Full text of Business Conditions Digest : May 1981
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T I
I;
U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
William A. Cox, Acting Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Charles A. Waite, Acting Associate Director for
National Analysis and Projections
Fellks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication a r e Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Morton Somer—Seasonal adjustments
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and sources
at the back of this report.
This publication is prepared under the general guidance of a technical committee under the
auspices of the Office of Federal Statistical Policy and Standards. The Committee consists of
the following persons:
Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of
Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System
Charles A. Waite, Bureau of Economic Analysis, U.S. Department of Commerce
ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Develop-
Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
ments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Annual subscription price: $55.00 domestic,
$68.75 foreign. Single copy price: $4.75
domestic, $5.95 foreign. Foreign airmail rates
are available upon request. Address all
corresoondence concerning subscriotions to the
Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402. Make
checks payable to the Superintendent of
Documents.
Other Economic Measures provide additional in-
formation for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
BUSINESS CONDITIONS DIGEST
New Features and Changes for This Issue
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
5
5
6
MAY 1981
Data Through April
Volume 21, Number 5
PART I.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND
THEIR COMPONENTS
HAT" 1
j "A2 j
S3 j
Ch
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
^t
Table
10
12
14
15
60
—
—
—
16
19
21
23
26
28
31
61
63
64
65
68
69
71
36
—
39
74
77
—
CYCLICAL INDICATORS
BY ECONOMIC PROCESS
rBl~~i
I B2 j
j~B3 1
|~B4i
I B5 |
|~F6"~|
_
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
DIFFUSION INDEXES
AND RATES OF CHANGE
XI |
~C2
T3~1
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,
1983.
ItCII
PART II.
OTHER IMPORTANT
ECONOMIC MEASURES
NATIONAL INCOME
AND PRODUCT
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income
Al
A2
.A3
A7
A8
Chart
Table
40
41
42
43
44
45
46
47
80
80
81
81
82
82
82
83
48
49
84
87
51
89
52
53
90
90
56
57
92
93
58
59
59
94
95
96
PRICES, WAGES,
AND PRODUCTIVITY
i
i
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 (January 1981 issue)
QCD and Related Measures of Variability (January 1981 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 (October 1980 issue)
F. Specific Peak and Trough Dates for Selected Indicators (April 1981 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series
97
98
106
110
114
Readers are invited to submit comments and
suggestions concerning this publication.
Address them to 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
revisions made by
source agencies in
Changes in this issue are as follows:
concept, composition,
1. Series 29 (Index of new housing units authorized by
local building permits) has been revised for the period 1979
to date. This revision reflects the source agency's updating
of statistics for 1980 and application of new seasonal adjustment factors for 1979 to date.
comparability, coverage,
Further information concerning this revision may be
obtained from the U.S. Department of Commerce, Bureau of the
Census, Construction Statistics Division.
data, additions or
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
deletions of series,
changes in placement of
series in relation to
2. The series on U.S. money stock measures (series 85,
102, and 104-108) have been revised in this issue for the
period 1980 to date to reflect (a) the source agency's updating of seasonal adjustment factors for 1980 and 1981 and
(b) that agency's revision of seasonally adjusted Ml-B and
broader monetary aggregates to include other checkable
deposits (NOW and similar accounts) on a seasonally adjusted,
rather than a not seasonally adjusted, basis for 1970 to date.
Revised data for 1970-1979 will be shown in a subsequent issue.
Further information concerning these revisions may be
obtained from the Board of Governors of the Federal Reserve
System, Division of Research and Statistics, Banking Section.
3. Appendix C contains historical data for series 50,
200, 213, 217, 253, 255-257, 260-263, 265-268, 280, 282-290,
292, 293, 295, 298, 310, 311, 500-502, 510-512, 564, 565,
and 965.
4. Appendix G contains cyclical comparisons for series
19, 29, 41, 73, 74, 91, 930, and 940.
The June issue of BUSINESS CONDITIONS DIGEST i s scheduled f o r
release
on July 2.
HI
other series, changes
in composition of
indexes, etc.
SIX BEA PROJECTS
FOR ECONOMIC
ANALYSIS
BUSINESS CONDITIONS DIGEST A monthly report for analyzing
economic fluctuations over a short span of years.
This report brings together many of the economic time series most useful to business analysts and
forecasters. In the cyclical indicators section, each of about 110 business cycle indicators is assigned
a three-way timing classification according to its cyclical behavior at peaks, troughs, and all turns.
This section also includes important analytical measures, such as composite indexes of leading, coincident, and lagging indicators and selected diffusion indexes. A second section contains other important economic data on prices, wages, productivity, government and defense-related activities, U.S. international transactions, and international comparisons.
About 300 time series are shown in analytical graphs that help to evaluate business conditions and
prospects. Current data are shown in accompanying tables. Appendixes provide historical data,
seasonal adjustment factors, measures of variability, cyclical comparisons, and other useful information. A computer tape containing data for most of the series is available for purchase.
HANDBOOK OF CYCLICAL INDICATORS A reference volume containing valuable background information for users of Business Conditions Digest.
This recurrent report provides descriptive and analytical information on the economic time series
presented monthly in Business Conditions Digest. Included are series descriptions, historical
data, and measures of variability. For the cyclical indicators and composite indexes, special tables
show detailed scoring measures and average timing at cyclical peaks and troughs. Verbal and
algebraic explanations of the composite index methodology are also provided.
LONG TERM ECONOMIC GROWTH A report for the study of economic
trends over a long span of years: 1860-1970.
This report provides a comprehensive, long-range view of the U.S. economy by presenting relevant
statistical time series in easy-to-follow analytical charts and convenient data tables. It is a basic
research document for economists, historians, investors, teachers, and students, bringing together in
one volume a complete statistical basis for the study of long-term economic trends. A computer tape
file of the time series included in the report is available for purchase.
COMPUTER PROGRAMS FOR TIME SERIES ANALYSIS The source
statements for FORTRAN IV programs used by BEA in its analysis of
time series are available on a single computer tape.
SEASONAL A D J U S T M E N T PROGRAMS—Two variants of the Census computer program
measure and analyze seasonal, trading-day, cyclical, and irregular fluctuations. They are particularly
useful in analyzing economic fluctuations that take place within a year. The X - l l variant is used for
adjusting monthly data and the X-11Q for quarterly data. These programs make additive as well as
multiplicative adjustments and compute many summary and analytical measures.
INDEX PROGRAM—This program computes composite and diffusion indexes and summary
measures of the properties of each index.
T I M E SERIES PROCESSOR—This program, through simple commands, performs a variety of
arithmetic, statistical, and manipulative operations on time series data.
SURVEY OF CURRENT BUSINESS A monthly report for analyzing
current economic developments.
This report provides a useful combination of current data for more than 2,500 statistical series and
significant articles analyzing economic developments. These data and analyses include such areas as
the national income and product accounts, the balance of payments accounts, plant and equipment
expenditures, regional personal income, and the input-output accounts.
BUSINESS STATISTICS A biennial reference volume containing
For further information (including prices and ordering instructions) on any of these items,
please write to the Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, D.C.
20230.
statistical series reported currently in the Survey of Current Business.
This report provides historical data back to 1947 for nearly 2,500 time series. The series are accompanied by concise descriptions as to their composition, methods of compilation, comparability, revisions, and availability. Also listed are the names and addresses of organizations that provide the basic
data for the series.
METHOD OF PRESENTATION
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment
is sometimes necessary for series
This report is organized into two major parts.
which
contain
considerable variation due to the
Part I, Cyclical Indicators, includes about 150 time
number
of
working
or trading days in each month.
series which have been found to conform well to
As
used
in
this
report, the term "seasonal
broad fluctuations in comprehensive measures of
adjustment"
includes
trading-day and holiday
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical adjustments where they have been made.
Most of the series in this report are presented in
measures: Composite indexes, diffusion indexes,
seasonally
adjusted form and, in most cases, these
and rates of change. Part II, Other Important
are
the
official
figures released by the source
Economic Measures, covers over 140 series which
are valuable to business analysts and forecasters agencies. However, for the special purposes of this
but which do not conform well enough to business report, a number of series not ordinarily published
cycles to qualify as cyclical indicators. (There are a in seasonally adjusted form are shown here on a
few exceptions: Four series which are included in seasonally adjusted basis.
part I are also shown in part II to complete the
systematic presentation of certain sets of data, MCD Moving Averages
such as real GNP and unemployment.) The largest
Month-to-month changes in a series are often
section of part II consists of quarterly series from
the national income and product accounts; other dominated by erratic movements. MCD (months for
sections relate to prices, labor force, government cyclical dominance) is an estimate of the approand defense-related activities, and international priate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
transactions and comparisons.
It is the smallest span of months for which the
The two parts are further divided into sections
average change in the cyclical factor is greater than
(see table of contents), and each of these sections
that in the irregular factor. The more erratic a
is described briefly in this introduction. Data are
shown both in charts and in tables. Most charts series is, the larger the MCD will be; thus, MCD is 1
begin with 1956, but those for the composite for the smoothest series and 6 for the most erratic.
indexes and their components (part I, section A) MCD moving averages (that is, moving averages of
begin with 1948, and a few charts use a two-panel the period equal to MCD) tend to have about the
format which covers only the period since 1969. same degree of smoothness for all series. Thus, a
Except for section F in part II, charts contain 5-term moving average of a series with an MCD of 5
shading which indicates periods of recession in will show its cyclical movements about as clearly
general business activity. The tables contain data as the seasonally adjusted data for a series with an
for only the last few years. The historical data for MCD of 1.
The charts in this report generally include
the various time series are contained in the 1977
centered MCD moving averages for those series
Handbook of Cyclical Indicators.
with an MCD greater than 4. The seasonally
In addition to the charts and tables described
adjusted
data are also plotted to indicate their
above, each issue contains a summary table which
variation
about
the moving averages and to provide
shows the current behavior of many of the series.
observations
for
the most recent months.
Appendixes present seasonal adjustment factors,
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other
information of analytical interest. An index appears
at the back of each issue. It should be noted that
the series numbers used are for identification
purposes only and do not reflect precise
relationships or order. However, all series
considered as cyclical indicators are numbered in
the range 1 to 199.
Seasonal Adjustments
Adjustments for average seasonal fluctuations
are often necessary to bring out the underlying
trends of time series. Such adjustments allow for
the effects of repetitive intrayear variations
resulting primarily from normal differences in
weather conditions and from various institutional
arrangements. Variations attributable to holidays
are usually accounted for by the seasonal
adjustment
process; however, a separate holiday
Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Suctv
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD) The resulting
Reference Turning Dates
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to periodic review by NBER and on occasion are weights. Because they use series of historically
changed as a result of revisions in important tested usefulness and given timing characteristics
economic time series. The dates shown in this pub- (for example, leading at both peaks and troughs),
lication for the 1948-1970 time period are those with diversified economic coverage and a minimum
determined by a 1974 review. The turning dates for of duplication, composite indexes give more
the 1973-1975 period are detailed in NBER's 1976 reliable signals over time than do any of the
Annual Report.
individual indicators. Furthermore, much of the
Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
\ .
Economic
\Process
Cyclical
Timing
\
\.
LEADING (L)
IN DICATORS
(62 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(18 series)
TIMING
UNCLASSIFIED
(U)
1.
EMPLOYMENT
II.
PRODUCTION
III.
CONSUMPTION.
TRADE,
ORDERS, AND
DELIVERIES
(13 series)
IV.
FIXED
CAPITAL
INVESTMENT
(18 series)
AND
AND
UNEMPLOYMENT
(18 series)
INCOME
(10 series)
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
employment
(1 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(4 series)
Consumption
and trade
(4 series)
Backlog of
investment
commitments
(1 series)
Business
investment
expenditures
(5 series)
Duration of
unemployment
(2 series)
Business
investment
expenditures
(1 series)
Comprehensive
employment
(3 series)
Trade
(1 series)
(8 series)
V.
VI.
INVENTORIES
PRICES, COSTS,
A N D PROFITS
(17 series)
AND
INVENTORY
INVESTMENT
(9 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)
Vll.
MONEY
AND CREDIT
(26 series)
Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
Interest rates
(1 series)
Velocity of
money
(2 series)
Interest rates
(2 series)
Unit labor costs
and labor share
(4 series)
1 nterest rates
(4 series)
Outstanding
debt
(3 series)
Commodity
prices
(1 series)
Profit share
(1 series)
Interest rates
(1 series)
V.
VI.
INVENTORIES
PRICES, COSTS,
A N D PROFITS
(17 series)
Vll.
MONEY
ANDCREDIT
(26 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)
Money flow
(1 series)
Velocity of
money
(1 series)
Unit labor costs
and labor share
(4 series)
Velocity of
money
i
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(3 series)
Inventories on
hand and on
order
(4 series)
Business
investment
commitments
(1 series)
B. Timing at Business Cycle Troughs
._ _
\
N. Economic
\Process
Cyclical
Timing
\
\^
LEADING (L)
INDICATORS
1.
EMPLOYMENT
II.
PRODUCTION
AND
AND
Marginal
employment
adjustments
(3 series)
Industrial
production
(1 series)
New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 series)
Marginal
employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)
Consumption
and trade
(3 series)
Business
investment
commitments
(1 series)
Unfilled orders
(1 series)
Business
investment
commitments
(2 series)
Business
investment
expenditures
(6 series)
UNEMPLOYMENT
(18 series)
INCOME
(10 series)
(*+ / series j
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(40 series)
TIMING
UNCLASSIFIED
(U)
IV.
III.
CONSUMPTION, F I X E D
CAPITAL
TRADE,
ORDERS, AND
INVESTMENT
DELIVERIES
(18 series)
(13 series)
Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)
http://fraser.stlouisfed.org/
(1 series)
Federal Reserve Bank of St. Louis
AND
INVENTORY
INVESTMENT
(9 series)
Inventory
investment
(4 series)
Inventories on
hand and on
order
(5 series)
Bank reserves
(1 series)
!
;
independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
For purposes of constructing a composite index,
each component series is standardized: The monthto-month percent changes in a given series are
divided by the long-run average (without regard to
sign) of those changes. Thus, the more volatile
series are prevented from dominating the index.
The coincident index is calculated so that its longterm trend (since 1948) equals the average of the
trends of its four components. This trend, which is
similar to that of GNP in constant dollars, can be
viewed as a linear approximation to the secular
movement (at an average growth rate) in aggregate
economic activity. The indexes of leading and lagging indicators have been adjusted so that both
their trends and their average month-to-month
percent changes (without regard to sign) are approximately equal to those of the coincident index.
(For a more detailed description of the method of
constructing the composite indexes, see the 1977
Handbook of Cyclical Indicators.)
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 NBERdesignated 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 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the 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 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); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1977
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and for four indicators of aggregate
economic activity: GNP in constant dollars
(quarterly), industrial production, employee hours
in nonagricultural establishments, and personal
income less transfers in constant dollars. Rates of
change are shown for 1- and 3-month spans or for
1-quarter spans.
Although movements in diffusion indexes and in
rates of change for the same aggregates are
generally positively correlated, these two measures
present information about two related but distinct
aspects of economic change. Diffusion indexes
measure the prevailing direction or scope of
change, while rates of change measure the degree
as well as the overall direction. As is the case for
diffusion indexes, cyclical movements in the rates
of change tend to lead those of the corresponding
indexes or aggregates, and thus, they tend to lead
at the business cycle turns as well.
Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in
the physical volume of inventories held by
This part is divided into six sections which cover
private
business. The former include all private
a wide range of quarterly and monthly time series
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
still others relate to U.S. international transactions (A4) is the compensation of government employees
or to selected foreign countries. The represented and purchases from business and from abroad. It
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor resources; government receipts, investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts, included in the components of GNP and are
compiled by BEA, summarize both receipts and therefore deducted. More detail on U.S.
final expenditures for the personal, business, international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product, originate in the production of goods and services
final sales, and personal and disposable personal attributable to labor and property supplied by
income. The four major components of the gross residents of the United States. Thus, it measures
national product—personal consumption the factor costs of the goods and services proexpenditures, gross private domestic investment, duced. It consists of the compensation of
government purchases of goods and services, and employees, proprietors' income, rental income of
net exports of goods and services—are presented in persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market major expenditure components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the percentages of GNP, and the major income
United States, before deduction of allowances for components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
The important data on price movements include
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary the monthly consumer and producer price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
the GNP implicit price deflator (with weights
less personal contributions for social insurance.
Disposable personal income is the personal reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business product. Data on both levels and percent changes are
payments to government.
Personal consumption expenditures (A2) is presented for the period since 1969.
The group of series on wages and productivity
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
cluded.
Part II. OTHER IMPORTANT ECONOMIC
MEASURES
Section C. Labor Force, Employment, and
Unemployment
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1969) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1969) tend to be significant as
leading indicators.
HOW TO READ CHARTS
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Basic Data
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
Arabic number indicates latest
month for which data are
plotted. ("9" = September)
Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)
Dotted line indicates anticipated data.
Broken line indicates actual
monthly data for series where
a moving average is plotted.
Roman number indicates
latest quarter for which data
are plotted. ("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.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting
points indicates quarterly
data over 1-quarter spans.
Roman number indicates
latest quarter for which data
are used in computing the indexes.
Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.
Various scales are used to
highlight the patterns of the
individual series. "Scale A "
is an arithmetic scale, "scale
L - T 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.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
Arabic number indicates latest
month used in computing
the changes.
Solid line indicates percent
changes over 3- or 6-month
spans.
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.
;r
HOW TO LOCATE A SERIES
1. See ALPHABETICAL INDEX-SERIES FINDING GUIDE at
the back of the report where series are arranged alphabetically
according to subject matter and key words and phrases of the
series titles, o r -
2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data 1
Timing
classification 3
Series title
Percent change
Average
of
measure
1979
1980
3d Q
1980
4th Q
1980
lstQ
1981
Feb.
1981
Mar.
1981
Apr.
1981
Mar.
to
Apr.
1981
Feb.
to
Mar.
1981
3d Q
to
4th Q
1980
4th Q
to
1st Q
1981
|
»
1. C Y C L I C A L I N D I C A T O R S
A. Composite Indexes
910 Twelve leading indicators
920 Four coincident indicators
930. Six lagging indicators
Lg,Lg,Lg
1967=100 . .
do. . . .
.....do. . . .
140.1
145.1
166.4
131.5
140.4
176.8
131.5
137.2
163.2
136.8
141.2
178.1
136.4
143.1
185.0
135.4
143.0
186.0
137.8
143.5
180.1
138.3
143.5
177.2
1.8
0.3
-3.2
0.4
0.
-1.6
4.0
2.9
9.1
-0.3
1.3
3.9
93
L,L,L
L.L.L
L,L,L
L.L.L
L,L,L
do.
do.
do.
do.
do.
...
...
...
...
...
96.8
113.5
105.9
91.7
145.5
93'. 4
107.2
101. 1
90.7
135.6
92.9
107.3
99.9
91.2
136.8
95.5
107.9
103.4
92.1
139.2
95.2
106.3
103.0
NA
141.1
95.0
105.5
102.9
92.9
141.2
94.9
106.6
104.3
NA
141.5
94.9
106.1
105.2
NA
141.0
-0.1
1.0
1.4
NA
0.2
0.
-0.5
0.9
NA
-0.4
2.8
0.6
3.5
1.0
1.8
-0.3
-1.5
-0.4
NA
1.4
91
91
91
91
91
40.1
2.9
3.3
408
1.4
1.3
0.5
-0.1
-0.1
-4.7
0.
-0.1
0.2
0. 1
-0.2
3.1
0.
-0.1
1.5
0.3
0.1
19.9
0.5
0.1
0.5
0.
-0.2
-0.5
-0.2
0.1
NA - 0 . 0 1 2
NA
-2.3
NA
NA
0.043
9. 2
-0.003
-1.5
L,L,L
...
....
.i
Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments
915. Inventory investment and purchasing
916. Profitability
917. Money and financial flows
c,c,c
B. Cyclical Indicators by Economic Process
B 1 . Employment and U n e m p l o y m e n t
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 (inverted4)
*3. Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 . .
4. Quit rate, per 100 employees, mfg.2
L,L,L
L,C,L
L,L,L
L,C,L
L,L,L
L,Lg,U
Hours
do. . . .
Percent
Thousands. .
Percent
do. . . .
40.2
3.3
4.0
381
1.1
2.0
39.7
2.8
3.5
484
1.7
1.5
39.3
2.6
3.6
513
1.7
1.3
3 9."9
2.9
3.7
411
1.2
1.4
40.1
2.9
3.5
413
1.4
1.5
39.8
2.9
3.6
402
1.4
1.5
40.0
2.8
3.5
421
1.4
1.4
Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed2
46. Help-wanted advertising
L,Lg,U
L,Lg,U
Ratio
1967=100...
0.786
158
0.520
129
0.448
119
0.491
130
0.488
128
0.495
129
0.483
126
u,c,c
u,c,c
c,c,c
A.r., bil.hrs..
Thousands. .
do. . . .
do. . . .
169.72
93,648
89,886
26,504
169.96
93,960
90,657
25,855
168.17
93,769
90,131
25,317
170.41
93,925
90,932
25,780
172.34
94,692
91,616
26,013
171.80
94,646
91,652
25,987
172.19
95,136
91,714
26,010
170.48
95,513
91,494
25,831
0.2
0.5
0.1
0.1
-1.0
0.4
-0.2
-0.7
1.3
0.2
0.9
1.8
1.1
0.8
0.8
0.9
4
4
4
Percent
59.25
58.51
58.27
58.18
58.43
58.38
58.61
58.89
0.23
0.28
-0.09
0.25
q
Thousands. .
Percent
do. . . .
Weeks
Percent
5,963
5.8
2.9
10.8
1.2
7,448
7.1
3.9
11.9
1.7
7,921
7.5
4.3
12.4
2.0
7,897
7.5
3.8
13.5
2.2
7,788
7.3
3.3
14.3
2.1
7,754
7.3
3.2
14.4
2.1
7,764
7.3
3.3
14.0
2.1
7,746
7.3
3.3
13.7
2.0
-0.1
0.
-0.1
2.8
0.
0.2
0.
0.
2.1
0.1
0.3
0.
0.5
-8.9
-0.2
1.4
0.2
0.5
-5.9
0.1
4
4
9
4
1483.0
1197.4
1043.8
1480.7
1207.5
1043.2
1471.9
1207.6
1035.6
1485.6
1220.0
1050.3
1516.0
1230.5
1060.9
1232.4
1062.6
1237.4
1066.5
0.1
0.
0.4
0.4
0. 9
1.0
1.4
2. 0
0.9
1.0
5
1231.5
1062.3
233 3
232 6
232 3
231 3
-0
—0 4
2 2
1 0
5
151.5
140.6
166.3
152.2
142.4
165.6
152.8
143.6
166.2
0.5
1.3
-0.4
0.4
0.8
0.4
4.9
6.8
3.9
0. 8
1.8
2.1
1.4
4. 0
4
3.5
2
5.1
0.7
NA
1. 6
8
8
Comprehensive Employment:
48. Employee hours in nonagri. establishments...
42. Persons engaged in nonagri. activities
* 4 1 . Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age2
L,C,U
U,Lg,U
Comprehensive Unemployment:
4
37 Total unemployed (inverted )
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
* 9 1 . Avg. duration of unemployment (inverted4) . . Lg,Lg,Lg
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 . . Lg,Lg,Lg
2
4
4
B2. Production and Income
Comprehensive Output and Income:
50 GNP in 1972 dollars
52 Personal income in 1972 dollars
* 5 1 . 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 BEA2
84 Capacity utilization rate, materials, FRB 2 . . . .
c,c,c
c,c,c
bil dol
do
......do. . . .
C,C,C
do
247. 2
231.0
226. 0
231. 0
1967=100...
do. . . .
do. . . .
A.r., bil.dol.
152.5
146.4
164.0
674. 5
147.1
136.6
161.1
665. 2
142.1
129.8
157.3
657. 5
149.1
138.6
163.4
662. 9
151.8
141.5
165.7
689. 6
L,C,U
Percent
do
do. . . .
85.6
82
87.4
79.0
78
79.8
75.7
76
74.9
79.2
78
80.0
79.9
NA
81. 6
L,L,L
L,L,L
L,L,L
L,L,L
L,Lg,U
L,L,L
Bil.dol
do. . . .
do. . . .
do. . . .
Bil. dol., EOP
Percent
77.20
76.34
75.14
81.46
82.59
82.21
84.21
83.85
41.40
36.86
35.98
38.09
38.17
38.01
38.75
38.23
36.46
32.80
32.13
34.29
33.69
34.38
34.07
34.41
3.26
0.99
1.41
1.71
1.46
1.13
2.16
1.29
267.88 279.75 274.62 279.75 2 8 4 . 1 1 281.95 2 8 4 . 1 1 285.40
63
40
35
45
49
50
52
56
2.4
1.9
-0.9
1.03
0.8
2
-0.4
-1.3
1.0
-0.87
0.5
4
8.4
5.9
6.7
0.30
1.9
10
1.4
0.2
-1.7
-0.25
1.6
4
2
9
3
c,c,c
C,C,C
C,L,C
C,L,U
U,L,U
L,C,C
L,L,L
Bil. dol
do. . . .
1967=100...
Mil. dol
do. . . .
A.r., bil. dol.
I Q1966=100
288.22
159.46
150.8
74,529
45,172
65.3
66.0
312.04
153.35
145.5
79,721
43,656
61.8
64.4
310.16
151.21
143.0
79,980
43,461
58.7
67. 8
331.39
155.77
147.4
82,586
43,781
66.1
72.1
345.97
157.84
147.6
86,482
44,980
74.8
68. 3
346.45
156.97
147.0
86,810
45,166
345.88
159.15
148.5
87,174
45,005
NA
NA
149.7
86,309
44,558
-0.2
1.4
1.0
0.4
-0.4
NA
NA
0.8
-1.0
-1.0
66.9
66. 5
72 4
4.4
1.3
0.1
4.7
2.7
13.2
5 3
5
5
7
5
5
5
5
L,L,L
L,L,L
1967=100...
Number
131.7
43,714
121.1
44,337
117.9
44,604
120.0
47,470
NA
NA
116.9
NA
NA
NA
NA
NA
NA
NA
1
CC,C
c,c,c
C,C,C
C,L,L
C,C,C
L,C,U
Ar
1
5
7
7
4
8
B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods2
96. Mfrs.' unfilled orders, durable goods5
*32 Vendor performance2 ©
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars . .
75. Industrial production, consumer goods
54. Sales of retail stores
59. Sales of retail stores, 1972 dollars
55 Personal consumption expend., autos
58 index of consumer sentiment©
-0
6
8 9
6.8
3.0
3.1
3.3
0.7
12. 6
6 3
NA
NA
NA
NA
1.8
6.4
B4. Fixed Capital Investment
Formation of Business Enterprises:
*12 Net business formation
13 New business incorporations
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Series title
Timing
classification3
Unit
of
measure
Percent change
Average
3dQ
1980
1979
4th Q
1980
lstQ
1981
Feb.
1981
Mar.
1981
Apr.
1981
1980
Feb.
to
Mar.
1981
Mar.
to
Apr.
1981
3dQ
to
4th Q
1980
4th Q
to
1st Q
1981
I. C Y C L I C A L I N D I C A T O R S - C o n .
B4. Fixed Capital Investment—Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment . . .
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods indus., nondefense . . .
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
11. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg.5
.
Business Investment Expenditures:
61. Business expend., new plant and equipment . .
69. Machinery and equipment sales and business
construction expenditures
76. Industrial production, business equip
86. Nonresid. fixed investment, total, 1972 dol. . .
Residential Construction Commitments and
Investment:
28. New private housing units started, total
*29. New building permits, private housing
89. Fixed investment, residential, 1972 dol
Bil.dol. .
25.47
24.66
24.23
25.96
26.39
23.74
28.04
25.72
18.1
-8.3
7.1
1.7
do.
do.
14.65
21.64
13.25
21.30
13.06
20.61
13.58
21.38
13.58
22.96
12.34
20.59
14.24
23.79
12.96
22.61
15.4
15.5
-9.0
-5.0
4.0
3.7
0.
7.4
..do.
12.68
11.72
11.42
11.51
12.07
10.95
12.37
11.59
13.0
-6.3
0.8
4.9
90.52
22.20
76.66
77.96
26.36
91.87
69.50
24.29
89.72
85.24
25.81
91.87
84.37
29. 88
96.48
84.41
90.00
77.53
6.6
22.6
6. 3
2.4
-1.0
15 8
5.0
9
11
97
C,Lg,Lg A.r., bil. dol.
270.46
295.63
296.23
299.58
310.10
1.1
3. 5
61
do. . . .
CLg.Lg
C,Lg,U 1967=100...
C,Lg,C A.r., bil. dol.
271.93
171.3
163.3
2 9 8 . 0 1 294.14
173.3
170.3
158.4
155.5
304.95
174.9
157.0
3 1 7 . 6 1 311.55
179.2
178.2
162.0
3.7
2.7
1.0
4.2
2.5
3. 2
b9
76
86
A.r., thous. ,
1967=100...
A.r., bil. doi.
1,745
123.6
59.1
10.4
-3.3
13. 2
-9.6
-11.0
0. 4
28
29
89
L,C,U Mil.sq.ft. . .
U,Lg,U Bil.dol
C,Lg,Lg Bil.dol., EOP
L,L,L
L,L,L
L,L,L
1,292
96.6
48.1
1,390
110.5
44.7
1,535
106.8
50. 6
1,388
95.1
50.8
323.23
180.4
NA
182.6
3.7
1.2
-13.9
NA
1.2
20
24
1,215
94.1
1,289
93.1
1,343
95.4
6.1
-1.1
-2. 2
4.9
-7.81
68.4
0.89
-4.76
12.5
0.14
NA
NA
NA
3.05
-55.9
-0.75
NA
NA
NA
12.77
-21.3
0.96
-5.34
31.7
-0.83
36
31
38
471.84 470.80
2 6 2 . 5 1 262.98
78.57
76.62
471.84
262.51
78.57
NA
NA
NA
0.2
-0.2
2.5
NA
NA
NA
1.6
-0.5
-1.5
2.2
-0.2
4.0
71
70
65
1.68
1.65
NA
-0.03
NA
-0.06
-0.02
77
2 0 5 . 4 1 205.26
205.41
NA
0.1
NA
1.8
0.6
78
1.14
4.1
0.05
-4.2
92
23
8.0
-1.2
19
4.2
2.5
B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol. 2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed 6 ) 2
31. Chg. in book value, mfg. and trade invent.2 .
38. Chg. in mtl. stocks on hand and on order2 . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70. Mfg. and trade invent., total, 1972 dol. 5
65. Mfrs.' inventories of finished goods5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars2
78. Materials and supplies, stocks on hand and on
order5
do.
L,L,L
L,L,L
L,L,L
L,L,L
do.
do.
Bil.dol. .
Lg.Lg.Lg Bil. dol., EOP
do. . . .
Lg,Lg,Lg
do. . . .
Lg.Lg.Lg
Lg.Lg.Lg Ratio
L,Lg,Lg Bil.dol., EOP
10.2
-2.9
-5.0
-7.2
-2.3
10.49
46.2
2.56
-9.60
30.0
0.42
-13.69
30.1
0.25
-0.92
8.8
1.21
-6.26
40.5
0.38
426.80
265.44
70.53
461.72
262.97
75.58
454.57
264.24
IS,IS
461.72
262.97
75.58
1.66
1.73
1.75
1.69
199.20
204.27
200.63
204.27
1.98
293.0
1.49
298.0
1.14
289.3
2.28
301.3
2.33
288.5
2.15
284.2
3.54
289.8
3.89
293.0
1.39
2.0
0.35
1.1
1 0 3 . 0 1 118.78
123.28
133.12
131.52
128.40
133.19
134.43
3.7
0.9
1.67
30
B6. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23. Spot market prices, raw industrials (§)
L,L,L
U,L,L
Percent
1967=100...
Stock Prices:
*19. Stock prices, 500 common stocks©
L,L,L
194143=10.
Profits and Profit Margins:
16. Corporate profits after taxes
18. Corp. profits after taxes, 1972 dollars
79. Corp. profits after taxes with IVA and CCAdj . .
80
do
in 1972 d o l . . .
15. Profits (after taxes) per dol. of sales, mfg.2 . .
26. Ratio, price to unit labor cost, nonfarm bus . . . .
L,L,L
L,L,L
L,C,L
L,C,L
L,L,L
L,L,L
A.r., bil. dol.
do. . . .
do. . . .
do. . . .
Cents
1977=100..
167.8
99.6
109.2
65.5
5.7
96.8
163.2
88.8
100.3
55.1
4.9
96. 3
159.1
85.5
99.4
54.0
4.6
96. 5
164.3
86.6
98.1
52.2
4.9
96. 4
168.3
87. 4
112.2
58.6
NA
96. 6
3.3
1. 3
-1. 3
-3.3
0.3
-0.1
2. 4
0. 9
14.4
12. 3
NA
0. 2
16
18
79
80
15
26
Cash Flows:
34. Net cash flow, corporate
35. Net cash flow, corporate, 1972 dollars
L,L,L
L,L,L
A.r., bil.dol.
do. . . .
257.1
149.1
265.4
141.8
262.9
138.6
272.0
141.1
279. 3
143.1
3.5
1 8
2.7
1 4
34
35
Lg,Lg,Lg
1977=100..
119.9
132.4
133.9
137.0
139.5
2.3
1. 8
Lg.Lg.Lg Dollars. . . .
Lg.Lg.Lg 1967=100..
1.092
175.8
1.196
195.1
1.203
200.9
1.230
200.1
1.246
203.8
2.2
-0.4
1. 3
1.8
74.4
75.3
75.3
75.4
75.2
0.1
-0. 2
0.63
-0.28
-0.10
1.1
0.6
-1.00
-0.68
0.12
-0.3
-1.0
0.58
0.45
0.18
-0.9
-0.5
85
102
104
105
106
-0.005 -0.006
0. 053
0.017
0 186
0.010
107
108
20.18
11.16
11.26
20.5
-28.61
-55.18
11.25
NA
33
112
113
110
Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost (cur. dol.) per unit of gross
domestic product (1972), nonfin. corp. . . .
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of
national income2
Lg.Lg.Lg Percent
204.2
204.3
204.8
0.
0.2
68
62
B7. Money and Credit
Money:
85. Change in money supply (M1-B)2
102. Change in money supply (M2) 2
*104. Chg. in total liquid assets (smoothed 6 ) 2
105. Money supply (M1-B), 1972 dollars
*106. Money supply (M2), 1972 dollars
L.L.L
L.C.U
L.L.L
L,L,L
L,L,L
Percent.
do.
do.
Bil.dol. .
do.
0.60
0.71
0.97
215.8
846.5
0.52
0.75
0.73
202.1
812.9
1.35
1.18
0.76
201.9
819.5
0.35
0.50
0.88
201.2
811.2
0.93
0.95
1.06
199.3
807.1
0.72
0.81
1.10
199.0
805.0
0.93
1.26
1.04
199.6
810.2
1.56
0.98
0.94
201.8
814.8
Velocity of Money:
107. Ratio, GNP to money supply (M1-B)2
108. Ratio, pers. income to money supply (M2) 2 .
C,C,C
C,Lg,C
Ratio
6.446
1.323
6.594
1.348
6.567
1.339
6. 620
1.356
6.806
1.366
1.367
1.362
1.356
86.08
22.88
38.69
356.98
60.83
19.60
2.90
284.12
61.72
24.38
1.38
282.74
81.90
35.54
12.64
340.72
62.82
53.29
-19.64 -13.10
23.89
23.95
NA
43.74
-46.48
37.30
Credit
33.
112.
113.
110.
Flows:
Change in mortgage debt2
Change in business loans2
Change in consumer installment credit2
Total private borrowing
L,L,L
L.L.L
L,L,L
L,L,L
do. . .
A.r., bil. do).
do. . .
do. . .
do. . .
0.21
0.45
-0.06
0.3
0.6
NA - 1 9 . 0 8
53.46 - 3 3 . 3 8
NA 13.35
NA
99.94
NA
Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
Basic data1
Series title
Timing
classifi*
cation3
Unit
of
measure
Percent change
Average
3dQ
1980
1979
4th Q
1980
1st Q
1981
Feb.
1981
.Mar.
1981
• Apr.
1981
Feb.
to
Mar.
1981
Mar.
to
Apr.
1981
4th Q
1980
3d Q
4th Q
to
lstQ
1981
to
I, CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures (inv. 4 )©
39. Delinquency rate, instal. loans (inv. 4 ) 2 s . . .
L.L.L
L.L.L
Mil.dol
Percent, EOP
222.28
2.64
Bank Reserves:
93. Free reserves (inverted 4 ) 2 ©
94. Borrowing from the Federal R e s e r v e 2 © . . . .
L.U.U
L,Lg,U
Mil.dol
do. . . .
-1,131 -1,141
1,338
1,420
Interest Rates:
119. Federal funds r a t e 2 ©
114. Treasury bill r a t e 2 ©
115. Treasury bond y i e l d s 2 © .
116. Corporate bond yields 2 ©
117. Municipal bond yields 2 ©
118. Mortgage yields, residential 2 ©
67. Bank rates on short-term bus. loans 2 ©
*109. Average prime rate charged by b a n k s 2 © . . . .
Outstanding Debt:
66. Consumer installment credit5
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
*95. Ratio, consumer install, credit to pers. income2
11.19
10.04
8.74
10.05
6.52
10.89
13.18
12.67
386.26 598.01 295.63
2.70
2.57
13.36
11.61
10.81
12.77
8.60
13.42
15.17
15.27
-508 -1,269
1,703
15.85
13.71
11.64
13.88
9.62
14.31
15.71
16.73
NA
2.53
NA
2.51
-872 -1,076
1,229 1,278
NA
2.53
NA
NA
NA
-0.02
NA
NA
50.6
0.13
NA
0.04
-624 -1,317
1,004
1,343
-452
-274
693
339
761
915
-397
-474
6.01
4.47
1.21
0.91
4.15
5.12
0.72
0.66
0.37
0.49
0.36
0.38
4.20
2.48
1.0
2.0
5.0
-0.34
0.8
-0.16
2.6
2.6
2.4
2.6
-0.2
1.2
15.93
14.90
12.23
14.60
10.10
14.79
14.70
13.48
12.15
14.49
10.16
15.04
15.72
13.63
12.62
15.00
10.62
15.91
-1.23
-1.42
-0.08
-0.11
0.06
0.25
1.02
0.15
0.47
0.51
0.46
0.87
19.43
18.05
17.15
-1.38
-0.90
Lg,Lg,Lg Bil.dol., EOP
303.58 306.47 303.31 306.47 312.45 309.34 312.45
NA
1.0
Lg,Lg,Lg Bil. dol
Lg,Lg,Lg! Percent
147.06 163.76 162.81 170.91 172.23 173.15 169.28 173.74
14.79 14.14 13.86 13.52 13.36 13.35' 13.36
NA
-2.2
0.01
L.Lg.Lg Percent. .
do.
CLg.Lg
do.
C,Lg,Lg
Lg,Lg,Lg
do.
U,Lg,Lg
do.
Lg,Lg,Lg
do.
Lg,Lg,Lg
do.
Lg,Lg,Lg
do.
9.84
9.24
10.43
12.18
8.58
13.40
11.56
11.61
16.57
14.37
12.01
14.37
9.98
14.69
19.91
19.21
2.6
NA
II. O T H E R I M P O R T A N T E C O N O M I C
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 i t e m s © . . .
Change in CPI, all items, S/A2
CPI, food
Producer prices (PPI). all commodities©..
PPI, crude materials
PPI, intermediate materials
PPI, capital equipment
PPI, finished consumer goods
1972=100..,
1967=100...
Percent
1967=100...
162.8
211.A
1.0
234.5
177.4
246.8
1.0
254.6
179.2
249.6
0.6
257.5
183.8
256.2
1.0
267.4
188.2
262.9
0.8
270.7
263.2
1.0
270.6
265.1
0.6
271.6
266.
0.4
271.6
do.
do.
do.
do.
do.
235.6
282.2
242.8
216.7
215.7.
268.8
304.6
280.3
239.8
248.9
272.9
314.3
283.3
242.9
253.5
279.2
328.7
290.4
249.5
258.6
286.7
326.8
298.6
255.5
264.1
286.9
331.4
297.9
255.8
263.6
289.6
327.0
301.1
257.7
267.2
292.8
331.8
304.3
260.1
269.3
0.9
-1.3
1.1
253.8
260.2
266.5
266.6
268.5
269.2
0.7
0.3
2.5
2.4
101.
130.
95.
99.0
101.9
131.6
95.9
99.2
101.
134.
95.
101.0
138.
95.
99.8
100.9
101.0
100.9
0.1
-0.1
-0.7
2.4
-0.8
-0.3
-0.2
2.7
0.
0.9
...
...
...
...
...
3.8
1.1
1.5
1.1
0.9
1.4
2.3
2.5
2.0
2.7
-0.6
2.8
2.4
2.1
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
do. ..
229.8
do. ..
1977 = 100..
do. ..
do. ..
105.6
118.6
99.1
99.4
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, 16-19 years of age . . . .
Millions . . .
do. . .
Thousands.
do. ..
do. ..
do. ..
Force Participation Rates:
Males,.20 years and over2
Females, 20 years and over2
Both sexes, 16-19 years of age2
Percent. . . .
do. . .
do. ..
79.8
50.6
58.1
79.4
51.4
56.9
79.4
51.5
56.4
79.2
51.4
56.4
78.9
51.9
56.9
A.r.,bil. dol.
do. ..
do. ..
do. ...
do. ..
do. ..
