 60 5 962 3 16,19 18 17 37 13,17 61 60 60 73 60 4/77 4/77 10/76 10/76* 12/76 6/69" 6/69* 8/68* 446 445 447 444 37 4 52 52 52 52 19,52 17 88 88 88 88 61,88 60 4/7? 4/77 4/77 4/77 4/77 4/72* 44 45 43 19 19 19 61 61 61 4/77 7/76 4/77 4/72 6/69 4/7R 96 25 22 22 63 63 2/77 5/77 9/68 9/68 107 108 32 32 32 13,22 70 70 63 S/77 5/77 330 330c 334 334c 331 331 c 332 332c 333 333c 92 1 49 49 49 49 49 49 49 49 49 49 14,29 13,17 84 84 85 85 84 84 85 85 85 85 68 60 3/77 3/77 3/77 3/77 3/77 3/77 3/77 3/77 3/77 3/77 3/77 6/69* 12/76 8/68 ' 37 76 73 12/76 3/76* 5/77 10/76 10/76 10/76* 12/76 1/76* 6/72* 10/69 10/69 10/69 7/68* 5/69 5/69* T Treasury bill rate Treasury bond yields 7/64 7/64 5/69 5/69* U 6/69* Unemployment Duration of unemployment, average Help-wanted advertising to unemployment, ratio Initial claims, avg. weekly, unemploy. insurance Initial claims, avg. weekly, unemploy. insurance, Dl . . . Layoff rate, manufacturing Number unemployed, civilian labor force Both sexes, 16-19 years of age Females, 20 years and over Full-time workers 11/68 Males 20 years and over Total unemployed 11/68* Quit rate manufacturing 11/68* Unemployment rates 11/68* 1 5 weeks and over Insured, average weekly ii/73 Total Unfilled orders, manufacturers' Durable goods industries Durable goods industries, change in United Kingdom-See International comparisons. 6/68* 10/72* 10/72* 1/72 7/68 10/69 10/69* 11/68* 12/76 V Velocity of money GNP to money supply Ml, ratio Personal income to money supply M2, ratio Vendor performance 12/74 W Wages and salaries-See Compensation. 3/69* West Germany-See International comparisons. Wholesale prices All commodities index 7/68 ' All commodities percent changes Consumer finished goods, index Consumer finished goods, percent changes 10/69 Crude materials index 10/69* Crude materials, percent changes Intermediate materials, index Intermediate materials, percent changes Producer finished goods, index Producer finished goods, percent changes Sensitive prices change in Workweek of production workers, manufacturing 10/69 Workweek of production workers, manufacturing, components . . 10/69* Workweek of production workers, manufacturing, Dl 961 NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPOI, gross private domestic investment; and NIPA, national income and product accounts. *Tho identification number for this series has been changed since the publication date shown. Current issue {page numbers) Series number 10/69* 50 50,58 50 50 Q Quit rate manufacturing Reserves free Residential fixed investment, constant dollars, GPDI Residential fixed investment, percent of GNP Residential structures-See Housing. Retail sales, constant dollars Retail sales, current dollars 320 320c 322 322c 311c Series titles (See complete titles in "Titles and Sources of Series," following this index) 1/77* 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-Department of Commerce, Bureau of Economic Analysis; Source 2-Department of Commerce, Bureau of the Census; Source 3-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. 5. Average weekly initial claims for unemployment insurance, State programs (M),-Department of Labor, Employment Training Administration; seasonal adjustment by Bureau of Economic Analysis (17,60) 6. Value of manufacturers' new orders, durable goods industries, in current dollars (M).—Source 2 (22, 63,76) 25. Change in manufacturers' unfilled orders, durable goods industries (M).-Source 2 (22, 63) 8. Value of manufacturers' new orders for consumer goods and materials in 1972 dollars (M).-Sources 1,2, and 3 (13,22,63) 27. Value of manufacturers' new orders, capital goods industries, nondefense, in 1972 dollars (M).-Sources 1, 2, and 3 (24,65) 9. Construction contracts awarded for commercial and industrial buildings, floor space (M).-McGraw-Hill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (24, 65) 28. New private housing units started, total (M),-- Source 2 (26,66) 910. Composite index of twelve leading indicators (includes series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 105) (M).