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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

II.

PRODUCTION

AND

INCOME
(10 series)

(18 series)

IN.

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)

(23 series)

LAGGING (L9)
INDICATORS

Duration of
unemployment
(2 series)

TIMING
UNCLASSIFIED

Comprehensive
employment
(3 serlos)

(U)

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)

Business
investment
expenditures
(1 series)
Trade
(1 series)

(8 series)

VII.
MONEY
AND CREDIT

(26 series)

(9 series)

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

COINCIDENT(C)
INDICATORS

(18 series)

IV.

CONSUMPTION. FIXED
CAPITAL
INVESTMENT
(18 series)
(13 series)

TRADE,
ORDERS, AND
DELIVERIES

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)

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)

Inventories on
hand and on
order
(4 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
(2 series)
Business
investment
expenditures
(6 series)

INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

Business
Investment
commitments
(1 series)

Unfilled orders
(1 series)

V.

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

VII.
PRICES, COSTS, MONEY
AND PROFITS
ANDCREDIT
(17 series)
(26 series)
VI.

Inventories on
hand and on
order
(5 series)

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

Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)

Profits
(2 series)

Inventory
investment
(4 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

Feb.

3dQ
1975

1976

4th Q

IstQ

1976

1976

1977

Feb.
1977

Mar.
1977

Mar.

to

to

Mar.
1977

Apr.
1977

Apr.
1977

3dQ
to
4th Q

4th Q
to
IstQ

1976

Series number

1

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

1977

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

Mar.

to

to

Mar.
1977

Apr.
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

3.1

1.9

b.3
3.4

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.

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

LLL
L,L,L
L,L,L

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

NA
145.7

4.3
1.1

NA
0.8

51.6

1,802
131.8

2,114
147.5

I,d75
134.7

17.3
11.9

-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

0.12

0.94

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

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

Ibl.b

167.4

167. b

171.1

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

3.0

-0.4

0.33
-3.9

-0.9b
7.2

92
23

-1.5

-1.7

-O.B

19

-0.3
-5.6
-6.8

173.6

Ltj,Lg,Lg Dollars
Ul.Lg.Lg 1967=100...

0.82

152.6
105.5

Lg.Lg.Lg 1967=100...

1.94

1.00
-0.4

2.0
0.6
-11.4
-11.9

0.64

216.5

1.59

201.9

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

-0.3

125.7

125.3

126.7

-0.3

1.1

0.9

0.9

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

149.6

150.0

1.0

0.3

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
3dQ
1975

Mar.
to
Apr.
1977

Feb.
1976

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

4th Q

IstQ

2dQ

3dQ

4th Q

IstQ

1975

1976

1976

1976

1976

1977

3dQ
to
4th Q

4th Q
to
IstQ

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
1976

Average

|
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 H^ ^ H BB l lHl I I ^
l H B H l BBl lH ^ H M ^ ^ ^ ^ I H B B ^ ^ i l
^ ^ B ^ ^ ^ ^ B ^ ^ B^

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
(ann Mtn hil Hnn
^

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/ V^x^ /^™*^/**v^fi ^V/w'^ ^^\^~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 "

1
y

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

10=

978. Selling prices, retail trade (4-Q span)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.
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 N1
1

-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
(Hw.)

P

T

(Nov.)
P

(Dee.) (Nov.)
P
T

(Mir.)

P

(Dec.) (Nov.)

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

•--[--

/^^i L A. H
v/
\ ^"^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

M EMPLOYMENT AND UNEMPLOYMENT
l

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

(Per 100 employees)

(Hours)

U Lg, U

L,C,L

2. Accession
21. Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing

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

i4o. oU
1 /ic en
1 dfi P.A

OriQ

QO

1/17 /IK

or|7

QO

07

T1 /IQ ./n 1
4o 4

000
O/I A

op

1 4y. b i
i /IQ K1

07

ibU.4/
1 en /I7
•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 /Ifl KQ
i 4o. 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

1.7
1 /
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

yo
QC

1C!

no
yts

1C! "7/1
1 D 1 . 74
1C! 71

1 .6

1

1 .C
b

T Q
/
O . 07 8

C

i s

1

1

i 7
I ./

ooc

1

"5

/1
1 .4

1 .Q
1 O

A O1

QA
y4

rti
91

OQ/I

1 .7
1 /

1 1

yo

O . oo4
0 . /1 AC
'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

151 .71
152.08

97
94

152.70
1 CO CO
IbZ.oZ

96
QQ
yy

i nc
(Ob

T e o ei

loo.o I

1977
January
February
March

. ..