494.4
509.2
-14.8
351.2
324.4
26.7
540
602.0
-61
384
355.0
29.1
540.8
615.0
-74.2
386.8
358.2
28.6
573.2
641.1
-67.9
403.4
366.3
37.1
619.9
664
-44.4
411.9
373.9
37.9
102.91 104.72 104.98 105.17 105.80 105.68 106.18 106.72
96.94 97.27
97.06
97.28
98.01 97.93 9 8 . 4 1
98.98
5,963 7,448
7,921
7,897
7,788 7,754 7,764
7,746
2,223 3,261
3,631
3,496
3,323 3,312 3,305
3,262
2,213 2,547
2,600
2,734
2,718 2,680 2,725
2,721
1,528 1,640
1,689
1,667
1,747 1,762 1,734
1,763
78.7
51.9
57.0
79.2
52.1
56.6
79.4
52.3
57.7
0.6
0.8
-1.4
-4.9
-0.6
-0.2
1.7
-1.6
-1.3
-0.1
1.7
-3.7
5.2
-1.3
0.5
0.2
-0.4
0.2
0.2
1.1
-0.2
-0.1
0.
-0.3
0.5
0.5
6.0
4.2
6.3
4.3
2.3
8.5
8.1
3.6
23.5
2.1
2.1
0.8
-3.6
-7.5
7.8
NA
NA
3.5
2.4
1.8
3.3
-2.8
4.9
12.6
-1.8
5.0
15.6
5.5
7.2
17.5
-4.2
D. Government Activities
D 1 . Receipts and Expenditures
501.
502.
500.
511.
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 deficit 2 ...
517.
525.
548.
564.
Defense Department obligations
Military prime contract awards
New orders, defense products
National defense purchases
D2. Defense Indicators
Mil.dol....
do. ..
do. ..
A.r.,bil.dol.
11,141 13,392 13,319 13,905
5,356 6,961 7,270 7,010
3,284 4,57
5,113 4,729
111.2 131.7 131.4 141.6
Mil.dol.
do.
do.
do.
do.
do.
15,137 18,390 18,727 19,060 20,008 19,764 21,434
2,886 3,435 3,480 3,596 4,158 3,977 4,201
3,009 3,788 4,081 3,968 4,188 4,155 4,352
17,160 20,417 19,597 20,548 22,022 21,922 20,949
4,676 6,139 5,384 6,060 7,123 8,018 5,992
1,853 2,030 2,171 2,133 2,044 1,742 2,125
NA 15,741
NA
NA
4,895 5,657
145.0
NA
NA
4,835
NA
NA
4,744
NA
NA
-14.5
NA
NA
-1.9
8.4
5.6
4.7
NA
NA
NA
NA
NA
NA
E. U.S. International Transactions
E1. 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
Imports of automobiles and parts
..
..
..
..
..
..
-25.3
22.0
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Percent change
Series title
Unit
of
1978
4th Q
1979
1st Q
1980
2dQ
1980
3dQ
1980
4th Q
1980
1st Q
1981
1980
2dQ
to
3dQ
1980
3dQ
to
4th Q
1980
4th Q
to
1st Q
1981
II. O T H E R I M P O R T A N T E C O N O M I C
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618.
620.
622.
651.
652.
668.
669.
667.
Merchandise exports
Merchandise imports
Merchandise trade balance2
Income on U.S. investments abroad
Income on foreign investment in the U.S. . . . . .
Exports of goods and services
Imports of goods and services
Balance on goods and services2
Mil. dol.
..do.
do.
do. ,
do.
do.
do.
do.
35,514
43,953
-8,440
10,743
5,518
55,260
57,560
-2,301
45,517
52,864
-7,346
16,492
8,365
71,630
70,390
1,240
55,445
62,284
-6,838
19,008
10,874
85,222
83,452
1,770
50,239
59,397
-9,158
18,407
9,524
78,307
78,490
-183
54,302
65,006
10,704
20,824
10,762
85,521
86,330
-809
029
282
253
620
518
767
882
115
55,766
59,155
-3,389
18,756
10,700
86,015
79,995
6,020
56,684 61,932
62,692 65,622
-6,008 -3,690
19,830
NA
11,514
NA
87,586
HA
84,603
NA
2,983
NA
1436.9
2156.1
1422.9
1462.9
981
6,568
4,487
1483.0
2413.9
1472.9
1641.7
1011.5
6,721
4,584
1480.7
2626.1
1483.6
1821.7
1018.4
6,646
4,571
1490.6
2496.3
1491.3
1710.1
1017.7
6,731
4,596
1501.9
2571.7
1502.8
1765.1
1021.0
6,767
4,600
1463.3
2564.8
1462.0
1784.1
1008.2
6,578
4,532
1471.
2637.
1476.
1840.6
1018.5
6,597
4,565
1485.6
2730.6
1492.7
1897.0
1025.8
6,640
4,585
1.3
1.6
-5.0
6.0
3,864 •2,619
12.9
5.7
1.7
7.6
1.8
5.2
5.8
-3.5
7,135 •3,037
9.3
4.7
2,318
NA
NA
NA
NA
NA
618
620
622
651
652
668
669
667
2.0
4.5
1.7
2.6
0.5
50
200
213
224
225
217
227
5.2
1.1
0.1
3.1
6.3
3.1
2.3
231
233
238
239
230
232
236
237
A. National Income and Product
A 1 . G N P a n d Personal Income
50.
200.
213.
224.
225.
217.
227.
GNPin 1972 dollars
GNP in current dollars
Final sales, 1972 dollars
Disposable personal income, current dollars . . .
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Per capita disposable pers. income, 1972 d o l . . .
A.r., bil.dol.
do..
do. .
do. .
do..
A.r., dollars.
do. .
1516.0
2853.8
1518.3
1946.9
1033.2
6,762
4,609
1.0
0.3
0.7
958.3
146.4
364.2
447.7
1805.8
237.3
725.2
843.4
5.1
-0.5
1.6
3.4
7.4
1.5
4.0
0.6
3.5
1.1
3.1
A 2 . 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
A.r., bil.dol.
do. .
do. .
..do.
. .do.
..do.
..do.
..do.
904.8 930.9 935.1 941
146.3 146.6 135.8 146.
345.7 354.6 358
361
412.8 429.6 440.9 434
1510.9 1672
1348
1582
212.3 211.9 216
199
602.2 675.7 639
529
619.6 696.3 785.2 727
919.
126.
356.
436.
1631.0 1626.
194.
661.1 664.
749.0 768
145.4
361.5
930.8 946.
132.6 139.
354.9 360.
443.3 447.
1682.2 1751.
208.8 223.
674.2 703.
799.2 824.
1.7
4.9
1.5
0.9
4.1
6.9
A 3 . 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 dollars
Chg. in bus. inventories, current dol. 2
..do.
..do.
..do.
..do.
..do.
..do.
229.7
215.8
14.0
375.3
353.2
22. 2
232.6
222.5
10.2
415.8
398.3
17.5
203.6
206.6
-2.9
395.3
401.2
-5.9
221.5
222.2
-0
410
410
-0.8
218.3
219.2
-0.9
415.6
413.1
2. 5
200.
199.
1,
390.
383,
7.4
195.3
200.2
-5.0
377.1
393.2
-16.0
200.5
207.6
-7.2
397.7
415.1
-17.4
210.6
212.9
-2.3
435.4
432.8
2.6
-2.6
0.5
-6.3
-3.5
2.5
-23.4
2.7
3..7
-2.2
5.5
5.6
-1.4
5.0
2.6
4.9
9.5
4.3
20.0
241
243
30
240
242
245
..do.
..do.
277.8
99
178.0
432.6
153.4
279.2
281.8
101.7
180.1
473.8
167.9
305.9
290.0
108
181.9
534.7
198.9
335.
285
103
182
496
178
318.3
290.1
107.6
182.5
516.8
190.0
326.8
291.9
110.7
181.2
530.0
198.7
331.3
288.2
106.9
181.3
533.5
194.9
338.6
289.8
107.4
182.4
558.6
212.0
346.6
293.
111.0
182.2
575.5
221.5
354.1
-1.3
-3.4
0.1
0.7
-1.9
2.2
0.6
..do.
..do.
..do.
..do.
1.2
3.4
-0.1
3.0
4.5
2.2
261
263
267
260
262
266
do.
do.
do.
127.5
103
24
219
220.4
-0.6
146.9
109.2
37.7
281.3
267.9
13.4
161
109
52.0
339
316.5
23.3
154.8
112
42.2
306.3
298
7.6
165.9
115.8
50.1
337.3
329.1
8.2
160
108.9
51.7
333
316
17.1
160
102
57.6
342.4
297.9
44.5
157.4
108.9
48
346
322.7
23.3
166.
112.
53.
376.8
339.8
0.
-5.6
5.9
2.7
-5.8
27.4
-1.9
5.9
-9.1
1.1
8.3
-21.2
6.0
8.9
5.3
13.7
256
257
255
252
253
250
1745.4 1963.3 2121.4 2031.3 2088.5 2070
2122.4 2204.8 2289.3
1299.7 1460.9 1596.5 1518.1 1558.0 1569.0 1597.4 1661. 1721.9
117.1 131.6 130.6 136.3 133.7 124.9 129.7 134.0 131.8
185.5 196.8 182
189.4 200.2 169
177.9 183.3 202.6
27.4
30.5
31
31
31.2
31.5
32.0
32.4
32.
115.
143.4 179.8 156.5 165.4 175.3 185.3 193.3 200.3
2. 5
1.8
3.8
5.1
1.6
5.7
3.9
4.0
3.3
3.0
1.2
4.3
3.8
3.6
-1.6
10.5
0.9
3.6
220
280
282
286
284
288
1.9
2.7
1.3
-3.1
-0.1
1.2
1.4
-12.4
14.8
-1.0
9.7
5.8
-5.5
24.4
-0.4
290
295
2 92
298
293
A 4 . 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 dollars
State and local governments, current dollars .
256.
257.
255.
252.
253.
250.
Exports of goods and services, 1972 dollars . .
Imports of goods and services, 1972 dollars . .
Net exports of goods and serv., 1972 dol. 2 . . .
Exports of goods and services, current dol
Imports of goods and services, current dol. . . .
Net exports of goods and serv., current dol. 2 .
2.4
A 5 . Foreign Trade
do.
do.
do.
A 6 . National Income and Its Components
220.
280.
282.
286.
284.
288.
National income
Compensation of employees
Proprietors' income with IVA and CCAdj
Corporate profits with IVA and CCAdj . .
Rental income of persons with CCAdj . .
Net interest
290.
295.
292.
298.
293.
Gross saving (private and govt.)
Business saving
Personal saving
Government surplus or deficit 2
Personal saving rate2
..do.
..do.
..do.
..do.
..do.
..do.
A 7 . Saving
do.
do.
do.
do.
Percent . . .
355.2
279.1
76.3
-0.2
5.2
411.9
312.7
86.2
11.9
5.2
401.9
331.6
101
-32.1
5.6
402.0
315.7
80.7
4.4
4.7
404.5
326.7
86.4
-9.6
4.9
110.
-42.
6.2
402
334.6
111
-45
6.1
406.7
339.3
97.6
-30.8
5.1
446.0
359.1
92.
-6.4
4.
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. NA = not available, a = anticipated.
EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. 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.
2
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of die changes are reversed.
5
End-of-period series. The annual figures (and quarterly figures for monthly series) are Hie last fipra 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.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart A l . Composite Indexes
(Nov.)(Oct.)
P
(Aug.) (Apr.)
(July) (May)
T
P
T
P
(Apr.) (Feb.)
T
P
(Dec.)(Nov.)
P
T
T
(Nov.)
(Mar.)
P
T
Index: 1967=100
4
910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
-9
J
r
J
Xi
150150 140-
V
V
130-
V
100"
-4
90-11
-23
«l
-2
A*
y\
/
— * —
-3
-2
920. Index of four roughly coincident indicators (series 41, 47, 51,
57) f
.60150140 -
V
1—
0
100 J
220210200190180 -
170160150 140 -
130120110-
930. Index of six lagging indicators (series 62,70,72,91,95,109)
+15
ZZL
u<
100-
80-
+9
60-
50-*
L948 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 77 78 79 80 1981
NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags (+) in months from reference turning dates.
Digitized forCurrent
FRASER
data for these series are shown on page 60.
10
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A l . Composite Indexes—Continued
(Nov.) (Oct.)
P T
(July) (May)
P T
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P T
(Dec.) (Nov.)
P
T
913. Marginal employment adjustments (series 1, 2, 3, S)
(Nov.) (Mar.)
P
T
Index: 1967=100
914. Capital investment commitments (series 12, 20, 29)
915. Inventory investment and purchasing (series 8, 32, 36, 92)
/
916. Profitabilitv (series 19. 26. 80^ I f
917. Money and
(series 104, 106t 110)
940. Ratio, coincident index to lagging
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
75 76 77 78 79 80 1981
NOTE: Numbers entered on the chart indicate length of leads ( - ) and lags (+) in months from reference turning dates.
Current data for these series are shown on page 60.
urn
„,
11
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components
(Nov.) (Oct.)
? T
(JulyMMay)
P
T
(Aug.)(Apr.)
P
( A p r ) (Feb.)
T
P
T
( D e c ) (Nov.)
P
T
(Nov.)
(Mar,)
P
T
1. Average workweek, production workers,
manufacturing (hmirO
3. Layoff rate, manufacturing (per 100 employees-inverted scale)
8. New orders for consumer goods and materials, 1972 dollars (fail, dol.)
ul
32. Vendor performance, percent of companies receiving slower deliveries (percent
12. Net business formation (index: 1967=100)
and orders for plant and eauioment.
1972 dollars (HI. dol.)
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 77 78 79 80 1981
Current data for these series are shown on pages 6 1 , 64, 65, and 66.
12
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
v'luly)(May;
P
T
P
T
(Aug );Apr.)
PT
{Apr ) (Ff:b )
P
T
(Dec.) (Nov.)
P
T
(Nov.) (Mar.)
P
T
29. New building permits, private housing units (index: 1967
JTTJL
20018016014012010080-
60-
36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bit dol.)
92. Change in sensitive crude materials prices, smoothed1 (percent) [t,L,l
104. Change in total liquid assets, smoothed1 (percent) H I T
I
19. Stock prices, 500 common stocks
(index: 194143=10)
60-"
9U0800-
106. Money supply—M2—in 1972 dollars (bil. dol.)
500-
400-
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 77 78 79 80 1981
1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
on pages 67, 68, 69, and 71.
data for these series are shown
DigitizedCurrent
for FRASER
13
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A3. Coincident Index Components
(Nov.)(Oct.)
P
T
(July)(May)
P
T
(Aug.) (Apr.)
P T
(Dec.)(Nov.)
P
T
(Apr.) (Feb.)
P T
(Nov.) (Mar.)
P
T
95-
Z_
908580-
41. Employees on nonagricultural payrolls (millions)
75-
ROOD
70-*
51. Personal income less transfer payments,
1972 dollars (ann. rate, bil. dol.)
47. Industrial production, total (index: 1967=100)
OCX
/
57. Manufacturing and trade sales,
1972 dollars (bil. doC)
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 77 78 79 80 1981
Current data for these series are shown on pages 62, 63, and 65.
14
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A4. Lagging Index Components
(Nov.) (Oct.)
P
T
(July) (May)
P T
(Aug.) (Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P T
(Nov.) (Mar.)
P
T
91. Average duration of unemployment (weeks-inverted scale)
70. Manufacturing and trade inventories, 1972 dollars (bit. dot.)
62. Labor cost per unit of output, manufacturing (index: 1967=100)
109. Average prime rate charged by banks (percent)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (bTTUoT)
consumer installment credit to personal income (percent)
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 77 78 79 80 1981
Current data for these series are shown on pages 62, 68, 70, and 73.
15
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart B l . Employment and Unemployment
(Adg ;(Apr *
P
fAp*
T
P
ifeb
(Dei
T
'N iv >
(Nov.)
'Mar.)
T
P
T
P
I Marginal Employment Adjustments |
1. Average workweek, production workers, manufacturing (hours)
42 T
41-
40H •%
21. Average weekly overtime hours, production workers, manufacturing (hours)
2. Accession rate, manufacturing (per 100 employees)
-J
5. Average weekly initial claims, State unemployment insurance (thousands-inverted scale)
200 T
300-
400500 «
600700-
3. Layoff rate, manufacturing (per
2-
3-
2-
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 61.
16
itru
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
\%
P
UApr.)
(Apr j ' T ^ n
T
P
(Dec ) ( N c v )
P
T
T
Ratio, help-wanted advertising to number
of persons unemployed (ratio)
48. Employee-hours in
(ann. rate,
1956 57
58
59
60
61
62
83
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 6 1 and 62.
http://fraser.stlouisfed.org/
MAV
1QQ1
Federal Reserve Bank of St. Louis
itrn
17
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart Bl. Employment and Unemployment—Continued
(Aug.) (Apr.)
P
T
(Apr) (Feb.)
P
I
(Dec.) ;Nov.i
P
T
(Nov.;
P
(Mar.)
T
I Co^ayehensive Eiigloyment—ConTj
605958-
90. Ratio, civilian employment to total population of working age (percent)
U.Lg.U |
5655-
uJ
I Comprehensive UJnimployment |
37. Number unemployed, total (millions-inverted scale)
t
V»
I
1
43. Unemployment rate, total (percent-inverted scale)
'1
7*-
45. Average weekly insured unemployment nte (percent—inverted sc^e)
il
67-
91. Average duration Of unemployrnent (weeks—inverted scalt:
f—
8-
;^4 UfcLg.Ul
1012-
¥
„ \ j^^f...
v
••'Vi-
141618-
4 4 Unemployment rate, persons unemployed 15 vweb and over (percent-mwrted scale)
012-
IV
1956 57
58
3-
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 62.
18
Kill
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income
(Apr.) (Feb.)
P
T
(Aug.) (Apr.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
|Cojii|fehensive Q f j j f t and Income
50. GNP in 1972
C.C.C
52. Personal income in
51. Persons! income less
(ana rate, Ml. doL)
53. Wages and salaries
construction in
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 63.
19
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income—Continued
(Aiii,.)(Apr.)
P
'Dei ) (N' : -
(ADI.
'
I
(N(.;i
(Mar.
P
T
1
47. Industrial production, t o y (index: 1967=100)
74. Industrial production, nondurable manufactures
(index: 1967=100)
73. Industrial production, durable manufactures
(index: 1967-100)
49. Value of goods
(ana rate, bil. dot
in 1972 dollars, Q
I Capacity Utilizatidfif
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)
\r
82. Rate of capacity utilization, manufacturing (FRB), Q (perant)
84. Rate or capacity utilization, m^enab, Q (percent)
1956
57
58
59
60
61
62
63
64
Current data for these series are shown on pages 63 and 64.
?n
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
orders, durable goods industries
EH
96. Manufacturers' unfilled orders, durable goods
60-
ifl!!
-^S
32. Vendor performance, percent of companies
100
mi
IV
S
|
/
V
If Alf
1956 57
58
59
60
61
75-
•ii /v
SB
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
i
V
78
79
59-
25-
80 1981
Current data for these series are shown on page 64.
21
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
(Aug.) (Apr.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Mar.)
T
380340-
[Consumption and Trade]
300-
X
260220-
180-
56. Manufacturing and trade sales in current dollars—/
(bH. dot) f c x x i
A
140-
57. Manufacturing and trade sales
in 1972 dollars (bil. dol.)
100 J
170160150140130-
75. Industrial production, consumer goods
(Index: 1967*100)
_^ _
XT
908070-
ZZL
60-
54. Sales of retail stores In current dollars (by. dol.)
ICLUl
59. Sales of retail stores in 1972 dollars (bil. dol.)
8070605040-
30-
55. Personal consumption expenditures,
automobiles, Q (ann. rate, bil doi.)
iLC.Cl
20-
58. Index of consumer sentiment (1st Q 1966=100)
10090-
706050 J
1956
57
58
59
60
61
62
63
Current data for these series are shown on page 65.
22
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
(Aug.) (Apr.)
P
(Dec) (Nov.)
P
T
(Apr.) (Feb.)
T
P
T
rjjjtion of Butljjs Enterprises
(Nov.)
(Mar.)
P
T
• &w
1Z Net business formation (index: 1967=100)
50 45-
1
13. New business incorporations (thousands)
403530"
lulu .
25-
203025-
20'
Business Investment Commitments|
15-
20. Contracts and orders for plant and
in 1972 dollars M doL)
10. Contracts and ordersforplant and equipment
i n m * & dollars (ba. del) r r r r
25-i
20-
15'
27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.) X
LLL
10-
24. Manufacturers' new orders, capital goods industries,
5»*
110
1
100 9080706050-
9. Construction contracts, commerciaJ and industrial buiidit^s
(mil. sq. f t ot floor area; MLT) moving avg.-Wermy ^
40-
30-
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.
23
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
i AUf| i \Apr. *
-'Acr '• ( r e i - .
i % ; -Nov '
I Business Investment Commitments-Con.
11. New capital appropriations, manufacturing, Q (bil. dot.)
97. Backlog of capital appropriations, manufacturing, Q
(bil. doL)
fHTi
61. Business expenditures for new plant and equipment, Q
(arm. rate, bil. dot)
[Business Investment Expenditures]
Machinery and equipment sales and
construction expenditures (aniv rate,
76. Industrial production, business equipment
(inctac 1967=100)
^
i
60-*
1956
57
58
59
60
61
62
63
64
Current data for these series are shown on pages 66 and 67.
24
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
•Aug.)(Apr.;
P
T
(Apr.) (Feb.)
P T
(Dec.) [Nov.)
P
T
(Nov.)
(Mar.)
P
T
180-
investmfj -Expenditures—Con. |
160140-
Presidential fixed investment in 1972 dollars, Q (ana
120-
86. Total, Q
100-
88. Producers1 durable
80-
ntiat Cons||fefion Commitments and Investment!
total (ann. rate, niffions)
28. New private housing
89. Residential fixed i
(ann. rale, bil. doL)
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 67.
25
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS —Continued
Chart B5. Inventories and Inventory Investment
(Aug.MApr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
[inventory Investment]
30. Change in business inventories, 1972 dates, 0 (ann. rate bil. dot)
/ \
Vy
».
\S V
+30 -i
JJ
* * ^
VV v
V
36, Net change in inventories on hand and on outer. 1377
(ana rate, bil. doL; moving avg.-44ermt) [ j J J
-40
+ 90
+80
+ 70
+60
+ SO
31. Change in book value, manufacturing and trade inventories
(ann. rate, bil. doL; MCD moving avg.-6-term)
+30 -
38. Change in stocks of materials and supplies on tod and on order,
manufacturing (bil. dot; MCD moving avg.-4-temi)
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
1
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.
FRASER
Digitized for
26
'
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment—Continued
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
J M e s on Ha»fend on Order
7 1 Book vali
current
Manufacturing and trade inventories, 1972 dollars
65. Book value of
of finished goods
78. Stocks of materials and supplies on hand and on order, / P S
maiHifachiiing (bH. dd.)
1956 57
58
59
60
61
62
63
64
65
66
67
fiTpJJlt
68
69
70
/
71
72
|||
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 68.
27
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
[Sensitive Commo|jt| Prices
92. Change in sensitive crude materials prices (percent; nwving avg.-4-term1)
23. Spot market prices, raw industrials (index: 1967=100)
19. Stock prices, 500 common stocks (index: 194143=10)
ill
16. Corporate profits after taxes, curront dollars, Q
(ann. rate, bil. dol.)
[Profits and Profit Margins!
18. corporate profits after taxes, i y / z dollars,
(ann. rate, bil. dol.)
Corporate profits liter taxes with IVA
1972 dollars, Q (ann. rate, bil. dol.)
79. Corporate profits after taxes with AM and CCAdj,
current dolbR, Q (aim. rate, H / £ t )
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
1
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 69.
28
--'
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
(Aug.) (Apr.)
P T
(Dec.) (Nov.)
P T
(Apr.) (Feb.)
P T
(Nov.)
P
(Mar.)
T
2 Z Ratio, corporate
income, Q
(after taxes) wrth i
adjustments to t t ^ l corporate domestic income,
15. Profits (after taxes) per dollar of sales, all
26. Ratio, price to unit labor cost, norrfarm
35. Net cash flow, corporate, in 1972
34. Nit cash flow,
(ann. rate, bit.
1956 57
58
59
60
61
62
63
64
Current data for these series are shown on pages 69 and 70.
65
66
67
68 69
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
(Aug.) ( A p r )
Pi
(Nov.)
160-
[Unit labor Costs and Labor Share I
63. Unit labor cost, private business sector, Q
(index: 1977=100)
iLg.Lglgl
Labor cost (current dollars) per unit of gross domestic product
(1972 dollars), nonfinancial corporations, Q (dollar)
62. Labor cost per unH of output manufachrt« (index: 1967=100)
64. Compensation of employees as a percent of national income, Q (percent)
1956
57
58
59
60
61
62
63
Current data for these series are shown on page 70.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit
: Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec ) (Nov }
P
T
(Nov.)
P
(Mar.)
T
(percent; MCD moving avg.—64enn)
10Z Change in money supply M2
(percent; MCD moving avg.-6-term) I L,C,U
104. Change in total liquid assets (percent; moving avf.-4-term 1 )
105. Money supply-Ml-B-in 1972 doHats (biL dol.)
106. Money suppiy-M2-Jn 1972 doftars (Ml, doL)
107. Ratio, GNP to money supply Ml-B, Q (ratio)
cicic
108. Ratio, personal incometomoney supply M2 (ratio)
C,Lg,C
1956 57
58
59
60
Digitized
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
This
series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
for
FRASER
Current data for these series are shown on page 71.
1
Q1
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P
(Apr.) (Feb.)
T
P
(Dec.) (Nov.)
T
P
(Nov.)
(Mar.)
P
T
T
Flows
33. Change in mortgage debt (ana rate, bil. do).)
112. Change in bank loans to hi*i«*ti*fom*** hii Huh jj
MCD moving avg.-6-term)
113. Change in consumer installment credit (arm. rate, bil. dot)
110. Toy private borrowing, Q (ann. rate, bil. dot.)
1956 57
58
Current data for these
http://fraser.stlouisfed.org/
Federal Reserve Bank
n o of St. Louis
59
60
61
62
63
64
series are shown on pages 7 1 and 72.
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
ICrMDifficuttlesI
14. Current liabilities of
ted scale: MCD
39. Delinquency rate, 30 days and
(percent—inverted scale)
[Ballleservesl • Jgfi
93. Free reserves (bil.
94. Member bank bomowii^ from
the Federal Reserve (biL dol.)
1956
57
58
59
60
61
62
Current
data for these series are shown on page
63
72.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
<Aug ) ( A p r . )
P
T
(Apr ; si et
P
T
(Mar.)
T
• Dec.!
P
llntjjlt Rates!
119. Federal funds rate ( p e r c e n t ) - ^
116. Corporate bond yields (percent)
115. Treasury bond yields (percent)
118. Secondary market yields on FHA mortgages (percent)
ZT
r\
•r
-Ts?*7T >M
1956 57
*&**£
(
58
59
60
61
62
63
y
*-\_m,t-^
64
Current data for these series are shown on pages 72 and 73.
65
X/
66
^y
A
n
"\
W^VVL/
117. Municipal bond yields (percent)
|U.U,UI
67
68
69
70
71
72
73
74
75
76
11
7H
79
80
1981
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—-Continued
Aug.) ( A p r . )
P
(Apr.)
T
P
(Feb.;
(Dec.HNov)
T
P
(Nov.)
(Mar.)
P
T
T
I Interest Rates-Coa]
67. Bank fates on short-teem business loans (percent)
109. Average prime rate charged by banks (percent)
[Outstanding Debt)
66. Consumer installment credit (bit. dol.)
,> J
r
11 Commercial and industrial loans outstanding,
weeny reporting targe comnwiua
baiks (IA dol.)
[si
.(.. -I
Z
95. Ratio, consumer instaftnent credit to personal tasome (percent)
1956
57
58
59
60
http://fraser.stlouisfed.org/
•MUfcBank of St. Louis
Federal Reserve
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
Current data for these series are shown on page 73.
QP;
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE
Chart C l . Diffusion Indexes
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Percent rising
950. Twelve leading indicator components (6-mo. s p a n — , 1-mo. s p a n - - - )
loon
50-
oJ
951. Four roughly coincident indicator components (6-mo. s p a n — , 1-mo. s p a n — )
100 T
it '\ i-
a
vi
1 Ulit! I'i »
Sill
50«
ill
0-1
952. Six lagging indicator components (6-mo. s p a n ^ ~ , 1-mo. s p a n — )
1001
50~
961. Average woriweek, production workers, manufacturing—20 industries (9-mo. s p a n — , 1-mo. s p a n — )
100-1
50-
962. Initial claims, State unemployment insurance-51 areas (percent declining; 9-mo. s p a n — , 1-mo. s p a n — )
50-
963. Employees on private nonagricultural payrolls—172 industries (6-mo. span^—, 1-mo. s p a n — )
100-1
50-
1956 57
58
59
60
61
62
63
Current data for these series are shown on page 74.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Percent rising
964. New outers, durable foods industries-35 industries (9-nx). s p a n — , 1-mo. s p a n — )
100-i
50-
965. Newly approved capital appropriations, deflated-17 wkctries (4-Q movinf a v g . - — , 1-Q span - - )
,J
966. Industrial produdion-24 industries <04W>. span——, 1-mo. s p a n — )
J
967. Spot market prices, raw industrials—13 industrial materials (9-mo. s p a n — , 1-mo. s p a n — )
iUO-i
50™
968. Slock prices, 500 common stocks-53-82 industries (9-mo. s p a n - — , 1-mo. s p a n — )
100-
50-
960. Net profits, manufacturing-about 700 companies1 (4-Q span)
90
T
7050-
30-1
1956
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
Current data for these series are shown on page 75.
FRASER
Digitized for
37
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
(Dec.) (Nov.)
P
(Nov.)
(Mar.)
P
T
T
' D e o (Nov.)
P
Percent rising
Actual
Anticipated*
(Nov.i
(Mar. 1
P
T
T
Percent rising
Actual
•
Anticipated*
970. Business expenditures for new plant and
equipment—18 industries (1-Q span)
(a) Actual expenditures
A
974. Number of employees, manufacturing and trade (4-Q span)1
• •••••
V
"
^_^
v
1
i
(b) later anticipations*^
975. Level of inventories! manufacturing and trade (4-Q span)1
(a) Actual expenditures
A A
ju A-
A rvAn A ;V
(c)Eariy antiopabons
971. New orders, manufacturing (4-Q span)1
976. Selling prices, manufacturing (4-Q span)1
j
1
97 ^ Net profits, manufacturing and tradedMJ span)
•*••-/••
>V
VVv /
977. Selling pnces, wholesale trade (4-Q span)1
•. • *•.
30'
V -
•\w
V.
V
60-
973. Net sales, manufacturing and trade (44) span)1
978. Selling prices, retail trade (4-Qspany
1001
ITS V ^
»-^rx
V
V
Up.if'
60 -I
1969 70
71
72
1
73
74
75
76
77
78
79
80 1981
1969 70
71
72
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc.
1,400 business executives.
Current data for these series are shown on page 76.
38
73
74
75
76
77
78
79
80 1981
Dun & Bradstreet diffusion indexes are based on surveys of about
IMMk
DIFFUSION INDEXES AND RATES OF CHANGE-.Continued
Chart C3. Rates of Change
'A lit1
\
(Dec ) iN»>y )
P
T
(Apt
I
(Nuv )
P
iMai
T
1-mo. span
3-mo. span •
Percent changes at annual rate
910c. Composite Index of twelve leading indicators
(series 1, 3, 8, 12, 19, 2 f t i f 32, 36, 92, 104,
920c. Composite index of four roughly coincident indicators
(series 41, 47, 51, 57)
930c. Composite index of six lagging indicators
(series 62, 70 72, 91, » l l ) 9 )
50c. GNP in constant (1972) dollars (1-Q span)
47c. index of industrial
48c. Employee-hours in nonagncultural establishments
51c Personal income less transfer
payments in 1972 dollars
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series
were published.
MAY 1981
KCII
39
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT
Chart Al. GNP and Personal Income
(Aug.) (Apr.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
T
P
T
(Nov.)
(Mar.)
P
T
3000-1
280026002400220020001800-
200. GNP in current dollars, Q (ann. rate, bil. M )
1600-
223. Personal income in current dollars
(ann. rate, bil. A t )
224. Disposable personal income in current
dollars, Q (ann. rate, bil. dol.)
dollars, Q ( m fate, ML dol.)
^
Disposable personal income in 1972
:
M a r s (am. rate, thorn
217. Per capita GNP in
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 63 and 80.
40
MAY 1981
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
(Aug.) (Apr.)
P T
1956
57
58
(Apr.) (Feb.)
P T
59
60
61
(Dec.) (Nov.)
P
T
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 80 and 81.
http://fraser.stlouisfed.org/
MAY 1981
Federal Reserve Bank of St. Louis
BCD
41
O T H E R I M P O R T A N T ECONOMIC MEASURES
IA
I
NATIONAL INCOME AND PRODUCT—Continued
Chart A3. Gross Private Domestic Investment
p
i
Annual rate, billion dollars (current)
Gross private domestic investment-
245. Change in business inventories,
Annual rate, billion dollars (1972)
260 •
240'
220<
241. Total, q - ^
200 -
s-\
180
•60 •
140 •
243. Total fixed investment Q
120'
100
30. Change in busktess inventories, Q
•'•10-
0-
-20
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 8 1 .
42
MAY 1981
J
r
O T W . R I'vi
UONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A4. Government Purchases of Goods and Services
KApr )
(Apr \(U h >
P
T
(Dec.) (Nov.)
P
1
(Nov.)
P
(Mar ;
T
[Annual rate, billion dollars (current)
fa
Government purchases of goods and services-
6606?0580540 500 460 42038034fi..
300 -
260. Total, Q
?60 220-
180-
140-
100-
60-
I Annual rate, billion dollars (1972)
340 *
300-
261. Total, Q
260-
180-
140-
100-
263. Federal Government, Q
60
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
J
80 1981
Current data for these series are shown on page 81.
http://fraser.stlouisfed.org/
MAY 1981
Federal Reserve Bank of St. Louis
43
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
Annual rate, billion dollars (current)
400
-
360 «
320
-
280-
252. Exports of goods and services, Q
253. Imports of goods and services, Q
250. Net exports of goods and services, Q
i
?00-
Annual rate, billion dollars (1972)
160-
y_
r
140-
256. Exports of goods and services, Q - » >
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 82.
44
MAV
1OO1
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A6. National Income and Its Components
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Mar.)
T
Annual rale, billion dollars (current)
2400220020001800160014001200-
220. National income, Q
1000900800700600-
280. Compensation of employees, Q
500400300-
286. Corporate profits with inventory vduation and capital consumption adjustments, Q
±
z
z.
20018016014012010090807060-
TEL
50-
288. Net interest, Q
V
40-
capital consumption ^Ijustments, Q
30-
20-
284. Rental income of persons with capital
consumption adjustment, Q
10-
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 82.
http://fraser.stlouisfed.org/
A V Louis
1QR1
Federal Reserve Bank ofMSt.
45
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A7. Saving
;Aug / (Apr )
P
T
(Apr.nFH) )
PI
(Dec
P
| Annual rate, billion dollars (current)"
290. Gross saving (private and government), Q f
*%*/"
298. Govermnent surplus or deficit Q
30•40-
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 82 and 83.
46
MAY 1981
ItCII
OTHER IMPORTANT ECON'VVK, j .
A
NATIONAL INCOME AND PRODUCT—Continued
Chart A8. Shares of GNP and National Income
(Dti
) 'Nov.,'
P
(Nov
f
•
-Mi!
F
[
Percent
[Percent of GNP|
235. Personal consumption expenditures, Q
268. State and loci government purchases
of goods and services, Q
265. Federal Government purchases of goods and services, Q
\
248. Presidential iced investment, Q
249. Residential fixed investment, Q
^ 2 4 7 . Change in business inventories, Q
251. Net exports of goods and services, Q
Percent
[Percent of N a t i o n Income]
64. Compensation of employees, Q
283. Proprietors' income with inventory valuation
and capital connitiption adjustments, Q
1
287. Corporate profits with inventory valuation and
capital consumption a^istments, Q
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 83.
http://fraser.stlouisfed.org/
1981
Federal Reserve Bank of MAY
St. Louis
KCII
47
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
(Nov.)
P
(Dec.) (Nov.)
P
T
(Dec.) (Nov.)
P
T
(Mar.)
T
(Nov.)
P
(Mar.)
T
| Percent changes at annual rate |
310c. Implicit price deflator,
GNP (1-Q span)
310. Implicit price
311c. Fixed-weighted price index, gross business
product (1-Q span)
311. Fixed-weighted price index,
gross business product, Q
Producer prices—
6-month spans |
+ 30-
330c.
A / K 330C.
A
commodities
All commod
20 -
~
/ ~ \ ~
+ 10-
335c. Industrial commodities
+ 30-
r\r
A —
10-
332. Intermediate materials
+ 30-
333c. Capital equipment
+ 20+10-
Finished consumer goods
-1
J-T
A/1969 70
71
72
73
74
75
76
77
78
79
80 1981
1969 70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on pages 84, 85, and 86.
MAY 1981
ItOft
OTHER IMPORTANT ECONOMIC MEASURES
B
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B l . Price Movements—Continued
(Aug.) (Apr.)
P T
(Nov.)
(Dec.) (Nov.)
(Mar.)
C h a r t B 2 . Wages a n d Productivity
340. Average hourly earnings of production workers,
private nonfarm economy (current dollars)1
341. Real average hourly earnings of
346. Real average hourly compensation, all employees,
nonfarm business sector,
8060-
Average
nonfarm
, Q (current dollars)
40-
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
71
72
73
74
75
76
77
78
79
80 1981
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality.
Current data for these series are shown on pages 84, 87, and 88.
FRASER
Digitized for
http://fraser.stlouisfed.org/
Federal Reserve Bank MAY
of St. 1981
Louis
IUII
49
OTHER IMPORTANT ECONOMIC M f c ^ , * ^ 1 ':
B
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B2. Wages and Productivity—Continued
IWages—ConT|
Change in average hourly earnings of production
workers, private nonfarm economy1 —
340c Cwmrt-dollar earnings
6-month spans (arm, rate) |
J f f ^ W ^
t
341c Real earnings J w U & !
Change in average hourly compensation, all employees,
nwifarm business sector, Q—
345c Current-dollar compensation
, 1-quarter spans (ann. rate)
_,•——.»
._/«
,
_ ,
!V
. ^,
i »
^.
^
^
\
*
1-quarter spans (ann. rate)
Negdiated wage and benefit decisions, all industries—
348. First year average changes, Q (arm. rate)-^.
349. Average changes over life of
contract, Q (ann. rate)
358. Output per hour, all persons,
nonfarm business sector, Q
370. Output per hour, all persons,
private business sector, Q
370c Change in output per hour, private business sector, Q
1-quarter spans (ann. rate)
j
VA A i
1956 57
58
59
60
61
62
63
64
65
66
67
68
59
70
71
72
73
74
75
76
77
78
79
80 1981
1
2
Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonally.
One-month percent changes have been multiplied by a constant (12) to make
them comparable to the annualized 6-month changes. See the current data table for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.
FRASER
Digitized for
50
MAY 1981
IN II
OTHER IMPORTANT ECONOMIC MEASURES
ES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart C l . Civilian Labor Force and Major Components
"Apr
T
( A p r >>\ \
PI
HL ) i N o v )
P
T
IN-1,/ ;
(Mir )
P
r
11010510095-
441. Civilian labor force, total (millions)
90-
80 -
44Z Total employed (millions)
7*j »
Labor force participation rates (percent)—
KM I
••-I
Number imemployed (millions)—
37. Total unemployed
444. Males 20 ywrs and over
445. Females 20 years
and over
447. Number unemployed,
(mBons)
448. NtMiiber employed part-time for economic
4-
IT
A
1956 57
58
59
60
\
61
62
63
Current data for these series are shown on page 89.
http://fraser.stlouisfed.org/
Federal Reserve Bank of
St. Louis
MAY
IQfti
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
(Aug.)(Apr.)
P
(Apr.) (Feb.)
T
P
(Dec.) (Nov.)
T
P
(Nov.)
(Mar.)
P
T
T
Annual rate, billion dollars (current)
502. Federal Government expenditures, Q
501. Federal Government receipts, Q
500. Federal Government surplus or deficit, Q
511. State and local government receipts, Q
51Z State and local government expenditures, Q
510. State and local government surplus or deficit Q
1956 57
58
59
60
61
62
63
Current data for these series are shown on page 90.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
(Aug.) (Apr.)
P
(Apr.) (Feb.)
T
P
(Dec.) (Nov.)
T
P
(Nov.)
(Mar.)
P
T
T
1816-
jrf4
1412-
is*~*if:
10-
8-
6-
8-
Defense Department mtfftary prime cot
765»
4-
3-
1009080705050-
40-
30-
8765-
548. Manufactun3R'new orders, defense
4-
3-
2-
lJ
1956 57
58
59
60
61
62
63
Current data for these series are shown on page 90.
http://fraser.stlouisfed.org/
itrn
Federal Reserve
Bank of St. Louis
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
OTHER IMPORTANT ECONOMIC MEASURES
£) I
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
[Intermediate and Final Measures of Defense Activity]
557. Output of defense and space equipment (index: 1967=100)
559. Manufacturers' inventories, defense products (bil. dol.)
561. Manufacturers' unfitted orders, defense products (bil. do!.)
580. Defense Department net outlays, military functions and military
assistance (bil. dol.; MCD moving avg—6-term)
588. Manufacturers'shipments, defense products
(bil. dol.; MCD moving avg.-4-term)
1.958
57
58
59
60
61
82
63
Current data for these series are shown on page 9 1 .
54
66
67
88
69
70
71
72
73
74
7b
76
77
78
79
80 1901
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES-Continued
Chart D2. Defense Indicators—Continued
(Apr.) (Feb !
P T
(Aug.) (Apr >
P
T
(Dec.) f N o v )
P
T
(Nov.:
P
(Mar.:
T
llnteyjediate andfjjjlfrl Measures of Defense Activity-—Con. 1
liti
570. Employment in defense products industries (millions)
Defense Department persocwiei (millions)—
577. Military, active duty
578. Civilian, direct hire employment
[National Defense Pirchasesl
564. Federal Government purchases of goods and services for national
defense, Q (ann. rate, bil. dol.)