-Source! (11,40,59) 11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).-The Conference Board. (Used by permission. This series may not be reproduced without written permission from the source.) (25, 65) 915. Composite index of inventory investment and purchasing (includes series 8,32,36,92) (M).-Source 1 (12,59) 916. Composite index of profitability (includes series 17, 19,80)(M).-Source1 (12,59) 917. Composite index of money and financial flows (includes series 104,105,110 ) (M).-Source 1 (12, 59) 12. Index of net business formation (M).-Source 1; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (13,24,64) 13. Number of new business incorporations (M).-Dun and Bradstreet, Inc.; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (24,64) 14. Current liabilities of business failures (M).-Dun and Bradstreet, Inc. (34,71) 920. Composite index of four roughly coincident indicators (includes series 41,47,51,57) (M).-Source 1 (11,40,59) 15. Profits (after taxes) per dollar of sales, all manufacturing corporations (QK-Federal Trade Commission and Securities and Exchange Commission; seasonal adjustment by Bureau of Economic Analysis (30, 69) 930. Composite index of six lagging indicators (includes series 62, 70,72,91,95,109) (M).-Source 1(11,40,59) 16. Corporate profits after taxes in current dollars (Q).Source 1 (29,68) 940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).-Source 1 (12,59) I-B. Cyclical Indicators 1. Average workweek of production workers, manufacturing (M).-Source 3 (13,17,60,76) 2. Accession rate, manufacturing (M).-Source 3 (17,60) 24. Value of manufacturers' new orders, capital goods industries, nondefense, in current dollars (M).-Source 2 (24, 65) I-A. Composite Indexes 914. Composite index of capital investment commitments (includes series 12, 20, 29) (M).-Source 1 (12, 59) 23. Index of industrial materials prices (M).-Source 3 (29, 68, 78) 7. Value of manufacturers' new orders, durable goods industries, in 1972 dollars (M).-Sources 1,2, and 3 (22, 63) 10. Contracts and orders for plant and equipment in current dollars (M).-Source 2 and McGraw-Hill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis (24, 65) 913. Composite index of marginal employment adjustments (includes series 1,2, 3, 5) (M).-Source 1 (12, 59) 22. Ratio of profits (after taxes) to total corporate domestic income (Q).-Source 1 (30, 68) 29. Index of new private housing units authorized by local building permits (M).-Source 2 (14,26,66) 30. Gross private domestic investment, change in business inventories,all industries, in 1972 dollars (Q).-Source 1 (27,43,67,80) 31. Change in book value of manufacturing and trade inventories, total (M).-Sources 1 and 2 (27, 67) 32. Vendor performance, percent of companies reporting slower deliveries (M).-Purchasing Management Association of Chicago (13,22,63) 33. Net change in mortgage debt held by financial institutions and life insurance companies (M).-American Council of Life Insurance; Federal National Mortgage Association; Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; U.S. Savings and Loan League; and source 4; seasonal adjustment by Bureau of Economic Analysis (33,70) 34. Net cash flow, corporate, in current dollars (Q).Source 1 (30, 69) 35. Net cash flow, corporate, in 1972 dollars (Q).-Source 1 (30,69) 36. Net change in inventories on hand and on order in 1972 dollars (smoothed) (M).-Sources 1,2, and 3 (14,27,67) 37. Number of persons unemployed, labor force survey (M).-Sources2and3 (19,52,61,88) 38. Change in stocks of materials and supplies on hand and on order, manufacturing (M).-Source 2 (27, 67) 39. Percent of consumer installment loans delinquent 30 days and over (EOM).—American Bankers Association (34,71) 17. Index of price per unit of labor cost, manufacturingratio, index of wholesale prices of manufactured goods (unadjusted) to seasonally adjusted index of compensation of employees in manufacturing (sum of wages, salaries, and supplements to wages and salaries) per unit of output (M).-Sources 1, 3, and 4 (30, 69) 40. Number of employees in nonagricultural goods-producing industries-mining, manufacturing, and construction (M).