July
August
.
September

3 3

Eft A fi
rd °,

[u\n? tA
[H)P3- *

nd 1
p4. 1

•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

...

October
November
December

3 2

p40 2

April
May
June

39 5
r40 3
fuV40 4

. ..

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

EMPLOYMENT AND UNEMPLOYMENT-Con.
Comprehensive Unemployment

Comprehensive Employment-Con.

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.)

Year
and
month

U,C,C

(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
. ..

H PRODUCTION AND INCOME
H

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

L, L, L

(Percent
reporting)

<*)

76!9

7K5

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

January
February
March

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

*75

April
May
June

*75

July
August
September

*79

October
November
December

*79

1976

January
February
March

*82
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

April
May .
June

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

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.)

Inventories on Hand and on Order

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

CO

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.

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories, book value
71. Current
dollars

65. Mfrs.'
inventories of
finished
70. Constant goods, book
(1972) dollars value

Lg, Lg, Lg

77. Ratio,
constantdollar inventories to
sales, mfg.
and trade

U Lg, Lg

78. Stocks of
materials and
supplies on
hand and on
order, mfg.

<O

(Ann. rate,
bil.dol.)

(Bil.dol.)

(Bil.dol.)

(Bil.dol.)

{Bil.dol.)

(Ratio)

(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

E>ii!i

November

December

1CK2

r4,S7
rB.60
rll.ll

(H>rl3.57
rl2.ll
r8.88

20.7
29.3
38.7

r4.94
-2.44
-3.11

r7.49
r6.04
r2.17

19.7

r9*.2

October

rll.77

6!g

July
August
September

r2.78
>17.18
Drl9.86

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

Stock
Prices

Sensitive Commodity Prices

Monthly
data
(I'ercent)

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)

January .
February
March
April
May
June

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

1975

-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.

U, L,L

15. Prof its (after
taxes) per dollar
of sales, all
manufacturing
corporations

(Percent)

Year
and
month

L, L, L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income1

Timing Class

(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

MONEY AND CREDIT

Timing Class

L, L, L

85. Change in
money supply
(M1)

Year
and
month

L,C,U

102. Change
in money
supply plus
time deposits
at commercial
banks (M2)
(Percent)

l,L,L

L,L, L

104. Change in total liquid assets

Monthly
data

Smoothed
data1

1975

(Percent)

(Percent)

Revised2

(Percent)

Credit Flows

Velocity of Money

Money

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.)

Revised2

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

January
February
March

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

i.n

July
August
September

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.

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)

Timing Class

(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

. ,

9 32

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

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

8.16

8 22

9.74

Q

8.96
7.93

7.15

8 99

7 66
7.88

8 29

1?

12 13

1976

6 87
6 87

6 61
6 51

9 04

7 54

(NA)

6 75

114 900
113 343
IIP cni

168 610
mi
171 494

12 21
19 97

1 1 3 824

12 ^?

5 87
5 89
5 89

8 40
8 50
8 58

(N&\
\Nf\)

5

79

8 (-7

2C

fC

6 78
6 50
6 35

173 058
1 74 301
176 124

115 652
117 QRR

1P

110

12 24

fi ?R

7 28

5.94

8 55
8 45
8 25

1? 3?

m nc/i
i on

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 ,7pi 1
|n/lo£ /o
/MA \
(NA)

fu\1 9 *3C
[n/\d. Jb

i*l Pn PIG
|H}ri^u,£ id
!LJ\

pl!9,684
** 1 on 036
120, n*3c

v«i19 .*sn
r c JU
"3H
p 1 c . 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

1-month
span

6-month
span

0.0

0.0
0.0

25.0
41.7
66.7

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)

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

25.0
33.3
20.8

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

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-quarter
span®

48

*34

1-quarter
span

4-Q moving
avg.