565. National defense purchases as a percent of GNP, Q (percent)
1956
57
58
-59
Current data for these series
60
61
62
63
are shown on page 9 1 .
64
h\
<\t-
I./
€ '
72
73
74
75
7$
77
78
79
80
1981
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS
Chart El. Merchandise Trade
(Aug.) (Apr.)
P
(Apr.) (Feb.)
T
P
T
602. Exports, excluding military aid shipments
(bii. dol.; MCD moving avg.-5-term)
j
604. Exports of agricultural products,
t o y (bil. do!.)
' 606. Exports of nonelectrical machinery (bil. dol.).
612. General imports (bil. dol.; MCD moving avg.-4-term)
614. Imports of petroleum and petroleum products (bil. dol.)
i.o-
616. Imports of automobiles and parts (bil. dol.)
0.8"
0.4-
0.2-
1956
57
58
59
Current data for these series
60
61
62
63
are shown on page 92.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Continued
Chart E2. Goods and Services Movements
(Aug.) (Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
400-
[Annual rate, billion dollars
360-
s
Excess of receipts
Excess of
320280240-
200-
15Q.J
Goods and services—
667. Balance on goods and services, Q
Investment income—
1
651. Income on U.S. investments abroad, Q
15-j
10-
5-
— - 6 5 Z Income on foreign investments in the U.S., Q
0-
1956 57
58
59
60
61
62
63
64
NOTE: Annual totals are shown for the period prior to 1960.
Current data for these series are shown on page 93.
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
\Aug.; (An; .
P
T
, Apr ) ( F e b
P
I
:Nov i
F
(Dec } .-Ncv.'
p
I
[index: 1967=lOo]
Industrial production—
721. OECD European countries
1956 57
58
59
Current data for these series
50
61
62
63
are shown on page 94.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
73
79
80 1981
OTHER i(
INTERNATIONAL COMPARISONS—Continued
C h a r t F 3 . S t o c k Prices
Chart F2. Consumer Prices
( D e c ) (Nov.)
(Nov.)
(Mar.
P
[
(Dec.) (Nov.;
P
I
Percent changes at annual rate
(Nov.)
(Mar.)
P
T
6-month spans
Index: 1967=100
Stock prices—
Consumer prices—
19. United States
320c. United States
3,,.
745. West Germany
735c. West Germany
V
;;;733c. Canada
V.W-'-i
70
71
72
73
Current data for these series are shown
74
75
76
on pages 95 and 96.
77
78
79
80
1981
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
A
I
COMPOSITE INDEXES AND THEIR COMPONENTS
H H
Year
and
month
910. Index of
12 leading indicators (series
1, 3, 8, 12, 19,
20, 29, 32, 36,
92, 104, 106)'
920. Index of
4 roughly
coincident indicators (series
41, 47, 51, 57)
930. Index of
6 lagging indicators (series
62, 70, 72,
91, 95, 109)
940. Ratio,
coincident
index to
lagging index1
(1967-100)
(1967-100)
(1967 = 100)
COMPOSITE INDEXES
Leading indicator subgroups
913. Marginal
employment
adjustments
(series 1, 2, 3,
5) 1
914. Capital
investment
commitments
(series 12, 20,
29) *
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
157.4
158.5
158.4
92.0
91.4
92.6
98.5
98.4
98.0
113.9
113.9
115.5
107.4
108.3
0)108.8
93.2
92.2
92.2
148.6
145.6
144.5
915. Inventory
916. Profitinvestment
ability (series
and purchasing
19, 26, 80)x
(series 8, 32, 36,
92)
(1967 = 100)
917. Money
and financial
flows (series
104, 106, 110)x
(1967 = 100)
1979
144.8
144.9
E>146.6
January
February
March
142.6
142.3
143.2
April
May
June
140.3
141.4
141.6
144.1
145.6
145.0
161.8
162.5
163.6
89.1
89.6
88.6
94.6
97.3
96.7
113.6
113.3
113.9
107.8
107.3
106.6
92.3
91.7
91.8
146.1
146.9
148.4
July
August
September
141.2
140.1
140.1
145.4
145.0
144.9
164.8
166.4
170.6
88.2
87.1
84.9
96.4
96.0
96.4
113.6
112.9
114.0
106.1
105.7
104.6
91.7
92.0
91.8
148.6
148.3
146.2
October
November
December
137.8
135.6
135.2
145.1
145.0
145.2
175.9
179.1
177.9
82.5
81.0
81.6
96.6
96.1
96.3
112.7
112.0
112.4
103.3
102.3
102.3
90.8
90.3
90.6
143.9
140.4
138.3
134.7
134.1
131.5
146.1
145.2
143.5
178.4
180.8
190.0
81.9
80.3
75.5
96.3
96.4
94.5
111.6
109.9
107.8
102.7
102.1
101.6
90.9
91.6
89.6
137.2
138.7
136.4
126.2
71.6
75.2
81.1
90.3
88.3
89.6
104.3
103.2
H04.5
100.3
98.8
97.7
88.7
88.5
89.7
r!26.4
r!29.0
1980
January
February
March
April
May
June
r!23.0
r!23.9
140.5
138.0
136.7
July
August
September
r!28.4
r!31.2
rl35.0
136.4
136.9
138.4
163.6
161.7
164.2
83.4
84.7
84.3
92.0
92.8
94.0
rlO6.O
H07.0
rlO8.8
r98.5
99.6
101.7
90.6
91.4
91.5
133.8
H37.7
138.9
October
November
December
rl35.8
r!37.3
r!37.2
140.2
141.4
142.-0
168.3
175.3
190.6
83.3
80.7
74.5
95.0
95.5
96.0
r!07.4
r!08.3
r!08.0
103.4
103.5
rlO3.4
91.7
92.1
r92.4
H39.0
r!39.7
H38.8
r!36.0
135.4
2
137.8
142.9
rl43.0
143.5
r!88.9
H86.0
180.1
75.6
r76.9
r79.7
95.7
r95.0
94.9
rlO6.9
rlO5.5
H06.6
rlO1.7
102.9
r!04.3
r92.9
r92.9
(NA)
H4O.6
H41.2
r!41.5
"143.5
5
P81.0
p94.9
plO6.1
p!05.2
H>196.2
183.5
168.5
131.8
1981
January
February
March
April
May
June
3
138.3
177.2
pUl.O
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Current high values are indicated by |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 listed at the hack
of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
1
The following series reached their high values before 1979: Series 910 (143.6) in October 1978, series 940 (106.6) in March 1977, series 913 (99.1) in December 1978, series 914 (117.2) in October 1978, series 916 (97.2) in August 1977, and series 917 (151.1) in November
1978.
2
Excludes series 12 for which data are not yet available.
3
Excludes series 12 and 36 for which data are not yet available.
''Excludes series 57 for which data are not yet available.
5
Excludes series 70 and 95 for which data are not yet available.
60
MAY 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
Q j
Minor Economic
Process
L, L, L
L, C, L
1. Average
workweek of
production
workers,
manufacturing 1
21. Average
weekly overtime
hours, production workers,
manufacturing1
(Hours)
(Hours)
L, L, L
2. Accession
rate, manufacturing 1
(Per 100 employees)
L, C, L
5. Average
weekly initial
claims, State
unemployment
insurance1 2
(Thous.)
Comprehensive
Employment
Job Vacancies
Marginal Employment Adjustments
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT
L, L, L
3. Layoff rate,
manufacturing1
(Per 100 employees)
L, Lg, U
4. Quit rate,
manufacturing
(Per 100 employees)
L, Lg, U
60. Ratio, helpwanted advertising to persons
unemployed1
(Ratio)
L, Lg, U
U, C, C
in newspapers
48. Employeehours in nonagricultural
establishments
(1967 = 100)
(Ann. rate,
bil. hours)
46. Index of
help-wanted
advertising
1979
January
February
March
40.6
40.6
40.6
3.7
3.7
3.7
4.2
4.1
4.0
344
334
347
0.9
0.9
0.9
2.2
0)2.2
2.1
0.805
0.785
0.780
161
158
156
168.70
168.89
170.04
April
May
June
39.3
40.2
40.1
2.9
3.4
3.3
4.0
4.0
4.0
434
350
375
1.1
1.0
1.2
2.1
2.0
2.0
0.780
0.794
0.796
155
154
153
166.30
169.34
169.88
July
August
September
40.1
40.1
40.1
3.3
3.3
3.2
3.9
3.9
3.9
395
390
387
1.1
1.4
1.2
1.9
2.0
1.9
0.804
0.762
0.793
155
155
159
170.09
170.20
170.57
October
November
December
40.1
40.1
40.2
3.2
3.3
3.2
4.1
4.0
3.9
395
409
407
1.2
1.3
1.2
2.0
2.0
1.9
0.811
0.771
0.755
[H>167
158
159
170.50
170.81
171.34
January
February
March
40.3
40.1
39.8
3.2
3.0
3.1
3.9
3.9
3.6
404
375
440
1.3
1.3
1.5
1.9
1.9
1.9
0.705
0.696
0.660
154
151
145
172.63
172.29
171.28
April
May
June
39.8
39.3
39.1
3.0
2.6
2.4
3.0
3.0
3.3
569
635
617
2.9
3.5
2.9
1.5
1.4
1.4
0,504
0.420
0.438
122
112
115
170.27
169.20
168.12
July
August
September
39.0
39.4
39.6
2.5
2.7
2.7
3.4
3.6
3.8
536
502
501
1.7
1.9
1.5
1.3
1.3
1.3
0.438
0.439
0.466
118
117
122
167.12
168.28
169.12
October
November
December
39.7
39.9
40.1
2.8
2.9
3.1
3.9
3.6
3.6
439
399
394
1.4
1.2
1.1
1.3
1.4
1.5
0.475
0.502
0.497
127
134
130
169.78
170.22
171.22
January
February
March
40.4
r39.8
40.0
3.1
2.9
r2.8
3.5
3.6
3.5
415
402
421
1.3
1.4
1.4
1.5
1.5
1.4
0.486
0.495
pO.483
128
129
pl26
0)173.03
r!71.80
r!72.19
April
May
June
p40.1
P2.9
p3.3
p408
pi.4
pi.3
(NA)
(NA)
p!70.48
1980
1981
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
x
The following series reached their high values before 1979: Series 1 (40.9) in April 1978, series 21 (3.8) in April 1978, series 2 (4.4)
in December 1978, series 5 (323) in October 1978, series 3 (0.8) in September 1978, and series 60 (0.827) in October 1978.
2
Data exclude Puerto Rico, which is included in figures published by the source agency.
MAY 1981
61
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
^ Q
Minor Economic
Process
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT-Continued
Comprehensive Unemployment
Comprehensive Employment—Continued
U, C, C
C, C, C
L, C, U
U, 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, labor
force survey
43. Unemployment rate,
total
45. Average
weekly insured unemployment rate,
State programs5
91. Average
duration of
unemployment
44. Unemployment rate,
persons unemployed 15
weeks and over
(Thous.)
(Thous.)
(Thous.)
(Percent)
(Thous.)
(Percent)
(Percent)
(Weeks)
(Percent)
1979
5.8
5.9
5.8
3.0
3.0
3.0
11.2
11.3
11.7
1.2
1.2
1.3
5,918
5,776
B>5,718
5.8
2.9
2.8
2.8
11.0
10.9
10.5
1.2
1.2
1.1
59.43
59.21
B>59.43
5,738
6,057
5,971
H>5.6
5.9
5.8
H>2.8
2.9
2.9
0)10.3
10.6
10.6
0)1.0
1.1
1.1
26,554
26,504
26,590
59.24
59.21
59.30
6,132
6,104
6,272
5.9
5.9
6.0
3.0
3.1
3.1
10.5
10.6
10.6
1.1
1.2
1.2
91,031
91,186
91,144
E>26,715
26,623
26,476
59.18
59.18
58.99
6,500
6,454
6,543
6.2
6.2
6.3
3.2
3.2
3.4
10.6
10.7
11.0
1.3
1.2
1.3
93,963
93,764
93,548
90,951
90,468
90,047
26,121
25,745
25,422
58.68
58.54
58.26
7,202
7,944
7,811
6.9
7.6
7.5
3.7
4.2
4.6
11.2
10.6
11.7
1.5
1.6
1.7
July
August
September
93,732
93,793
93,781
89,867
90,142
90,384
25,163
25,312
25,476
58.30
58.23
58.27
8,021
7,942
7,800
7.6
7.6
7.4
4.4
4.3
4.3
11.8
12.5
13.0
1.8
2.0
2.2
October
November
December
93,887
93,999
93,888
90,710
90,961
91,125
25,636
25,811
25,892
58.21
58.22
58.11
7,961
7,946
7,785
7.6
7.5
7.4
4.1
3.8
3.5
13.3
13.6
13.5
2.2
2.2
2.3
94,294
94,646
95,136
91,481
r91,652
B)r91,714
26,041
25,987
r26,010
58.30
58.38
58.61
7,847
7,754
7,764
7.4
7.3
7.3
3.4
3.2
3.3
14.4
14.4
14.0
2.2
2.1
2.1
E>95,513
p91,494
p25,831
58.89
7,746
7.3
p3.3
13.7
2.0
January
February
March
92,781
93,088
93,318
88,858
89,109
89,455
26,363
26,377
26,537
59.13
59.27
59.31
5,958
5,993
April
May
June
93,061
93,364
93,562
89,386
89,708
89,909
26,473
26,522
26,557
59.07
59.16
59.24
July
August
September
93,995
93,706
94,189
90,054
90,222
90,283
26,582
26,528
26,554
October
November
December
94,153
94,123
94,458
90,441
90,552
90,678
January
February
March
94,421
94,488
94,291
April
May
June
5,956
5.6
5.6
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
x
Data exclude Puerto Rico, which is included in figures published by the source agency.
62
MAY 1981
ItUft
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
^ 3
Minor Economic
Process
Industrial Production
Comprehensive Output and Income
Timing Class
Year
and
month
PRODUCTION AND INCOME
C, C, C
50. Gross national product
in 1972 dollars
C, C, C
C, C,C
52. Constant
(1972) dollars
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.)
Persona income
223. Current
dollars
(Ann. rate,
bil. dol.)
C, C, C
(Ann. rate,
bil. dol.)
C,C, C
47. Index of
industrial
production,
total
(1967 = 100)
C, C, C
73. Index of
industrial
production,
durable manufactures
(1967 = 100)
C, L, L
74. Index of
industrial
production,
nondurable
manufactures
(1967 = 100)
C,C, C
49. Value of
goods output
in 1972 dollars
(Ann. rate,
bil. dol.)
1979
January
February
March
1,479'.9
1,845.9
1,863.0
1,884.8
1,184.0
1,185.1
1,190.7
1,033.9
1,035.8
1,040.8
251.1
251.3
E>252.6
152,0
152.5
@>153.5
147.0
147.2
B)148.6
161.6
162.9
164.0
681! 8
April
May
June
1,473^4
1,891.9
1,903.4
1,923.5
1,188.4
1,188.1
1,193.2
1,037.1
1,037.5
1,043.3
251.4
249.5
248.2
151.1
152.7
153.0
144.5
147.6
147.6
162.6
163.6
163.7
669 !i
July
August
September
1,488^2
1,954.0
1,974.8
1,987.9
1,202.5
1,206.4
1,203.3
1,045.2
1,048.4
1,046.3
247.3
245.1
244.4
153.0
152.1
152.7
147.2
144.4
145.9
164.8
165.2
165.4
673!6
October
November
December
1,490.6
2,011.3
2,032.7
2,051.8
1,205,8
1,209.9
1,211,9
1,049.0
1,053.6
1,055.3
242.9
241.5
241.7
152.7
152.3
152.5
146.0
145,2
144.8
164.8
165.0
165.3
67^3
January
February
March
1,501.9
2,077.2
2,086.4
2,101.0
1,216.2
1,207.4
1,199.2
1,056.5
1,050.9
1,044.0
240.6
239.2
236.3
152.7
152.6
152.1
144.7
144.1
143.4
166.0
165.9
164.7
682 ! l
April
May
June
1,463^3
2,102.1
2,114.1
2,127.1
1,194.4
1,195.1
1,195.0
1,037.6
1,036.0
1,035.1
231.9
228.2
225.1
148,3
144,0
141.5
138.4
133.3
129.9
161.6
158.0
155,3
658 ! l
July
August
September
1,47K9
2,161.2
2,179.4
2,205.7
1,206.7
1,207.4
1,208.6
1,033.8
1,036.2
1,036.9
224.2
226.2
227.7
140.4
141.8
144,1
128.3
129.4
131.7
154.7
156.9
160.3
657^5
October
November
December
1,485.6
2,234.3
2,257.6
2,276.6
1,216.3
1,221.0
1,222.7
1,045.5
1,051.6
rl,053.7
229.4
231.5
232.1
146.9
149,4
151.0
135.8
139.3
140.6
161.8
163.3
165.0
662^9
H)rl,516.'6
r2,300.7
r2,317.7
r2,337.9
r l ,227.7
rl,231.5
rl,232.4
rl,057.8
rl,062.3
1,062.6
234.9
r232.6
r232.3
151,7
rl51.5
r!52.2
r!41.4
r!40.6
rl42.4
rl65.2
E>rl66.3
H65.6
Dr689.6
[H>p2,351.1
E>pl,237.4
E>pl,066.5
p231.3
pl52.8
pl43.6
p!66.2
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.
http://fraser.stlouisfed.org/
MAY 1981
Federal Reserve Bank
of St. Louis
63
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
Capacity Utilization
Timing Class
Year
and
month
Q [
PRODUCTION AND INCOME—Continued
L, C, U
83. Rate of
capacity
utilization,
manufacturing
(BEA)
(Percent)
82. Rate of
capacity
utilization,
manufacturing
(FRB)
(Percent)
Orders and Deliveries
LC, U
84. Rate of
capacity
utilization,
materials
(Percent)
L, L, L
L, L, L
Value of manufacturers' new
orders, durable goods industries
6. Current
dollars
(Bil. dol.)
L, L, L
L, L, L
25. Change in
unfilled orders,
7. Constant
(1972) dollars
8. New orders
for consumer
goods and
materials in
1972 dollars
(Bil. dol.)
(Bil. dol.)
(Bil. dol.)
durable goods
industries
L, Lg, U
96. Manufacturers' unfilled
orders, durable
goods industries
(Bil. dol.)
L, L, L
32. Vendor
performance,
companies receiving slower
deliveries ®
(Percent
reporting)
1979
January
February
March
E>86!9
H>8o\4
78.68
80.43
81.65
44.23
44.76
i>45.06
E)39.00
38.52
38.73
0)7.10
5.89
234.72
241.82
247.71
77
H>78
85*.9
87*5
75.93
77.04
76.03
41.44
41.73
40.90
36.81
36.90
36.39
4.73
1.52
3.23
252.43
253.96
257.19
76
76
70
85'.3
87^2
74.58
74.76
77.65
39.82
39.81
40.82
35.92
35.39
35.86
0.71
0.40
3.45
257.90
258.30
261.74
60
55
51
84*4
86*3
76.52
75.90
77.20
39.63
39.06
39.49
35.55
34.30
34.15
0.98
2.15
3.01
262.72
264.87
267.88
50
47
49
83.4
85.5
81.47
81.02
77.55
40.69
40.05
38.35
36.16
36.09
33.62
3.52
1.86
1.62
271.40
273.26
274.88
48
42
45
77^9
78.* 7
72.42
67,33
66.45
35.69
33.07
32.32
30.41
28.99
29.03
0.21
-2.12
-2.60
275.10
272,98
270.38
4Q
32
28
75^7
7^9
74.23
72,23
78.96
35.77
34.58
37.58
31.67
31.62
33.09
1.68
0.17
2.39
272.06
272.23
274.62
32
34
39
79.2
80.0
80,69
81.05
82.65
37.96
37.94
r38.37
34.93
33.97
r33.98
1.19
1.31
2.62
275.81
277.12
279.75
44
45
47
r79.9
r81.6
81.34
82.21
E>r84.21
37.74
38.01
r38.75
32.62
34.38
r34.07
1.08
1.13
r2.16
280.82
281.95
r284.ll
46
50
52
p83.85
p38.23
p34.41
p i . 29
E>P285.4O
56
0>*84
April
May
June
*83
July
August
September
October
November
December
*82
*81
5.91
69
1980
January
February .
March
April
May
June
*80
*76
July
August
September
'76
October
November
December
p78
1981
January
February
March
(NA)
April
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
64
MAY 19R1
ItUfc
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS . .
Q H
Minor Economic
Process
Timing Class
C, C, C
C, C, C
56. Current
dollars
(Mil. dol.)
57. Constant
(1972) dollars
(Mil. dol.)
C, L, C
75. Index of industrial production, consumer
goods
(1967 = 100)
C, L, U
U, L, U
Sales of retail stores
54. Current
dollars
(Mil. dol.)
FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and Trade
Manufacturing and trade sales
Year
and
month
• I
l i l
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued
59. Constant
(1972) dollars
(Mil. dol.)
L, C, C
L, L, L
L, L, L
55. Personal
consumption
expenditures,
automobiles
58. Index of
consumer,
sentimentl ®
12. Index of
net business
formation *
(Ann. rate,
bil. dol.)
(1st Q
1966 = 100)
(1967 = 100)
L, L, L
13. Number of
new business
incorporations
(Number)
1979
January
February
March
274,091
274,844
283,741
160,037
158,967
0)162,650
April
May
June
276,406
286,413
283,772
July
August
September
October
November
December
151.3
151.8
45,421
45,152
45,312
69.2
D153.4
71,402
71,702
72,590
72.1
73.9
68.4
131.3
132.1
132.5
42,410
42,302
42,761
157,009
160,851
158,198
149.3
152.2
152.1
72,610
73,198
73,496
44,960
44,990
44,787
62*.9
66.0
68.1
65.8
130.9
130.5
130.9
43,034
43,895
43,044
289,994
293,167
296,761
159,890
160,066
160,125
151.2
148.7
150.0
74,211
75,623
76,815
44,922
45,501
(H>45,778
6EL0
60.4
64.5
66.7
131.8
130.3
132.5
44,655
42,911
44,687
298,452
298,949
302,117
159,305
157,932
158,464
150.0
149.1
148.6
76,428
76,946
77,475
45,144
45,077
45,017
64.2.
62.1
63.3
61.0
131.9
131.4
133.9
46,478
44,811
43,579
312,458
315,394
147.9
148.4
148.6
79,561
78,899
77,603
45,751
44,931
43,524
7ll6
67.0
66.9
56.5
131.0
129.8
125.8
44,447
44,583
42,615
1980
January
February
March
r310,300
161,386
158,817
154,642
April
May
June
294,998
292,478
294,203
149,415
147,355
147,687
145.3
142.4
142.1
76,404
75,975
77,843
42,660
42,279
43,007
5CL7
52.7
51.7
58.7
120.5
117.8
114.8
42,461
41,974
39,746
July
August
September
304,154
308,019
318,321
150,468
149,586
153,574
142.0
142.7
144.3
79,491
79,829
80,620
43,700
43,433
43,251
58*. 7
62.3
67.3
73.7
115.3
117.7
120.6
44,058
43,266
46,488
October
November
December
325,838
328,983
339,357
155,507
155,676
156,123
146.6
148.0
147.7
81,552
82,764
83,443
43,518
43,907
r43,917
66 * 1
75.0
76.7
64.5
119.6
119.2
121.3
47,225
46,888
H>48,297
345,578
E)r346,446
p345,882
157,415
rl56,969
pl59,150
147.2
H47.0
rl48.5
85,463
r86,810
E>r87,174
44,768
r45,166
r45,005
H)r74."8
71.4
66.9
66.5
rl!8.1
ell6.9
(NA)
r45,820
(NA)
(NA)
(NA)
p!49.7
p86,309
p44,558
1981
January
February
March
April
May
June
72.4
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
1
Series 58 reached its high value (89.1) in 2d quarter 1977; series 12 reached its high value (134.8) in October 1978.
http://fraser.stlouisfed.org/
1981
Federal ReserveMAY
Bank
of St. Louis
65
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Timing Class
Business Investment Commitments
L, L, L
L, L, L
Contracts and orders for plant
and equipment
Year
and
month
FIXED CAPITAL INVESTMENT—Continued
20. Constant
(1972) dollars
10. Current
dollars
(Bil. dol.)
(Bil. dol.)
L, L, L
Value of manufacturers' new orders,
capital goods industries, nondefense
24. Current
dollars
(Bil. dol.)
27. Constant
(1972) dollars
(Bil. dol.)
U, Lg, U
L, C, U
L, L, L
9. Construction contracts for commercial and industrial buildings1
Square feet of
floor space
(Millions)
Square meters of
floor space2
(Millions)
C, Lg, Lg
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations
(Bil. dol.)
97. Backlog of
capital appropriations, 1,000
manufacturing
corporations
(Bil. dol.)
1979
January
February
March
0)14.60
85.78
H)1O4.38
94.15
7.97
0)9.70
8.75
2l!61
20.60
21.13
21,70
12.24
12,34
12.78
96.06
89.32
86.61
8.92
8.30
8.05
2K20
14.55
13.38
13.69
21.23
21.08
21,58
12,20
12.00
12,21
92.79
84.75
91.05
8.62
7.87
8.46
22 '.69
24.14
27.42
27.50
13.52
15.49
15.34
21.07
21.75
22,28
12,01
12.73
12.81
95.23
81.97
84.18
8.85
7.62
7.82
23!28
27.30
23.71
26.13
14.98
13.07
14.01
23.86
21.48
22.59
13,34
12.02
12.35
94.57
84.27
80.55
8.79
7.83
7.48
29! 50
r24.14
21.18
22.92
H2.95
11.52
12.60
22.16
19.59
19.95
12,02
10.79
11.26
73.39
67.09
71.39
6.82
6.23
6.63
25!86
July
August
September
24.86
23.96
23.87
13.71
12.58
12.89
21,61
19.37
20.86
12.24
10.50
11.53
71.40
68.63
68.47
6.63
6.38
6.36
24.29
October
November
December
23.82
27.47
26.60
12.37
14.48
13.88
20.62
21.85
21.67
10.92
11.95
11.67
72.12
86.15
97.45
6.70
8.00
9.05
r25.81
January
February
March
27.39
23.74
r28.04
14.17
12.34
r!4,24
R24.51
20.59
r23.79
12.89
10.95
H2.37
78.70
84.41
90.00
7.31
7.84
8.36
B)P29.88
April
May
June
p25.72
p!2,96
p22.61
pi 1,59
77.53
7.20
26.16
25.48
0)28.10
15.40
15.17
R 16.99
21.23
22.48
23.60
April
May
June
25.36
22.67
24.66
14.76
13.14
14.32
July
August
September
25.82
23.83
24.52
October
November
December
12.72
13.56
67! 63
69^95
73^45
76! 66
1980
January
February
March
April
May
June
84! 09
87'.94
89.72
r91.87
1981
[H)P96.48
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems
Company, F.W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.
66
MAY 1981
IU
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
FIXED CAPITAL INVESTMENT-Continued
Minor Economic
Process
Timing Class . . .
Year
and
month
Residential Construction
Commitments and Investment
Business Investment Expenditures
C, Lg, Lg
C, Lg, U
61. Business
expenditures
for new plant
and equipment,
total
69. Machinery
and equipment
sales and business
construction
expenditures
76. Index of
industrial production, business
equipment
(Ann. rate,
bit. dol.)
(Ann. rate,
bil. dol.)
C Lg, Lg
(1967 = 100)
C, Lg, C
Lg, Lg, Lg
C Lg, C
Nonresidentia 1 fixed investment ir 1972 dollars
86. Total
(Ann. rate,
bil. dol.)
87. Structures
(Ann. rate,
bil. dol.)
88. Producers'
durable equipment
(Ann. rate,
bil. dol.)
L, L, L
28. New
private housing
units started,
total1
(Ann. rate,
thous.)
L, L, L
29. Index of
new private
housing units
authorized by
local building
permits1
(1967 = 100)
L, L, L
89. Residential
fixed investment, total, in
1972 dollars1
(Ann. rate,
bil. dol.)
Revised 2
1979
January
February
March
255.55
256.93
256.86
268.78
168.2
169.3
171.0
161 .*4
4^8
115.6
1,672
1,444
1,817
118.0
120.5
138.9
60.8
April
May
June
265^24
261.20
268.02
265.92
168.7
171.2
171.2
161! 3
48 ."6
113.2
1,760
1,867
1,891
129.0
136.0
132.5
5911
July
August
September
273.15
274.41
278.61
280.10
171.3
171.6
173.4
E>166*.4
49*.4
0>117.'6
1,758
rl,777
1,844
123.9
128.5
132.3
58^6
October
November
December
284.'30
285.29
279.46
287.54
172.3
172.6
174.1
164". 1
D5CL7
n 3." 5
1,697
1,502
1,563
119.6
103.1
101.3
58.'1
January .
February
March
291.'89
297.92
303.20
300.05
174.9
176.0
176.1
165!o
50.' 5
114^5
1,389
1,273
1,040
105.2
96.6
80.6
54.2
April
May
June
294.'36
291.99
293.49
292.17
174.2
171.9
169.8
156.'l
48! 7
10714
1,044
938
1,184
66.6
69.8
88.4
43! 1
July
August
September
296.23
r293.85
285.47
303.11
170.1
170.3
170.5
155.5
46^8
108." 8
1,277
1,411
1,482
99.5
109.5
122.6
44.'7
October
November
December
E>299.58
303.52
304.58
306.74
172.3
174.5
177.8
157.0
47.8
109.3
1,519
1,550
1,535
109.1
110.3
100.9
50.6
January
February
March
a3TO.'l6
318.05
r311.55
[H>p323.23
r!78.9
rl78.2
H80.4
r!62.0
r49*.4
r!12.7
1,660
rl,215
r l ,289
98.1
94.1
93.1
r50.8
April
May
June
(NA)
H>Pl82.6
p i , 343
95.4
a317.29
1980
1981
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
x
The following series reached their high values before 1979: Series 28 (2,197) in April 1978, series 29 (160.2) in June 1978, and series
89 (63.3) in 2d quarter 1978.
2
See "New Features and Changes for This Issue," page iii.
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
•
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Inventory Investment
Timing Class
Year
and
month
INVENTORIES ANC INVENTORY INVESTMENT
L, L, L
L, L, L
30. Change in
business inventories in 1972
dollars
36. Change in inventories on
hand and on order, 1972 dollars
(Ann. rate,
bil. dol.)
Monthly
data1
(Ann. rate,
bil. dol.)
Inventories on Hand and on Order
L, L, L
Smoothed
data1 2
31. Change
in book value
of mfg. and
trade inventories, total
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
L, L, L
38. Change
in stocks of
materials and
supplies on
hand and on
order, mfg.
(Bil dol.)
Lg, Lg, Lg
Lg, Lg, Lg
Manufacturing and trade
inventories
71. Current
dollars
(Bil dol.)
70. Constant
(1972) dollars
(Bil dol.)
Lg, Lg, Lg
Lg, Lg, Lg
65. Manufacturers' inventories of
finished
goods, book
value
77. Ratio,
constantdollar inventories to
sales, mfg.
and trade
78. Stocks of
materials and
supplies on
hand and on
order, mfg.
(Bil dol.)
(Ratio)
(Bil dol.)
L, Lg, Lg
1979
15*. 4
32.51
18.43
16.04
20.32
23.34
22.92
56.8
47.2
39.8
E>5.09
3.70
2.98
385.38
389.31
392.63
259.85
260.51
261.52
64.70
65.51
65.88
1.62
1.64
1.61
173.60
177.30
180.29
E>18'.4
25.91
-3.61
17.57
21.23
16.45
13.04
68.1
43.7
57.3
4.33
0.52
2.59
398.31
401.94
406.72
262.97
263.77
265.08
67.08
67.22
68.08
1.67
1.64
1.68
184.62
185.14
187.73
July
August
September
7*6
16.84
0.37
-15.23
11.78
10.93
6.13
E)82.3
42.6
16.0
1.24
2.21
1.74
413.58
417.13
418.46
267.21
E>267.56
266.29
68.62
68.95
69.87
1.67
1.67
1.66
188.97
191.18
192.93
October
November
December
-0.7
-1.00
-13.30
-18.31
-2.31
-7.57
-10.36
51.0
38.9
10.1
2.24
2.52
1.51
422.71
425.95
426.80
267.02
266.63
265.44
69.75
69.94
70.53
1.68
1.69
1.68
195.16
197.69
199.20
-0.9
-17.33
-15.35
4.90
-13.59
-16.66
-13.13
55.5
44.8
47.5
2.48
2.54
1.21
431.42
439.70
r442.96
264.77
264.14
264.60
71.78
72.76
73.94
1.64
1.66
1.71
201.67
204.22
0)205.43
K3
-4.54
-27.35
-24.61
-7.13
-7.00
-13.92
72.7
7.6
14.8
-0.36
-2.85
-2.32
445.17
445.80
447.03
266.02
265.24
264.73
75.76
76.21
76.61
1.78
H>1.80
1.79
205.07
202.22
199.90
July
August
September
-5*.b
-3.30
-6.23
-1.56
-18.63
-14.90
-7.54
29.7
29.3
31.4
1.37
-1.50
0.87
449.51
451.95
454.57
264.79
264.39
264.24
77.00
77.19
76.76
1.76
1.77
1.72
201.27
199.76
200.63
October
November
December
-7.2
7.45
-3.96
r-12.14
-1.90
0.26
r-1.12
23.6
17.4
-14.6
1.44
0.85
1.35
456.53
457.99
461.72
264.33
264.10
262.97
76.43
76.81
75.58
1.70
1.70
1.68
202.07
202.92
204.27
r-12.58
r6.56
p-4.36
r-6.22
r-7.81
p-4.76
40.7
r68.4
p!2.5
0.11
0.89
p0.14
465.11
r470.80
B)p471.84
r262.85
r262.98
p262.51
75.38
76.62
E>78.57
1.67
1.68
p i . 65
204.38
205.26
p205.41
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
January
February
March
April
May
June
1980
January
February
March
April
May
June
1981
January
February
March
April
May
June
r-2.*3
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
'Series 36 (monthly) reached its high value (37.30) in March 1978; series 36 (smoothed) reached its high value (26.33) in May 1978.
2
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
MAY 1981
IU II
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC
PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Sensitive Commodity Prices
Timing Class
L,
92. Change in sensitive crude
materials prices
Year
and
month
Smoothed
data2
Monthly
data
(Percent)
Stock
Prices
U, L, L
L,L
(Percent)
PRICES, COSTS, AND PROFITS
23. Index of
spot market
prices, raw
industrials ®
(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,
bil. dol.)
18. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
L, C, L
L, C, L
Corporate profits after taxes
with IVA and CCAdj'
79. Current
dollars
(Ann. rate,
bil. dol.)
80. Constant
(1972) dollars3
(Ann. rate,
bil. dol.)
L, L, L
22. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)
1979
January
February
March
0.62
3.07
2.98
1.11
1.23
1.87
258.3
273.5
288.5
99.71
98.23
100.11
164'.6
ioi 16
[H>n 3*4
70." 1
B>ii.*9
April
May
June
0.88
2.67
3.25
2.27
2.24
2.22
294.5
293.8
293.9
102.07
99.73
101.73
164.6
98^9
11CL2
66.9
11.5
July
August
September
1.18
0.38
3.39
2.32
1.98
1.63
297.3
298.1
297.3
102.71
107.36
108.60
173*.6
IOI.'S
ni!i
65^7
ii'i
October
November
December
2.79
1.98
2.11
1.92
2.45
2.51
307.7
304.0
309.6
104.47
103.66
107.78
168*.2
96.7
102^2
59.4
11 J
January
February
March
2.99
2.43
-1.22
2.33
2.44
1.96
316.2
H>322.5
316.9
110.87
115.34
104.69
H>102#.6
106*6
60.'1
11.*5
April
May
June
0.26
-0.09
0.02
0.94
0.07
-0.14
301.9
278.5
267.5
102.97
107.69
114.55
146\5
80.'3
97.8
54J
9*4
July
August
September
2.26
2.35
1.98
0.40
1.14
1.87
277.6
292.1
oqp q
119.83
123.50
159.1
85^5
99^4
54. 6
IO.'O
October
November
December
2.60
2.45
rl.56
2.25
2.33
r2.27
300.8
304.7
298.4
130.22
0)135.65
133.48
164.3
86.6
98.1
52.2
10.3
r-2.78
[©12.87
-0.50
rl.31
r2.15
r3.54
291.6
284.2
289.8
132.97
128.40
133.19
p i 68.'$
p87.*4
pll2*2
p58.*6
plO.'l
H>3.89
293.0
"290.1
1980
(H>182*. 9
1 C\J . 0 I
1981
January
February
March
April
May
June
1.40
5
134.43
131.11
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
2
^VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
Series is a weighted 4-term moving average (with weights
3
1,2,2,1) placed on the terminal month of the span.
Series 80 reached its high value (71.0) in 3d quarter 1977.
^Average for May 5, 12,
5
and 19.
Average for May 6, 13, and 20.
MAY 1981
69
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
H 9
Minor Economic
Process
Timing Class
Year
and
month
PRICES, COSTS, AND PROFITS-Continued
U, L, L
81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income 12
(Percent)
Unit Labor Costs and Labor Share
Cash Flows
Profits and Profit Margins—Continued
L, L, L
L, L, L
15. Profits (after
taxes) per dollar
of sales, all
manufacturing
corporations
26. Ratio, price
to unit labor
cost, nonfarm
business sector2
(Cents)
(1977 = 100)
L, L, L
L,L, L
Net cash flow, corporate
34. Current
dollars
(Ann. rate,
bil. dol.)
35. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
Lg, Lg, Lg
U, Lg. Lg
63. Index of
unit labor cost,
private business
sector
68. Labor cost
per unit of real
gross domestic
product, nonfinancial
corporations
(1977 = 100)
(Dollars)
Lg, Lg, Lg
62. Index of
labor cost per
unit of output,
manufacturing
(1967 = 100)
Lg, Lg, Lg
64. Compensation of employees as a percent
of national
income
(Percent)
1979
"ill
1.052
170.2
171.6
171.7
74*1
147^4
118*5
1.079
176.4
173.9
174.6
74*5
266.'1
152*5
121*4
1.104
175.7
177.3
177.7
74^3
96^2
262*9
148.*6
124.'2
1.135
178.9
180.0
181.7
74*7
96.' 5
0)280.7
127.0
1.158
182.9
184.9
186.8
74^6
95.8
246*1
132.2
131 .*3
1.193
190.5
194.8
198.6
0)75'.8
4*.6
96*5
262^9
1 38^6
133.9
1.203
200.6
201.4
200.6
75*3
5.*3
4.9
96.*4
272.0
141.1
137.0
1.230
199.9
200.0
200.3
75.*4
p6.0
(NA)
p96.*6
p279.3
P143.1
i ) pi 39.*5
H>pl.246
202.8
r204.2
r204.3
p75.2
January
February
March
7.5
H>5*.9
97*6
247.4
147^9
April
May
June
6.9
5*6
97.6
252.6
5*8
96^6
5*.7
s'.i
5^5
5^6
July
August
September
October
November
December
!:!
1980
January
February
March
April
May
June
!:'
July
August
September
October
November
December
!:*
1981
January
February
March
April
May
June
H)p204.8
July
August
September
October
November
December . . . .
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
eries 81 r e a ^ ^ r ^ " * d j u s t m e n t ; C C A d J- " P i ^ l consumption adjustment.
er l e S 81 reached I t s hxgh value (8.8) in 3d quarter 1977; series 26 reached its high vaiue (100.7) in 3d quarter 1975.
70
•M-lfc
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
MONEY AND CREDIT
Money
Timing Class
L, L, L
85. Change in
money supply
(Ml-B)
Year
and
month
L, C, U
102. Change
in money
supply (M2)1
L, L, L
(Percent)
1979
(3)
(Percent)
(3)
L, L, L
104. Change in total liquid assets
Smoothed
data2
Monthly
data
(Percent)
(3)
Credit Flows
Velocity of Money
105. Money
supply (Ml-B)
in 1972
dollars1
L, L, L
106. Money
supply (M2)
in 1972
dollars1
(Percent)
(Bil. dol.)
(Bil. dol.)
(3)
(3)
(3)
C, C, C
107. Ratio,
gross national
product to
money supply
(Ml-B)
(Ratio)
(3)
C, Lg, C
L, L, L
108. Ratio,
personal income
to money supply
(M2)
33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies
(Ann. rate,
bil. dol.)