-Source 3 (18,61) 18. Corporate profits after taxes in 1972 dollars (Q).Source 1 (29,68) 41. Number of employees on nonagricultural payrolls, establishment survey (M).-Source3 (15,18,61) 19. Index of stock prices, 500 common stocks (M).Standard and Poor's Corporation (14, 29, 58, 68, 94) 42. Number of persons engaged in nonagricultural activities, labor force survey (M).-Sources 2 and 3 (18,61) 20. Contracts and orders for plant and equipment in 1972 dollars (M).-Sources 1, 2, 3, and McGraw-Hill Information Systems Company (13,24, 65) 43. Unemployment rate, total (M).-Sources 2 and 3 (19,61) 21. Average weekly overtime hours of production workers, manufacturing (M).-Source 3 (17, 60) 44. Unemployment rate, 15 weeks and over (M).-Sources 2and3 (19,61) 3. Layoff rate, manufacturing (M).-Source 3 (13,17,60) 4. Quit rate, manufacturing (M).-Source 3 (17, 60) 113 TITLES AND SOURCES OF SERIES-Continued 45. Average weekly insured unemployment rate, State programs (M).™Department of Labor, Employment Training Administration {19, 61) 46. Index of help-wanted advertising in newspapers (M).The Conference Board (18, 60) 47. Index of industrial production, total {MK~Source 4 (15,21,40,57,62,77,92) 68. Labor cost (current dollars) per unit of gross domestic product (1972 dollars), nonfinancial corporationsratio of current-dollar compensation of employees to real gross corporate product (Q).-Source 1 (31,69) 69. Manufacturers' machinery and equipment sales and business construction expenditures (industrial and commercial construction put in place) (M).-Source 2 70. Manufacturing and trade inventories, total book value, in 1972 dollars (EOM).-Sources 1,2, and 3(16,28.67) 49. Value of goods output in 1972 dollars (CO.- Source 1 (21,62) 71. Manufacturing and trade inventories, total book value, -in current dollars (EOM).-Sources 1 and 2 (28,67) 51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1 (15,20,40,62) 52. Personal income, total, in 1972 dollars (M).-Source 1 (20, 62) 53. Wage and salary income in mining, manufacturing, and construction in 1972 dollars (M).-Sources 1 and 3 (20,62) 72. Commercial and industrial loans outstanding, weekly reporting large commercial banks (M).-Source 4; seasonal adjustment by Bureau of Economic Analysis {16,36,72) 73. Index of industrial production, durable manufactures (M).-Source4 (21,62) 74. Index of industrial production, nondurable manufactures (M).-Source 4 (21,62) 75. Index of industrial production, consumer goods (M).Source4 (23,64) 54. Sales of retail stores in current dollars (M),-Source 2 (23,64) 76. Index of industrial production, business equipment <M).-Source4 (25,66) 55. Personal consumption expenditures, automobiles (Q).Source 1 {23,64) 77. Ratio, constant-dollar inventories (series 70) to sales {series 57), manufacturing and trade, total (EOM).Sources 1,2, and 3 (28,67) 56. Manufacturing and trade sale:; in current dollars {M).-Sources 1 and 2 (23,64) 57. Manufacturing and trade sales h 1972 dollars (M).Sources1,2,and3 (15,23,64) 58. Index of consumer sentiment (Q),-University of Michigan, Survey Research Center (23,64) 65. Manufacturers' inventories of finished goods, book value, all manufacturing industries (EOM).-Source 2 (28,67) 82. Rate of capacity utilization, manufacturing (Q).Source 4 (21,63) 83. Rate of capacity utilization, manufacturing (EOQ).Source! (21,63) 84. Rate of capacity utilization, materials (Q).-Source 4 (21,63) 85. Change in money supply M1 (demand deposits plus currency) (M).-Source 4 (32, 70) 86. Gross private domestic fixed investment, total nonresident ial, in 1972 dollars (Q).-Source 1 (26, 66) 87. Gross private domestic fixed investment, nonresidential structures, in 1972 dollars (Q).-Source 1 (26, 66) 88. Gross private domestic fixed investment, nonresidential producers' durable equipment, in 1972 dollars (Q).-Source 1 (26, 66) 66. Consumer installment debt (EOM).-Source 4; FRB seasonally adjusted net change added to seasonally adjusted figure for previous month to obtain current figure (36,72) 89. Gross private domestic fixed investment, total residential, in 1972 dollars (Q).