9-month
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.
970. Business expenditures for new plant and
equipment {18 industries)

Actual

972. Net profits, manufacturing
and trade1®

(1-Qspan)

b. Later
anticipations

c. Early
anticipations

(1-Qspan)

(1-Qspan)

Anticipated

973. Net sales, manufacturing
and trade 1 ®

Actual

971. New orders, manufacturing1©

a. Actual
expenditures

Year
and
quarter

Actual

Anticipated

(4-Qspan)

(4-Qspan)

(4-Q span}

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

1974
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)

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

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.
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

Year
and
quarter

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

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

...

Ston0 cloy and glass products
Primary metal industries

+
+
+

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

50,068

+

(50)

50,993

(40)

-

7,019

+

6,425

..

Transportation equipment . .
Other durable goods industries

,.

. . . .

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

+
+

57,265

-

54,943

+ 55,159

(54)

(71)

+
+

+
-

Machinery except electrical .
Electrical machinery

+

2

+ 59,386

(54)

- 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)
(NA)

(NA)

+

(NA)
(NA)
(NA)

(NA)
75.4

137.6
110.3

+ 100.8
+ 112.7

+ 124.1
+
115.6

r!35.6
121.6

- 135.5
+ 121.8

- 135.1
+ 122.8

(NA)
(NA)

+ 138.8

rl!2.0

95.3

146.6

(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

-

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). .

Copper scrap

Lead scrap

206.2

,

+

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

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)

200. Gross national product in current 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

H GROSS PRIVATE DOMESTIC INVESTMENT
i
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
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

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

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.

M SHARES OF GNP AND NATIONAL INCOME
l

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

Fixed weighted price index,
gross business product

310c. Change 311. Index
over 1 -quarter
spans1

(Ann. rate,
percent)

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

(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

{1972=100}

(1967=100)

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

(1972-100)

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

13K3

13o!3

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

(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)

335c. Change
over 6-month
spans1

(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

8.2

4.1

rO.9

0.2
rO.5

.

-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

332c. Change
over 1-month
spans1

(1967=100)

(O

1975

(Percent)
(*)

179.6
179.4
178.6

-0.1
-0.4

April
May
June

179.3
178.5
177.9

-0.4
-0.3

0.4

0.4

333. Index

333c. Change
over 1 -month
spans1

334c. Change
over 6-month
spans1

2.7

(Ann. rate,
percent)

(1967=100)

(Percent)

(Ann. rate,
percent)

(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

157.0
158.3
159.8

1.3
0.8
0.9

0.2
1.8

160.8
161.4
161.9

3.3
4.8
6.0

-0.7
-1.1
-0.9

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 1-month
spans1

(Percent)

0.5
0.4
0.3

.

334. Index

(1967-100)

178.8
179.6
180.2

..

333c. Change
over 6-month
spans1

Wholesale prices, consumer finished goods

'(O

(Ann., rate,
percent)
'(O

January
February
March

July
August
September

332c. Change
over 6-month
spans1

Wholesale prices, producer 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

3.3

109.6

12.9

0.6

October
November
December

7.7

8.9

11.3

6! 6
-0.2

109*6

•i'.i

1.4
4*3

7.3

ni'2

8.7

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

106*6

4*7

108*1

6*4

-2.1

. ..

.

6*4

8.7

-2.1
112*8

1976
January
February
March

4.1

110*7

April
May
June

....

i'.s

112.2

7.4

2.*6
2.4

2.9

115*5
10.0

•0.7

7.0

7.2

2'. 4

111*6

October
November
December

8.0

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

B DEFENSE INDICATORS
l
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

H INDUSTRIAL PRODUCTION
I
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

United States

West Germany

France

United Kingdom

320. Index® 320c. Change
over 6-month
spans1

Year
and
month

Japan
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.

Feb.