(Ratio)
(3)
0.06
0.19
0.89
0.41
0.46
0.91
0.60
0.81
1.18
1.02
0.92
0.85
219.7
217.9
217.8
858.1
853.3
853.2
6.469
1.312
1.318
1.321
100.76
82.08
88.07
1.57
-0.14
1.30
1.02
0.58
1.13
1.14
1.06
1.43
0.95
1.09
853.8
850.0
850.8
6.397
0)1.17
219.1
216.6
217.2
1.313
1.313
1.312
75.10
91.80
94.58
July
August
September
0.94
0.66
0.60
0.85
0.91
0.74
0.74
0.89
216.7
215.9
214.6
848.3
847.0
843.4
1.322
Rl.43
1.14
1.05
1.02
6.430
1.324
1.323
97.24
83.89
87.31
October
November
December
0.16
0.37
0.62
0.49
0.44
0.59
0.44
0.27
0.69
0.97
0.82
0.59
212.7
211.1
210.0
838.5
833.0
828.1
6.487
1.332
1.340
1.345
0)103.58
77.04
51.55
January
February
March
0.36
rl.06
r-0.10
0.57
rl.02
r0.37
0.66
r l .13
r0.49
0.51
0.67
0.80
r207.9
r207.4
r204.4
r821.7
r819.6
r811.7
r6.579
1.353
rl.345
rl.35O
87.48
67.45
69.22
April
May
June
r-1.40
rO.10
rl.06
r-0.35
rO.97
rl.37
r0.34
r0.62
rO.71
0.76
rO.57
r0.52
199.7
H98.3
H98.5
r801.8
r802.6
805.7
r6.609
rl.355
rl.35O
1.340
50.04
16.75
8.11
r l .13
January
February
March
April
May
June
1980
July
August
September
0)rl.8O
rl .12
rl.61
rl.22
rO.71
rO.79
r l .12
r0.69
0.63
rO.79
r0.87
200.5
202.6
r202.7
r818.0
r821.6
818.9
r6.567
1.340
1.335
1.341
43.40
65.93
75.84
October
November
December
r l .13
r0.75
r-0.82
rO.57
r0.82
rO.10
rO.71
rl.28
rO.79
r0.85
r0.87
r0.91
r202.9
r202.2
rl98.6
r815.1
r812.8
r805.7
r6.620
rl.351
rl.354
rl.364
95.80
77.17
r72.73
January
February
March
r l .14
rO.72
rO.93
r0.78
r0.81
rl.26
rl.39
r0.96
re0.77
rl.04
rl.10
rel.04
199.4
rl99.0
rl99.6
r806.1
r805.0
r810.2
[H)r6.8fJ6
E>rl.368
rl.367
1.362
r53.32
r62.82
p43.74
April
May
June
pi.56
4
n 77
u. / /
pO.98
e0.82
e0.94
p201.8
p814.8
pi.356
(NA)
1981
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
x
The following series reached their high values before 1979: Series 102 (1.64) in June 1975, series 105 (224.3) in January 1978, and series 106 (868.6) in January 1978. 2Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the
3
span.
See "New Features and Changes for This Issue," page iii.
"Average for weeks ended May 6 and 13.
http://fraser.stlouisfed.org/
MAYof 1981
Federal Reserve Bank
St. Louis
71
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
I l l
Minor Economic
Process
Timing Class
Year
and
month
Credit Difficulties
Credit Flows—Continued
L, L, L
112. Net change
in bank loans
to businesses
(Ann. rate,
bil. dol.)
L, L, L
113. Net
change in
consumer installment
credit *
(Ann. rate,
bil. dol.)
MONEY AND CREOIT-Continued
L, L, L
110. Total
private
borrowing
(Ann. rate,
mil. dol.)
L, L, L
14. Current
liabilities
of business
failures * ©
(Mil. dol.)
Bank Reserves
L, L, L
39. Delinquency
rate, 30 days
and over, consumer installment loans
(Percent)
Interest Rates
L, U, U
L, Lg, U
L, Lg, Lg
93. Free
reserves ®
94. Member
bank borrowing from the
Federal
Reserve @
119. Federal
funds rate ©
(Mil. dol.)
(Mil. dol.)
(Percent)
C, Lg, Lg
114. Treasury
bill rate ®
(Percent)
1979
January
February
March
39.31
33.07
5.76
50.57
50.64
40.20
182.22
177.09
187.76
H>2.12
347,904
2.31
2.33
-692
-764
-742
994
973
999
10.07
10.06
10.09
9.35
9.27
9.46
April
May
June
39.62
31.99
23.23
45.71
37.99
31.33
355,864
242.76
200.45
273.17
2.43
2.37
2.45
-899
-1,490
-1,175
897
1,777
1,396
10.01
10.24
10.29
9.49
9.58
9.05
July
August
September
40.55
30.54
43.36
33.79
32.77
48.10
G>414,4o6
212.20
287.44
186.20
2.45
2.47
2.59
-989
-904
-1,339
1,179
1,097
1,344
10.47
10.94
11.43
9.26
9.45
10.18
October
November
December
3.72
-21.10
4.55
36.40
32.33
24.40
309,748
395.75
184.31
138.02
2.45
2.50
2.64
-1,750
-1,751
-1,079
2,022
1,906
1,473
13.77
13.18
13.78
11.47
11.87
12.07
E)55.48
35.83
-1.52
32.72
28.84
7.85
347,304
243.15
190.79
274.24
2.37
2.32
2.53
-999
-1,465
(H>-2,638
1,241
1,655
[H>2,824
13.82
14.13
17.19
12.04
12.81
15.53
2.47
-38.96
2.14
-20.05
-32.12
-24.54
165,712
428.15
381.15
436.68
2.53
2.64
2.74
-2,261
-835
-169
2,455
1,018
380
17.61
10.98
9.47
14.00
9.15
7.00
July
August
September
13.06
30.23
29.86
-14.39
5.87
12.66
282,744
445.69
345.41
1,002.94
2.77
2.94
2.70
-111
-357
-1,055
395
659
1,311
9.03
9.61
10.87
8.13
9.26
10.32
October
November
December
29.81
35.66
41.15
8.42
10.07
19.43
p340,720
359.24
239.34
288.30
2.53
2.66
2.57
p-1,018
p-1,201
p-1,587
pi,335
p2,156
pi,617
12.81
15.85
18.90
11.58
13.89
rO.66
r-13.10
r-46.48
10.43
23.95
37.30
(NA)
421.36
(NA)
2.42
2.51
2.53
p-916
p-1,076
p-624
pi,405
pi,278
pi,004
(H)19.O8
15.93
P53.46
2
54.46
(NA)
(NA)
p-1,317
3
-l,808
p i , 343
3
2,060
1980
January
February
March
April
May
June
1)15.66
1981
Jar .ary
Fe' ruary
M. h
1
Apr,
May
June
14.70
14.72
14.90
13.48
15.72
18.67
13.63
"16.30
3
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 32, 33, and 34.
Series 113 reached its high value (51.37) in June 1978; series 14 reached its high value (96.99) in September 1977.
2
Average for weeks ended May 6 and 13.
3
Average for weeks ended May 6, 13, and 20.
"•Average for weeks ended May 7, 14, 21, and 28.
72
MAY 1981
ItCII
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
WM
PROCESS
MONEY AND CREDIT—Continued
Minor Economic
Outstanding Debt
Interest Rates—Continued
Process
Timing Class
Lg, Lg, Lg
116. Corporate
bond yields ©
C Lg, Lg
U, Lg, Lg
115. Treasury
bond yields ©
117. Municipal
bond yields ©
Year
and
month
(Percent)
(Percent)
Lg, Lg, Lg
Lg, Lg, Lg
(Percent)
118. Secondary
market yields
onFHA
mortgages ©
67. Bank rates
on short-term
business loans
(Percent)
(Percent)
®
Lg, Lg, Lg
Lg, Lg, Lg
109. Average
prime rate
charged by
banks ©
66. Consumer
installment
credit
(Percent)
(Mil. dol.)
Lg, Lg, Lg
Lg, Lg, Lg
72. Commercial
and industrial
loans outstanding, weekly
reporting large
commercial
banks
(Mil. dol.)
95. Ratio,
consumer installment credit
to personal
income
(Percent)
1979
January
February
March
9.47
9.52
9.65
8.43
8.43
8.45
6.47
6.31
6.33
10.24
10.24
10.26
12'.27
11.75
11.75
11.75
269,107
273,327
276,677
134,984
137,740
138,220
14.58
14.67
14.68
April
May
June
9.69
9.82
9.51
8.44
8.55
8.32
6.29
6.25
6.13
(NA)
10.61
10.49
12^34
11.75
11.75
11.65
280,486
283,652
286,263
141,522
144,188
146,124
14.83
0)14.90
14.88
July . .
August
September
9.47
9.57
9.87
8.35
8.42
8.68
6.13
6.20
6.52
10.46
10.58
11.37
11.54
11.91
12.90
289,079
291,810
295,818
149,503
152,048
155,661
14,79
14.78
14.88
October
November
December
11.17
11.52
11.30
9.44
9.80
9.58
7.08
7.30
7.22
(NA)
12.41
12.24
14.39
15.55
15.30
298,851
301,545
303,578
155,971
154,213
154,592
14,86
14.83
14.80
January
February
March
11.65
13.23
Id Oft
10.03
11.55
7.35
8.16
12.60
(NA)
15.25
15.63
306,305
308,708
11
Q
./. i /
17
1A CO
IH.DO
no on
159,215
162,201
Ifi? D7d
1 DC,U/t
14.75
14.80
Id
7?
IH./t
April
May
June
13.36
11.61
11.12
10.83
9.82
9.40
8.63
7.59
7.63
13.45
11.99
11.85
19.77
16.57
12.63
307,691
305,014
Qn? QfiQ
162,280
159,033
159,211
14.64
14.43
14.24
July
August
September
11.48
12.31
12.74
9.83
10.53
10.94
8.13
8.67
8.94
12.39
13.54
14.26
11.56
11.48
11.12
12.23
301,770
302,259
303,314
160,299
162,818
165,306
13.96
13.87
13,75
October
November
December
13.17
14.10
14.38
11.20
11.83
11.89
9.11
9.56
10.20
14.38
14.47
14.08
15!71
13.79
16.06
304,016
304,855
306,474
167,790
170,762
174,191
13.61
13.50
13.46
14.01
14.60
14.49
11.65
12.23
12.15
9.68
10.10
10.16
14.23
14.79
15.04
H>19.*91
20.16
19.43
18.05
307,343
309,339
0)rl74,246
H73J54
169,281
13.36
13.35
p!3.36
0)15.00
M5.79
0)12.62
M3.02
0)10.62
2
10.82
0)15.91
p!73,736
11
178,274
(NA)
15*81
1980
1 t . UO
9.7
1 1 . O/
15^67
I O. J 1
17^75
0)20.35
OUt. ,
JVJ
1981
January
February
March
April
May
June
3
17.15
19.23
0)312,447
(NA)
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1
Average
Average
3
Average
Average
Digitized for AFRASER
2
for
for
for
for
weeks
weeks
May 1
weeks
ended May 1, 8, 15, and 22.
ended May 7, 14, and 21.
through 22.
ended May 6 and 13.
http://fraser.stlouisfed.org/
MAY
Federal Reserve Bank
of 1981
St. Louis
73
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE
Q [
Year
and
month
950. Twelve leading
indicator components
(series 1, 3, 8, 12, 19,
20, 29, 32, 36, 92, 104,
106)
DIFFUSION INDEXES
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 (20
industries)
962. Initial claims for
State unemployment
insurance, week including the 12th
(51 areas)
963. Number of employees on private
nonagricultural payrolls
(172 industries)
9-month
span
1-month
span
9-month
span
1-month
span
6-month
span
52.5
37.5
67,5
15.0
10.0
15.0
11,8
72.5
68,6
46.1
27.5
25.5
66,9
66.3
62.2
74,7
71.8
64.0
83.3
100.0
100.0
0.0
92.5
32.5
17.5
30.0
17.5
7.8
66.7
66.7
56.9
49.0
31.4
49.7
58.1
57.8
60.5
53.8
51.5
66.7
83.3
75.0
100.0
83.3
75.0
75.0
45.0
72.5
32.5
25.0
90,0
37,3
54.9
86.3
21.6
23.5
47.1
57.0
54.4
52.9
58.1
55.5
55.2
75.0
75.0
25.0
83.3
41.7
50.0
50,0
66.7
50.0
37.5
57.5
65.0
45,0
32.5
27.5
8.8
53.9
68,6
35,3
33.3
5.9
65.1
55.2
53.5
59.3
63.1
56.4
0.0
25.0
0.0
0.0
41.7
66.7
50.0
50.0
58.3
33.3
75.0
10.0
0.0
17.5
2.5
5,0
23.5
60.8
46.1
2.0
2.0
9.8
60.2
54.9
45.9
45.3
36.9
32.3
16.7
41.7
45.8
0.0
0.0
25.0
0.0
0.0
0.0
66.7
33.3
33.3
41.7
50.0
33.3
55.0
17.5
17.5
12.5
5.0
10.0
3.9
33.3
70.6
19.6
3.9
7.8
34.6
28.8
30.2
24.7
26.7
25.6
75.0
100.0
r95.8
25.0
75.0
100.0
50.0
100.0
100.0
41.7
33.3
33.3
33.3
33.3
50.0
32.5
87.5
65,0
35.0
70.0
85.0
62.7
84.3
13.7
58.8
21.6
96.1
36.3
62.8
62.8
32.3
46.8
68.6
83.3
66.7
81.8
100.0
100.0
100.0
100.0
100.0
100.0
50.0
50.0
66.7
50.0
50.0
50.0
70.0
72.5
75.0
r92.5
r90.0
P95.0
76.5
96.1
5.9
P96.1
(NA)
64.0
66.9
64.0
78.8
r76.7
65.0
100.0
50.0
100.0
100.0
r33.3
r41.7
50.0
*75.0
92.5
r7.5
r47.5
64.5
p70.6
1-month
span
6-month
span
1-month
span
6-month
span
1-month
span
January
February
March
58.3
41.7
66.7
33.3
41.7
41.7
25.0
75.0
100.0
75.0
87.5
50.0
83.3
75.0
75.0
100.0
100.0
100.0
April
May
June
25.0
45.8
41.7
41.7
33.3
29.2
12.5
75.0
75.0
75.0
50.0
25.0
91.7
75.0
83.3
July
August
September
45.8
29.2
54.2
37.5
33.3
45.8
100.0
50.0
50.0
100.0
50.0
75.0
October
November
December
16.7
20.8
41.7
41.7
45.8
16.7
62.5
50.0
100.0
41.7
29.2
33.3
0.0
16.7
r8.3
100.0
25.0
12.5
r33.3
50.0
July
August
September
83.3
75.0
91.7
October
November
December
r58.3
r75.0
50.0
6-month
span
1-month
span
1979
1980
January
February
March
April
May
June
X
r75.0
1981
January
February
March
April
May
June
r33.3
33.3
X
68.2
2
75.0
2
3
66.7
3
4
75.0
p45.0
86.3
p39.2
(NA)
r56.7
r54.4
p56.7
July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated by © , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; " p " , preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
Excludes series 12 for which data are not yet available.
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
** Excludes series 70 and 95 for which data are not yet available.
2
74
MAY 1981
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
H |
Year
and
month
964. Value of manufacturers' new orders,
durable goods industries (35 industries)
1-month
span
9-month
span
965. Newly approved
capital appropriations,
deflated (17 manufacturing industries)
1-quarter
span
DIFFUSION NDEXES-Continued
966. Index of industrial
production (24
industries)
1-month
span
6-month
span
'48
62.5
54.2
70.8
967. Index of spot
market prices, raw
industrials ©
(13 industrial materials)
968. Index of stock
prices, 500 common
stocksl ®
1-month
span
9-month
span
960. Net profits,
manufacturing2 ©
(about 700 companies)
1-month
span
9-month
span
62.5
66.7
50.0
61.5
76.9
76.9
96.2
96.2
88.5
94.8
35.5
85.5
18.2
32.7
57.4
71
56.2
54.2
45.8
69.2
42.3
53.8
80.8
84.6
91.7
80.0
16.4
90.0
90.7
88.9
75.0
*74
48
16.7
62.5
56.2
66.7
50.0
54.2
46.2
30.8
53.8
66.7
66.7
58.3
64.8
92.6
53.7
63.0
68.5
68.5
*63
54
52.1
39.6
45.8
*47
64.6
52.1
58.3
58.3
58.3
45.8
66.7
58.3
58.3
3.7
38.0
95.4
69.8
37.7
39.6
*54
58.3
50.0
53.8
74.1
52.8
3.8
39.6
47.2
77.4
*56
*45
75.0
37.5
35.4
*56
4-Q moving
average
(4-quarter span)
1979
48
62.9
82.9
80.0
61.4
April
May
June
25.7
62.9
51.4
65.7
62.9
60.0
45
July
August
September
42.9
57.1
60.0
54.3
45.7
75.7
48
October
November
December
51.4
45.7
54.3
62.9
62.9
42.9
53
January
February
March
72.9
40.0
31.4
22.9
28.6
34.3
71
April
May
June
17.1
34.3
42.9
44.3
54.3
40.0
15
July
August
September
71.4
54.3
82.9
51.4
67.1
85.7
39
October
November
December
71.4
48.6
48.6
88.6
r48
r94.3
80.0
January
February
March
62.9
45.7
3
3
3
3
3
62.5
61.5
76.9
3
16.7
16.7
12.5
50.0
73.1
61.5
3
r43
12.5
16.7
16.7
16.7
12.5
12.5
11.5
15.4
0.0
50.0
46.2
46.2
26.4
92.5
89.6
90.6
94.3
86.8
P39
29.2
62.5
81.3
39.6
75.0
91.7
53.8
76.9
57.7
46.2
42.3
38.5
92.5
88.7
76.4
84.9
96.2
94.3
87.5
97.9
66.7
100.0
100.0
65.4
53.8
46.2
61.5
65.4
65.4
43.4
55.7
15.1
90.6
88.7
86.8
30.8
30.8
65.4
'42.3
66.0
42.5
85.8
3
3
1980
r95.8
3
(NA)
1981
January
February
March
54.3
51.4
r50.0
April
May
June
42.9
p56
r75.0
r66.7
r45.8
P72.9
p87.5
69.2
'38.5
81.1
July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
1
Based on 58 industries for January 1979, on 55 industries through June 1979, on 54 industries through January 1980, and on 53 industries
thereafter. Data for component industries are not shown in table C2 but are available from the source agency.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun $ Bradstreet, Inc.
3
Based on 12 components (excluding rosin).
*Based on average for May 5, 12, and 19.
http://fraser.stlouisfed.org/
MAY 1981
Federal Reserve Bank of St. Louis
75
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
^ g
971. New orders, manufacturing1 ©
970. Business expenditures for new plant and
equipment (18 industries)
Year
and
quarter
a. Actual
expenditures
(1-Q span)
b. Later
anticipations
c. Early
anticipations
(1-Q span)
(1-Q span)
DIFFUSION INDEXES-Continued
Anticipated
Actual
(4-Q span)
972. Net profits, manufacturing
and trade 1 ©
973. Net sales, manufacturing
and trade1 ©
Actua 1
Actual
Anticipated
(4-Q span)
(4-Q span)
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
72.7
90.9
72.7
86.4
81.8
81.8
77.3
75.0
70.5
59.1
86.4
72.7
83
86
86
86
82
83
88
86
73
76
78
78
79
82
84
83
84
86
88
88
86
87
92
90
86.4
68.2
68.2
88.6
52.3
63.6
63.6
47.7
63.6
50.0
68.2
77.3
85
81
73
78
80
84
80
72
78
74
70
72
78
82
80
70
87
84
82
82
85
88
84
78
77.3
59.1
50.0
54.5
54.5
45.5
36.4
40.9
81.8
59.1
81.8
77.3
74
63
60
60
66
75
57
62
62
54
57
56
66
73
59
61
73
62
68
66
72
80
63
67
(NA)
72.7
70.5
68.2
(NA)
74
74
(NA)
70
69
(NA)
78
76
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1
Q | DIFFUSION NDEXES-Continued
Year
and
quarter
974. Number of employees,
manufacturing and tradel @
975. Level of inventories,
manufacturing and trade' ©
Actual
Actual
Anticipated
Anticipated
977. Selling prices, wholesale
trade l ©
976. Selling prices, manufacturing ' ®
Anticipated
Actua
Anticipated
Actual
978. Selling prices, retail
trade * ©
Actual
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
62
64
64
63
59
60
62
62
76
76
76
78
67
70
73
74
87
88
90
91
82
84
87
87
89
92
93
94
84
90
87
90
91
94
94
93
90
88
92
92
....
62
60
60
58
60
60
58
56
80
76
73
75
70
74
71
68
92
93
92
94
86
88
88
86
96
95
95
96
88
90
92
90
94
95
94
96
90
92
92
90
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
58
54
53
51
54
56
48
50
67
61
64
60
62
70
53
56
90
88
90
90
87
90
83
86
92
90
92
90
90
92
87
88
92
91
94
90
90
93
84
90
(NA)
56
54
(NA)
63
61
(NA)
88
90
(NA)
90
89
(NA)
90
90
1978
First quarter
oecond quarter . . . .
Third quarter
Fourth quarter . . . .
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
1980
1981
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 at the end of the span. Series are seasonally adjusted except for those,
indicated b y © , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun $ Bradstreet, Inc. Dun §
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.
76
MAY 1981
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components
1981
1980
October
September
November
January
December
February
Aprir
March
961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING
(Average weekly hours)
All manufacturing industries
39.6
39.7
39.9
40.1
40.4
r39.8
40.0
40.1
Percent rising of 20 components
(65)
(70)
(72)
(75)
(92)
(8)
(48)
(45)
Lumber and wood products
Furniture and fixtures
38.8
38.0
38.7
38.0
39.3
38.0
39,4
38.6
40.1
38.9
38.9
r38.8
39.5
38.8
39.3
38.7
Stone, clay, and glass products
Primary metal industries
40.9
39.7
40.9
40.1
41.1
40.9
41.3
41.4
41.6
41.2
r40.6
40.8
40.9
41.1
40.9
40.9
Fabricated metal products
Machinery, except electrical
40.4
40.9
40.4
40.7
40.6
41.0
40.6
41.0
40.7
41.3
r40.4
40.8
40.6
41.0
40.8
41.3
Electric and electronic equipment
Transportation equipment
39.5
40.6
39.9
40.8
40.0
41.4
40.2
41.3
40.4
41.9
39.7
r40.5
40.2
41.1
40
41
Instruments and related products
40.1
38.9
40.2
38.7
40.5
38.6
40.5
39.0
41.0
39.0
40.6
38.8
40.4
38.7
40.2
38.4
39.7
37.5
39.6
39.5
39.8
38.9
39.8
37.2
40.3
39.7
r39.9
r39.4
39.6
37.2
40.1
37.0
Textile mill products
Apparel and other textile products
39.7
35.1
39.9
35.3
40.0
35.0
40.3
35.6
40.5
36.0
r40.1
r35.8
39.9
35.7
39.9
35.5
Paper and allied products
Printing and publishing
42.2
36.9
42.2
37.1
42.6
36.8
43.0
37.4
43.1
37.7
r42.8
r37.2
42.7
37.0
42.7
37.2
Chemicals and allied products
Petroleum and coal products
41.3
42.7
41.4
43.1
41.7
43.2
41.7
43.2
41.8
43.4
41.8
r43.5
41.5
42.8
41.3
43.1
Rubber and miscellaneous plastics products
Leather and leather products
40.1
36.2
40.4
36.5
40.8
36.2
40.9
36.6
41.3
37.1
r40.1
37.0
40.6
37.5
40.8
37.1
84,213
83,846
(50)
(43)
Durable goods industries:
Miscellaneous manufacturing
Nondurable goods industries:
Food and kindred products
Tobacco manufacturers
964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES
(Millions of dollars)
All durable goods industries
+
Percent rising of 35 components
78,960
80,693
(83)
(71)
+
81,047
+
(49)
Primary metals
Fabricated metal products
+
+
12,554
8,903
+
+
13,745
10,121
-
Machinery, except electrical
Electrical machinery
+
14,817
9,977
+
14,806
11,098
+
+
14,822
11,459
Transportation equipment
Other durable goods industries
+
+
17,487
15,222
+
15,007
15,916
+
-
15,957
15,896
13,029
9,884
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers:
preliminary; and "NA", not available.
82,654
81,336
(49)
(54)
82,209
+
(51)
9,705
+
+
12,412
10,124
+
12,070
10,507
+
-
12,147
10,425
+
+
16,545
11,420
+
15,281
11,542
+
+
15,636
11,624
+
-
15,952
11,298
+
16,164
16,525
+
15,828
17,022
+
-
17,719
16,657
-
17,369
16,655
12,899
10,514
-
+
15,100
-
10,565
+
+
17,169
16,407
+
+
10,977
( + ) = rising, (o) = unchanged, and ( —) = falling.
The "r" indicates revised; " p "
x
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 included in the totals and directions of change for the six major industry groups shown here.
2
http://fraser.stlouisfed.org/
MAY 1981
Federal Reserve Bank of St. Louis
77
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued
1981
1980
Diffusion index components
September
October
November
December
January
February
Marchr
Aprilp
966. INDEX OF INDUSTRIAL PRODUCTION
(1967 = 100)
All industrial production
Percent rising of 24 components
144.1 +
2
146.9 +
149.4 +
151.0
151.7
151.5
152.2 +
152.8
(81)
(88)
(98)
(67)
(75)
(67)
(46)
(73)
Lumber and products
Furniture and fixtures
122.6
144.8
122.2
147.2
124.9
147.2
122.0
149.0
126.3
150.5
126.3
153.0
124.8
155.1
(NA)
(NA)
Clay, glass, and stone products
Primary metals
141.4
90.1
145.2
100.6
147.8
113.4
151.4
112.1
154.9
113.9
154.0
114.3
151.9
114.8
(NA)
115.3
Fabricated metal products
Nonelectrical machinery...
129.0
159.1
132.8
161.1
134.1
163.4
137.4
167.5
137.6
168.9
139.1
169.0
140.8
170.5
142.6
171.7
Electrical machinery
Transportation equipment
167.5
112.9
170.0
118.8
173.0
121.7
174.9
120.6
177.9
117.3
174.6
115.0
177.3
119.9
178.6
121.8
Instruments
Miscellaneous manufactures ,
167.4
142.8
169.6
145.0
169.9
147.5
172.1
149.5
174.0
151.8
171.3
152.6
170.4
153.1
170.4
155.0
Foods
Tobacco products
148.6
119.1
149.4
123.1
150.5
125.1
150.7
118.8
150.0
122.9
151.2
125.1
151.8
(NA)
(NA)
(NA)
Textile mill products
Apparel products
133.0
126.7
133.8
127.5
135.0
128.0
133.9
125.1
133.8
125.9
135.1
125.9
134.5
(NA)
(NA)
(NA)
Paper and products
Printing and publishing
152.3
140.3
153.0
141.5
154.4
142.7
156.8
144.9
157.2
145.5
156.7
146.7
156.0
147.1
157.7
147.8
Chemicals and products ...
Petroleum products
206.8
130.5
209.1
130.1
212.0
131.2
218.8
137.5
219.2
137.3
220.9
135.9
217.9
132.9
(NA)
132.1
Rubber and plastics products.
Leather and products
253.1
67.2
259.2
70.2
259.6
71.2
259.2
67.8
258.2
68.9
262.5
69.4
263.7
69.3
(NA)
(NA)
Metal mining
Coal
73.1
148.9
90,8
145.7
107.2
151.6
122.2
155.3
126.3
150.3
128.0
158.9
127.5
151.1
(NA)
74.0
Oil and gas extraction
Stone and earth minerals
134.7
128.2
135.4
129.0
137.4
133.0
139.1
137.8
141.5
140.0
142.6
138.8
144.3
137.9
146.5
(NA)
Durable manufactures:
Nondurable manufactures:
Mining:
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling,
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.
78
The "r" indicates revised; "p",
MAY 1981
IU II
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q j
Diffusion index components
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued
1981
1980
September
October
November
December
January
March
February
May1
April
96 I INDEX OF SPOTMARKET PRICES RAW INDUSTRIALS 2
Raw industrials price index (1967 = 100)
....
+
Percent rising of 13 components
298.3 +
(58)
300.8 +
(65)
304.7 (54)
298.4
291.6
284,2
(46)
(31)
(31)
+
289.8 +
(65)
293.0 -
290.1
(38)
(69)
Dollars
0.716 +
1,578
0.732 1.614
0.719 1.585
0.654 +
1,442
0.662
1.459
0.652
1.437
+
0.294 +
0.648
0.302 0.666
0.294 0.648
0.260
0.573
0,239
0.527
0.206
0.454
(U.S. ton).,
(metricton)..
+
89.000 +
98.105
103.800 114.419
96.000 +
105.821
98.000
108.025
Tin
(pound)..
(kilogram)..
+
7.974
17.579
6.766
14.916
6.668
14.700
Zinc
(pound)..
(kilogram)..
+
Copper scrap
(pound)..
(kilogram)..
Lead scrap
(pound)..
(kilogram)..
Steel scrap
Burlap
(yard).,
(meter)..
Cotton
(pound)..
(kilogram)..
+
93.000
102.514
+
98.000
108.025
+
7.728 17.037
7.405 16.325
0.374 +
0.825
0.383
0.844
0.396
0.873
0.325
0.355
0.676 +
1.490
0.682 1.504
0.668
1.473
+
0.233 +
0.514
0.249
0.549
+
0.250
0.551
+
106.600 +
117.505
109.000 120.151
99.000
109.128
6.248 13.774
5.937
13.089
6.372 14.048
6.280
13.845
+
0.416 o
0.917
0.416 o
0.917
0.416
0.917
+
0.420 +
0.926
0.436
0.961
+
0.462
1.019
0.314 0.343
0.286 0.313
0.273 +
0.299
0.280
0.306
0.266
0,291
+
0.275 +
0.301
0.280 0.306
0.273
0.299
0.875
1.929
0.861
1.898
+
0.869
1.916
+
0.875
1.929
0.850
1.874
0.825 1,819
0.816
1.799
0.814 1.795
0.777
1.713
0.656 +
0.717
0.665
0.727
+
0.684
0.748
+
0.702
0.768
0.688 +
0.752
0.722
0.790
+
0.752 +
0.822
0.784
0.857
+
0.838
0.916
3.460 +
7.628
3.500 0
7.716
3.500 0
7.716
3.500 o
7.716
3.500 +
7.716
3.575
7.881
+
3.600 o
7.937
3.600 0
7.937
3.600
7.937
0.474 +
1.045
0.498
1.098
0.592
1.305
0.624
1.376
0.572
1.261
0.519
1.144
+
0.528 +
1.164
0.549 1.210
0.530
1.168
+
Print cloth
(yard)..
(meter)..
Wool tops
(pound)
(kilogram)..
Hides
(pound)
(kilogram)..
Rosin
(100 pounds)..
(100 kilograms)..
o
45.000 o
99.207
45.000 0
99.207
45.000 0
99.207
45.000 o
99.207
45.000 o
99.207
45.000 o
99.207
45.000 o
99.207
45.000 0
99.207
45.000
99.207
Rubber
(pound)..
(kilogram)..
+
0.756 +
1.667
0.802 1.768
0.796 1.755
0.722
1.592
0.704
1.552
0.684 1.508
0.652
1.437
0.603 1.329
0.589
1.299
Tallow
(pound)..
(kilogram)..
0.179
0.395
0.169
0.373
0.180 0.397
0.177 o
0.390
0.177
0.390
0.175 0.386
0.171 +
0.377
0.176
0.388
0.178
0.392
+
+
+
+
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( - ) = falling.
preliminary; and "NA", not available.
1
Average for May 5, 12, and 19.
2
Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.
http://fraser.stlouisfed.org/
MAY
1981
Federal Reserve Bank
of St.
Louis
+
The "r" indicates revised; "p",
79
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
ii
Year
and
quarter
c. Percent
change at
annual rate
b. Difference
(Ann rate,
bil. dol.)
(Ann. rate,
bil. dol.)
217. Per capita
GNP in 1972
50. Gross national Droduct in 1972 dollars
200. Gross national product in current dollars
a. Total
GNP AND PERSONAL INCOME
b. Difference
a. Total
dollars
c. Percent
change at
annual rate
(Ann . rate,
bil. dol.)
(Ann. rate
bi . dol.)
213. Final sales
in 1972 dollars
(Ann . rate
bil. dol.)
(Ann. rate,
dollars)
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
2, 032.4
2, 129.6
2, 190.5
2, 271.9
43 .8
97 .2
60 .9
81 .4
9. 1
20. 5
11. 9
15. 7
1,402
1,432
1,446
,465
.3
.8
.7
.8
10 .8
30 .5
13 .9
19.1
3. 2
9. 0
3. 9
5.4
6,431
6,558I
6,60*
6,67<)
1 ,384 .6
1 ,416 .8
1 ,435 .2
1 ,455 .3
2, 340.6
2, 374.6
2, 444.1
2, 496.3
68 .7
34 .0
69 .5
52 .2
12. 7
5. 9
12. 2
8. 8
,479
,473
,488
1, 4 9 0
.9
.4
.2
.6
14
-6
14
2
1
5
8
4
3. 9
-1. 7
4. 1
0. 6
6,73C)
6,68;i
6,73;j
6,731
1 ,464 .4
1 ,455 .0
1 ,480 .6
1 ,491 .3
2, 571.7
2, 564.8
2, 637.3
2, 730.6
75 .4
-6 .9
72 .5
93 .3
12.
-1.
11.
14.
,501
1,463
,471
,485
.9
.3
.9
.6
11 .3
8 6
13 7
3. 1
-9. 9
2. 4
3. 8
6,76;7
6,578
6,59;7
6,640
1 ,502
1 ,462
1 ,476
1 ,492
r 2 , 853.8
rl23 .2
r30 4
r8. 4
r 6 , 7 6 ;)
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
6
1
8
9
-38.6
.8
.0
.9
.7
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
D
Year
and
quarter
r!9. 3
r l , 5 1 6 .0
i
GNP AND PERSONAL INCOME-Continued
230. Total in current
dollars
Disposable personal income
224. Current dollars
225. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
g
r l ,518.3
PERSONAL CONSUMPTION EXPENDITURES
231. Tota in 1972
dollars
232. Durable goods
in current dollars
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.)
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
966 .8
975 .5
985 .9
998 .0
4
4
4
4
434
465
502
547
1 , 2 7 8 .3
1 , 3 3 0 .1
1 ,369.9
1 ,416 .6
884 ,1
900 .6
911 .2
923 .4
185,0
200.1
202.0
210.2
139
148
147
150
5
1
0
7
005 .7
006 .9
015 .7
017 .7
4S 574
4, 570
4, 598
4, 596
1 ,454 .1
1 ,478 .0
1 ,529 .1
1 ,582 .3
925 .5
922 .8
933 .4
941 .6
212,5
207.4
213.3
216.1
149
144
146
146.
6
2
7
0
1
1
6
0
021 .0
1 008 .2
1 018 5
1 , 025 8
4 , 600
4 , 532
4 , 565
4 , 585
1,631
0
1 ,626.8
1 ,682 2
1 ,751 0
943 4
919 3
930 8
946.8
220.9
194.4
208.8
223.3
145.
126.
132.
139.
4
2
6
1
rl,946. 9
r l , 033. 2
r 4 , 609
r l ,805. 8
r958. 3
r237.3
1,398
1,440
1,482
1,531
0
7
1
0
1,580
1,612
1,663
1,710
2
8
8
1
1
1
1
1
1,765
1,784
1,840
1,897.
1
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
rl46. 4
NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue. The " r " indicates revised; " p " , preliminary; " e " , estimated; " a " , anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 4 1 .
MAY 1981
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT-Continued
Q
Year
and
quarter
Q
SAVING-Continued
298. Government
surplus or deficit,
293. Personal
saving rate
total
(percent of disposable personal
income)
(Ann. rate,
bil. dol.)
SHARES OF GNP AND NATIONAL INCOME
Percent of gross national product
(Percent)
235. Personal consumption expenditures, total
248. Nonresidential
fixed investment
(Percent)
(Percent)
249. Residential
fixed investment
(Percent)
247. Change in
business inventories
251. Net exports of
goods and services
(Percent)
(Percent)
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
10.8
6.0
5.1
5.0
4.8
62.9
62.5
62.5
62.4
11,0
11.2
11.3
11.4
5.1
5.2
5.2
5.1
1.2
1.3
0.9
0.8
-0.6
-0.2
0.1
0.5
18.1
13.9
11.3
4.4
5.3
5.6
5.4
4.7
62.1
62.2
62.6
63.4
11.4
11.5
11.8
11.6
5.0
4.9
4.9
4.8
1.0
1.4
0.5
0.0
0.9
0.3
0.7
0,3
-9.6
-42.5
-45.6
-30.8
4.9
6.2
6.1
5.1
63.4
63.4
63.8
64.1
11.6
11,3
11.1
11.1
4.5
3.6
3.8
4.1
0.1
0.3
-0.6
-0.6
0.3
0.7
1.7
0.9
p-6.4
4.7
r63.3
111
4.1
rO.l
-17.7
4.9
1.1
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
^ J
Year
and
quarter
rl.3
SHARES OF GNP AND NATIONAL INCOME-Continued
F'ercent of national income
Percent of GNP-Continued
265. Federal Government purchases of
goods and services
268. State and local
government purchases
of goods and services
64. Compensation of
employees
(Percent)
(Percent)
(Percent)
283. Proprietors'
income with IVA
and CCAdjl
285. Rental income
of persons with
CCAdjl
289. Net interest
(Percent)
(Percent)
(Percent)
(Percent)
287. Corporate
profits with IVA
and CCAdj!
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
7,4
7.0
7.0
7.1
13.1
13.0
13.0
12.8
75.3
74.5
74.3
73.8
6.7
6.7
6.7
6.8
1.5
1.5
1.6
1.6
9.9
10.8
10.8
11.0
6.5
6.5
6.6
6.8
7.0
6.9
6.8
7.1
12.5
12.7
12.7
12.8
74.1
74.5
74.3
74.7
6.7
6.7
6.7
6.7
1.6
1.6
1.5
1.5
10.6
10.2
10.0
9.3
7.0
7.1
7.4
7.7
7.4
7,7
7.4
7,8
12.7
12.9
12.8
12,7
74.6
75.8
75.3
75.4
6.4
6.0
6.1
6.1
1.5
1.5
1.5
1.5
9.6
8.2
8.4
8.3
7.9
8.5
8.7
8.8
7.8
T12.4
p75.2
p5,8
pi.4
p8.8
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
p8.7
See note on page 80.
Graphs of these series are shown on pages 46 and 47.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
http://fraser.stlouisfed.org/
MAYof1981
Federal Reserve Bank
St. Louis
83
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
B
Implicit price deflator,
gross national product
Year
and
month
310. Index
(1972 = 100)
310c. Change
over 1-quarter
spans '
(Ann. rate,
percent)
Fixed-weighted price index,
gross business product
311. Index
(1972 = 100)
311c. Change
over l:quarter
spansl
(Ann. rate,
percent)
™CE MOVEMENTS
Consumer prices, food
Consumer prices, all items
320. Index ®
320c. Change
over 1-month
spans1
320c. Change
over 6-month
spansx
(1967 = 100)
(Percent)
(Ann. rate,
percent)
(1967 = 100)
322. Index
322c. Change
over 1-month
spansl
322c. Change
over 6-month
spansl
(Percent)
(Ann. rate,
percent)
1979
8.4
January
February
March
158^2
April
May
June
161 '.2
July
August
September
164^2
October
November
December
167^5
9.7
204.7
207.1
209.1
0.8
1.0
0.9
10.6
11.4
12.2
225.2
228.2
230.1
1.3
1.3
0.8
12.0
12.0
10.6
9.7
211.5
214.1
216.6
1.0
1.0
1.0
12.9
13.0
13.6
231.5
233.2
233.9
0.6
0.7
0.3
9.0
6.3
7.0
9.5
218.9
221.1
223.4
1.2
1.1
1.2
13.9
14.0
14.4
235.1
235.3
238.0
0.5
0.1
1.1
7.6
7.7
9.7
10.0
225.4
227.5
229.9
1.1
1.1
1.2
14.9
15.4
15.8
240.1
242.0
245.0
0.9
0.8
1.2
8.9
8.3
7.7
10.1
233.2
236.4
239.8
1.4
1.3
1.3
15.3
14.8
14.3
245.3
244.9
247.0
0.1
-0.2
0.9
6.9
6.1
4.5
9.8
242.5
244.9
247.6
0.9
0.9
1.0
11.4
10.3
9.6
248.3
249.3
250.5
0.5
0.4
0.5
6.3
10.6
12.5
9.6
247.8
249.4
251.7
0.1
0.8
1.0
10.0
10.5
10.5
252.9
257.6
262.0
1.0
1.9
1.7
13.4
15.2
16.3
9.3
253.9
256.2
258.4
1.0
1.1
1.0
11.9
12.3
11.4
264.4
267.6
270.2
0.9
1.2
1.0
13.8
10.3
7.5
rlO.5
260.5
263.2
265.1
0.7
1.0
0.6
10.0
269.8
270.6
271.6
-0.1
0.3
0.4
5.5
266.8
0.4
271.6
0.0
162.3
7.8
166.1
7.8
169^9
8.1
174.0
1980
January
February
March
171.2
April
May
June
17^3
July
August
September
179^2
October
November
December
183.8
9.3
178.2
9.8
182 .* 4
9.2
186\7
10.7
19CL9
1981
January
February
March
rlO.O
rl88.2
April
May
June
rl95.7
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
1
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,
and 1-quarter changes are placed on the 1st month of the 2d quarter.
MAY 1981
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
B
236. Nondurable
goods in current
dollars
Year
and
quarter
(Ann. rate,
bil. dol.)
i
ffl
>ERSONAL CONSUMPTION EXPENDITURES-Continued
238. Nondurable
goods in 1972
dollars
(Ann. rate,
bil. dol.)
237. Services in
current dollars
239. Services in
1972 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
240. Total in
current dollars
(Ann. rate,
bil. dol.)
GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1972 dollars
(Ann. rate,
bil. dol.)
242. Fixed investment, total, in
current dollars
243. Fixed investment, total, in
1972 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1978
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
504.0
520.4
536.3
558.3
339.8
342.4
347.2
353.5
589.3
609.5
631.6
648.1
404.8
410.1
417.1
419.2
350.7
377.7
380.4
392.6
224.9
232,9
229.3
231.8
325.8
350.7
361.3
374.9
207.2
216.9
217.8
221.3
571.8
586.4
611.5
639.2
351.1
350.6
355.4
361.3
669.9
684.2
704.3
727.0
424.8
428.0
431.3
434.3
408.3
423.2
421.7
410.0
237.7
238.7
232.6
221.5
384.0
390.1
408.3
410.8
222.3
220.4
225.0
222.2
661.1
664.0
674.2
703.5
361.5
356.6
354.9
360.4
749.0
768.4
799.2
824.2
436.5
436.5
443.3
447.3
415.6
390.9
377.1
397.7
218.3
200.5
195.3
200.5
413.1
383.5
393.2
415.1
219.2
199.2
200.2
207.6
r725.2
r364.2
r843.4
r447.7
r435.4
r210.6
r432.8
r212.9
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1981
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
• H
GROSS PRIVATE
• t i l DOMESTIC INVEST.-Con.