-Source 1 {26, 66) 67. Bank rates on short-term business loans, 35 cities (Q).-Source4 {36,72) 90. Ratio, civilian employment to total population of working age (M).-Sources 1,2, and 3 (19,61) 114 96. Manufacturers' unfilled orders, durable goods industries (EOM).-Source2 (22,63) 97. Backlog of capital appropriations, manufacturing (EOQ).-The Conference Board. (Used by permission. This series may not be reproduced without written permission from the source.) (25,65) 102. Change in money supply M2 (demand deposits and currency plus time deposits at commercial banks other than large CD's) (M).-Sourco4 (32,70) 104. Change in total liquid assets (smoothed) (M).- Sources land 4 (14,32,70) 105. Money supply Ml (demand deposits plus currency) in 1972 dollars (M).-Sources 1,3, and 4 (14,32,70} 107. Ratio, gross national product to money supply Ml (Q).-Sources1and4 (32,70) 81. Ratio of profits (after taxes) with inventory valuation and capital consumption adjustments to total corporate domestic income (Q).-Source 1 (30,69) 64. Compensation of employees as a percent of national income {Q).-Souree 1 (31,48, 69, 82) 95. Ratio, consumer installment debt to personal income {EOM).-Sources1and4 (16,36,72) 79. Corporate profits after taxes with inventory valuation and capital consumption adjustments in current dollars (Q).-Source! (29,68) 60. Ratio, help-wanted advertising n newspapers (series 46) to number of persons unemployed (series 37) (M).-Sources 1,2, 3, and The Conference Board (18,60) 63. Index of unit labor cost, private business sector (Q).-Sourc@3 (31,69) 94. Member bank borrowings from the Federal Reserve (M).-Source4 (34,71) 106. Money supply M2 (demand deposits and currency plus time deposits at commercial banks other than large CD's) in 1972 dollars (M).-Sources 1,3, and 4 (32,70) 80. Corporate profits after taxes with inventory valuation and capital consumption adjustments in 1972 dollars (Q).-Source! (29,68) 62. Index of labor cost per unit of output, total manufacturing-ratio, index of compensation of employees in manufacturing (sum of wages, salaries, and supplements to wages and salaries) to index of industrial production, manufacturing (M)."Sources 1 and 4 (16,31,69) 93. Free reserves (member banks excess reserves minus borrowings) (M).-Source 4 (34, li) 78. Stocks of materials and supplies on hand and on order, manufacturing (EOM).-Source 2 (28,67) 59. Sales of retail stores in 1972 dollars (M),-Sources 1 and 3 (23,64) 61. Business expenditures for new plant and equipment, total (Q).-Souree 1 (25,66) 92. Change in sensitive prices (WPI of crude materials excluding foods, feeds, and fibers) (smoothed) (M).-Sources1and3 (14,29,, 68) (25, 66) 48. Employee hours in nonagricultural establishments (M).Source3 (18,40,60) 50. Gross national product in 1972 dollars (Q),-Source 1 (20,40,41,62,79) 91. Average (mean) duration of unemployment in weeks (M).-Sources2and3 (16,19,61) 108. Ratio, personal income to money supply M2 {M).Sources 1 and 4 {32, 70) 109. Average prime rate charged by banks (M).-Source 4 (36,72) 110. Total funds raised by private nonfinancial borrowers in credit markets (Q).-Source 4 {33,71) 112. Net change in bank loans to businesses (M).-Source 4; seasonal adjustment by Bureau of Economic Analysis (33,71) 113. Net change in consumer installment debt (M).-Source 4 (33,71) 114. Discount rate on new issues of 91-day Treasury bills (M).-Source4 (35,71) 115. Yield on long-term Treasury bonds (M).-Department of the Treasury (35,72) 116. Yield on new issues of high-grade corporate bonds {M).~Citibank and Department of the Treasury (35, 72) 117. Yield on municipal bonds, 20-bond average {M}.-The Bond Buyer (35,72) 118. Secondary market yields on FHA mortgages (M).Department of Housing and Urban Development, Federal Housing Administration (35, 72) 119. Federal funds rate (M).-Source 4 (35,71) TITLES AND SOURCES OF SERIES-Continued I-C. Diffusion Indexes 950. Diffusion index of twelve leading indicator components (M).-Sourcel (37,73) 951. Diffusion index of four roughly coincident indicator components (M).