Dec.

Jan.

139.1

154.7

79.4

73.2

84 2

100.4

104.5

93.4

95.6

93.5

89.1

98.8

98.1

99.8

100.2
101 2

102 5

102 2

821

725

99 1

98 3

101.3

100.5

Mar.

Apr.

May

113.5

97.0

89.5

79.9

85.3

91.7

Nov.

Oct.

104.3

1 5. Profits (after taxes) per dollar of sales,
manufacturing2
17. Ratio, price to unit labor cost index,
manufacturing3 .

Aug.

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

1945...

-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...
17..
96.

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.:

I I

-0.33
-0.99
0.58
5.41
0.59
1.73
-2.46

-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...

31. CHANGE IN BOOK VALUE OF MANUFACTURING AND TRADE INVENTORIES, TOTAL'
(ANNUAL RATE, BILLIONS OF DOLLARS)

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

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

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

-0.9
-7.2
17.4
3.2
3.7
-3.4
-0.3

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

i

8.9
5.4
7.0

17.8
-1.1
2.2
-3.5

.O
.5
.0
2.5
5.8
-7.1
4.2

i

6.6
5.7
3.0

-4.4

1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.

J

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.

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

CURRENT MONTH
ACTUAL
AND
DATA YEAR

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

4/76
5/76
6/76
7/76

CURRENT MONTH
AND
ACTUAL
DATA YEAR
SERIES 92 a
PCT.CHANGE
0.66
4/76
1.35
5/76
1.56 b/76
1.30
7/76

21
22
23
24

1.96
0.87
0.12
0.94

12/76
1/77
2/77
3/77

1.94

4/77

10
11
12

SERIES 322c
PCT. CHANGE
1/76
-0.1
0.6
2/76
0.2
3/76

+30

0.3
2.6
3.8
3.1

4/76
5/76
b/76
7/76

1.0
0.8
2.3
5.9

8/76
9/76
lU/76
11/76

21
22

7.0

12/76
1/77

MON'lhS
FROM
REF.
TROUGH

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
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

4/76
5/76
b/7b
7/76

17
18
19
20

+12 +18 +24

335c. WPI, industrial commodities,
change over 6-month spans

1+35

17
18
19
20

+6

-2

CURRENT MONTH
ACTUAL
AND
DATA YEAR

13
14
15
16

0

.954

1.36
8/76
1.12
9/76
1.06 10/76
1.76 11/76

MONTHS
FROM
REF.
TROUGH

-12 -6

+4

12/76
1/77

20

322c. CPI, food, change over 6-month
spans

-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

SERIES 32UC
PCX. CHANGE
4.9 1/76
5.1 2/76
5.0 3/76

13
14
15
16

MONTHS
FROM
REF.
TROUGH

Actuol
dato
(percent)

92. Change in sensitive prices,
smoothed 3t

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

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

104. Change in total liquid assets,
smoothed 3

1.964

4/77

MONTHS
FROM
KEF.
TROUGH

13
14
15
16

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

-+0.4

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

U.85

4/77

MONTHS
FROM
REF.
TROUGH

- -500

CURRENT MONTH
ACTUAL
AND
DATA YEAR
SERIES

93

M I L . DOL.

14
15
16

-+0.2

261
-3
-53

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

0

5/7b
6/76
7/76

25
2u

- +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

-7.5
-8.0
-8.0
-9.0

33.04
32.85
32.84
32.48

-10.6
-12.3
-12.3
-9.1

31.93
31.30
31.30
32.45

-6.2
-4.3
-2.'4
-1.4

33.48
34.15
34.82
35.21

12/76
1/77
2/77
3/77

• 34

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAR
3/75
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

20. Contracts and orders for consumer
goods and materials, 1972 dollars,
smoothed *,
Percent

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
THOUGH 11/73
DATA YEAR

+25

• 32

81

SERIES
• 30

for
current
cycle

8/76
9/76
10/76
11/76

21
22
23
24

Actual
data

4/76
5/76
6/76
7/76

17
IS
19
20

Deviations
from
spec.
trough

SERIES
81
BIL. DOL.
-8.7
32.59
3/76

13
14
15
16

I11111!11111!111"!11111!"111!"111!1
8. New orders for consumer goods and
materials, 1972 dollars, smoothedl