245. Change in
business inventories in current
dollars
Voar
rear
and
quarter
(Ann. rate,
bil. dol.)
30. Change in
business inventories in 1972
dollars
(Ann. rate,
bil. dol.)
J J
260. Total in
current dollars
(Ann. rate,
bil. dol.)
261. Total in
1972 dollars
(Ann. rate,
bil. dol.)
GOVERNMENT PURCHASES OF GOODS AND SERVICES
262. Federal
Government in
current dollars
263. Federal
Government in
1972 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
266. State and
local government
in current dollars
(Ann. rate,
bil. dol.)
267. State and
local government
in 1972 dollars
(Ann. rate,
bil. dol.)
1978
First quarter
Second quarter
Third quarter
....
Fourth quarter
....
24.9
27.0
19.1
17.7
17.7
16.0
11.5
10.6
415.7
425.1
438.3
24.3
33.1
13.3
-0.8
15.4
18.4
2.5
7.4
-16.0
-17.4
-0.9
r2.6
149.5
149.1
154.1
451.3
274.6
276.3
280.0
280.1
458.2
465.1
475.4
496.4
160.7
99.4
98.0
100.8
101.0
266.2
276.0
284.2
290.6
175.3
178.3
179.2
179.2
280.6
280.3
281.1
285.3
164.8
163.6
165.1
178.1
102.9
100.8
99.9
103.1
293.4
301.6
310.4
318.3
177.7
179.4
181.2
182.2
-5.0
-7.2
516.8
530.0
533.5
558.6
290.1
291.9
288.2
289.8
190.0
198.7
194.9
212.0
107.6
110.7
106.9
107.4
326.8
331.3
338.6
346.6
182.5
181.2
181.3
182.4
r-2.3
r575.5
r293.2
r221.5
rlll.O
r354.1
H82.2
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
7.6
-0.7
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1.3
1981
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
See note on page 80.
Graphs of these series are shown on pages 4 1 , 4 2 , and 4 3 .
http://fraser.stlouisfed.org/
MAY
1981
Federal Reserve Bank
of St.
Louis
81
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND
PRODUCT—Continued
• •
•Ml
Q j FOREIGN TRADE
Net exports of goods and services
Year
and
quarter
250. Current
dollars
256. Constant
(1972) dollars
252 Current
255. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
Import > of goods and services
Exports of goods and services
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
253. Current
dollars
257. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
NATIONAL INCOME
AND ITS COMPONENTS
220. National income in current
280. Compensation of
dollars
employees
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1978
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
-12.3
-3.3
1.9
11.4
18.7
23.0
26.1
30.5
195.9
214.8
225.3
243.5
118.3
125.4
129.8
136.6
208.2
218.1
223.3
232.0
99.
102. \
103. 7
106. ?
1,644.6
1,720.7
1,771.7
1,844.6
1,238.1
1,282.3
1,316.5
1,361.7
19.9
8.2
17.9
7.6
36.0
31.6
41.1
42.2
259.1
266.8
293.1
306.3
141.1
140.5
151.3
154.8
239.2
258.6
275.2
298.7
105, ]
108.* 3
?
112.
1,903.6
1,932.0
1,986.2
2,031,3
1,409.9
1,439.0
1,476.7
1,518.1
8.2
17.1
44.5
23.3
50.1
51.7
57.6
48.5
337.3
333.3
342.4
346.1
165.9
160.5
160.5
157.4
329.1
316.2
297,9
322.7
115.1
108. <
102.1 3
108. <
2,088.5
2,070.0
2,122.4
2,204.8
1,558.0
1,569.0
1,597.4
1,661.8
r37.0
r53.9
r376.8
r!66.8
r339.8
rl!2.<)
p2,289.3
r l ,721.9
1979
First quarter
Second quarter
Third quarter
Fourth quarter
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
....
....
no.
1981
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
i
9
282. Proprietors'
income with inventory valuation and
capital consumption adjustments
Voor
tear
and
quarter
(Ann. rate,
bil. dol.)
Q j SAVING
NATIONAL INCOME AND ITS COMPONENTS-Continued
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.)
288. Net i nterest
(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.)
1978
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
no.:
115.1
118.2>
124.6
25 .3
25 .4
28 .7
30 ,0
163.6
185.2
190.5
202.7
107.3
112.3
117.8
125.7
326.9
354.0
359.4
380.4
260.1
275.5
284.9
295.8
84.6
73.6
73.4
73.8
127.SI
129.4
132.5J
136.: 5
30 .7
30 .1
3C .3
31 .0
201.9
196.6
199.5
189.4
133.4
136.9
146.8
156.5
407.4
416.2
422.3
402.0
304.4
310.3
320.5
315.7
83.8
90.9
89.3
80.7
133." 1
124,5?
129." 7
134.(D
31 .2
31 .5
32.0
32.4
200.2
169.3
177.9
183.3
165.4
175.3
185.3
193.3
404.5
394.5
402.0
406.7
326.7
325.8
334.6
339.3
110.0
111.4
32 .7
p202,6
r200,3
p446.0
p359.1
r92.2
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
86.4
97.6
1981
First quarter
Second, quarter
Third quarter
Fourth quarter
rl31.i
....
....
See note on page 80.
Graphs of these series are shown on pages 44, 45, and 46.
82
MAY 1981
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
M M
330. Index
©
(1967 = 100)
330c. Change
over 1-month
spansl ©
(Percent)
Producer prices, crude materials
Producer prices, industrial commodities
Producer prices, all commodities
Year
and
month
PRICE MOVEMENTS-Continued
330c. Change
over 6-month
spans' ©
(Ann. rate,
percent)
335. Index ©
(1967 = 100)
335c. Change
over 1-month
spansl ©
(Percent)
335c. Change
over 6-month
331. Index
spansl ©
(Ann. rate,
percent)
(1967 = 100)
331c. Change
over 1-month
spansx
(Percent)
331c. Change
over 6-month
spans *
(Ann. rate,
percent)
1979
January
February
March
220.8
224.1
226.7
1.5
1.5
1.2
14.5
15.7
15.3
220.0
222.5
225.4
1.3
1.1
1.3
13.8
15.0
16.1
255.3
261.4
266.5
2.2
2.4
2.0
21.1
20.2
20.7
April
May
June
230.0
232.0
233.5
1.5
0.9
0.6
15.1
13.1
14.0
229.0
231.6
234.0
1.6
1.1
1.0
16.5
16.9
17.4
271.2
271.4
274.6
1.8
0.1
1.2
18.1
8.6
11.3
July
August
September
236.9
238.3
242.0
1.5
0.6
1.6
14.0
13.5
14.4
237.5
240.6
244.2
1.5
1.3
1.5
18.2
17.1
17.0
277.4
272.4
281.1
1.0
-1.8
3.2
9.4
12.0
12.2
October
November
December
245.6
247.2
249.7
1.5
0.7
1.0
15.8
19.2
17.1
249.0
250.6
253.1
2.0
0.6
1.0
20.4
22.1
21.0
283.7
287.2
290.9
0.9
1.2
1.3
8.4
17.4
5.3
January
February
March
254.9
260.2
261.9
2.1
2.1
0.7
14.5
14.2
13.1
260.6
265.9
268.6
3.0
2.0
1.0
18.7
17.7
16.8
288.8
295.1
288.4
-0.7
2.2
-2.3
-0.4
-0.8
-1.8
April
May
June
262.8
264.2
265.6
0.3
0.5
0.5
12.5
10.7
9.9
271.3
271.9
273.5
1.0
0.2
0.6
12.3
9.5
7.7
283.1
286.1
288.3
-1.8
1.1
0.8
10.5
15.8
24.5
July
August
September
270.4
273.8
274.6
1.8
1.3
0.3
11.7
11.6
rll.8
276.2
278.2
278.8
1.0
0.7
0.2
8.0
8.6
r9.8
303.6
317.5
321.8
5.3
4.6
1.4
33.6
33.6
r29.5
October
November
December
277.8
279.1
r280.8
1.2
0.5
r0.6
9.9
9.8
11.2
282.0
283.4
r286.6
1.1
0.5
rl.l
10.2
12.3
14.9
327.2
330.7
r328.1
1.7
1.1
r-0.8
12.6
8.9
3.3
January
February
March
283.5
286.9
289.6
rl.O
1.2
0.9
11.1
289.9
294.8
298.9
rl.2
1.7
1.4
15.3
322.1
331.4
327.0
r-1.8
2.9
-1.3
2.8
April
May
June
292.8
1.1
302.8
1.3
331.8
1.5
1980
1981
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Percent changes are centered within the spans:
month.
http://fraser.stlouisfed.org/
MAYof1981
Federal Reserve Bank
St. Louis
II
1-month changes are placed on the 2d month and 6-month changes are placed on the 4th
85
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
^ M
Producer prices, capital equipment
Producer prices, intermediate materials
Year
and
month
332.
Index
(1967 = 100)
332c. Change
over 1-month
spans*
(Percent)
PRICE MOVEMENTS-Continued
332c. Change
over 6-month
spans '
(Ann. rate,
percent)
333. Index
(1967 = 100)
333c. Change
over 1-month
spans l
(Percent)
Producer prices, finished consumer goods
333c. Change
over 6-month
spans l
(Ann. rate,
percent)
334. Index
(1967 = 100)
334c. Change
over 1-month
spans '
(Percent)
334c. Change
over 6-month
spans'
(Ann. rate,
percent)
1979
January
February
March
227.0
228.9
231.6
1.1
0.8
1.2
13.3
13.8
14.7
208.1
210.0
211.4
0.7
0.9
0.7
10.0
9.2
9.2
206.1
208.3
210.3
1.3
1.1
1.0
13.0
12.7
11.3
April
May
June
235.2
238.0
240.4
1.6
1.2
1.0
15.9
16.9
17.9
213.3
214.7
215.9
0.9
0.7
0.6
9.2
7.7
7.9
212.3
213.5
214.7
1.0
0.6
0.6
11.1
11.2
13.5
July
August
September
244.4
247.5
251.5
1.7
1.3
1.6
18.0
17.4
17.5
217.5
217.9
219.6
0.7
0.2
0.8
7.7
8.0
8.4
217.2
219.7
224.0
1.2
1.2
2.0
13.9
16.1
16.7
October
November
December
255.5
257.9
260.6
1.6
0.9
1.0
19.6
20.8
18.7
221.4
223.1
224.8
0.8
0.8
0.8
10.1
11.4
11.7
226.6
230.0
231.9
1.2
1.5
0.8
17.9
January
February
March
267.3
272.0
274.0
2.6
1.8
0.7
15.6
14.9
14.1
228.2
230.0
232.1
1.5
0.8
0.9
13.4
12.5
12.3
235.8
239.3
242.1
1.7
1.5
1.2
15.3
13.0
13.1
April
May
June
274.7
276.4
278.4
0.3
0.6
0.7
10.5
8.8
8.3
235.8
236.6
238.2
1.6
0.3
0.7
11.6
12.2
10.4
243.3
244.5
246.6
0.5
0.5
0.9
13.5
12.9
11.0
July
August
September
281.0
283.7
285.2
0.9
1.0
0.5
9.6
10.2
rll.l
241.1
243.6
243.9
1.2
1.0
0.1
10.7
11.4
rlO.9
251.2
254.3
255.1
1.9
1.2
0.3
11.7
12.1
rl0.9
October
November
December
287.6
290.2
r293.5
0.8
0.9
1.1
11.6
10.3
11.5
248.1
249.7
r250.8
1.7
0.6
0.4
10.1
10.3
11.6
257.1
258.9
r259.7
0.8
0.7
r0.3
8.4
7.4
9.7
January
February
March
296.8
297.9
301.1
rl.l
0.4
1.1
253.0
255.8
257.7
r0.9
1.1
0.7
9.9
261.5
263.6
267.2
rO.7
0.8
1.4
April
May
June
304.3
1.1
269.3
0.8
18.6
16.8
1980
1981
12.0
260.1
0.9
9.7
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Percent changes are centered within the spans:
nonth.
1-month changes are placed on the 2d month and 6-month changes are placed on the 4th
MAY 1981
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
j Q
WAGES AND PRODUCTIVITY
Average hourly earnings, production workers, private nonfarnI economy, adjustec
Year
and
monin
Current-dollar earnings
340. Index
340c. Change
over 1-month
spans
(1967 = 100)
2
(Percent)
Average hourly compensation, all employees,
nonfarm business sector
1
Current-dollar compensation
Real earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)
341. Index
(1967 = 100)
341c. Change
over 1-month
spans2
(Percent)
341c. Change
over 6-month
spans2
(Ann. rate,
percent)
345. Index
(1977 = 100)
345c. Change
over 1-quarter
spans2
345c. Change
over 4-quarter
spans2
(Ann. rate,
percent)
(Ann. rate,
percent)
1979
January
February
March
222.6
224.0
225.2
0.7
0.6
0.5
7.8
7.6
7.5
108.3
107.8
107.4
-0.2
-0.5
April
226.7
227.6
229.2
0.7
0.4
0.7
7.5
7.6
8.2
230.8
232.3
234.3
0.7
0.6
0.9
235.0
237.3
239.4
0.3
May
June
July
August
September
October
November
December
10.8
114*7
-0.4
-3.0
-3.8
-4.4
107.1
106.4
106.1
-0.3
-0.7
-0.3
-5.0
-4.8
-4.8
117.5
7.5
8.8
9.1
105.6
105.2
104.8
-0.5
-0.4
-0.4
-5.5
-4.5
-4.5
119*8
104.1
104.0
103.6
-0.7
-0.1
-0.4
-5.5
-5.5
-5.2
122*5
0.9
8.4
8.9
9.6
240.3
242.4
245.2
0.4
0.9
1.2
9.8
9.4
9.8
102.6
102.2
-4.8
-4.6
-3.8
125.3
r!02.1
-1.0
-0.4
r-0.1
246.2
248.3
250.9
0.4
0.9
1.0
10.0
9.8
8.4
101.5
101.5
101.6
r-0.6
0.0
0.1
-1.1
-0.3
-1.2
128*. 7
252.1
254.0
255.4
0.5
0.8
0.6
9.7
10.5
9.0
r!02.1
102.0
101.5
r0.5
r-0.1
-0.5
-0.2
-0.1
-1.7
131.6
101.4
rlO1.5
100.8
-0.1
rO.l
r-0.7
-2.1
r-2.2
-0.8
134 .'7
0.2
p-0.9
1.0
9*6
10.0
9*5
8.2
9*. 3
9.2
9*6
1980
January
February
March
April
Mow
May
June
July
August
September
October
257.9
260.9
r261.9
r0.4
10.0
rlO.2
10.5
January
February
March
264.4
r266.6
268.5
1.0
p9.0
r0.8
rO.7
101.0
rl00.9
101.0
r-0.1
rO.l
April
May
June
p269.2
p0.3
plOO.9
p-0.1
November
December
1.0
1.2
9.6
9*9
...
11.4
10*6
9.3
pl6*4
9.5
1981
pll.2
p i 38*3
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
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.
2
http://fraser.stlouisfed.org/
MAY 1981
Federal Reserve Bank of St. Louis
87
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
( |
Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month
346c. Change
over 1-quarter
spans '
(1977 = 100)
(Ann. rate,
percent)
Negotiated wage and benefit
decisions, all industries @
348. First year
average changes
Real compensation
346. Index
WAGES AND PRODUCTIVITY—Continued
346c. Change
over 4-quarter
spansl
(Ann. rate,
percent)
(Ann. rate,
percent)
349. Average
changes over
life of
contract
(Ann. rate,
percent)
Output per hour, all persons private
business sector
370. Index
(1977 = 100)
370c. Change
over 1-quarter
spans 1
(Ann. rate,
percent)
358. Index of
output per hour
370c. Change
over 4-quarter
spans1
(Ann. rate,
percent)
all persons,
nonfarm
business sector
(1977 = 100)
1979
January
February
March
2.8
-0.4
April
May
June
5.3
10.5
-2.5
7.8
-CL7
99.5
-0.2
99.*6
-2L8
99! 6
-0.8
9^7
-K9
100.3
-CK9
* ;
July
August
September
9.0
-4.6
4!3
October
November
December
-3.8
-k'.Z
97.5
-1.5
6.1
99.2
8.5
-O.*4
98! 7
-1.1
6.0
99!o
-CL8
1980
January
February
March
8.8
-6.2
April
May
June
'
:5
July
August
September
9^9
October
November
December
95.1
98.'8
11.4
7.2
8.5
6.1
«:•
-0.1
97.*9
p6.5
9^8
1.5
99!2
p-6.*8
-3.0
0.0
-1.9
7.4
-2.3
2.0
1.3
9^3
10.2
-2.0
9 5
6.7
-2.V<o
9^9
-1.2
98.7
98.9
1981
January
February
March
p-0.2
p95.1
pl0.4
p3.9
p7.3
p99'.8
p99.6
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
1
Percent changes are centered within the spans:
placed on the middle month of the 3d quarter.
1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are
MAY 1981
OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Q
Civilian labor force
Year
and
month
441. Total
(Thous.)
442. Employed
(Thous.)
1 CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Labor force participatio l rates
Number unemployed
451. Males
20 years
and over
452. Females
20 years
and over
453. Both
sexes, 16-19
years of age
(Percent)
(Percent)
(Percent)
444. Males
20 years
and over
445. Females
20 years
and over
446. Both
sexes, 16-19
years of age
(Thous.)
(Thous.)
(Thous.)
(Thous.)
(Thous.)
37. Total
447. Fulltime
workers
448. Number employed
part-time
for economic
reasons
(Thous.)
1979
January
February
March
102,014
102,393
102,578
96,056
96,400
96,622
80.0
80.1
79.9
50.1
50.3
50.5
58.8
58.9
58.7
5,958
5,993
5,956
2,201
2,188
2,188
2,205
2,251
2,246
1,552
1,554
1,522
4,573
4,692
4,602
3,234
3,209
3,248
April
May
June
102,213
102,366
102,556
96,295
96,590
96,838
79.8
79.7
79.7
50.2
50.3
50.4
58.4
57.9
57.8
5,918
5,776
5,718
2,165
2,083
2,097
2,178
2,147
2,177
1,575
1,546
1,444
4,621
4,450
4,422
3,279
3,252
3,267
July
August
September
103,015
103,105
103,492
97,277
97,048
97,521
79.9
79.8
79.9
50.7
51.0
50.9
57.6
56.6
58.1
5,738
6,057
5,971
2,177
2,235
2,232
2,122
2,303
2,180
1,439
1,519
1,559
4,484
4,661
4,670
3,243
3,286
3,155
October
November
December
103,566
103,605
104,053
97,434
97,501
97,781
79.7
79.5
79.5
50.9
50.9
51.2
57.7
57.9
58.5
6,132
6,104
6,272
2,333
2,385
2,435
2,240
2,214
2,276
1,559
1,505
1,561
4,785
4,814
4,911
3,289
3,405
3,541
January
February
March
104,208
104,271
104,171
97,708
97,817
97,628
79.5
79.6
79.4
51.3
51.3
51.2
58.0
57.5
57.4
6,500
6,454
6,543
2,629
2,581
2,736
2,314
2,311
2,295
1,557
1,562
1,512
5,130
5,114
5,265
3,549
3,454
3,470
April
May
June
104,427
105,060
104,591
97,225
97,116
96,780
79.5
79.9
79.4
51.4
51.5
51.4
56.5
57.9
56.7
7,202
7,944
7,811
3,192
3,569
3,558
2,501
2,593
2,569
1,509
1,782
1,684
5,825
6,586
6,430
3,803
4,276
3,969
July
August
September
105,020
104,945
104,980
96,999
97,003
97,180
79.4
79.4
79.4
51.5
51.6
51.3
57.1
55.5
56.7
8,021
7,942
7,800
3,630
3,612
3,652
2,655
2,633
2,513
1,736
1,697
1,635
6,631
6,553
6,516
4,086
4,143
4,183
October
November
December
105,167
105,285
105,067
97,206
97,339
97,282
79.3
79.2
79.0
51.4
51.5
51.4
56.8
56.5
56.0
7,961
7,946
7,785
3,532
3,532
3,425
2 S 732
2,720
2,750
1,697
1,694
1,610
6,559
6,632
6,549
4,220
4,176
4,218
January
February
March
105,543
105,681
106,177
97,696
97,927
98,412
78.8
78.7
79.2
51.8
51.9
52.1
57.0
57.0
56.6
7,847
7,754
7,764
3,352
3,312
3,305
2,750
2,680
2,725
1,744
1,762
1,734
6,460
6,396
6,407
4,474
4,145
4,227
April
May
June
106,722
98,976
79,4
52.3
57.7
7,746
3,262
2,721
1,763
6,293
4,044
1980
1981
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 5 1 .
http://fraser.stlouisfed.org/
MAYof 1981
Federal Reserve Bank
St. Louis
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Q
Federal Government
Year
and
month
500. Surplus
or deficit
(Ann. rate,
bil. dol.)
fflj
RECEIPTS AND EXPENDITURES
1
State and local governments'
DEFENSE INDICATORS
Advance measures of defense activity
501. Receipts
502. Expenditures
510. Surplus
or deficit
511. Receipts
512. Expenditures
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
517. Defense
Department
gross obligations incurred
525. Defense
Department
military prime
contract
awards
543. Defense
Department
gross unpaid
obligations
outstanding
548. Value of
manufacturers'
new orders,
defense
products
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
1979
January
February
March
-li.*5
477^6
488! 4
29.5
340 .'9
311.4
10,770
10,226
10,935
5,706
4,773
5,763
65,120
48,267
67,128
2,684
3,871
3,102
-8J
485 .'9
494.'6
2Y.9
342 .'7
32o! 8
9,784
10,683
10,615
4,936
4,720
5,117
68,883
68,468
68,976
3,181
3,640
2,464
July
August
September
-15.2
500.'6
515.*8
26.*5
355^4
328.'9
11,792
11,022
12,278
6,135
5,282
6,364
70,252
81,542
71,886
2,332
3,029
4,237
October
November
December
-24 .*5
514!6
538!o"
28!9
365.6
336.'7
12,081
11,505
11,997
4,318
5,670
5,489
64,325
68,634
68,525
3,048
4,033
3,787
January
February
March
-36!3
528'.4
564! 7
26.6
372J
345'.4
12,578
12,399
13,806
5,515
7,152
5,781
70,088
68,497
72,961
3,352
3,680
4,594
April
May
June
-66!5
52o! 9
587! 3
23^9
373^9
35o!6
13,722
13,718
12,809
7,572
7,483
7,184
73,766
74,848
75,204
4,948
5,279
3,546
July
August
September
-74!2
540.'8
615!6
28.6
386.8
358! 2
12,677
13,728
13,552
6,768
7,633
7,410
76,366
76,506
79,260
4,366
4,515
6,458
October
November
December
-67.*9
573.*2
641.1
37 J
403.4
366.*3
13,014
12,876
15,825
4,572
6,794
9,663
77,930
76,530
79,312
3,908
4,453
5,825
p-44.4
p619.9
r664.3
p37.9
p41K9
r373.9
14,808
15,741
(NA)
7,430
(NA)
80,829
85,032
(NA)
4,193
5,657
r4,835
April
May
June
1980
1981
January
February
March
April
May
June
p4,744
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
x
Based on national income and product accounts.
90
MAY 1981
OTHER IMPORTANT ECONOMIC MEASURES
£) I
GOVERNMENT ACTIVITIES—Continued
Q
DEFENSE INDICATORS-Continued
National defense
purchases
Intermediate and final measures of defense activity
Year
and
month
557. Output of
defense and
space equipment
559. Manufacturers' inventories, defense
products
561. Manufacturers' unfilled
orders, defense
products
580. Defense
Department
net outlays
(1967 = 100)
(Mil.dol.)
(Mil.dol.)
588. Manufacturers' shipments, defense
products
570. Employment in defense products
industries
(Mil.dol.)
(Mil.dol.)
(Thous.)
Defense Department
personnel
577. Military,
active duty ®
578. Civilian,
direct hire
employment @
(Thous.)
(Thous.)
564. Federal
purchases of
goods and
services
(Ann. rate,
bil. dol.)
565. Federal
purchases as
a percent of
GNP
(Percent)
1979
January
February
March
92.3
92.4
93.0
7,397
7,485
7,586
43,409
44,515
44,588
9,645
9,452
9,525
2,838
2,765
3,029
1,242
1,262
1,278
2,040
2,030
2,026
972
971
968
1O6!6
4.5
April
May
June
92.1
92.4
92.2
7,573
7,806
7,953
44,854
45,670
45,138
9,299
9,781
9,425
2,915
2,824
2,996
1,283
1,289
1,299
2,022
2,018
2,024
968
972
979
108J
4^6
July
August
September
92.9
91.9
93.8
8,048
8,178
8,553
44,656
44,697
46,000
10,499
10,103
9,982
2,814
2,988
2,934
1,310
1,312
1,324
2,027
2,024
2,027
982
974
960
11216
4^6
October
November
December
95.4
96.4
96.7
8,871
9,275
9,462
46,010
46,893
47,492
9,982
10,206
11,182
3,038
3,150
3,188
1,336
1,349
1,356
2,030
2,029
2,020
964
967
967
118,7
4^8
January
February
March
97.0
97.2
97.1
9,592
9,619
10,075
47,769
48,196
49,401
11,341
10,632
11,235
3,076
3,253
3,389
1,359
1,366
1,377
2,029
2,032
2,033
964
965
966
125!6
4^9
April
May
June
97,6
97.2
96.8
10,277
10,451
10,588
51,061
52,902
53,011
11,356
11,061
11,480
3,286
3,440
3,435
1,373
1,375
1,373
2,028
2,031
2,034
969
975
988
12EL7
5^6
July
August
September
97.2
96.9
97.4
10,908
11,177
11,310
53,922
55,112
57,771
11,303
11,135
11,648
3,453
3,324
3,798
1,371
1,379
1,384
2,044
2,049
2,051
990
973
971
13K4
5!6
October
November
December
98.5
99.8
100.7
11,647
11,833
12,038
57,904
58,501
60,599
12,371
11,209
13,055
3,776
3,858
3,726
1,394
1,398
1,401
2,053
2,056
2,051
971
972
973
141.6
5.2
rlOl.O
rl00.4
rl00.8
12,449
12,645
13,010
61,107
62,844
r63,348
12,769
12,959
p!2,618
3,686
3,919
r4,330
1,400
rl,395
pi,399
2,056
2,061
2,062
973
972
p974
rl45.0
5.1
plO2.O
(NA)
p64,214
(NA)
p3,878
(NA)
p2,060
(NA)
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.
http://fraser.stlouisfed.org/
Federal Reserve Bank
St. Louis
MAYof 1981
91
OTHER IMPORTANT ECONOMIC MEASURES
E
I
U.S. INTERNATIONAL TRANSACTIONS
Q j
Year
and
month
602. Exports, excluding
military aid shipments,
total
604. Exports of agricultural products
606. Exports of nonelectrical machinery
(Mil.dol.)
(Mil.dol.)
(Mil.dol.)
MERCHANDISE TRADE
612. General imports,
total
614. Imports of
petroleum and
petroleum products
(Mil.dol.)
(Mil.dol.)
616. Imports of
automobiles and parts
(Mil.dol.)
1979
January
February
March
13,265
13,616
rl4,298
2,531
2,444
2,609
2,682
2,832
2,917
16,528
r14,607
15,358
3,580
3,634
3,667
1,963
1,706
1,589
April
May
June
13,979
r 14,084
rl4,819
2,540
2,597
2,828
2,706
2,859
3,034
15,841
rl6,436
rl6,829
3,832
4,000
4,199
1,956
1,851
1,730
July
August
September
r 15,692
rl5,717
rl5,825
2,954
3,019
3,032
3,022
3,241
3,153
rl6,804
18,277
r!8,409
4,692
4,949
5,662
1,815
2,113
1,849
October
November
December
r 16,682
rl6,929
16,742
3,309
3,459
3,311
3,251
3,172
3,240
rl9,027
r18,546
rl9,612
6,050
5,351
6,502
1,805
1,984
1,871
January
February
March
17,419
16,984
18,265
3,442
3,484
3,325
3,297
3,454
3,423
21,142
21,779
20,947
5,614
7,741
6,991
1,899
2,035
1,960
April
May
June
18,567
17,647
18,440
3,329
3,326
3,085
3,571
3,620
3,943
19,766
20,587
20,353
5,185
7,191
6,611
1,710
1,999
1,843
July
August
September
18,267
19,086
18,828
3,286
3,557
3,596
3,985
4,230
4,027
19,139
19,713
19,940
5,153
6,018
4,982
2,103
2,139
2,270
October
November
December
19,214
18,715
19,251
3,485
3,464
3,838
4,117
3,968
3,819
20,347
19,860
21,436
5,876
6,051
6,254
2,189
2,314
1,897
18,825
19,764
21,434
4,295
3,977
4,201
4,058
4,155
4,352
23,194
21,922
20,949
7,359
8,018
5,992
2,264
1,742
2,125
(NA)
(NA)
(NA)
(NA)
(NA)
"(NA)
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 56.
92
MAY 1 9 8 1
KOft
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL TRANSACTIONS—Continued
Q |
GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted1
Goods and services
Year
and
month
667. Balance
(Mil.dol.)
668. Exports
(Mil.dol.)
622. Balance
669. Imports
(Mil.dol.)
(Mil.dol.)
618. Exports
(Mil.dol.)
Income on nvestments
620. Imports
(Mil.dol.)
651. U.S. investments abroad
(Mil.dol.)
652. Foreign
investments in
the United
States
(Mil.dol.)
1979
January
February
March
2,730
65,668
62,938
-5,11*6
41,806
46,922
14,263
7,225
-100
67,764
67,864
-8,060
42,81*6
50,876
15,250
7,980
2,514
74,782
72,268
-7,052
47,207
54,259
18,050
8,731
-183
78,307
78,490
-9,158
50,239
59,397
18,407
9,524
-809
85,521
86,330
r-10,704
r54,302
r65,006
20,824
10,762
-1,11*5
81,767
82,882
r-7,253
r55,029
r62,282
16,620
10,518
July
August
September
6,020
86,01*5
79,995
r-3,389
r55,766
r59,155
18,756
10,700
October
November
December
p2,983
p87,586
p84,603
r-6,008
r56,684
r62,692
pl9,830
pll.514
(NA)
(NA)
(NA)
p-3,690
p61,932
p65,622
(NA)
(NA)
April
May
June
July
August
September
October
November
December ,
1980
January
February
March
April
May
June
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department
of Defense purchases (imports).
http://fraser.stlouisfed.org/
Federal Reserve Bank
of St.
Louis
MAY
IQfti
Itllft
93
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Q J
47. United States,
index of industrial production
Year
and
month
(1967 = 100)
INDUSTRIAL PRODUCTION
721. OECD1
European countries, index of
industrial
production
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
(1967 = 100)
723. Canada,
index of industrial production
(1967 = 100)
1979
January
February
March
152.0
152.5
153.5
154
156
158
210.7
213.4
213.1
159
157
161
158
160
163
122
131
133
152.8
160.0
156.0
160.8
161.0
162.0
April
May
June
151.1
152.7
153.0
158
159
159
214.4
218.2
218,5
161
164
164
160
164
164
132
134
136
156.7
151.9
145.1
160.3
162.1
160.6
July
August
September
153.0
152.1
152.7
162
159
161
221.2
221.8
220.5
167
164
164
170
170
167
134
130
129
150.4
150.1
159.4
163.1
163.3
165.4
October
November
December
152.7
152.3
152.5
162
162
162
225.0
228.1
228.4
166
167
167
164
164
166
130
132
131
166.8
167.3
164.7
164.7
163.7
160.8
January
February
March
152.7
152.6
152.1
163
165
165
230.9
243.3
235.0
168
170
170
166
167
166
130
126
125
168.9
176.1
174.6
160.9
161.2
164.2
April
May
June
148.3
144.0
141.5
163
158
159
238.8
236.4
234.0
168
164
163
167
160
160
124
123
123
176.1
162.3
167.4
160.6
157.3
155.9
July
August
September
140.4
141.8
144.1
rl62
155
156
235.0
224,0
233.2
164
161
160
166
166
157
123
120
117
165.2
141.5
160.8
155.5
157.2
159.7
October
November
December
146.9
149.4
151.0
158
156
155
235.2
232.1
237.2
163
160
157
160
r!53
r!61
117
117
116
162.9
169.7
159.5
160.7
161.3
161.5
January
February
March
151.7
H51.5
r!52.2
(NA)
238.7
r242.3
(NA)
(NA)
152
pi 50
(NA)
115
pl!6
(NA)
157.7
(NA)
160.5
pl61.8
(NA)
April
May
June
p!52.8
1980
1981
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.
94
MAX/
inoi
IU Ik
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS—Continued
Q
United States
Year
and
month
320. Index ®
(1967 = 100)
West Germany
Japan
320c. Change
over 6-month
spansl
(Ann. rate,
percent)
738. Index
©
CONSUMER PRICES
738c. Change
over 6-month
spans'
735. Index ®
(1967 = 100)
(Ann. rate,
percent)
(1967 = 100)
United (ingdom
France
735c. Change
over 6-month
spansl
(Ann. rate,
percent)
736. Index ©
(1967 = 100)
736c. Change
over 6-month
spansl
(Ann. rate,
percent)
732. Index ©
732c. Change
over 6-month
spans'
(1967 = 100)
(Ann. rate,
percent)
1979
January
February
March
204.7
207.1
209.1
10.6
11.4
12.2
253.9
253.1
255.1
1.8
3.1
4.6
162.9
163.6
164.4
4.4
4.3
4.7
245.5
247.1
249.4
10.4
10.9
332.9
335.6
338.3
11.4
11.4
13.2
April
May
June
211.5
214.1
216.6
12.9
13.0
13.6
258.6
261.3
261.5
7.3
7.0
5.3
165.3
165.7
166.6
6.0
5.8
5.8
251.8
254.5
256.6
11.9
12.6
11.7
344.1
346.8
352.8
21.5
21.4
22.1
July
August
September
218.9
221.1
223.4
13.9
14.0
14.4
263.8
261.1
264.4
6.7
6.9
6.9
167.7
167.8
168.3
6.0
6.4
6.1
260.0
262.7
264.9
12.7
12.4
12.8
368.0
370.9
374.6
23.2
23.7
21.5
October
November
December
225.4
227.5
229.9
14.9
15.4
15.8
267.7
266.7
268.3
6.0
8.9
10.8
168.7
169.3
170.1
4.0
5.4
5.6
268.1
269.8
272.0
14.2
14.7
15.6
378.5
381.8
384.6
15.4
16.8
17.4
January
February
March
233.2
236.4
239.8
15.3
14.8
14.3
270.8
273.3
275.5
9.9
9.5
9.9
171.0
172.8
173.8
5.6
5.6
5.7
277.2
280.2
283.4
15.0
15.0
14.1
394.1
399.7
405.1
20.4
20.5
20.5
April
May
June
242.5
244.9
247.6
11.4
10.3
9.6
280.2
282.7
283.5
9.5
8.2
7.2
174,9
175.6
176.5
6.9
5.5
4.7
286.7
289.3
291.1
12,9
12.3
11.6
419.0
422.8
426.8
18,5
15.8
14.1
July
August
September
247.8
249.4
251.7
10.0
10.5
10.5
284.2
283.7
288.1
5.6
7.3
4.3
176.8
177.0
177.0
4.6
5.0
5.2
295.5
298.4
301.0
11.8
12.2
13.2
430.4
431.3
434.1
10.6
10.4
9.9
October
November
December
253.9
256.2
258.4
11.9
12.3
11.4
288.5
289.1
287.2
5.7
5.2
5.2
177.3
178.3
179.4
4.9
5.4
6.3
304.3
306.4
309.1
12.7
12.7
13.0
436.8
440.3
442.7
8.2
9.7
11.1
January
February
March
260.5
263.2
265.1
10.0
290.7
290.9
292.6
(NA)
180.9
182.3
183.5
(NA)
312.7
315.6
318.8
(NA)
445.5
449.5
456.2
(NA)
April
May
June
266.8
9.8
1980
1981
(NA)
(NA)
(NA)
(NA)
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
http://fraser.stlouisfed.org/
Federal Reserve Bank
of St.
Louis
MAY
1981
95
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS—Continued
1£ |
Year
and
month
CONSUMER
G
PRICES-Continued
748. Japan,
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 ©
over 6-month
spans'
745. West
Germany,
index of
stock
prices @
(Ann. rate,
percent)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
Canada
737. Index @ 737c. Change
over 6-month
spans1
733. Index © 733c. Change
(Ann. rate,
percent)
(1967 = 100)
STOCK PRICES
19. United
States, index
of stock
prices, 500
common
stocks ©
Italy
(1967 = 100)
1
1979
January
February
March
305.1
309.7
313.8
14.5
15.6
15.6
211.2
213.2
215.7
10.9
10.1
9.9
108.5
106.9
108.9
416.1
409.9
405.7
135.0
131.9
131.2
160.9
149,9
155.4
211.1
212.2
240.8
52.4
54.8
57.9
138.4
141.1
150.7
April
May
June
317.8
321.3
323.9
14.9
15.5
17.8
217.2
219.3
220.3
9.5
8.5
8.5
111.0
108.5
110.7
402.9
411.1
402.3
130.6
127.8
121.7
164.5
162,0
171,7
255.7
255.0
241.0
54.1
56.8
58.0
149.5
154.8
168.9
July
August
September
326.7
330.6
339.2
19.2
19.4
21.7
222.1
222.9
224.9
7.9
8.8
9.5
111.7
116.8
118.1
400.6
408.0
412.5
122.0
124.3
125.7
173.7
188.6
207.4
232.8
233.9
236.3
58.8
61.7
63.0
159.4
178.6
191.7
October
November
December
345.5
350.3
356.6
25.8
26,1
23.1
226.5
228.7
230,1
10.0
10.4
9.9
113.6
112.8
117.2
408.2
403.4
410.8
123.5
118.3
118.8
187.5
189.1
186.8
238.9
215.6
217.1
62.6
58.6
55.4
175.2
189.3
199.5
January
February
March
367.9
374.3
378.2
23.0
22.6
20.4
231.3
233.3
235.8
10.3
9.9
10.6
120,6
125.5
113.9
420.1
425.5
413.0
117.2
123.3
118.1
203.8
207.4
185.4
224.3
239.4
231.6
59.8
61.1
61.1
224.7
256.3
203.2
April
May
June
384.3
388.2
391.7
18.4
18.1
19.6
237.2
240.0
242.7
10.0
11.0
11.5
112.0
117.1
124.6
417.6
422.9
423.8
116.5
118.8
120.6
189.0
201.1
201.4
228.1
230.3
240.7
61.0
61.5
64.8
212.8
216.4
227.5
July
August
September
398.7
403.5
411.6
19.1
21.6
r23.1
244.5
246.8
249.0
11.7
12.7
12.0
130.4
134.3
137.6
424.9
429.1
437.6
121.2
121.7
120.0
198.9
199.9
203.0
255.9
256.7
262.6
66.0
74.4
82.7
240.0
232.3
233.5
October
November
December
r418.5
r427.3
r432.9
r21.4
r21.6
20.7
251.2
254.3
255.8
14.1
13.3
13.2
141,7
147.6
145.2
447.5
447.8
443.5
120.6
117,2
116.3
218.0
215.2
206.6
267.4
277,5
267.6
93.5
99.2
96.0
223.3
235.2
219.9
r441.1
r449.0
r455.3
(NA)
259.1
261.7
265.2
13.6
144.6
139.7
144.9
457.9
458.2
467.3
115.3
114.0
116.3
191.1
201.1
rp209.2
259.0
269.0
273.2
110.0
122.1
125.9
223.7
218.6
233.9
146.2
pl42.6
494.6
p492.0
rp!22.1
pl21.2
rp208.2
p!88.4
rp292.5
p296.7
rp!37.5
pl45.7
rp243.8
p238.6
1980
1981
January
February
March
April
May
June
(NA)
267.2
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
96
MAY 1Q81
Rill
APPENDIXES
B.
Current Adjustment Factors
Series
July
5. Average weekly initial claims, State
unemployment insurance
1
13. New business incorporations .
33. Net change in mortgage debt
72. Commercial and industrial loans
outstanding
517. Defense Department gross obligations
incurred1
525.
May June
81.1
86.3
75.8
87.6
100.8
131.1
146.9
110.6
89.1
89.6
104.8
96.8
96.6
103.8
84.7
101.3
102.4
90.1
107.0
105.0
97.9
94.9
98.0
90.1
98.4 106.7
108.8
728
-1893
-2405
-581
-69
100.5
100.5
100.0
99.5
100.1
100.3
136.4
101.9
90.2
110.5
87.0
96.1
98.2
87.7
90.4
172.0
134.8
99.9
97.1
88.4
71.9
107.1
86.9
95.6
93.0
93.0
94.6
101.5
104.1
102.5
104.4
99.8
101.8
102.9 100.3
98.2
100.3
99.8
100.0
99.7
100.0
100.0
100.2
100.2
100.0
99.9
99.9 100.3
101.2
102.4
97.5
102.7
103.5
92.5
97.3
96.8
105.0
103.1
99.7 101.4
91.9
91.2
90.0
105.4
109.6
111.5
94.7
96.2
111.1
104.1
96.2
94.9
91.5
93.7
100.4
97.1
102.7
92.7
95.2
113.6
103.7 105.9 104.0
83
640
283
-72
100.1
99.3
99.4
100.0
93.6
83.0
125.7
77.0
74.3
95.1
-364
812
1640
99.9 100.0
Defense Department m i l i t a r y prime
contract awards
543.
Jan.
1981
Feb. Mar. Apr.
109.9
15. Profits (after 2 taxes) per dollar of sales
manufacturing
1 3
1980
Aug. Sept. Oct. Nov. Dec
Defense Department gross unpaid
obligations outstanding
570.
Employment in defense products industries
580.
Defense Department net outlays 1
604.
Exports of agricultural products
606.
Exports of nonelectrical machinery. . . .