-Source 1 (37,73) 952. Diffusion index of six lagging indicator components (M).-Source! (37,73} 961. Diffusion index of average workweek of production workers, manufacturing-^ industries (M).-Sources 1 and 3 (37,73,76) 962. Diffusion index of initial claims for unemployment insurance, State programs-47 areas (M).-Source 1 and Department of Labor, Employment Training Administration; seasonal adjustment by Bureau of Economic Analysis (37,73) 975. Diffusion index of level of inventories, manufacturing and trade-about 1400 businessmen reporting (Q).Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (39,75} 976. Diffusion index of selling prices, manufacturing-about 700 businessmen reporting (Q).-Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (39,75) 977. Diffusion index of selling prices, wholesale tradeabout 450 businessmen reporting (Q).-Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source,} (39,75) 978. Diffusion index of selling prices, retail trade-about 250 businessmen reporting (Q).-Oun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source,) (39,75) 963. Diffusion index of number of employees on private nonagricultural payrolls-172 industries (M).-Source 3 (37,73) II-A. National Income and Product 964. Diffusion index of value of manufacturers' new orders, durable goods industries-35 industries (M).-Sources 1 and 2 {38,74,76} 30. Gross private domestic investment, change in business inventories, all industries, in 1972 dollars (Q).-Source 1 (27,43,67,80} 965. Diffusion index of newly approved capita! appropriations, deflated—17 industries (Q).—The Conference Board. (Used by permission. This series may not be reproduced without written permission from the source.) (38,74) 50. Gross national product in 1972 dollars (Q).-Source 1 (20,40,41,62,79) 966. Diffusion index of industrial production-24 industries (M}.-Sources1and4 (38,74,77) 967. Diffusion index of industrial materials prices-13 industrial materials (M).-Sources 1 and 3; seasonal adjustment by Bureau of Economic Analysis (38, 74,78} 968. Diffusion index of stock prices, 500 common stocks62-82 industries (M).-Standard and Poor's Corporation (38,74) 969. Diffusion index of profits, manufacturing-about 1,000 corporations (Q).-Citibank; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (38,74) 970. Diffusion index of business expenditures for new plant and equipment, total—18 industries (Q).—Source 1 (39,75) 971. Diffusion index of new orders, manufacturing-about 700 businessmen reporting (Q).-Dun and Bradstreet, Inc. {Used by permission. This series may not be reproduced without written permission from the source.) (39,75) 972. Diffusion index of net profits, manufacturing and trade-about 1400 businessmen reporting (Q).-Dun and Bradstreet, Inc. {Used by permission. This series may not be reproduced without written permission from the source.) {39,75) 973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).-Dun and Bradstreet, Inc. {Used by permission. This series may not be reproduced without written permission from the source.) (39,75) 974. Diffusion index of number of employees, manufacturing and trade-about 1400 businessmen reporting (Q).-Dun and Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (39,75) 64. Compensation of employees as a percent of national income (Q).-Source 1 (31,48,69,82) 237. Personal consumption expenditures, services, in current dollars (Q).-Source 1 (42, 80) 238. Personal consumption expenditures, nondurable goods, in 1972 dollars (Q).-Source 1 (42, 80) 239. Personal consumption expenditures, services, in 1972 dollars (Q).-Source 1 (42,80) 240. Gross private domestic investment, total, in current dollars (Q).-Source 1 {43, 80) 241. Gross private domestic investment, total, in 1972 dollars (QJ.-Source 1 {43,80) 242. Gross private domestic fixed investment, total, in current dollars (Q).-Source 1 (43, 80) 243. Gross private domestic fixed investment, total, in 1972 dollars (Q).