+20
12

-22.2
-21.3
-21.1
-22.0

10.44
10.57
10.59
10.47

-21.0
-18.8
-20.5
-18.3

10.60
10.89
10.67
10.97

-15.5
-16.7
-14.2
-11.5

11.34
11.18
11.52
11.88

20. Contracts and orders for consumer
goods and materials, 1972 dollars,
smoothed \
Percent

+50
14

8/76
9/76
10/76
11/76

21
22
23
24

26

4/76
5/76
6/76
7/76

17
18
19
20

0

-J

SERIES 20*
BIL. DOL,
-20.6
10.65
3/76

13
14
15
16

• 28

12/76
1/77
2/77
3/77

+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
12

• 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. 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

• 11

Months from reference troughs

^his series is an MCD moving average placed on the center month of the span.

+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)

MONTHS
FROM
REF.
TROUGH

CURRENT MONTH
ACTUAL
AND
DATA YEAR

55

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

56.17
56.06
55.96
56.19

56.98

4/77

MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAR
4/75

12

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

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)

SERIES 90
PERCENT
1.03
56.15

19
20

54

-1 53

iu]

l im T

4/76
5/76
6/76
7/76

17
18
19
20

57

13
14
15
16

SERIES 90
PERCENT
56.15
56.28
56.14
56.22

I1"11!1"")11"1!"111!

90. Ratio, civilian employment to total
population, working age

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

11
12

108




-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

Months from reference troughs

4/76
5/76

13
14
15
16

mill mil mi nnil miilii min nl il
-12 -6
0 +6
4-12 +18 +24

SERIES 43
PERCENT
-1.5
7.5
-1.7
7.3

-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

- -1

-J o
In.In...In...I.....I.....I

-12

-6

0

+6

+12

I.....I.I

+18 +24

Months from specific troughs

• a

•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.
72
112

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

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 ,

2
441

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

Workweek mfg production workers Dl
Equlpment<=See Investment, capital,
Exports-See Foreign trade and International transactions.

17
52

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

49

,

,

„

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

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

453
452
451

52
52
52

88
88
88

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

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*

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*

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

10/69
7/68*

2/69*
11/68*

11/68
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

9/68'

92

3/77
3/77
3/77
3/77

311

10/69*
10/69*

1/77

14,29

68

3/77

19
968
. 78

14,29
38
28

68
74
67

2/77

38

27

67

5/77

38
30
14,29

1/76*

4/69*
11/68

19
968

14,29
38

63
74

12/76
1/76*

35
35

71
72

2/76
2/76

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

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

976
978
977
525
109

39
39
39
54
36

75
75
75
89
72

3/76*
3/76*
3/76*

4/72*

44
45
43

19
19
19

61
61
61

4/77
7/76
4/77

4/72
6/69
4/7R

88

26

66

1/77

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

112

12/76

3/76*
5/77

10/76
10/76

10/76*

6/72*
10/69
10/69
10/69
7/68*

4/69

967
17
92

83
83
83
83
68
78
74
69
68

8/76*
8/76*
8/76*
8/76*

23

49
49
49
49
29

311c

310
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*

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

5/69*
5/69*
5/69*
5/69*

12/76
1/76*

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.




Tables

S

10/69

83,93
83,93
83
83

R

Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

10/69*

50
50,58
50
50

Q
Quit rate manufacturing

Charts

Historical Series
data descriptions
(issue date) (issue date)

10/69*

320
320c
322
322c

4

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. .

Current issue
{page numbers)

Series
number

114
115

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

4/77
4/77
4/77

55
233
232
238
236
239
237
231
230
235

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)

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)

1. Average workweek of production workers, manufacturing (M).-Source 3
(13,17,60,76)
2. Accession rate, manufacturing (M).-Source 3 (17,60)

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)

I-B. Cyclical Indicators

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)

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)





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