614.
Imports of petroleum and products 1 . . . .
105.2
97.5
109.6
99.5
90.0
108.2
100.4
91.6
100.0
106.5
89.3 105.1
616.
Imports of automobiles and parts 1 . . . .
95.5
77.8
88.1
101.0
94.7
106.2
102.1
97.0
109.4
114.1
100.0 104.8
98.0
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, THE X-II VARIANT OF THE CENSUS METHOD II SEASONAL ADJUSTMENT PROGRAM.
factors are the products of seasonal and trading-day factors.
Quarterly
series; factors are placed in the middle month of the quarter.
3
These quantities, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to
yield the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program.
97
C. Historical Data for Selected Series
Year
IQ
IV Q
II Q
Annual
Year
GROSS NATIONAL PRODUCT IN 197 2 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
IQ
II Q
IV Q
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
479.4
492.6
512.6
564.4
593.7
623.2
610.5
644.1
666 .8
683.5
665.5
711.5
740.7
737.7
789.2
815.0
864.2
488.3
490.3
526.4
575.9
594.3
628.3
608.1
653.2
670.2
684.1
669.9
726.2
738.4
750.1
798.4
826.7
873.7
492.9
494.8
543.8
587.9
600.5
624.4
616.9
663.2
670.7
688.5
685.9
721.2
737.7
759.6
805.5
839.8
880.9
497.9
490.8
556.3
589.1
614.6
618.2
628.4
669.5
678.4
679.1
702.5
727.9
732.1
779.0
808.0
848.6
886.8
489.8
492.2
534.8
579.4
600.8
623.6
616.1
657.5
671.6
683.8
680.9
721.7
737.2
756.6
800.3
832.5
876.4
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
3.7
-5.3
21.8
8.1
4.6
8.6
-7.7
15.7
-2.7
5.1
-13.6
9.0
12.8
5.6
10.2
7.0
15.6
8.9
-2.3
13.8
11.5
0.6
5.1
-2.4
9.1
3.4
0.6
4.4
14.7
-2.3
12.4
9.2
11.7
9.5
4.6
4.5
17.4
12.0
6.2
-3.9
8.8
10.0
0.5
4.4
16.0
-5.0
-0.7
9.5
7.1
13.1
7.2
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
906.7
975.4
997.8
1036.6
1084.2
1081.4
1111.5
1157.2
1247.1
1254.7
1206.3
1287.2
1345.9
1402.3
1479.9
1501.9
919.7
979.3
1004.2
1055.7
1088.8
1083.0
1116.9
1178.5
1249.0
1256.3
1221.0
1295.8
1363.4
1432.8
1473.4
1463.3
934.1
987.9
1016.2
1068.2
1092.0
1093.3
1125.7
1193.1
1256.8
1248.6
1248.4
1303.3
1385.8
1446.7
1488.2
1471.9
956.8
996.6
1027.3
1071.8
1085.6
1084.7
1135.4
1214.8
1267.0
1232.4
1259.7
1315.4
1391.5
1465.8
1490.6
1485.6
929.3
984.8
1011.4
1058.1
1087.6
1085.6
1122.4
1185.9
1255.0
1248.0
1233.9
1300.4
1371.7
1436.9
1483.0
1480.7
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
19.9
18.6
1.2
9.3
12.4
-4.2
26.8
21.8
32.3
-12.
-26.
27.
30.
10.8
14.1
13.0
3.9
6.4
19.1
4.6
1.6
5.4
21.3
1.9
1.6
14.7
8.6
17.5
30.5
-6.5
-38.6
14.4
8.6
12.0
12.5
3.2
10.3
8.8
14.6
7.8
-7.7
27.4
7.5
22.4
13.9
14.8
8.6
50-C.
CHANGE FROM PRECEDING PERIOD IN G N P , 1972 DOLLARS
(ANNUAL RATE, PERCENT)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1 Q61
1962
1963
1964
3.2
-4.2
19.1
6.0
3.2
5.7
-4.9
10.3
-1.6
3.0
-7.8
5.2
7.2
3.1
5.3
3.5
7.5
7.6
-1.8
11.2
8.4
0.4
3.3
-1.6
5.8
2.0
0.4
2.7
8.5
-1.2
6.9
4.8
5.8
3.8
3.8
13.9
8.6
4.2
-2.4
5.9
6.3
0.3
2.6
9.9
-2.8
-0.4
5.2
3.6
6.5
3.3
4.1
-3.3
9.5
0.8
9.7
-3.9
7.7
3.8
4.7
-5.3
10.0
3.8
-3.0
10.6
1.2
4.3
2.7
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
9.3
8.0
0.5
3.7
4.7
-1.5
10.3
7.9
11.1
-3.8
-8.2
9.0
9.6
3.2
3.9
3.1
5.8
1.6
2.6
7.6
1.7
0.6
2.0
6.4
10.1
3.6
4.4
1.4
-2.3
-3.1
3.5
7.5
3.3
-5.1
3.7
3.7
1.7
5.4
0.6
-1.7
-9.9
-2.4
9.3
2.3
6.7
3.9
4.1
2.4
. DIFFERENCE FROM PRECEDING PERIOD IN G N P , CURRENT
DOLLARS
(ANNUAL R A T E , BILLIONS OF DOLLARS)
200.
PERCENT
CHANGE 1
8.3
3.7
3.8
-1.2
6.0
2.2
2.6
5.8
4.0
5.3
6.0
6.0
2.7
4.6
2.8
-0.2
3.4
5.7
5.8
-0.6
-1.1
5.4
5.5
4.8
3.2
-0.2
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981 .
6.0
-5.4
10.«
14.1
2.7
6.1
-0.6
12.6
1.8
8.1
-7.2
10.0
11.9
3.4
11.6
7 .7
12.9
7.5
-3.5
9.5
7.9
0.2
3.3
-0.2
8.0
5.6
2.1
3.9
13.6
-0.6
11.0
8.5
8.7
8.7
7.0
1.9
17.7
6.7
5.7
-1.0
4 .4
8.6
5.1
7.1
13.2
-1.6
1.7
9.0
6.2
11.1
1 .4
-2 .1
11 .5
26.4
-1.2
28.2
12 .2
-5 .3
8 .9
6 .2
8 .6
-5 .4
13 .1
6 .0
-3 .2
14 .4
5 .4
10 .6
6 .0
17.2
18 .8
0.
33.2
21.7
22.3
5.7
38.2
18.6
18.1
40.4
31.7
41.0
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
20.0
21.3
5.8
17.9
20.9
10.0
40.3
36.6
50.0
11.0
6.0
50.2
66.6
43.8
68.7
75.4
12.9
11.5
7.9
26.0
16.2
14.3
19.6
29.3
24.1
36.1
36.9
26.6
54.8
97.2
34.0
-6.9
14.7
10.6
17.1
17.7
17.9
17.3
17.7
24.4
30.1
27.8
61.8
30.4
56.5
60.9
69.5
72.5
20 .8
14 .3
17 .6
15 .4
6 .7
5 .4
19 .2
37 .4
39 .0
22 .2
43 .3
43 .5
38 .2
til.4
52 .2
93 .3
53.4
64.9
43.6
73.8
70.6
84.9
108.3
140.5
107.8
115.0
168.8
200.0
238.1
257.8
212.2
NOTE: These series contain revisions beginning with the first year shown.
'Year-to-year differences and percent changes are computed from annual data.
12.5
1.2
14.1
-6.2
11.5
6.3
7.7
-9.4
16.6
6.7
-5.6
19.4
2.5
8.8
5.9
22.7
8.7
DIFFERENCE
19.5
2.4
42.6
44.6
21.4
22.8
-7.5
41.4
14.1
12.2
-2.9
40.8
15.5
19.
43.
32.
43.9
10.2
-16.2
11.3
12.1
5.7
19.1
2.4
13.7
52.9
55.5
26.6
46.7
29.5
-2.0
36.8
63. .5
.1
- 7 ..0
-14. .1
66. .5
71. .3
65. .2
.1
-2.3
3.6
-6.4
GROSS NATIONAL PRODUCT IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
250.0
260.5
267.6
320.4
341.9
366.1
362.5
388.2
412.8
440.2
436.8
477.0
506.9
508.2
554.2
582.0
625.3
257.5
257.0
277.1
328.3
342.1
369.4
362.3
396.2
418.4
442.3
440.7
490.6
506.3
519.2
562.7
590.7
634.0
264.5
258.9
294.8
335.0
347.8
368.4
366.7
404.8
423.5
449.4
453.9
489.0
508.0
528.2
568.9
601.8
642.8
265.9
256.8
306.3
339.2
360.0
363.1
375.6
411.0
432.1
444.0
467.0
495.0
504.8
542.6
574.3
612.4
648.8
259.5
258.3
286.5
330.8
348.0
366.8
366.8
400.0
421.7
444.0
449.7
487.9
506.5
52^.6
505.0
596.7
637.7
668.8
738.5
780.7
841.2
921.2
972.0
1049.3
1142.4
1283.5
1387.7
1479.8
1672.0
1839.1
2032.4
2340.6
2571.7
681.7
750.0
788.6
867.2
937.4
986.3
1068.9
1171.7
1307.6
1423.8
1516.7
1698.6
1893.9
2129.6
2374.6
2564.8
696.4
760.6
805.7
884.9
955.3
1003.6
1086.6
1196.1
1337.7
1451.6
1578.5
1729.0
1950.4
2190.5
2444.1
717.2
774.9
823.3
900.3
962.0
1009.0
1105.8
1233.5
1376.7
1473.8
1621.8
1772.5
1988.6
2271.9
2496.3
2730.6
691.1
756.0
799.6
873.4
944.0
992.7
200-C. CHANGE FROM PRECEDING PERIOD IN G N P ,
CURRENT DOLLARS
(ANNUAL R A T E , PERCENT)
DIFFERENCE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
Annual
50-B. DIFFERENCE FROM PRECEDING PERIOD IN GNP, 1972
DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
i0.3
-7.9
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
13.0
12.4
3.1
9.0
9.6
4.2
16.9
13.9
17.2
3.2
1.6
13.0
15.9
9.1
12.7
3.2
7 .0
-0.7
14.1
1.7
7.7
-6.3
8 .9
10.0
2.7
8.9
5.4
8.7
12 .5
-5 .3
15 .0
10 .2
0 .3
3 .7
-0 . 2
8 .5
5 .5
1 .9
3 .7
11 .9
-0 .5
9 .0
6 .3
6 .1
5 .7
7 .9
6 .4
4 .1
13 .0
7 .2
6 .0
7 .7
10 .7
7 .7
10 .8
10 .4
6 .5
12 .5
20 .5
5 .9
-1 .1
3.1
28.0
8.5
6.8
5.0
9.0
4.9
6.6
12.5
-1.3
1.4
7.1
4.4
7.7
8.4
7.9
7.2
6.8
8.6
9.6
8.0
17.3
7.3
12.5
11.9
12.2
11.8
1077.6
1185.9
1326.4
1434.2
1549.2
1718.0
1918.0
2156.1
2413.9
2626.1
PERCENT
CHANGE'
2.2
-3.2
16.6
5.1
14.8
-5.6
10.0
6.3
8.4
-4.8
12.1
5.0
3.9
7.3
3.8
11.3
-0.5
10.9
15.5
5.2
5.4
0.
9.0
5.4
5.3
1.3
8.5
3.8
3.6
7.7
5.6
6.9
12.
7.7
9.0
7.2
2.8
2.2
7.3
13.
12.2
6.3
11.
10.
8.
15.
8.
14.9
8.4
9.4
5.8
9.2
8.1
5.2
8.6
10.1
11.8
8.1
8.0
10.9
11.6
12.4
12.0
8.8
(MAY
1981)
C. Historical Data for Selected Series—Continued
Year
IQ
II Q
III Q
IV Q
Year
Annual
217.
213.
FINAL SALES IN 1972 DOLLARS
ANNUAL RATE, BILLIONS OF DOLLARS)
IQ
II Q
III Q
IV Q
PER CAPITA GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(ANNUAL RATE, DOLLARS)
AVERAGE
Annual
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
475.4
492.9
508.2
550.9
586.4
619.2
613.9
638.2
659.3
681.0
672.3
706.0
728.0
741.8
778.8
807.6
857.3
482.7
497.4
518.7
556.0
597.0
623.2
612.2
645.2
664.7
681.2
676.1
713.6
735.1
748.3
790.4
818.8
866.3
486.0
497.4
535.8
573.3
595.1
622.5
619.6
655.4
665.9
684.8
685.6
719.8
734.3
753.2
797.9
831.7
875.4
492.6
498.4
534.2
582.1
607.4
623.2
627.0
660.2
673.0
682.1
697.2
719.2
737.4
771.3
802.6
841.9
878.2
484.3
496.6
524.2
565.6
596.5
622.1
618.2
649.8
665.8
682.2
682.7
714.7
733.7
753.7
792.4
825.0
869.3
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
3,289
3,322
3,398
3,681
3,805
3,928
3,783
3,921
3,988
4,015
3,844
4,024
4,122
4,039
4,253
4,328
4,526
3,337
3,293
3,477
3,741
3,794
3,946
3,753
3,961
3,992
4,003
3,855
4,092
4,095
4,091
4,288
4,376
4,561
3,354
3,309
3,577
3,801
3,817
3,903
3,789
4,003
3,977
4,010
3,930
4,046
4,074
4,126
4,309
4,429
4,582
3,372
3,267
3,643
3,791
3,889
3,847
3,841
4,021
4,002
3,938
4,007
4,066
4,024
4,213
4,305
4,458
4,596
3,338
3,298
3,524
3,754
3,826
3,906
3,792
3,976
3,990
3,992
3,909
4,057
4,079
4,117
4,289
4,398
4,566
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
891.9
959.8
983.3
1031.2
1072.5
1079.2
1100.3
1150.9
1231.1
1241.5
1220.6
1277.1
1333.5
1384.6
1464.4
1502.8
908.3
962.2
996.9
1043.5
1077.0
1077.9
1106.5
1166.5
1233.8
1243.7
1232.3
1284.5
1351.0
1416.8
1455.0
1462.0
923.1
974.3
1004.4
1058.4
1078.3
1086.8
1118.7
1180.3
1242.9
1240.9
1247.5
1296.0
1369.5
1435.2
1480.6
1476.9
946.7
975.8
1012.2
1063.2
1078.6
1083.3
1131.7
1205.1
1243.3
1219.5
1262.0
1312.9
1383.2
1455.3
1491.3
1492.7
917.5
968.0
999.2
1049.1
1076.6
1081.8
1114.3
1175.7
1237.8
1236.4
1240.6
1292.7
1359.3
1422.9
1472.9
1483.6
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
4,687
4,983
5,040
5,183
5,369
5,299
5,387
5,557
5,942
5,936
5,666
5,998
6,224
6,431
6,730
6,767
4,741
4,989
5,060
5,267
5,379
5,293
5,401
5,648
5,941
5,934
5,724
6,028
6,293
6,558
6,687
6,578
4,799
5,018
5,106
5,315
5,380
5,328
5,429
5,707
5,967
5,886
5,839
6,051
6,382
6,606
6,737
6,597
4,900
5,047
5,148
5,318
5,332
5,271
5,462
5,798
6,004
5,798
5,879
6,094
6,393
6,679
6,731
6,640
4,782
5,009
5,088
5,271
5,365
5,298
5,420
5,678
5,964
5,888
5,777
6,043
6,323
6,568
6,721
6,646
310.
IMPLICIT PRICE DEFLATOR, GROSS NATIONAL PRODUCT
(INDEX: 1972=100)
AVERAGE
PERCENT
CHANGE1
310-C. CHANGE FROM PRECEDING PERIOD IN IMPLICIT PRICE
DEFLATOR, GNP
(ANNUAL RATE, PERCENT)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
52.1
52.9
52.2
56.8
57.6
58.8
59.4
60.3
61.9
64.4
65.6
67.0
68.4
68.9
70.2
71.4
72.4
52.7
52.4
52.6
57.0
57.6
58.8
59.6
60.6
62.4
64.6
65.8
67.6
68.6
69.2
70.5
71.5
72.6
53.6
52.3
54.2
57.0
57.9
59.0
59.4
61.0
63.1
65.3
66.2
67.8
68.9
69.5
70.6
71.7
73.0
53.4
52.3
55.1
57.6
58.6
58.7
59.8
61.4
63.7
65.4
66.5
68.0
69.0
69.6
71.1
72.2
73.2
53.0
52.5
53.6
57.1
57.9
58.8
59.6
60.8
62.8
64.9
66.0
67.6
68.7
69.3
70.6
71.7
72.8
1948
1949
1950
1951
1952
1953
1954
1955.
1956
1957
1958
1959
1960
1961
1962
1963
1964
6.9
-3.8
-0.9
13.0
0.
1.2
4.5
3.4
3.4
4.6
1.6
3.5
2.6
-0.4
3.4
1.8
1.1
4.6
-3.5
3.4
1.6
-0.1
0.3
1.4
2.6
3.4
1.5
1.0
3.1
0.7
2.0
1.5
0.3
1.2
7.2
-0.7
12.4
-0.1
2.4
1.4
-0.9
2.6
4.6
4.0
2.3
1.5
1.8
1.8
0.8
1.1
2.2
-1.9
0.
6.5
4.2
4.7
-1.8
2.1
2.4
3.5
0.5
1.9
1.2
0.5
0.7
2.6
2.9
1.0
6.9
-0.9
2.1
6.6
1.4
1.6
1.2
2.2
3.2
3.4
1.7
2.4
1.6
0.9
1.8
1.5
1.5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
197 5
1976
1977
1978
1979
1980
1981
73.8
75.7
78.2
81.2
85.0
89.9
94.4
98.7
102.9
110.6
122.7
129.9
136.6
144.9
158.2
171.2
74.1
76.6
78.5
82.1
86.1
91.1
95.7
99.4
104.7
113.3
124.2
131.1
138.9
148.6
161.2
175.3
74.6
77.0
79.3
82.8
87.5
91.8
96.5
100.2
106.4
116.3
126.4
132.7
140.8
151.4
164.2
179.2
75.0
77.8
80.1
84.0
88.6
93.0
97.4
101.5
108.7
119.6
128.7
134.8
142.9
155.0
167.5
183.8
74.4
76.8
79.1
82.5
86.8
91.4
96.0
100.0
105.7
114.9
125.6
132.1
139.8
150.0
162.8
177.4
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
3.4
4.1
2.6
5.1
4.7
5.8
6.0
5.6
5.6
7.3
10.7
3.6
5.7
5.8
8.4
9.3
2.0
4.7
1.5
5.0
5.4
5.4
5.6
2.9
7.1
10.3
5.1
3.7
6.8
10.6
7.8
9.8
2.4
2.1
3.9
3.4
6.6
3.2
3.5
3.4
6.9
10.7
7.3
4.9
5.4
7.7
7.8
9.2
2.2
4.0
4.4
5.7
5.3
5.5
3.7
5.2
8.6
12.0
7.5
6.5
6.3
9.8
8.1
10.7
2.2
3.2
3.0
4.4
5.1
5.4
5.0
4.2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
311.
FIXED WEIGHTED PRICE INDEX, GROSS BUSINESS PRODUCT
(INDEX: 1972=100)
AVERAGE
311-C. CHANGE FROM PRECEDING PERIOD IN FIXED WEIGHTED
PRICE INDEX
(ANNUAL RATE, PERCENT)
PERCENT
CHANGE1
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
56.1
57.0
55.9
61.3
62.0
63.0
63.6
64.2
65.8
68.5
69.7
73.2
74.1
75.0
75.5
76.2
76.6
56.7
56.5
56.4
61.6
62.0
63.0
63.8
64.4
66.4
68.8
69.8
73.5
74.5
75.1
75.7
76.2
76.8
57.8
56.3
58.0
61.4
62.4
63.2
63.5
64.9
67.2
69.4
70.1
73.8
74.7
75.2
75.8
76.3
77.0
57.4
56.2
59.2
62.0
63.0
62.9
63.9
65.3
67.7
69.4
70.3
74.0
74.9
75.2
76.0
76.6
77.2
57.0
56.5
57.4
61.6
62.4
63.0
63.7
64.7
b6.8
69.0
70.0
73.6
74.5
75.1
75.7
76.3
76.9
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
7.3
-3.0
-2.0
15.1
-0.1
0.1
4.9
2.2
3.1
4.6
1.3
3.4
0.5
0.6
1.6
0.8
0.4
4.6
-3.4
3.5
2.1
0.
-0.2
1.1
1.4
3.3
1.5
0.9
1.6
1.9
0.3
0.8
0.1
0.7
7.6
-1.5
11.6
-1.2
2.5
1.8
-1.5
2.7
5.0
4.0
1.4
1.6
1.2
0.7
0.8
0.7
1.3
-2.6
-0.6
8.5
4.2
3.6
-2.4
2.1
2.7
3.4
0.1
1.2
1.2
1.1
0.1
1.1
1.3
1.0
6.9
-0.9
1.6
7.3
1.3
1.0
1.1
1.6
3.2
3.4
1.4
2.0
1.2
0.8
0.8
0.7
0.8
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
77.6
79.0
81.2
83.7
87.2
91.4
95.3
98.9
102.8
111.5
123.6
131.2
138.7
147.6
162.3
178.2
77.9
79.7
81.5
84.6
88.4
92.4
96.5
99.5
104.6
114.1
125.3
132.6
141.1
151.4
166.1
182.4
78.2
80.3
82.3
85.2
89.5
93.0
97.3
100.3
106.6
117.7
127.8
134.3
142.9
154.7
169.9
186.7
78.3
80.8
82.9
86.2
90.5
94.3
98.0
101.3
108.6
121.3
130.0
136.4
145.5
158.6
174.0
190.9
78.0
79.9
82.0
84.9
88.9
92.8
96.8
100.0
105.6
116.1
126.7
133.6
142.0
153.1
168.0
184.5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1.8
3.3
1.7
3.8
4.7
4.1
4.6
3.7
5.7
11.2
8.0
3.8
6.8
5.9
9.7
10.1
1.8
3.5
1.7
4.4
5.3
4.5
5.0
2.5
7.4
9.8
5.6
4.2
7.2
10.9
9.7
9.8
1.4
2.9
3.6
3.1
5.1
2.5
3.3
3.1
7.8
12.9
8.1
5.4
5.2
9.0
9.5
9.6
0.9
3.0
3.1
4.9
4.8
5.6
2.9
4.4
7.6
12.8
7.0
6.3
7.4
10.4
10.0
9.3
1.4
2.5
2.6
3.6
4.7
4.4
4.3
3.3
5.6
9.9
9.2
5.5
6.3
7.8
9.7
9.8
NOTE: These series contain revisions beginning with the first year shown.
1
Year-to-year percent changes are computed from annual data.
(MAY 1981)
99
C. Historical Data for Selected Series—Continued
Year
253.
IQ
II Q
III Q
IV Q
Annual
IMPORTS OF GOODS AND SERVICES IN CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
Year
255.
IQ
II Q
III Q
IV Q
NET EXPORTS OF GOODS AND SERVICES IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
Annual
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
10.1
10.1
10.1
15.6
15.6
16.5
15.5
16.9
19.8
21.0
20.4
22.4
23.9
22.3
24.8
25.6
27.6
10.5
9.9
10.8
15.9
15.3
17.1
16.9
17.9
19.8
21.1
21.0
23.6
24.0
22.5
25.4
26.4
28.4
11.0
9.5
13.6
15.0
15.9
17.0
16.0
18.3
20.1
20.6
20.7
24.0
23.4
24.0
25.6
27.2
29.1
10.6
9.6
14.3
14.7
17.0
16.3
16.2
18.9
19.4
20.5
21.8
23.6
22.3
24.5
26.0
27.3
30.0
10.5
9.8
12.2
15.3
15.9
16.7
16.2
18.0
19.8
20.8
21.0
23.4
23.4
23.3
25.4
26.6
28.8
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
13.1
12.5
6.8
6.4
11.7
5.0
5.2
8.4
7.7
13.2
6.5
2.1
6.0
10.4
6.6
7.4
14.0
10.3
12.1
6.8
9.5
9.0
4.4
6.7
6.3
9.6
12.6
5.6
1.2
6.8
8.0
8.5
9.6
12.3
9.9
10.7
4.3
12.2
6.1
4.8
7.3
7.5
10.5
11.9
5.9
3.6
8.1
7.7
8.0
9.2
12.8
9.7
7.4
5.6
12.5
4.9
5.0
8.4
7.1
12.5
9.5
4.3
3.8
9.8
7.8
7.0
11.3
12.4
10.8
10.7
5.9
10.1
7.9
4.8
6.9
7.3
10.1
11.8
5.6
2.7
7.7
8.5
7.5
9.4
12.8
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
29.1
36.0
40.6
45.7
45.9
57.1
61.0
74.3
88.8
114.7
130.3
145.6
180.5
208.2
239.2
329.1
32.7
37.0
40.1
46.9
55.3
58.6
65.6
74.0
93.5
134.6
120.7
153.4
187.4
218.1
258.6
316.2
33.0
39.4
40.6
49.9
55.6
59.6
67.9
76.5
95.6
139.8
127.8
161.4
187.7
223.3
275.2
297.9
34.4
39.8
42.8
49.8
56.6
60.7
64.3
82.1
103.6
142.1
133.8
168.1
194.4
232.0
298.7
322.7
32.3
38.1
41. 0
48.1
53.3
59.0
64.7
76.7
95.4
132.8
128.1
157.1
187.5
220.4
267.9
316.5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
9.0
8.2
6.2
2.2
1.2
3.2
4.7
-1.9
7.7
28.3
32.1
26.7
22.3
18.7
36.0
50.1
11.2
7.1
6.0
2.2
0.4
4.5
0.3
-0.4
13.8
29.0
33.5
26.0
22.4
23.0
31.6
51.7
10.6
5.1
5.4
2.0
0.2
4.3
1.7
2.4
19.4
26.2
30.8
25.6
25.0
26.1
41.1
57.6
9.8
5.4
3.9
1.2
1.8
3.6
-0.2
2.9
21.2
27.8
32.3
23.4
17.9
30.5
42.2
48.5
10.1
6.5
5.4
1.9
0.9
3.9
1.6
0.7
15.5
27.8
32.2
25.4
21.9
24.6
37.7
52.0
256.
EXPORTS OF GOODS AND SERVICES IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
257.
AVERAGE
IMPORTS OF GOODS AND SERVICES IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
28.2
27.7
22.6
25.8
30.8
26.3
25.7
30.3
33.0
39.4
33.0
32.1
37.3
39.9
40.0
41.9
50.0
25.8
27.3
23.3
28.2
28.0
26.8
28.4
29.7
34.8
39.1
33.2
32.7
38.2
37.8
42.6
44.8
49.2
26.0
25.6
23.8
30.0
26.2
27.0
27.9
31.2
36.2
37.7
33.2
35.4
38.9
39.4
42.6
45.2
50.6
25.1
22.6
24.6
30.5
26.6
26.3
29.3
31.4
37.1
35.6
33.2
34.9
39.2
40.3
42.2
47.3
51.4
26.3
25.8
23.6
28.6
27.9
26.6
27.8
30.7
35.3
38.0
33.2
33.8
38.4
39.3
41.8
44.8
50.3
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
15.1
15.2
15.9
19.4
19.1
21.3
20.5
21.9
25.3
26.2
26.5
30.0
31.3
29.5
33.3
34.5
36.0
15.4
15.3
16.5
18.7
19.0
22.4
21.8
23.4
25.2
26.4
27.6
31.5
31.5
29.8
34.1
35.2
36.9
16.1
14.9
19.5
17.8
20.1
22.2
20.6
23.8
25.7
25.8
27.3
31.8
30.7
31.7
34.6
36.0
37.9
15.5
15.2
19.0
18.0
21.7
21.3
20.9
24.4
24.6
26.1
28.9
31.1
29.4
32.5
35.2
36.0
39.0
15.5
15.2
17.7
18.5
20.0
21.8
20.9
23.4
25.2
26.1
27.6
31.1
30.7
30.9
34.3
35.4
37.5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
46.7
54.1
56.9
59.0
57.1
69.4
70.7
74.9
91.0
108.1
104.0
107.6
111.3
118.3
141.1
165.9
53.6
53.8
56.1
60.1
67.4
71.5
71.2
74.2
95.9
111.5
100.3
109.3
114.1
125.4
140.5
160.5
53.1
54.6
56.3
63.6
67.2
70.6
74.2
78.2
99.8
107.5
102.5
111.6
115.6
129.8
151.3
160.5
53.6
55.1
57.4
62.3
68.3
70.4
67.7
82.5
102.4
106.9
107.4
111.9
111.7
136.6
154.8
157.4
51.7
54.4
56.7
61.2
65.0
70.5
71.0
77.5
97.3
108.5
103.6
110.1
113.2
127.5
146.9
161.1
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
37.7
45.8
50.7
56.8
55.8
66.2
66.0
76.9
83.3
79.8
71.9
80.9
89.0
99.5
105.1
115.8
42.4
46.7
50.2
57.9
67.0
67.0
70.9
74.6
82.1
82.5
66.8
83.3
91.7
102.4
108.8
108.9
42.5
49.5
50.9
61.5
67.0
66.3
72.5
75.8
80.4
81.3
71.7
86.0
90.5
103.7
110.2
102.8
43.9
49.7
53.5
61.1
66.5
66.8
67.9
79.6
81.2
79.1
75.1
88.5
93.8
106.2
112.6
108.9
41.6
47.9
51.3
59.3
64.1
66.6
69.3
76.7
81.8
80.7
71.4
84.7
91.3
103.0
109.2
109.1
260.
GOVERNMENT PURCHASES OF GOODS AND SERVICES, TOTAL, IN
CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
261.
AVERAGE
GOVERNMENT PURCHASES OF GOODS AND SERVICES, TOTAL,
IN 1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
27.7
36.7
37.7
49.6
70.9
81.7
79.5
74.3
77.2
86.2
91.2
97.8
97.3
105.0
116.1
122.1
128.3
30.7
38.4
36.9
56.7
75.5
82.6
75.4
74.1
79.3
86.6
94.2
98.0
99.3
106.8
116.8
121.3
130.0
33.2
39.1
38.0
64.4
77.5
82.4
74.6
75.4
79.7
87.5
96.1
97.5
101.8
108.4
118.8
124.3
130.0
36.0
39.2
41.4
69.6
78.3
83.4
73.4
76.2
81.3
88.1
98.7
97.0
102.7
112.3
120.4
127.0
130.9
32.0
38.4
38.5
60.1
75.6
82.5
75.8
75.0
79.4
87.1
95.0
97.6
100.3
108.2
118.0
123.7
129.8
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
76.5
93.0
98.6
115.7
152.9
167.7
162.6
152.7
152.1
160.1
165.0
171.6
169.2
179.4
191.3
195.8
201.7
83.1
96.8
96.2
128.5
159.4
170.2
155.6
150.9
154.0
161.1
168.7
171.3
172.4
181.0
191.8
195.1
203.4
87.0
99.0
95.5
141.2
163.7
170.0
153.8
153.5
152.9
161.6
171.0
170.2
174.4
182.7
194.6
199.3
202.3
91.6
98.1
102.0
149.2
163.3
172.0
151.7
152.0
154.8
162.0
174.7
169.3
175.4
188.4
195.0
200.2
203.1
84.7
96.8
98.1
133.7
159.8
170.1
156.0
152.3
153.5
161.2
169.8
170.6
172.8
182.9
193.2
197.6
202.6
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
131.6
150.0
174.9
192.4
204.5
216.4
229.7
249.7
264.9
286.8
327.7
357.0
378.6
415.7
458.2
516.8
135.6
155.3
177.3
198.6
207.4
217.7
232.4
251.5
266.3
300.6
333.6
358.1
391.0
425.1
465.1
530.0
140.1
162.0
182.0
201.0
210.7
221.1
236.4
252.9
268.9
309.2
344.0
362.8
397.9
438.3
475.4
533.5
146.1
167.3
186.5
204.0
212.4
225.3
240.9
258.3
281.6
319.7
354.3
370.4
410.4
451.3
496.4
558.6
138.4
158.7
180.2
199.0
208.8
220.1
234.9
253.1
270.4
304.1
339.9
362. 1
394.5
432.6
473.8
534.7
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
202.3
221.2
244.2
256.5
258.6
252.7
250.0
254.5
254.6
258.1
264.3
268.5
268.5
274.6
280.6
290.1
207.2
224.8
247.0
260.9
259.2
249.6
248.3
253.2
251.2
.261.6
264.4
266.4
271.4
276.3
280.3
291.9
211.8
234.0
250.6
262.2
256.8
250.9
250.6
252.6
251.4
262.0
268.1
266.0
273.7
280.0
281.1
288.2
217.7
238.7
252.2
261.1
255.0
251.0
251.5
252.1
256.6
263.0
269.8
266.2
275.7
280.1
285.3
289.8
209.8
229.7
248.5
260.2
257.4
251.1
250.1
253.1
253.5
261.2
266.7
266.8
272.3
277.8
281.8
290.0
NOTE: These series contain revisions beginning with the first year shown.
100
(MAY 1981)
C. Historical Data for Selected Series—Continued
Year
IQ
II Q
III Q
| IV Q
Annual
262. FEDERAL GOVERNMENT PURCHASES OF GOODS AND SERVICES IN
CURRENT DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
Year
263.
AVERAGE
IQ
II Q
III Q
IV Q
FEDERAL GOVERNMENT PURCHASES OF GOODS AND SERVICES IN
1972 DOLLARS
(ANNUAL RATE, BILLIONS OF DOLLARS)
Annual
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
13.7
19.8
18.6
28.7
48.3
57.2
52.8
44.5
44.9
50.3
51.6
54.3
52.3
55.3
63.0
64.9
65.9
15.9
20.7
17.4
35.1
52.2
58.1
48.0
43.7
46.2
49.9
53.6
54.3
53.1
56.9
63.0
63.3
65.8
17.6
20.7
18.0
42.3
54.3
57.2
46.2
44.7
45.8
50.1
54.4
53.7
54.6
57.7
64.1
64.5
64.7
19.7
20.5
20.9
47.2
54.6
57.6
44.8
44.9
46.7
49.6
55.9
53.3
54.8
59.6
64.8
65.9
64.5
16.7
20.4
18.7
38.3
52.4
57.5
47.9
44.5
45.9
50. 0
53.9
53.9
53.7
57.4
63.7
64.6
65.2
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
36.0
48.2
48.1
65.0
100.7
113.5
103.9
89.5
86'.6
91.0
90.9
92.3
88.9
92.6
102.2
102.2
101.8
41.7
49.9
45.4
77.0
106.3
115.9
96.5
86.8
87.6
91.3
93.2
92.0
90.4
94.6
102.1
100.6
101.3
44.9
50.3
44.5
89.5
111.6
114.4
93.3
89.2
85.9
90.7
93.9
90.8
91.1
95.4
103.7
102.3
99.1
48.4
48.6
51.0
97.4
110.0
115.1
90.8
87.2
87.2
89.5
96.0
90.3
91.3
98.7
103.2
102.0
98.6
42.8
49.2
47.3
82.2
107.2
114.7
96.1
88.2
86. 8
90.6
93.4
91.4
90.4
95.3
102.8
101.8
100.2
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
63.9
73.6
88.6
96.0
97.0
98.0
95.8
102.7
103.0
103.9
119.2
126.7
136.8
149.5
164.8
190.0
65.8
76.8
89.4
98.8
97.2
95.8
95.0
102.8
100.4
109.6
120.1
126.3
142.8
149.1
163.6
198.7
67.6
81.5
92.1
98.6
98.3
94.2
96.6
100.4
98.8
112.7
123.7
129.5
145.0
154.1
165.1
194.9
71.8
83.5
93.7
98.6
97.8
95.0
97.4
100.8
105.8
117.8
127.9
134.3
150.9
160.7
178.1
212.0
67.3
78.8
90.9
98.0
97.6
95.7
96.2
101.7
102.0
111.0
122.7
129.2
143.9
153.4
167.9
198.9
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
96.8
106.5
122.5
127.8
123.6
115.1
105.6
104.3
98.9
95.3
96.8
96.5
98.5
99.4
102.9
107.6
99.0
108.8
124.6
129.5
123.5
110.9
102.6
103.3
94.9
96.9
96.5
96.3
100.2
98.0
100.8
110.7
100.5
116.8
127.1
128.8
120.8
108.8
104.1
101.0
93.5
96.8
98.1
96.8
101.8
100.8
99.9
106.9
104.7
118.3
126.3
126.5
119.1
107.5
102.7
98.1
96.3
97.5
98.2
97.4
102.3
101.0
103.1
107.4
100.3
112.6
125.1
128.1
121.8
110.6
103.7
101.7
95.9
96.6
97.4
96.8
100.7
99.8
101.7
108.1
265. FEDERAL GOVERNMENT PURCHASES OF GOODS AND SERVICES
AS PERCENT OF GNP
(PERCENT)
AVERAGE
266. STATE AND LOCAL GOVERNMENT PURCHASES OF GOODS AND
SERVICES IN CURRENT DOLLARS
(ANN. RATE, BILLION DOLLARS)
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
5.5
7.6
7.0
9.0
14.1
15.6
14.6
11.5
10.9
11.4
11.8
11.4
10.3
10.9
11.4
11.2
10.5
6.2
8.1
6.3
10.7
15.3
15.7
13.2
11.0
11.0
11.3
12.2
11.1
10.5
11.0
11.2
10.7
10.4
6.7
8.0
6.1
12.6
15.6
15.5
12.6
11.0
10.8
11.1
12.0
11.0
10.7
10.9
11.3
10.7
10.1
7.4
8.0
6.8
13.9
15.2
15.9
11.9
10.9
10.8
11.2
12.0
10.8
10.9
11.0
11.3
10.8
9.9
6.4
7.9
6.6
11.6
15.0
15.7
13.1
11.1
10.9
11.2
12.0
11.1
10.6
11.0
11.3
10.8
10.2
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
14.0
16.9
19.1
20.9
22.6
24.5
26.7
29.8
32.3
35.9
39.5
43.6
44.9
49.7
53.1
57.2
62.4
14.8
17.7
19.4
21.6
23.3
24.4
27.4
30.3
33.1
36.7
40.6
43.7
46.2
49.9
53.8
58.0
64.2
15.7
18.5
20.0
22.1
23.1
25.1
28.4
30.7
33.9
37.5
41.7
43.8
47.2
50.8
54.7
59.8
65.3
16.3
18.7
20.5
22.4
23.8
25.8
28.7
31.3
34.6
38.5
42.7
43.7
47.9
52.7
55.6
61.2
66.4
15.3
18.0
19.8
21.8
23.2
25.0
27.8
30.6
33.5
37.1
41.1
43.7
46.5
50.8
54.3
59.0
64.6
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
9.6
10.0
11.3
11.4
10.5
10.1
9.1
9.0
8.0
7.5
8.1
7.6
7.4
7.4
7.0
7.4
9.7
10.2
11.3
11.4
10.4
9.7
8.9
8.8
7.7
7.7
7.9
7.4
7.5
7.0
6.9
7.7
9.7
10.7
11.4
11.1
10.3
9.4
8.9
8.4
7.4
7.8
7.8
7.5
7.4
7.0
6.8
7.4
10.0
10.8
11.4
11.0
10.2
9.4
8.8
8.2
7.7
8.0
7.9
7.6
7.6
7.1
7.1
7.8
9.8
10.4
11.4
11.2
10.4
9.6
8.9
8.6
7.7
7.8
7.9
7.5
7.5
7.1
7.0
7.6
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
67.7
76.4
86.3
96.4
107.5
118.4
133.9
147.0
161.9
182.8
208.5
230.4
241.7
266.2
293.4
326.8
69.8
78.5
88.0
99.7
110.3
122.0
137.4
148.7
165.9
191.0
213.5
231.8
248.3
276.0
301.6
331.3
72.6
80.5
89.9
102.3
112.4
126.9
139.9
152.5
170.2
196.6
220.3
233.4
252.9
284.2
310.4
338.6
74.3
83.9
92.9
105.4
114.6
130.3
143.4
157.5
175.9
201.9
226.4
236.2
259.5
290.6
318.3
346.6
71.1
79.8
89.3
101.0
111.2
124.4
138.7
151.4
168.5
193.1
217.2
232.9
250.6
279.2
305.9
335.8
2 67.