-Source 1 (43,80) 245. Gross private domestic investment, change in business inventories, all industries, in current dollars (QJ.Source 1 (43,80) 247. Gross private domestic investment, change in business inventories, all industries, as a percent of gross national product (Q).-Source 1 (48,82) 248. Gross private domestic fixed investment, nonresidential, as a percent of gross national product (Q).-Source 1 (48, 82) 249. Gross private domestic fixed investment, residential, as a percent of gross national product {Q).-Source 1 {48, 82} 200. Gross national product in current dollars (Q).-Source 1 (41,79) 250. Net exports of goods and services in current dollars; national income and product accounts (Q).-Source 1 (45,81) 213. Final sales (series 50 minus series 30) in 1972 dollars (Q).-Sourcel (41,79) 251. Net exports of goods and services as a percent of gross national product (Q).-Source 1 (48, 82) 217. Per capita gross national product in 1972 dollars (Q).-Sources1and2 (41,79) 252. Exports of goods and services in current dollars; national income and product accounts (Q).-Source 1 (45,81) 220, National income in current dollars (Q).-Source 1 (46.81P 223. Personal income in current dollars (M).-Source 1 (41,62) 224. Disposable personal income in current dollars (Q).Source! (41,79) 225. Disposable personal income in 1972 dollars (Q).Source 1 (41,79) 227. Per capita disposable personal income in 1972 dollars (Q).- Sources 1 and 2 {41,79} 230. Personal consumption expenditures, total, in current dollars (Q).-Source 1 (42,79) 231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1 (42,79) 232. Personal consumption expenditures, durable goods, in current dollars (Q).-Source 1 (42,79) 253. Imports of goods and services in current dollars; national income and product accounts (Q).-Source 1 (45,81) 255. Net exports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (45,81) 256. Exports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (45, 81} 257. Imports of goods and services in 1972 dollars; national income and product accounts (Q).-Source 1 (45, 81) 260. Government purchases of goods and services, total, in current dollars (Q).-Source 1 {44, 80} 261. Government purchases of goods and services, total, in 1972 dollars (Q).-Source 1 (44,80) 262. Federal Government purchases of goods and services in current dollars (Q).-Source 1 {44,80} 233. Personal consumption expenditures, durable goods, in 1972 dollars (Q).-Source 1 (42,79) 263. Federal Government purchases of goods and services in 1972 dollars (Q).-Source 1 (44,80) 235. Personal consumption expenditures, total, as a percent of gross national product (Q).-Source 1 (48, 82) 265. Federal Government purchases of goods and services as a percent of gross national product (Q).-Source 1 (48, 82} 236. Personal consumption expenditures, nondurable goods, in current dollars (Q),-Source 1 (42, 80) 266. State and local government purchases of goods and services in current dollars (Q).-Source 1 {44, 80} 115 TITLES AND SOURCES OF SERIES-Continued 267. State and local government purchases of goods and services in 1972 dollars (Q).-Source 1 (44,80) 335. Index of wholesale prices, industrial commodities (M).— Source 3 (49,84) 502. Federal Government expenditures; national income and product accounts (Q).-Sourco 1 (53, 89) 268. State and local government purchases of goods and services as a percent of grass national product {Q).Sourcet (48,82) 340. Index of average hourly earnings of production workers, private nonfarm economy-adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M).-Source 3 (50, 86) 510. State and local government surplus or deficit; national income and product accounts (Q).~Suurce 1 (53,89) 280. Compensation of employees {Q).~Source 1 (46,81) 282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).-Source 1 {46, 81) 283. Proprietors' income with inventory valuation and capital consumption adjustment; as a percent of national income (Q).-Source! (48,82) 284. Rental income of persons with capital consumption adjustment (Q).-Source 1 (46,81) 285. Rental income of persons with capital consumption adjustment as a percent of national income {Q).-Source 1 (48, 82) 286. Corporate profits with inventory valuation and capital consumption adjustments (Q).-Source 1 {46,81) 287. Corporate profits with inventory valuation and capital consumption adjustments as a percent of national income (Q)-Source 1 {48,82) 341. Index of real average hourly earnings of production workers, private nonfarm economy-adjusted for overtime (in manufacturing only), interindustry employment shifts, and seasonality (M).-Source 3 {50, 86) 345. Index of average hourly compensation, all employees, nonfarm business sector {QJ.-Source 3 {50,86) 346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).-Source 3 (50,87) 348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source 3 (51,87) 349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).Sources (51,87) (46,81) 358. Index of output per hour, all persons, nonfarm business sector (CD-Source 3 (50,87) 289. Net interest as a percent of national income (Q).~Sourcel (48,82) 370. Index of output per hour, all persons, private business sector (Q).-Source 3 (50,87) 288. Net interest {Q),-Source 1 290. Gross saving-private saving plus government surplus or deficit (Q).-Sourcel (47,81) 292. Personal saving {Q).-Source 1 (47,81) 293. Personal saving rate-personal saving as a percent of disposable personal income (Q). -Source 1 {47, 82) 29S. Business saving-undistributed corporate profits plus capital consumption allowances with inventory valuation and capital consumption adjustments (Q).Souree! {47,81) 298. Government surplus or deficit, tctal (Q).-Source 1 {47, 82) II-C. Labor Force, Employment, and Unemployment 37. Number of persons unemployed, labor force survey (M).-Sources2and3 (19,52,61,88) 441. Total civilian labor force, labor force survey (M).Sources2and3 (52,88) 442. Total civilian employment, labor force survey (M).Sources2and3 (52,88) 444. Number unemployed, males 20 years and over, labor force survey {M).~Sources 2 and 3 (52,88) 445. Number unemployed, females 20 years and over, labor force survey (M).-Sources 2 and 3 (52,88) II-B. Prices, Wages, and Productivity 310. Implicit price deflator, gross nattional product (Q).Sourcel {49,83) 311. Fixed weighted price index, gross business product (Q).-Sourcel {49,83} 446. Number unemployed, both sexes 16-19 years of age, labor force survey (M).-Sources 2 and 3 {52, 88) 447. Number unemployed, full-time workers, labor force survey (M).-Sources2and 3 (52,88) 448. Number employed, part-time workers for economic reasons, labor force survey (M).-Sources2and 3 (52,88) 320. Index of consumer prices, all items (M).-Source 3 (50,58,83,93) 322. Index of consumer prices, food (M).™Source 3 (50t83) 330. Index of wholesale prices, all commodities (M).SourceS (49,84) 451. Civilian labor force participation rate, males 20 years and over (M).-Sources 2 and 3 (52,88) 452. Civilian labor force participation rate, females 20 years and over (M).-Sources 2 and 3 {52, 88) 511. State and local government receipts; national income and product accounts (Q)-Source 1 (53,89) 512. State and local government expenditures; national income and product accounts (Q).-Sourco 1 (53,89) 516. Defense Department obligations incurred, total, excluding military assistance (M).-=Department of Defense, OSD, Comptroller, Directorate for Program Financial Control; seasonal adjustment by Bureau of Economic Analysis (54,89) 525. Military prime contract awards to U.S. business firms and institutions (M).-Department of Defense, OSD, Comptroller, Directorate for Management Information Operation and Control; seasonal adjustment by Bureau of Economic Analysis (54,89) 548. Value of manufacturers' new orders, defense products (M).-Source2 (54,89) 564. Federal Government purchases of goods and services for national defense (0}.-Source 1 (54,89) II-E. U.S. International Transactions 602. Exports, excluding military aid shipments, total (M).-Source2 (55,90) 604. Exports of agricultural products (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis (55,90) 606. Exports of nonelectrical machinery (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis (55,90) 612. General imports,total (M).