STATE AND LOCAL GOVERNMENT PURCHASES OF GOODS AND
SERVICES IN 1972 DOLLARS
(ANNUAL RATE, BILLION DOLLARS)
AVERAGE
268. STATE AND LOCAL GOVERNMENT PURCHASES OF GOODS AND
SERVICES AS PERCENT OF GNP
(PERCENT)
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
40.5
44.8
50.4
50.7
52.2
54.3
58.7
63.3
65.5
69.2
74.2
79.3
80.3
86.8
89.1
93.6
99.9
41.4
46.9
50.8
51.5
53.1
54.3
59.0
64.1
66.5
69.8
75.6
79.3
82.0
86.4
89.7
94.4
102.1
42.1
48.7
50.9
51.8
52.1
55.6
60.6
64.3
66.9
70.8
77.2
79.4
83.3
87.3
90.9
96.9
103.3
43.1
49.5
51.0
51.8
53.2
56.9
60.9
64.8
67.6
72.5
78.7
79.0
84.1
89.7
91.8
98.2
104.6
41.9
47.5
50.8
51.5
52.7
55.3
59.9
64.1
66. 7
70.6
76.4
79.2
82.4
87.5
90.4
95.8
102.4
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
5.6
6.5
7.1
6.5
6.6
6.7
7.4
7.7
7.8
8.2
9.0
9.1
8.9
9.8
9.6
9.8
10.0
5.7
6.9
7.0
6.6
6.8
6.6
7.6
7.6
7.9
8.3
9.2
8.9
9.1
9.6
9.6
9.8
10.1
5.9
7.1
6.8
6.6
6.6
6.8
7.7
7.6
8.0
8.3
9.2
9.0
9.3
9.6
9.6
9.9
10.2
6.1
7.3
6.7
6.6
6.6
7.1
7.6
7.6
8.0
8.7
9.1
8.8
9.5
9.7
9.7
10.0
10.2
5.8
7.0
6.9
6.6
6.6
6.8
7.6
7.6
7.9
8.4
9.1
9.0
9.2
9.7
9.6
9.9
10.1
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
105.5
114.7
121.7
128.7
135.0
137.6
144.4
150.2
155.7
162.7
167.5
172.0
170.0
175.3
177.7
182.5
108.2
116.0
122.4
131.4
135.7
138.7
145.7
150.0
156.3
164.7
167.9
170.1
171.3
178.3
179.4
181.2
111.3
117.2
123.5
133.4
136.0
142.1
146.5
151.6
157.9
165.1
169.9
169.2
171.8
179.2
181.2
181.3
113.0
120.4
125.9
134.6
135.9
143.4
148.8
154.0
160.3
165.5
171.7
168.8
173.4
179.2
182.2
182.4
109.5
117.1
123.4
132.1
135.6
140.5
146.4
151.4
157.6
164.5
169.3
170.0
171.6
178.0
180.1
181.9
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
10.1
10.3
11.1
11.5
11.7
12.2
12.8
12.9
12.6
13.2
14.1
13.8
13.1
13.1
12.5
12.7
10.2
10.5
11.2
11.5
11.8
12.4
12.9
12.7
12.7
13.4
14.1
13.6
13.1
13.0
12.7
12.9
10.4
10.6
11.2
11.6
11.8
12.6
12.9
12.7
12.7
13.5
14.0
13.5
13.0
13.0
12.7
12.8
10.4
10.8
11.3
11.7
11.9
12.9
13.0
12.8
12.8
13.7
14.0
13.3
13.0
12.8
12.8
12.7
10.3
10.6
11.2
11.6
11.8
12.5
12.9
12.8
12.7
13.4
14.0
13.6
13.0
13.0
12.7
12.8
NOTE:
These series contain revisions beginning with the first year shown.
(MAY 1981)
101
C. Historical Data for Selected Series—Continued
Year
IQ
II Q
III Q
IV Q
Annual
280. COMPENSATION OF EMPLOYEES
ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
Year
137.2
143.4
144.2
174.5
191.0
207.4
207.3
216.3
237.1
254.2
254.0
273.1
292.5
296.4
318.4
335.3
357.4
139.0
141.2
150.2
180.1
192.3
210.7
206.9
222.8
241.7
256.0
253.5
280.2
295.4
300.5
324.3
340.1
364.7
144.0
140.5
158.5
183.3
195.8
210.8
207.5
227.7
244.7
258.6
259.6
280.9
296.2
305.4
327.1
345.0
371.9
145.5
140.2
166.4
186.0
203.6
209.3
211.8
232.8
250.5
257.0
265.8
284.1
295.6
312.0
330.5
351.1
377.8
141.4
141.3
154.8
181.0
195.7
209.b
208.4
224.9
243.5
256.5
258.2
279.6
294.9
303.6
325.1
342.9
368.0
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
384.5
423.4
459.9
500.0
551.7
602.5
635.4
693.7
773.3
848.1
903.8
1001.4
1102.6
1238.1
1409.9
1558.0
391.2
434.5
465.3
513.2
565.6
608.7
647.3
709.0
791.3
868.8
914.4
1023.9
1137.1
1282.3
1439.0
1569.0
399.3
445.5
474.8
527.0
581.8
617.4
657.3
722.9
809.3
889.9
939.2
1046.9
1167.0
1316.5
1476.7
1597.4
411.2
453.8
485.6
539.4
592.3
619.3
668.7
746.3
831.3
903.1
968.0
1073.2
1202.6
1361.7
1518.1
1661.8
396.5
439.3
471.4
519.9
572.9
612.0
652.2
718.0
801.3
877.5
931.4
1036.3
1152.3
1299.7
1460.9
1596.5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
AVERAGE
II Q
III Q
IV Q
282. PROPRIETORS' INCOME WITH INVENTORY VALUATION AND
CAPITAL CONSUMPTION ADJUSTMENTS
(ANN. RATE, BIL. DOL.)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
283. PROPRIETORS1 INCOME WITH IVA AND CCADJ AS
PERCENT OF NATIONAL INCOME
(PERCENT)
IQ
38.1
37.0
36.9
42.5
42.4
42.6
41.6
42 i 2
43.2
44.6
47.5
47.8
46.6
48.0
49.8
50.0
51.2
54.7
61.7
59.9
62.3
67.2
66.9
68.7
74.5
88.1
92.9
82.7
93.9
100.2
110.3
127.8
133.7
42.0
36.4
37.4
42.9
43.4
41.8
40.5
42.8
43.5
45.1
47.4
48.2
47.8
48.3
49.9
50.3
52.2
57.0
60.4
60.8
63.2
67.3
66.4
68.7
76.5
92.1
88.5
87.8
94.6
100.1
115.5
129.4
124.9
42.3
35.8
39.8
43.3
45.1
41.1
41.3
43.1
44.3
4b.0
47.7
47.4
47.3
48.6
49.9
50.7
52.9
57.6
60.2
62.1
64.8
67.1
65.7
68.2
76.6
95.8
87.4
94.7
92.5
103.5
118.2
132.9
129.7
41.0
36.3
40.7
44.1
42.5
41.5
41.5
43.5
44.8
45.5
48.2
47.0
47.1
49.4
49.9
51.1
53.5
58.5
59.7
62.0
65.6
66.6
65.9
71.9
79.9
99.1
86.1
94.9
95.3
110.0
124.6
136.3
134.0
284. RENTAL INCOME OF PERSONS WITH CAPITAL CONSUMPTION
ADJUSTMENT
(ANNUAL RATE, BILLIONS OF DOLLARS)
Annual
AVERAGE
40.9
36.4
38.7
43.2
43.4
41.8
41.2
42.9
43.9
45.3
47.7
47.6
47.2
48.6
49.9
50.5
52.5
56.9
60.5
61.2
64.0
67.0
66.2
69.4
76.9
93 .8
88.7
90.0
94.1
103.5
117.1
131.6
130.6
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
18.0
17.0
16.8
16.0
15.0
14.1
14.0
13.2
12.6
12.3
13.3
12.2
11.2
11.6
11.0
10.5
10.0
19.2
17.1
16.3
15.7
15.3
13.7
13.6
13.0
12.5
12.4
13.2
11.9
11.5
11.4
10.9
10.4
10.0
18.9
16.8
16.3
15.6
15.6
13.5
13.7
12.9
12.6
12.5
12.9
11.8
11.4
11.2
10.7
10.3
10.0
18.2
17.3
15.8
15.7
14.3
14.0
13.4
12.8
12.5
12.5
12.6
11.6
11.4
11.1
10.6
10.2
10.0
18.6
17.0
16.3
15.8
15.0
13.8
13.7
13.0
12.6
12.4
13.0
11.9
11.4
11.3
10.8
10.4
10.0
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
5.5
5.9
6.8
7.4
8.2
9.5
10.6
11.2
11.4
11.9
12.7
13.0
14.3
14.8
15.4
16.3
17.0
5.6
6.0
6.9
7.5
8.6
9.8
10.9
11.2
11.6
12.1
12.8
13.5
14.5
14.9
15.6
16.5
17.0
5.8
6.2
7.2
7.8
9.0
10.2
11.2
11.3
11.7
12.4
12.9
13.9
14.6
15.1
15.8
16.7
17.0
5.9
6.4
7.4
8.1
9.4
10.6
11.4
11.4
11.8
12.5
13.1
14.2
14.6
15.3
16.2
16.6
17.2
5.7
6.1
7.1
7.7
8.8
10.0
11.0
11.3
11.6
12.2
12.9
13.6
14.5
15.0
15.8
16.5
17.1
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
9.9
10.1
9.3
8.9
8.8
8.4
8.1
8.0
8.4
8.2
7.0
7.0
6.8
6.7
6.7
6.4
10.1
9.7
9.3
8.8
8.7
8.2
8.0
8.1
8.6
7.7
7.3
6.9
6.6
6.7
6.7
6.0
10.0
9.5
9.3
8.9
8.5
8.0
7.8
7.9
8.7
7.5
7.5
6.7
6.6
6.7
6.7
6.1
9.9
9.3
9.1
8.8
8.4
8.1
8.0
7.9
8.8
7.3
7.3
6.7
6.8
6.8
6.7
6.1
10.0
9.6
9.2
8.8
8.6
8.2
8.0
8.0
8.6
7.7
7.3
6.8
6.7
6.7
6.7
6.2
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
17.5
18.6
19.3
19.5
19.7
19.5
19.6
21.2
22.3
23.4
23.3
23.1
25.0
25.3
30.7
31.2
18.0
18.5
19.8
19.6
19.9
19.8
20.1
17.6
21.6
23.2
23.1
22.7
24.5
25.4
30.1
31.5
18.1
18.9
19.9
19.6
19.5
19.8
20.5
22.7
22.9
23.7
22.8
23.6
25.4
28.7
30.3
32.0
18.3
18.9
19.8
19.5
19.2
19.7
20.7
22.4
23.5
23.8
22.9
24.6
25.3
30.0
31.0
32.4
18.0
18.7
19.7
19.5
19.6
19.7
20.2
21.0
22.6
23.5
23.0
23.5
25.1
27.4
30.5
31.8
285. RENTAL INCOME OF PERSONS WITH CAPITAL CONSUMPTION
ADJUSTMENT AS PERCENT OF NATIONAL INCOME
(PERCENT)
AVERAGE
286. CORP. PROFITS WITH INVENTORY VALUATION AND CAPITAL
CONSUMPTION ADJUSTMENTS
(ANNUAL RATE, BILLION DOLLARS)
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
2.6
2.7
3.1
2.8
2.9
3.1
3.6
3.5
3.3
3.3
3.6
3.3
3.4
3.6
3.4
3.4
3.3
2.6
2.8
3.0
2.8
3.0
3.2
3.7
3.4
3.3
3.3
3.6
3.3
3.5
3.5
3.4
3.4
3.3
2.6
2.9
2.9
2.8
3.1
3.4
3.7
3.4
3.3
3.4
3.5
3.5
3.5
3.5
3.4
3.4
3.2
2.6
3.0
2.9
2.9
3.2
3.6
3.7
3.3
3.3
3.4
3.4
3.5
3.5
3.4
3.4
3.3
3.2
2.6
2.8
3.0
2.8
3.0
3.3
3.7
3.4
3.3
3.4
3.5
3.4
3.5
' 3.5
3.4
3.4
3.2
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
28.2
29.2
28.3
38.2
37.2
39.3
32.6
44.3
44.3
44.9
34.4
48.5
52.0
43.4
55.9
58.8
68.8
30.0
26.8
31.9
38.3
34.8
38.5
33.7
45.5
44.1
44.2
35.1
53.7
47.7
47.5
55.2
62.2
68.8
29.1
28.1
36.3
38.8
34.4
37.2
35.4
46.0
42.8
43.7
39.2
48.0
46.7
49.8
56.6
63.3
69.9
30.5
24 .8
39.3
39.6
38.3
30.3
38.8
46.8
43.2
40.0
44.7
48.3
44.3
53.6
58.7
64.3
69.1
29.4
27.1
33.9
38.7
36.1
36.3
35.2
45.5
43.7
43.3
38.5
49.6
47.6
48.6
56.6
62.1
69.2
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
3.2
3.0
3.0
2.8
2.6
2.4
2.3
2.3
2.1
2.1
2.0
1.7
1.7
1.5
1.6
1.5
3.2
3.0
3.0
2.7
2.6
2.4
2.3
1.9
2.0
2.0
1.9
1.7
1.6
1.5
1.6
1.5
3.1
3.0
3.0
2.7
2.5
2.4
2.3
2.3
2.1
2.0
1.8
1.7
1.6
1.6
1.5
1.5
3.1
2.9
2.9
2.6
2.4
2.4
2.3
2.2
2.1
2.0
1.8
1.7
1.6
1.6
1.5
1.5
3.2
3.0
3.0
2.7
2.5
2.4
2.3
2.2
2.1
2.0
1.9
1.7
1.6
1.6
1.6
1.5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
76.9
86.6
81.6
85.9
90.3
71.1
80.4
93.2
111.3
100.6
88.3
142.4
150.8
163.6
201.9
200.2
79.2
85.2
80.7
89.7
86.9
73.2
81.6
93.3
107.1
98.4
100.9
136.8
162.8
185.2
196.6
169.3
80.1
83.6
81.8
90.0
84.4
72.9
83.8
96.7
106.0
90.8
121.9
137.5
176.5
190.5
199.5
177.9
83.6
85.0
85.4
90.9
78.6
68.3
87.0
103.1
108.9
89.6
130.9
135.7
168.8
202.7
189.4
183.3
80.0
85.1
82.4
89.1
85.1
71.4
83.2
96.6
108.3
94.9
110.5
138.1
164.7
185.5
196.8
182.7
NOTE:
These series contain revisions beginning with the first year shown.
102
(MAY 1981)
C. Historical Data for Selected Series—Continued
Year
IQ
II Q
III Q
IV Q
287. CORPORATE PROFITS WITH IVA AND CCADJ AS PERCENT
OF NATIONAL INCOME
(PERCENT)
Annual
Year
IQ
II Q
III Q
IV Q
288. NET INTEREST
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
Annual
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
13.3
13.4
12.9
14.4
13.2
13.0
11.0
13.9
12.9
12.4
9.6
12.4
12.5
10.5
12.3
12.3
13.4
13.7
12.6
13.9
14.1
12.3
12.6
11.3
13.9
12.7
12.1
9.8
13.2
11.5
11.2
12.0
12.8
13.2
13.0
13.2
14.8
14.0
11.9
12.2
11.8
13.8
12.2
11.8
10.6
12.0
11.2
11.5
12.2
12.9
13.2
13.5
11.8
15.3
14.1
12.9
10.2
12.6
13.7
12.1
11.0
11.7
11.9
10.7
12.1
12.5
12.9
12.9
13.4
12.8
14.2
14.2
12.6
12.0
11.7
13.8
12.5
11.8
10.4
12.4
11.5
11.3
12.2
12.7
13.2
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
2.5
2.6
2.9
3.3
3.8
4.2
5.0
5.7
6.3
7.4
9.0
10.2
11.1
12.2
13.9
15.8
17.5
2.4
2.7
3.0
3.5
3.9
4.3
5.1
5.9
6.5
7.8
9.4
10.3
11.0
12.7
14.5
16.1
18.0
2.4
2.7
3.0
3.7
4.0
4.4
5.4
6.0
6.8
8.2
9.8
10.3
11.6
13.2
14.9
16.6
18.7
2.4
2.7
3.1
3.7
4.1
4.8
5.6
6.0
6.7
8.2
10.2
10.6
12.0
13.9
15.4
17.1
18.9
2.4
2.7
3.0
3.5
4.0
4.4
5.3
5.9
6.6
7.9
9.6
10.3
11.4
13.0
14.7
16.4
18.3
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
13.9
14.1
12.6
12.3
11.9
8.9
9.5
10.0
10.6
8.9
7.5
10.6
10.2
9.9
10.6
9.6
14.0
13.7
12.3
12.5
11.2
9.1
9.4
9.9
10.0
8.5
8.3
10.0
10.7
10.8
10.2
8.2
13.9
13.2
12.3
12.3
10.7
8.9
9.6
10.0
9.7
7.8
9.6
9.9
11.2
10.8
10.0
8.4
14.1
13.2
12.5
12.2
9.9
8.4
9.7
10.2
9.7
7.6
10.1
9.6
10.5
11.0
9.3
8.3
14.0
13.6
12.4
12.3
10.9
8.8
9.6
10.0
10.0
8.2
8.9
10.0
10.6
10.6
10.0
8.6
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
20.2
23.0
26.4
29.3
32.7
38.3
45.3
48.1
57.2
68.0
82.4
85.3
95.1
107.3
133.4
165.4
20.9
24.0
27.2
29.9
34.2
40.6
46.2
49.7
59.2
76.1
84.7
85.8
99.3
112.3
136.9
175.3
21.5
24.9
27.9
30.1
35.7
42.7
47.0
52.2
61.0
78.9
85.5
88.2
103.6
117.8
146.8
185.3
21.7
25.9
28.8
30.7
36.6
44.2
47.5
54.9
63.3
81.3
85.2
89.6
105.6
125.7
156.5
193.3
21.0
24.4
27.6
30.0
34.8
41.4
46.5
51.2
60.2
76.1
84.5
87.2
100.9
115.8
143.4
179.8
289. NET INTEREST AS PERCENT OF NATIONAL INCOME
(PERCENT)
AVERAGE
290. GROSS SAVING—PRIVATE SAVING PLUS GOVERNMENT SURPLUS
OR DEFICIT
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1.2
1.2
1.3
1.2
1.3
1.4
1.7
1.8
1.8
2.0
2.5
2.6
2.7
2.9
3.1
3.3
3.4
1.1
1.3
1.3
1.3
1.4
1.4
1.7
1.8
1.9
2.1
2.6
2.5
2.6
3.0
3.2
3.3
3.5
]L.I
]L.3
JL.2
]L.3
]L.4
JL.4
]L.8
JL.8
]L.9
1.2
:..7
1.6
;..8
3.1
3.2
5.4
3.5
1.1
1.3
1.2
1.3
1.4
1.6
1.8
1.8
1.9
2.3
2.7
2.6
2.9
3.1
3.3
3.4
3.5
1.1
1.3
1.2
1.3
1.4
1.4
1.8
1.8
1.9
2.2
2.6
2.6
2.8
3.0
3.2
3.4
3.5
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
195b
1959
1960
1961
1962
1963
1964
49.0
42.1
39.2
57.3
54.9
51.3
46.6
61.3
73.3
77.1
61.1
75.4
88.9
72.9
86.0
88.8
99.5
51.5
34.2
47.9
60.8
48.0
52.3
48.7
66.9
74.7
76.6
57.2
84.2
81.4
76.5
86.7
94.9
100.6
49.8
35.2
52.2
56.2
48.8
51.5
50.8
69.9
76.5
76.8
61.7
75.3
79.8
81.4
87.4
94.2
105.2
48.9
30.9
63.0
53.5
52.5
44.2
57.4
72.2
78.3
69.6
69.9
78.3
74.4
84.1
86.6
96.5
110.9
49.8
35.6
50.7
56.9
51.0
49.8
50.9
67.5
75.9
75.2
62.6
78.3
81.1
78.7
86.7
93.6
104.0
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
3.6
3.8
4.1
4.2
4.3
4.8
5.3
5.2
5.4
6.0
7.0
6.3
6.5
6.5
7.0
7.9
3.7
3.9
4.2
4.2
4.4
5.0
5.3
5.3
5.5
6.6
7.0
6.3
6.5
6.5
7.1
8.5
3.7
3.9
'1.2
1.1
i1.5
).2
3 .4
3.4
).6
i3.7
i .8
(3.4
( .6
(3.6
.4
I .7
3.7
4.0
4.2
4.1
4.6
5.4
5.3
5.5
5.6
6.9
6.5
6.3
6.5
6.8
7.7
8.8
3.7
3.9
4.2
4.2
4.4
5.1
5.3
5.4
5.5
6.6
6.8
6.3
6.5
6.6
7.3
8.5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
119.3
125.7
123.1
131.0
149.9
148.7
158.3
176.6
221.6
231.6
199.7
255.2
277.5
326.9
407.4
404.5
121.6
128.7
120.1
134.4
151.7
152.3
160.3
182.4
231.5
231.8
208.1
260.9
301.9
354.0
416.2
394.5
120.4
125.7
125.9
136.0
158.5
151.2
162.4
187.2
238.6
221.6
228.8
258.9
322.0
359.4
422.3
402.0
119.5
129.3
133.6
142.6
154.2
143.5
165.5
200.4
250.4
226.2
238.9
256.5
314.7
380.4
402.0
406.7
120.2
127.3
125.7
136.0
153.6
148.9
161.6
186.6
235.5
227.8
218.9
257.9
304.0
355.2
411.9
401.9
292. PERSONAL SAVING
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
293. PERSONAL SAVING AS A PERCENT OF DISPOSABLE PERSONAL
INCOME
(PERCENT)
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
6.7
9.3
16.4
9.1
16.9
16.8
19.0
14.5
19.1
21.7
22.4
22.0
21.4
21.0
24.9
21.2
25.5
10.5
6.9
11.8
18.8
15.6
19.1
15.9
15.5
21.0
23.2
21.8
23.5
19.1
21.8
24.4
21.6
30.4
14.1
7.3
5.4
18.2
19.7
18.8
16.0
17.3
21.9
23.0
24.4
18.7
20.0
24.6
23.3
20.9
29.1
13.2
6.3
13.6
17.7
16.8
19.6
16.8
17.6
23.0
21.5
25.6
20.4
18.2
24.7
20.5
24.0
33.3
11.1
7.5
11.9
16.1
17.4
18.5
17.0
16.4
21.3
22.3
23.6
21.1
19.7
23.0
23.3
21.9
29.6
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
3.8
5.0
8.1
4.1
7.3
6.7
7.4
5.4
6.7
7.1
7.2
6.6
6.2
5.9
6.6
5.3
6.0
5.6
3.7
5.9
8.3
6.7
7.6
6.2
5.7
7.2
7.5
6.9
6.9
5.4
6.0
6.3
5.4
6.9
7.3
3.9
2.6
8.0
8.2
7.4
6.2
6.2
7.4
7.4
7.6
5.5
5.7
6.7
6.0
5.1
6.5
6.8
3.4
6.3
7.7
6.8
7.7
6.4
6.2
7.6
6.9
7.8
5.9
5.1
6.6
5.2
5.8
7.4
5.9
4.0
5.8
7.1
7.3
7.3
6.6
6.0
7.3
7.2
7.4
6.2
5.6
6.3
6.0
5.4
6.7
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
29.7
33.7
43.5
44.4
35.0
46.2
61.6
52.7
66.7
86.2
74.9
89.5
61.2
84.6
83.8
86.4
32.0
34.7
42.0
46.5
36.8
57.8
64.7
46.8
77.6
85.0
118.7
86.5
73.4
73.6
90.9
110.0
37.8
35.9
44.7
37.5
45.7
59.8
61.0
50.5
81.0
80.7
91.8
81.1
82.2
73.4
89.3
111.4
35.2
39.6
47.0
39.5
44.9
59.4
55.3
60.5
90.5
88.7
91.8
72.9
79.5
73.8
80.7
97.6
33.7
36.0
44.3
41.9
40.6
55.8
60.7
52.6
79.0
85.1
94.3
82.5
74.1
76.3
86.2
101.3
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
6.5
6.7
8.1
7.7
5.7
6.9
8.4
6.7
7.6
8.9
7.2
7.7
4.9
6.0
5.3
4.9
6.8
6.8
7.7
7.9
5.8
8.3
8.6
5.9
8.6
8.6
10.7
7.3
5.7
5.1
5.6
6.2
7.8
6.9
8.1
6.3
7.0
8.5
8.1
6.2
8.8
8.0
8.3
6.7
6.2
5.0
5.4
6.1
7.1
7.5
8.4
6.5
6.8
8.3
7.2
7.1
9.5
8.6
8.1
5.9
5.8
4.8
4.7
5.1
7.1
7.0
8.1
7.1
6.4
8.0
8.1
6.5
8.6
8.5
8.6
6.9
5.6
5.2
5.2
5.6
NOTE: These series contain revisions beginning with the first year shown.
(MAY 1981)
103
C. Historical Data for Selected Series—Continued
Year
I Q
II Q
III Q
IV Q
Annual
295. BUSINESS SAVING
(ANNUAL RATE, BILLIONS OF DOLLARS)
Year
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
28.1
32.2
28.8
29.7
38.0
39.5
38.8
46.7
48.6
51.5
48.7
58.0
59.6
57.0
66.6
69.4
76.2
30.1
31.6
30.0
34.4
36.7
38.3
40.6
47.9
48.8
51.9
49.6
60.6
58.0
59.8
65.9
70.8
76.2
30.0
32.8
31.0
37.7
36.6
38.4
41.4
48.8
50.1
52.4
52.2
57.7
58.3
60.7
66.8
71.5
77.2
32.3
29.8
32.9
37.8
39.1
36.5
43.9
49.0
49.9
51.5
55.9
58.5
57.4
62.2
69.4
72.2
77.3
30.1
31.6
30.7
34.9
37.6
38.2
41.2
48.1
49.4
51.8
51.6
58.7
58.3
59.9
67.2
71.0
76.7
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
84.1
91.0
93.6
96.2
103.4
99.5
113.9
131.1
146.8
148.7
168.7
211.9
229.9
260.1
304.4
326.7
85.2
91.8
93.5
99.9
103.0
103.7
116.0
138.4
146.6
149.6
182.8
208.8
244.8
275.5
310.3
325.8
86.4
91.9
95.5
101.1
104.4
104.3
120.8
136.9
148.7
143.6
195.8
212.0
260.7
284.9
320.5
334.6
88.3
95.9
99.7
102.8
101.4
103.8
126.5
141.5
152.8
155.7
206.4
214.9
257.8
295.8
315.7
339.3
86.0
92.6
95.6
100.0
103.0
102.8
119.3
137.0
148.7
149.4
188.4
211.9
248.3
279.1
312.7
331.6
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
500.
FEDERAL GOVERNMENT SURPLUS OR DEFICIT, NIPA
(ANNUAL RATE, BILLIONS OF DOLLARS)
IQ
II Q
III Q
IV Q
298. GOVERNMENT SURPLUS OR DEFICIT, TOTAL
(ANNUAL RATE, BILLIONS OF DOLLARS)
14.1
0.5
-6.0
18.3
-0.1
-5.0
-11.2
0.2
5.6
3.9
-10.0
-4.7
7.9
-5.1
-5.5
-1.8
-2.1
10.7
-3.9
6.1
7.8
-4.4
-5.2
-7.7
3.4
4.9
1.5
-14.3
0.
4.3
-5.2
-3.6
2.5
-6.1
5.6
1.0
-14.1
-9.6
11.4
2.2
-18.0
-7.1
8.1
4.7
-43.8
-46.1
-13.5
-17.7
18.1
-9.6
4.4
2.2
-15.5
-12.0
11.9
-10.0
-21.3
-3.3
7.4
-2.8
-93.3
-34.4
-16.4
4.9
13.9
-42.5
f .8
-i .9
1.>.8
( .3
7.1
3.6
-i .6
.8
i1.5
JL.4
-1 >.O
L.I
L.4
.9
l.l
JL.8
-J .1
3.8
l.l
-1/1.3
2.6
i .5
-1 3.9
-2 ).5
-().7
3.9
l.l
-5t3.8
-3 1.2
-2 3.8
L.l
1 L.3
-4 5.6
AVERAGE
3.4
-5.2
16.4
-2.0
-3.3
-11.9
-3.2
5.6
5.5
-3.4
-11.7
-0.6
-1.2
-2.9
-3.3
0.4
0.2
8.4
-3.4
8.0
6.1
-3.8
-6.9
-7.1
3.1
5.2
0.9
-12.6
-1.6
3.1
-4.3
-3.8
0.7
-2.3
-4.0
-6.3
-13.0
0.3
8.0
-20.6
-18.0
-2.3
7.0
-18.2
-59.3
-31.3
-22.6
10.8
4.4
-30.8
0.5
-1.3
-14.2
-6.0
9.9
-10.6
-19.4
-3.3
7.8
-4.7
-63.8
-36.5
-18.3
-0.2
11.9
-32.1
501. FEDERAL GOVERNMENT RECEIPTS, NIPA
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
Annual
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
13.6
0.6
-4.7
18.3
0.2
-4.5
-10.6
1.8
6.6
4.6
-7.5
-2.9
7.6
-4.3
-5.6
-1.9
-3.0
10.5
-3.1
7.8
8.4
-3.7
-6.2
-6.7
4.9
5.8
2.8
-11.9
1.6
4.2
-5.1
-4.1
1.9
-6.7
5.8
-4.1
16.6
1.0
-7.5
-5.8
-5.1
4.8
5.2
2.8
-12.1
-1.7
1.4
-3.9
-3.2
1.2
-2.4
3.3
-4.1
17.3
-1.7
-3.7
-11.8
-1.9
6.5
6.3
-1.3
-10.0
-1.5
-1.1
-2.2
-4.0
-0.2
-1.0
8.3
-2.6
9.2
6.5
-3.7
-7.1
-6.0
4.4
6.1
2.3
-10.3
-1.1
3.0
-3.9
-4.2
0.3
-3.3
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
44.6
40.6
42.6
65.9
66.3
71.8
62.9
69.7
76.0
82.7
76.0
87.6
97.9
94.5
103.3
111.6
115.4
43.4
38.6
46.8
62.9
66.4
71.9
62.9
71.6
77.6
82.5
75.9
91.6
96.4
96.6
105.1
114.1
112.1
42.5
38.3
53.1
62.2
66.9
70.8
63.5
73.6
77.6
82.6
79.5
89.8
95.7
98.9
107.5
115.3
115.2
42.3
37.4
57.7
66.2
69.9
65.6
65.7
75.5
80.5
79.6
83.0
90.4
94.6
102.2
108.8
116.6
117.0
43.2
38.7
50.0
64.3
67.3
70.0
63.7
72.6
78.0
81.9
78.7
89.8
96.1
98.1
106.2
114.4
114.9
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
4.6
0.6
-12.9
-9.8
11.4
-1.3
-18.5
-12.8
-8.6
-4.7
-45.5
-56.3
-38.1
-48.8
-11.5
-36.3
3.9
1.3
-13.2
-12.2
11.5
-13.1
-23.7
-19.8
-7.1
-10.6
-99.0
-48.2
-42.7
-27.4
-8.1
-66.5
-3.0
-3.2
-13.6
-2.6
6.5
-14.9
-23.7
-10.5
-2.6
-8.4
-66.6
-51.6
-52.2
-22.8
-15.2
-74.2
-3.4
-5.9
-13.0
0.3
4.3
-20.4
-22.2
-24.1
-4.0
-22.4
-66.1
-56.3
-52.5
-17.9
-24.5
-67.9
0.5
-1.8
-13.2
-6.0
8.4
-12.4
-22.0
-16.8
-5.6
-11.5
-69.3
-53.1
-46.4
-29.2
-14.8
-61.2
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
122.7
136.5
147.0
163.6
195.4
192.7
194.9
223.0
252.1
274.8
288.2
320.0
364.9
398.6
477.0
528.4
124.4
141.3
147.6
168.8
198.5
194.3
197.1
224.2
255.6
284.6
254.5
327.5
370.2
423.6
485.9
520.9
123.1
143.7
151.5
180.0
196.3
190.7
198.6
227.6
259.7
296.6
298.7
335.9
376.5
440.9
500.6
540.8
127.1
145.9
155.9
185.4
197.2
189.8
203.7
235.3
267.2
295.3
307.9
343.6
389.0
462.7
514.0
573.2
124.3
141.8
150.5
174.4
196.9
191.9
198.6
227.5
258.6
287.8
287.3
331.8
375.1
431.5
494.4
540.8
502. FEDERAL GOVERNMENT EXPENDITURES, NIPA
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
510. STATE AND LOCAL GOVERNMENT SURPLUS OR DEFICIT, NIPA
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
31.0
40.0
47.2
47.6
66.1
76.3
73.5
67.9
69.4
78.1
83.5
90.5
90.2
98.9
109.0
113.5
118.3
33.0
41.7
39.0
54.5
70.1
78.2
69.6
66.7
71.8
79.8
87.8
89.9
92.3
101.7
109.2
112.2
118.8
36.7
42.4
36.5
61.2
74.4
76.6
68.7
68.9
72.4
79.8
91.6
91.5
94.2
102.8
110.7
114.1
117.6
39.0
41.4
40.4
67.9
73.6
77.4
67.6
69.0
74.2
81.0
93.0
91.9
95.7
104.4
112.8
116.8
118.0
34.9
41.3
40.8
57.8
71.1
77.1
69.8
68.1
71.9
79.6
88.9
91.0
93.1
101.9
110.4
114.2
118.2
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
0.4
-0.1
-1.4
0.
-0.3
-0.4
-0.6
-1.6
-1.0
-0.7
-2.5
-1.7
0.2
-0.8
0.1
0.1
0.9
0.2
-0.8
-1.7
-0.6
-0.6
1.0
-1.0
-1.6
-0.9
-1.3
-2.4
-1.6
0.2
-0.1
0.5
0.5
0.6
0.
-0.8
-0.8
-0.8
0.4
0.2
-1.4
-0.9
-0.7
-1.4
-2.9
0.7
0.
0.1
0.6
0.6
1.3
0.1
-1.1
-0.9
-0.3
0.4
-0.1
-1.3
-0.9
-0.9
-2.0
-1.7
0.9
-0.1
-0.7
0.7
0.6
1.2
0.1
-0.7
-1.2
-0.4
0.
0.1
-1.1
-1.3
-0.9
-1.4
-2.4
-0.4
0.1
-0.4
0.5
0.5
1.0
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
118.2
135.8
159.9
173.4
184.0
193.9
213.4
235.8
260.7
279.6
333.6
376.3
403.1
447.4
488.4
564.7
120.4
140.0
160.9
180.9
187.1
207.4
220.8
244.0
262.8
295.2
353.6
375.7
412.9
451.1
494.0
587.3
126.1
146.9
165.1
182.6
189.8
205.7
222.3
238.1
262.3
305.0
365.3
387.4
428.6
463.7
515.8
615.0
130.5
151.8
168.9
185.1
192.9
210.3
225.9
259.4
271.2
317.6
374.0
399.9
441.5
480.6
538.6
641.1
123.8
143.6
163.7
180.5
188.4
204.3
220.6
244.3
264.2
299.3
356.6
384.8
421.5
460.7
509.2
602.0
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1.0
0.4
-1.2
0.2
0.
3.5
0.4
5.7
16.7
9.5
1.7
10.1
24.6
31.1
29.5
26.6
0.4
0.9
-2.3
0.2
0.4
3.1
2.4
16.6
14.5
7.8
5.7
13.8
26.3
32.3
21.9
23.9
-0.8
1.1
-0.7
0.
2.0
1.0
3.3
9.9
11.5
5.7
7.7
17.4
31.3
23.9
26.5
28.6
-0.7
-0.4
0.
-0.1
3.6
-0.2
4.2
21.8
11.0
4.2
6.8
25.0
29.9
28.7
28.9
37.1
0.
0.5
-1.1
0.1
1.5
1.9
2.6
13.5
13.4
6.8
5.5
16.6
28.1
29.0
26.7
29.1
NOTE: These series contain revisions beginning with the first year shown.
104
(MAY 1981)
C. Historical Data for Selected Series—Continued
Year
IQ
II Q
III Q
IV Q
Annual
511. STATE AND LOCAL GOVERNMENT RECEIPTS, NIPA
ANNUAL RATE, BILLIONS OF DOLLARS)
Year
IQ
| II Q
III Q
Annual
IV Q
512. STATE AND LOCAL GOVERNMENT EXPENDITURES, NIPA
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
AVERAGE
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
16.9
18.8
20.5
23.1
24.5
26.3
28.4
30.5
33.7
37.7
40.1
45.0
48.3
52.5
57.1
61.0
67.2
17.5
19.0
21.0
23.1
25.0
27.8
28.7
31.2
34.6
38.1
41.3
45.3
49.6
53.3
58.0
62.3
68.8
18.0
19.9
21.8
23.4
25.8
27.7
29.3
32.2
35.5
38.8
42.0
47.7
50.5
54.5
58.9
64.1
70.5
18.4
20.0
22.0
24.1
26.4
27.9
29.8
32.8
36.2
39.3
44.4
47.8
51.1
55.7
60.0
65.6
71.6
17.7
19.5
21.3
23.4
25.4
27.4
29.0
31.7
35.0
38.5
42.0
46.4
49.9
54.0
58.5
63.2
69.5
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
16.5
18.9
21.8
23.2
24.8
26.8
29.0
32.2
34.7
38'.5
42.6
46.7
48.1
53.2
57.0
60.9
66.4
17.2
19.8
22.7
23.7
25.7
26.8
29.7
32.8
35.5
39.4
43.7
47.0
49.5
53.4
57.5
61.7
68.2
18.0
20.7
22.6
24.2
25.4
27.5
30.7
33.1
36.2
40.2
44.9
47.0
50.5
54.4
58.3
63.5
69.2
18.3
21.1
22.9
24.4
26.0
28.0
31.1
33.6
37.0
41.3
46.0
46.9
51.2
56.4
59.3
65.0
70.3
17.6
20.2
22.5
23.9
25.5
27.3
30.2
33.0
35.9
39.8
44.3
46.9
49.8
54.4
58.0
62.8
68.5
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
72.6
81.0
90.1
102.3
114.5
130.1
145.4
166.3
191.9
203.1
224.0
258.0
285.2
316.9
340.9
372.1
74.2
83.8
91.0
106.0
118.0
133.7
151.6
178.6
193.6
209.6
233.7
263.7
294.0
328.0
342.7
373.9
75.9
86.3
94.7
108.9
122.2
137.5
155.2
175.8
194.8
214.2
243.7
269.5
303.8
327.2
355.4
386.8
77.7
88.2
98.6
111.9
126.1
140.4
159.9
192.6
199.8
218.5
249.4
280.0
309.0
337.7
365.6
403.4
75.1
84.8
93.6
107.3
120.2
135.4
153.0
178.3
195.0
211.4
237.7
267.8
298.0
327.4
351.2
384.0
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
71.6
80.6
91.3
102.1
114.5
126.6
145.0
160.6
175.2
193.6
222.3
247.8
260.6
285.8
311.4
345.4
73.8
82.9
93.3
105.8
117.6
130.6
149.2
162.0
179.1
201.8
228.0
249.9
267.7
295.7
320.8
350.0
76.7
85.2
95.4
108.9
120.2
136.4
151.9
166.0
183.3
208.5
235.9
252.1
272.5
303.3
328.9
358.2
78.4
88.6
98.7
112.0
122.4
140.5
155.7
170.8
188.8
214.3
242.b
255.0
279.1
309.0
336.7
366.3
75.1
84.3
94.7
107.2
118.7
133.5
150.4
164.8
181.6
204.6
232.2
251.2
270.0
298. 4
324. 4
355.0
564. FEDERAL GOVERNMENT PURCHASES OF GOODS AND SERVICES
FOR NATIONAL DEFENSE
(ANNUAL RATE, BILLIONS OF DOLLARS)
AVERAGE
565. NATIONAL DEFENSE PURCHASES AS A PERCENT OF GROSS
NATIONAL PRODUCT
(PERCENT)
AVERAGE 1
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
9.8
12.7
12.4
24.0
42.4
49.1
44.3
38.6
38.3
43.3
44.5
46.1
43.9
46.0
50.9
50.2
49.8
10.3
13.4
12.5
30.3
45.6
49.5
41.9
38.1
40.3
43.9
45.4
45.5
43.8
46.7
51.3
50.5
49.5
10.6
13.6
14.1
37.7
46.9
48.3
39.8
39.1
40.2
44.6
45.9
45.6
44.8
46.8
51.1
50.2
48.9
12.0
13.1
16.9
42.0
48.5
47.5
38.4
38.0
41.9
44.3
46.5
45.1
45.3
48.5
50.9
50.3
47.9
10.7
13.2
14.0
33.5
45.8
48.6
41.1
38.4
40.2
44.0
45.6
45.6
44.5
47.0
51.1
50.3
49.0
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
3.9
4.9
4.6
7.5
12.4
13.4
12.2
9.9
9.3
9.8
10.2
9.7
8.7
9.1
9.2
8.6
8.0
4.0
5.2
4.5
9.2
13.3
13.4
11.6
9.6
9.6
9.9
10.3
9.3
8.7
9.0
9.1
8.5
7.8
4.0
5.3
4.8
11.3
13.5
13.1
10.9
9.7
9.5
9.9
10.1
9.3
8.8
8.9
9.0
8.3
7.6
4.5
5.1
5.5
12.4
13.5
13.1
10.2
9.2
9.7
10.0
10.0
9.1
9.0
8.9
8.9
8.2
7.4
4.1
5.1
4.9
10.1
13.2
13.2
11.2
9.6
9.5
9.9
10.1
9.3
8.8
9.0
9.0
8.4
7.7
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
47.1
55.1
69.4
76.1
75.3
75.8
72.0
74.3
73.4
73.9
81.3
84.8
91.2
96.5
106.0
125.0
48.3
58.4
70.4
77.2
75.6
73.0
70.1
74.0
73.0
76.1
81.0
83.7
92.9
98.4
108.1
128.7
49.3
62.7
72.5
76.7
77.2
72.8
68.9
71.8
71.3
77.1
83.7
86.3
93.3
100.9
112.0
131.4
53.1
65.0
73.5
77.4
77.1
72.7
70.0
72.5
73.6
81.0
86.0
89.1
95.8
104.0
118.7
141.6
49.4
60.3
71.5
76.9
76.3
73.6
70.2
73.1
72.8
77.0
83.0
86.0
93.3
100.0
111.2
131.7
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
7.0
7.5
8.9
9.0
8.2
7.8
6.9
6.5
5.7
5.3
5.5
5.1
5.0
4.7
4.5
4.9
7.1
7.8
8.9
8.9
8.1
7.4
6.6
6.3
5.6
5.3
5.3
4.9
4.9
4.6
4.6
5.0
7.1
8.2
9.0
8.7
8.1
7.3
6.3
6.0
5.3
5.3
5.3
5.0
4.8
4.6
4.6
5.0
7.4
8.4
8.9
8.6
8.0
7.2
6.3
5.9
5.3
5.5
5.3
5.0
4.8
4.6
4.8
5.2
7.1
8.0
8.9
8.8
8.1
7.4
6.5
6.2
5.5
5.4
5.4
5.0
4.9
4.6
4.6
5.0
965. DIFFUSION INDEX OF NEW CAPITAL APPROPRIATIONS,
DEFLATED, 17 INDUSTRIES 2
(PERCENT RISING OVER 1-Q SPANS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
AVERAGE
36
86
59
50
30
53
45
56
56
42
53
77
53
62
36
42
45
80
33
62
42
65
71
50
39
77
33
30
74
59
27
74
65
65
56
36
62
42
53
53
62
33
62
48
71
65
39
*48
67
45
44
53
56
42
60
58
59
55
74
74
48
39
62
50
53
62
80
35
27
56
48
62
48
74
48
45
48
56
42
42
71
53
53
48
62
77
27
45
65
27
48
65
42
36
77
53
59
47
30
45
56
59
48
45
45
65
48
42
33
48
62
53
29
68
59
45
50
53
64
48
52
50
50
40
55
62
61
41
43
56
56
50
48
965. DIFFUSION INDEX OF NEW CAPITAL APPROPRIATIONS,
DEFLATED, 17 INDUSTRIES 3 (PCT. RISING, 4-Q MOVING AVERAGE)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
41
72
42
44
50
64
34
64
53
61
62
48
67
45
44
53
56
42
60
59
59
55
50
60
60
43
39
59
54
45
60
55
62
60
44
62
53
45
39
67
42
52
55
61
64
61
63
48
46
54
52
42
51
59
64
48
34
58
60
48
48
64
48
51
50
50
40
55
62
62
41
43
56
56
50
48
64
42
49
56
48
41
57
67
50
39
50
53
60
46
54
58
41
50
58
44
41
64
62
50
38
54
57
48
50
47
NOTE: Unless otherwise noted, these series contain revisions beginning with the first year shown.