-Source 2 (56,90) 614. Imports of petroleum and petroleum products (M).-Sourcs 2; seasonal adjustment by Bureau of Economic Analysis (55,90) 616. Imports of automobiles and parts (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis (55,90) 618. Merchandise exports, adjusted, excluding military grants (Q).-Source 1 (56,91) 620. Merchandise imports, adjusted, excluding military (Q).-Sourcel (56,91) 622. Balance on merchandise trade (0). Source 1 (56,91) 651. Income on U.S. investments abroad (Q),- Source 1 (56,91) 453. Civilian labor force participation rate, both sexes 16-19 years of age (M).-Sources 2 and 3 {52,88) 652. Income on foreign investments in the U.S. (Q). Source 1 (56,91) 332. Index of wholesale prices, intermediate materials, supplies, and components (M).-Source 3 (49, 85) II-D. Government Activities 667. Balance on goods and services (Q).-SourcG 1 (56, 91) 333. Index of wholesale prices, producer finished goods (M).~Source3 (49,85) 334. Index of wholesale prices, consumer finished goods (M).=Source3 (49,85) 500. Federal Government surplus or deficit; national income and product accounts (Q).-Source 1 (53,89) 331. Index of wholesale prices, crude materials for further processing (M).-Source 3 {49, 84) 116 501. Federal Government receipts; national income and product accounts (Q).-Source 1 (53, 89) 668. Exports of goods and services, excluding transfers under U.S. military grants (Q).-Source 1 (56,91) 669. Imports of goods and services, total {Q).-Sourca 1 (56,91) TITLES AND SOURCES OF SERIES-Continued II-F. International Comparisons 19. United States, index of stock prices, 500 common stocks (M).-Standardand Poor's Corporation -(14,29,58,68,94) 726. France, index of industrial production (M).-lnstitut National de la Statistique et des Etudes Economiques {Paris} (57,92) 737. Italy, index of consumer prices (M).-lnstituto Centrale di Statistica {Rome); percent changes seasonally adjusted by Bureau of Economic Analysis {58,94} 727. Italy, index of industrial production (M).-lnstituto Centrale di Statistica (Rome} (57, 92) 738. Japan, index of consumer prices (M).-Office of the Prime Minister (Tokyo); percent changes seasonally adjusted by Bureau of Economic Analysis (58, 93) 47. United States, index of industrial production, total (M).-Source 4 (15,21,40, 57, 62, 77, 92} 728. Japan, index of industrial production (M).-Ministry of International Trade and Industry (Tokyo) (57,92) 320. United States, index of consumer prices, all items <M).-Source3 (49,58,83,93) 732. United Kingdom, index of consumer prices (M).Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (58, 93} 721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).-Organization for Economic Cooperation and Development (Paris) (57,92) 722. United Kingdom, index of industrial production {M} -Central Statistical Office (London) (57, 92) 723. Canada, index of industrial production (M).—Statistics Canada (Ottawa) (57,92) 725. West Germany, index of industrial production (M).-Statistisches Bundesamt (Wiesbaden); seasonal adjustment by OECD (57,92) 733. Canada, index of consumer prices (M).-Statistics Canada (Ottawa); percent changes seasonally adjusted by Bureau of Economic Analysis (58,94) 735. West Germany, index of consumer prices (M).Statistisches Bundesamt (Wiesbaden); percent changes seasonally adjusted by Bureau of Economic Analysis (58,93} 736. France, index of consumer prices (M).-lnstitut National de la Statistique et des Etudes Economiques (Paris); percent changes seasonally adjusted by Bureau of Economic Analysis {58,93) 742. United Kingdom, index of stock prices (M).-The Financial Times (London) (58,94} 743. Canada, index of stock prices (IVt).-Statistics Canada (Ottawa) (58,94) 745. West Germany, index of stock prices (M).-Statistisches Bundesamt (Wiesbaden) (58,94} 746. France, index of stock prices (M).-lnstitut National de la Statistique et des Etudes Economiques {Paris) (58, 94) 747. Italy, index of stock prices (M).-lnstituto Centrale di Statistica (Rome) (58,94) 748. Japan, index of stock prices (M).-Tokyo Stock Exchange (Tokyo) (58,94)