Annual figures are computed from annual data for series 200 and 564. 2This series contains revisions beginning with 1979.
contains revisions beginning with 1977.
AVERAGE
#
53
b3
44
42
57
54
43
60
57
62
60
62
45
49
54
48
41
57
62
56
42
45
56
56
48
49
(MAY 1981)
105
G. Experimental Data and Analyses
(Nov.)
P
Year
and
quarter
I m p l i c i t price
deflator, gross
nonfarm business
product 1
(Index: 1977=100)
(Mar.)
T
Ratio scale
150
140
130
1111111111
Unit labor cost,
a l l persons, nonfarm
business sector 1
of BCD series 2 6 -
(Index: 1977=100)
120
1979
110
115.4
118.7
121.5
124.4
112.6
115.1
117.4
119.7
I Q....
II Q...
I l l Q..
IV Q . . .
Implicit price deflator,
business product, Q
(index: 1977 = 100)
100
90
150
140
130
120
1980
127.4
131.8
133.5
136.8
122.9
126.3
128.8
131.9
I Q....
II Q...
I l l Q..
IV Q . . .
1981
P134.5
I Q....
II Q...
I l l Q..
IV Q . . .
P139.2
110
Unit labor cost, all
business sector, Q
(index: 1977 = 100)
100
90
80
—I
Inventory-sales ratios in 1972 dollars
Year
and
month
Manufacturing
(Ratio)
Merchant
wholesalers
(Ratio)
mm
2
Arithmetic
scale
1972 dollars (ratio)
Manufacturing
Retail trade
70
2.2
(Ratio)
2.1
1980
Jan
Feb..
Mar..
Apr..
May..
June.
1.90
1.91
1.98
2.08
2.12
2.12
1.37
1.39
1.41
1.45
1.46
1.46
1.37
1.39
1.43
1.47
1.48
1.46
July.
Aug..
Sept.
Oct..
Nov..
Dec..
2.08
2.08
1.99
1.96
1.96
1.96
1.44
1.46
1.43
1.40
1.41
1.38
1.44
1.43
1.43
1.45
1.43
1.41
2.0
1.9
1.8
1.7
1.5
Merchant wholesalers
1.4
1981
Jan
Feb..
Mar..
Apr..
May..
June.
1.97
rl.97
p i . 96
(NA)
1.37
1.41
p i . 33
(NA)
1.38
rl.36
p i . 36
(NA)
1.3
1.2
1.5
July.
Aug..
Sept.
Oct..
Nov..
Dec..
1.4
1.3
I I I I I I -Mf.
I l l I I I 11 li $ $ - i l l I I I I I I i l l i l l I N
III
1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981
NOTE: The "r" indicates revised; " p " , preliminary; and "NA", not available.
Source: U.S. Department of Labor, Bureau of Labor S t a t i s t i c s .
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
106
G. Experimental Data and Analyses—Continued
Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Basic data
Series t i t l e
(and unit of measure)
LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies receiving
slower deliveries (percent)
12. Net business formation
(index: 1967=100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories on hand and on order in
1972 do!., smoothed2 (ann. rate, bil. dol.) .
92. Change in sensitive crude materials
prices, smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid assets, smoothed2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars).
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
70. Manufacturing and trade inventories,-total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
(index: 1967=100)
109. Average prime rate charged by banks
(percent)
72. Commercial and industrial loans outstanding
(million dollars)
.
95. Ratio, consumer installment credit to
personal income (percent)
930. Composite index of 6 lagging indicators 3
(index: 1967=100)
Jan.
1981
Net contribution to index
Mar.
1981
Feb.
1981
Jan.
to
Feb.
1981
Apr.
1981
Feb.
to
Mar.
1981
Mar.
to
Apr.
1981
40.4
r39.8
40.0
p40.1
-0.50
0.18
0.10
1.3
1.4
1.4
pi.4
-0.10
0.0
0.0
32.62
34.38
r34.07
P34.41
0.27
-0.05
0.06
46
50
52
56
0.14
0.08
0.17
ell6.9
NA
NA
-0.15
NA
NA
14.17
12.34
rl4.24
pl2.96
-0.32
0.36
-0.26
r98.1
94.1
r93.1
95.4
-0.12
-0.03
0.09
r-7.81
p-4.76
-0.10
0.21
r2.15
r3.54
3.89
0.35
0.63
0.18
132.97
128.40
133.19
134.43
-0.21
0.24
0.07
rl.04
rl.10
el.04
e0.94
0.19
-0.21
-0.39
r806.1
r805.0
r810.2
p814.8
-0.05
0.27
0.26
rl36.0
rl35.4
rl37.8
pl38.3
-0.44
1.77
0.36
91,481
r91,652
r91f714
p91,494
0.15
0.05
-0.24
rl,057.8
rl,062.3
1,062.6
pi,066.5
0.21
0.01
0.23
151.7
rl51.5
rl52.2
P152.8
-0.04
0.13
0.14
157,415
rl56,969
pl59,150
-0.06
0.30
142.9
rl43.0
rl43.5
P143.5
0.07
0.35
0.0
14.4
14.4
14.0
13.7
0.0
0.17
0.20
r262.85
r262.98
P262.51
NA
0.02
-0.08
202.8
r204.2
r204.3
P204.8
0.22
0.02
0.11
20.16
19.43
18.05
17.15
-1.42
-2.68
-2.62
rl74,246
rl73,154
169,281
173,736
-0.14
-0.50
0.86
13.36
13.35
P13.36
-0.03
0.03
rl88.9
rl86.0
rl80.1
-1.54
-3.17
r-6.22
rl.31
NA
NA
NA
P177.2
NA
NA
NA
NA
-1.61
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
x
This series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.
2
3
107
G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns
TTTTTJTTTTT i m
TIMTmTMITmTIIM
19. Index of stock prices
Deviations
from
Actual
data
for
reference
peaks
current
MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
1/80
DATA YEAR
PEAK
4 1 . Employees on nonagricultural
SERIES 19
1941-43=10
• 120
5
6
7
8
3.3
8.1
11.4
14.1
114.55
119.83
123.50
126.51
6/80
7/80
8/80
9/80
9
10
11
12
17.5
22.4
20.4
19.9
130.22
135.65
133.48
132.97
10/80
11/80
12/80
1/81
13
14
15
16
15.8
20.1
21.3
18.3
128.40
133.19
134.43
131.11
2/81
3/81
4/81
5/81
Deviations
from
reference
peaks
Actual
data
for
current
cycle
Percent
+ 4
• 94,000
+2
• 92,000
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
DATA YEAR
PEAK
1/80
SERIES 41
THOUSANDS
• 100
15
• 80
5
6
7
8
-1.1
-1.3
-1.0
-0.7
90047
89867
90142
90384
6/80
7/80
8/80
9/80
9
10
11
12
-0.4
-0.1
0.1
0.5
90710
90961
91125
91481
10/80
11/80
12/80
1/81
13
14
15
0.7
0.8
0.5
91652
91714
91494
2/81
3/81
4/81
• 90,000
-2
• 88,000
-4
-I - 3 0
29.
New building permits, private
9 1 . Average duration of unemployment
housing units
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR
Percent
+ 75
(inverted)
Actual
29
SERIES
: 967=100
-1
• 165
Median
+ 50
• 150
• 135
+ 25
5
6
7
8
-16.0
-5.4
4.1
16.5
88.4
99.5
109.5
122.6
6/80
7/80
8/80
9/80
9
10
11
12
3.7
4.8
-4.1
-6.7
109.1
110.3
100.9
98.1
10/80
11/80
12/80
1/81
13
14
15
-10.6
-11.5
-9.3
94.1
93.1
95.4
2/81
3/81
4/81
HO
• 11
+ 1
+ 2
+ 3
• 105
MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
DATA YEAR
PEAK
1/80
• 75
• 60
-50
iiniliiiii 11111111111i11111111111111111111111
-6
0 + 6 +12 +18 +24 +30 +36
• 15
SERIES 91
V\EEKS
• 90
-25
5
6
7
8
1.1
1.2
1.9
2.4
11.7
11.8
12.5
13.0
6/80
7/80
8/80
9/80
9
10
11
12
2.7
3.0
2.9
3.8
13.3
13.6
13.5
14.4
10/80
11/80
12/80
1/81
13
14
15
3.8
3.4
3.1
14.4
14.0
13.7
2/81
3/81
4/81
Months from reference peaks
NOTE:
For an explanation of these charts, see "How to Read Charts" on p. 107 of the December 1980 issue.
108
• 14
+4
+5
• 16
+6
+7
-6
11111 I n 111 I n 111111111 I n i ii 11111 •
0 + 6 +12 +18 +24 +30 +36
Months from reference peaks
G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns—Continued
73.
Deviations
from
reference
peaks
Industrial production, durable
manufactures
Actual
data
for
current
cycle
Percent
+ 8
+4
• 150
DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
FROM
ACTUAL
REF.
DATA YEAR
PEAK
1/80
-4
930.
Composite index of 6 lagging
indicators
SERIES
73
1967=100
5
6
7
8
-10.2
-11.3
-10.6
-9.0
129.9
128.3
129.4
131.7
6/80
7/80
8/80
9/80
9
10
11
12
-6.2
-3.7
-2.8
-2.3
135.8
139.3
140.6
141.4
10/80
11/80
12/80
1/81
13
14
15
• 140
1111111M11111II11111111111111111111111 M 111111
-2.8
-1.6
-0.8
140.6
142.4
143.6
Deviations
from
reference
peaks
Actual
data
for
current
cycle
Percent
1980
+ 10
• 190
+5
2/81
3/81
4/81
DEVIMONTHS
FROM ATIONS CURRENT MONTH
AND
FROM ACTUAL
REF.
YEAR
DATA
PEAK
1/80
• 180
SERIES 930
1967=100
• 130
-12
-IB
• 120
5
6
7
8
-5.5
-8.3
-9.4
-8.0
168.5
163.6
161.7
164.2
6/80
7/80
8/80
9/80
9
10
11
12
-5.7
-1.7
6.8
5.9
168.3
175.3
190.6
188.9
10/80
11/80
12/80
1/81
13
14
15
4.3
1.0
-0.7
186.0
180.1
177.2
2/81
3/81
4/81
-20
*
1973
Percent
IXX\
*
-,
MONTHS
DEVIFROM ATIONS CURRENT MONTH
AND
ACTUAL
FROM
REF.
YEAR
DATA
1/80
PEAK
+15
1957
+ 10
+ 12
*90
SERIES
74
1967=100
• 180
+ 4
• 170
-4
• 160
Ratio, coincident index to lagging
index
+ 8
-10
-15
74. Industrial production, nondurable
manufactures
• 190
• 170
1957
940.
+ 16
-5
• 160
5
6
7
8
-6.4
-6.8
-5.5
-3.4
155.3
154.7
156.9
160.3
6/80
7/80
8/80
9/80
9
10
11
12
-2.5
-1.6
-0.6
-0.5
161.8
163.3
165.0
165.2
10/80
11/80
12/80
1/81
13
14
15
0.2
-0.2
0.1
166.3
165.6
166.2
2/81
3/81
4/81
+5
• 85
• 80
-5
MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
PEAK
1/80
DATA
YEAR
• 75
SERIES 940
1967=100
-8
• 150
-12
-16
1111 ill 1111
-6
Illllllllllllllllllllllllllll
0
+6
+12 +18
Illlll
+24 +30
• 140
-10
5
6
7
8
-1.0
1.8
3.4
2.9
81.1
83.4
84.7
84.3
6/80
7/80
8/80
9/80
9
10
11
12
1.7
-1.5
-9.0
-7.7
83.3
80.7
74.5
75.6
10/80
11/80
12/80
1/81
13
14
15
-6.1
-2.7
-1.1
76.9
79.7
81.0
2/81
3/81
4/81
+36
Months from reference peaks
NOTE:
-15
-20
Mil 111 m
-6
70
• 65
11111111111111111111111 1111111 i 1111
0
+6
+12
+18
+24
+30
+36
Months from reference peaks
For an explanation of these charts, see "How to Read Charts" on p. 107 of the December 1980 issue.
109
ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
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
I mports of automobiles and parts
Current issue
(page numbers)
Series
number
Charts
2
604
16
56
Tables
61
92
Historical
Series
lescriptions
data
issue date)
(*)
8/80
8/80
18
64
61
970
58
974
975
971
976
978
977
972
973
24
38
22
38
38
38
38
38
38
38
38
67
76
65
76
76
76
76
76
76
76
76
3/81
3/81
8/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80
10/80
34
34
31
48
48
48
43
49
48
48
48
55
616
22
56
65
92
4/81
8/80
50
64
B
Balance of payments-See International transactions.
Bank loans to businesses, loans outstanding
Bank loans to businesses, net change
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 failures, current liabilities
Business formation
Business incorporations
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving
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, all 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
72
112
15,35
32
73
72
12/80
12/80
43
43
33
33
72
72
9/80
45
45
29
76
61
970
14
12
13
13 ,25
24
24
38
33
12 ,23
23
67
67
67
76
72
65
65
1/80
3/81
3/81
10/80
3/80
3/80
35
24
34
34
44
32
32
295
46
82
5/81
37
20
20
20
64
64
64
9/79
9/79
9/79
25
25
25
97
11
965
24
24
37
66
66
75
10/80
10/80
5/81
33
33
33
914
35
34
11
29
29
60
70
70
9/80
4/81
4/81
15
37
37
442
90
441
37
51
18
51
18,51
62
89
62,89
2/81
2/81
2/81
2/81
20
20
20
20
920
920c
951
940
9
72
112
10
39
36
11
23
15,35
32
74"
60
66
73
72
1/81
1/81
12/80
9/80
3/81
12/80
12/80
15
15
32
43
43
345
49
87
11/80
56
345c
280
50
45
87
82
11/80
5/81
56
56
64
30,47
70,83
4/81
56
346
49
11/80
56
60
346c
50
11/80
56
340
49
87
10/80
15
340c
50
87
10/80'
15
341
49
87
10/80
15
341c
348
349
50
50
50
87
88
88
10/80
11/79
11/79
15
62
62
53
19
63
4/80
22
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
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, constant dollars
Housing starts
'
Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new orders
Consumer goods, industrial production
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
Food, index
Food, percent changes
Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol.
Contracts and orders, plant and equipment, current d o l . .
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.
Debt-See Credit.
Defense
Military prime contract awards
National defense purchases
New orders, defense products
Obligations incurred
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
Sales, net, manufacturing and trade
Workweek, mfg. production workers
Workweek, mfg. production workers, components . . .
Disposable personal income-See Income.
Current issue
(page numbers)
Series
number
920
920c
940
10
39
11
1/81
1/81
9/80
930
930c
10
39
1/81
1/81
914
915
913
917
916
910
910c
11
11
11
11
11
10
39
9/80
9/80
9/80
9/80
9/80
1/81
1/81
15
15
15
15
15
15
29
9
69
13,25
23
24
67
66
67
8/80
3/81
8/80
35
32
28
248
87
86
249
89
28
47
25
25
47
25
25
83
67
67
83
67
67
4/81
4/81
4/81
4/81
4/81
3/81
51
51
51
51
51
35
12,21
22
64
65
3/81
12/79
26
24
66
113
95
39
35
32
15,35
33
73
72
73
72
3/81
4/81
8/79
10/80
43
43
43
45
320
320c
322
322c
58
49
49,59
49
49
22
84,95
84,95
84
84
65
3/81
3/81
3/81
3/81
59
59
59
59
31
20
10
116
12,23
23
34
7/80
7/80
11/80
32
32
46
112
110
72
32
32
15,35
12/80
3/81
12/80
43
44
43
66
113
95
39
33
35
32
15,35
33
32
3/81
4/81
8/79
10/80
3/81
43
43
43
45
42
5/80
5/81
8/80 •
3/81 •
64
53
26
525
564
548
517
110
15
15*
39
32
33
12,21
10/80
10/80
45
28
970
965
951
974
963
967
38
37
36
38
36
37
3/81
5/81
12/80
10/80
9/80
5/80
34
33
15
48
15
36
966
12/80
24
962
975
952
950
964
11/80
10/80
12/80
12/80
9/80
18
48
15
15
26
971
968
976
978
10/80
12/80
10/80
10/80
10/80
10/79
10/80
10/80
9/80
48
36
48
49
48
977
960
972
973
961
NOTE: CI, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
Series
Historical
data
descriptions
[issue date)
48
48
15
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Employee hours in nonagricultural
establishments
Employee hours in nonagricultural
establishments, rate of change
Employees in mining, mfg., 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
Participation 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, 16-19 years old
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 15 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, mfg. production workers
Workweek, mfg. production workers, components
Workweek, mfg. production workers, Dl
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions.
Federal funds rate
Federal Government-See Government.
Federal Reserve, member bank borrowing from
Final sales in constant dollars
Financial flows, and money, Cl
Fixed in vestment-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., N I P A . . . .
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
Imports 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
France-See International comparisons.
Free reserves
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
State and local, constant dollars
State and local, current dollars
State and local, percent of GNP
Total, constant dollars
Total, current dollars
Current issue
(page numbers)
Series
number
2
441
16
51
48
17
48c
40
974
41
963
90
442
46
60
5
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1
39
17
38
14,17
36
18
51
17
17
16
36
12,16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16
961
36*'
962
3
61
89
62
76
62
74
62
89
61
61
61
74
61
60
61
89
89
89
89
62
61
89
89
89
89
62
62
62
62
62,89
61
77
74
Historical
Series
data
descriptions
(issue date)
(*)
8/80
2/81
3/81
15
3/81
9/80
10/80
9/80
9/80
2/81
2/81
11/80
3/81
7/80
11/80
8/80
9/80
8/80
2/81
2/81
2/81
2/81
2/81
8/80
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
8/80
15
48
15
15
20
20
19
19
18
18
18
15
15
20
20
20
20
20
18
20
20
20
20
20
20
18
20
20
15
9/80
15*
119
34
72
11/80
46
94
213
917
33
40
11
72
80
60
9/80
5/81
9/80
45
49
15
311
311c
48
48
84
84
5/81
5/81
58
59
57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47
93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83
7/80
7/80
7/80
8/80
8/80
5/81
4/81
7/80
8/80
7/80
8/80
8/80
5/81
5/81
7/80
8/80
5/81
4/81
4/81
65
65
65
64
64
54
54
65
' 64
65
64
64
54
54
65
64
54
54
54
33
72
9/80
45
20
63
4/81
25
502
501
500
512
511
510
298
52
52
52
52
52
52
46
90
90
90
90
90
90
83
5/81
5/81
5/81
5/81
5/81
5/81
5/81
62
62
62
62
62
62
58
263
262
265
564
267
266
268
261
260
43
43
47
55
43
43
47
43
43
81
81
83
91
81
81
83
81
81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
53
53
53
53
53
53
53
53
53
667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251
Series titles
e complete titles in "Titles and Sources of
Series," following this index)
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, constant dollars, percent changes
G NP, current dollars
GNP, current dollars, differences
GNP, current dollars, percent changes
GNP, ratio to money supply
Goods output in constant dr'.ars
Implicit price deflator
Implicit price deflator, percent changes
Per capita GNP, constant dollars
Gross private domestic invest.-See Investment, capital.
Current issue
(page numbers)
Series
number
Series
Historical
descriptions
data
(issue date)
(*)
311
311c
68
48
48
30
84
84
70
5/81
5/81
4/81
58
59
39
50
50b
50c
200
19
39
40
63,80
80
80
80
31
20
48
48
40
71
63
84
84
80
5/81
5/81
5/81
5/81
5/81
5/81
4/81
4/81
5/81
5/81
5/81
49
49
49
49
49
49
40
25
49
49
49
17
17
61
61
11/80
3/81
19
19
16
12,16
8/80
8/80
15
15
200b
200c
107
49
310
310c
217
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, Dl
Housing
Housing starts
Housing units authorized by local bldg. permits
Residential GPDI, constant dollars
Residential GPDI, percent of GNP
46
36
61
61
77
74
9/80
15
28
29
89
249
25
13,25
25
47
67
67
67
83
3/81
8/80
4/81
4/81
35
35
51
51
310
310c
48
48
84
84
5/81
5/81
49
49
345
49
87
11/80
56
345c
280
64
50
45
30,47
87
82
70,83
11/80
5/81
4/81
56
56
56
346
49
11/80
56
346c
95
286
287
225
224
50
15,35
45
47
40
40
11/80
8/79
5/81
5/81
4/81
4/81
227
56
43
37
37
22
22
22
40
340
49
I
Implicit price deflator, GNP
Implicit price deflator, GNP, percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, pet. of nat'l. income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income!..
Corporate profits with IVA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable personal income, constant dollars
Disposable personal income, current dollars
Disposable personal income, per capita, constant d o l . . .
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 .
Income on foreign investment in the U.S. . . . . . . .
Income on U.S. investments abroad
Interest, net
Interest, net, percent of national income
National income
Personal income, constant dollars
Personal income, current dollars
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, percent
of national income
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions, first year
..........
Wage and benefit decisions, life of contract
Wages and salaries, mining, mfg., and construction
Incorporations, new businesses
Industrial materials prices
Industrial materials prices, components
Industrial materials prices, Dl
Industrial production - See also International comparisons.
Business equipment
Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total, components
Total, Dl
Total, rate of change
Installment debt-See Credit.
Insured unemployment
Avg. weekly initial claims, unemploy. insurance . . . . . .
Avg. weekly initial claims, unemploy. insurance, Dl . . .
Avg. weekly insured unemployment rate
340c
50
87
341c
50
57
57
45
47
45
19
40
14,19
39
31
45
47
45
47
50
50
19
23
28
76
75
73
74
47
4/81
87
49
967
80
87
341
652
651
288
289
220
52
223
51
51c
108
282
283
284
285
348
349
53
13
23
73
82
37
24
22
20
20
14,20,58
966
47c
37
39
5
962
45
16
36
18
87
93
93
82
83
82
63
63
63
71"
82
83
82
83
88
88
63
65
69
79
75
67
65
63
63
63,94
78
75
61
74
62
10/80
10/80
10/80
10/80
7/80
7/80
5/81
5/81
4/81 '
2/80
1/80
10/80
10/80
2/81
5/81
5/81
5/81
5/81
11/79
11/79
4/80
3/80
5/80
15
15
65
65
57
57
55
22
22
22
40*
56
56
57
57
62
62
22
32
36
5/80
36*
1/80
12/79
12/79
12/79
9/80
24
24
24
24
24
12/80
9/80
24*
7/80
11/80
2/81
18
18
18
NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
111
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
I mports of goods and 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
Historical
Series
data
descriptions
Issue date)
(*)
289
5/81
5/81
67
116
119
118
117
109
114
115
3/81
11/80
11/80
11/80
11/80
11/80
11/80
11/80
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Plant and equipment
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars.
Contracts and orders, current dollars..
Investment, foreign
Income on foreign investments in U.S. . .
Income on U.S. investments abroad . . . .
taly—See International comparisons.
Current issue
(page numbers)
Series
number
61
970
20
10
24
38
12,23
23
3/81
3/81
7/80
7/80
34
34
32
32
652
651
57
57
7/80
7/80
65
65
30
15,30
30
29
4/81
12/79
7/80
7/80
39
39
39
930
930c
952
3
10
39
36
12,16
1/81
1/81
12/80
8/80
15
910
910c
950
14
104
10
39
36
33
13,31
1/81
1/81
12/80
10/80
2/81
Japan-See International comparisons.
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
3/81
3/81
11/80
11/80
59"
96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95
723
726
727
728
721
722
47
725
58
58
58
58
58
58
14,20,58
58
94
94
94
94
94
94
63,94
94
12/80
12/80
12/80
12/80
12/80
12/80
743
746
747
748
742
19
745
59
59
59
59
59
59
59
96
96
96
96
96
96
96
6/79
6/79
6/79
6/79
6/79
6/79
6/79
667
622
618
602
604
668
606
620
612
616
669
614
652
651
57
57
57
56
56
57
56
57
56
56
57
56
57
57
93
93
93
92
92
93
92
93
92
92
93
92
93
93
7/80
7/80
7/80
8/80
8/80
7/80
8/80
7/80
8/80
8/80
7/80
8/80
7/80
7/80
30
245
247
65
36
77
915
70
71
31
975
78
26,42
42
47
27
13,26
27
11
15,27
27
26
38
27
68,81
81
83
68
68
68
60
68
68
68
76
68
4/81
4/81
4/81
8/80
3/81
1/80
8/80
26
68
8/80
24
24
37
11
23
66
66
75
60
66
10/80
10/80
5/81
9/80
3/81
33
15
32
24
67
8/80
28
243
242
42
42
81
81
4/81
4/81
51
51
248
88
89
249
87
241
240
25
47
25
25
47
25
42
42
67
83
67
67
83
67
81
81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
51
51
51
51
51
51
51
51
23
66
8/80
23
66
8/80
733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c
59
59"
59"
59"
59
49
49,59
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, nonfarm business......
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.
112
15
18
15
15
44
40
M
9/80
12/80
Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
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
Money supply
Liquid assets, change in total
Money supply M1
Money supply M l , percent changes
Money supply M2
Money supply M2, percent changes
Ratio, GNP to money supply M1
Ratio personal income to money supply M2 . . . . . . . .
Mortgage debt, net change
Mortage yields secondary market
Municipal bond yields
9/80
8/80
913
78
26
8/80
28
12,21
20
3/81
9/79
26
25
11
9/80
15
104
105
85
106
102
107
108
33
118
117
13,31
31
31
13,31
31
31
31
32
34
34
2/81
2/81
2/81
2/81
2/81
4/81
2/81
3/81
11/80
11/80
40
40
40
40
40
40
40
42
46
46
27
24
8
20
10
548
7
6
23
23
12,21
12,23
23
53
21
21
8/80
8/80
3/81
7/80
7/80
8/80
3/81
3/81
26
26
26
32
32
26
26
26
N
914
9
9/80
12/79
12/79
9/80
10/80
National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant d o l . . .
Capital goods industries, nondefense, current dol
Consumer goods and materials, constant dollars . . . .
Contracts and orders, plant and equip., constant dol.
Contracts and orders, plant and equip., current dol. .
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, DI
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
Obligations incurred, Defense Department
OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
Output-See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Per hour, nonfarm business sector
Per hour, private business sector
Per hour, private business sector, percent changes..
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity, materials
Overtime hours, production workers, manufacturing .
964
971
10/80
87
86
248
4/81
4/81
4/81
4/81
51
51
51
51
517
721
3/81
12/80
66
49
62
358
370
370c
83
82
84
21
26
20
15,30
50
50
50
20
20
20
16
NOTE: C l , composite index; D l , d i f f u s i o n index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears i n the HANDBOOK OF CYCLICAL INDICATORS (1977).
Series
Historical
data
descriptions
(issue date)
(*)
4/81
12/79
9/79
9/79
9/79
8/80
25
39
61
61
61
25
25
25
15
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Participation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over
Personal consumption expenditures
Automobiles
Durable goods, constant dollars
Durable goods, current dollars
Nondurable goods, constant dollars
Nondurable goods, current dollars
Services, constant dollars
Services, current dollars
Total, constant dollars
Total, current dollars
Total, percent of GNP
Personal income-See Income.
Personal saving
Personal saving rate
Petroleum and products, imports
Plant and equipment-See also Investment, capital.
Business expenditures for
Business expenditues 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 changes
Industrial materials
Industrial materials, components
Industrial materials, Dl
Labor cost, price per unit of
Sensitive prices, change in
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
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, nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Wholesale trade, Dl
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers' durable equipment, nonresid., 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
Corporate, after taxes, current dollars
Corporate, after taxes, with IVA and CCA,
constant dollar
Corporate, after taxes, with IVA and CCA, cur. dol. . . .
Corporate, with IVA and CCA
Corporate, with IVA and CCA, pet. of nat'l. income . . .
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCA to corporate domestic
income
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc..
Charts
Tables
Historical
Series |
data
lescriptions
(issue date)
(*)
453
452
451
51
51
51
2/81
2/81
2/81
20
20
20
55
233
232
238
236
239
237
231
230
235
22
41
41
41
41
41
41
41
41
47
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
50
50
50
50
50
50
50
50
50
50
292
293
614
46
46
56
5/81
5/81
8/80
58
58
64
61
970
20
10
90
24
38
12,23
23
18
3/81
3/81
7/80
7/80
2/81
34
34
32
32
20
320
320c
322
322c
49
49,59
49
49
3/81
3/81
3/81
3/81
59
59
59
59
311
311c
310
310c
23
48
48
48
48
28
967
26
92
84,95
84,95
84
5/81
5/81
5/81
5/81
5/80
37
29
13,28
84
84
84
84
69
79
75
70
69
58
59
49
49
36
5/80
7/80
4/81
60*
19
968
13,28
37
69
75
3/81
12/80
36
36
330
330c
334
334c
331
331c
332
332c
333
333c
26
48
48
48
48
48
48
48
48
48
48
29
85
85
86
86
85
85
86
86
86
86
70
6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
7/80
59
59
60
60
60
60
60
60
60
60
976
978
977
525
109
38
38
38
53
35
76
76
76
90
73
10/80
10/80
10/80
5/80
11/80
25
67
4/81
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Current issue
(page numbers)
Series
number
Charts
Tables
Brves, 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
_._,._....
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.
40
Series
Historical
lescriptions
data
(issue date)
(*)
9/80
4/81
4/81
45
51
51
6/80
6/80
31
31
5/81
49
69
57
56
973
77
59
54
24
14,22
22
38
27
22
22
67
65
65
76
68
65
65
8/80
1/80
1/80
10/80
1/80
6/80
6/80
28
28
28
48
28
31
31
295
298
290
292
293
46
46
46
46
46
82
83
82
82
83
5/81
5/81
5/81
5/81
5/81
37
58
58
58
58
13,28
69
4/81
60
13,28
37
27
3/81
12/80
36
36
28
26
8/80
28
11/80
11/80
46
46
36*
114
115
Treasury bill rate
Treasury bond yields .
U
358
370
50
50
37Oc
50
49
64
46
916
11
9/80
61
61
61
15
18
16
28
28
4/81
4/81
37
37
80
79
286
287
972
960
15
916
22
28
28
45
47
38
37
29
11
29
4/81
4/81
5/81
5/81
10/80
10/79
7/80
9/80
4/81
37
37
37
37
48
81
282
283
29
45
47
4/81
5/81
5/81
37
56
56
16
8/80
18
Quit rate, manufacturing .
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income
Current issue
(page numbers)
iries
number
38
15
37
284
5/81
57
285
5/81
57
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
Males, 20 years and over
,
Total unemployed
Quit rate, manufacturing
Unemployment rates
15 weeks and over
Insured, average weekly
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries, change in
United Kingdom-See International comparisons.
Velocity of money
GNP to money supply M1, ratio
Personal income to money supply M2, ratio
Vendor performance
91
60
5
962
3
15,18
17
16
36
12,16
2/81
3/81
7/80
11/80
8/80
20
19
18
18
18
446
445
447
444
37
4
51
51
51
51
18,51
16
2/81
2/81
2/81
2/81
2/81
8/80
20
20
20
20
20
18
44
45
43
18
18
18
2/81
2/81
2/81
20
18
20
96
25
21
21
8/80
8/80
26
26
107
108
32
31
31
12,21
4/81
2/81
10/80
40
40
28
330
330c
334
334c
331
331c
332
332c
333
333c
48
48
48
48
48
48
48
48
48
48
13,28
12,16
6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
4/81
8/80
59
59
60
60
60
60
60
60
60
60
60
15
36-
9/80
15
W
Wages and salaries-See Compensation.
West Germany-See International comparisons.
Wholesale prices
All commodities, index
All commodities, percent changes
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
Sensitive prices, change in
Workweek of production workers, manufacturing . . . .
Workweek of production workers, manufacturing,
components
Workweek of production workers, manufacturing, Dl .
92
1
NOTE: C l , composite index; D l , d i f f u s i o n index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
113
TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. " M " following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.
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.)
(23,66)
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 (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)
33. Net change in mortgage debt held by financial
institutions and life insurance companies (M).—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q).—
Source 1
(29,70)
35. Net cash flow, corporate, in 1972 dollars (Q).-Source
1
(29,70)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M).-Sources 1, 2, and 3(13,26,68)
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.
13. Number of new business incorporations (M).-Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
I-A. Composite Indexes
14. Current liabilities of business failures (M).-Dun &
Bradstreet, Inc.
(33,72)
910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)
15. Profits (after taxes) per dollar of sales, all
manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission;
seasonal adjustment by Bureau of Economic
Analysis
(29,70)
39. Percent of consumer installment loans delinquent 30
days and over (EOM).—American Bankers
Association
(33,72)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)
18. Corporate profits after taxes in 1972 dollars ( Q ) . Source 1
(28,69)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)
40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
labor force survey (M).-Sources 2 and 3
(17,62)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)
19. Index of stock prices, 500 common stocks ( M ) . Standard & Poor's Corporation
(13,28,59,69,96)
44. Unemployment rate, persons unemployed 15 weeks and
over (M).-Sources 2 and 3
(18,62)
917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)
20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)
45. Average weekly insured unemployment rate, State
programs (M).-U.S. Department of Labor, Employment
and Training Administration
(18,62)
920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)
21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(16,61)
46. Index of help-wanted advertising in newspapers (M).—
The Conference Board
(17,61)
930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)
22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)
23. Index of spot market prices, raw industrial materials
(M).-Source 3
(28,69,79)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(11,60)
1-B. Cyclical Indicators
1. Average workweek of production workers,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).-Source 3 (16,61)
24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M).-Source
2
(23,66)
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)
47. Index of industrial production, total (M).—Source
4
(14,20,39,58,63,78,94)
48. Employee-hours in nonagricultural
(M).-Source 3
establishments
(17,39,61)
49. Value of goods output in 1972 dollars (Q).-Source
1
(20,63)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)
26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)
52. Personal income, total, in 1972 dollars (M).-Source
1
(19,63)
27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).-Sources
1, 2, and 3
(23,66)
53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)
28. New private housing units started, total (M).—Source
2
(25,67)
54. Sales of retail stores in current dollars (M).-Source
2
(22,65)
29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)
55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)
7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26,42,68,81)
56. Manufacturing and trade sales in current dollars ( M ) . Sources 1 and 2
(22,65)
8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).—Sources 1, 2, and
3
(12,21,64)
31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)
9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by
32. Vendor performance, percent of companies receiving
slower deliveries (M).—Purchasing Management
Association of Chicago
(12,21,64)
3. Layoff rate, manufacturing (M).-Source 3 (12,16,61)
4. Quit rate, manufacturing (M).—Source 3
5. Average weekly initial claims for
insurance, State programs (M).-U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis
(16,61)
unemployment
Department of
Administration;
of Economic
(16,61)
6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)
114
57. Manufacturing and trade sales in 1972 dollars (M).—
Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).—University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
2, and 3
(22,65)
TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).—Sources 1 , 2, 3, and The Conference
Board
(17,61)
84. Rate of capacity utilization, materials (Q).—Source
4
(20,64)
61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)
86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1 (25,67)
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
(15,30,70)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1 (25,67)
63. Index of unit labor cost, private business sector ( Q ) . Source 3
(30,70)
89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1 (25,67)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)
65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).-Source
2
(27,68)
91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)
66. Consumer installment credit (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)
92. Chance in sensitive crude materials prices (PPI of crude
materials less agricultural products) (smoothed) ( M ) . Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)
94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)
68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).-Source 1
(30,70)
95. Ratio, consumer installment credit to personal income
(EOM).-Sources 1 and 4
(15,35,73)
70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(15,27,68)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).—Sources 1 and 2 (27,68)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).-Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(15,35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).—Source 4
nondurable
(20,63)
75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).—The Conference Board (24,66)
102. Change in money supply M2 (M).-Source 4 (31,71)
104. Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(13,31,71)
960. Diffusion index of net profits, manufacturing—about
700 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)
961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M).-Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).-Source 1
and U.S. Department of Labor, Employment and Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital
appropriations, deflated—17 manufacturing industries
(Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, raw industrials—
13 industrial materials (M).-Sources 1 and 3
(37,75,79)
970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).-Source
1
(38,76)
107. Ratio, gross national product to money supply Ml-B
(Q).-Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109. Average prime rate charged by banks (M).—Source
4
(35,73)
110. Total funds raised by private nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)
115. Yield on long-term Treasury bonds (M).—U.S.
Department of the Treasury
(34,73)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
106. Money supply M2 in 1972 dollars (M).-Sources 1, 3,
and 4
(13,31,71)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(28,69)
83. Rate of capacity utilization, manufacturing (EOQ).—
Source 1
(20,64)
951. Diffusion index of four roughly coincident indicator
components (M).—Source 1
(36,74)
968. Diffusion index of stock prices, 500 common stocks—
53-82 industries ( M ) . - S t a n d a r d & Poor's
Corporation
(37,75)
113. Net chance in consumer installment credit (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
82. Rate of capacity utilization, manufacturing (Q).-Source
4
(20,64)
950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)
105. Money supply Ml-B in 1972 dollars (M).-Sources 1, 3,
and 4
(31,71)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars
(Q).-Source 1
(28,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).-Source 1
(29,70)
(34,72)
1-C. Diffusion Indexes
85. Change in money supply Ml-B (M).-Source 4(31,71)
67. Bank rates on short-term business loans (Q).-Source
4
(35,73)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)
119. Federal funds rate (M).-Source 4
116. Yield on new issues of high-grade corporate bonds
(M).—Citibank and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer
(34,73)
118. Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)
971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting ( Q ) . Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting ( Q ) . Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).-Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
115
TITLES AND SOURCES OF SERIES- Continued
977. Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
978. Diffusion index of selling prices, retail trade-about 250
businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
11 -A, National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).—Source
1
(40,80)
213. Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
217. Per capita gross national product in 1972 dollars ( Q ) . Sources 1 and 2
(40,80)
220. National income in current dollars (Q).-Source
1
(45,82)
223. Personal income in current dollars (M).—Source
1
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)
247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)
292. Personal saving (Q).-Source 1
248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(47,83)
295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)
249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q).—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44.82)
251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).-Source
1
(44,82)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).-Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)
(46,82)
293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)
298. Government surplus or deficit, total (Q).-Source
1
(46,83)
Il-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of producer prices, all commodities (M).—Source
3
(48,85)
331. Index of producer prices, crude materials for farther
processing (M).-Source 3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of producer prices, capital equipment ( M ) . Source 3
(48,86)
334. Index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities ( M ) . Source 3
(48,85)
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
(49,87)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).-Source
1
(47,83)
266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).-Source 3
(49,87)
268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
'
(47,83)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)
280. Compensation of employees (Q).-Source 1
282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source
3
(50,88)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)
283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)
284. Rental income of persons with capital consumption
adjustment (Q).—Source 1
(45,82)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).—Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)
240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment, total, in 1972 dollars (Q).-Source 1
(42,81)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
(42,81)
116
(45,82)
286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).—Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
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
(49,87)
Il-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
(45,82)
441. Total civilian labor force, labor force survey (M).—
Sources 2 and 3
(51,89)
289. Net interest as a percent of national income (Q).—
Source 1
(47,83)
442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)
290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)
444. Number unemployed, males 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)
288. Net interest (Q).-Source 1
TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)
47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)
446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)
570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)
320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)
447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).—Sources 2 and
3
(51,89)
451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)
577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)
453. Civilian labor force participation rate, both sexes 16-19
years of age (M).-Sources 2 and 3
(51,89)
580. Defense Department net outlays, military functions and
military assistance (M).—U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)
Il-D. Government Activities
588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)
452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)
Il-E. U.S. International Transactions
501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)
602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)
502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)
604. Exports of agricultural products (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
511. State and local government receipts; national income
and product accounts (Q).-Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department gross obligations incurred (M).—
U.S. Department of Defense, OSD, Comptroller,
Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis (53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).-U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
( M ) . - Source 2
(53,90)
557. Output of defense and space equipment (M).— Source
606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2
(56,92)
614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
620. Merchandise imports, adjusted, excluding military
(Q).-Source 1
(57,93)
622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).—Source
1
(57,93)
652. Income on foreign investments in the United States
(Q).-Source 1
'
(57,93)
667. Balance on goods and services (Q).—Source 1(57,93)
(54,91)
668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)
559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)
669. Imports of goods and services, total (Q).—Source
1
(57,93)
4
561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)
722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).—Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).-lnstituto
Centrale di Statistica (Rome)
(58,94)
500. Federal Government surplus or deficit; national income
and product accounts (Q).-Source 1
(52,90)
510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)
721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
Il-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)
728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis
(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).—Instituto Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).-Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-The
Financial Times (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)
(59,96)
747. Italy, index of stock prices (M).—Instituto Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)
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